- Mapletree Logistics Trust’s 3QFY26 gross revenue and net property income (NPI) fell 3.1% and 3.3% y-o-y to S$176.8m and S$152.0m respectively, due to the drag from FX and loss of income from 12 divested properties, but partially offset by higher contributions from Singapore, Japan and Vietnam, as well as the completed redevelopment of Mapletree Joo Koon Logistics Hub.
3QFY26 results in-line with our expectations.
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- For 9MFY26, Mapletree Logistics Trust's DPU slipped 10.7% y-o-y to 5.443 Singapore cents and accounted for 74.1% of our FY26 forecast. Results were in-line with our expectations.
Portfolio occupancy rose 0.3ppt q-o-q to 96.4%.
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- Management expects this to trend towards 0% in the coming quarters. There remains divergence in performance across China, with the Northern and Eastern areas facing headwinds as supply could take one to two years to be absorbed. Meanwhile, the Central and Western regions have showed signs of stabilisation.
Rental reversions improved 0.5ppt q-o-q but remained muted at 1.1%.
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