Mapletree Industrial Trust faces headwinds on its data centers, UOB Kay Hian's Jonathan Koh says in a research report.
The REIT cautioned that lease expiries for some of its U.S. data centers may lead to non-renewals over next 2 years, the analyst notes. Vacant space in its data centers in Philadelphia, San Jose and Atlanta may only be back-filled by 50% under the brokerage's base-case scenario.
UOB Kay Hian lowers its distribution-per-unit forecast for the REIT by 1% for FY 2025 and by 4% for FY 2026. It trims the target price to S$2.70 from S$2.89 and maintains a buy rating. Units are unchanged at S$2.03.
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