MPACT’s 1HFY2025 DPU declined by 7.9% y-o-y to 4.07 cents, and by 11.6% y-o-y in 2QFY2025 to 1.98 cents. The decline is attributed to MPACT’s two properties in China and a cluster of three office buildings known as the Makuhari properties in Chiba, Japan.
The managers of both Mapletree Logistics Trust (SGX:M44U
) (MLT) and Mapletree Pan Asia Commercial Trust (SGX:N2IU) (MPACT) blamed China and Japan respectively for their lower y-o-y 1HFY2025 distributions per unit (DPU). The two REITs have March year-ends.
MLT’s 2QFY2025 DPU fell by 10.6% y-o-y to 2.027 cents and 1HFY2025’s DPU fell by 9.8% y-o-y to 4.095 cents. Operationally, gross revenue fell by 1.15% y-o-y in 1HFY2025 to $365 million, and by 1.8% y-o-y in 2QFY2025 to $183.3 million. The declines were attributed to lower contribution from China, absence of revenue contribution from divested properties and currency weakness (mainly Japanese yen, Korean won, Chinese renminbi, and Vietnam dong) compared to Singapore dollar’s strength. The currency impact was mitigated by the use of foreign currency forward contracts to hedge against foreign-sourced income.
