Mapletree Industrial Trust FY25/26: DPU at 12.71 Cents as S$550.6M in Divestments and a S$300M Perpetual Securities Issuance Reshape the Portfolio While North American Occupancy Remains the Open Question

Mapletree Industrial Trust (MIT) posted FY25/26 distribution per unit (DPU) of 12.71 Singapore cents, down 6.3% year-on-year — but the headline overstates the operational decline. Excluding the prior year’s one-off Tanglin Halt divestment gain, DPU fell 3.2%, from 13.13 cents to 12.71 cents. The trust published its Annual Report and AGM circulars on 22 June 2026, with the AGM set for 21 July 2026.

MIT (SGX: ME8U), Singapore’s largest industrial-focused S-REIT by portfolio breadth, holds 136 properties across Singapore (79), North America (55, including 13 data centres via a joint venture with sponsor Mapletree Investments), and Japan (2). Total assets under management stand at S$8.3 billion, with data centres accounting for 58.3% of AUM — a deliberate strategic tilt toward digital infrastructure.

Revenue and NPI both declined for the first time in five years

Gross revenue came in at S$673.0 million, down 5.5%, while net property income (NPI) fell 5.9% to S$500.4 million. Distributable income to unitholders was S$362.6 million (−6.1%). The decline was driven by three overlapping factors: the loss of income from three Singapore properties divested in August 2025 (The Strategy, The Synergy, and the Woodlands Central Cluster), non-renewals in the North American portfolio, and the depreciation of the US dollar against the Singapore dollar. Property operating expenses fell 4.3% to S$172.6 million, cushioning the top-line pressure.

Singapore steady, North America the open question

Portfolio occupancy was 91.2% at year-end. Singapore properties were 93.0% occupied with a positive rental reversion of +6.2% in the fourth quarter. North America is the drag: occupancy fell for the sixth consecutive quarter to 86.1%, driven by lease non-renewals at data centre properties. Management has indicated that improvements are expected from FY26/27 as new leases take effect — this will be the metric to watch.

The weighted average lease expiry (WALE) was 4.4 years by gross revenue, with 17.9% of leases due for renewal annually over the next three financial years. Lease expiries are well spread.

Active portfolio recycling at S$550.6 million

CEO Ms Ler Lily characterised FY25/26 as a year of active portfolio management: divestments totalling S$550.6 million were completed, while the manager placed emphasis on proactive leasing — backfilling vacant space and renewing or extending leases ahead of expiries. The completion of fit-out works at the Osaka Data Centre in May 2025 added recurring income from Japan.

Balance sheet strengthened by perpetual securities

Net assets attributable to unitholders stood at S$4,642.7 million, with an adjusted NAV per unit of S$1.60. Aggregate leverage fell 3.2 percentage points quarter-on-quarter to 34.0%, driven by the interim repayment of borrowings pending deployment of proceeds from a S$300 million perpetual securities issuance at 3.25% completed in March 2026. Leverage is expected to rise to approximately 37.5% once the proceeds are redeployed to redeem existing perpetual securities.

Interest coverage was 4.0 times, average cost of debt 3.2%, and 88.6% of borrowings were hedged at fixed rates. The debt maturity profile is well distributed, with between 8% and 28% of borrowings due for refinancing annually over the next five financial years.

AGM and governance

MIT’s 16th AGM will be held on 21 July 2026 at Mapletree Business City. Key resolutions include the re-appointment of KPMG LLP as auditors and the renewal of a unit buy-back mandate authorising repurchases of up to 5.0% of issued units (approximately 142.8 million units based on 2,855,003,431 units in issue). No units were repurchased under the existing mandate. The board comprises 13 directors, led by Non-Executive Chairman Mr Cheah Kim Teck, with 8 independent non-executive directors.

MIT is managed by Mapletree Industrial Trust Management Ltd., a wholly-owned subsidiary of Mapletree Investments Pte Ltd, which is in turn a subsidiary of Temasek Holdings (total deemed interest: 27.38%, with Mapletree Dextra holding 24.79% directly).

Source: Mapletree Industrial Trust Annual Report FY2025/26; Appendix to Unitholders and Notice of AGM dated 22 June 2026; 4Q & FY25/26 Financial Results Announcement dated 28 April 2026. PropertyAtlas.sg analysis with TKRE Research.