- Mapletree Logistics Trust (SGX:M44U) reported DPU of 1.816 cents for 3QFY26 (-9.3% y-o-y), which is in line with our expectation. DPU would have declined by 2.1% y-o-y if we exclude divestment gains of S$7.5m distributed in 3QFY25.
- - Read this at SGinvestors.io -
Headwinds from continued strength of the Singapore dollar.
- We saw gross revenue and net property income (NPI) declines of 3.1% and 3.3% y-o-y respectively in 3QFY26 due to the depreciation of regional currencies, such as the Korean won, Japanese yen and Hong Kong dollar, against the Singapore dollar and the loss of income from 12 divested properties.
- - Read this at SGinvestors.io -
Gradual up-tick in portfolio occupancy.
- Portfolio occupancy improved 0.3ppt q-o-q to 96.4% in 3QFY26 driven by Singapore, Japan, and South Korea. Occupancy for Mapletree Joo Koon Logistics Hub (51 Benoi Road), which was recently completed in May 25, improved 30.3ppt q-o-q to 90.4%. Occupancies in Japan and South Korea inched higher by 0.6ppt and 1.2ppt q-o-q respectively to 98.1% and 97.4% due to backfilling of vacant space. Australia, Malaysia, Vietnam and India maintained full occupancy.
- Portfolio WALE of 2.6 years supports income stability.
Moderation in negative rental reversion in China.
- Read more at SGinvestors.io.
