Mapletree Pan Asia Commercial Trust

for our second quarter and financial period from 1st April to 30th September 2025. I'm Ying. I'm delighted to host today's breakout briefing. Allow me to introduce our speakers for today. They are Ms. Sharon Lin, Chief Executive Officer of MPAC, Ms. Jenica Tan, our Chief Financial Officer, and Mr. Kobi Leong, Head of Investment and Asset Management. Our speakers will take you through our financial results, share key business developments and market insights. Following the presentation, we will open the floor for Q&A where we invite you to ask questions. Without further ado, I will hand the floor over to Janica, our CFO.

A very good evening. The performance of MPEG across both quarter, second quarter and first half was incurred by Singapore's continued strength, strategic portfolio optimization, and proactive debt reduction, further supported by the favorable interest rate conditions cushioning the overseas hit rate. So for second quarter, DI, Distributable Income, was 106.1 million and DTU, 2.01 cents, which was 2.1% and 1.5% higher as compared to second quarter last year. The year-on-year increase was due to interest rate savings from lower interest rates on Hong Kong dollar and SIN dollar borrowing and lower loan outstanding as we have prepaid the loans with proceeds from divestment from neighbour Trianson last year and the two Japanese office properties in this quarter. The increase was also partly affected by the unfavourable effect impact from depreciating Hong Kong dollar and renminbi against SGD. and higher withholding tax relating to the JGAP profits on the divestment of the two properties, two Japan properties. The next slide shows the contribution by different markets. NPR for Singapore properties, excluding Maple Tree and Newton, increased by $6.2 million, mainly due to lower utility, higher rental income, and also compensation income received. And this is partly offset by the higher property tax and staff costs. The year-on-year decrease in the MPI for overseas properties was mainly due to lower occupancies and negative rental reversions. Moving on to the first half, distributable income $213 million, CCU 4.02 cents, were lowered by 0.8% and 1.2% year-on-year, and the year-on-year decrease was mainly due to operational contributions from overseas properties and the absence of contribution from regulatory emissaries. and this was further dampened by the depreciating Hong Kong dollar and renminbi against SGD. Saving from interest expenses mitigated the lower MPI. The interest rates on Hong Kong dollar and Sing dollar borrowings were lower year on year, coupled with lower outstanding borrowing. This slide shows that Singapore continued to account for more than 60% to both gross revenue and MPI. with the two core assets accounted for more than half of the portfolio's gross revenue and MPI, honorating the hit means from overseas. On balance sheet, NAV was $1.75. We have completed the divestment of ESI and ESY in Japan during the quarter, and the net proceeds were used to repay onshore borrowings. Moving on to capital management, gross outstanding borrowing, $6 billion, aggregate average ratio improved from 37.9 last quarter to 37.6% as of September 25. Additionally, the weighted average cost of debt declined 9 basis points to 3.23% per annum. These were driven by proactive debt management efforts further supported by favorable interest rate conditions. As of September, the ICR improved slightly to approximately three times on a 12-month trailing basis. and the average term to maturity of debt was 3.5 years by the end of first half FY25-26. By the close of the reporting period, NSW has a financial flex of approximately $0.9 billion in cash and undrawn committed facilities, ensuring sufficient liquidity for working capital and financial operations. So we will continue to ensure a natural balance sheet hedge by closely aligning the debt mixed with geographical distribution of Antec AUN were visible. Antec's debt profile remained well-distributed, with no more than 24% of debt expiring in any financial year. The outstanding borrowing in FY24-25, the $120 million, was on a facility in Korea, our joint venture with MITL. Facility were put in place, and the refinancing will be completed by next week. As you can see, we did a revaluation of our property in Korea, CPG, and that was because the lender required the valuation to be not less than three months old. Hence, we did a valuation in relation to this refinancing. So, in conjunction with the refinancing, we... and the valuation for TPG was actually about 1.3% above the local currency's valuation and hence we recorded a gain of $2.8 million under the share of profit of joint venture in the value sheet. Okay, on risk management, to share against interest rate volatilities, we continue to keep our fixed rate at above 70%. In August, we issued a $200 million seven-year green note at 2.45% per annum as of September, the fixed rate net stood at 77.5%. FX-wise, remain volatile with Hong Kong dollar, RMB, Korean won continue to depreciate against SING dollar. More than 70% of MPEG distributable income were in SING dollar and most of the foreign currency distributable income were also hatched into SING dollar based on a rolling four-quarter basis. Last but not least on the distribution detail, EPU for second quarter, was 2.01 cents, and unitholder can expect to receive distribution on 4th December, and the book closure date is on 30th October 2025. With that, I will now hand over the time to William. Thank you.

Okay, good evening, everyone. Maybe just go to slide 19 where we can look through the occupancy of the various assets. NBC has maintained its occupancy through the period and closed the quarter at 93%. VivoCity continues to maintain its 100% occupancy. The other SG properties' occupancy has improved slightly to 99.1%, while at Festival Wall, occupancy has also increased slightly as we were able to lease out another wall of this unit. For the China assets, we have continued to maintain occupancy at a fairly healthy level, but that was at a little bit of expense on rental reversion, as you will see in the later slide. For the Japan properties, one of the sub-tenants at M-Base Point, which was one of the sub-tenants for NTP, as part of the building, so there was also an occupancy volume sliding, while Pinnacle Dunlop managed to maintain occupancy close to food, except for one of the small retail units. Moving on to rental reversion. So for MBC rental reversion came in slightly negative. That's largely due to the fact that about 40% of the leases we have committed to date were actually at very high average rentals. These leases were signed before COVID. Most of them were north of $7 and our market rentals at MBC now are actually closer to the $650 number. due to the rental reversion of this chunk of leases, the MBC rental reversion is slightly negative. BVLCD continued its good performance, closing the quarter with a 14% positive rental reversion, while for the other SG properties, it came in at about 6%, driven by the improvements in performance at ARC as well as MTAWA. Festival Walk Rental Reversion came in at minus 10% widening slightly from the previous quarter Retail sentiment remains sadly weak in Hong Kong We can go into a bit more detail on this in later slides For China, again The real estate market in both Shanghai for Business Park as well as Office for Beijing remains very weak. The amount of supply in Shanghai coupled with the economic outlook has led to tenants pushing down rentals. The competition between landlords in Shanghai and Beijing continues to be very fierce and rentals are continually being pushed downwards. to retain tenants and to ensure our occupancy remains at a fairly healthy number. We have moved our rentals downwards to match with market in an effort to maintain our occupancy, which you will see the team has done fairly well over the past quarter. For Japan properties, rentals are largely flat. And for Pinggang Dangnam, that one lease that we signed is just a small return, even though the rental reversion is positive. So lease expiry for office and retail remains fairly healthy, two years for retail and 2.4, giving a portfolio with an average lease expiry of 2.2 years. Okay, moving on to slide 23. This just gives a summary of the completion of the divestment of the two office assets in Japan. Two tiny small assets, one in Tokyo in the Ikebukuro area and the other in Yokohama. For this transaction that we had announced, it was the end of the previous quarter and it is completed in August. So moving on to retail. You'll see that for VivoCity, shopper traffic and tenant sales remain strong. This is despite the fact that we had a disruption within the mall due to the AEIs that have been ongoing. The next slide shows the AEI works which were completed at the mall over the last few months. So phase one was completed in first quarter. That's actually the change of layout of the foot kiosk as well as increase of the kiosk from 21 to 24. The second phase is the expansion of the basement to area by about 14,000 square feet or net lettable through conversion of carpet area and reconfiguration. Okay, so if any of you have been to the mortgage space, you can take a look at this. But for those that have not, we have a video to give you a sense of how it looks like.