Mapletree Pan Asia Commercial Trust

Good morning everybody and members of the public. Welcome to Maple Tree Pan Asia Commercial Trust or MPAC's analyst briefing and live webcast for our results for the fourth quarter and financial year ending 31st March 2026. I'm Yiyin and I have the pleasure of hosting today's results briefing. Allow me to introduce our speakers for today. They are Ms. Sharon Lin, Chief Executive Officer of MPAC, Ms. Jenica Tan, Chief Financial Officer and Mr. Koh Wee Leong, our Head of Investment and Asset Management. will be presenting our financial results, providing business developments and updates, and sharing market insights. Following the presentation, we will open the floor for a Q&A session, where we invite you to ask questions or seek further clarification on our results. Without further ado, I will hand the floor over to our CFO, Jenica.

Very good morning. For FY25-26, this was a year of deliberate reshaping of MPACs, three non-core assets were divested, two in Japan, completed in August last year, and in February we completed the divestment of Festival Walk Tower, the office tower of Festival Walk. And all proceeds were deployed towards debt reduction, strengthening and financial compensation. In relation to the divestment of Festival Walk office tower, a lot of divestment of $10 million and a balancing charge of $6.3 million on certificate allowance previously claimed on Festival Walk Hour was recorded in fourth quarter FY25-26. Okay, now let me quickly go into the results. Fourth quarter, gross revenue and NPI were $210.48 million and $100.6 million respectively, lower by 5.5% and 5.9% year-on-year. This was largely due to global overseas contributions unfavorable effects surrounding from musical Hong Kong dollar and the Japanese yen and the divestment effects from the two Japanese yen and the festival of power. Singapore's gross revenue and NPI grew 1.8% and 2.1% year-on-year respectively, set by Libo City as well as from other office properties. OPEC-wise, its bell 4.1% year-on-year may lead you to reduce operation and maintenance expenses and lower utility expenses. The lower contributions from operations were partially offset by interest savings from lower interest rates on $6 and Hong Kong dollar followings, as well as on loans repaid using the divestment proceeds. Distributable income for the quarter, $100.2 million and TPU $1.90, which were 3.3% and 2.6% lower as compared to the whole quarter last year. And we saw the one-off balance in charge, which has mentioned earlier, the DPU would have been 2.0%, which is 4.6% higher year-on-year.

Moving on to the 3-year results, gross revenue and MPI were $867.3 million and $654.4 million, down 4.6% and 4.3% year-on-year respectively.