Mapletree Industrial Trust (MIT) posted distribution to unitholders of S$362.61 million for the year ended 31 Mar 2026, down 6.1 percent year-on-year, as the real estate investment trust absorbed the impact of recent divestments and softer contributions from its North American assets.

Gross revenue fell 5.5 percent YoY to S$672.99 million, while net property income slipped 5.9 percent to S$500.35 million. The trust declared a full-year distribution per unit (DPU) of 12.71 Singapore cents, 6.3 percent lower than a year earlier. The fourth-quarter DPU was 3.09 cents, payable on 12 Jun 2026 to unitholders on record as of 7 May.

Across its 136-property portfolio, revenue declined after the S$534.8 million sale of three Singapore industrial assets, the expiry of leases in North America and the depreciation of the US dollar. These factors outweighed a full-year contribution from a Tokyo mixed-use facility acquired in Oct 2024 and the completion of the final phase of works at the Osaka Data Centre. Singapore assets—now 79 properties—saw average occupancy inch up to 93.4 percent in 4Q, supported by positive rental reversions of about 6.2 percent and a stable average rental rate of S$2.25 per sq ft per month.

Headwinds included the absence of income from the disposed Singapore properties, non-renewals in the North American portfolio and higher borrowing costs at the trust’s joint venture level following the repricing of matured swaps. Exchange-rate movements shaved roughly S$233.7 million from portfolio valuation, contributing to a 9.1 percent slide to S$8.21 billion.

During the year MIT completed S$550.6 million of divestments and raised S$300 million through a 3.25 percent perpetual securities issue ahead of a scheduled redemption in May 2026. Proceeds temporarily reduced total borrowings to S$2.79 billion, bringing aggregate leverage to 34.0 percent, though leverage is expected to rise to about 37.5 percent once the new capital is redeployed.

Chief executive officer Ler Lily said the year was focused on “resilience”, pointing to proactive leasing that backfilled vacancies and extended leases in advance of expiry, as well as the perpetual deal which demonstrated continued investor support. She added that the measures should position the trust for “sustainable long-term returns” despite current market volatility.

Looking ahead, the manager warned that additional North American lease expiries in FY26/27 and higher funding costs from swap repricing will weigh on near-term performance. It plans further North American divestments of S$500 million to S$600 million to bolster financial flexibility and intends to sustain active leasing, cost containment and selective capital recycling to navigate a global backdrop that the IMF expects to see moderating growth to 3.1 percent in 2026.