Mapletree Industrial Trust’s DPU down by 4.7% YoY in Q1

Net property income increased by 0.8% YoY to $133.6m during the same period.

Mapletree Industrial Trust (MIT) reported a 4.7% year-on-year (YoY) decline in distribution per unit (DPU) to 3.27 cents during the first quarter of FY 25/26 due to the absence of the distribution of net divestment gain from the Tanglin Halt Cluster.

The distribution to unitholders for the same period stood at $93.3m, 4.1% lower than the corresponding quarter last year. According to their bourse filing, this is largely attributable to the lower cash distribution declared by the joint venture, Mapletree Rosewood Data Centre Trust due to higher borrowing costs from the repricing of matured interest rate swaps. 

MIT’s net property income increased by 0.8% YoY to $133.6m in Q1 FY 25/26, whilst its gross revenue grew by 0.3% YoY to $175.9m during the same period.

Average overall portfolio occupancy was 91.4% during this period, marginally lower than the previous quarter of 91.6%. 

According to their announcement, the increase was mainly driven by revenue contributions from the freehold mixed-use facility in Tokyo acquired on 29 October 2024, the completion of the final phase of fitting-out works of the Osaka Data Centre on 2 May 2025, as well as new leases and renewals across various Singapore property clusters.