Mapletree Industrial Trust (MIT) has reported a distribution per unit (DPU) of 3.18 cents for the 2QFY2025/2026 ended Sept 30, down 5.6% y-o-y. For the 1HFY2025/2026, DPU was 6.45 cents, down 5.1% y-o-y.
This figure includes the distribution of net divestment gain of $13.4 million from the 115A and 115B Commonwealth Drive over four quarters from 1QFY2024/2025 to 4QFY2024/2025.
Excluding divestment gains, the decline in DPU for 2QFY2025/2026 would be 2.2% y-o-y and 1.8% y-o-y for the first half of the year.
MIT’s gross revenue and net property income for 2QFY25/2026 decreased by 6.2% and 7.8% y-o-y to $170.2 million and $124.0 million respectively.
This mainly reflected the reduced income from the portfolio divestment of three industrial properties in Singapore on August 15, lower contribution from the North American Portfolio from non-renewal of leases, and the depreciation of US dollar against Singapore dollar.
The decline was partially moderated by higher contributions from the freehold mixed-use facility in Tokyo acquired on Oct 29, 2024, and the completion of the final phase of fitting-out works of the Osaka Data Centre on May 2, 2025.
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Consequently, the distribution to unitholders for 2QFY2025/2026 was $90.7 million, 5.3% lower
than the corresponding quarter last year, and for the 1HFY2025/2026, the figure stood at $184 million.
The distribution to unitholders was also affected by the lower cash distribution declared by the joint venture, Mapletree Rosewood Data Centre Trust due to higher borrowing costs from the repricing of matured interest rate swaps.
Average overall portfolio occupancy was 91.3% in 2QFY2025/2026, marginally lower than the previous quarter of 91.4%. Singapore Portfolio registered an average rental rate of S$2.27 per square foot per month with a weighted average rental reversion rate of about 6.2%.
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As at Sept 30, the weighted average lease to expiry stood at 4.6 years.
As at Sept 30, total borrowings reduced to $3,134.3 million as divestment proceeds were used to pare down debt. Aggregate leverage ratio reduced to 37.3% as a result.
Approximately 86.1% of the amount available for distribution in the next 12 months has been hedged or derived in Singapore dollars as at Sept 30.
Units in MIT closed 1 cent higher or 0.452% up at $2.22 on Oct 29.
