Mapletree Logistics Trust Q2 DPU down 10.5% at S$0.01815
[SINGAPORE] The manager of Mapletree Logistics Trust (MLT) announced that the distribution per unit (DPU) for the trust’s second quarter in its 2026 financial year ended Sept 30 declined 10.5 per cent to S$0.01815. The DPU will be paid on Dec 16.
In a bourse filing on Tuesday (Oct 28), the manager reported a 3.2 per cent fall in revenue to S$177.5 million in Q2, from S$183.3 million in the same period in the previous financial year. The lower revenue was mainly due to the depreciation of various currencies against the Singapore dollar, as well as the absence of revenue contribution from divested properties.
This was partially offset by contributions from Mapletree Joo Koon Logistics Hub and higher contributions from properties in Singapore, Japan and Hong Kong.
Property expenses fell 2.2 per cent to S$24.2 million in Q2 FY2026 from S$24.7 million in Q2 FY2025. Net property income was 3.3 per cent lower at S$153.3 million from S$158.6 million in the previous Q2.
Borrowing costs declined 4 per cent driven by proactive refinancing efforts and the paring down of debts with divestment proceeds. This has helped mitigate the absence of divestment gains which contributed S$6.1 million in Q2 FY2025.
As a result, distributable income fell 9.6 per cent to S$92.5 million in the recent Q2, from S$102.3 million in the same period in the prior financial year.
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Overall leasing demand for MLT’s portfolio remains steady, with an occupancy rate of 96.1 per cent. The China market is seeing negative rental reversions continuing to moderate as it appears to be stabilising. MLT’s China portfolio occupancy has seen an uptick to 94 per cent.
Weaker regional currencies against the Singapore dollar continue to weigh on MLT’s performance, although recent declines in some short-term interest rates have lowered borrowing costs.
“Looking ahead, while economic uncertainties persist, they may also give rise to new opportunities. We remain focused on rejuvenating and future-proofing our portfolio, staying agile and ready to seize these opportunities as they emerge,” said Jean Kam, chief executive officer of the manager.
Units of MLT closed up 2.3 per cent or S$0.03 at S$1.33 on Tuesday.
