Mapletree Logistics Trust has reported DPU of 1.816 cents for its 3QFY2026 ended December, down 9.3% y-o-y but up 0.1% q-o-q.
Net property income for the same quarter ended Dec 2025 was $152 million, down 3.3% y-o-y; gross revenue was down 3.1% y-o-y to $176.8 million.
The lower numbers are because of income loss from four divested properties and reduced contribution from China. MLT's Singapore portfolio, on the other hand, reported stronger performance, led by newly-completed redevelopment project.
Borrowing costs in the quarter was down 4.3% y-o-y driven by proactive refinancing efforts and paring down of debt with proceeds from divestments.
The bigger percentage change in DPU terms is due to a larger unit base.
MLT says its portfolio occupancy improved from 96.1% to 96.4% as at Dec 2025 due to higher occupancies in Singapore, Japan and South Korea.
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Its weighted average lease expiry by net lettable area was 2.6 years.
MLT managed to eke out average rental aversion of 1.1% and if China was excluded, 1.7%. China’s rental reversion improved from -3.0% in the previous quarter to -2.2% this quarter.
Its weighted average borrowing cost for 3Q FY2026 was held at 2.6% per annum, while its aggregate leverage ratio was 40.7%.
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"Despite ongoing macroeconomic and tariff-related uncertainties, the logistics sector in the region remains resilient, with structural trends that support long-term growth," says Jean Kam, CEO of the manager.
"We will continue to execute our portfolio rejuvenation strategy and grow our regional footprint to capture the growing demand for well-located, modern logistics space,” she adds.
MLT units closed at $1.35 on Jan 26, down 0.74%.
