- 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.
