[SINGAPORE] The manager of Mapletree Logistics Trust (MLT) announced a distribution per unit (DPU) of S$0.01815 for the trust’s second quarter ended Sep 30.
This was lower than the DPU of S$0.02027 the trust posted for the same quarter a year earlier.
In a bourse filing on Tuesday (Oct 28), the manager reported a 3.2 per cent fall in revenue to S$177.5 million for Q2 FY2026, from S$183.3 million a year earlier. 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 a year earlier. Net property income was 3.3 per cent lower at S$153.3 million, from S$158.6 million in Q2 FY2025.
Borrowing costs declined 4 per cent year on year, driven by proactive refinancing efforts and the paring down of debts with divestment proceeds. This helped mitigate the absence of divestment gains, which contributed S$6.1 million a year earlier.
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Distributable income fell 9.6 per cent to S$92.5 million, from S$102.3 million previously.
The Q2 FY2026 DPU will be paid out on Dec 16.
Overall leasing demand for MLT’s portfolio remained steady, with an occupancy rate of 96.1 per cent. For the China market, which the manager said “appears to be stabilising”, negative rent reversions are “continuing to moderate”. MLT’s China portfolio occupancy rose to 94 per cent.
Jean Kam, chief executive officer of the manager, said: “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.”
Units of MLT gained 2.3 per cent or S$0.03 to close at S$1.33 on Tuesday.
