On 28th October 2025, Mapletree Logistics Trust (MLT) reported its 2QFY25/26 financial results. Mapletree Logistics Trust (MLT) reported a resilient performance in 2Q FY25/26, despite macroeconomic headwinds. The Trust completed four strategic divestments during the quarter, one in Singapore, one in Malaysia, one in South Korea and another in Australia.
In 2QFY25/26, Mapletree Logistics Trust’s Gross revenue declined slightly by 3.2% year-on-year to S$177.5 million, primarily due to weaker foreign exchange rates and lower contributions from its China portfolio. This modest dip reflects the impact of a stronger Singapore dollar, which continues to weigh on overseas earnings when translated back to SGD.
Net property income (NPI) also saw a marginal decline of 3.3% year-on-year, settling at S$153.3 million. This was largely in line with the drop in gross revenue, indicating that Mapletree Logistics Trust (MLT) managed to keep its cost structure relatively stable.
Property expenses for the quarter came in at approximately S$24.2 million, down 2.2% from the previous year. This slight reduction was attributed to cost optimization efforts and the divestment of lower-yielding assets.
Borrowing costs decreased 4.0% year-on-year to S$38.2 million, reflecting disciplined capital management and a lower average cost of debt.
Distribution per unit (DPU) fell 10.5% to 1.815 cents, down from 2.027 cents a year ago, largely due to the absence of divestment gains and weaker forex. Adjusted DPU excluding divestment gains was 1.907 cents, still lower than the prior year.
| 2QFY25/26 (S$’000) |
2QFY24/25 (S$’000) |
% Change | |
| Gross Revenue | 177,471 | 183,304 | (3.2) |
| Property Expenses |
(24,163) | (24,708) | (2.2) |
| Net Property Income | 153,308 | 158,596 | (3.3) |
| Borrowing Costs | (38,222) | (39,823) | (4.0) |
| Amount Distributable | 98,165 | 109,183 | (10.1) |
| Distribution Per Unit (“DPU”) (cents) | 1.815 | 2.027 | (10.5) |
Debt
Mapletree Logistics Trust’s aggregate leverage ratio decreased slightly to 41.1% as of 30th September 2025, down from 41.2% in the previous quarter. The reduction was primarily driven by the repayment of loans using proceeds from recent divestments, as well as lower net translated foreign currency loans due to exchange rate movements. These positive factors were partially offset by additional borrowings drawn to fund ongoing asset enhancement initiatives, land premium payments for lease extensions, and capital expenditure.
As you can see from the above, Mapletree Logistics Trust maintains a well-staggered debt maturity profile, underpinned by a healthy average debt duration of 3.6 years. This prudent structuring helps mitigate refinancing risk and smoothens out repayment obligations over time. The Trust also enjoys ample liquidity, with S$819 million in available committed credit facilities.
Occupancy
Mapletree Logistics Trust achieved a higher portfolio occupancy of 96.1%, up from the previous quarter, reflecting strong leasing momentum across key markets. The improvement was driven by better occupancy in Singapore, China, South Korea, and Malaysia, where proactive leasing and tenant retention strategies paid off. Japan’s occupancy dipped slightly due to transitional downtime at Kuwana Centre, but negotiations with prospective tenants are underway to backfill the vacancy.
Rental Reversions
Mapletree Logistics Trust recorded positive rental reversions across most of its markets in 2Q FY25/26, reflecting resilient demand for quality logistics space. The exception was China, which continued to experience negative rental reversions, though the trend showed marked improvement. China’s rental reversion came in at -3.0% for the quarter, a significant recovery from -7.5% in the previous quarter and -12.2% a year ago. This upward trajectory suggests stabilizing market conditions and improving tenant sentiment, even as broader macroeconomic challenges persist.
Lease Expiry
Weighted average lease expiry for the portfolio stood at approximately 2.7 years. As you can see from the chart above, overall lease expiry remains well staggered.
Mapletree Logistics Trust Share Price and Dividend Yield
Despite a weak outlook, you can see that Mapletree Logistics Trust share price seem to be on an uptrend. Mapletree Logistics Trust share price closed at S$1.34 on 31st October 2025. Based on Mapletree Logistics Trust’s FY24/25 full year distribution of 8.053 cents and current share price of S$1.34, Mapletree Logistics Trust’s current dividend yield is 6.01%.
Summary of Mapletree Logistics Trust 2QFY25/26 Financial Results
In my opinion, Mapletree Logistics Trust’s current quarter result remained negative. Let me summarize the pro and cons.
The pros are:
- Healthy average debt duration of 3.6 years with ample liquidity with S$819 million in available committed credit facilities.
- Portfolio occupancy remained resilient at 96.1%.
- Positive portfolio rental reversion of 0.6%.
- Lease expiry remains well staggered.
- Current dividend yield is high at 6.01%.
The cons are:
- Gross Revenue and Net Property Income fell 3.2% and 3.3% year-on-year respectively.
- Distribution Per Unit fell 10.5% year-on-year.
- High gearing ratio of 41.1%.