- Mapletree Industrial Trust (SGX:ME8U)’s 4QFY26 gross revenue and net property income (NPI) contracted 7.9% and 8.6% y-o-y to S$163.8m and S$119.9m respectively. This was driven by the loss of income from the divestment of three industrial properties in Singapore in August 2025, weaker contributions from its North America portfolio and unfavourable foreign exchange (FX) movements, but partially offset by stronger contributions from Singapore.
4QFY26 fell 8.0% y-o-y to 3.09 cents and slightly missed our expectations
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- For FY26, Mapletree Industrial Trust's DPU slipped 6.3% to 12.71 Singapore cents. If we exclude the impact of distribution from divestment gains in FY25, DPU would have declined by a smaller magnitude of 4.9% in 4QFY26 and 3.2% in FY26. This set of results fell slightly short of our expectations, as it formed 98.4% of our FY26 forecast.
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Firm rental reversions in Singapore but overall occupancy edged down
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