Mapletree Industrial Trust 2QFY26 - UOB Kay Hian 2025-11-03: Confronting Multiple Headwinds; Planning To Downsize North America PC Portfolio

• Mapletree Industrial Trust reported DPU of 3.18 cents for 2QFY26 (- 5.6% y-o-y), which is below our expectation.
• Gross revenue and NPI dropped 6.2% and 7.8% y-o-y respectively in 2QFY26, primarily due to the divestment of three Singapore properties (completion: 15 Aug 25) and lower contributions from its North American portfolio, impacted by non-renewals of leases and weakness of the US dollar against the Singapore dollar.
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Positive rental reversion from Singapore and North America.

• In Singapore, Mapletree Industrial Trust achieved a positive rental reversion of 8% for general industrial buildings during 2QFY26. It secured a 5-year lease renewal for its North American portfolio, contributing to an increase in the overall portfolio’s WALE from 4.5 years to 4.6 years.
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Portfolio occupancy stable at 91.3%.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2025-05-05 Mapletree Industrial Trust 4QFY25 - Addressing Potential Non-renewal Of Leases For Data Centres.

Price targets by other brokers at Mapletree Industrial Trust Target Prices.

Listing of research reports at Mapletree Industrial Trust Analyst Reports.

Relevant links:
Mapletree Industrial Trust Share Price History,
Mapletree Industrial Trust Announcements,
Mapletree Industrial Trust Dividend Payout Dates & Corporate Actions,
Mapletree Industrial Trust News