- Mapletree Logistics Trust reported 4Q FY25/26 DPU of S$1.819 cents, +0.2% q-o-q/-7% y-o-y; FY25/26 Mapletree Logistics Trust's DPU of S$7.262 cents, -9.8% y-o-y, ahead of MIBGe.
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- Occupancy inched up, led by stabilisation of redeveloped assets in Singapore. Rental reversion was slightly positive. Portfolio asset value saw small fair value gains. Debt metrics were stable.
- All in, a stable performance with operating trend in line with guidance.
Support from portfolio diversification
- Mapletree Logistics Trust's 4Q FY25/26 revenue was S$176.6m (-0.1% q-o-q/-1.7% y-o-y) and NPI S$151.4m (-0.4% q-o-q/-0.9% y-o-y). FY25/26 revenue was S$708.3 (-2.6% y-o-y) and NPI S$610.1m (-2.4% y-o-y).
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- Portfolio occupancy was 50bps higher q-o-q at 96.9%. Barring HK, other markets saw occupancy gains, led by Singapore. Occupancy at JKLH reached 99.3% (3Q 90.4%, 2Q 60.1%).
- Portfolio rent reversion inched up to +3.3% (+1.1% in 3Q), led by Singapore and Japan. Reversion, excluding China, was 4.2% with China seeing negative reversion of 2.0% (3Q -2.2%). Guidance for China reversion remains unchanged. Rest of the portfolio should see flat to positive reversion.
Stable gearing; portfolio reconstitution in focus
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