Iggy’s Journal: MIT’s 7.0% Yield Clears My Hurdle. Its Balance Sheet Fails Two Tests and Sits on a ThirdWednesday 28 Oct…
Iggy’s Journal: MIT’s 7.0% Yield Clears My Hurdle. Its Balance Sheet Fails Two Tests and Sits on a Third
Wednesday 28 Oct 2026 | Afternoon
The Numbers
Mapletree Industrial Trust (MIT) redeemed S$300 million of 3.15% perpetual securities in May, then drew down loans to fund it. Aggregate leverage moved from 34.0% at March to 37.7% at September, a rise of 3.7 percentage points. $Mapletree Ind Trust(ME8U.SG)
MIT’s second-quarter DPU was 2.97 cents, down 6.6%, according to a Business Times headline.
My Personal Take
The leverage figure moved 3.7 percentage points between March and September, and I do not think the properties explain all of it. What happens to a REIT’s leverage when it replaces S$300 million of perpetual securities with loans? And how much of that rise comes from the buildings, and how much from the way the securities were counted? The YouTube video and Substack piece go through the balance sheet line by line.
📺 Free YouTube: https://youtu.be/A5jkW_kpWJI
⭐ Members Edition YouTube: https://youtu.be/YC2DvcvCEK4
📩 Substack: https://investingiguana.com/p/mits-70-yield-clears-my-hurdle-its
Cheers, Iggy 🦖
Not financial advice. Iggy’s Forensic Compliance Standards apply.
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