- Mapletree Logistics Trust’s 4QFY26 gross revenue and net property income (NPI) declined 1.7% and 0.9% y-o-y to S$176.6m and S$151.4m respectively, weighed down by FX headwinds and the absence of income from divested properties, but partially offset by the completed redevelopment of Mapletree Joo Koon Logistics Hub (99.3% leased out) and stronger contributions from Singapore, Japan and Vietnam.
4QFY26 results in-line with our expectations.
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- For FY26, Mapletree Logistics Trust's DPU fell 9.8% y-o-y (-3.4% excluding divestment gains) to 7.262 Singapore cents. This formed 98.9% of our forecast and is deemed to be within our expectations.
Portfolio occupancy rose 0.5ppt q-o-q to 96.9%.
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- China’s occupancy edged up 0.4ppt q-o-q to 94.2%, and negative rental reversions in the country narrowed from -9.4% in 4QFY25 and -2.2% in 3QFY26 to -2.0% in 4QFY26.
Rental reversions improved to 3.3% in 4QFY26.
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