EarningsQ2 2027 Earnings Report
MAPGF Q2 2027 EPS Results
Actual EPS<$0.01
Consensus EPS$0.01
Beat/MissMissed by -<$0.01
One Year Ago EPS$0.01
MAPGF Q2 2027 Revenue Results
Actual Revenue$141.08M
Expected Revenue$139.89M
Beat/MissBeat by +$1.19M
YoY Revenue Growth+1.42%
Earnings Announcement Details
QuarterQ2 2027
Date10/28/2026
TimeBefore Open
Conference CallWednesday, October 28, 2026
MAPGF Upcoming Earnings
Mapletree Logistics's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
MAPGF Q2 2027 Earnings Call
0:00 / 0:00
Q2 2027 Earnings Slide Deck
Q2 2027 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, with resilient year-on-year revenue, NPI and DPU performance, healthy 96.4% occupancy, positive portfolio rental reversion, successful $243 million of divestments, strong liquidity and a clearly defined redevelopment and capital-recycling pipeline. The main challenges were negative China rental reversions, higher borrowing costs, temporary India occupancy weakness, selected regional market pressures and broader macroeconomic uncertainty. Highlights significantly outweighed the lowlights.Company Guidance
Year-on-Year Revenue, NPI and DPU Growth
Second-quarter gross revenue increased 1.4% year-on-year and NPI increased 1%, driven mainly by contributions from the Singapore AEI, the India acquisition completed at the end of the last financial year and organic growth, partly offset by the absence of contributions from divestments. DPU increased slightly to $0.01816 from $0.01815.
First-Half Performance Improvement
For the first half, gross revenue increased 1.1% year-on-year and NPI increased 1.5%. Borrowing costs decreased 0.9%, while first-half DPU rose to $0.03632 from $0.03627 after accounting for higher perps distributions and the enlarged unit base.
Healthy Occupancy and Portfolio Leasing Metrics
Portfolio occupancy remained healthy at 96.4% in the second quarter, portfolio rental reversion was positive at 2.1%, and WALE remained stable at 2.5 years. China occupancy improved to 94.4% and portfolio occupancy is expected to remain around 96% going forward.
Positive Rental Reversions Outside China
Excluding China, portfolio rental reversion improved to 4.2% in the second quarter. Country-level reversions included Singapore at 5.3%, Hong Kong at 0.5%, Japan at 1.8%, South Korea at 6.3%, Malaysia at 2.8%, Vietnam at 5.3% and India at 3.3%.
Strong Tenant Diversification
The portfolio has more than 900 tenants, with 70% of the portfolio by AUM and revenue anchored by developed markets. Approximately 85% of revenue comes from tenants serving domestic distribution and 15% from export-related tenants. The top 10 tenants contribute 19.9% of total gross revenue.
Disciplined Capital Management and Liquidity
Aggregate leverage was 37.5%, or 40.4% excluding the temporary repayment of borrowings using perps proceeds. About 90% of total debt was hedged into fixed rates, the average cost of debt was 2.7%, and 74% of distributable income for the next 12 months was hedged into Singapore dollars. The debt maturity profile remains well staggered, with about $90 million, or 2% of loans, expiring in the financial year, supported by approximately $1.15 billion of available committed credit facilities.
Successful Refinancing and New Bond Issuance
MLT raised $400 million of perpetual securities in August at a 3.5% coupon, intended to redeem the $400 million tranche due in November with a 3.725% coupon. It also issued its maiden offshore renminbi bond of CNY500 million at a 2.1% coupon.
Portfolio Rejuvenation Through Changi South Redevelopment
MLT will redevelop two mature Changi South assets into a five-story ramp-up logistics facility. The project is expected to increase GFA by 34% to 0.5 million square feet, has an estimated total development cost of about $141 million, is targeted for Green Mark Super Low Energy certification, and is expected to commence construction in 1Q FY2027 and complete in 2Q FY2029.
Attractive Changi South Return Target
Management expects the Changi South redevelopment to generate a yield on cost of approximately 6% to 6.5%, similar to the return achieved on the 5A Joo Koon project.
Successful Asset Recycling
MLT executed approximately $243 million of divestments during FY2027, including Wuxi assets, 39 Changi South, Derrimut in Australia, Mapletree Northwest Logistics Park in China and two strata units at Grandtech Centre in Hong Kong. The transactions were described as being completed at a premium to valuation: 2.1% in the initial results commentary and 3.1% in the subsequent divestment update.
Further Capital Recycling and Redeployment Pipeline
Management said it still has a pipeline of potential divestments from Singapore, Australia and Japan, with total potential divestments described as more or less above $300 million if successfully completed. Recycled proceeds are intended to be redeployed toward growth opportunities in Singapore, Vietnam, India and Japan.
Sponsor Support and Regional Growth Opportunities
The sponsor-led renminbi fund provides an additional avenue to unlock value from mature Wuxi assets, while the sponsor's logistics platform offers visibility over a potential pipeline in India, Vietnam and Malaysia. Management said acquisitions will remain subject to investment criteria, due diligence and value creation for unitholders.
Stable Net Asset Value
Net asset value increased slightly to $1.27 per unit from $1.26 per unit in the prior quarter.
Positive Demand in Singapore and Emerging Markets
Singapore leasing demand remains strong, supported by the economy, export growth and manufacturing activity, with expected rental reversions of 3% to 5%. Malaysia, Vietnam and India are experiencing consumption demand that is outstripping supply, with expected positive reversions of 3% to 5% going forward.
Improving Conditions in Selected Regional Markets
Japan continues to see strong leasing demand in Greater Tokyo and Osaka, with declining vacancy rates in those markets. South Korea is experiencing a recovery with robust leasing demand and less new supply. In China, West China reversions have bottomed out, East China is stabilizing and tenant retention has remained high.
Ongoing Investment in Portfolio Enhancement
Management is reviewing additional value-creation opportunities in existing assets in Australia and Japan, including extensions that could increase GFA and phased developments. The company maintains a 70-30 capital allocation approach between developed and emerging markets.
MAPGF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed