Mapletree Logistics Trust : AGM 2024 Presentation

Resilient Performance Sustainable Future

Mapletree Logistics Trust

15th Annual General Meeting

17 July 2024

Notice of AGM

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Agenda

Resilient Performance

• FY23/24 Operational and Financial Highlights
• Prudent Capital Management
• Resilient Portfolio Valuations

Sustainable Future

• Accelerated Portfolio Rejuvenation
• Advancing our Green Agenda

Mapletree Logistics Park - Majang 3, South Korea

FY23/24 Highlights

Diversified portfolio of modern assets

enabled MLT to deliver resilient

operational and financial performance

Geographical Diversification Enhances Portfolio Stability

• Robust, geographically diversified portfolio reduces concentration risk and underpinned MLT's resilient performance amid a challenging environment
• Developed markets continue to account for ~70% of MLT's portfolio (by AUM and revenue)

ASSETS UNDER MANAGEMENT		GROSS REVENUE
	Malaysia Vietnam	India			Malaysia	Vietnam	India	Singapore
Australia	4.4%	2.5%			Australia 5.0%	4.0%	0.9%
		0.8%	Singapore			27.2%
7.5%				19.4%	6.7%
South						South
Korea						Korea	12M FY23/24
9.0%	As at 31 Mar 24		8.3%
				Revenue
	S$13.2 billion1
				S$733.9 million
				Hong		Japan
Japan				12.1%			Hong
			Kong
14.5%	China			SAR		China			Kong
			23.1%				SAR
	18.8%				19.2%			16.6%

Note:	6
1.	Includes the right-of-use assets with the adoption of SFRS(I)16 and investment properties held for sale in Malaysia.

Resilient Operational Performance

• Healthy supply-demand dynamics in most markets supported MLT's stable operational performance
• Challenging leasing environment in China due to weak business sentiment and high supply of warehouse space led to lower rents but MLT's occupancy level was maintained stable at above the industry average1

Stable Occupancy Rates

				Singapore	Japan	Hong	South	China	Malaysia	Vietnam	Australia	India	Portfolio
				Kong SAR	Korea
			Mar-24	96.6%	98.2%	95.6%	95.7%	93.2%	98.6%	100.0%	99.2%	100.0%	96.0%

	Rental	Occupancy
	Reversions2	Rate2 (%)
	(%)
Portfolio	+7.7	97.5
ex-China
China	-7.9	93.2
Total	+1.4	96.0
Portfolio

Note:
1.	According to the Independent Market Research Report by CBRE, April 2024, the overall occupancy rate across 23 major markets was approximately 78.2% as of end 2023.
2.	As at 31 Mar 2024.	7

Well Diversified Tenant Base Reduces Concentration Risk

• No tenant accounts for >4% of MLT's total gross revenue, providing MLT with income diversification
• Majority of our customers serve consumer-related sectors, positioning our portfolio to benefit from Asia's growing consumption base

Well-Staggered Lease Expiry1

29.6%					Multi-Tenanted Buildings
25.5%	22.2%	19.1%			Single-User Assets	14.6%
18.6%	16.0%	8.6%
		5.9%	11.7%
			5.6%
4.1%	3.6%	3.1%		2.9%	2.9%
3.0%		3.0%
FY24/25	FY25/26	FY26/27	FY27/28	FY28/29	>FY28/29

Top 10 Tenants by Gross Revenue

4.0%	3.5%
	3.0%
		2.1%
			1.9%	1.8%	1.6%	1.4%	1.4%	1.3%
CWT	Equinix	Coles Group	JD.com	SF Express	HKTV	Coupang Inc. Bidvest Group	Woolworths	J&T

Note:

1. As at 31 Mar 2024.

3.0 years

weighted average lease expiry (by NLA)

~22.0%

of total gross revenue by top 10 tenants

915 tenants mainly serving consumer-related sectors

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Proactive Interest Rate and Forex Risk Management

• Disciplined, multi-year hedging strategy mitigates impact of rising interest rates and currency volatility

Interest Rate Risk Management

• 84% of total debt is hedged or drawn in fixed rates
• Every potential 25 bps increase in base rates1 may result in ~S$0.5m decrease in distributable income or -0.01 cents in DPU2 per quarter

Unhedged

Total Debt

S$5,310 million

Hedged/Fixed

Rate

Hedged/Fixed Rate	84%
Unhedged	16%
	JPY	11%
	SGD	3%
	AUD	1%
	Others	1%

Forex Risk Management

• About 78% of amount distributable in the next 12 months is hedged into / derived in SGD

Unhedged

Forex

Risk Management

Hedged

Hedged	78%
Unhedged	22%

Notes:
1.	Base rate denotes SGD SORA, JPY DTIBOR/TORF/TONA and AUD BBSW/BBSY.
2.	Based on 4,994 million units as at 31 March 2024.	9

SGD 12.0%

Robust Balance Sheet and Well-Staggered Debt Maturity Profile

	As at	As at
	31 Mar 2024	31 Mar 2023
Total Debt (S$ million)	5,310	4,877
Aggregate Leverage Ratio1,2	38.9%	36.8%
Weighted Average Annualised	2.5%	2.5%
Interest Rate
Average Debt Duration (years)	3.8	3.8
Interest Cover Ratio (times)3	3.7	4.0
MLT Credit Rating	Fitch BBB+	Fitch BBB+
(with stable outlook)	(with stable outlook)

• Well-staggereddebt maturity profile with healthy average debt duration of 3.8 years
• Ample liquidity with available committed credit facilities of S$950 million to refinance S$275 million (or 5% of total debt) debt due in FY24/25

Total Debt: S$5,310 million

AUD

MYR USD INR

5.0% 2.0% 1.0%

S$275mil

10.0%JPY

30.0%

KRW

11.0%Debt Profile (By Currency)

As at 31 Mar 2024

HKD 12.0%

Notes:

1. As per Property Funds Guidelines, the aggregate leverage includes lease liabilities that are entered into in the ordinary course of MLT's business on or after 1 April 2019 in accordance to the Monetary Authority of Singapore guidance.

2. Total debt (including perpetual securities) to net asset value ratio and total debt (including perpetual securities) less cash and cash equivalent to net asset value ratio as at 31 March 2024 were 78.7% and 78.6% respectively.

3. The interest cover ratio is based on a trailing 12 months financial results, in accordance with the guidelines provided by the Monetary Authority of Singapore with effect from 16 April 2020.

RMB 17.0%

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