Mapletree Logistics Trust (MLT) reported a net profit of S$208.9 million for the 12 months ended 31 Mar 2026, a 25.1 per cent decline year-on-year, as the absence of income from divested assets and currency headwinds offset higher rents from redeveloped and recently acquired properties.

MLT’s revenue slipped 2.6 per cent to S$708.3 million, while the amount distributable to unitholders fell 8.9 per cent to S$370.1 million. Distribution per unit (DPU) came in at 7.262 Singapore cents, 9.8 per cent lower than the 8.053 cents declared a year earlier. The REIT will pay a final quarterly DPU of 1.819 cents on 23 Jun 2026 to unitholders on record as at 11 May 2026; the payout comprises 0.612 cent of taxable income, 0.518 cent of tax-exempt income and 0.689 cent of capital distribution.

Across geographies, Singapore remained the largest contributor with S$211.5 million in revenue and S$180.8 million in net property income (NPI). Hong Kong SAR and China generated revenue of S$120.0 million and S$107.1 million respectively, though China’s NPI softened 12.5 per cent YoY to S$81.7 million. Japan delivered S$81.5 million in turnover and S$68.8 million in NPI, while South Korea’s NPI dropped to S$43.0 million following the sale of Mapletree Logistics Centre – Yeoju.

Total borrowing costs eased 2.3 per cent to S$156.9 million, helped by lower Singapore-dollar base rates and debt repayment using divestment proceeds, partly countering higher yen financing expenses. Portfolio occupancy held firm at 96.9 per cent.

The manager highlighted that elevated interest rates and currency swings will continue to weigh on earnings, while geopolitical tensions could dampen tenant sentiment. Nevertheless, it intends to focus on sustaining occupancy, extracting cost efficiencies, pursuing selective acquisitions and asset enhancements, and recycling capital via non-core disposals to navigate the uncertain macroeconomic landscape and support future distributions.