On 23 April 2025, Mapletree Logistics Trust (“MLT”) have announced their full year result for FY2025. The results are not that ideal, with net property income continuing to decrease quarter on quarter. This was contributed by not only a decrease in revenue as a result of divestments, but also a notably inverse trend with higher overall property expenses this quarter, which was disclosed by management that it was due to higher property maintenance expenses. One thing to note is that the portfolio rental reversions is positive for all markets except China, which has a negative rental reversion of 9.4%. China represents 17.0% of MLT gross revenue, and management expects this trend to continue. This may be further exacerbated as China is one of the key players in the rising trade tensions. With 4 upcoming planned divestments but no accretive acquisitions announced, MLT may continue to see the DPU decrease over the next few quarters. Management has noted that with rising trade tensions and recession...