Mapletree Industrial Trust’s NPI down 3.5% to $257.66m in H1

This was partly due to reduced income after its Singapore portfolio divestment.

Mapletree Industrial Trust saw its net property income (NPI) fall 3.5% year-on-year (YoY) to S$257.66m in H1 FY25/26, with its Q2 income falling due to industrial portfolio divestments and lower contribution from its North American portfolio.

For the Q2 period that ended on 30 September 2025, its NPI was 7.8% YoY lower, at $124.04m, it said in an SGX filing.

MIT saw reduced income from the portfolio divestment of their industrial properties in Singapore last 15 August 2025. It also blamed lower contribution from its North American portfolio from non-renewal of leases; and the depreciation of the USD against the SGD.

The lower NPI was partly mitigated by higher contributions from its freehold mixed-used facility in Tokyo that it acquired last October 2024, and the completion of the final fitting-out works of its Osaka data centre in May 2025, MIT said.

Distribution per unit for the H1 FY25/26 period is 6.45 cents, for a total of $184m. For the Q2 period, the distribution to unitholders was $90.7m, 5.3% lower than the corresponding quarter in the previous fiscal year.

Average overall portfolio occupancy was 91.3% in Q2 FY25/26, from 91.4% in Q1.

Its Singapore portfolio registered an average rental rate of S$2.27 per square foot per month, with a weighted average rental reversion rate of about 6.2%.

Total borrowings were $3.13b as of 30 September 2025. Aggregate leverage ratio was reduced to 37.3% from 40.1% previously.

ERRATUM (11/3/2025): An earlier version of the article reported the DPU at 6.54 cents. It should be 6.45 cents.

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