Mapletree Logistics Trust (M44U) Q4 25/26 earnings summary

Executive summary

• Gross revenue and net property income (NPI) declined 1.7% and 0.9% year-over-year due to divestments and FX headwinds; operational DPU rose 0.9% year-over-year and 0.2% quarter-on-quarter when excluding divestment gains.

• Portfolio occupancy improved to 96.9%, with positive rental reversions in most markets except China.

• Developed markets contributed 70% of AUM and revenue, with a diversified tenant base and strong domestic consumption focus.

• Active portfolio rejuvenation included an accretive acquisition in India and divestment of six properties at an average 20% premium to valuation.

Financial highlights

• DPU declared at SGD 0.01819, 7% lower year-over-year, but adjusted DPU from operations up 0.9% year-over-year.

• 12M FY25/26 gross revenue was S$708.3m, down 2.6% year-over-year; NPI was S$610.2m, down 2.4%.

• Excluding divestments and FX, gross revenue and NPI would have increased by S$6.1m and S$5.4m for the quarter.

• Borrowing costs decreased 2.3% year-over-year due to lower base rates and loan repayments.

• For the full year, adjusted DPU from operations was SGD 0.07262, down 3.4% year-over-year.

Outlook and guidance

• Higher borrowing costs and currency volatility are expected to persist, weighing on financial performance.

• DPU expected to remain flat at around SGD 0.018 per quarter, with organic growth from Singapore, Vietnam, India, and Malaysia offsetting higher interest costs.

• China rental reversions expected to turn neutral in 3-4 quarters; Hong Kong reversions to remain modestly positive.

• Singapore rental reversions guided at 3%-5% for the coming year.

• Leasing activity remains stable, supporting high occupancy and resilient operations.