Its net property income is down 8.5% on the year to S$122.3 million for the quarter
[SINGAPORE] Mapletree Industrial Trust’s (MIT) distribution per unit (DPU) fell 4.9 per cent to S$0.0311 for its first quarter ended Jun 30, 2026, from S$0.0327 the year before.
Revenue declined 7.7 per cent to S$162.3 million for the quarter, from S$175.9 million in the year-ago period. Net property income for the quarter shed 8.5 per cent on the year to S$122.3 million, from S$133.6 million.
In a bourse filing on Thursday (Jul 23), the manager said the declines were largely from the absence of income from three industrial properties in Singapore, which were divested in August 2025, the non-renewal of leases in the North American portfolio, and the depreciation of US dollar and Japanese yen against the Singdollar.
This was partially offset by higher revenue from new leases and renewals in the Singapore portfolio and the completion of the final phase of fitting-out works at the Osaka Data Centre in May 2025, noted MIT’s manager.
Distribution to unitholders fell 4.8 per cent on year to S$88.8 million, from S$93.3 million the year before.
The distribution will be paid out on Sep 7, 2026, after books closure on Jul 31.
Lily Ler, chief executive of the manager, noted that the group advanced its leasing efforts during the quarter and the successful backfilling of Hawthorne Data Centre and the lease extension at Sunnyvale Data Centre.
She added that the divestment of Philadelphia Data Centre “reduces (MIT’s) vacancy exposure and represents another step in (its) ongoing portfolio rejuvenation strategy”.
“While we continue to face headwinds, we are focused on executing our portfolio rejuvenation strategy to enhance portfolio resilience,” said Ler.
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Average overall portfolio occupancy stood at 90.7 per cent in Q1, down from the previous quarter’s 91.2 per cent.
The weighted average lease to expiry of its overall portfolio increased on quarter to 4.5 years, from 4.4 years. This was mainly due to the commencement of a new 10-year lease with a leading aerospace technology company in Hawthorne Data Centre, and a five-year lease extension secured at Sunnyvale Data Centre.
The manager noted that its Singapore and Japan portfolios will continue to “underpin the stability” of MIT.
Meanwhile, the confirmed non-renewal of leases within the North American portfolio in FY26/27 and higher borrowing cost from the repricing of maturing interest rate swaps are expected to affect MIT’s business performance in the near term, added the manager.
It added that it will undertake “targeted divestments” of S$500 million to S$600 million in North America to “enhance MIT’s financial flexibility and redeploy capital into assets that can provide sustainable growth”.
Meanwhile, the manager intends to continue exploring opportunities in both data centre and broader industrial sectors.
Units of MIT closed unchanged at S$1.93 on Thursday, before the results were posted.
