Annual report
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Statements of Profit or Loss; Earnings per unit | |||
| – Basic and diluted (cents)cents per unit | 7.40 | 11.81 | PDF p. 122 |
Original report: PDF p. 122 ↗
The report presents earnings per unit for Group only; the MIT columns contain no printed EPS values.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026MIT | 2025MIT | Source |
|---|---|---|---|---|---|
| Statements of Profit or Loss | |||||
| Gross revenueS$’000 | 672,991 | 711,833 | 379,801 | 400,721 | PDF p. 122 |
| Property operating expensesS$’000 | (172,638) | (180,373) | (90,495) | (98,342) | PDF p. 122 |
| Net property incomeS$’000 | 500,353 | 531,460 | 289,306 | 302,379 | PDF p. 122 |
| Interest incomeS$’000 | 1,020 | 1,574 | 1,305 | 2,030 | PDF p. 122 |
| Investment incomeS$’000 | – | – | 49,577 | 115,520 | PDF p. 122 |
| Borrowing costsS$’000 | (84,789) | (105,142) | (10,375) | (20,266) | PDF p. 122 |
| Statements of Profit or Loss; Manager’s management fees | |||||
| – Base feesS$’000 | (39,504) | (41,067) | (18,482) | (20,026) | PDF p. 122 |
| – Performance feesS$’000 | (18,147) | (19,040) | (10,415) | (10,886) | PDF p. 122 |
| Statements of Profit or Loss | |||||
| Trustee’s feesS$’000 | (983) | (1,055) | (983) | (1,034) | PDF p. 122 |
| Other trust expensesS$’000 | (2,644) | (5,303) | (2,556) | (2,672) | PDF p. 122 |
| Other incomeS$’000 | 3,041 | 2,628 | – | 2,628 | PDF p. 122 |
| Net foreign exchange gain/(loss)S$’000 | 1,947 | (2,745) | 7,132 | (1,114) | PDF p. 122 |
| Net change in fair value of financial derivativesS$’000 | 875 | (265) | (7,543) | (11,675) | PDF p. 122 |
| Net change in fair value of investment propertiesS$’000 | (131,485) | (16,628) | 28,410 | 18,585 | PDF p. 122 |
| Gain on divestment of investment propertiesS$’000 | 2,967 | – | 1,056 | – | PDF p. 122 |
| Impairment loss on loans to subsidiariesS$’000 | – | – | (71,878) | (185,795) | PDF p. 122 |
| Statements of Profit or Loss; Share of profit of a joint venture | |||||
| – Operating profit after taxS$’000 | 27,756 | 29,406 | – | – | PDF p. 122 |
| – Net change in fair value of investment propertiesS$’000 | 1,728 | 1,249 | – | – | PDF p. 122 |
| Statements of Profit or Loss; Share of profit of a joint venture subtotal | |||||
| SubtotalS$’000 | 29,484 | 30,655 | – | – | PDF p. 122 |
| Statements of Profit or Loss | |||||
| Profit before income taxS$’000 | 262,135 | 375,072 | 254,554 | 187,674 | PDF p. 122 |
| Income tax expenseS$’000 | (40,544) | (29,631) | – | – | PDF p. 122 |
| Profit for the yearS$’000 | 221,591 | 345,441 | 254,554 | 187,674 | PDF p. 122 |
| Statements of Profit or Loss; Profit attributable to | |||||
| UnitholdersS$’000 | 211,195 | 335,709 | 244,356 | 178,224 | PDF p. 122 |
| Perpetual securities holdersS$’000 | 10,198 | 9,450 | 10,198 | 9,450 | PDF p. 122 |
| Non-controlling interestsS$’000 | 198 | 282 | – | – | PDF p. 122 |
| Statements of Profit or Loss; Profit attributable subtotal | |||||
| SubtotalS$’000 | 221,591 | 345,441 | 254,554 | 187,674 | PDF p. 122 |
Original report: PDF p. 122 ↗
The statement is for the financial year ended 31 March 2026. The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026MIT | 2025MIT | Source |
|---|---|---|---|---|---|
| Statements of Comprehensive Income | |||||
| Profit for the yearS$’000 | 221,591 | 345,441 | 254,554 | 187,674 | PDF p. 123 |
| Statements of Comprehensive Income; Other comprehensive income; Items that may be reclassified subsequently to profit or loss; Cash flow hedges | |||||
| – Fair value gain/(loss), net of taxS$’000 | 14,363 | (10,157) | (36) | (248) | PDF p. 123 |
| – Reclassification of hedging reserve to profit or lossS$’000 | (40,182) | (57,173) | (478) | (2,227) | PDF p. 123 |
| Statements of Comprehensive Income; Other comprehensive income; Items that may be reclassified subsequently to profit or loss | |||||
| – Share of hedging reserve of a joint ventureS$’000 | (4,791) | (20,207) | – | – | PDF p. 123 |
| Net currency translation differences relating to financial statements of a foreign joint venture and foreign subsidiariesS$’000 | (70,610) | 3,499 | – | – | PDF p. 123 |
| Net currency translation differences relating to monetary items forming part of net investment in foreign operationS$’000 | (15,530) | 964 | – | – | PDF p. 123 |
| Net currency translation differences on hedge of net investment in foreign operationS$’000 | 21,951 | 92 | – | – | PDF p. 123 |
| Statements of Comprehensive Income | |||||
| Other comprehensive income, net of taxS$’000 | (94,799) | (82,982) | (514) | (2,475) | PDF p. 123 |
| Total comprehensive income for the yearS$’000 | 126,792 | 262,459 | 254,040 | 185,199 | PDF p. 123 |
| Statements of Comprehensive Income; Total comprehensive income attributable to | |||||
| UnitholdersS$’000 | 116,693 | 252,826 | 243,842 | 175,749 | PDF p. 123 |
| Perpetual securities holdersS$’000 | 10,198 | 9,450 | 10,198 | 9,450 | PDF p. 123 |
| Non-controlling interestsS$’000 | (99) | 183 | – | – | PDF p. 123 |
| Statements of Comprehensive Income; Total comprehensive income attributable subtotal | |||||
| SubtotalS$’000 | 126,792 | 262,459 | 254,040 | 185,199 | PDF p. 123 |
Original report: PDF p. 123 ↗
The statement is for the financial year ended 31 March 2026. Other comprehensive income is presented net of tax as printed. The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026MIT | 2025MIT | Source |
|---|---|---|---|---|---|
| Assets; Current assets | |||||
| Cash and cash equivalentsS$’000 | 95,213 | 107,626 | 24,287 | 25,243 | PDF p. 124 |
| Trade and other receivablesS$’000 | 17,664 | 26,224 | 33,453 | 34,237 | PDF p. 124 |
| Other assetsS$’000 | 2,966 | 2,957 | 176 | 229 | PDF p. 124 |
| Derivative financial instrumentsS$’000 | 4,196 | 4,191 | 2,156 | 2,013 | PDF p. 124 |
| Assets | |||||
| Total current assetsS$’000 | 120,039 | 140,998 | 60,072 | 61,722 | PDF p. 124 |
| Assets; Non-current assets | |||||
| Investment propertiesS$’000 | 7,286,280 | 8,080,101 | 3,482,579 | 3,975,646 | PDF p. 124 |
| Plant and equipmentS$’000 | 167 | 22 | 167 | 22 | PDF p. 124 |
| Assets; Non-current assets; Investments in | |||||
| – subsidiariesS$’000 | – | – | 1,545,189 | 1,226,774 | PDF p. 124 |
| – a joint ventureS$’000 | 505,151 | 523,743 | 394,377 | 394,377 | PDF p. 124 |
| Assets; Non-current assets | |||||
| Loans to subsidiariesS$’000 | – | – | 270,345 | 415,138 | PDF p. 124 |
| Derivative financial instrumentsS$’000 | 23,789 | 51,726 | 264 | 8,739 | PDF p. 124 |
| Other assetsS$’000 | 3,213 | 3,606 | – | – | PDF p. 124 |
| Assets | |||||
| Total non-current assetsS$’000 | 7,818,600 | 8,659,198 | 5,692,921 | 6,020,696 | PDF p. 124 |
| Total assetsS$’000 | 7,938,639 | 8,800,196 | 5,752,993 | 6,082,418 | PDF p. 124 |
| Liabilities; Current liabilities | |||||
| Trade and other payablesS$’000 | 130,177 | 150,090 | 68,227 | 69,665 | PDF p. 124 |
| BorrowingsS$’000 | 394,747 | 595,263 | 482 | 445 | PDF p. 124 |
| Loans from a subsidiaryS$’000 | – | – | 49,987 | 59,983 | PDF p. 124 |
| Derivative financial instrumentsS$’000 | 639 | 916 | 636 | 884 | PDF p. 124 |
| Current income tax liabilitiesS$’000 | 3,149 | 2,516 | – | – | PDF p. 124 |
| Liabilities | |||||
| Total current liabilitiesS$’000 | 528,712 | 748,785 | 119,332 | 130,977 | PDF p. 124 |
| Liabilities; Non-current liabilities | |||||
| Other payablesS$’000 | 56,664 | 60,719 | 49,067 | 51,898 | PDF p. 124 |
| BorrowingsS$’000 | 1,959,014 | 2,672,736 | 97,832 | 527,691 | PDF p. 124 |
| Loans from a subsidiaryS$’000 | – | – | 257,061 | 323,218 | PDF p. 124 |
| Derivative financial instrumentsS$’000 | – | 30 | – | 30 | PDF p. 124 |
| Deferred tax liabilitiesS$’000 | 148,215 | 125,471 | – | – | PDF p. 124 |
| Liabilities | |||||
| Total non-current liabilitiesS$’000 | 2,163,893 | 2,858,956 | 403,960 | 902,837 | PDF p. 124 |
| Total liabilitiesS$’000 | 2,692,605 | 3,607,741 | 523,292 | 1,033,814 | PDF p. 124 |
| Statements of Financial Position | |||||
| NET ASSETSS$’000 | 5,246,034 | 5,192,455 | 5,229,701 | 5,048,604 | PDF p. 124 |
| Statements of Financial Position; Represented by | |||||
| Unitholders’ fundsS$’000 | 4,642,650 | 4,887,737 | 4,628,864 | 4,746,802 | PDF p. 124 |
| Perpetual securitiesS$’000 | 600,837 | 301,802 | 600,837 | 301,802 | PDF p. 124 |
| Non-controlling interestsS$’000 | 2,547 | 2,916 | – | – | PDF p. 124 |
| Statements of Financial Position; Represented by subtotal | |||||
| SubtotalS$’000 | 5,246,034 | 5,192,455 | 5,229,701 | 5,048,604 | PDF p. 124 |
| Statements of Financial Position | |||||
| UNITS IN ISSUE AND TO BE ISSUED (’000)’000 units | 2,855,003 | 2,851,726 | 2,855,003 | 2,851,726 | PDF p. 124 |
| NET ASSET VALUE PER UNIT (S$)S$ per unit | 1.63 | 1.71 | 1.62 | 1.66 | PDF p. 124 |
Original report: PDF p. 124 ↗
The statement is as at 31 March 2026. The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the yearS$’000 | 221,591 | 345,441 | PDF p. 127 |
| Cash flows from operating activities; Adjustments for | |||
| – Amortisation of rental incentivesS$’000 | (3,770) | (11,214) | PDF p. 127 |
| – DepreciationS$’000 | 47 | 31 | PDF p. 127 |
| – Interest incomeS$’000 | (1,020) | (1,574) | PDF p. 127 |
| – Borrowing costsS$’000 | 84,789 | 105,142 | PDF p. 127 |
| – Manager’s management fees paid/payable in unitsS$’000 | 6,646 | 6,605 | PDF p. 127 |
| – Bad debts written offS$’000 | 19 | 651 | PDF p. 127 |
| – Write back for impairment of trade receivablesS$’000 | (39) | (53) | PDF p. 127 |
| – Income tax expenseS$’000 | 40,544 | 29,631 | PDF p. 127 |
| – Net unrealised foreign exchange (gain)/lossS$’000 | (1,517) | 2,592 | PDF p. 127 |
| – Net change in fair value of financial derivativesS$’000 | (875) | 265 | PDF p. 127 |
| – Net change in fair value of investment propertiesS$’000 | 131,485 | 16,628 | PDF p. 127 |
| – Gain on divestment of investment propertiesS$’000 | (2,967) | – | PDF p. 127 |
| – Share of profit of a joint ventureS$’000 | (29,484) | (30,655) | PDF p. 127 |
| Subtotal of operating activity adjustmentsS$’000 | 445,449 | 463,490 | PDF p. 127 |
| Cash flows from operating activities; Changes in working capital | |||
| – Trade and other receivablesS$’000 | 4,004 | 11,783 | PDF p. 127 |
| – Trade and other payablesS$’000 | (11,044) | 13,954 | PDF p. 127 |
| – Other assetsS$’000 | 384 | 508 | PDF p. 127 |
| Cash flows from operating activities | |||
| Cash generated from operationsS$’000 | 438,793 | 489,735 | PDF p. 127 |
| Interest receivedS$’000 | 1,020 | 1,581 | PDF p. 127 |
| Income tax paidS$’000 | (6,170) | (3,056) | PDF p. 127 |
| Net cash generated from operating activitiesS$’000 | 433,643 | 488,260 | PDF p. 127 |
| Cash flows from investing activities | |||
| Additions to investment propertiesS$’000 | (64,672) | (107,507) | PDF p. 127 |
| Purchase of plant and equipmentS$’000 | (192) | – | PDF p. 127 |
| Acquisition of an investment propertyS$’000 | – | (131,341) | PDF p. 127 |
| Proceeds from divestment of investment properties, net of divestment costS$’000 | 536,639 | – | PDF p. 127 |
| Distributions received from a joint ventureS$’000 | 22,764 | 31,610 | PDF p. 127 |
| Net cash generated from/(used in) investing activitiesS$’000 | 494,539 | (207,238) | PDF p. 127 |
| Cash flows from financing activities | |||
| Gross proceeds from borrowingsS$’000 | 1,841,036 | 400,334 | PDF p. 128 |
| Repayment of borrowingsS$’000 | (2,608,278) | (222,992) | PDF p. 128 |
| Payment of financing related costsS$’000 | (3,127) | (2,350) | PDF p. 128 |
| Net proceeds from issuance of perpetual securitiesS$’000 | 298,287 | – | PDF p. 128 |
| Payment of transaction costs related to distribution reinvestment planS$’000 | – | (352) | PDF p. 128 |
| Contributions from non-controlling interestsS$’000 | – | 2,085 | PDF p. 128 |
| Capital return to non-controlling interestsS$’000 | (270) | (1,800) | PDF p. 128 |
| Distribution to UnitholdersS$’000 | (370,206) | (355,701) | PDF p. 128 |
| Interest paidS$’000 | (79,336) | (98,358) | PDF p. 128 |
| Payment of lease liabilitiesS$’000 | (4,770) | (4,861) | PDF p. 128 |
| Distribution to perpetual securities holdersS$’000 | (9,450) | (9,476) | PDF p. 128 |
| Net cash used in financing activitiesS$’000 | (936,114) | (293,471) | PDF p. 128 |
| Cash and cash equivalents | |||
| Net decrease in cash and cash equivalentsS$’000 | (7,932) | (12,449) | PDF p. 128 |
| Cash and cash equivalents at beginning of the yearS$’000 | 107,626 | 119,902 | PDF p. 128 |
| Effects of currency translation on balances held in foreign currenciesS$’000 | (4,481) | 173 | PDF p. 128 |
| Cash and cash equivalents at end of the yearS$’000 | 95,213 | 107,626 | PDF p. 128 |
Original report: PDF p. 127 ↗ PDF p. 128 ↗
1 For the year ended 31 March 2025, the amount of S$355,701,000 million excludes S$29,754,000 distributed through the issuance of 13,360,967 new units in MIT as part payment of distributions for the period from 1 April 2024 to 31 December 2024, pursuant to the Distribution Reinvestment Plan. Refer to Note 24(a) for details.
2 Includes payment of finance cost for lease liabilities.
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; attributable to Unitholders; Units in issue and to be issued | 2026Group; attributable to Unitholders; Foreign currency translation reserve | 2026Group; attributable to Unitholders; Hedging reserve | 2026Group; attributable to Unitholders; Retained earnings | 2026Group; attributable to Unitholders; Total Unitholders’ funds | 2026Group; Perpetual securities | 2026Group; Non-controlling interests | 2026Group; Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| opening balances | |||||||||
| At 1 April 2025S$’000 | 4,164,546 | (20,177) | 45,222 | 698,146 | 4,887,737 | 301,802 | 2,916 | 5,192,455 | PDF p. 129 |
| Total comprehensive income | |||||||||
| Profit for the yearS$’000 | – | – | – | 211,195 | 211,195 | 10,198 | 198 | 221,591 | PDF p. 129 |
| Other comprehensive income; cash flow hedges | |||||||||
| – Fair value gain/(loss), net of taxS$’000 | – | – | 14,363 | – | 14,363 | – | – | 14,363 | PDF p. 129 |
| – Reclassification of hedging reserve to profit or lossS$’000 | – | – | (40,182) | – | (40,182) | – | – | (40,182) | PDF p. 129 |
| Other comprehensive income | |||||||||
| Share of hedging reserve of a joint ventureS$’000 | – | – | (4,791) | – | (4,791) | – | – | (4,791) | PDF p. 129 |
| Share of currency translation differences of a foreign joint venture and foreign subsidiariesS$’000 | – | (70,313) | – | – | (70,313) | – | (297) | (70,610) | PDF p. 129 |
| Net currency translation differences relating to monetary items forming part of net investment in foreign operationS$’000 | – | (15,530) | – | – | (15,530) | – | – | (15,530) | PDF p. 129 |
| Net currency translation differences on hedges of net investment in foreign operationsS$’000 | – | 21,951 | – | – | 21,951 | – | – | 21,951 | PDF p. 129 |
| Total other comprehensive income, net of taxS$’000 | – | (63,892) | (30,610) | – | (94,502) | – | (297) | (94,799) | PDF p. 129 |
| Total comprehensive income | |||||||||
| Total comprehensive income for the year, net of taxS$’000 | – | (63,892) | (30,610) | 211,195 | 116,693 | 10,198 | (99) | 126,792 | PDF p. 129 |
| Transactions with equity holders; contributions | |||||||||
| New units issued and to be issued arising from settlement of management feesS$’000 | 8,304 | – | – | – | 8,304 | – | – | 8,304 | PDF p. 129 |
| Transactions with equity holders | |||||||||
| Proceeds from the issuance of perpetual securitiesS$’000 | – | – | – | – | – | 300,000 | – | 300,000 | PDF p. 129 |
| Issue expensesS$’000 | 122 | – | – | – | 122 | (1,713) | – | (1,591) | PDF p. 129 |
| Distributions to unitholdersS$’000 | – | – | – | (370,206) | (370,206) | – | – | (370,206) | PDF p. 129 |
| Distributions to perpetual securities holdersS$’000 | – | – | – | – | – | (9,450) | – | (9,450) | PDF p. 129 |
| Distributions and capital redemption to non-controlling interestsS$’000 | – | – | – | – | – | – | (270) | (270) | PDF p. 129 |
| Total contribution by and distributions to equity holdersS$’000 | 8,426 | – | – | (370,206) | (361,780) | 288,837 | (270) | (73,213) | PDF p. 129 |
| Total transactions with equity holdersS$’000 | 8,426 | – | – | (370,206) | (361,780) | 288,837 | (270) | (73,213) | PDF p. 129 |
| closing balances | |||||||||
| At 31 MarchS$’000 | 4,172,972 | (84,069) | 14,612 | 539,135 | 4,642,650 | 600,837 | 2,547 | 5,246,034 | PDF p. 129 |
Original report: PDF p. 129 ↗
FY2026 is the year ended 31 March 2026. Component columns follow the printed Group equity schedule.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; attributable to Unitholders; Units in issue and to be issued | 2025Group; attributable to Unitholders; Foreign currency translation reserve | 2025Group; attributable to Unitholders; Hedging reserve | 2025Group; attributable to Unitholders; Retained earnings | 2025Group; attributable to Unitholders; Total Unitholders’ funds | 2025Group; Perpetual securities | 2025Group; Non-controlling interests | 2025Group; Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2025 movements in equity | |||||||||
| At 1 April 2024S$’000 | 4,128,663 | (24,732) | 162,266 | 718,385 | 4,984,582 | 301,828 | 2,322 | 5,288,732 | PDF p. 130 |
| Profit for the yearS$’000 | – | – | – | 335,709 | 335,709 | 9,450 | 282 | 345,441 | PDF p. 130 |
| – Fair value gain/(loss), net of taxS$’000 | – | – | (10,157) | – | (10,157) | – | – | (10,157) | PDF p. 130 |
| – Reclassification of hedging reserve to profit or lossS$’000 | – | – | (57,173) | – | (57,173) | – | – | (57,173) | PDF p. 130 |
| Share of hedging reserve of a joint ventureS$’000 | – | – | (20,207) | – | (20,207) | – | – | (20,207) | PDF p. 130 |
| Reclassification from hedging reserve1S$’000 | – | – | (29,507) | 29,507 | – | – | – | – | PDF p. 130 |
| Share of currency translation differences of a foreign joint venture and foreign subsidiariesS$’000 | – | 3,499 | – | – | 3,499 | – | 27 | 3,526 | PDF p. 130 |
| Net currency translation differences relating to monetary items forming part of net investment in foreign operationS$’000 | – | 964 | – | – | 964 | – | – | 964 | PDF p. 130 |
| Net currency translation differences on hedges of net investment in foreign operationsS$’000 | – | 92 | – | – | 92 | – | – | 92 | PDF p. 130 |
| Total other comprehensive income, net of taxS$’000 | – | 4,555 | (117,044) | 29,507 | (82,982) | – | 27 | (82,955) | PDF p. 130 |
| Total comprehensive income for the year, net of taxS$’000 | – | 4,555 | (117,044) | 365,216 | 252,727 | 9,450 | 309 | 262,486 | PDF p. 130 |
| – Settlement of management feesS$’000 | 6,605 | – | – | – | 6,605 | – | – | 6,605 | PDF p. 130 |
| – Distribution Reinvestment PlanS$’000 | 29,754 | – | – | – | 29,754 | – | – | 29,754 | PDF p. 130 |
| Issue expensesS$’000 | (476) | – | – | – | (476) | – | – | (476) | PDF p. 130 |
| Distributions to unitholdersS$’000 | – | – | – | (385,455) | (385,455) | – | – | (385,455) | PDF p. 130 |
| Distributions to perpetual securities holdersS$’000 | – | – | – | – | – | (9,476) | – | (9,476) | PDF p. 130 |
| Contribution from non-controlling interestsS$’000 | – | – | – | – | – | – | 2,085 | 2,085 | PDF p. 130 |
| Capital redemption to non-controlling interestsS$’000 | – | – | – | – | – | – | (1,800) | (1,800) | PDF p. 130 |
| Total contribution by and distributions to equity holdersS$’000 | 35,883 | – | – | (385,455) | (349,572) | (9,476) | 285 | (358,763) | PDF p. 130 |
| Total transactions with equity holdersS$’000 | 35,883 | – | – | (385,455) | (349,572) | (9,476) | 285 | (358,763) | PDF p. 130 |
| At 31 March 2025S$’000 | 4,164,546 | (20,177) | 45,222 | 698,146 | 4,887,737 | 301,802 | 2,916 | 5,192,455 | PDF p. 130 |
Original report: PDF p. 130 ↗
FY2025 is the comparative financial year ended 31 March 2025. Component columns follow the printed Group equity schedule.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025MIT; attributable to Unitholders; Units in issue and to be issued | 2025MIT; attributable to Unitholders; Hedging reserve | 2025MIT; attributable to Unitholders; Retained earnings | 2025MIT; attributable to Unitholders; Total Unitholders’ funds | 2025MIT; Perpetual securities | 2025MIT; Total equity | Source |
|---|---|---|---|---|---|---|---|
| comparative opening balances | |||||||
| At 1 April 2024S$’000 | 4,128,663 | 2,989 | 788,973 | 4,920,625 | 301,828 | 5,222,453 | PDF p. 131 |
| comparative total comprehensive income | |||||||
| Profit for the yearS$’000 | – | – | 178,224 | 178,224 | 9,450 | 187,674 | PDF p. 131 |
| comparative other comprehensive income; cash flow hedges | |||||||
| – Fair value gain/(loss), net of taxS$’000 | – | (29) | – | (29) | – | (29) | PDF p. 131 |
| – Reclassification of hedging reserve to profit or lossS$’000 | – | (2,446) | – | (2,446) | – | (2,446) | PDF p. 131 |
| comparative other comprehensive income | |||||||
| Total other comprehensive income, net of taxS$’000 | – | (2,475) | – | (2,475) | – | (2,475) | PDF p. 131 |
| comparative total comprehensive income | |||||||
| Total comprehensive income for the year, net of taxS$’000 | – | (2,475) | 178,224 | 175,749 | 9,450 | 185,199 | PDF p. 131 |
| comparative transactions with equity holders | |||||||
| – Settlement of management feesS$’000 | 6,605 | – | – | 6,605 | – | 6,605 | PDF p. 131 |
| – Distribution Reinvestment PlanS$’000 | 29,754 | – | – | 29,754 | – | 29,754 | PDF p. 131 |
| Issue expensesS$’000 | (476) | – | – | (476) | – | (476) | PDF p. 131 |
| Distributions to unitholdersS$’000 | – | – | (385,455) | (385,455) | – | (385,455) | PDF p. 131 |
| Distributions to perpetual securities holdersS$’000 | – | – | – | – | (9,476) | (9,476) | PDF p. 131 |
| Total contribution by and distributions to equity holdersS$’000 | 35,883 | – | (385,455) | (349,572) | (9,476) | (359,048) | PDF p. 131 |
| comparative closing balances | |||||||
| At 31 March 2025S$’000 | 4,164,546 | 514 | 581,742 | 4,746,802 | 301,802 | 5,048,604 | PDF p. 131 |
| comparative transactions with equity holders | |||||||
| Total transactions with equity holdersS$’000 | 35,883 | – | (385,455) | (349,572) | (9,476) | (359,048) | PDF p. 131 |
Original report: PDF p. 131 ↗
FY2025 is the financial year ended 31 March 2025. Component columns follow the printed MIT equity schedule.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026MIT; attributable to Unitholders; Units in issue and to be issued | 2026MIT; attributable to Unitholders; Hedging reserve | 2026MIT; attributable to Unitholders; Retained earnings | 2026MIT; attributable to Unitholders; Total Unitholders’ funds | 2026MIT; Perpetual securities | 2026MIT; Total equity | Source |
|---|---|---|---|---|---|---|---|
| opening balances | |||||||
| At 1 April 2025S$’000 | 4,164,546 | 514 | 581,742 | 4,746,802 | 301,802 | 5,048,604 | PDF p. 131 |
| total comprehensive income | |||||||
| Profit for the yearS$’000 | – | – | 244,356 | 244,356 | 10,198 | 254,554 | PDF p. 131 |
| other comprehensive income; cash flow hedges | |||||||
| – Fair value gain/(loss), net of taxS$’000 | – | (36) | – | (36) | – | (36) | PDF p. 131 |
| – Reclassification of hedging reserve to profit or lossS$’000 | – | (478) | – | (478) | – | (478) | PDF p. 131 |
| other comprehensive income | |||||||
| Total other comprehensive income, net of taxS$’000 | – | (514) | – | (514) | – | (514) | PDF p. 131 |
| total comprehensive income | |||||||
| Total comprehensive income for the year, net of taxS$’000 | – | (514) | 244,356 | 243,842 | 10,198 | 254,040 | PDF p. 131 |
| transactions with equity holders | |||||||
| New units to be issued arising from settlement of management feesS$’000 | 8,304 | – | – | 8,304 | – | 8,304 | PDF p. 131 |
| Proceeds from the issuance of perpetual securitiesS$’000 | – | – | – | – | 300,000 | 300,000 | PDF p. 131 |
| Issue expensesS$’000 | 122 | – | – | 122 | (1,713) | (1,591) | PDF p. 131 |
| Distributions to unitholdersS$’000 | – | – | (370,206) | (370,206) | – | (370,206) | PDF p. 131 |
| Distributions to perpetual securities holdersS$’000 | – | – | – | – | (9,450) | (9,450) | PDF p. 131 |
| Total contribution by and distributions to equity holdersS$’000 | 8,426 | – | (370,206) | (361,780) | 288,837 | (72,943) | PDF p. 131 |
| Total transactions with equity holdersS$’000 | 8,426 | – | (370,206) | (361,780) | 288,837 | (72,943) | PDF p. 131 |
| closing balances | |||||||
| At 31 March 2026S$’000 | 4,172,972 | – | 455,892 | 4,628,864 | 600,837 | 5,229,701 | PDF p. 131 |
Original report: PDF p. 131 ↗
FY2026 is the financial year ended 31 March 2026. Component columns follow the printed MIT equity schedule.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group/MIT combined report series as at 31 March | 2023Group/MIT combined report series as at 31 March | 2024Group/MIT combined report series as at 31 March | 2025Group/MIT combined report series as at 31 March; restated | 2026Group/MIT combined report series as at 31 March; restated | Source |
|---|---|---|---|---|---|---|
| Key Information | ||||||
| Total assetsS$ Million | 8,480.0 | 8,546.8 | 8,664.4 | 8,800.2 | 7,938.6 | PDF p. 11 |
| Total borrowingsS$ Million | 2,904.1 | 2,848.4 | 2,984.4 | 3,171.9 | 2,258.9 | PDF p. 11 |
| Unitholders’ fundsS$ Million | 4,977.1 | 5,074.1 | 4,984.6 | 4,887.7 | 4,642.7 | PDF p. 11 |
| Assets under management (including interests in joint ventures)S$ Million | 8,761.2 | 8,766.1 | 8,906.3 | 9,144.3 | 8,315.6 | PDF p. 11 |
| Key Financial Ratios | ||||||
| Aggregate leverage¹¹% | 38.4 | 37.4 | 38.7 | 40.1 | 34.0 | PDF p. 11 |
| Average borrowing cost for financial year% | 2.5 | 3.1 | 3.2 | 3.1 | 3.1 | PDF p. 11 |
| Weighted average tenor of debtyears | 3.8 | 3.7 | 3.8 | 3.2 | 3.4 | PDF p. 11 |
| Interest coverage ratio for trailing 12 monthstimes | 5.7 | 4.6 | 4.3 | 4.0 | 4.0 | PDF p. 11 |
Original report: PDF p. 11 ↗
Footnote 10 states that key financial ratios include MIT’s proportionate share of aggregate debt and deposited property value of joint ventures, and that ratios as at 31 March 2025 and 31 March 2026 have been restated. Footnote 11 states that, in accordance with Property Funds Guidelines, aggregate leverage includes proportionate share of aggregate leverage and deposited property values of joint ventures.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022FY21/22 | 2023FY22/23 | 2024FY23/24 | 2025FY24/25 | 2026FY25/26 | Source |
|---|---|---|---|---|---|---|
| Unit Price and Trading Volume | ||||||
| Closing unit price on the last trading day prior to the commencement of the periodS$ per unit | 2.740 | 2.690 | 2.370 | 2.340 | 2.100 | PDF p. 30 |
| Highest closing unit priceS$ per unit | 3.000 | 2.720 | 2.510 | 2.560 | 2.220 | PDF p. 30 |
| Lowest closing unit priceS$ per unit | 2.490 | 2.130 | 2.110 | 1.970 | 1.840 | PDF p. 30 |
| Average closing unit priceS$ per unit | 2.745 | 2.432 | 2.300 | 2.253 | 2.038 | PDF p. 30 |
| Closing unit price for the periodS$ per unit | 2.690 | 2.370 | 2.340 | 2.100 | 1.940 | PDF p. 30 |
| Average daily trading volumemillion units | 7.52 | 5.70 | 4.84 | 6.94 | 8.09 | PDF p. 30 |
| Market capitalisation¹S$ billion | 7.20 | 6.49 | 6.63 | 5.99 | 5.54 | PDF p. 30 |
Original report: PDF p. 30 ↗
Footnote 1: Based on the closing unit prices for the period.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025FY24/25 | 2026FY25/26 | Source |
|---|---|---|---|
| Financial Review | |||
| Gross revenueS$’000 | 711,833 | 672,991 | PDF p. 32 |
| Property operating expensesS$’000 | 180,373 | 172,638 | PDF p. 32 |
| Net property incomeS$’000 | 531,460 | 500,353 | PDF p. 32 |
| Cash distribution declared by joint ventureS$’000 | 27,493 | 22,442 | PDF p. 32 |
| Amount available for distributionS$’000 | 397,560 | 374,079 | PDF p. 32 |
| Amount available for distribution - to UnitholdersS$’000 | 388,110 | 363,881 | PDF p. 32 |
| Amount available for distribution - to perpetual securities holdersS$’000 | 9,450 | 10,198 | PDF p. 32 |
| Distribution to UnitholdersS$’000 | 385,979 | 362,609 | PDF p. 32 |
| Distribution per unitSingapore cents | 13.57 | 12.71 | PDF p. 32 |
| Distribution per unit excluding divestment gainSingapore cents | 13.13 | 12.71 | PDF p. 32 |
Original report: PDF p. 32 ↗
The Change (%) column in the source contains: (5.5), (4.3), (5.9), (18.4), (5.9), (6.2), 7.9, (6.1), (6.3), and (3.2), respectively. These values are retained in the row quotes; the table columns include only the two fiscal years to avoid mixing change percentages with year values.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026MIT | 2025MIT | Source |
|---|---|---|---|---|---|
| Distribution statements | |||||
| Amount available for distribution to Unitholders at beginning of the yearS$’000 | 117,337 | 101,328 | 117,337 | 101,328 | PDF p. 125 |
| Profit for the year attributable to UnitholdersS$’000 | 211,195 | 335,709 | 244,356 | 178,224 | PDF p. 125 |
| Adjustment for net effect of non-tax deductible items and other adjustments (Note A)S$’000 | 130,244 | 24,908 | 119,525 | 209,886 | PDF p. 125 |
| Cash distribution declared by joint ventureS$’000 | 22,442 | 27,493 | – | – | PDF p. 125 |
| Amount available for distributionS$’000 | 363,881 | 388,110 | 363,881 | 388,110 | PDF p. 125 |
| Distribution of gains from divestmentS$’000 | – | 13,354 | – | 13,354 | PDF p. 125 |
| Distribution of 3.36 cents per unit for the period from 01 January 2024 to 31 March 2024S$’000 | – | (95,245) | – | (95,245) | PDF p. 125 |
| Distribution of 3.43 cents per unit for the period from 01 April 2024 to 30 June 2024S$’000 | – | (97,261) | – | (97,261) | PDF p. 125 |
| Distribution of 3.37 cents per unit for the period from 01 July 2024 to 30 September 2024S$’000 | – | (95,836) | – | (95,836) | PDF p. 125 |
| Distribution of 3.41 cents per unit for the period from 01 October 2024 to 31 December 2024S$’000 | – | (97,113) | – | (97,113) | PDF p. 125 |
| Distribution of 3.36 cents per unit for the period from 01 January 2025 to 31 March 2025S$’000 | (95,791) | – | (95,791) | – | PDF p. 125 |
| Distribution of 3.27 cents per unit for the period from 01 April 2025 to 30 June 2025S$’000 | (93,251) | – | (93,251) | – | PDF p. 125 |
| Distribution of 3.18 cents per unit for the period from 01 July 2025 to 30 September 2025S$’000 | (90,712) | – | (90,712) | – | PDF p. 125 |
| Distribution of 3.17 cents per unit for the period from 01 October 2025 to 31 December 2025S$’000 | (90,452) | – | (90,452) | – | PDF p. 125 |
| Total Unitholders’ distribution (including capital distribution) (Note B)S$’000 | (370,206) | (385,455) | (370,206) | (385,455) | PDF p. 125 |
| Amount available for distribution to Unitholders at end of the yearS$’000 | 111,012 | 117,337 | 111,012 | 117,337 | PDF p. 125 |
| Distribution per unit (cents)cents per unit | 12.71 | 13.57 | 12.71 | 13.57 | PDF p. 125 |
Original report: PDF p. 125 ↗
FY2026 is the year ended 31 March 2026; 2025 is the comparative year. Distribution per unit is in cents per unit; all other rows are S$’000.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026FY25/26 | 2025FY24/25 | 2024FY23/24 | 2023FY22/23 | 2022FY21/22 | Source |
|---|---|---|---|---|---|---|
| Key Highlights | ||||||
| Gross RevenueS$ million | 673.0 | 711.8 | 697.3 | 684.9 | 610.1 | PDF p. 10 |
| Net Property IncomeS$ million | 500.4 | 531.5 | 521.0 | 518.0 | 472.0 | PDF p. 10 |
| Amount Available for Distribution to UnitholdersS$ million | 363.9 | 388.1 | 375.1 | 356.6 | 350.9 | PDF p. 10 |
| Distribution Per UnitSingapore cents per unit | 12.71 | 13.57 | 13.43 | 13.57 | 13.80 | PDF p. 10 |
Original report: PDF p. 10 ↗
1 Refers to year-on-year comparison for FY25/26.
2 FY25/26 denotes financial year 2025/2026 ended 31 March 2026.
3 Includes the distribution of net divestment gain of S$15.7 million from 26A Ayer Rajah Crescent over eight quarters from 2QFY21/22 to 1QFY23/24.
4 Includes the distribution of tax-exempt income of S$6.6 million withheld in 4QFY19/20 over three quarters from 3QFY22/23 to 1QFY23/24.
5 Includes the distribution of compensation received for compulsory acquisition of part of the land at 2 and 4 Loyang Lane of S$2.1 million, which was withheld in 3QFY21/22, over two quarters from 2QFY23/24 to 3QFY23/24.
6 Includes the distribution of net divestment gain of S$4.2 million from 65 Tech Park Crescent over two quarters from 2QFY23/24 to 3QFY23/24. 65 Tech Park Crescent was divested on 20 July 2017.
7 Includes the distribution of net divestment gain of S$13.4 million from 115A & 115B Commonwealth Drive over four quarters from 1QFY24/25 to 4QFY24/25 and the distribution of net compensation of S$1.9 million in relation to a redevelopment project which was recognised in 1QFY24/25.
Chart values and footnote glyphs are recorded separately using PDF geometry.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 31 March | 2025As at 31 March | 2024As at 31 March | 2023As at 31 March | 2022As at 31 March | Source |
|---|---|---|---|---|---|---|
| Key Highlights | ||||||
| Assets Under ManagementS$ million | 8,315.6 | 9,144.3 | 8,906.3 | 8,766.1 | 8,761.2 | PDF p. 10 |
| Net Asset Value Per UnitS$ per unit | 1.63 | 1.71 | 1.76 | 1.85 | 1.86 | PDF p. 10 |
Original report: PDF p. 10 ↗
8 Refers to year-on-year comparison for 31 March 2026.
9 Includes MIT’s proportionate interest in the joint ventures with the Sponsor and right-of-use assets.
Chart values and footnote glyphs are recorded separately using PDF geometry.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2010Since Listing From 21 October 2010, as at 31 March 2026 | 20215-Year From 1 April 2021, as at 31 March 2026 | 20233-Year From 1 April 2023, as at 31 March 2026 | 20251-Year From 1 April 2025, as at 31 March 2026 | Source |
|---|---|---|---|---|---|
| Return on Investment | |||||
| Total return (%) as at 31 March 2026% | 301.9 | -4.7 | -1.3 | -1.5 | PDF p. 30 |
| Capital appreciation% | 108.6 | -29.2 | -18.1 | -7.6 | PDF p. 30 |
| Distribution yield% | 193.3 | 24.5 | 16.8 | 6.1 | PDF p. 30 |
| Closing unit price on the last trading day prior to the commencement of the periodS$ per unit | 0.930 | 2.740 | 2.370 | 2.100 | PDF p. 30 |
Original report: PDF p. 30 ↗
As at 31 March 2026.
1 Based on the closing unit prices for the period.
2 Sum of distributions and capital appreciation for the period over the unit issue price at listing.
3 Sum of distributions and capital appreciation for the period over the closing unit price on the last trading day prior to the commencement of the period.
4 Refers to the unit issue price at listing.
Numeric values are separated from superscript footnote markers by XML font size and coordinates.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 31 March 2026 | Source |
|---|---|---|
| Comparative Yields | ||
| MIT’s Distribution Yield% | 6.6 | PDF p. 31 |
| FTSE ST REITs Index% | 5.4 | PDF p. 31 |
| FTSE Straits Times Index% | 4.4 | PDF p. 31 |
| CPF Ordinary Account% | 2.5 | PDF p. 31 |
| 10-year Government Bond% | 2.3 | PDF p. 31 |
Original report: PDF p. 31 ↗
5 Rebased closing unit prices as at 31 March 2025 to 100.
6 Sources: Bloomberg, Monetary Authority of Singapore (for the 10-year Government Bond’s yield) and Central Provident Fund (“CPF”) Board (for the CPF Ordinary Account’s interest).
7 MIT’s distribution yield is based on FY25/26 DPU of 12.71 Singapore cents over closing unit price of S$1.940 as at 31 March 2026.
8 The list of key indices is not exhaustive.
Where the money comes from
| Item / unit | 2026Data Centres Asia segment (S$'000) | 2026Data Centres North America segment (S$'000) | 2026Hi-Tech Buildings and Business Space Singapore segment (S$'000) | 2026General Industrial Buildings Singapore segment (S$'000) | 2026Total (S$'000) | Source |
|---|---|---|---|---|---|---|
| Segment results | ||||||
| Gross revenueS$'000 | 50,465 | 227,773 | 168,300 | 226,453 | 672,991 | PDF p. 193 |
| Net property incomeS$'000 | 44,597 | 158,248 | 122,568 | 174,940 | 500,353 | PDF p. 193 |
| Other incomeS$'000 | – | 3,041 | – | – | 3,041 | PDF p. 193 |
| Net change in fair value of investment propertiesS$'000 | 2,346 | (147,167) | (1,445) | 14,781 | (131,485) | PDF p. 193 |
| Gain on divestment of investment propertiesS$'000 | – | 1,929 | 1,038 | – | 2,967 | PDF p. 193 |
| Share of joint venture’s resultsS$'000 | – | 29,484 | – | – | 29,484 | PDF p. 193 |
| Current income taxS$'000 | (776) | (6,352) | – | – | (7,128) | PDF p. 193 |
| Deferred taxS$'000 | (1,675) | (31,741) | – | – | (33,416) | PDF p. 193 |
| Other segment items | ||||||
| Additions to investment propertiesS$'000 | 46,428 | 12,530 | 13,450 | 6,875 | 79,283 | PDF p. 193 |
| Segment assets | ||||||
| -Investment propertiesS$'000 | 893,574 | 2,838,575 | 1,533,593 | 2,020,538 | 7,286,280 | PDF p. 193 |
| -Investment in a joint ventureS$'000 | – | 505,151 | – | – | 505,151 | PDF p. 193 |
| -Other non-current assetsS$'000 | 3,213 | – | – | – | 3,213 | PDF p. 193 |
| -Trade receivablesS$'000 | – | 781 | 114 | 858 | 1,753 | PDF p. 193 |
| Segment liabilities | ||||||
| Segment liabilitiesS$'000 | 70,997 | 172,706 | 30,313 | 74,905 | 348,921 | PDF p. 193 |
Each segment is a property-type segment with a stated geography (Data Centres Asia; Data Centres North America; Hi-Tech Buildings and Business Space Singapore; General Industrial Buildings Singapore), so geographic information is combined in this table.
Empty-string values mean no segment cell is printed for that row; only the Total is printed.
* Unallocated assets include cash and cash equivalents, other receivables, other current assets, derivative financial instruments and plant and equipment.
** Unallocated liabilities include trade and other payables, borrowings and derivative financial instruments.
Effective 1 April 2025, the segment information has been updated to Data Centres (Asia), Data Centres (North America), Hi-Tech Buildings and Business Space and General Industrial Buildings. Comparatives for 31 March 2025 have also been restated to reflect the new reportable segments.
The Manager assesses performance of operating segments based on Net Property Income (NPI). Interest income and borrowing costs (excluding finance cost on lease liabilities) are not allocated to segments.
| Item / unit | 2025Data Centres Asia segment (S$'000) | 2025Data Centres North America segment (S$'000) | 2025Hi-Tech Buildings and Business Space Singapore segment (S$'000) | 2025General Industrial Buildings Singapore segment (S$'000) | 2025Total (S$'000) | Source |
|---|---|---|---|---|---|---|
| Segment results | ||||||
| Gross revenueS$'000 | 49,894 | 247,011 | 194,494 | 220,434 | 711,833 | PDF p. 194 |
| Net property incomeS$'000 | 46,030 | 176,255 | 138,800 | 170,375 | 531,460 | PDF p. 194 |
| Other incomeS$'000 | – | – | 2,628 | – | 2,628 | PDF p. 194 |
| Net change in fair value of investment propertiesS$'000 | 5,928 | (33,745) | (4,595) | 15,784 | (16,628) | PDF p. 194 |
| Share of joint venture’s resultsS$'000 | – | 30,655 | – | – | 30,655 | PDF p. 194 |
| Current income taxS$'000 | (126) | (3,057) | – | – | (3,183) | PDF p. 194 |
| Deferred taxS$'000 | (3,358) | (23,090) | – | – | (26,448) | PDF p. 194 |
| Other segment items | ||||||
| Acquisition of and additions to investment propertiesS$'000 | 180,198 | 28,336 | 6,715 | 8,904 | 224,153 | PDF p. 194 |
| Segment assets | ||||||
| – Investment propertiesS$'000 | 915,665 | 3,108,339 | 2,057,462 | 1,998,635 | 8,080,101 | PDF p. 194 |
| – Investments in joint ventureS$'000 | – | 523,743 | – | – | 523,743 | PDF p. 194 |
| – Other non-current assetsS$'000 | 3,606 | – | – | – | 3,606 | PDF p. 194 |
| – Trade receivablesS$'000 | 66 | 3,338 | 250 | 1,179 | 4,833 | PDF p. 194 |
| Segment liabilities | ||||||
| Segment liabilitiesS$'000 | 75,835 | 152,637 | 35,902 | 65,995 | 330,369 | PDF p. 194 |
Comparatives restated to the new reportable segments effective 1 April 2025.
Empty-string values mean no segment cell is printed for that row; only the Total is printed.
Footnote 1 (on Data Centres Asia): Includes the acquisition of the Tokyo Property completed on 29 October 2024.
* Unallocated assets include cash and cash equivalents, other receivables, other current assets, derivative financial instruments and plant and equipment.
** Unallocated liabilities include trade and other payables, borrowings and derivative financial instruments.
The 2025 table has no 'Gain on divestment of investment properties' row.
Debt
| Item / unit | 2026Less than 1 year, S$'000 | 2026Between 1 and 5 years, S$'000 | 2026Over 5 years, S$'000 | 2026Total, S$'000 | 2025Less than 1 year, S$'000 | 2025Between 1 and 5 years, S$'000 | 2025Over 5 years, S$'000 | 2025Total, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| Borrowings and interest payablesS$'000 | 478,146 | 1,635,114 | 373,904 | 2,487,164 | 735,069 | 2,087,765 | 697,711 | 3,520,545 | PDF p. 188 |
| Lease liabilitiesS$'000 | 4,807 | 19,235 | 177,111 | 201,153 | 4,767 | 18,718 | 187,453 | 210,938 | PDF p. 188 |
Based on contractual undiscounted cash flows; variable amounts use last contracted rate.
Based on contractual undiscounted cash flows.
| Item / unit | 2026Less than 1 year, S$'000 | 2026Between 1 and 5 years, S$'000 | 2026Over 5 years, S$'000 | 2026Total, S$'000 | 2025Less than 1 year, S$'000 | 2025Between 1 and 5 years, S$'000 | 2025Over 5 years, S$'000 | 2025Total, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| MIT | |||||||||
| Borrowings and interest payablesS$'000 | 11,090 | 87,043 | 39,298 | 137,431 | 20,263 | 441,031 | 131,314 | 592,608 | PDF p. 188 |
| Loans from a subsidiaryS$'000 | 50,000 | 125,000 | 132,549 | 307,549 | 60,000 | 175,000 | 148,799 | 383,799 | PDF p. 188 |
| Lease liabilitiesS$'000 | 1,011 | 4,044 | 12,784 | 17,839 | 958 | 3,833 | 13,005 | 17,796 | PDF p. 188 |
Based on contractual undiscounted cash flows.
| Item / unit | 2026Group, S$'000 | 2025Group, S$'000 | 2026MIT, S$'000 | 2025MIT, S$'000 | Source |
|---|---|---|---|---|---|
| Current borrowings | |||||
| Bank loans (unsecured) [Current]S$'000 | 343,879 | 534,188 | – | – | PDF p. 171 |
| Medium term note (unsecured) [Current]S$'000 | 50,000 | 60,000 | – | – | PDF p. 171 |
| Current | |||||
| Lease liabilities [Current]S$'000 | 1,535 | 1,456 | 482 | 445 | PDF p. 171 |
| Loans from a subsidiary [Current]S$'000 | – | – | 50,000 | 60,000 | PDF p. 171 |
| Total currentS$'000 | 394,747 | 595,263 | 50,469 | 60,428 | PDF p. 171 |
| Non-current borrowings | |||||
| Bank loans (unsecured) [Non-current]S$'000 | 1,527,127 | 2,163,708 | 86,900 | 516,828 | PDF p. 171 |
| TMK Bond (secured)2S$'000 | 80,333 | 90,181 | – | – | PDF p. 171 |
| Medium term notes (unsecured) [Non-current]S$'000 | 257,549 | 323,799 | – | – | PDF p. 171 |
| Non-current | |||||
| Lease liabilities [Non-current]S$'000 | 99,608 | 101,292 | 11,897 | 11,901 | PDF p. 171 |
| Loans from a subsidiary [Non-current]S$'000 | – | – | 257,549 | 323,799 | PDF p. 171 |
| Total non-currentS$'000 | 1,959,014 | 2,672,736 | 354,893 | 850,909 | PDF p. 171 |
| Total | |||||
| Total borrowings and loans (current + non-current)S$'000 | 2,353,761 | 3,267,999 | 405,362 | 911,337 | PDF p. 171 |
Transaction costs are amortised over the tenors of the MTN, TMK bond and bank loan facilities.
The TMK bond is subject to a statutory lien over the investment property of Yuri TMK, with carrying amount of S$475,218,000 as at 31 March 2026 (2025: S$486,836,000) pursuant to Article 128 of SPC Law.
Subtotal lines (rows without label) are not extracted separately except the totals shown.
| Item / unit | 2026Group, % | 2025Group, % | 2026MIT, % | 2025MIT, % | Source |
|---|---|---|---|---|---|
| Weighted average interest rates | |||||
| Bank loans (current)% | 3.32 | 3.43 | – | – | PDF p. 172 |
| Bank loans (non-current)% | 2.76 | 3.03 | 1.70 | 3.42 | PDF p. 172 |
| TMK Bond (non-current)% | 1.10 | 1.10 | – | – | PDF p. 172 |
| Medium term notes (current)% | 3.75 | 3.79 | – | – | PDF p. 172 |
| Medium term notes (non-current)% | 2.66 | 2.78 | – | – | PDF p. 172 |
| Loans from a subsidiary (current)% | – | – | 3.75 | 3.79 | PDF p. 172 |
| Loans from a subsidiary (non-current)% | – | – | 2.66 | 2.78 | PDF p. 172 |
Rates are as at the reporting date.
| Item / unit | 2026S$'000 | 2025S$'000 | Source |
|---|---|---|---|
| MTN maturity/rate 3.79% | |||
| 2 March 2026S$'000 | – | 60,000 | PDF p. 173 |
| MTN maturity/rate 3.75% | |||
| 16 February 2027S$'000 | 50,000 | 50,000 | PDF p. 173 |
| MTN maturity/rate 3.58% | |||
| 26 March 2029S$'000 | 125,000 | 125,000 | PDF p. 173 |
| MTN maturity/rate 1.69% | |||
| 27 June 2035S$'000 | 52,216 | 58,618 | PDF p. 173 |
| MTN maturity/rate 1.85% | |||
| 27 June 2038S$'000 | 80,333 | 90,181 | PDF p. 173 |
Columns: maturity date, interest rate per annum (%), semi-annual interest payment; amounts in S$'000. Rate included in each row's quote.
Non-current borrowings mature between 2027 and 2033 (2025: 2026 and 2033); non-current MTNs mature between 2029 and 2038; TMK bond JPY 10,000,000,000 at fixed 1.1%, matures 27 November 2030 (page 172).
| Item / unit | 2025As at 31 March 2025 (restated) | 2026As at 31 March 2026 | Source |
|---|---|---|---|
| Key Financial Metrics | |||
| Total borrowings (in S$ million)S$ million | 3,721.7 | 2,786.7 | PDF p. 35 |
| Interest rate hedge ratio% | 80.3 | 88.6 | PDF p. 35 |
Includes MIT’s proportionate share of aggregate debt and deposited property value of joint venture; 31 March 2025 figures restated.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 2.21 Distribution policy | MIT’s distribution policy is to distribute at least 90% of its adjusted taxable income, comprising substantially its income from the letting of its properties and related property services income after deduction of allowable expenses and allowances, as well as interest income from the placement of periodic cash surpluses in bank deposits. Distributions, when paid, will be in SGD. | MIT | PDF p. 158 |
| Distribution Reinvestment Plan | During the year ended 31 March 2025, MIT reimplemented Distribution Reinvestment Plan in July 2024 whereby Unitholders have an option to receive their distribution either in the form of units or cash or a combination of both. | MIT; FY24/25 comparative (no DRP units issued in FY25/26) | PDF p. 179 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per unit (Singapore cents) | 12.71 Singapore cents per unit | Group, FY25/26 (year ended 31 March 2026) | PDF p. 32 |
| Distribution per unit (Singapore cents) | 13.57 Singapore cents per unit | Group, FY24/25 (year ended 31 March 2025), comparative | PDF p. 32 |
| Distribution per unit excluding divestment gain (Singapore cents) | 13.13 Singapore cents per unit | Group, FY24/25 comparative (FY25/26: 12.71; change (3.2)%) | PDF p. 32 |
| Distribution to Unitholders | 362,609 S$'000 | Group, FY25/26 (FY24/25: 385,979; change (6.1)%) | PDF p. 32 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution of 3.27 cents per unit for the period from 01 April 2025 to 30 June 2025 | 3.27 cents per unit | Group and MIT, FY25/26 distribution statement, quarter 1/2026 | PDF p. 125 |
| Distribution of 3.18 cents per unit for the period from 01 July 2025 to 30 September 2025 | 3.18 cents per unit | Group and MIT, FY25/26 distribution statement | PDF p. 125 |
| Distribution of 3.17 cents per unit for the period from 01 October 2025 to 31 December 2025 | 3.17 cents per unit | Group and MIT, FY25/26 distribution statement | PDF p. 125 |
| Distribution of 3.36 cents per unit for the period from 01 January 2025 to 31 March 2025 | 3.36 cents per unit | Group and MIT, paid in FY25/26 (relates to FY24/25 4Q) | PDF p. 125 |
| Distribution of 3.43 cents per unit for the period from 01 April 2024 to 30 June 2024 | 3.43 cents per unit | Group and MIT, FY24/25 comparative | PDF p. 125 |
| Distribution of 3.37 cents per unit for the period from 01 July 2024 to 30 September 2024 | 3.37 cents per unit | Group and MIT, FY24/25 comparative | PDF p. 125 |
| Distribution of 3.41 cents per unit for the period from 01 October 2024 to 31 December 2024 | 3.41 cents per unit | Group and MIT, FY24/25 comparative | PDF p. 125 |
| Distribution of 3.36 cents per unit for the period from 01 January 2024 to 31 March 2024 | 3.36 cents per unit | Group and MIT, paid in FY24/25 comparative | PDF p. 125 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage ratio | 34.0% | As at 31 March 2026; comparative 31 March 2025: 40.1% (restated, includes proportionate share of joint venture) · As at 2026-03-31 | PDF p. 35 |
| Interest coverage ratio (“ICR”)** | 4.0 times | FY25/26 (year ended 31 March 2026); comparative FY24/25: 4.0 times | PDF p. 35 |
| Average borrowing cost | 3.1% | FY25/26; comparative FY24/25: 3.1% | PDF p. 35 |
| Interest rate hedge ratio | 88.6% | As at 31 March 2026; comparative 31 March 2025: 80.3% · As at 2026-03-31 | PDF p. 35 |
| Weighted average tenor of debt | 3.4 years | As at 31 March 2026; comparative 31 March 2025: 3.2 years · As at 2026-03-31 | PDF p. 35 |
| Average Overall Portfolio occupancy | 91.3% | FY25/26 average; comparative FY24/25: 92.1% | PDF p. 39 |
| Net asset value per unit (S$) | 1.63 S$ | As at 31 March 2026; comparative 31 March 2025: 1.71; change (4.7)% · As at 2026-03-31 | PDF p. 33 |
| Distribution per unit (Singapore cents) | 12.71 Singapore cents | FY25/26; comparative FY24/25: 13.57; Change (%), FY25/26 vs FY24/25: (6.3) | PDF p. 32 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | KPMG LLP | Group and Trust, FY ended 31 March 2026 | PDF p. 121 |
| Engagement partner | Sarina Lee | Group and Trust, FY ended 31 March 2026 | PDF p. 121 |
| Opinion | present fairly, in all material respects | Group and Trust, FY ended 31 March 2026 | PDF p. 118 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | As at 31 March 2026, the carrying value of the Group’s investment properties of S$7.3 billion accounted for 91.8% of the Group’s total assets. | Group | PDF p. 119 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual report, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.