Mapletree Industrial Trust holds DPU at 3.17 cents in 3Q FY25/26 as divestments weigh on topline
Summary:
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3Q FY25/26 gross revenue fell 8.0% year-on-year to S$163.1 million and net property income declined 7.8% to S$122.8 million, mainly due to the divestment of three Singapore industrial assets and the Georgia data centre.
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Amount available for distribution to unitholders slipped 7.0% to S$90.7 million, with 3Q DPU down to 3.17 cents from 3.41 cents a year earlier; year-to-date DPU contracted 5.8% to 9.62 cents.
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Despite the lower earnings base, MIT maintained a strong balance sheet with S$5.12 billion in net assets, S$101.0 million of cash and cash equivalents, and net asset value per unit of S$1.69 as at 31 December 2025.
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Active portfolio reshaping continued: the Osaka data centre fit-out was completed in May 2025, while the group exited the Georgia data centre and three large Singapore industrial properties for about S$535.3 million.
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Operating cash flow remained robust at S$109.7 million for the quarter and S$319.1 million year-to-date, supporting ongoing distributions and providing capacity for reinvestment into higher-yielding data centre and industrial assets.