Mapletree Logistics Trust

M44U: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	LOCK\|hyP	LOCK\|H%	LOCK\|W$WQ$Bm

Mapletree Logistics Trust Earnings: Resilient Business Due to Domestically Focused Tenants

Xavier Lee

Apr 24, 2025

Mapletree Logistics Trust’s fourth-quarter fiscal 2025 (ending March) results were below our expectations. Net property income fell 1.6% year on year due to lower revenue contributions from China, currency headwinds, the absence of revenue from divested assets, and higher utilities and property maintenance expenses. Distribution per unit, or DPU, dropped 11.6% driven by higher borrowing costs and incremental borrowings used to fund acquisitions.

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