Singapore · Delayed Price · Currency is SGD Mapletree Industrial Trust Earnings Call Transcripts
Fiscal Year 2026
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Full-year results were impacted by divestments, lower North American renewals, and FX losses, but supported by Japan and Singapore growth. Portfolio rebalancing continues with further divestments and acquisitions targeted in Japan and Europe. Leverage and borrowing costs are expected to rise.
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Net property income and distributions declined year-on-year due to divestments and lower North American lease renewals, partially offset by new acquisitions. Leverage and borrowing costs improved, with further divestments and acquisitions planned, focusing on Europe, Asia, and a hyperscale portfolio.
Fiscal Year 2025
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DPU grew 1% year-over-year, supported by new Japan assets and positive rental reversions, though portfolio occupancy dipped slightly. Management expects rental growth to moderate to mid-single digits and targets SGD 500–600 million in divestments next year amid ongoing cost and market uncertainties.
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Net property income rose 4.6% year-on-year, with DPU up 1.5% but down sequentially. Portfolio occupancy improved, driven by North America, while leverage remains stable post-Tokyo acquisition. Key risks include lower AT&T rents, upcoming lease expiries, and higher borrowing costs.