Mapletree Logistics Trust (M44U) Q2 26/27 earnings summary

Executive summary

• Q2 FY26/27 revenue rose 1.4% YoY to S$180.0m and NPI increased 1.0% to S$154.8m; DPU edged up 0.1% to 1.816 cents.

• Occupancy was 96.4%; rental reversion was 2.1%, or 4.2% excluding China.

• H1 revenue grew 1.1% to S$358.9m and NPI rose 1.5% to S$311.2m; reported profit attributable to unitholders declined 23.2%.

• Priorities include sustaining occupancy and rental stability, selective divestments and redevelopments, and disciplined acquisitions.

Financial highlights

• Q2 property expenses were S$25.2m (+4.4% YoY), NPI S$154.8m (+1.0%) and borrowing costs S$38.6m (+1.0%).

• Q2 amount distributable rose 2.8% YoY to S$101.0m; unitholder distribution increased 0.9% to S$93.3m and available DPU rose 0.1% to 1.816 cents.

• H1 revenue rose 1.1% to S$358.9m, NPI 1.5% to S$311.2m, amount distributable 1.9% to S$199.6m and available DPU 0.1% to 3.632 cents.

• Q2 profit attributable to unitholders fell 46.1% YoY to S$46.7m; net derivative fair value losses were S$31.2m and a S$6.8m disposal loss also weighed on profit.

• QoQ NPI fell 1.0% mainly on higher property tax; Q1 expenses benefited from a one-time reversal of over-accrued utilities.

Outlook and guidance

• FY26/27 average borrowing cost is expected at 2.7%-2.8%; portfolio occupancy is expected to remain near 96%.

• Expected rental reversions are 3%-5% in Singapore, Malaysia, Vietnam and India; China outlook remains uncertain, with near-term rental conditions still challenging.

• Changi South redevelopment construction is expected to start in Q1 2027 and complete in Q2 2029; India occupancy backfill is expected in 3Q FY26/27.

• Acquisitions and redeployment will be selective, guided by positive yield spreads and accretion criteria.