(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 5 July 2004 (as amended))

MAPLETREE LOGISTICS TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2023

TABLE OF CONTENTS

Item No.

Description

Page No.

-

Summary of Mapletree Logistics Trust Group Results

2

-

Introduction

2

1(a)(i)

Condensed Interim Consolidated Statement of Profit or Loss and

3

- 6

Distribution Statement

1(a)(ii)

Condensed Interim Consolidated Statement of Comprehensive Income

7

1(b)(i)

Condensed Interim Statements of Financial Position

8

- 11

1(b)(ii)

Aggregate Amount of Borrowings and Debt Securities

12

1(c)

Condensed Interim Consolidated Statement of Cash Flows

13 - 14

1(d)(i)

Condensed Interim Statements of Movements in Unitholders' Funds

15 - 16

1(d)(ii)

Details of Any Change in the Units

16

1(e)

Notes to the Unaudited Condensed Interim Financial Statements

17 - 22

2 & 3

Audit Statement

22

4 & 5

Changes in Accounting Policies

22

6

Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU")

23

7

Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit

23

8

Review of Performance

24 - 25

9

Variance from Previous Forecast / Prospect Statement

26

10

Outlook & Prospects

26

11 & 12

Distributions

27 - 29

13

General Mandate on Interested Person Transactions

29

14

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

29

15

Confirmation by Board

29

Page 1 of 29

MAPLETREE LOGISTICS TRUST

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2023

Summary of Mapletree Logistics Trust Group Results

GROUP

Gross Revenue (S$'000)

Net Property Income (S$'000)

Amount Distributable (S$'000)

  • to Perpetual securities holders
  • to Unitholders of MLT

Available Distribution per Unit ("DPU") (cents) Available DPU for 3 months ended 30 June 2023 comprising:

3 mths ended

30 Jun 2023 1

182,194

158,143

118,024

2

6,052

111,972

2.271

3 mths ended

30 Jun 2022 1

187,674

163,238

113,962

3

5,353

108,609

2.268

4

  1. Advanced distribution for the period 1 April 2023 to 10 April 2023 (paid on 22 May 2023)
  2. Balance distribution for the period 11 April 2023 to 30 June 2023 (payable on 19 September 2023)

cents 0.234 2.037

Footnotes:

  1. Quarter ended 30 June 2023 ("1Q FY23/24") started with 185 properties and ended with 193 properties. Quarter ended 30 June 2022 ("1Q FY22/23") started with 183 properties and ended with 185 properties.
  2. This includes partial distribution of the gain from the divestment of 3 Changi South Lane of S$2,868,000 per quarter (for 2 quarters from 4Q FY22/23) and full distribution of written back provision of capital gain tax for 7 Tai Seng Drive of S$4,729,000, 4 Toh Tuck Link of S$528,000 and 531 Bukit Batok Street 23 of S$310,000.
  3. This includes partial distribution of the gain from the divestment of MapletreeLog Integrated (Shanghai) (HKSAR) Limited and its wholly-owned subsidiary, MapletreeLog Integrated (Shanghai) Co., Ltd., which owns Mapletree Waigaoqiao Logistics Park ("Mapletree Integrated") of S$1,799,000 per quarter (for 12 quarters from 3Q FY19/20). The gain was fully distributed in 2Q FY22/23.
  4. The amount of income support for 1Q FY22/23 was S$610,000. Excluding the income support, 1Q FY22/23 DPU would be at 2.255 cents.

INTRODUCTION

Mapletree Logistics Trust ("MLT") is a Singapore-domiciled Real Estate Investment Trust constituted pursuant to the Trust Deed dated 5 July 2004 (as amended) between Mapletree Investments Pte Ltd and Mapletree Trustee Pte. Ltd.. The Trust Deed is governed by the laws of the Republic of Singapore. Mapletree Logistics Trust Management Ltd. ("the Manager") replaced Mapletree Investments Pte Ltd as manager of MLT on 14 June 2005 and HSBC Institutional Trust Services (Singapore) Limited replaced Mapletree Trustee Pte. Ltd. as trustee of MLT on 24 June 2005.

MLT was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited on 28 July 2005. MLT's initial IPO portfolio comprised 15 Singapore-based properties with a total book value of S$422 million as at 28 July 2005.

The principal activity of MLT and its subsidiaries (the "Group") is to invest in a diversified portfolio of quality income-producing logistics real estate and real estate-related assets in Asia Pacific that would provide its Unitholders with a stable distribution stream.

As at 30 June 2023, the Group's portfolio had grown to a portfolio of 193 properties, comprising 52 properties in Singapore, 9 in Hong Kong SAR, 43 in China, 25 in Japan, 21 in South Korea, 14 in Australia, 17 in Malaysia, 10 in Vietnam and 2 in India. The total value of assets under management, including investment properties held for sale in Malaysia, is S$13.5 billion.

MLT's distribution policy is to distribute at least 90% of its distributable income and such distributions are typically paid on a quarterly basis, with the amount calculated for the quarter ended as at 31 March, 30 June, 30 September and 31 December. Distributions are paid in Singapore Dollar.

Page 2 of 29

MAPLETREE LOGISTICS TRUST

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2023

1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement

Note

Gross revenue

1

Property expenses

2

Net property income

Interest income

Manager's management fees

3

Trustee's fee

Other trust income/(expenses), net

4

Borrowing costs

5

Net investment income

Net change in fair value of financial derivatives

6

Net income/Profit before income tax

Income tax

7

Profit for the period

Profit attributable to:

Unitholders of MLT

Perpetual securities holders

Non-controlling interests

Profit for the period

Distribution Statement

Profit attributable to Unitholders of MLT

Adjustment for net effect of non-tax

deductible items and other adjustments

8

Total amount distributable to Unitholders

9

Earnings per unit (cents)

  • Basic
  • Diluted

GROUP

3 mths ended

3 mths ended

Increase/

30 Jun 2023

30 Jun 2022

(Decrease)

S$'000

S$'000

%

182,194

187,674

(2.9)

(24,051)

(24,436)

(1.6)

158,143

163,238

(3.1)

687

572

20.1

(22,377)

(22,797)

(1.8)

(451)

(464)

(2.8)

2,762

(8,200)

NM

(35,137)

(30,997)

13.4

103,627

101,352

2.2

(579)

14,626

NM

103,048

115,978

(11.1)

(9,661)

(15,965)

(39.5)

93,387

100,013

(6.6)

87,067

94,409

(7.8)

6,052

5,353

13.1

268

251

6.8

93,387

100,013

(6.6)

87,067

94,409

(7.8)

24,905

14,200

75.4

111,972

108,609

3.1

1.77

1.97

1.77

1.97

NM: Not meaningful

Page 3 of 29

MAPLETREE LOGISTICS TRUST

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2023

1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)

1. Gross revenue comprises the following:

GROUP

3 mths ended

3 mths ended

Increase/

30 Jun 2023

30 Jun 2022

(Decrease)

S$'000

S$'000

%

Rental income

155,291

161,913

(4.1)

Service charges

23,154

22,202

4.3

Other operating income

3,749

3,559

5.3

182,194

187,674

(2.9)

2. Property expenses comprise the following:

GROUP

3 mths ended

3 mths ended

Increase/

30 Jun 2023

30 Jun 2022

(Decrease)

S$'000

S$'000

%

Operation and maintenance

5,848

5,432

7.7

Property and other taxes

10,832

11,277

(3.9)

Property and lease management fees

4,212

4,484

(6.1)

Loss allowances

124

454

(72.7)

Others

3,035

2,789

8.8

24,051

24,436

(1.6)

3. Manager's management fees comprise the following:

GROUP

3 mths ended

3 mths ended

Increase/

30 Jun 2023

30 Jun 2022

(Decrease)

S$'000

S$'000

%

Base fees

17,108

17,211

(0.6)

Performance fees

5,269

5,586

(5.7)

22,377

22,797

(1.8)

4. Other trust income/(expenses) includes the following:

GROUP

3 mths ended

3 mths ended

Increase/

30 Jun 2023

30 Jun 2022

(Decrease)

S$'000

S$'000

%

Net foreign exchange gain/(loss)

5,914

(5,759)

NM

Other trust expenses, net

(3,152)

(2,441)

29.1

2,762

(8,200)

NM

For 1Q FY23/24, the net foreign exchange gain arose mainly from USD and AUD denominated borrowings and settlement of JPY and CNH currency forwards.

For 1Q FY22/23, the net foreign exchange loss arose mainly from CNH denominated receivables and USD denominated borrowings.

Other trust expenses include legal and professional fees, audit and tax consultancy fees, non-property related miscellaneous expenses. In 1Q FY22/23, it included an income support in relation to the acquisition of China properties completed in FY21/22 and FY22/23.

Page 4 of 29

MAPLETREE LOGISTICS TRUST

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER ENDED 30 JUNE 2023

1(a)(i) Condensed Interim Consolidated Statement of Profit or Loss and Distribution Statement (continued)

5. Borrowing costs include the following:

GROUP

3 mths ended

3 mths ended

Increase/

30 Jun 2023

30 Jun 2022

(Decrease)

S$'000

S$'000

%

Interest expenses:

- Bank and other borrowings

31,833

28,855

10.3

- Lease liabilities

911

960

(5.1)

Financing fees

2,393

1,182

>100

35,137

30,997

13.4

  1. Net change in fair value of financial derivatives comprises net change in fair value of interest-rate swaps, cross currency swaps and currency forwards which were entered into to hedge the Group's interest rate and foreign currency risks. This has no impact on total amount distributable to Unitholders.
  2. Income tax comprises current income tax, withholding tax and deferred tax. The decrease is mainly due to written back provision of prior years' capital gain tax provided on divestments of properties in Singapore.

GROUP

3 mths ended

3 mths ended

Increase/

30 Jun 2023

30 Jun 2022

(Decrease)

S$'000

S$'000

%

Current income tax - current year

3,003

3,174

(5.4)

Current income tax - prior years

(5,570)

38

NM

Withholding tax

2,899

4,015

(27.8)

Deferred tax

9,329

8,738

6.8

9,661

15,965

(39.5)

8. Adjustment for net effect of non-tax deductible items and other adjustments include trustee fee, financing fees incurred on bank facilities, foreign exchange difference, net change in the fair value of financial derivatives, management fees paid/payable in units and other adjustments.

Page 5 of 29

Attachments

Disclaimer

Mapletree Logistics Trust published this content on 25 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2023 10:41:23 UTC.