Mapletree Logistics Trust Dividend 2026: DPU History, Yield & Outlook
Mapletree Logistics Trust (SGX: M44U) is one of Singapore’s largest logistics S-REITs, with 174 properties across 9 countries and S$13 billion in AUM. With a current dividend yield of approximately 6.1%, it remains a popular choice for Singapore investors seeking passive income. This deep-dive covers MLT’s full DPU history, latest financial results, portfolio breakdown, and outlook for 2026.
Not financial advice. All data as at April 2026. Past distributions are not a guarantee of future payouts.
Table of Contents
MLT at a Glance
Mapletree Logistics Trust (M44U.SI) was listed on the SGX Mainboard in 2005 and is managed by Mapletree Logistics Trust Management Ltd, a wholly-owned subsidiary of Mapletree Investments Pte Ltd (backed by Temasek Holdings). It was the first Asia-focused logistics REIT listed in Singapore.
MLT invests in income-producing logistics properties across Singapore, China, Japan, Australia, South Korea, Malaysia, Vietnam, Hong Kong, and India — making it one of the most geographically diversified S-REITs available to retail investors.
| Metric | Value |
|---|---|
| SGX Ticker | M44U |
| Current Share Price (Apr 2026) | S$1.20 |
| Annualised DPU (est.) | ~7.26 cents |
| Dividend Yield | ~6.1% |
| AUM | S$13.0 billion |
| Number of Properties | 174 |
| Occupancy Rate | 96.4% |
| Gearing Ratio | 40.7% |
| WALE | 2.6 years |
| Number of Tenants | 987 |
| Distribution Frequency | Quarterly (since FY25/26) |
Mapletree Logistics Trust Dividend History
MLT has historically paid distributions twice a year (half-yearly basis). Starting from FY25/26, the trust switched to quarterly distributions, aligning with its peer CapitaLand Ascendas REIT.
The table below shows MLT’s full distribution history for the last three financial years, plus the current year-to-date:
| Period | DPU (cents) | YoY Change |
|---|---|---|
| 1H FY22/23 (Oct 2022) | 4.463¢ | — |
| 2H FY22/23 (Apr 2023) | 4.580¢ | — |
| FY22/23 Total | 9.043¢ | — |
| 1H FY23/24 (Oct 2023) | 4.341¢ | −2.7% |
| 2H FY23/24 (Apr 2024) | 4.082¢ | −10.9% |
| FY23/24 Total | 8.423¢ | −6.9% |
| 1H FY24/25 (Oct 2024) | 3.920¢ | −9.7% |
| 2H FY24/25 (Apr 2025 est.) | ~3.69¢ | ~−9.6% |
| FY24/25 Total (est.) | ~7.61¢ | −9.6% |
| Q1 FY25/26 (Jul 2025) | 1.812¢ | — |
| Q2 FY25/26 (Oct 2025) | 1.815¢ | — |
| Q3 FY25/26 (Feb 2026) | 1.816¢ | −9.3% vs Q3 FY24/25 |
| 9M FY25/26 Total | 5.443¢ | −10.7% YoY |
Key observation: MLT’s DPU has been on a declining trend since its peak in FY22/23. The decline is partly structural (rising borrowing costs, divestment of higher-yielding older assets) and partly cyclical (China logistics market headwinds). On an adjusted basis excluding divestment gains from the prior year, the underlying DPU decline is approximately 4.8% — more moderate but still a concern for income-focused unitholders.
MLT switched from semi-annual to quarterly distributions starting FY25/26, which improves cash flow regularity for unitholders even as absolute DPU remains under pressure.
To compare MLT’s yield against the risk-free rate, check the S-REIT Yield vs SGS Bond Spread Calculator for the current spread.
Latest Financial Results: Q3 FY25/26 (January 2026)
Mapletree Logistics Trust released its Q3 FY25/26 results in January 2026. Here are the key highlights:
- Q3 DPU: 1.816 cents — essentially flat vs Q1 and Q2 (1.812¢ and 1.815¢), suggesting DPU has stabilised at this level.
- 9-Month DPU: 5.443 cents, down 10.7% year-on-year. However, on an underlying basis excluding prior-year divestment gains, the decline is a more contained 4.8%.
- Occupancy: 96.4% — robust portfolio occupancy underpinned by strong demand for logistics and warehousing space across Asia.
- Gearing: 40.7% — below the regulatory 50% MAS limit, with headroom for tactical acquisitions.
- Interest rate hedging: 84% of debt is hedged at fixed rates, providing earnings visibility against rate fluctuations.
- WALE: 2.6 years, with an average renewal lease length of 5.7 years, indicating long-term demand commitment from tenants.
The management commentary was cautiously optimistic: stable rental income growth from portfolio, offset by lower interest income (from cash on divestment proceeds deployed), is expected to keep DPU at similar levels through Q4 FY25/26. Full-year FY25/26 annualised DPU is estimated at approximately 7.26 cents.
Interested in how MLT’s gearing stacks up? Use the S-REIT Gearing Ratio & ICR Calculator to benchmark your own analysis.
Portfolio & Geographic Breakdown
MLT’s 174 properties span 9 countries, giving it one of the broadest geographic footprints among Singapore-listed logistics REITs. This diversification is both a strength (less dependence on any one market) and a source of risk (currency exposure, regulatory risk).
Geographic Split by AUM
| Country | % of AUM | % of Revenue |
|---|---|---|
| Singapore | 20.8% | 29.4% |
| China | 23.0% | 21.0% |
| Japan | 14.2% | ~12% |
| Australia | 7.3% | 6.8% |
| South Korea | 7.0% | ~6% |
| Malaysia | 6.5% | ~5% |
| Vietnam | 5.8% | ~5% |
| Hong Kong | 5.9% | ~5% |
| India | 4.5% | ~4% |
Top 10 Tenants
MLT’s tenant concentration is low — the top 10 tenants account for only 21.6% of revenue, providing strong diversification against single-tenant default risk.
| Tenant | % of Revenue |
|---|---|
| Equinix | 3.8% |
| CWT | 2.8% |
| DHL | 2.6% |
| Addtech | 2.4% |
| Alibaba (Cainiao) | 2.2% |
| UPS | 2.0% |
| EasyPost | 1.9% |
| Senn Logistics | 1.8% |
| CJ Logistics | 1.6% |
| XoO Logistics | 1.5% |
The presence of Equinix (data centres) and Alibaba/Cainiao (e-commerce fulfilment) among the top tenants reflects MLT’s evolution beyond traditional 3PL logistics into higher-value, long-lease use cases. For more on data centre demand driving S-REIT performance, see our analysis on the Best S-REITs Singapore 2026 guide.
Peer Yield Comparison: MLT vs Other Logistics S-REITs
How does MLT’s ~6.1% yield compare to its Singapore-listed logistics and industrial REIT peers as at April 2026?
| REIT | SGX Ticker | Yield (Apr 2026) | Gearing |
|---|---|---|---|
| Mapletree Logistics Trust | M44U | ~6.1% | 40.7% |
| ESR-LOGOS REIT | J91U | ~8.4% | ~41.5% |
| AIMS APAC REIT | O5RU | ~7.2% | ~34.5% |
| Mapletree Pan Asia Comm. Trust | N2IU | ~8.1% | ~42.4% |
| CapitaLand Ascendas REIT | A17U | ~5.8% | ~37% |
MLT’s 6.1% yield is lower than ESR-LOGOS and MPACT, reflecting its premium for scale, sponsor quality (Temasek-backed Mapletree), and geographic diversification. Its yield is slightly above CapitaLand Ascendas REIT (A17U), which is the sector’s largest industrial REIT by market cap.
The SGS 10-year bond yield is approximately 3.1% as at April 2026, meaning MLT offers a spread of roughly 300 basis points over the risk-free rate — historically a healthy buffer.
For a broader comparison of all major S-REITs by yield and sector, refer to our Best S-REITs Singapore 2026 guide.
Key Risks for MLT Unitholders
Before investing, Singapore investors should understand the key risks specific to Mapletree Logistics Trust:
1. China Exposure (23% of AUM)
China is MLT’s single largest market by AUM. Ongoing challenges include logistics oversupply in tier-2/3 cities, slowing e-commerce growth, and geopolitical uncertainty from US-China trade tensions. MLT has been divesting underperforming China assets, but the exposure remains material. Tariff escalations in 2026 add further pressure on China-based tenants.
2. DPU Decline Trend
MLT’s DPU has fallen from a peak of 9.043 cents (FY22/23) to an estimated ~7.26 cents annualised in FY25/26 — a 19.7% decline over three years. While some of this is from deliberate portfolio recycling (divesting lower-yielding assets, deploying proceeds), income-focused investors should model a conservative DPU trajectory going forward.
3. Currency Risk
With operations across 9 countries, MLT faces multi-currency revenue exposure. While ~74% of debt is currency-hedged, rental income in CNY, JPY, AUD, KRW, and other currencies can impact SGD distributions if exchange rates shift unfavourably. The weaker JPY in recent years has been a headwind for Japan contributions.
4. Interest Rate Sensitivity
Although 84% of MLT’s debt is at fixed rates, refinancing risk exists as fixed-rate debt matures. Any uptick in benchmark rates at refinancing will increase borrowing costs and compress NPI-to-distribution conversion. The current weighted average borrowing cost of 2.6% is very competitive but unlikely to be maintained indefinitely.
5. Gearing at 40.7%
While below the 50% regulatory cap, MLT’s gearing leaves limited headroom for debt-funded acquisitions without dilutive equity fundraising. Any large acquisition would likely require a rights issue or private placement, which could be dilutive to existing unitholders.
To estimate how much of MLT’s yield is absorbed by interest costs, try the S-REIT Yield vs Bond Spread Calculator.
MLT 2026 Outlook: What to Expect
Looking at the year ahead, here are the key factors that will shape MLT’s distribution trajectory:
DPU Stabilisation
The Q1–Q3 FY25/26 quarterly DPU of ~1.81–1.82 cents suggests the distribution has found a near-term floor. If portfolio rental income continues to grow and divestment-related income gaps narrow, the FY26/27 DPU could recover modestly — potentially back toward 7.5 cents annualised.
China Portfolio Recycling
MLT management has been actively divesting older, lower-yielding China assets and reinvesting in higher-yielding markets (Japan, Vietnam, India). This portfolio recycling will take time to translate into DPU uplift but is strategically sound for the medium term.
E-Commerce and Supply Chain Tailwinds
Asia Pacific e-commerce penetration continues to rise, and supply chain reconfiguration (China+1 strategies by multinationals) is driving demand for logistics facilities in Vietnam, Malaysia, and India — all markets where MLT has a growing presence. This secular demand supports occupancy sustainability.
Rate Cut Potential
With the US Fed signalling 1 rate cut in 2026 (as of the March 2026 FOMC meeting), any reduction in SIBOR/SOFR will reduce MLT’s floating-rate debt costs and could support a modest DPU uplift when fixed-rate debt is refinanced at lower rates. For context on how Fed policy affects S-REITs, see our piece on the Fed Rate Hold March 2026 impact on Singapore REIT investors.
Overall View
MLT is a quality logistics REIT with a strong sponsor, diversified portfolio, and blue-chip tenants. The 6.1% yield at current prices is attractive, though not the highest in the sector. Investors comfortable with the China exposure and DPU decline trajectory may find MLT a solid core S-REIT holding. Those seeking higher income may prefer ESR-LOGOS or AIMS APAC at the cost of a smaller sponsor and less diversification.
For a fuller S-REIT portfolio analysis incorporating yield, gearing, and WALE, check our REITs Dividend Yield Calculator.
How to Invest in Mapletree Logistics Trust (M44U)
MLT units are listed on the SGX Mainboard and can be purchased through any SGX brokerage account. The minimum lot size is 100 units.
At the current price of S$1.20 per unit, a minimum investment of 100 units costs S$120 (before brokerage fees and GST). For passive income investors using dollar-cost averaging, platforms like Syfe REIT+ and Endowus allow fractional REIT investing without needing to buy in 100-unit lots.
For MLT specifically, you can also hold it through your CPF Investment Scheme (CPFIS) — MLT is on the CPF-approved investment list. To understand how CPF OA funds can be deployed into REITs, refer to our CPF Investment Strategy guide.
If you prefer a diversified exposure to Singapore logistics and industrial REITs without stock-picking, consider the Singapore REIT ETF guide for ETF options that include MLT in their portfolio.
Want to start investing with a robo advisor that includes S-REITs? Both Syfe REIT+ and Endowus Income portfolios include exposure to MLT and other major S-REITs. Get started with exclusive referral bonuses:
Frequently Asked Questions (FAQ)
What is Mapletree Logistics Trust current dividend yield?
As at April 2026, Mapletree Logistics Trust (M44U) has an estimated annualised DPU of approximately 7.26 cents and trades at around S$1.20. This implies a dividend yield of approximately 6.1%. Note that dividends are not guaranteed and may fluctuate.
How often does MLT pay dividends?
Starting from FY25/26 (financial year beginning April 2025), MLT switched from semi-annual (twice-a-year) to quarterly distributions. Distributions are typically paid in July, October, January, and April.
Is Mapletree Logistics Trust a good investment?
MLT offers a 6.1% yield with a strong Temasek-backed sponsor, 174 properties across 9 countries, and 96.4% occupancy. Key risks include declining DPU trend (-10.7% YoY), China exposure (23% of AUM), and currency risk. It suits investors seeking a diversified, quality logistics REIT — not the highest yield in the sector, but with better sponsor backing than smaller peers. Always do your own research. This is not financial advice.
What is MLT's gearing ratio?
As at Q3 FY25/26 (31 December 2025), MLT’s gearing ratio was 40.7%. This is below the MAS regulatory cap of 50%, providing some headroom for acquisitions, though it limits the scope of large debt-funded deals without dilutive equity fundraising.
Can I use CPF to buy MLT?
Yes. Mapletree Logistics Trust is listed on the CPF Investment Scheme (CPFIS) approved list. You can use your CPF Ordinary Account (OA) funds to purchase MLT units through your stockbroker. Note that the CPFIS floor rate (currently the OA interest rate of 2.5% per annum) applies — only invest CPF if you expect returns to exceed this rate.
What countries does MLT invest in?
MLT has properties in Singapore (20.8% of AUM), China (23.0%), Japan (14.2%), Australia (7.3%), South Korea (7.0%), Malaysia (6.5%), Vietnam (5.8%), Hong Kong (5.9%), and India (4.5%) as at Q3 FY25/26.
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