Mapletree Logistics Trust Earnings Recaps
Q2 2027
Oct 31, 2026
MLT’s results were broadly steady, with the stock down 0.9% after earnings. Revenue and NPI rose modestly year on year, while quarter-on-quarter NPI declined and management expects borrowing costs to increase to about 2.8% by year-end.
Key takeaways
- Second-quarter gross revenue increased 1.4% year on year and NPI rose 1.0%; DPU was $0.01816, versus $0.01815 a year earlier.
- Quarter-on-quarter revenue rose 0.6%, but NPI fell to $155 million from $156 million; DPU was unchanged at $0.01816.
- Portfolio occupancy was 96.4%, with 2.1% rental reversion overall. China’s reversion remained negative at 1.7%, while occupancy there improved to 94.4%.
- Reported aggregate leverage was 37.5%, temporarily lowered by proceeds parked against borrowings; excluding that effect, management said leverage would be 40.4%. Average borrowing cost was 2.7%, with about 90% of debt fixed-rate.
- Management expects borrowing costs to rise to about 2.8% by financial year-end. About 34% of leases are due to expire in FY27, mainly reflecting shorter one-year China leases.