Mapletree Logistics Trust

Hi, good morning. Welcome to Maple Tree Logistics Trust's regards presentation for the second quarter ended September 2025. We have the full management team here with us, Jean, Theo, Charmaine, CFO, and James, Head of Asset Management. So to kick off the presentation, Charmaine, would you like to start?

Morning, everyone. I'll first take you through the two key highlights. So gross revenue is 3.2% lower year-on-year at $177 million. This is mainly due to depreciation of currencies against SingDollar FX. Then we have the absence of contribution from divested assets, but this is low offset by revenue contribution from our AEI 5A Jukun, now known as Natalji Jukun Logistics Hub. So that has achieved a committed occupancy rate of about 82% as of now. And lastly, we saw stable same-store performance while there were lower contribution from China. This is offset by better performance from the other markets. So this resulted in MPI being 3.3% lower year-on-year. DPU is 10.5% lower year-on-year at 1.815 cents excluding a DG of 6.1 million. Our DPU from operations is 4.8% lower year-on-year. for the positive 0.2% quarter-on-quarter. In terms of portfolio occupancy, that's 96.1% and improvement from 95.7% last year. Portfolio rental reversion, positive 0.6%, as we saw the negative rental reversion for China narrowing into Q. Rail stable at 2.7 years. Aggregate leverage, 41.1%, slightly lower than 41.2% last quarter. and our average debt maturity is 3.6 years. We continue to hedge our interest rates and about 84% of it is hedged in the fixed rate, while 75% of our income has been hedged in the same dollar. Moving on to the results, gross revenue is 3.2% lower year on year for the reasons highlighted earlier. So consequently, our MPI is 3.3% lower. On a constant currency basis, gross revenue and NPI would have declined by 0.9% and 1% respectively. Foreign costs decreased, mainly because of lower rates rate on our unhatched SING dollar and Hong Kong dollar borrowings, where we benefited from declining SORA as well as low HIBOR during the quarter. We also had some interest savings from the powering down of loans with divestment proceeds. but this is partly offset by interest incurred on loan drawn down for the AEI as well as replacement hedges at higher cost and higher benefits for our JPY loans. So DI is 9.6% lower with a DGU of 10.5% lower, 1.815 cents versus 2.027 cents in 2Q last year, excluding the DGU of 6.1 million operating DPU is 4.8% lower, 1.815 cents versus 1.907 cents last year, after taking into account the higher unit base. One-half results, reasons for the variances are largely similar to that for the 2Q versus 2Q last year, including DQ, our DQ would have been 11.4% lower, 3.627 cents versus 4.09%, including DG of about 11.8 million. DI is lower by 5.1% and resultant DPU from operations, 6.1% lower at 3.6 to 7 cents, that is 3.61 cents. Sequentially, 2Q versus 1Q, I think you saw a better performance. Gross revenue, marginally higher, mainly coming from the contribution from our 5A token, AEI. Property expenses, higher, mainly because I think we will take some time to cover the property expenses incurred as we continue to ramp up the occupancy rate and start collecting more revenue for that AEI project. So accordingly, NTI is just marginally lower. Borrowing costs lower because of the lower Hong Kong dollar and SGD SORA rates. Resultantly, our DI, 98.2 million versus 97.6 million, and available DPU 0.2% higher, 1.815 cents versus 1.812 cents after accounting for a higher unit base. Moving on to the balance sheet. Our NAV stable, $1.26. Leverage at 41.1% versus 41.2%. Interest cost came down marginally to 2.6%. The target to keep this at similar levels, about 2.7% to 2.8% for the next two quarters. We've a bit, I mean, depending on where the solar market goes, we may benefit a bit more, but we're still looking at about 2.7%. We, our demand maturity profile remains well-standard, average debt duration about 3.6 years. We have about $819 million of available committed credit facilities to meet our refinancing needs in the next 12 months. and as mentioned earlier, we have hatched about 84% of our total debt into fixed rates, leaving the rest of the 15% in SGD and JPY floating rates, which will benefit from all the floating rates movements. And then in terms of FX, we have hatched about 75% of our FX for the next 12 months at the same dollar or divided in dollars. Over to James to bring you through the portfolio details.

Hi, everyone. So in terms of our portfolio update for 2Q, this meeting is being recorded. This meeting is being transcribed by the developed markets, which continue to be at 70%, which gives us the stability that we need. Next. In terms of trade sectors, 85% of our revenue are actually serving domestic consumption which remains resilient only 15% of our revenues are for exports but as we have shared earlier to US our exposure is less than 5% so there's a limited risk to our portfolio but we can't discount any indirect consequences or impact to the sentiments of the market makes the occupancy overall occupancy remains very resilient as improved from Q1 so now it's at 96.1 compared to 95.7 in Q1 so in most of the markets we continue to have 100% occupancy like Australia, Vietnam, India and Hong Kong we see 4 countries registering positive occupancy rates Singapore is one of them. As shared by our CFO, this is due to the increasing of momentum at our 5-year GQ. Now it's hot, our GQ is just hot. So the 2Q occupancy is 60%. Our committed leases is at 82%. So we should see this improving as we move along in the next few quarters. In the China also saw improvement in occupancy rates given mainly by improvement in occupancies in the tier 2 cities Japan was down primarily due to a lease expiry in Kewana so we are in the process of backfilling the space in the next 1-2 quarters Korea saw improvement in occupancy based on a new lease in 1-1 Malaysia has also a saw a slight improvement in occupancy because of the new lease in Tanjung Pulapas In terms of rent reversion our overall rent reversion was 0.6% excluding China was 2.5% in Singapore it was 3.9% Japan was 0 flat Hong Kong 0.7% South Korea 1.1 Malaysia 3.4 China minus 3.0 Vietnam 4.3 and there were no these expiries due in this quarter for two other countries Vietnam and Australia India and Australia and India In terms of the lease expiry profile we saw that in Tokyo our lease expiry for the balance of this year is down to 16.6% compared to last quarter which we reported 25.3% 20% of our total revenue is contributed by our top 10 tenants so there's no single tenant that contributes more than 4% of our portfolio, so there's no concentration risk. Next. In terms of active portfolio rejuvenation, as you know, we have announced three completed divestments in 2Q, namely 31 Tenju Lane, in Singapore, Subang 2 in Malaysia and UJU in South Korea and we have completed one in 3Q middle of October for the one in Wodonga I'll go through a couple of slides to update you on our