Singapore's Mapletree family of real estate investment trusts (REITs) has been actively restructuring its property portfolios.

Across the logistics, commercial, and industrial sectors, these three trusts have been divesting older assets and reallocating capital—a strategic move that pressures short-term distributions but aims to secure stronger future growth.

With earnings announcements scheduled for the week of 26 January 2026, here is what income-focused investors should keep an eye on.

Mapletree Logistics Trust: Reporting on 26 January 2026

Mapletree Logistics Trust (MLT) is implementing a deliberate portfolio rejuvenation plan with significant near-term implications for its distribution per unit (DPU).

The trust has earmarked approximately S$1.0 billion in older-specification properties for sale, with about half located in China and Hong Kong SAR.

Management is targeting divestments between S$100 million and S$150 million for the fiscal year ending 31 March 2026 (FY2026).

As of 30 September 2025, MLT had completed around S$58 million in divestments year-to-date, following S$209 million executed in FY24/25.

This aggressive capital recycling strategy negatively impacted second-quarter results.

The DPU for 2QFY2026 decreased 10.5% year-on-year (YoY) to S$0.01815, largely due to the absence of gains from property sales.

The corresponding quarter in the previous year had included S$6.1 million in divestment gains.

Excluding these one-time gains, the operational DPU declined a more moderate 4.8% YoY to S$0.01815, reflecting the impact of disposing of 13 properties over the past year.

During 2QFY2026, MLT sold three properties totaling S$24.7 million, all at premiums ranging from 1.3% to 31.3% above their valuation.

What to watch: Has MLT advanced further toward its S$100 million to S$150 million divestment goal?

More critically, is the organic DPU beginning to stabilize as the portfolio becomes smaller but higher in quality?

Mapletree Pan Asia Commercial Trust: Reporting on 30 January 2026

Mapletree Pan Asia Commercial Trust (MPACT) holds a portfolio of 15 commercial properties across five Asian markets—Singapore, Hong Kong, China, Japan, and South Korea—with assets under management valued at S$15.9 billion.

For the first half of FY2026 (1HFY2026), MPACT reported gross revenue of S$437.1 million, a 5.4% YoY decrease, while net property income fell 5% to S$329.9 million over the same period.

DPU declined 1.2% YoY to S$0.0402, as challenges in overseas markets offset gains in Singapore and savings from operating and finance costs.

The revenue drop was mainly driven by the sale of Mapletree Anson on 31 July 2024 and two office buildings in Japan in August 2025, which together fetched S$78.7 million.

A key positive remains VivoCity, Singapore's largest shopping mall.

Shopper traffic increased 0.6% YoY to 21.9 million visitors in 1H FY2026, while tenant sales grew 3.5% YoY to S$519.1 million.

Tenant sales growth accelerated to 4.8% YoY in the second quarter, despite ongoing asset enhancement works.

VivoCity's strong 14.1% rental reversion helped counterbalance weaker overseas markets, where the portfolio-wide rental reversion was flat at negative 0.1%.

The REIT finished its Basement 2 asset enhancement initiative in late August 2025, adding 14,000 square feet of lettable area with an estimated return on investment exceeding 10%.

Festival Walk in Hong Kong presents a mixed performance—shopper traffic rose 6.1% YoY to 15.6 million, although tenant sales fell 2.6% YoY to HK$1,696.4 million, affected by high levels of outbound travel by Hong Kong residents.

What to watch: Can VivoCity maintain its momentum following the completion of its enhancements?

And will the gap between foot traffic and consumer spending in Hong Kong narrow, or has this become the new normal?

Mapletree Industrial Trust: Reporting on 28 January 2026

Mapletree Industrial Trust (MIT) owns 136 industrial properties across Singapore, North America, and Japan, with assets under management totaling S$8.5 billion.

Data centres now account for 58.3% of the portfolio.

For 1HFY2026, MIT reported gross revenue of S$346.1 million, down 3% YoY.

Net property income declined 3.5% to S$257.7 million over the same period, while DPU fell 5.1% to S$0.065 compared to the previous year.

Excluding a one-off divestment gain from the prior year, DPU decreased a more modest 1.8% YoY.

The decline was primarily due to lower contributions from the North American portfolio, resulting from non-renewals and foreign exchange headwinds from a weaker US dollar, coupled with the loss of income from three Singapore industrial properties sold in August 2025.

Portfolio occupancy remained robust at 91.3%, with Singapore maintaining 92.6% occupancy and Japan fully occupied at 100%.

However, the North American portfolio's occupancy stood at 87.8%, an area that requires close attention.

On a positive note, Singapore properties achieved a weighted average rental reversion of 6.2% during the quarter, with general industrial buildings recording strong 8% positive reversions.

Management also noted that 71% of expiring North American leases in recent years were successfully renewed or re-leased.

The REIT completed strategic divestments totaling S$535.3 million in Singapore and US$11.8 million for a data centre in Georgia, realizing value at premiums of 22.1% and 18.6%, respectively.

Aggregate leverage improved to 37.3% from 40.1%, enhancing financial flexibility for future expansion.