- Mapletree Industrial Trust reported 3QDPU of S$3.17 cents, -0.3% q-o-q/-7% y-o-y. Similar to 2Q25, the decline was led by ongoing portfolio reconstitution and lower contribution from data centre (DC) portfolio.
Distribution slips, continued portfolio rebalancing
- - Read this at SGinvestors.io -
- We trim our FY27E DPU by 2.7%, factoring in lower contribution from DCs and higher borrowing cost.
Unchanged operating trends
- 3Q revenue and NPI were S$163.1m and S$122.8m, respectively, -8% and -7.8% y-o-y. The decline was led by Singapore portfolio divestments, lower occupancy in US DC portfolio and weaker US$.
- - Read this at SGinvestors.io -
- All in, Mapletree Industrial Trust's DPU fell 7% y-o-y (fell 3.9% excluding divestment gains in 3Q last year). Q-o-q, trends were similar with DPU but for 12% increase in JV distribution.
- Portfolio occupancy was 91.4% (2Q 91.3%) with declines in DCs and general industrial buildings offset by increases in hi-tech buildings and business parks. Singapore rental reversion of +7.1% was spread across general industrial buildings as well as hi-tech spaces.
Relatively stable debt metrics
- Read more at SGinvestors.io.
Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybanktrade.com.sg/ 2026-01-30
Read also Maybank's most recent report:
2026-05-03 Mapletree Industrial Trust - Distribution Slips; Pruning Portfolio.
Price targets by 3 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
