Mapletree Logistics Trust (M44U) Q3 25/26 earnings summary

Executive summary

• Gross revenue for 3Q FY25/26 was S$176.8 million, down 3.1% year-over-year, mainly due to currency headwinds and loss of income from divested assets, partially offset by new contributions from redeveloped and existing assets.

• Net property income declined 3.3% year-over-year to S$152.0 million, with property expenses also declining due to currency effects and divestments.

• Distribution per unit (DPU) for 3Q FY25/26 was 1.816 cents, down 9.3% year-over-year but stable quarter-over-quarter; adjusted DPU from operations declined 2.1% year-over-year.

• Portfolio occupancy improved to 96.4%, with positive rental reversions in most markets except China.

• Active portfolio rejuvenation included divestment of six properties at an average 20% premium to valuation and completion of redevelopment projects.

Financial highlights

• 3Q FY25/26 gross revenue: S$176.8m (-3.1% y-o-y); NPI: S$152.0m (-3.3% y-o-y); DPU: 1.816 cents (-9.3% y-o-y).

• 9M FY25/26 gross revenue: S$531.7m (-2.9% y-o-y); NPI: S$458.7m (-2.9% y-o-y); DPU: 5.443 cents (-10.7% y-o-y).

• Distributable income to unitholders for 3Q FY25/26 was S$92.7m, up 0.2% sequentially but down 8.5% year-over-year.

• Borrowing costs decreased due to lower base rates and loan repayments from divestment proceeds.

• Earnings per unit for the quarter was 0.80 cents (basic and diluted), compared to 1.63 cents a year ago.

Outlook and guidance

• Stable leasing demand and high occupancy rates expected to continue, supported by e-commerce and supply chain trends.

• Foreign currency volatility remains a headwind for distributable income, though upward pressure on borrowing costs has eased.

• Focus remains on maintaining occupancy, rental stability, cost efficiency, and disciplined hedging.

• Ongoing portfolio rejuvenation with targeted divestments, reinvestment in modern assets, and pursuit of value-adding opportunities.