- Mapletree Logistics Trust (SGX:M44U) reported 3QFY25/26 DPU of S$1.816 cents, +0.1% q-o-q/-9.3% y-o-y. Ongoing portfolio reconstitution, regional FX weakness, lower financing expense, and absence of divestment gains drove the performance. Portfolio occupancy and positive reversion inched up.
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Portfolio occupancy improved
- Mapletree Logistics Trust's 3QFY25/26 revenue and NPI of S$176.8m and S$152m fell 3.1% and 3.3%, respectively. This was mainly due to forex headwinds and loss of income from divested assets. On a constant currency basis, decline in revenue and NPI would have been 1.2% and 1.5%, respectively.
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- On a q-o-q basis, drivers were similar, resulting in stable distribution (+0.1% q-o-q). Portfolio occupancy improved to 96.4% from 96.1% in 2QFY25/26 due to higher occupancies in Singapore, Japan and South Korea. Rental reversion was 1.7%, excluding China (+1.1% including China). China’s rental reversion improved from -3% in 2QFY25/26 (-2.2% in 3QFY25/26, -10.2% a year ago). Outlook for leasing demand is stable across key operating markets.
Stable debt metrics
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