Borrowing costs decreased mainly due to lower base rates on unhedged SGD borrowings, interest savings from repayment of loans with divestment proceeds, but partially offset by interest incurred on loan drawn for Mapletree Joo Koon Logistics Hub (MJKLH) recognised in profit or loss post receipt of Temporary Occupation Permit (TOP), replacement hedges at higher cost and higher rates for JPY loans.
Aggregate leverage ratio of 40.6% was 1bp lower q-o-q. The weighted average borrowing cost for 4Q2026 was maintained at 2.6% per annum. Borrowing costs were 3.0% lower y-o-y largely due to proactive refinancing efforts and paying down of debt with proceeds from divestments. This helped cushion the absence of divestment gains as well.
MLT’s aggregate portfolio property valuation for 175 properties was $13.1 billion, 1.6% or $200 million lower y-o-y. The decline was mainly due to divestment of six properties totalling $99 million during the year and currency translation loss of $325.0 million, partially offset by net fair value gain on existing assets, a completed redevelopment project, capital expenditure and an acquisition. The $47.8 million net fair value gain is attributable to gains in all markets except China and Hong Kong .
During 4Q FY2026, MLT expanded its presence in India with the accretive acquisition of a freehold, Grade A warehouse in Mumbai for about INR3,888 million ($53.2 million).
See also: Thakral’s 1QFY2026 adjusted attributable profit more than doubles y-o-y to $3.3 mil
Portfolio occupancy improved from 96.4% last quarter to 96.9% as at Mar 31 due to higher occupancies in Singapore, China, Hong Kong, Japan and South Korea, while the other four markets maintained full occupancy. The weighted average lease expiry of the portfolio (by net lettable area) was 2.5 years. The portfolio achieved an average positive rental reversion of about 4.2% in 4QFY2026 excluding China, and 3.3% including China. China’s rental reversion improved from -2.2% in the previous quarter to -2.0% this quarter.
