Singapore’s Mapletree family of real estate investment trusts (REITs) have been busy reshaping their portfolios.
Across logistics, commercial, and industrial properties, the three trusts have been actively divesting older assets and redeploying capital—a strategy that has weighed on near-term distributions but aims to position the REITs for stronger growth ahead.
With earnings releases due in the week of 26 January 2026, here’s what dividend investors should be watching.
Mapletree Logistics Trust (SGX: M44U): Reporting on 26 January 2026
Mapletree Logistics Trust, or MLT, is executing a methodical portfolio rejuvenation strategy with significant near-term distribution per unit (DPU) implications.
The trust has identified approximately S$1.0 billion worth of older-specification properties for divestment, with roughly half coming from China and Hong Kong SAR.
Management is targeting between S$100 million and S$150 million in divestments for the fiscal year ending 31 March 2026 (FY2026).
As at 30 September 2025, MLT had completed approximately S$58 million in divestments year-to-date, following S$209 million executed in FY24/25.
This active capital recycling weighed on second quarter results.
DPU for 2QFY2026 slipped 10.5% year on year (YoY) to S$0.01815, with the absence of divestment gains accounting for a significant portion of the decline.
The previous year’s corresponding quarter included S$6.1 million in divestment gains.
Excluding such gains, DPU from operations fell a more moderate 4.8% YoY to S$0.01815, reflecting the impact of disposing of 13 properties over the past year.
During 2QFY2026, MLT divested three properties totalling S$24.7 million, all at premiums ranging from 1.3% to 31.3% above valuation.
What to watch: Has MLT made further progress on its divestment target of between S$100 million to S$150 million?
More importantly, is organic DPU showing signs of stabilisation as the portfolio shrinks but quality improves?
Mapletree Pan Asia Commercial Trust (SGX: N2IU): Reporting on 30 January 2026
Mapletree Pan Asia Commercial Trust, or MPACT, owns 15 commercial properties across five Asian markets, namely Singapore, Hong Kong, China, Japan, and South Korea, with assets under management of S$15.9 billion.
For the 1HFY2026, MPACT reported gross revenue of S$437.1 million, down 5.4% YoY, while net property income fell 5% to S$329.9 million over the same period.
DPU declined 1.2% YoY to S$0.0402, as overseas headwinds offset Singapore’s gains and savings in operating expenses and finance costs.
The revenue decline was primarily driven by the divestment of Mapletree Anson on 31 July 2024, and two Japan office buildings in August 2025 for a combined S$78.7 million.
The bright spot remains VivoCity, Singapore’s largest mall.
Shopper traffic increased 0.6% YoY to 21.9 million visitors in 1H FY2026, while tenant sales grew 3.5% YoY to S$519.1 million.
Tenant sales growth accelerated to 4.8% YoY in the second quarter despite ongoing asset enhancement works.
VivoCity’s robust 14.1% rental reversion helped offset weaker overseas markets, where portfolio-wide rental reversion was flat at negative 0.1%.
The REIT completed its Basement 2 asset enhancement initiative in late August 2025, adding 14,000 square feet of lettable area with an estimated return on investment exceeding 10%.
Festival Walk in Hong Kong presents a mixed picture — shopper traffic rose 6.1% YoY to 15.6 million, though tenant sales declined 2.6% YoY to HK$1,696.4 million, affected by high outbound travel by Hong Kong residents.
What to watch: Can VivoCity’s momentum continue post-enhancement completion?
And will Hong Kong’s divergence between foot traffic and spending narrow, or is this the new normal?
Mapletree Industrial Trust (SGX: ME8U): Reporting on 28 January 2026
Mapletree Industrial Trust, or MIT, owns 136 industrial properties across Singapore, North America, and Japan, with assets under management of S$8.5 billion.
Data centres now comprise 58.3% of the portfolio.
For 1HFY2026, MIT reported gross revenue of S$346.1 million, down 3% YoY.
Net property income declined 3.5% to S$257.7 million over the same period, while DPU fell 5.1% to S$0.065 compared to a year ago.
Excluding a one-off divestment gain from the prior year, DPU decreased a more modest 1.8% YoY.
The decline was primarily driven by lower contributions from the North American portfolio due to non-renewals and foreign exchange headwinds from a weaker US dollar, along with the loss of income from three Singapore industrial properties divested in August 2025.
Portfolio occupancy remained resilient at 91.3%, with Singapore maintaining 92.6% occupancy and Japan fully occupied at 100%.
However, the North American portfolio stood at 87.8%, an area that warrants monitoring.
On the positive side, Singapore properties achieved a weighted average rental reversion of 6.2% during the quarter, with general industrial buildings recording 8% positive reversions.
Management also highlighted that 71% of expiring North American leases in recent years were successfully renewed or re-leased.
The REIT completed strategic divestments totalling S$535.3 million in Singapore and US$11.8 million for a Georgia data centre, unlocking value at premiums of 22.1% and 18.6% respectively.
Aggregate leverage improved to 37.3% from 40.1%, providing financial flexibility for future growth.
What to watch: Is North American occupancy recovering from 87.8%?
With leverage now at a comfortable 37.3%, does management signal any acquisition intentions, particularly in the data centre space?
Get Smart: Patience required
For dividend investors, all three Mapletree REITs present a similar story—DPU has declined, but management teams are actively repositioning portfolios for long-term sustainability.
MLT is shedding older logistics assets in China and Hong Kong. MPACT is concentrating firepower on its crown jewel, VivoCity. MIT is optimising its industrial portfolio while maintaining data centre exposure.
The question for investors isn’t whether DPU fell last quarter—it did across all three. The real question is whether these strategic moves will translate into sustainable income growth once the current recycling cycle completes.
The upcoming January results should provide further clarity on execution progress and, crucially, any early signs that the pain of transition is giving way to the promise of portfolio improvement.
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Disclosure: The Smart Investor owns all the shares mentioned.
