Mapletree Industrial Trust

Good morning, everybody. Thank you for joining us for MIT's second quarter financial results for financial year 2023-2024. My name is Melissa from Investor Relations. We have the management team of MIT with us this morning. Mo Wei, our CEO, Lily, our CFO, Peter, our head of investment, Serene, the head of asset management, and Kim, the head of marketing. We have uploaded results presentation last evening, which we'll be using for this discussion. Without further ado, I'll pass it on to Kuo Wu. We'll just go through the key highlights and we'll proceed on to Q&A. Kuo Wu, please.

Okay, good morning. I hope you can hear me because we don't get any feedback. Hopefully, this is not so little key. Okay, I got the thumbs up. We'll run through the key highlights. It's actually a fairly straightforward motor for us and questions after that. If you look at the first bullet point, essentially, from the distribution point of view, able to deliver more, 3.5% more year-on-year basis for the quarter to $94 million. PTO perspective, you can see a 1.2% increase, 3.32 cents. The key reason is because of the enlarged unit owner base. We did previous year a series of our equity distribution investment plan. We had one equity fund raise exercise that we did June this year for our Japanese asset acquisition. So that increased our unit base 2.7 to 2.8 billion units, 4.8% increase. So essentially we have more unit holders share slightly larger distribution. So that resulted in the near-term shift in DTO. On the operating front, if you look at our second bullet points, we have registered very, I would say, low-plus kind of results. Rent revisions, we're happy to say, positive across all the property segments. In fact, if we aggregate property, rather the rental revisions, we're looking at 20%. That's very encouraging from the revenue side. Of course, that is reflected in the higher rental rates as well. If you look at the Singapore portfolio and the US portfolio, both are getting higher rates. 2019 for Singapore and The portfolio average lease to expiration has also increased from 3.9 years to 4.2 years because of our recently completed transaction. As you can see, the third bullet point finally completed just before the end of the quarter, the 8th of September. So we would expect contributions to start or to be meaningful from the quarter onwards and on the capital management front I think it's relatively stable 80% of our holdings are still attached annual 3.7 years our leverage ratio see as a fairly healthy 7.9% level so I think that sums up what we have for the quarter. Maybe I can take questions.

Thank you, Bowie. May I request for analysts to click the raise hand icon on Webex? In the interest of time, we will limit to two questions first, and then we'll come back if there's more time. Okay, sorry. The first question would be Derek from DBS.