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

MAPLETREE LOGISTICS TRUST 2022/2023 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

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 - 12

Distribution Statement

1(a)(ii)

Condensed Interim Consolidated Statement of Comprehensive Income

3 - 12

1(b)(i)

Condensed Interim Statements of Financial Position

13 - 17

1(b)(ii)

Aggregate Amount of Borrowings and Debt Securities

18

1(c)

Condensed Interim Consolidated Statement of Cash Flows

19 - 21

1(d)(i)

Condensed Interim Statements of Movements in Unitholders' Funds

22 - 26

1(d)(ii)

Details of Any Change in the Units

22 - 26

1(e)

Notes to the Unaudited Condensed Interim Financial Statements

26 - 32

2 & 3

Audit Statement

32

4 & 5

Changes in Accounting Policies

32

6

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

33

7

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

33

8

Review of Performance

34 - 37

9

Variance from Previous Forecast / Prospect Statement

37

10

Outlook & Prospects

37

11 & 12

Distributions

38 - 40

13

General Mandate on Interested Person Transactions

40

14

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

40

15

Confirmation Pursuant to Rule 704(13) of the Listing Manual

40

16

Additional Information Required Pursuant to Rule 706A of the Listing Manual

40

Page 1 of 41

MAPLETREE LOGISTICS TRUST

2022/23 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

Summary of Mapletree Logistics Trust Group Results

GROUP

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)

3 mths ended 31 Mar 2023

178,901 154,345 114,560 5,326 109,234

2.268

1

3

5

3 mths ended 31 Mar 2022

182,871 157,096 113,304 5,294 108,010

2.268

1

4

6

12 mths ended 31 Mar 2023

730,646 634,783 454,430 21,501 432,929

9.011

2

3, 4

5

12 mths ended 31 Mar 2022

678,550 592,138 410,234 19,507 390,727

8.787

2

4

6

Footnotes:

  1. Quarter ended 31 March 2023 ("4Q FY22/23") started with 186 properties and ended with 185 properties. Quarter ended 31 March 2022 ("4Q FY21/22") started with 167 properties and ended with 183 properties.
  2. 12 months ended 31 March 2023 ("12M FY22/23") started with 183 properties and ended with 185 properties. 12 months ended 31 March 2022 ("12M FY21/22") started with 163 properties and ended with 183 properties.
  3. 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).
  4. 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.
  5. The total income support recognised in 12M FY22/23 amounted to S$2,181,000. Excluding the income support, 4Q FY22/23 DPU would remain at 2.268 cents and 12M FY22/23 DPU would be at 8.965 cents.
  6. The amount of income support for the period from initial completion date to 31 March 2022 was S$1,092,000. Excluding the income support, 4Q FY21/22 DPU would be at 2.245 cents and 12M FY21/22 DPU would be at 8.764 cents respectively.

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 31 March 2023, the Group's portfolio had grown to a portfolio of 185 properties, comprising 52 properties in Singapore, 9 in Hong Kong SAR, 43 in China, 19 in Japan, 20 in South Korea, 13 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$12.8 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 41

MAPLETREE LOGISTICS TRUST

2022/23 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

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

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2023

31 Mar 2022

(Decrease)

Note

S$'000

S$'000

%

Gross revenue

1

178,901

182,871

(2.2)

Property expenses

2

(24,556)

(25,775)

(4.7)

Net property income

154,345

157,096

(1.8)

Interest income

505

446

13.2

Manager's management fees

3

(21,689)

(21,296)

1.8

Trustee's fee

(424)

(417)

1.7

Other trust income/(expenses), net

4

972

(2,516)

NM

Borrowing costs

5

(34,824)

(27,752)

25.5

Net investment income

98,885

105,561

(6.3)

Net change in fair value of financial derivatives

6

15,492

10,438

48.4

Net income

114,377

115,999

(1.4)

Net movement in the value of investment

properties

7

219,160

565,033

(61.2)

Profit before income tax

333,537

681,032

(51.0)

Income tax

8

(40,217)

(178,542)

(77.5)

Profit for the period

293,320

502,490

(41.6)

Profit attributable to:

Unitholders of MLT

286,181

496,811

(42.4)

Perpetual securities holders

5,326

5,294

0.6

Non-controlling interests

1,813

385

>100

Profit for the period

293,320

502,490

(41.6)

Distribution Statement

Profit attributable to Unitholders of MLT

286,181

496,811

(42.4)

Adjustment for net effect of non-tax

chargeable items and other adjustments

9

(176,947)

(388,801)

(54.5)

Total amount distributable to Unitholders

10

109,234

108,010

1.1

Earnings per unit (cents)

- Basic

5.95

10.45

- Diluted

5.95

10.45

NM: Not meaningful

Page 3 of 41

MAPLETREE LOGISTICS TRUST

2022/23 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

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/

31 Mar 2023

31 Mar 2022

(Decrease)

S$'000

S$'000

%

Rental income

152,929

158,942

(3.8)

Service charges

23,349

21,103

10.6

Other operating income

2,623

2,826

(7.2)

178,901

182,871

(2.2)

2. Property expenses comprise the following:

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2023

31 Mar 2022

(Decrease)

S$'000

S$'000

%

Operation and maintenance

6,276

6,705

(6.4)

Property and other taxes

10,856

11,700

(7.2)

Property and lease management fees

4,442

4,387

1.3

Loss allowances

12

344

(96.5)

Others

2,970

2,639

12.5

24,556

25,775

(4.7)

3. Manager's management fees comprise the following:

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2023

31 Mar 2022

(Decrease)

S$'000

S$'000

%

Base fees

16,184

15,690

3.1

Performance fees

5,505

5,606

(1.8)

21,689

21,296

1.8

The increase is in line with the growth of the Group's portfolio from acquisitions completed in FY22/23 and 4Q FY21/22.

Page 4 of 41

MAPLETREE LOGISTICS TRUST

2022/23 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

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

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

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2023

31 Mar 2022

(Decrease)

S$'000

S$'000

%

Net foreign exchange gain

(3,847)

(976)

>100

Other trust expenses, net

2,875

3,492

(17.7)

(972)

2,516

NM

For 4Q FY22/23, the net foreign exchange gain arose mainly from USD denominated borrowings.

For 4Q FY21/22, the net foreign exchange gain arose mainly from CNH denominated receivables, partly offset by foreign exchange loss from settlement of JPY and USD denominated borrowings.

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

5. Borrowing costs include the following:

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2023

31 Mar 2022

(Decrease)

S$'000

S$'000

%

Interest expenses:

- Bank and other borrowings

32,261

25,862

24.7

- Lease liabilities

1,013

974

4.0

Financing fees

1,550

916

69.2

34,824

27,752

25.5

  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. Net movement in value of investment properties includes fair value gain of investment properties and investment properties held for sale.

Page 5 of 41

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Mapletree Logistics Trust published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2023 07:47:09 UTC.