Mapletree Logistics Trust

Hi, good evening. Welcome to MLT's results presentation for the quarter ended 30th September, 2026.

To kick off the session, Charmaine will take us through the key highlights. Hi, everyone.

Thank you for joining the call. So, for second Q year-on-year, our gross revenue and MPI are higher by 1.4% and 1%. year-on-year respectively, mainly driven by contribution from our Singapore AEI, contribution from the India acquisition that we completed end of last financial year as well as organic growth, offset by absence of contribution from divestment. DPU is at 1.816 cents, slightly higher than last year. Operating matrix-wise, our portfolio occupancy is at 96.4%. Portfolio Rental Reversion, a positive 2.1%, and will be stable at 2.5 years. On the capital management front, our aggregate leverage is at 37.5%, lower than 1Q, mainly because we have temporarily parked down our borrowings with our post-proceeds raise in August. When we will be drawing back the loans, To repay and redeem our existing tranche in early November, if we remove the effect of this temporary repayment, our gearing would have been 40.4%. Debt hatched into fixed rate about 90%, and our average cost of debt is at 2.7%. 74% of our income for the next 12 months have been hatched into SING dollars. Okay, so on the capital management front, we have two initiatives that we did in 2Q. One would be the 400 million perps raised in August. That is at a coupon of 3.5%. Intention is to use this to redeem the 400 million that's coming to you in November, which had a coupon of 3.725%. We also had our maiden CNY 500 million offshore rooming fee bond issued at a coupon of 2.1%. In terms of portfolio rejuvenation, we will be embarking on our AEI in Changi South. We have also executed $243 million of divestments at a 2.1% premium above valuation and also deferred our sponsor's call option at 201 Keppel Road, which is the prima property within the portfolio. Moving on to flight shakes, gross revenue, as mentioned earlier, is higher by 1.4%, mainly due to contribution from our Jukun AEI India acquisition as well as organic growth in Singapore and currency appreciation of the Renminbi and Aussie dollar, partly offset by absence of revenue contribution from divestments. Property expenses increased mainly due to higher property taxes. Consequently, MPI is higher by 1%. Borrowing costs increased due to the interest incurred on incremental borrowings to fund our India acquisition. and Lam Premium in Singapore, as well as higher rates for JPY loans and replacement hedges. Partially offset by lower base rate on unhedged dollar loans, as well as interest savings from the temporary repayment of loans with PERPS proceeds. Our amount due to PERPS distribute coupon to PERPS securities holders is higher, mainly due to the overlap of the early race, and consequently our DI to unit holders is at 93.3 million versus 92.5 million last year, and our DPU is slightly higher, 1.816 cents versus 1.815 cents. The reasons behind our first half this year versus first half last year results are largely the same as 2Q year on year. and MPI higher by 1.5%. Consequently, borrowing costs decreased slightly by 0.9%, mainly due to base rates on unhexing dollar borrowings, interest savings from temporary repayment of loans with PERP proceeds, offset by interest incurred on incremental borrowings to fund India acquisition, CAPEX and land premium. After taking into account the higher PERP distribution and the enlarged unit base, Our distribution DPU for the first half is 3.632 cents versus 3.627 cents. Moving on to quarter-on-quarter results, gross revenue increased by 0.6%, mainly due to organic growth on my existing portfolio, mainly in Singapore, as well as appreciation of Renminbi and Korean Won. Property expenses increased mainly due to higher property taxes, An absence of one-time adjustment to utilities expenses in 1Q. This resulted in lower MPI, $155 million versus $156 million in 1Q. Borrowing costs increased mainly due to interest incurred on incremental borrowings to fund capital expenditure, as well as higher base rate for SING dollar unhatched loans and JPY loans. This is partly offset by the interest savings from the temporary repayment of loans with PERC proceeds. After accounting for higher PERPS distribution, other adjustments, and the enlarged unit base, DPU is the same as last quarter at $1.816. Moving on to the balance sheet, our NAV is at $1.27. This is slightly higher than the $1.26 last quarter, leveraged to the 7.5%. If we exclude the impact of the PERP's temporary repayment of PERP proceeds set at 40.4% comparable to last quarter, borrowing cost 2.7% versus 2.6% last quarter. Our debt maturity profile remains well staggered. We have about 90 million or 2% of loan debt that's expiring in this financial year. We have about 1.15 billion of available committed credit facilities on hand, which is more than sufficient to refinance our debt deal this year. And moving on to our interest rate as well as FX hedging, about 90% of our total debt has been hedged into fixed rates. If we exclude the impact of the lower borrowings due to the temporary repayment of loans, the percentage hedged would have been about closer to 83%. If you look at our unhedged currencies that remain unhedged, our unhedged currencies are mainly dominated in Sing Dollars and JPY, which are of the lower cost as compared to the other currencies. I think Where we are looking at is we will continue to be impacted by higher borrowing costs. It's now currently at 2.7%. We expect this to increase to about 2.8% by the end of the financial year. On the income hedge portion, about 74% of our DI has been hedged into fixing dollars.