(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 29 January 2008 (as amended))

MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024

TABLE OF CONTENTS

Item No.

Description

Page No.

-

Summary Results of Mapletree Industrial Trust Group

2

-

Introduction

3

1.1

Consolidated Statement of Profit or Loss

4 - 5

1.2

Distribution Statement

5

1.3

Consolidated Statement of Comprehensive Income

6

1.4

Statements of Financial Position

7 - 8

1.5

Consolidated Statement of Cash Flows

9 - 10

1.6 (i)

Statements of Movements in Unitholders' Funds- MIT Group

11 - 12

1.6 (ii)

Statements of Movements in Unitholders' Funds- MIT

13

2

Notes to the Unaudited Condensed Interim Consolidated Financial

14 - 28

Statements

3.1

Review of Unaudited Condensed Interim Consolidated Financial

29

Statements

3.2

Review of Performance

29 - 31

3.3

Variance from Prospect Statement

31

3.4

Outlook and Prospects

32 - 33

3.5

Distributions

33 - 35

3.6

General Mandate relating to Interested Person Transactions

35

3.7

Confirmation pursuant to Rule 720(1) of the Listing Manual

35

3.8

Additional information required pursuant to Rule 706A of the Listing

36

Manual

3.9

Confirmation by the Board

36

1

MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024

Summary Results of Mapletree Industrial Trust Group1 ("MIT Group")

4QFY23/24

3QFY23/24

Variance

4QFY22/23

Variance

%

%

Gross revenue (S$'000)2

178,700

173,886

2.8

171,099

4.4

Net property income

131,784

129,855

1.5

128,916

2.2

(S$'000)2

Amount available for

97,915

97,665

0.3

89,486

9.4

distribution (S$'000)2

- to Perpetual securities

2,356

2,382

(1.1)

2,330

1.1

holders

- to Unitholders

95,559

95,2835, 6

0.3

87,156

9.6

Distribution to Unitholders

95,245

95,2225, 6

**

91,2383, 4

4.4

(S$'000)

No. of units in issue ('000)

2,834,670

2,833,999

**

2,739,870*

3.5

Distribution per unit (cents)

3.36

3.365, 6

**

3.333, 4

0.9

FY23/24

FY22/23

Variance

%

Gross revenue (S$'000)2

697,332

684,865

1.8

Net property income

521,043

517,951

0.6

(S$'000)2

Amount available for

384,545

366,099

5.0

distribution (S$'000)2

- to perpetual securities

9,476

9,450

0.3

holders

- to Unitholders

375,0693, 4, 5, 6

356,649

5.2

Distribution to Unitholders

378,2813, 4, 5, 6

368,2403, 4

2.7

(S$'000)

No. of units in issue ('000)

2,834,670

2,739,870*

3.5

Distribution per unit (cents)

13.573, 4

(1.0)

13.433, 4, 5, 6

  • Includes new units issued pursuant to the Distribution Reinvestment Plan ("DRP")
  • Less than 0.1%

Notes:

  1. MIT Group comprises Mapletree Industrial Trust ("MIT") and its wholly-owned subsidiaries.
  2. Gross revenue and net property income do not include MIT's interests in the North American joint venture with Mapletree Investments Pte Ltd ("MIPL"), which is equity accounted. Amount available for distribution includes distribution declared by the joint venture.
  3. Includes the distribution of net divestment gain of S$15.7 million from 26A Ayer Rajah Crescent over eight quarters from 2QFY21/22 to 1QFY23/24.
  4. Includes the distribution of tax-exempt income of S$6.6 million withheld in 4QFY19/20 over three quarters from 3QFY22/23 to 1QFY23/24.
  5. Includes the distribution of compensation received for compulsory acquisition of part of the land at 2 and 4 Loyang Lane of S$2.1 million, which was withheld in 3QFY21/22, over two quarters from 2QFY23/24 to 3QFY23/24. Please refer to the Financial Statement and Distribution Announcement for the period from 1 October 2021 to 31 December 2021.
  6. Includes the distribution of net divestment gain of S$4.2 million from 65 Tech Park Crescent over two quarters from 2QFY23/24 to 3QFY23/24. 65 Tech Park Crescent was divested on 20 July 2017.

2

MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024

Introduction

MIT is a real estate investment trust listed on the Main Board of Singapore Exchange. The principal activity of MIT and its subsidiaries (the "Group") is to invest in income-producing real estate used primarily for industrial purposes in Singapore and as data centres worldwide beyond Singapore, as well as real estate-related assets, with the primary objective of achieving sustainable returns from rental income and long-term capital growth.

MIT's property portfolio includes Data Centres (Asia), Data Centres (North America), Hi-Tech Buildings, Business Park Buildings, Flatted Factories, Stack-up/Ramp-up Buildings and Light Industrial Buildings.

On 25 May 2023, MIT through its subsidiary, Yuri Tokutei Mokuteki Kaisha ("Yuri TMK") entered into a conditional trust beneficial interest purchase and sale agreement to acquire a data centre located in Osaka, Japan (the "Acquisition") at a purchase consideration of JPY52.0 billion (approximately S$507.9 million1).The construction of the building and the first phase of fitting-out works were completed in November 2022. The second phase of fitting-out works completed in January 2024, and the remaining phases will be completed in progressive stages with the final phase expected to be completed in May 2025. Portions of the purchase consideration are to be paid out progressively upon the substantial completion of each phase. The Acquisition was completed on 28 September 2023. MIT has an effective economic interest of 98.47% in Yuri TMK.

With the acquisition of a data centre in Osaka, the segmental results for the Group's data centres in Singapore and Japan would be reported under a new segment named "Data Centres (Asia)".

In connection with the Acquisition, MIT conducted an Equity Fund Raising exercise via a private placement. On 6 June 2023, MIT issued 92,593,000 new units at the issue price of S$2.212 per unit through a private placement. Gross proceeds of approximately S$204.8 million were raised from the private placement.

On 27 June 2023, MIT issued JPY6.5 billion (approximately S$61.4 million2 ) and JPY10.0 billion (approximately S$94.5 million2) in principal amount of 1.686% and 1.85% fixed rate notes due in 2035 and 2038 respectively. The notes were issued under the S$2,000,000,000 Euro Medium Term Securities Programme.

On 28 November 2023, MIT, through its subsidiary Yuri TMK, entered into a bond purchase agreement, which contains certain conditions similar to loan facilities and notes issued under the Group's S$1,000,000,000 Multicurrency Medium Term Note Programme and S$2,000,000,000 Euro Medium Term Securities Programme.

On 27 March 2024, MIT completed the divestment of investment property at 115A & 115B Commonwealth Drive, Singapore at a sale price of S$50.6 million.

As at 31 March 2024, MIT's total assets under management was S$8.9 billion, which comprised 56 properties in North America (including 13 data centres held through the joint venture with Mapletree Investments Pte Ltd), 83 properties in Singapore and one property in Japan.

MIT's distribution policy is to distribute at least 90.0% of its taxable income, comprising substantially rental income from the letting of its properties and related property services income after deduction of allowable expenses, as well as interest income from the periodic placement of cash surpluses in bank deposits.

  1. Based on the exchange rate of JPY102.38 to S$1.00, applied in the announcement dated 22 May 2023.
  2. Based on the exchange rate of JPY105.81 to S$1.00 on transaction date.

3

MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024

1.1 Consolidated Statement of Profit or Loss

4Q

4Q

FY23/24

FY22/23

Variance

FY23/24

FY22/23

Variance

(S$'000)

(S$'000)

%

(S$'000)

(S$'000)

%

Gross revenue

178,700

171,099

4.4

697,332

684,865

1.8

Property operating

(46,916)

(42,183)

11.2

(176,289)

(166,914)

5.6

expenses

Net property income

131,784

128,916

2.2

521,043

517,951

0.6

Interest income

2,394

271

>100.0

4,751

700

>100.0

Borrowing costs

(27,740)

(27,822)

(0.3)

(106,609)

(97,599)

9.2

Manager's management

fees

-

Base fees

(10,402)

(9,813)

6.0

(41,849)

(40,457)

3.4

-

Performance fees

(4,721)

(4,557)

3.6

(18,838)

(18,585)

1.4

Trustee's fees

(266)

(251)

6.0

(1,054)

(1,017)

3.6

Other trust expenses

(716)

(3,560)

(79.9)

(4,655)

(7,316)

(36.4)

Net foreign exchange

1,448

505

>100.0

1,778

(1,175)

***

gain/(loss)

Gain on divestment of

3,492

-

***

3,492

3,759

(7.1)

investment properties1

Net change in fair value

(968)

489

***

(1,879)

1,519

***

of financial

derivatives2

Net fair value loss on

(210,826)

(110,632)

90.6

(210,826)

(110,632)

90.6

investment properties3

Share of joint venture's

(36,853)

39,148

***

(8,713)

67,907

***

results

Comprising:

- Net profit after tax

8,346

9,111

(8.4)

36,486

37,870

(3.7)

- Net fair value (loss)/

(45,199)

30,037

***

(45,199)

30,037

***

gain on investment

properties3

(Loss)/Profit for the

period

(153,374)

12,694

***

136,641

315,055

(56.6)

before tax

Income tax expense

(8,818)

(14,536)

(39.3)

(16,013)

(23,949)

(33.1)

- Current income tax

(688)

(2,919)

(76.4)

(6,904)

(9,617)

(28.2)

- Deferred tax

(8,130)

(11,617)

(30.0)

(9,109)

(14,332)

(36.4)

(Loss) / Profit for the

(162,192)

(1,842)

>100.0

120,628

291,106

(58.6)

period

Attributable to:

Unitholders

(164,633)

(4,172)

>100.0

111,036

281,656

(60.6)

Perpetual securities

2,356

2,330

1.1

9,476

9,450

0.3

Holders4

Non-controlling interest

85

-

***

116

-

***

(Loss)/Profit for the

(162,192)

(1,842)

>100.0

120,628

291,106

(58.6)

period

*** Not meaningful

4

MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024

1.1 Consolidated Statement of Profit or Loss(continued)

Notes:

  1. Gain on divestment of investment properties arose from the divestment of 115A & 115B Commonwealth Drive in FY23/24; and divestments of 19 Changi South Street 1 and 19675 West Ten Mile Road, Southfield in FY22/23.
  2. These reflect the fair value changes of the interest rate swaps and currency forwards. The Group enters into interest rate swaps and currency forwards to manage its exposure to interest rate risks and currency risks.
  3. This relates to the net change in the properties fair values arising from the independent valuation exercise conducted.
  4. The perpetual securities have no fixed redemption date, with the redemption at the option of MIT on 11 May 2026 and each distribution payment date thereafter, and will bear an initial rate of distribution of 3.15% per annum for the first five years. Distributions are payable semi-annually at the discretion of MIT and will be non- cumulative.

1.2 Distribution Statement

4Q

4Q

Variance

FY23/24

FY22/23

Variance

FY23/24

FY22/23

(S$'000)

(S$'000)

%

(S$'000)

(S$'000)

%

(Loss)/Profit for the

period

(164,633)

(4,172)

>100.0

111,036

281,656

(60.6)

attributable to

Unitholders

Adjustment for net effect

of non-tax

250,089

83,774

>100.0

232,190

46,441

>100.0

chargeable items and

other adjustments1

Distribution declared by

10,103

7,554

33.7

31,843

28,552

11.5

joint venture

Amount available for

distribution to

95,559

87,156

9.6

375,069

356,649

5.2

Unitholders

Note:

1. Non-tax chargeable items and other adjustments include net fair value loss/gain in investment properties, share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments.

5

MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024

1.3 Consolidated Statement of Comprehensive Income

4Q

4Q

Variance

FY23/24

FY22/23

FY23/24

FY22/23

Variance

(S$'000)

(S$'000)

%

(S$'000)

(S$'000)

%

(Loss)/Profit for the

(162,192)

(1,842)

>100.0

120,628

291,106

(58.6)

period

Other comprehensive

(loss)/income:

Items that may be

reclassified

subsequently to profit

or loss:

Cash flow hedges:

-

Fair value (loss)/gain

29,975

(16,661)

***

67,190

72,491

(7.3)

-

Reclassification to

(16,979)

(12,727)

33.4

(68,001)

(20,279)

>100.0

profit or loss

Share of hedging reserve

1,624

(5,226)

***

(12,743)

4,325

***

of joint venture

Net translation

differences:

-

Financial statements

(2,758)

(4,267)

(35.4)

(21,279)

(22,207)

(4.2)

of foreign joint

venture and foreign

subsidiaries

-

Shareholder's loan

(1,787)

(983)

81.8

(3,836)

(4,971)

(22.8)

-

Borrowings

designated as net

(3,524)

1,042

***

5,633

5,269

6.9

investment hedge of

foreign operations

Other comprehensive

income/(loss), net of

6,551

(38,822)

***

(33,036)

34,628

(>100.0)

tax

for the period

Total comprehensive

(loss)/income for the

(155,641)

(40,664)

>100.0

87,592

325,734

(73.1)

period

Attributable to:

>100.0

Unitholders

(158,116)

(42,994)

78,124

316,284

(75.3)

Perpetual securities

2,356

2,330

1.1

9,476

9,450

0.3

holders

***

Non-controlling interest

119

-

(8)

-

***

Total comprehensive

(155,641)

(40,664)

>100.0

87,592

325,734

(73.1)

(loss)/income for the

period

*** Not meaningful

6

MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024

1.4 Statements of Financial Position

MIT Group

MIT

31 March

31

31 March

31

March

March

2024

2024

2023

2023

(S$'000)

(S$'000)

(S$'000)

(S$'000)

Current assets

Cash and cash equivalents

119,902

146,611

25,398

31,212

Trade and other receivables

38,475

26,946

35,617

35,522

Other current assets

3,465

2,832

686

370

Derivative financial instruments1

1,895

2,614

1,895

2,614

Total current assets

163,737

179,003

63,596

69,718

Non-current assets

Investment properties

7,847,851

7,658,715

3,942,906

3,977,899

Plant and equipment

53

95

53

95

Investments in:

-

subsidiaries

-

-

1,204,849

1,050,074

-

a joint venture

540,329

598,892

394,377

394,377

Loans to subsidiaries2

-

-

606,969

615,805

Other non-current assets

3,606

-

-

-

Derivative financial instruments

108,790

110,097

22,686

32,774

Total non-current assets

8,500,629

8,367,799

6,171,840

6,071,024

Total assets

8,664,366

8,546,802

6,235,436

6,140,742

Current liabilities

Trade and other payables

146,350

158,787

85,895

92,842

Borrowings

76,174

176,077

75,059

381

Loans from a subsidiary

-

-

-

174,963

Derivative financial instruments1

570

205

570

205

Current income tax liabilities

1,839

3,126

-

-

Total current liabilities

224,933

338,195

161,524

268,391

Non-current liabilities

Other payables

63,001

50,489

53,887

44,775

Borrowings

3,002,464

2,704,960

414,505

603,540

Loans from a subsidiary

-

-

383,047

184,490

Derivative financial instruments1

20

217

20

-

Deferred tax liabilities3

85,216

77,006

-

-

Total non-current liabilities

3,150,701

2,832,672

851,459

832,805

Total liabilities

3,375,634

3,170,867

1,012,983

1,101,196

Net assets

5,288,732

5,375,935

5,222,453

5,039,546

Represented by:

Unitholders' funds

4,984,582

5,074,133

4,920,625

4,737,744

Perpetual securities

301,828

301,802

301,828

301,802

Non-controlling interest

2,322

-

-

-

5,288,732

5,375,935

5,222,453

5,039,546

Net asset value per unit (S$)

1.76

1.85

1.74

1.73

7

MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024

1.4 Statements of Financial Position(continued)

Notes:

  1. Derivative financial instruments reflect the fair value of the interest rate swaps and currency forwards entered into by the Group and MIT to manage its interest rate risks and currency risks.
  2. Includes MIT's loans to subsidiaries, which are intended to be a long-term source of funding for the respective entities.
  3. Relates to deferred tax expense recognised on operations and investment properties from the wholly-owned North American portfolio in accordance with the accounting standards.

8

MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024

1.5 Consolidated Statement of Cash Flows

4Q

4Q

FY23/24

FY22/23

FY23/24

FY22/23

(S$'000)

(S$'000)

(S$'000)

(S$'000)

Cash flows from operating

activities

(162,192)

(1,842)

Profit for the period

120,628

291,106

Adjustments for:

- Borrowing costs

27,740

27,822

106,609

97,599

- Income tax expense

8,818

14,536

16,013

23,949

- Manager's management fees

1,654

1,319

5,165

5,862

paid/payable in units

- Bad debts written off

20

407

95

641

- Net change in fair value of

968

(489)

1,879

(1,519)

financial derivatives

- Depreciation and amortisation

3

12

42

59

- Interest income

(2,394)

(271)

(4,751)

(700)

- Net foreign exchange differences

3,072

3,852

(7,281)

(79)

- Write back for impairment of

(70)

(419)

(164)

(1,176)

trade receivables

(128)

(1,051)

(5,859)

(8,659)

- Amortisation of rental incentives

- Net fair value loss on investment

210,826

110,632

210,826

110,632

properties

- Gain on divestment of investment

(3,492)

-

(3,492)

(3,759)

properties

- Share of joint venture's results

36,853

(39,148)

8,713

(67,907)

Operating cash flows before

121,678

115,360

448,423

446,049

working capital changes

Changes in operating assets and

liabilities

(8,907)

- Trade and other receivables

31,785

1,680

663

- Trade and other payables

4,573

22,464

1,191

10,243

- Other current assets

(1,013)

(720)

(4,239)

(852)

Cash generated from operations

157,023

138,784

436,468

456,103

Interest received

2,382

270

4,747

693

Income tax paid

(1)

(4,318)

(8,431)

(8,732)

Net cash provided by operating

159,404

134,736

432,784

448,064

activities

Cash flows from investing

activities

Additions to investment properties

and investment property under

(76,032)

(67,430)

(432,611)

(154,982)

development

Net proceeds from divestment of

50,192

-

50,192

26,057

investment properties

Distributions received from joint

8,250

8,115

29,294

28,320

venture

Net cash used in investing

(17,590)

(59,315)

(353,125)

(100,605)

activities

9

MAPLETREE INDUSTRIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2024 TO 31 MARCH 2024 AND FULL YEAR FROM 1 APRIL 2023 TO 31 MARCH 2024

1.5 Consolidated Statement of Cash Flows(continued)

4Q

4Q

FY23/24

FY22/23

FY23/24

FY22/23

(S$'000)

(S$'000)

(S$'000)

(S$'000)

Cash flows from financing

activities

Repayment of bank loans

(320,389)

(303,638)

(979,762)

(825,691)

Redemption of medium term note

(100,000)

-

(175,000)

(45,000)

Payment of financing related costs

(1,942)

-

(4,993)

(5,727)

Gross proceeds from bank loans

253,025

303,638

1,040,199

846,301

Gross proceeds from issuance of

50,000

-

205,933

-

medium term notes

Gross proceeds from TMK bonds

-

-

92,578

-

Net proceeds from issuance of new

-

-

201,557

-

units

Contribution from non-controlling

-

-

6,225

-

interest

Capital redemption to non-

(3,895)

-

(3,895)

-

controlling interest

(95,222)

(56,008)

(374,273)1

(225,069) 1

Distributions to Unitholders

Distribution to perpetual securities

-

-

(9,450)

(9,450)

holders

(25,972)

(26,066)

(101,604)

(82,851)

Interest paid

Payment of lease liabilities2

(1,175)

(748)

(3,852)

(2,969)

Net cash used in financing

(245,570)

(82,822)

(106,337)

(350,456)

activities

Net decrease in cash

(103,756)

(7,401)

(26,678)

(2,997)

and cash equivalents

Cash and cash equivalents at

223,673

154,018

146,611

149,638

beginning of financial period

Effects of currency translation on

(15)

(6)

(31)

(30)

cash and cash equivalents

Cash and cash equivalents at

119,902

146,611

119,902

146,611

end of financial period

Notes:

  1. The amount of S$374.3 million includes an advance distribution of S$68.0 million or 2.48 cents per unit declared to eligible Unitholders on 6 June 2023 and paid on 6 July 2023. This advance distribution represents distribution for the period 1 April 2023 to 5 June 2023 to Unitholders existing as at 5 June 2023 and prior to issuance of the new units pursuant to the private placement. For FY22/23, the amount of S$225.1 million excludes S$145.4 million distributed through the issuance of 60,935,312 new units in MIT as part payment of distributions for the period from 1 January 2022 to 31 December 2022, pursuant to the DRP.
  2. Includes payment of finance cost for lease liabilities.

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Mapletree Industrial Trust published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 12:14:23 UTC.