Mapletree Logistics Trust Share Price 2026: DPU History, 6.4% Yield & Asia-Pacific Deep-Dive

Mapletree Logistics Trust (SGX: M44U) is Singapore’s largest Asia Pacific-focused logistics REIT, managing 174 properties across nine countries with S$13 billion in assets under management. With a forward dividend yield of approximately 6.4%, a gearing ratio of 40.7%, and 96.4% portfolio occupancy, MLT remains one of the most widely watched S-REITs on SGX. This article breaks down the MLT share price outlook for 2026, DPU history, financial health, geographic portfolio, and how it compares to peer industrial and logistics REITs.

Not financial advice. Data as at April 2026. Always conduct your own due diligence.

Table of Contents

MLT Overview: What Is Mapletree Logistics Trust?

Mapletree Logistics Trust (M44U) was listed on SGX in 2005 and is managed by Mapletree Logistics Trust Management Ltd, a wholly owned subsidiary of Mapletree Investments Pte Ltd — one of Singapore’s largest real estate groups backed by Temasek Holdings.

MLT was the first Asia Pacific-focused logistics REIT in Singapore. As at 31 December 2025, its portfolio comprises 174 properties across Singapore, Australia, China, Hong Kong SAR, India, Japan, Malaysia, South Korea, and Vietnam, with total AUM of approximately S$13.0 billion.

The trust pays quarterly distributions, making it popular among income investors seeking regular cash flow alongside its strong geographical diversification across the Asia Pacific region.

MLT Key Facts at a Glance (April 2026)

MLT Share Price 2026: Current Performance & 52-Week Range

As at mid-April 2026, Mapletree Logistics Trust (M44U) is trading at approximately S$1.25 per unit, with a 52-week range of S$1.07 to S$1.37. The current price implies a price-to-book (P/NAV) ratio of close to par — approximately 0.99× — against a NAV of S$1.26 per unit (as at 31 December 2025).

MLT’s share price has faced headwinds in early 2026 for several interconnected reasons:

• China macro drag: China accounts for approximately 17% of MLT’s gross revenue income. Negative rental reversions of −9.4% in China (FY2025) reflect weak domestic consumption and industrial oversupply in key logistics markets.
• Macro rate environment: Although Singapore’s SORA rate is near its trough at approximately 1.07% (April 2026), US Fed funds remain elevated at ~3.5–3.75%, keeping global refinancing costs sticky for REITs with offshore debt exposure.
• DPU compression: The 3Q FY2026 DPU of 1.816 cents represents a 9.3% year-on-year decline, driven primarily by China headwinds, higher borrowing costs, and the absence of contribution from divested assets.

Despite these headwinds, MLT is actively managing its portfolio through a S$1.0 billion divestment programme of non-core, older assets (7.7% of AUM, 50% in China/HK), which is expected to strengthen the portfolio quality and potentially reduce China exposure over the next 12–18 months.

For context on how REIT yields relate to bond spreads, try our S-REIT Yield vs SGS Bond Spread Calculator.

DPU History: Quarterly Distributions Since FY2023

MLT pays quarterly distributions, which makes it one of the more attractive income REITs for investors who prefer regular cash flow. Here is the full quarterly DPU history from FY2023/24 through FY2025/26:

Source: Mapletree Logistics Trust SGX filings | FY = April to March financial year

The DPU trajectory tells a clear story: MLT has been in a period of DPU compression since FY2022/23 peak, when distributions were above 2.2 cents per quarter. The decline reflects China-related headwinds, divestment of certain income-generating assets, and higher financing costs. However, the rate of decline is narrowing — from −12.3% YoY in 1Q FY2026 to −9.3% in 3Q FY2026 — which suggests the worst may be behind MLT if China macro conditions stabilise and divestments are completed.

The 9-month cumulative DPU for FY2025/26 stands at 5.443 cents. Annualising this gives approximately 7.26 cents, implying a forward yield of approximately 6.4% at the S$1.25 share price.

Financial Health: Gearing, ICR & Debt Profile

MLT’s balance sheet remains within MAS regulatory limits (50% gearing cap), though it is operating at the higher end of the comfortable range for a large-cap S-REIT. Here is the current financial health snapshot as at 3Q FY2025/26 (December 2025):

A few points worth highlighting for investors:

• 84% fixed-rate hedging is a strong positive — MLT has locked in a significant proportion of its debt at fixed rates, providing distribution visibility even in a rising-rate environment. Only 16% of debt is floating-rate and thus exposed to SORA/SOFR movements.
• ICR of 2.9× remains comfortably above MAS’s minimum 2.5× threshold (which allows REITs to gear up to 50%). A sustained drop below 2.5× would trigger mandatory de-leveraging — not currently a concern for MLT.
• Gearing of 40.7% has actually ticked down slightly from 41.1% the prior quarter, aided by ongoing divestments. MLT’s target is to bring this toward 35–38% through its asset recycling programme over the medium term.

Want to calculate MLT’s gearing headroom? Try our S-REIT Gearing Ratio & ICR Calculator.

3Q FY2025/26 Income Statement Highlights

Source: Mapletree Logistics Trust 3Q FY2025/26 Results, SGX filing January 2026

Portfolio Deep-Dive: 174 Properties Across 9 Countries

MLT’s portfolio is one of the most geographically diversified among all S-REITs, spanning nine markets across Asia Pacific. Here is the gross revenue income (GRI) breakdown by country as at 31 December 2025:

Singapore remains the anchor at 27.7% of gross revenue, with a portfolio of modern logistics facilities including ramp-up warehouses, flatted factories, and high-specification logistics hubs in Jurong, Tuas, and the Mapletree Business City cluster. Singapore properties benefit from positive rental reversions and strong demand from e-commerce, pharmaceutical, and 3PL (third-party logistics) tenants.

Portfolio Operational Metrics

• Occupancy: 96.4% — up from 96.1% in the prior quarter. This is a strong number for a portfolio of this geographic breadth.
• WALE: 2.6 years — relatively short, which provides MLT with regular rent reversion upside as leases roll over, but also means a higher proportion of income must be renewed each year.
• Rental Reversion: +1.1% — positive overall for the portfolio (ex-China), with Australia and Singapore driving the strongest reversions. China continues to drag at −9.4%.
• Top 10 tenants: ~19.9% of GRI — well-diversified; no single tenant dominates.

Active Portfolio Recycling

MLT has identified approximately S$1.0 billion of non-core, older assets for divestment — representing about 7.7% of AUM. Approximately 50% of these assets are located in China and Hong Kong. The divestment strategy serves two purposes: reducing China concentration risk and recycling proceeds into higher-quality assets or debt reduction to improve the balance sheet.

This mirrors a broader theme across the S-REIT sector in 2026 — several REITs are reducing China exposure in response to structural headwinds. For a broader view of how S-REITs are navigating macro conditions, see our S-REIT DPU Recovery 2026 guide.

Peer Yield Comparison: How MLT Stacks Up

MLT’s forward dividend yield of approximately 6.4% sits in the middle of the S-REIT peer group. Here is how it compares to selected industrial, logistics, and diversified S-REITs as at April 2026:

Source: SGX filings, analyst estimates as at April 2026. Yields are indicative and subject to change.

MLT’s ~6.4% yield is a compelling middle ground — higher than blue-chip healthcare and data centre REITs (which trade at premium valuations), but lower than higher-risk names like ESR-LOGOS where gearing is elevated and the yield reflects a risk premium.

The key consideration for investors is whether MLT’s China-related DPU compression has fully played out. If the divestment programme proceeds on schedule and China reversions stabilise, MLT’s ~6.4% yield at current prices could represent a reasonable entry point for patient long-term investors.

To model your own dividend portfolio yield, use our Dividend Portfolio Yield Calculator.

2026 Outlook: Risks & Catalysts

Catalysts to Watch

• China divestment execution: MLT has earmarked ~S$1B in non-core assets for sale. Completing these deals removes the biggest drag on portfolio quality and DPU. Watch for SGX announcements in H1–H2 2026.
• SORA rate trough: Singapore’s SORA rate (~1.07% as at April 2026) is near its cycle low. With 84% of MLT’s debt fixed, a lower SORA environment primarily benefits the 16% floating-rate tranche upon refinancing. Future cuts would gradually reduce financing costs.
• Vietnam and South Korea upside: Both markets are beneficiaries of the China+1 supply chain diversification. Multinationals relocating manufacturing away from China create fresh demand for logistics facilities in these two MLT markets.
• Australia positive reversions: Australia continues to deliver positive rental reversions driven by tight industrial land supply in Sydney and Melbourne logistics corridors.
• Portfolio occupancy above 96%: Consistently high occupancy provides a stable income floor and limits the risk of sudden DPU drops from vacancy.

Key Risks

• China macro uncertainty: If China’s economy remains under structural pressure (weak domestic demand, industrial oversupply), negative rental reversions could persist beyond FY2026.
• Currency exposure: MLT collects rents across nine markets — JPY, AUD, CNY, KRW, MYR, VND, and INR all affect distributions. A strong SGD erodes foreign income in reporting terms.
• Asset sale timing risk: Divestments could be delayed or completed at below-NAV prices in a weaker market environment, limiting the benefit to gearing and DPU.
• WALE of 2.6 years: A relatively short lease expiry profile means a larger proportion of leases must be renewed each year. In a softer market, this could put downward pressure on reversions.
• US tariff spillover: While Singapore’s 10% tariff rate is the lowest of any country affected in the April 2026 US tariff regime, a global trade slowdown could dampen logistics demand across MLT’s Asia Pacific markets.

For a broader analysis of how tariffs and macro conditions affect S-REITs, read our Iran Oil Shock & S-REIT Investor Guide and our Trump Tariff Pause analysis.

How to Buy MLT Shares (M44U) in Singapore

Mapletree Logistics Trust is listed on SGX and can be bought through any MAS-licensed brokerage. Here are your main options:

If you prefer a managed approach rather than picking individual REITs, you can access MLT as part of a diversified S-REIT portfolio through robo-advisors:

• Syfe REIT+ — S-REIT-focused managed portfolio including MLT and other major REITs
• Endowus — access via CPF OA (CPFIS) or SRS with institutional fund prices

To model your retirement income from S-REIT investments, try our free Retirement Planning Calculator.

Frequently Asked Questions

Related Guides & Tools

• Best S-REITs Singapore 2026 — Full Comparison
• Mapletree Logistics Trust Dividend 2026 — DPU Deep-Dive
• Singapore REIT ETF Guide — Invest in All S-REITs at Once
• S-REIT DPU Recovery 2026 — 4 Macro Catalysts
• S-REIT Dividend Yield Calculator
• Gearing Ratio & ICR Calculator
• Retirement Planning Calculator