Mapletree Industrial Trust (MINT) (SGX:ME8U
) has reported a distribution per unit (DPU) of 12.71 cents for FY2026, ended March 31, 2026, 6.3% lower y-o-y.
Gross revenue and net property income (NPI) in the same period were down by 5.5% and 5.9% y-o-y to $673.0 million and $500.4 million respectively. The decline was due to absence of income from the divestment of three industrial properties in Singapore, non-renewal of leases within the North American portfolio and the depreciation of USD against SGD.
However, the decline was partially mitigated by the full year contribution from the freehold mixed-use facility in Tokyo acquired back in October 2024, and the completion of the final phase of fitting-out works at the Osaka Data Centre.
Meanwhile, borrowing cost was 19.4% lower y-o-y to $84.8 million due to repayment of loans and lower interest on unhedged floating rate loans.
Excluding divestment gain, MINT’s DPU for FY2026 would see a more moderate decline of just 3.2% y-o-y.
As at March 31, 2026, overall portfolio occupancy rate stood at 91.2%, 0.2 percentage points lower q-o-q due to tenant’s downsizing of office space at the multi-tenanted property at 250 Williams Street NW, Atlanta. Overall portfolio weighted average lease to expiry (WALE) was at 4.4 years.
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The average occupancy rate for its Singapore portfolio improved to 93.4% in 4QFY2026, from 93.0% in the previous quarter. Weighted average rental reversion rate stood at about 6.2%.
MINT’s portfolio valuation stood at $8.2 billon as at March 31, 2026, which represent a decline of $827 million y-o-y. Excluding the properties divested during the financial year and lower translated asset value from the depreciation of USD and JPY against SGD, valuation of MINT’s portfolio would have decreased by just $58.5 million y-o-y.
On the capital management front, aggregate leverage ratio stood at 34.0% as at March 31, 2026 and expected to increase to about 37.5% following the drawdown of debt and the redeployment of the new perpetual securities to redeem existing perpetual securities.
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MINT’s interest coverage ratio stood at 4.0 times with average borrowing cost at 3.2% for 4QFY2026.
“We completed divestments totalled $550.6 million, while placing strong emphasis on operational execution through proactive leasing, including backfilling vacant space as well as renewing or extending leases ahead of expiries. The successful issuance of S$300 million 3.25% perpetual securities, ahead of redemption of existing perpetual securities due in May 2026, is also a testament to investors’ confidence in MINT and our accessibility to various funding sources. Together, these actions strengthen portfolio quality and position MIT for sustainable long-term returns,” says Ler Lily, CEO of the manager.
Units in MINT closed 1 cent higher, or 0.49% up at $2.06 on April 28.
