Mapletree Logistics Trust (M44U) Q1 26/27 earnings summary

Executive summary

• Gross revenue for 1Q FY26/27 rose 0.8% year-over-year to S$178.9 million, supported by new acquisitions, higher contributions from existing properties, and partially offset by divestments and currency depreciation.

• Net property income increased 2.0% year-over-year to S$156.4 million, reflecting lower property expenses and improved operational efficiency.

• Distribution per unit (DPU) increased 0.2% year-over-year to 1.816 cents.

• Portfolio occupancy remained robust at 96.4%, with a weighted average lease expiry (WALE) of 2.5 years.

• Announced proposed divestments of two China properties and one Singapore property for S$155 million to enhance financial flexibility.

Financial highlights

• Amount distributable to unitholders grew 1.1% year-over-year to S$93.0 million.

• Profit attributable to unitholders was S$76.5 million, up 3.6% year-over-year.

• Earnings per unit (EPU) rose to 1.49 cents from 1.45 cents year-over-year.

• Borrowing costs declined 2.7% year-over-year to S$38.3 million due to proactive refinancing and debt repayment from divestment proceeds.

• Sequentially, gross revenue and NPI increased 1.3% and 3.3% quarter-on-quarter, respectively.

Outlook and guidance

• Persistent inflation, elevated energy prices, and geopolitical tensions are expected to moderate global economic growth and prolong higher interest rates.

• Leasing demand remains resilient, but currency volatility, elevated borrowing costs, and potential macroeconomic slowdown pose risks.

• Focus remains on sustaining healthy occupancy, rental stability, cost efficiency, and disciplined capital management, while pursuing accretive acquisitions and selective divestments.

• Proposed divestment of two China properties and a Singapore property to recycle capital and optimize the portfolio.