Mapletree Industrial Trust Q4 DPU falls to S$0.0309

[SINGAPORE] Mapletree Industrial Trust ( MIT ) posted a distribution per unit (DPU) of S$0.0309 for its fourth quarter ended Mar 31. This was 8 per cent lower than the DPU of S$0.0336 in the same period last year.In a bourse filing on Tuesday (Apr 28), MIT’s manager reported that revenue fell 7.9 per cent to S$163.8 million, from S$177.8 million a year earlier.The manager primarily attributed the revenue dip to an “absence of income” following divestments in its Singapore portfolio in August 2025, the non-renewal of leases in its North American portfolio, as well as the depreciation of the US dollar and Japanese yen against the Singapore dollar. These were partially offset by higher revenue from new leases and renewals in the Singapore portfolio and the completion of final fitting-out works at the Osaka Data Centre in May 2025. Net property income (NPI) for the quarter decreased 8.6 per cent to S$119.9 million. The manager noted that this occurred alongside a 5.8 per cent reduction in property operating expenses to S$43.9 million, after the Singapore divestments.Borrowing costs declined 27.4 per cent to S$18.7 million in Q4 FY2026 from a year earlier. The manager attributed this to the repayment of loans using proceeds from the Singapore divestments and lower interest on unhedged floating-rate loans. Distributable income for unitholders fell 7.9 per cent year on year to S$88.2 million in Q4 FY2026. The distribution will be paid out on Jun 12, after the record date on May 7.On a full-year basis, MIT’s DPU totalled S$0.1271, compared with S$0.1357 for the previous financial year. Revenue declined 5.5 per cent to S$673 million in FY2026, while NPI retreated 5.9 per cent to S$500.4 million.The trust’s aggregate leverage ratio fell to 34 per cent as at Mar 31, from 40.1 per cent a year earlier.The manager highlighted several upcoming headwinds, including the “confirmed non-renewal of leases” in its North American portfolio in FY2027, and “higher borrowing costs from the repricing of maturing interest rate swaps”.Geopolitical tensions and inflationary pressures on operating costs also remain key concerns, it added.The manager said it intends to pursue “selective divestments” of S$500 million to S$600 million in North America to “enhance MIT’s financial flexibility and redeploy capital into markets and assets that can provide sustainable growth”.Units of MIT closed 0.5 per cent or S$0.01 higher at S$2.06 on Tuesday, before the results.