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The manager of Mapletree Logistics Trust(MLT) Management announced today that the trust has completed the divestment of its 1 Genting Lane property.

 

The divestment of the property was first announced last December, for a sale consideration of $12.3 million, 35.2% above its valuation of $9.1 million as at Oct 1.

 

The property is a 36-year old industrial building, which comprises a seven-storey warehouse with an office and showroom. The property has a net lettable area of approximately 6,050 sqm on a land site of around 3,372 sqm.

 

Following this divestment, MLT&rsquo s portfolio stands at 179 properties and the total value of assets under management is $13.3 billion, as at end March 2025.

On Apr 25, Mapletree Logistics Trust Management executive director and CEO Jean Kam acquired 100,000 units of MLT at S$1.14 a unit. This increased her interest to 179,800 units.

 

Before the acquisition, MLT provided its Q4 FY2025 results, in which revenue decreased by 0.8 per cent from the year before to S$179.6 million, mainly due to lower contributions from China, divested properties and currency depreciation.

 

This was partially offset by stronger performance in Singapore, Australia and Hong Kong, along with recent acquisitions. Consequently, net property income fell by 1.6 per cent to S$152.8 million.

 

Kam highlighted that the focus for FY2026 would be on tenant retention, cost management and proactive capital management to counteract macroeconomic uncertainties, even as it continues its rejuvenation strategy.

 

She added the real estate investment trust&rsquo s redevelopment project at 5A Joo Koon Circle had committed 46 per cent of its lettable space ahead of receiving its Temporary Occupation Permit in May 2025, with another 30 per cent in active negotiation.

 

Mapletree Logistics Trust (MLT) has reported a distribution per unit of 1.955 cents for the 4QFY2025 ended March 31, 2025, down 11.6% from the 2.211 cents from the year ago.

 

This brings the full-year DPU to 8.053 cents, down 10.6% from the 9.003 cents in FY2024.

 

The REIT' s gross revenue for the 4QFY2025 came in at $179.6 million, 0.8% y-o-y lower. For the full year, gross revenue came in 0.9% y-o-y lower at $727 million.

 

This is due to lower contribution from existing properties in China, absence of revenue contribution from divested properties and effect from depreciation of various currencies against the Singapore dollar.

 

The REIT says that the decrease in gross revenue was moderated by higher contribution from existing properties in Singapore, Australia and Hong Kong SAR, and contribution from acquisitions in Malaysia and Vietnam completed in 1QFY2025.

 

The REIT' s borrowing cost rose 4% y-o-y to $38.7 million. Taking into account a lower divestment gain of $7.7 million as compared to $12 million in 4QFY2024, the amount distributable to unitholders declined 10.3% y-o-y and DPU was 11.6% lower on an enlarged unit base.

 

Net property income for the full year declined 1.5% y-o-y to $625.3 million.

 

Reflecting the impact of higher borrowing costs, which increased by 7.5% y-o-y, as well as lower divestment gain of $27.0 million as compared to $41.6 million in FY2024, the amount distributable to unitholders fell 9.1% to $406.4 million, and DPU was 10.6% lower at 8.053 cents.

 

" Despite challenges in the China market, our geographically diversified portfolio has sustained a resilient operational performance with stable occupancy and positive rent reversions achieved in FY24/25. This has helped mitigate the drag on DPU from higher borrowing costs and a lower divestment gain," says Jean Kam, CEO of the manager of MLT.

 

" Looking ahead, the macroeconomic outlook has grown more uncertain amid ongoing trade tensions, which could weigh on our business performance. Our priority in FY25/26 is to focus on tenant retention and cost management, as well as proactive capital management to mitigate the headwinds from higher borrowing costs and forex volatility. Our rejuvenation strategy remains intact as we continue to look out for potential opportunities to strengthen MLT' s resilience."