Mapletree Industrial Trust

Good morning, thanks for joining us this morning. This is the second quarter of Financial 2026-2027 results briefing. MIT has released its results yesterday after market closed. Here are the highlights of the results. Ms. Soon-Nin Chandran, CEO, School Game Forum CFO, Ms. Serene Tam, Head of Asset Management, Ms. Soon-Shokin, Head of Marketing, and Ms. Sara Wayson, Head of Asset Management, Data Centers, U.S. Now I'll pass to Geng Foong to bring us through the financial results. Thank you, Mui Lian. Good morning, everyone. Thank you for joining our financial results briefing. I'll bring you through MIT's second quarter FY2627 financial performance and I'll give you some update on our capital management position. Then after, Anand will go through the portfolio update, color on MIT's outlook. This slide shows the year-on-year comparison for second quarter FY2627 against last year. NPI net property income has reduced by 3.5% to $119.8 million. This happened in the past 12 months. We do have some non-renewal leases in our North American portfolio. And we also divested the three Singapore industrial properties in August 2025. These non-renewals and Singapore divestment has caused our net property income to decrease year-on-year, but partially offset by renewals as well as new leases in our Singapore portfolio. We have used the divestment proceeds to pare down loans, so with the interest savings, lower interest on unhatched floating rate, our home cost has decreased. The effects of this were partially offset by higher borrowing costs from replacement hedges.

Hedge distribution

from joint venture increased year-on-year due to UTC credits received and higher rental.