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

MAPLETREE LOGISTICS TRUST 2023/2024 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

13 - 17

1(c)

Condensed Interim Consolidated Statement of Cash Flows

18 - 20

1(d)(i)

Condensed Interim Statements of Movements in Unitholders' Funds

21 - 24

1(d)(ii)

Details of Any Change in the Units

21 - 24

1(e)

Notes to the Unaudited Condensed Interim Financial Statements

25 - 31

2 & 3

Audit Statement

31

4 & 5

Changes in Accounting Policies

31 - 32

6

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

32

7

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

32

8

Review of Performance

33 - 36

9

Variance from Previous Forecast / Prospect Statement

36

10

Outlook & Prospects

36

11 & 12

Distributions

37 - 39

13

General Mandate on Interested Person Transactions

39

14

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

39

15

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

39

Page 1 of 39

MAPLETREE LOGISTICS TRUST

2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

Summary of Mapletree Logistics Trust Group Results

GROUP

GROUP

3 mths ended

3 mths ended

12 mths ended

12 mths ended

31 Mar 2024 1

31 Mar 2023 1

31 Mar 2024 2

31 Mar 2023 2

Gross Revenue (S$'000)

180,981

178,901

733,889

730,646

Net Property Income (S$'000)

155,313

154,345

634,944

634,783

Amount Distributable (S$'000)

116,472

3

114,560

4

471,489

5

454,430

6

- to Perpetual securities holders

6,052

5,326

24,340

21,501

- to Unitholders of MLT

110,420

109,234

447,149

432,929

Available Distribution per Unit ("DPU") (cents)

2.211

2.268

9.003

9.011

7

Footnotes:

  1. Quarter ended 31 March 2024 ("4Q FY23/24") started with 187 properties and ended with 187 properties. Quarter ended 31 March 2023 ("4Q FY22/23") started with 186 properties and ended with 185 properties.
  2. 12 months ended 31 March 2024 ("12M FY23/24") started with 185 properties and ended with 187 properties. 12 months ended 31 March 2023 ("12M FY22/23") started with 183 properties and ended with 185 properties.
  3. This includes distribution of divestment gain of S$12,009,000.
  4. This includes distribution of divestment gain of S$2,868,000.
  5. This includes distribution of divestment gain of S$41,594,000.
  6. This includes distribution of divestment gain of S$6,467,000.
  7. The total income support recognised in 12M FY22/23 was S$2,181,000. Excluding the income support, 12M FY22/23 DPU would be at 8.965 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 31 March 2024, the Group's portfolio had grown to a portfolio of 187 properties, comprising 49 properties in Singapore, 9 in Hong Kong SAR, 43 in China, 24 in Japan, 21 in South Korea, 14 in Australia, 14 in Malaysia, 10 in Vietnam and 3 in India. The total value of assets under management, including investment properties held for sale in Malaysia, is S$13.2 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 39

MAPLETREE LOGISTICS TRUST

2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

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 (expenses)/income, net

4

Borrowing costs

5

Net investment income

Net change in fair value of financial derivatives

6

Net income

Net movement in the value of investment

properties

7

Profit before income tax

Income tax

8

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/(chargeable) items and other

adjustments

9

Total amount distributable to Unitholders

10

Earnings per unit (cents)

  • Basic
  • Diluted

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

180,981

178,901

1.2

(25,668)

(24,556)

4.5

155,313

154,345

0.6

745

505

47.5

(22,574)

(21,689)

4.1

(447)

(424)

5.4

(9,469)

972

NM

(37,217)

(34,824)

6.9

86,351

98,885

(12.7)

7,846

15,492

(49.4)

94,197

114,377

(17.6)

(17,202)

219,160

NM

76,995

333,537

(76.9)

(11,855)

(40,217)

(70.5)

65,140

293,320

(77.8)

57,782

286,181

(79.8)

6,052

5,326

13.6

1,306

1,813

(28.0)

65,140

293,320

(77.8)

57,782

286,181

(79.8)

52,638

(176,947)

NM

110,420

109,234

1.1

1.165.95

1.165.95

NM: Not meaningful

Page 3 of 39

MAPLETREE LOGISTICS TRUST

2023/24 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 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Rental income

154,574

152,929

1.1

Service charges

23,617

23,349

1.1

Other operating income

2,790

2,623

6.4

180,981

178,901

1.2

2. Property expenses comprise the following:

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Operation and maintenance

6,808

6,276

8.5

Property and other taxes

11,241

10,856

3.5

Property and lease management fees

4,410

4,442

(0.7)

Loss allowances

30

12

>100

Others

3,179

2,970

7.0

25,668

24,556

4.5

3. Manager's management fees comprise the following:

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Base fees

17,024

16,184

5.2

Performance fees

5,550

5,505

0.8

22,574

21,689

4.1

The increase is in line with the growth of the Group's portfolio from acquisitions completed in FY23/24.

Page 4 of 39

MAPLETREE LOGISTICS TRUST

2023/24 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 expenses/(income) includes the following:

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Net foreign exchange loss/(gain)

4,573

(3,847)

NM

Other trust expenses, net

4,896

2,875

70.3

9,469

(972)

NM

For 4Q FY23/24, the net foreign exchange loss arose mainly from USD denominated borrowings, partly offset by settlement of JPY currency forwards.

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

Other trust expenses include legal and professional fees, audit and tax consultancy fees, non-property related miscellaneous expenses.

5. Borrowing costs include the following:

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Interest expenses:

- Bank and other borrowings

34,569

32,261

7.2

- Lease liabilities

961

1,013

(5.1)

Financing fees

1,687

1,550

8.8

37,217

34,824

6.9

  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 net change in fair value of investment properties and investment properties held for sale.
    For 4Q FY23/24, it comprises net fair value loss of investment properties, and fair value gain of a divested investment property held for sale in Singapore.
    For 4Q FY22/23, it pertained to net fair value gain of investment properties and three investment properties held for sale in Singapore and Malaysia. The Group divested one property in Singapore during 4Q FY22/23 and two properties in Malaysia during 2Q FY23/24.

Page 5 of 39

MAPLETREE LOGISTICS TRUST

2023/24 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)

8. Income tax comprises current income tax, withholding tax and deferred tax. The decrease is mainly due to reversal of deferred tax liabilities from net fair value loss of investment properties, partly offset by additional provision for prior years' income tax.

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Current income tax - current year

3,484

2,861

21.8

Current income tax - prior years

10,167

(16)

NM

Withholding tax

3,385

2,931

15.5

Deferred tax

(5,181)

34,441

NM

11,855

40,217

(70.5)

  1. Adjustment for net effect of non-tax deductible/(chargeable) items and other adjustments include trustee fee, financing fees incurred on bank facilities, foreign exchange difference, net movement in the value of investment properties, net change in the fair value of financial derivatives, management fees paid/payable in units and other adjustments.
  2. Distribution to Unitholders

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Distribution comprises:

- from operations

74,143

57,756

28.4

- from other gains

-

2,868

NM

- from capital returns

36,277

48,610

(25.4)

110,420

109,234

1.1

Distribution from operations:

In 4Q FY23/24, this includes distribution of divestment gain.

Distribution from other gains:

In 4Q FY22/23, this includes distribution of divestment gain.

Page 6 of 39

MAPLETREE LOGISTICS TRUST

2023/24 FULL YEAR UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

1(a)(ii) Condensed Interim Consolidated Statement of Comprehensive Income

GROUP

3 mths ended

3 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Profit for the period

65,140

293,320

(77.8)

Other comprehensive loss:

Items that may be reclassified subsequently

to profit or loss:

Cash flow hedges:

- Fair value gain/(loss)

20,696

(20,276)

NM

- Reclassification to profit or loss

(3,033)

7,179

NM

Net currency translation differences relating to

financial statements of foreign subsidiaries

(38,550)

(52,044)

(25.9)

Net currency translation differences on quasi

equity loans

(17,086)

(1,449)

>100

Net currency translation differences on

borrowings designated as net investment

hedge of foreign operations

2,592

5,824

(55.5)

Other comprehensive loss for the period

(35,381)

(60,766)

(41.8)

Total comprehensive income for the period

29,759

232,554

(87.2)

Total comprehensive income attributable to:

Unitholders of MLT

22,950

225,347

(89.8)

Perpetual securities holders

6,052

5,326

13.6

Non-controlling interests

757

1,881

(59.8)

29,759

232,554

(87.2)

NM: Not meaningful

Page 7 of 39

MAPLETREE LOGISTICS TRUST

2023/24 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)

Note

Gross revenue

1

Property expenses

2

Net property income

Interest income

Manager's management fees

3

Trustee's fee

Other trust expenses, net

4

Borrowing costs

5

Net investment income

Net change in fair value of financial derivatives

6

Net income

Net movement in the value of investment

properties

7

Profit before income tax

Income tax

8

Profit for the year

Profit attributable to:

Unitholders of MLT

Perpetual securities holders

Non-controlling interests

Profit for the year

Distribution Statement

Profit attributable to Unitholders of MLT

Adjustment for net effect of non-tax

deductible/(chargeable) items and other

adjustments

9

Total amount distributable to Unitholders

10

Earnings per unit (cents)

- Basic

- Diluted

GROUP

12 mths ended

12 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

733,889

730,646

0.4

(98,945)

(95,863)

3.2

634,944

634,783

0.0

2,935

2,437

20.4

(91,166)

(89,135)

2.3

(1,831)

(1,776)

3.1

(28,004)

(26,347)

6.3

(145,905)

(134,065)

8.8

370,973

385,897

(3.9)

20,671

45,787

(54.9)

391,644

431,684

(9.3)

1,491

225,766

(99.3)

393,135

657,450

(40.2)

(63,107)

(88,430)

(28.6)

330,028

569,020

(42.0)

303,135

545,076

(44.4)

24,340

21,501

13.2

2,553

2,443

4.5

330,028

569,020

(42.0)

303,135

545,076

(44.4)

144,014

(112,147)

NM

447,149

432,929

3.3

6.11

11.36

6.11

11.36

NM: Not meaningful

Page 8 of 39

MAPLETREE LOGISTICS TRUST

2023/24 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

12 mths ended

12 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Rental income

626,466

625,860

0.1

Service charges

96,499

92,419

4.4

Other operating income

10,924

12,367

(11.7)

733,889

730,646

0.4

2. Property expenses comprise the following:

GROUP

12 mths ended

12 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Operation and maintenance

25,264

23,424

7.9

Property and other taxes

44,294

41,789

6.0

Property and lease management fees

17,358

17,742

(2.2)

Loss allowances

219

1,932

(88.7)

Others

11,810

10,976

7.6

98,945

95,863

3.2

3. Manager's management fees comprise the following:

GROUP

12 mths ended

12 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Base fees

69,117

66,859

3.4

Performance fees

22,049

22,276

(1.0)

91,166

89,135

2.3

The increase is in line with the growth of the Group's portfolio from acquisitions completed in FY23/24.

Page 9 of 39

MAPLETREE LOGISTICS TRUST

2023/24 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 expenses includes the following:

GROUP

12 mths ended

12 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Net foreign exchange loss

12,304

11,563

6.4

Loss allowances

-

5,096

NM

Other trust expenses, net

15,700

9,688

62.1

28,004

26,347

6.3

For 12M FY23/24, the net foreign exchange loss arose mainly from USD denominated borrowings and CNH denominated receivables, partly offset by settlement of JPY and CNH currency forwards.

For 12M FY22/23, the net foreign exchange loss arose mainly from USD denominated borrowings and CNH denominated receivables, partly offset by settlement of JPY and AUD denominated borrowings.

Loss allowances in FY22/23 related to amounts paid to JTC in respect of unauthorised subletting of premises by a former tenant that has been put under creditors' voluntary winding up proceedings.

Other trust expenses include legal and professional fees, audit and tax consultancy fees, non-property related miscellaneous expenses. In 12M FY23/24, it included a non-recoverable amount of S$1,777,000 after settlement of a dispute with a former tenant. In 12M FY22/23, it included an income support of S$2,181,000 in relation to the acquisition of China properties completed in FY21/22 and FY22/23.

5. Borrowing costs include the following:

GROUP

12 mths ended

12 mths ended

Increase/

31 Mar 2024

31 Mar 2023

(Decrease)

S$'000

S$'000

%

Interest expenses:

- Bank and other borrowings

134,907

124,729

8.2

- Lease liabilities

3,610

3,777

(4.4)

Financing fees

7,388

5,559

32.9

145,905

134,065

8.8

  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 net change in fair value of investment properties and investment properties held for sale.
    For 12M FY23/24, it comprises net fair value loss from investment properties and fair value gain from seven investment properties held for sale in Singapore, Japan and Malaysia. Five properties in Singapore, Japan and Malaysia were divested in FY23/24. The remaining two properties in Malaysia are expected to complete in the first half of FY24/25.
    For 12M FY22/23, it pertained to net fair value gain of investment properties and three investment properties held for sale in Singapore and Malaysia. The Group divested one property in Singapore during 4Q FY22/23 and two properties in Malaysia during 2Q FY23/24.

Page 10 of 39

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Mapletree Logistics Trust published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 12:08:46 UTC.