Mapletree Industrial Trust : MIT's 2Q & 1HFY2023/2024 - Presentation Slides

2Q & 1HFY23/24 Financial Results

25 October 2023

Important Notice

This presentation shall be read in conjunction with Mapletree Industrial Trust's ("MIT") financial results for Second Quarter Financial Year 2023/2024 in the SGXNET announcement dated 25 October 2023.

This presentation is for information only and does not constitute an offer or solicitation of an offer to sell or invitation to subscribe for or acquire any units in Mapletree Industrial Trust ("Units").

The past performance of the Units and MIT is not indicative of the future performance of MIT or Mapletree Industrial Trust Management Ltd. (the "Manager").

The value of Units and the income from them may rise or fall. Units are not obligations of, deposits in or guaranteed by the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that unitholders may only deal in their Units through trading on the Singapore Exchange Securities Trading Limited ("SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This presentation may also contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of risks, uncertainties and assumptions. Representative examples of these factors include general industry and economic conditions, interest rate trends, cost of capital, occupancy rate, construction and development risks, changes in operating expenses (including employees wages, benefits and training costs), governmental and public policy changes and the continued availability of financing. You are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of management on future events.

Nothing in this presentation should be construed as financial, investment, business, legal or tax advice and you should consult your own independent professional advisors.

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Contents

1. Key Highlights - 1 Jul 2023 to 30 Sep 2023
2. 2Q & 1HFY23/24 Financial Performance
3. Portfolio Update
4. Investment Update
5. Outlook and Strategy

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KEY HIGHLIGHTS 1 JUL 2023 TO 30 SEP 2023

Hi-Tech Buildings, Mapletree Hi-Tech Park @ Kallang Way

Key Highlights

• Increase in distribution to Unitholders was offset by an enlarged unit base following an equity fundraising exercise in 1QFY23/24 and distribution reinvestment plan
• • 2QFY23/24 Distribution to Unitholders: S$94.1 million ( 3.5% y-o-y)
  • 2QFY23/24 DPU: 3.32 cents ( 1.2% y-o-y)
• Resilient operational performance
• • Positive rental revisions across all property segments
  • Higher average rental rates for Singapore Portfolio and North American Portfolio at S$2.19 psf/mth and US$2.42 psf/mth respectively
  • Overall Portfolio's WALE increased q-o-q from 3.9 years to 4.2 years as at 30 Sep 2023
• Completed the acquisition of a newly built data centre in Osaka, Japan for JPY52.0 billion1 on 28 Sep 2023
• Capital management update
• • Hedged borrowings of 79.2% and weighted average hedge tenor of 3.7 years
  • Healthy aggregate leverage ratio of 37.9%

1	MIT's effective economic interest in the property is 98.47%.	5

Sustainable and Growing Returns

Amount Available for	DPU
Distribution to Unitholders	(cents)
(S$ million)

120														3.47	3.49	3.49 3.49	3.39	3.39	3.50
													3.35
															3.36	3.33	3.32
											3.16	3.28	3.30
110										3.103.13	3.10
100											2.852.87									3.00
																			94.3
																92.1
																		89.9
															90.3
90														88.489.5		89.088.487.2	2.50
												81.1	82.7
80												72.9
												70.7
70										69.4 69.270.6							2.00
									63.263.5
60
50																					1.50
40
30																					1.00
20																					0.50
10
0	3Q¹ 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q	0.00
	FY10/11	FY11/12	FY12/13	FY13/14	FY14/15	FY15/16	FY16/17	FY17/18	FY18/19	FY19/20	FY20/21	FY21/22		FY22/23	FY23/24
DPU	3.45	8.41	9.24	9.92	10.43	11.15	11.39	11.75	12.16	12.24	12.55	13.80		13.57
(cents)

1 MIT was listed on 21 Oct 2010.

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2Q & 1HFY23/24

FINANCIAL PERFORMANCE

Hi-Tech Buildings, build-to-suit project for HP

Statement of Profit or Loss (Year-on-Year)

	2QFY23/24	2QFY22/23	 / ()
	(S$'000)	(S$'000)
Gross revenue	174,118	175,512	(0.8%)
Property operating expenses	(45,558)	(45,187)	0.8%
Net property income	128,560	130,325	(1.4%)
Borrowing costs	(26,292)	(23,770)	10.6%
Trust expenses	(16,071)	(16,498)	(2.6%)
Share of joint venture's results	9,515	9,054	5.1%
Profit for the period before tax	95,712	99,111	(3.4%)
Income tax expense	(2,289)	(2,643)	(13.4%)
Profit for the period	93,423	96,468	(3.2%)
Profit attributable to perpetual securities holders	2,382	2,382	-
Loss attributable to non-controlling interest	(13)	-	*
Profit attributable to Unitholders	91,054	94,086	(3.2%)
Net non-tax chargeable items1	(5,155)	(11,958)	(56.9%)
Distribution declared by joint venture	8,450	6,849	23.4%
Amount available for distribution to Unitholders	94,3493,4	88,977	6.0%
Distribution to Unitholders	94,0723,4	90,8572	3.5%
Distribution per Unit (cents)	3.323, 4	3.362	(1.2%)

* Not meaningful

1. Non-taxchargeable items and other adjustments include share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments.
2. 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.
3. 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. Please refer to the Financial Statement and Distribution Announcement for the period from 1 Oct 2021 to 31 Dec 2021.
4. 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 Jul 2017.

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Statement of Profit or Loss (Year-on-Year)

	1HFY23/24	1HFY22/23	 / ()
	(S$'000)	(S$'000)
Gross revenue	344,746	343,317	0.4%
Property operating expenses	(85,342)	(83,089)	2.7%
Net property income	259,404	260,228	(0.3%)
Borrowing costs	(52,718)	(43,717)	20.6%
Trust expenses	(32,426)	(33,056)	(1.9%)
Gain on divestment of investment properties1
-	3,759	*
Share of joint venture's results	18,605	18,387	1.2%
Profit for the period before tax	192,865	205,601	(6.2%)
Income tax expense	(5,401)	(8,061)	(33.0%)
Profit for the period	187,464	197,540	(5.1%)
Profit attributable to perpetual securities holders	4,738	4,738	-
Loss attributable to non-controlling interest	(13)	-	*
Profit attributable to Unitholders	182,739	192,802	(5.2%)
Net non-tax chargeable items2	(12,002)	(24,570)	(51.2%)
Distribution declared by joint venture	13,490	12,883	4.7%
Amount available for distribution to Unitholders	184,2275,6	181,115	1.7%
Distribution to Unitholders	187,8133,4,5,6	184,6713	1.7%
Distribution per Unit (cents)	6.713,4,5,6	6.853	(2.0%)

* Not meaningful

1. Gain on divestment of investment properties arose from the divestments of 19 Changi South Street 1 and 19675 West Ten Mile Road, Southfield.
2. Non-taxchargeable items and other adjustments include share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments.
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. Please refer to the Financial Statement and Distribution Announcement for the period from 1 Oct 2021 to 31 Dec 2021.

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 Jul 2017.	9

Statement of Profit or Loss (Qtr-on-Qtr)

	2QFY23/24	1QFY23/24	 / ()
	(S$'000)	(S$'000)
Gross revenue	174,118	170,628	2.0%
Property operating expenses	(45,558)	(39,784)	14.5%
Net property income	128,560	130,844	(1.7%)
Borrowing costs	(26,292)	(26,426)	(0.5%)
Trust expenses	(16,071)	(16,355)	(1.7%)
Share of joint venture's results	9,515	9,090	4.7%
Profit for the period before tax	95,712	97,153	(1.5%)
Income tax expense	(2,289)	(3,112)	(26.4%)
Profit for the period	93,423	94,041	(0.7%)
Profit attributable to perpetual securities holders	2,382	2,356	1.1%
Loss attributable to non-controlling interest	(13)	-	*
Profit attributable to Unitholders	91,054	91,685	(0.7%)
Net non-tax chargeable items1	(5,155)	(6,847)	(24.7%)
Distribution declared by joint venture	8,450	5,040	67.7%
Amount available for distribution to Unitholders	94,3494,5	89,878	5.0%
Distribution to Unitholders	94,0724,5	93,7422, 3	0.4%
Distribution per Unit (cents)	3.324, 5	3.392, 3	(2.1%)

* Not meaningful

1. Non-taxchargeable items and other adjustments include share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments.
2. 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.
3. 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.
4. 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. Please refer to the Financial Statement and Distribution Announcement for the period from 1 Oct 2021 to 31 Dec 2021.
5. 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 Jul 2017.

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