- Mapletree Industrial Trust reported 4QFY25/26 DPU of S$3.09 cents, -2.5% q-o-q/-8% y-o-y. Full year Mapletree Industrial Trust’s DPU of S$12.71 cents, -6.3% y-o-y. Decline was due to non-renewals in the US, net negative impact of divestments and absence of top ups.
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Unchanged operating trend
- Mapletree Industrial Trust reported 4Q FY25/26 revenue S$163.8m, +0.4% q-o-q/-7.9% y-o-y. NPI S$119.9m, -2.4% q-o-q/-8.6% y-o-y. Full year revenue and NPI of S$673m, -5.5% y-o-y, and S$500.4m, -5.9% y-o-y, respectively.
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- Distribution from JV fell 18.4% y-o-y for the full year due to higher cost of debt at the JV level. Coupled with lower financing expense from debt repayment, distributable income and DPU fell ~8% y-o-y.
- Occupancy was 91.2% (3Q 91.4%) due to lower occupancy in DCs. General industrial buildings continue to see stable occupancy. Portfolio rent reversion was +6.2%.
Focus on portfolio reconstitution
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