Mapletree Logistics Trust (M44U) Q4 24/25 earnings summary

Executive summary

• Distribution per unit (DPU) for 4Q FY24/25 was 1.955 cents, down 11.6% year-over-year, and 8.053 cents for the full year, down 10.6% year-over-year, impacted by lower China contributions, higher borrowing costs, and FX headwinds.

• Portfolio occupancy remained stable at 96.2%, with positive rental reversions of 5.1% in 4Q and a WALE of 2.8 years.

• Active portfolio rejuvenation included S$209 million in divestments at a 17% premium to valuation and S$220 million in acquisitions in Malaysia and Vietnam.

• Sustainability initiatives advanced, with 56% of the portfolio green certified and solar generating capacity reaching 71.1 MWp.

• Portfolio valuation as of March 31, 2025, was S$13.3 billion, up 0.8% year-over-year despite net fair value and currency losses.

Financial highlights

• Gross revenue for 4Q FY24/25 was S$179.6 million, down 0.8% year-over-year; full year revenue was S$727.0 million, down 0.9%.

• Net property income for the quarter fell 1.6% to S$152.8 million; full year NPI was S$625.3 million, down 1.5%.

• Borrowing costs increased 7.5% year-over-year due to higher interest rates and incremental borrowings for acquisitions.

• Adjusted DPU (excluding divestment gains) was 1.803 cents for the quarter and 7.519 cents for the year.

• Portfolio valuation rose 0.8% year-over-year to S$13.3 billion, despite S$62 million net fair value loss and S$116 million currency translation loss.

Outlook and guidance

• Management expects continued pressure from higher borrowing costs and FX volatility in FY2026, with tenants expected to remain cautious amid trade tensions and recession fears.

• Strategy includes selective divestments, redeployment into modern assets, and a focus on tenant retention and cost control.

• China occupancy is expected to remain stable, but negative rent reversions likely to persist at high single digits, with possible improvement over the next four quarters barring further shocks.

• Vietnam occupancy is expected to recover in 1Q, with high renewal and replacement rates.

• Majority of tenants serve local consumption (85% of revenue), providing resilience against global trade volatility.