On 29 October 2025, Mapletree Industrial Trust (“MIT”) announced their half year results for FY2026. There is a significant increase in property operating expenses during the quarter. Combined with the decrease in gross revenue from the divestment of three industrial properties in Singapore, this resulted in a notable decrease in net property income. This is a discouraging note, and something that MIT should try to manage the next few quarters to stabilize their financial performance. Do note that MIT has mainly utilized the net proceeds from the divestment to repay debt in the interim, as aligned with their disclosures in the last quarter. This has resulted in a lowered gearing ratio for MIT as of the end of the quarter. Management has disclosed that they will continue to undertake strategic divestments in North America and Singapore to enhance MIT’s financial flexibility and redeploy capital into markets and assets that can provide sustainable growth....