Mapletree Industrial Trust income sinks 4.9% in 9M 2025

Absence of divested Singapore assets reduces quarterly income

Mapletree Industrial Trust's nine months to December (9M 2025) net property income (NPI) dipped 4.9% year-on-year (YoY) to $380.5m, a local bourse filing showed.

Earnings per unit (EPU) year-to-date wassat $9.70 cents, 3.1% lower than the previous year's period.

During its third quarter (Q3 2025), the company's NPI, likewise, contracted 7.8% YoY to $122.8m. EPU during the quarter was at $3.14 cents, 4.0% smaller.

The manager said the Q3 2025 NPI decline reflected the absence of income from three Singapore industrial properties divested on 15 August 2025, as well as lower contribution from the North American portfolio following lease non-renewals and the depreciation of the US dollar against the Singapore dollar.

These factors were partly offset by contributions from a freehold mixed-use facility in Tokyo acquired in October 2024 and the completion of fitting-out works at the Osaka Data Centre in May 2025.

Overall portfolio occupancy averaged 91.4%, slightly higher than the previous quarter, driven by improved occupancy in Singapore.

The manager said it continues to manage downtime from lease non-renewals in North America and is pursuing selective divestments of $500m to $600m to support portfolio rebalancing.

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