MLT’s gross revenue for the reporting period came in 3.2% y-o-y lower at $177.5 million, and net property income similarly declined 3.3% y-o-y to $153.3 million.
This decline in gross revenue and NPI for the 2QFY2025/2026 were mainly due to forex impact from weaker regional currencies and divestments, leading to a lower DPU y-o-y.
MLT says that these currency weaknesses, mainly Hong Kong dollars, Chinese yuan, Australian dollar, Korean won and Vietnamese dong, was mitigated by full period contributions from completed redevelopment of Mapletree Joo Koon Logistics Hub and higher contributions from Singapore, Japan and Hong Kong.
The trust’s portfolio occupancy as at Sept 30 came in at 96.1%, and portfolio rental reversion grew 0.6%, or 2.5% ex-China.
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MLT’s weighted average lease expiry by net lettable area (NLA) as at Sept 30 is 2.7 years, unchanged from the previous quarter.
Aggregate leverage stood at 41.1%, and average debt maturity at 3.6 years. About 75% of MLT’s income is hedged for the next 12 months.
Units in MLT closed 3 cents higher or 2.308% up at $1.33 on Oct 28.
