Mapletree Pan Asia Commercial Trust : Financial Statements and Distribution Announcement for the Third Quarter and Financial Period from 1 April 2022 to 31 December 2022

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 25 August 2005 (as amended))

MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE THIRD QUARTER AND FINANCIAL PERIOD FROM 1 APRIL 2022 TO 31 DECEMBER 2022

TABLE OF CONTENTS

Item No.	Description	Page No.
-	Introduction	2
-	Summary Results of Mapletree Pan Asia Commercial Trust Group and	3
Distribution Details

• Condensed Interim Financial Statements

1(a)	Consolidated Statement of Profit or Loss and Distribution Statement	4
1(b)	Consolidated Statement of Comprehensive Income	8
2	Statements of Financial Position	9
3	Consolidated Statement of Cash Flows	12
4	Statements of Movements in Unitholders' Funds	14
5	Notes to the Condensed Interim Financial Statements	17

• Other Information

6	Review of the Condensed Interim Financial Statements	28
7	Review of the Performance	28
8	Variance between Actual and Forecast Results	29
9	Outlook and Prospects	30
10 & 11	Distributions	33,35
12	General Mandate relating to Interested Person Transactions	35
13	Confirmation pursuant to Rule 720(1) of the Listing Manual	35
14	Confirmation pursuant to Rule 705(5) of the Listing Manual	35
15	Additional Information Required Pursuant to Rule 706A of the Listing	35
Manual

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE THIRD QUARTER AND FINANCIAL PERIOD FROM 1 APRIL 2022 TO 31 DECEMBER 2022

INTRODUCTION

Mapletree Pan Asia Commercial Trust ("MPACT") is a real estate investment trust ("REIT") positioned to be the proxy to key gateway markets of Asia. Listed on the SGX-ST,it made its public market debut as Mapletree Commercial Trust ("MCT") on 27 April 2011.

On 21 July 2022, the Manager announced the completion of the merger of MCT and Mapletree North Asia Commercial Trust ("MNACT") by way of a trust scheme of arrangement (the "Merger", the "Trust Scheme"). Following which, MNACT Group's financials was consolidated into MPACT Group from 21 July 2022, the effective date of the Trust Scheme. On this date, the new management fee structure pegged to distributable income and DPU growth also took effect. On 3 August 2022, MNACT was delisted and consequently on the same day the merged entity was renamed MPACT.

MPACT's principal investment objective is to invest on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, as well as real estate-related assets, in the key gateway markets of Asia (including but not limited to Singapore, China, Hong Kong, Japan and South Korea).

As at 31 December 2022, MPACT's total assets under management was S$16.7 billion1, comprising 18 commercial properties (the "Properties") across five key gateway markets of Asia - five in Singapore, one in Hong Kong, two in China, nine in Japan and one in South Korea.

Within Singapore, the Properties are:

• VivoCity - Singapore's largest mall located in the HarbourFront Precinct;
• Mapletree Business City ("MBC") - a large-scale integrated office, business park and retail complex with Grade A building specifications, supported by ancillary retail space, located in the Alexandra Precinct;
• mTower - an established integrated development with a 40-storey office block and a three-storey retail centre, Alexandra Retail Centre ("ARC"), located in the Alexandra Precinct;
• Mapletree Anson - a 19-storey premium office building located in Singapore's Central Business District; and
• Bank of America HarbourFront ("BOAHF") - a premium six-storey office building located in the HarbourFront Precinct.

Outside Singapore, the Properties are:

• Festival Walk, Hong Kong2 - a landmark territorial retail mall with an office component;
• Gateway Plaza, China - a Grade A office building with a podium area in Lufthansa sub-market within Beijing;
• Sandhill Plaza, China - a Grade A business park development in Zhangjiang Science City (Zhangjiang), a key business and innovation hub in Pudong, Shanghai;
• Japan Properties - nine freehold properties comprising five office buildings in Tokyo (IXINAL Monzen-nakacho Building, Higashi-nihonbashi1-chome Building, TS Ikebukuro Building, Omori Prime Building and Hewlett-Packard Japan Headquarters Building ("HPB")); an office building in Yokohama (ABAS Shin-Yokohama Building) and three office buildings in Chiba (SII Makuhari Building, Fujitsu Makuhari Building and mBAY POINT Makuhari); and
• The Pinnacle Gangnam ("TPG"), South Korea - a freehold Grade A office building with retail amenities located in Gangnam Business District, Seoul.

MPACT's distribution policy is to distribute at least 90% of its taxable income. From 1 April 2020 to 30 September 2022, the distributions were paid out on a half-yearly basis. The Group has reverted to quarterly distribution policy with effect from 3Q FY22/23.

Footnotes:

1. Includes MPACT's 50% effective interest in TPG.
2. Where "Hong Kong" is mentioned, it refers to the Hong Kong Special Administrative Region.

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE THIRD QUARTER AND FINANCIAL PERIOD FROM 1 APRIL 2022 TO 31 DECEMBER 2022

SUMMARY RESULTS OF MAPLETREE PAN ASIA COMMERCIAL TRUST GROUP

	3Q FY22/23	3Q FY21/22	Variance
	(S$'000)	(S$'000)	%
Gross revenue	239,752	130,277	84.0
Property operating expenses	(60,363)	(28,827)	N.M.
Net property income	179,389	101,450	76.8
Amount available for distribution	128,335	80,347	59.7
- to Unitholders	127,038	80,347	58.1
- to Perpetual securities holders	1,297	-	N.M.
Distribution per unit (cents)	2.42	2.42	-
	YTD FY22/231	YTD FY21/22	Variance
	(S$'000)	(S$'000)	%
Gross revenue	592,914	373,999	58.5
Property operating expenses	(138,350)	(82,694)	(67.3)
Net property income	454,564	291,305	56.0
Amount available for distribution	330,315	226,803	45.6
- to Unitholders	328,008	226,803	44.6
- to Perpetual securities holders	2,307	-	N.M.
Distribution per unit (cents)	7.362	6.81	8.1
N.M.: Not meaningful

Footnote:

1. The YTD FY22/23 results include MNACT Group's contribution from 21 July 2022 to 31 December 2022.
2. This includes clean-up distribution ("Clean-up Distribution") of 3.04 cents per unit for the period from 1 April 2022 to 20 July 2022 paid on 25 August 2022.

DISTRIBUTION DETAILS

Distribution period	1	October 2022 to 31 December 2022
	Taxable income distribution of 1.46 cents per unit
Distribution rate/ type	Tax-exempt income distribution of 0.60 cent per unit
	Capital distribution of 0.36 cent per unit
Trade ex-date	7	February 2023, 9.00 a.m.
Record date	8	February 2023, 5.00 p.m.
Payment date	15 March 2023

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE THIRD QUARTER AND FINANCIAL PERIOD FROM 1 APRIL 2022 TO 31 DECEMBER 2022

CONDENSED INTERIM FINANCIAL STATEMENTS

1(a) Consolidated Statement of Profit or Loss and Distribution Statement

Consolidated Statement of	3Q	3Q	Variance	YTD	YTD	Variance
FY22/23	FY21/22	FY22/23	FY21/22
Profit or Loss	%	%
(S$'000)	(S$'000)	(S$'000)	(S$'000)
Gross revenue	239,752	130,277	84.0	592,914	373,999	58.5
Property operating expenses1	(60,363)	(28,827)	N.M.	(138,350)	(82,694)	(67.3)
Net property income	179,389	101,450	76.8	454,564	291,305	56.0
Finance income	486	77	N.M.	1,038	224	N.M.
Finance expenses	(50,790)	(17,787)	N.M.	(112,277)	(54,577)	N.M.
Manager's management fees2
- Base fees	(13,514)	(5,590)	N.M.	(30,906)	(16,715)	(84.9)
- Performance fees	-	(4,058)	100.0	(5,217)	(11,652)	55.2
Trustee's fees	(474)	(262)	(80.9)	(1,200)	(782)	(53.5)
Other trust expenses	(174)	(286)	39.2	(2,383)	(944)	N.M.
Foreign exchange (loss)/gain3	(1,085)	3,541	N.M.	8,903	3,454	N.M.
Net change in fair value of	3,937	(3,465)	N.M.	7,350	(3,241)	N.M.
financial derivatives4
Profit before tax and fair
value change in
investment properties	117,775	73,620	60.0	319,872	207,072	54.5
and share of profit of a
joint venture
Net change in fair value of	-	-	-	142,175	41,885	N.M.
investment properties5
Share of profit of a joint	1,435	-	N.M.	7,334	-	N.M.
venture6
Profit for the financial	119,210	73,620	61.9	469,381	248,957	88.5
period before tax
Income tax expense7	(8,142)	(1)	N.M.	(17,603)	(4)	N.M.
Profit for the financial	111,068	73,619	50.9	451,778	248,953	81.5
period after tax
Attributable to:
- Unitholders	109,572	73,619	48.8	449,030	248,953	80.4
- Perpetual securities holders8	1,297	-	N.M.	2,307	-	N.M.
- Non-controlling interest9	199	-	N.M.	441	-	N.M.
Profit for the financial	111,068	73,619	50.9	451,778	248,953	81.5
period after tax
Earnings per unit (cents)
- Basic	2.09	2.22	(5.9)	9.73	7.50	29.7
- Diluted	2.09	2.22	(5.9)	9.73	7.50	29.7

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE THIRD QUARTER AND FINANCIAL PERIOD FROM 1 APRIL 2022 TO 31 DECEMBER 2022

1(a) Consolidated Statement of Profit or Loss and Distribution Statement(continued)

	3Q	3Q	Variance	YTD	YTD	Variance
Distribution Statement	FY22/23	FY21/22	FY22/23	FY21/22
%	%
	(S$'000)	(S$'000)	(S$'000)	(S$'000)
Profit for the financial
period after tax before	109,572	73,619	48.8	449,030	248,953	80.4
distribution
Adjustments:
- Trustee's fees	474	262	80.9	1,200	782	53.5
- Financing fees	2,180	860	N.M.	5,196	2,573	N.M.
- Management fees paid/	5,406	3,977	35.9	14,518	11,664	24.5
payable in units
- Net change in fair value of	(3,937)	3,465	N.M.	5,584	3,241	72.3
financial derivatives
- Net change in fair value of	-	-	-	(142,175)	(41,885)	N.M.
investment properties
- Net unrealised foreign	941	(3,541)	N.M.	(9,007)	(3,454)	N.M.
exchange loss/(gain)
- Share of net change in fair
value of investment	-	-	-	(4,818)	-	N.M.
property of a joint venture
- Deferred tax expenses	2,372	-	N.M.	4,408	-	N.M.
- Net realised gain from
unwinding of a financial	9,258	-	N.M.	-	-	-
derivatives instrument
- Net effect of other non-tax
deductible items and	772	1,705	(54.7)	4,072	4,929	(17.4)
other adjustments10
Amount available for
distribution to	127,038	80,347	58.1	328,008	226,803	44.6
Unitholders
Comprising:
- Taxable income	76,412	79,108	(3.4)	239,348	211,87711	13.0
- Tax-exempt income	31,490	-	N.M.	64,074	10,69912	N.M.
- Capital distribution	19,136	1,239	N.M.	24,586	4,227	N.M.
	127,038	80,347	58.1	328,008	226,803	44.6

Footnotes:

1. Included as part of the property operating expenses were the following:

	3Q	3Q	Variance	YTD	YTD	Variance
	FY22/23	FY21/22	FY22/23	FY21/22
	%	%
	(S$'000)	(S$'000)	(S$'000)	(S$'000)
Depreciation	295	39	N.M.	559	113	N.M.
(Write back)/Impairment	(33)	74	N.M.	3	128	97.6
of trade receivables
Fixed asset written off	-	-	-	11	-	N.M.

2. Effective from 21 July 2022, the management fee structure is pegged to distributable income and DPU growth.

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