Mapletree Logistics Trust holds DPU flat at 1.816 cents in 3Q FY25/26 as divestments and FX headwinds weigh on topline
Summary:
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3Q FY25/26 gross revenue dipped 3.1% year-on-year to S$176.8 million and net property income fell 3.3% to S$152.0 million, mainly from FX weakness and loss of income from divested assets.
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Amount distributable to unitholders declined 8.5% year-on-year to S$92.7 million and DPU fell 9.3% to 1.816 cents, reflecting the cessation of divestment gains distribution and a larger unit base.
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Quarter-on-quarter, distributable income edged up 0.2% and DPU was marginally higher, supported by stronger contributions from Singapore and a completed redevelopment project despite lower China contribution and earlier divestments.
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Portfolio fundamentals remained solid with occupancy improving to 96.4% and rental reversion of 1.7% outside China (1.1% including China), while China’s rental reversion improved to ‑2.2% from ‑3.0%.
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Aggregate leverage stood at 40.7%, cost of debt was kept at 2.6%, around 84% of total debt was hedged at fixed rates, and approximately 74% of income for the next 12 months was hedged into Singapore dollars.