Mapletree Logistics Trust (M44U) AGM 2026 presentation summary

Portfolio scale and operations

• AUM was S$13.1b, gross floor area 8.3m sqm, occupancy 96.9% and WALE 2.5 years as at 31 Mar 2026.

• Occupancy rose to 96.9% from 96.2% YoY; average rental reversion was +2.3% excluding China and +0.8% including China.

• China occupancy was 94.2%, above the stated industry average of ~80%; rental reversion improved from -11.4% in FY24/25 to -5.7% in FY25/26.

• The portfolio spans 9 markets; the top 10 tenants contributed 19.7% of gross revenue, while ~85% of portfolio revenue served domestic distribution.

Financial performance

• FY25/26 gross revenue was S$708.3m, down 2.6% YoY; NPI was S$610.2m, down 2.4%, mainly due to divestments and regional currency weakness.

• Excluding those impacts, gross revenue and NPI would have been higher by S$6.1m and S$5.4m, respectively.

• Distributable income and DPU declined amid divestments and the absence of S$27.0m in prior-year divestment gains; lower borrowing costs, down 2.3% YoY, partly offset the decline.

• DPU was 1.26 cents, down 3.8% YoY; NAV per unit was S$7.262, down 3.4% YoY.

• AUM declined 1.6% YoY to S$13.1b, mainly due to a S$325.0m currency translation loss and divestment of 6 properties.

Balance sheet and risk management

• Total debt was S$5,489m; aggregate leverage 40.6%, weighted average annualised interest rate 2.6%, debt duration 3.6 years and interest cover 2.9x; Fitch rating BBB+ with stable outlook.

• Committed credit facilities of S$716m were available to refinance S$89m, or 2% of total debt, due in FY26/27.

• 83% of total debt was hedged or fixed-rate; each potential 25 bps base-rate increase may reduce quarterly distributable income by ~S$0.6m or DPU by 0.01 cents.

• ~75% of distributable amount over the next 12 months was hedged into SGD as at 31 Mar 2026.