- High single digit positive reversion was recorded in Singapore. Occupancy slipped as a result of the DC portfolio.
- Mapletree Industrial Trust's NAV was eroded by a low single digit from fair value losses and currency movements despite growth in the overall portfolio value.
Acquisition-led growth in distribution
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- 4Q25 revenue and NPI was S$177.8m and S$131.2m, both down 0.5% y-o-y. Non renewals of leases in the US and divestments were partially offset by acquisitions in Japan and positive reversions. Combined with lower borrowing costs (lower base rates, JPY debt in the mix) and distribution from JVs (absence of one-off gains, higher borrowing cost), DPU was flat.
Stable headline, mixed operating trend
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- Portfolio occupancy was lower at 91.6% (4QFY25 92.1%) due to lower occupancy in DCs and stack-up/ramp-up buildings.
- Portfolio weighted average rental reversion was +8.1% in Singapore. The outlook is for positive rent reversion to moderate to mid-single digit. About 1.7% of gross rental income will not renew.
- Singapore flatted factories are resilient but not without occupancy risk.
Prudent capital management
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