To The Moon

$Mapletree Log Tr(M44U.SI)$  

 Highlights:

 3Q FY25/26 Distribution per Unit (“DPU”) of 1.816 cents marks third consecutive quarter of

steady operational results

 Healthy operating fundamentals: 96.4% occupancy and 1.7% rental reversion outside China

 Proactive capital management reduced borrowing costs and maintained low cost of debt.

Compared to 2Q FY25/26, gross revenue and net property income (“NPI”) for 3Q FY25/26 were 0.4%

and 0.9% lower respectively. This reflects income loss from four divested properties and reduced

contribution from China, mitigated by stronger performance from Singapore, including higher

contribution from the newly completed redevelopment project. At the distribution level, distributable

income rose 0.2% and DPU increased 0.1% quarter-on-quarter.

On a year-on-year (“y-o-y”) basis, 3Q FY25/26 gross revenue and NPI declined by 3.1% and 3.3%

respectively, primarily due to the depreciation of regional currencies against the Singapore Dollar.

On a constant currency basis, gross revenue and NPI would have recorded smaller declines of 1.2%

and 1.5%, largely due to the loss of contributions from 12 divested properties and a lower contribution

from China, offset in part by higher contributions from the existing portfolio, and contribution from the

newly completed redevelopment project.

Borrowing costs declined by 4.3% y-o-y driven by proactive refinancing efforts and paring down of

debt with proceeds from divestments. With the cessation of distributing divestment gains since 1Q

FY25/26, the amount distributable to Unitholders decreased 8.5% y-o-y and DPU was 9.3% lower

on an enlarged unit base. Excluding divestment gains, adjusted DPU from operations registered a

2.1% decline compared to the prior year.

roject. Absent the distribution of divestment gains, distributable

income was 9.8% lower y-o-y at S$277.1 million and DPU was 10.7% lower at 5.443 cents. Excluding

divestment gains, adjusted DPU from operations was 4.8% lower y-o-y.

Portfolio Highlights

MLT’s operating metrics remain healthy, driven by the Manager’s proactive portfolio management

efforts. Portfolio occupancy improved from 96.1% last quarter to 96.4% as at 31 December 2025 due

to higher occupancies in Singapore, Japan and South Korea. The weighted average lease expiry of

the portfolio (by net lettable area) was 2.6 years. For leases renewed/replaced in 3Q FY25/26, the

average rental reversion achieved was 1.7% excluding China (1.1% including China). China’s rental

reversion improved from -3.0% in the previous quarter to -2.2% this quarter.

Capital Management Highlights

Total debt outstanding decreased by S$61 million q-o-q to S$5,460 million as at 31 December 2025,

primarily due to repayment of loans during the quarter with divestment proceeds. Through proactive

capital management efforts, the weighted average borrowing cost for 3Q FY25/26 was maintained

at 2.6% per annum, while the aggregate leverage ratio was 40.7%. Based on the available committed

credit facilities of about S$852 million, MLT has more than sufficient facilities to meet its maturing

debt obligations in FY25/26 and FY26/27.

https://sporeshare.blogspot.com/2026/01/mapletree-log-tr-3rd-quarter-results-is.html

In line with its proactive capital management approach, approximately 74% of MLT’s income stream

for the next 12 months has been hedged into Singapore Dollar and around 84% of total debt has

been hedged into fixed rates.