Mapletree Industrial Trust (MIT) reported distributable income of S$90.7 million for the quarter ended Sept 30 2025, down 5.3 % year-on-year, as the absence of a one-off divestment gain and lower earnings from recently sold properties offset rental growth in its Singapore portfolio.

Second-quarter gross revenue slipped 6.2 % YoY to S$170.2 million, while distribution per unit (DPU) fell 5.6 % to 3.18 Singapore cents. The payout will be made on Dec 10 2025 to unitholders on record as of Nov 6 2025.

Net property income declined 7.8 % YoY to S$124.0 million, hurt mainly by the mid-August divestment of three Singapore assets, non-renewal of leases in North America and the depreciation of the U.S. dollar. These headwinds were partly offset by maiden contributions from a freehold mixed-use facility in Tokyo and the completion of the final fitting-out phase at the Osaka Data Centre.

On an operational basis, average portfolio occupancy eased marginally to 91.3 % from 91.4 % in the previous quarter. The Singapore portfolio achieved a 6.2 % positive rental reversion, lifting average monthly rents to S$2.27 per square foot. The overall portfolio’s weighted average lease to expiry improved to 4.6 years after a five-year lease renewal in North America.

Total borrowings shrank to S$3.13 billion from S$3.66 billion three months earlier after divestment proceeds were used to pare debt, trimming aggregate leverage to 37.3 % from 40.1 %. The proportion of distributions hedged or naturally derived in Singapore dollars stood at 86.1 %, while the average borrowing cost edged down to 3.0 % from 3.1 %.

MIT continues to target expansion in data-centre markets across Europe and Asia-Pacific and signalled further portfolio rebalancing through strategic divestments. The manager said it remains focused on boosting occupancies, containing costs and redeploying capital into assets that can deliver sustainable growth amid a softer global macroeconomic outlook.

Mapletree Ind Tr drops 3.15% at 3:36 pm, Oct 30.