Brief Overview:

Mapletree Logistics Trust (SGX: M44U), or MLT, was Singapore’s first logistics REIT with an Asia Pacific focus when it debuted on the Singapore Exchange in July 2005.

As at 31 March 2026, its portfolio consists of 175 properties across Singapore, Australia, China, Hong Kong, India, Japan, Malaysia, South Korea, and Vietnam, with a combined valuation of S$13.1 billion.

Financial Performance (4Q FY2024/25 vs. 4Q FY2025/26):

4Q FY2024/254Q FY2025/26% Gain/Loss
Gross Revenue (S$’mil)$179.6m$176.6m-1.7%
Property Operating Expenses (S$’mil)$26.8m$25.1m-6.3%
Net Property Income (S$’mil)$152.8m$151.4m-0.9%
Distributable Income to Unitholders (S$’mil)$99.1m$93.0m-6.2%


The 1.7% and 0.9% year-on-year declines in MLT’s gross revenue and net property income, which stood at S$176.6 million and S$151.4 million respectively, were mainly due to the lack of revenue from divested properties and the depreciation of the Hong Kong Dollar, Japanese Yen, Korean Won, and Vietnamese Dong against the Singapore Dollar.

However, this decline was partly offset by contributions from the completed redevelopment of Mapletree Joo Koon Logistics Hub, higher income from existing properties in Singapore, Japan, and Vietnam, as well as the appreciation of the Malaysian Ringgit against the Singapore Dollar.

As a result of the lower net property income and the absence of gains from divestments, MLT’s distributable income to unitholders fell by 6.2% year-on-year, amounting to S$93.0 million.

Financial Performance (FY2024/25 vs. FY2025/26):

FY2024/25FY2025/26% Gain/Loss
Gross Revenue (S$’mil)$727.0m$708.3m-2.6%
Property Operating Expenses (S$’mil)$101.7m$98.1m-3.5%
Net Property Income (S$’mil)$625.3m$610.2m-2.4%
Distributable Income to Unitholders (S$’mil)$406.4m$370.1m-8.9%


This marks the 2nd consecutive financial year in which MLT recorded a year-on-year decline in its full-year results.

The REIT’s gross revenue and net property income decreased by 2.6% and 2.4% year on year to S$708.3 million and S$610.2 million respectively, primarily due to the absence of revenue from divested properties and the impact of various currencies depreciating against the Singapore Dollar.

However, the decline was partially offset by the full-period contribution from acquisitions in Malaysia and Vietnam completed in 1Q FY2024/25, contributions from the completed redevelopment of Mapletree Joo Koon, and higher contributions from existing properties in Singapore, Japan, Vietnam, Malaysia, and Hong Kong.

As a result, distributable income to unitholders decreased by 8.9% year on year, driven by lower net property income and the absence of divestment gains, which had contributed S$27.0 million in the previous financial year.

Portfolio Occupancy Profile (3Q FY2025/26 vs. 4Q FY2025/26):

3Q FY2025/264Q FY2025/26
Portfolio Occupancy (%)96.4%96.9%
Portfolio WALE (by Net Lettable Area – years)2.6 years2.5 years
Rental Reversion (%)+1.1%+3.3%


Compared to the previous quarter, MLT saw improvements in key portfolio occupancy metrics, including its occupancy rate and rental reversion.

The occupancy rate increased by 0.5 percentage points (pp) quarter-on-quarter to 96.9%, driven by better occupancy rates across its properties in Singapore, China, Hong Kong, Japan, and South Korea. Occupancy rates in Australia, Malaysia, Vietnam, and India remained at 100%.

In terms of occupancy by region, all properties, except for China (with an occupancy rate of 94.2%), maintained occupancy rates above 96.5%, which is considered very strong.

Regarding rental reversion, China recorded a slight improvement with rental reversions of -2.0% (up from -2.2% in the previous quarter), while new and renewed leases in other regions saw rental reversions ranging from +0.1% in Hong Kong to +6.2% in Japan.

As for lease renewals, a significant 36.0% of leases are set for renewal in the upcoming financial year 2026/27, followed by 26.0% in FY2027/28 and 16.4% in FY2028/29. The remaining 21.6% of leases will not expire until FY2029/30 or later.

Debt Profile (3Q FY2025/26 vs. 4Q FY2025/26):

3Q FY2025/264Q FY2025/26
Aggregate Leverage (%)40.7%40.6%
Interest Coverage Ratio (times)2.9x2.9x
Average Cost of Debt (%)2.6%2.6%
Average Term to Debt Maturity (years)3.5 years3.6 years
% of Borrowings Hedged at Fixed Rates (%)84.0%83.0%


MLT’s debt profile for 4Q FY2025/26 remains largely unchanged from the previous quarter.

Its aggregate leverage stands at a healthy level of 40.6%. Similarly, the proportion of borrowings at fixed rates remains steady at 83.0%.

On MLT’s debt maturity profile, only 2% of borrowings are due for refinancing in the upcoming FY2026/27. Over the next five financial years (from FY2027/28 to FY2031/32), an average of 18% of borrowings will be up for refinancing each year, with the remaining 6% due for refinancing in FY2032/33 or later.

Distribution Payout to Unitholders (4Q FY2024/25 vs 4Q FY2025/26):

4Q FY2024/254Q FY2025/26% Gain/Loss
Distribution Per Unit (S$’cents)1.955 cents1.819 cents-7.0%


The lower distribution per unit for 4Q can be attributed to a combination of factors, including reduced distributable income to unitholders, an expanded unit base, and the absence of divestment gains. Excluding divestment gains, MLT’s distribution per unit for 4Q FY2024/25 would have been 1.803 cents, and on a year-on-year basis, its distribution per unit for 4Q FY2025/26 would have increased by 0.9%.

It’s also worth noting that while the REIT’s distribution per unit has continued to decline year-on-year, it has shown improvement on a quarter-on-quarter basis. After dropping to a low of 1.812 cents/unit in 1Q FY2025/26, it rose to 1.815 cents/unit in 2Q FY2025/26, then 1.816 cents/unit in 3Q FY2025/26, and now stands at 1.819 cents/unit in 4Q FY2025/26. This trend certainly offers some cause for optimism, in my view.

If you are a unitholder of MLT, do take note of the following dates on its latest distribution payout: 

Ex-Date: 08 May 2026
Record Date: 11 May 2026
Payout Date: 23 June 2026

Distribution Payout to Unitholders (FY2024/25 vs FY2025/26):

FY2024/25FY2025/26% Gain/Loss
Distribution Per Unit (S$’cents)8.053 cents7.262 cents-9.8%


This marks the 3rd consecutive year in which MLT has seen a year-on-year decline in its distribution per unit.

For the financial year under review, the decline was attributed to lower distributable income to unitholders, a larger unit base, and the absence of divestment gains. Excluding divestment gains, MLT’s distribution per unit for FY2024/25 would have been 7.519 cents. In comparison, the distribution per unit for FY2025/26 was 7.262 cents, reflecting a 3.4% decrease.

CEO Ms Jean Kam’s Comments & Outlook (from the REIT’s Press Release):

“Despite a challenging operating environment marked by macroeconomic and geopolitical uncertainties, MLT delivered a resilient performance for the year. Our results were supported by stable same-store performance and contribution from our redevelopment project. Through disciplined capital management, proactive refinancing and prudent currency hedging, we mitigated forex volatility and the income impact from divestments.

In light of the ongoing Middle East conflict and broader supply chain uncertainties, we remain vigilant and focused on execution. Our immediate priorities are to preserve portfolio stability through tenant retention, prudent cost management and active lease management, while continuing our portfolio rejuvenation strategy to unlock value and position MLT for sustainable long-term growth.”

Closing Thoughts:

Overall, MLT’s results for 4Q and FY2025/26 were mixed.

In terms of financial performance, the weaker foreign exchange environment continued to hinder growth in gross revenue and net property income.

On a positive note, portfolio occupancy improved, particularly in China, where occupancy rose from 93.8% in 3Q FY2025/26 to 94.2% in 4Q FY2025/26. Similarly, while rental reversion remained negative, it showed improvement, moving from -2.2% in 3Q FY2025/26 to -2.0% in 4Q FY2025/26. Occupancy rates for properties in other regions remained strong, consistently above 96.5%.

MLT’s debt profile remained healthy, with aggregate leverage at 40.6%, providing ample debt headroom well below the 50% regulatory limit.

Lastly, while the distribution payout has again declined on a year-on-year basis, it has improved on a quarter-on-quarter basis, rising from 1.812 cents/unit in 1Q FY2025/26 to 1.819 cents/unit in 4Q FY2025/26.

As a unitholder, I remain optimistic about MLT’s gradual recovery in the coming quarters, and I will continue to closely monitor key metrics such as its financial performance, portfolio occupancy, debt profile, and distribution payouts.

Financial Results of the Other Mapletree REITs:

Mapletree Industrial Trust (SGX: ME8U): 4Q & FY2025/26 Results Review

Related Documents:

Press Release
Financial Statement
Presentation Slides

Disclaimer: At the time of writing, I am a unitholder of Mapletree Logistics Trust.

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