Mapletree Pan Asia Commercial Trust

Good morning, analysts, investors, and members of the public. Welcome to the analyst briefing and live webcast of Maple Tree Pan Asia Commercial Trust, or MPACT, for our results for the second quarter of our staff from 1st April to 30th September 2026. I'm Yeh, I'll be your host for today's results briefing. Our speakers today are Ms. Sharon Lim, Chief Executive Officer for MPACT, Ms. Jennica Tan, Chief Financial Officer, and Mr. Kobi Leong, Our Head of Investment and Asset Management. He will be presenting our financial results, providing key business developments and sharing market insights. Following the presentation, we will open the floor for Q&A. You are welcome to ask questions. So without further ado, I will hand the floor over to Jannica, our CFO. Jannica, please.

Good morning, everyone. Let me start with our second quarter's results for FY26-27 compared with the same period last year. Gross revenue for the quarter was $207.5 million, while MPI was $153.5 million. These were down 5% and 6.3% year-on-year respectively. Contributions from our Singapore properties remained steady. VivoCity delivered stronger performance following the completion of the B2A EI, alongside sustained rental growth. This was partly offset by transitional downtime at MBC and M Tower, Lower compensation income at MVC and higher property taxes across the Singapore properties. Overseas contributions were lower mainly due to the previously disclosed non-renewal at Fujitsu building in Japan and the challenging conditions in China and Hong Kong. We also no longer receive contributions from the asset divested last year and the net proceeds from those divestments were used to repay that. On expenses, Property operating expenses were 1.2% lower year-on-year, primarily due to the divestment. Finance expenses fell by 10.1%, reflecting lower interest rates on our SingDollar borrowings and continued interest savings from debt reduction. TPU for second quarter was $1.94, with VivoCities growth and interest savings partially offsetting the softer overseas contribution. Turning on to slide 9 on the performance across our markets, Singapore continues to underpin MPEX resilience. At NBC, we are progressively backfilling space with a key committed list expected to begin contributing rental income progressively from next quarter onwards. For our oversea properties, longer downtime and negative rental reversions wait on contributions. Moving on to our first half results for FY26-27 compared with the same period last year. Gross revenue was $413.9 million and NPF was $308.3 million, down 5.3% and 6.5% year-on-year respectively. Singapore's gross revenue grew 1.2% year-on-year, while overseas contributions were affected by the same factor I've mentioned for the second quarter, as well as a stronger SING dollar against Japanese Yen and Hong Kong dollar. Finance expenses were 14.4% lower at $83.4 million, and DPU for the first half was $3.90. On slide 11, our core asset VivoCity and MVC continued to anchor portfolios' earnings. Together, they contributed 58% of gross revenue and 59% of MPI. VivoCity's gross revenue grew 7.5%, while MPI increased at 6.9%, benefiting from the V2 AEI. Moving on to our balance sheet on slide 12, our NAV per unit remained relatively stable at $1.73 at 30th September 2026. So now I move on to capital management on slide 13. Ross outstanding borrowings stood at $5.9 billion with aggregate leverage 38.1%. Interest coverage was 3.3 times on the 12-month trailing basis. Our weighted average all-in cost of debt declined to 2.95% from 3.23% a year ago. And of the total gross debt, 71.8% was either fixed rate or hedged through interest rate swap. And the average term to maturity was 3.2 years. On the financial flags, MPAC has approximately $0.6 billion in cash and undrawn committed facility at the close of the reporting period. providing sufficient liquidity for working capital and financial obligations. We continue to maintain a natural balance sheet hedge by aligning our debt currency mixed with our Java Freezer distribution of MPEX AUM where feasible. Debt maturity profile remains well spread with no more than 22% falling due in any single financial year. Facilities are already in place to refinance the remaining borrowings due in these financial years. Moving on to risk management, to manage interest rate volatility, we continue to keep more than 70% of our debt on fixed rate. So as of September, this portion stood at 71.8%. FX remained volatile against SingDollar. On a rolling four-quarter basis, approximately 94% of MPEG's distributable income was derived from or hashed into SingDollar. We will continue to take a risk-based approach to capital management with a focus on overall financial resilience. Financing costs remain subject to market conditions and we expect the scope for further savings to narrow as rates rise. Finally, let me cover the distribution detail. TPU for the second quarter 1.94 cents. Unitholder can expect to receive the distribution on 16 December and the book closure date will be on 10 November 2026. With that, I will hand over to Wee Leong. Thank you.

Okay, good morning everyone.