On 28 April 2026, Mapletree Industrial Trust (“MIT”) released their full year results for FY2026. MIT continues to demonstrate disciplined capital management and a robust balance sheet, successfully optimizing its funding structure amidst a prolonged elevated interest rate environment. Regarding this financial footing, while the headline aggregate leverage shows a significant drop at quarter-end, unitholders should view this as a temporary, optical decrease. Management is in the midst of a “perpetual-for-perpetual” refinancing strategy, meaning the currently reported gearing does not factor in the upcoming debt drawdown needed to repay the existing series of perpetual securities in May. Consequently, the pro-forma aggregate leverage of approximately 37.5% serves as the true, normalized measure of the Trust’s long-term debt position. Despite this overarching balance sheet stability, underlying operational headwinds persist, highlighted by an ongoing contraction in DPU. This distribution erosion stems largely from an income gap left by recently divested properties, compounded by organic attrition from tenant non-renewals in the North American market....