Mapletree Industrial Trust (MINT) has reported a distribution per unit (DPU) of 3.17 cents for the 3QFY2026 ended Dec 31, 2025, 7% lower y-o-y.
Excluding divestment gains, the REIT’s DPU remained unchanged, but stood 3.9% lower y-o-y.
On a q-o-q basis, DPU fell by 0.3%.
MINT also had 2.853 billion units in issue for the quarter, 0.03% higher than the 2.852 billion units in the previous quarter and 0.2% above the 2.847 billion units in the 3QFY20245.
This quarter, gross revenue fell by 8% y-o-y and 4.2% q-o-q to $163.1 million mainly due to the lack of income following the divestment of three industrial properties in Singapore. The properties were divested on Aug 15, 2025. The lower topline was also attributed to lower contribution from MINT’s North American portfolio due to the non-renewal of leases and the depreciation of the US dollar (USD) against the Singapore dollar (SGD).
The decline was partly offset by 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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MINT’s joint venture, Mapletree Rosewood Data Centre Trust, also reported lower cash distributions due to higher borrowing costs from the repricing of matured interest rate swaps.
In the 3QFY2026, property operating expenses fell by 8.6% y-o-y and 12.7% q-o-q to $40.3 million. The y-o-y decline was attributed to lower expenses from the divested Singapore properties, as well as lower utility and property expenses from MINT’s Singapore portfolio. This was partly offset by higher expenses from the North American portfolio.
Accordingly, net property income (NPI) fell by 7.8% y-o-y and 1% q-o-q to $122. 8 million.
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As at Dec 31, 2025, the REIT’s overall portfolio occupancy stood at 91.4%, 0.1 percentage points higher q-o-q. Overall weighted average lease expiry (WALE) stood at 4.5 years based on date of commencement of leases.
Aggregate leverage as at the same period stood at 37.2%, down from 37.3% a quarter ago. MINT’s interest coverage ratio inched up to 3.1%, up from 3% in the previous quarter.
In Singapore, MINT achieved a portfolio weighted average rental reversion rate of 7.1%, while it executed 3% of leases for its North American portfolio (based on net lettable area or NLA) with a weighted average rental reversion rate of about 3.1%
Ler Lily, CEO of MINT’s manager, said the REIT will “remain focused” on managing the impact of downtime from the non-renewal of leases in its North American portfolio in the near-term.
She adds that the REIT’s Singaporean and Japanese portfolios continue to “provide a stable base”, thanks to “resilient occupancies and positive rental reversions” and that the REIT remains “committed” to achieving its divestment target of $500 million to $600 million in North America.
“As we execute our portfolio rebalancing strategy, we may see near-term transitional effects, which are temporary and necessary to drive sustainable returns,” she says.
Units in MINT closed flat at $2.11 on Jan 28.
