Slide 1: 3QFY24/25 Financial Results
3QFY24/25 Financial Results 22 January 2025
Slide 2: Important Notice
Important Notice This presentation shall be read in conjunction with Mapletree Industrial Trust’s (“MIT”) financial results for Third Quarter Financial Year 2024/2025 in the SGXNET announcement dated 22 January 2025. This presentation is for information only and does not constitute an offer or solic
Slide 3: Contents
Contents 01 Key Highlights – 1 Oct 2024 to 31 Dec 2024 02 3QFY24/25 Financial Performance 03 Portfolio Update 04 Investment Update 05 Outlook and Strategy 3
Slide 4: Key Highlights 1 Oct 2024 to 31 Dec 2024
KEY HIGHLIGHTS 1 OCT 2024 TO 31 DEC 2024 Data Centres, 13831 Katy Freeway, Houston
Slide 5: Key Highlights
Key Highlights Higher Net Property Income driven by contributions from the Tokyo Acquisition, Osaka Data Centre and new leases and renewals • 3QFY24/25 Net Property Income: S$133.2 million ( 2.6% y-o-y) • 3QFY24/25 Distribution to Unitholders: S$97.1 million ( 2.0% y-o-y) • 3QFY24/25 DPU: 3.41 cen
Slide 6: Sustainable and Growing Returns
Sustainable and Growing Returns Amount Available for DPU Distribution to Unitholders (cents) (S$ million) 120 3.39 3.43 3.41 3.50 3.36 3.36 3.37 110 3.32 97.9 97.5 3.00 100 95.6 96.4 94.395.3 89.9 90 2.50 80 70 2.00 60 50 1.50 40 1.00 30 20 0.50 10 0 3Q¹ 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Slide 7: 3QFY24/25 Financial Performance
3QFY24/25 FINANCIAL PERFORMANCE Hi-Tech Buildings, build-to-suit project for HP
Slide 8: Comparison of 3QFY24/25 and 3QFY23/24
Comparison of 3QFY24/25 and 3QFY23/24 3QFY24/25 3QFY23/24 Net property income increased due to Year-on-Year / () (S$’000) (S$’000) • higher contributions from Osaka Data Centre and the newly acquired mixed- Gross revenue 177,311 173,886 2.0% use facility in Tokyo; and • new leases and renewals
Slide 9: Comparison of YTD FY24/25 and YTD FY23/24
Comparison of YTD FY24/25 and YTD FY23/24 YTD FY24/25 YTD FY23/24 Net property income increased due to Year-on-Year / () (S$’000) (S$’000) • higher contributions from Osaka Data Centre and the newly acquired mixed- Gross revenue 534,035 518,632 3.0% use facility in Tokyo; and • new leases and r
Slide 10: Comparison of 3QFY24/25 and 2QFY24/25
Comparison of 3QFY24/25 and 2QFY24/25 3QFY24/25 2QFY24/25 Net property income decreased due to Quarter-on-Quarter / () (S$’000) (S$’000) • Non-renewal of leases in certain clusters in Singapore; Gross revenue 177,311 181,445 (2.3%) • higher property maintenance costs for the Singapore clusters;
Slide 11: Statement of Financial Position
Statement of Financial Position 31 Dec 2024 30 Sep 2024 / () 31 Mar 2024 / () Total assets (S$ million) 8,874.1 8,612.1 3.0% 8,664.4 2.4% Total liabilities (S$ million) 3,613.1 3,420.2 5.6% 3,375.6 7.0% Net assets attributable to 4,957.2 4,887.5 1.4% 4,984.6 (0.5%) Unitholders (S$ million) Net
Slide 12: Strong Balance Sheet
Strong Balance Sheet 31 Dec 2024 30 Sep 2024 DEBT CURRENCY PROFILE As at 31 December 2024 Total debt S$3,173.0 million S$3,014.0 million 17.8% Weighted average 3.1 years 3.4 years tenor of debt Aggregate leverage 39.8% 39.1% ratio1 20.3% Strong balance sheet to pursue growth opportunities 61.9% ‘B
Slide 13: Well Diversified Debt Maturity Profile
Well Diversified Debt Maturity Profile DEBT MATURITY PROFILE1 As at 31 December 2024 24% 24% 50.4 190.7 17% 17% 111.0 833.8 10% 649.4 602.4 100.8 397.2 3% 283.0 2% 2% 0% 125.0 1% 60.0 100.8 88.3 50.0 ∕∕ 26.5 ∕∕ 57.4 ∕∕ FY24/25 FY25/26 FY26/27 FY27/28 FY28/29 FY29/30 FY30/31 FY32/33 FY35/36 FY38/39 M
Slide 14: Risk Management
Risk Management 31 Dec 2024 30 Sep 2024 Fixed as a % of total debt 78.3% 80.4% Weighted average hedge tenor 3.2 years 3.4 years Average borrowing cost for the 3.1% 3.2% quarter Interest coverage ratio (“ICR”) for 4.7 times 4.7 times the trailing 12 months1 Adjusted ICR for the trailing 12 4.3 times
Slide 15: Portfolio Update
PORTFOLIO UPDATE Hi-Tech Buildings, Mapletree Hi-Tech Park @ Kallang Way
Slide 16: 141 Properties Across 6 Property Segments
141 Properties Across 6 Property Segments S$9.2 billion1 25.2 million2 >2,000 tenants AUM NLA (sq ft) Tenant Base Light Industrial Buildings Data Centres: 55.9% 0.6% North America: 46.1% Stack-up/Ramp-up Buildings Japan: 6.6% 5.7% Singapore: 3.2% Flatted Factories 15.3% Flatted Factories Data Cen
Slide 17: Portfolio Growth since IPO
Portfolio Growth since IPO 3 Asset Enhancement FY21/22 FY22/23 FY23/24 FY24/25 S$8.8b S$8.8b S$8.9b Initiatives (“AEI”) 5 Build-to-Suit (“BTS”) Projects FY20/21 11 Acquisitions S$6.8b FY19/20 S$5.9b Acquisition Acquisition FY18/19 29 US DCs Osaka Data S$4.8b US$1.32b Centre4 FY17/18 JPY52b FY16/17 S
Slide 18: Portfolio Overview
Portfolio Overview Singapore North American Japan Overall Portfolio Portfolio Portfolio Portfolio Number of properties 83 56 2 141 NLA (million sq ft) 16.4 8.31 0.5 25.21 Occupancy (%) 3QFY24/25 92.7 90.3 100.0 92.12 2QFY24/25 93.7 90.9 100.0 92.92 Average rental rate (psf/mth) S$2.28 US$2.48 - - SE
Slide 19: Lease Expiry Profile
Lease Expiry Profile EXPIRING LEASES BY GROSS RENTAL INCOME1 As at 31 December 2024 WALE based on date of commencement of leases (years) 2 North American Portfolio 6.2 Singapore Portfolio 2.8 Japan Portfolio 14.8 35.5% Overall Portfolio1 4.5 19.3% 19.2% 16.6% 6.7% 2.7% FY24/25 FY25/26 FY26/27 FY27/2
Slide 20: Large and Diversified Tenant Base
Large and Diversified Tenant Base TOP 10 TENANTS BY GROSS RENTAL INCOME1 As at 31 December 2024 5.9% Over 2,000 tenants Largest tenant contributes 5.9% of Portfolio’s Gross Rental Income 4.9% Top 10 tenants forms about 29.8% of Portfolio’s Gross Rental Income 3.7% 3.0% 2.9% 2.3% 2.3% 1.8% 1.6%
Slide 21: Tenant Diversification Across Trade Sectors
Tenant Diversification Across Trade Sectors1 No single trade sector accounted >17% of Portfolio’s Gross Rental Income By Gross Rental Income As at 31 Dec 2024 1 Based on MIT’s 50% interest of the joint venture with MIPL in three fitted data centres and 10 powered shell data centres in North America
Slide 22: Diversified Mix of Data Centres
Diversified Mix of Data Centres About 74.8% of MIT’s Data Centre Portfolio are on triple net lease structures whereby the majority of outgoings1 are borne by the tenants Good mix of powered shell, fitted and fitted hyperscale data centres SPLIT BETWEEN LEASE TYPES FOR SPLIT BETWEEN TENANT TYPES
Slide 23: Singapore Portfolio Performance
Singapore Portfolio Performance Occupancy Gross Rental Rate 100% S$ psf/mth $2.50 93.7% 93.4% 93.8% 93.6% 93.6% 93.7% 92.7% 90% $2.28 $2.26 $2.26 80% $2.21 $2.22 $2.18 $2.19 70% $2.00 60% 50% 40% $1.50 30% 20% 10% 0% $1.00 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY19/20
Slide 24: Rental Reversions (Singapore)
Rental Reversions (Singapore) GROSS RENTAL RATE (S$ PSF/MTH)1 For Period 3QFY24/25 Before Renewal After Renewal $3.98 $4.11 $3.73 New Leases $3.54 $3.48 Passing Rent $3.04 $3.70 $3.37 $1.96 $1.97 $1.78 $1.75 $1.52 $1.40 $1.87 $1.68 $1.40 Hi-Tech Buildings Business Park Buildings Flatted Factories St
Slide 25: Healthy Tenant Retention (Singapore)
Healthy Tenant Retention (Singapore) LONG STAYING TENANTS RETENTION RATE FOR 3QFY24/25 Up to 1 yr 7.5% >1 to 2 yrs >10 yrs 7.7% 36.3% 81.7% 75.2% 75.1% 4 yrs or 62.0% > 2 to 3 yrs less 10.3% More than 33.3% 4 yrs 66.7% 29.0% >3 to 4 yrs 7.8% N.A. 0.0% >4 to 5 yrs Data Hi-Tech Business Flatted Stack-
Slide 26: Commitment to a Sustainable Environment
Commitment to a Sustainable Environment Long-term Targets by FY29/30 15% 17% 10,000 kWp Average Building Average Building Scope 2 GHG Total Solar Energy Electricity Intensity1 Emissions Intensity1 Generating Capacity YTD FY24/25 Key Achievements 4,106 kWp WELL Health-Safety Rating Total solar genera
Slide 27: Investment Update
INVESTMENT UPDATE Data Centres, 44490 Chilum Place, Ashburn
Slide 28: Acquisition of a Freehold Property in Tokyo, Japan
Acquisition of a Freehold Property in Tokyo, Japan • Acquisition of a multi-storey mixed-use facility in Tokyo, Japan Proposed Acquisition • Comprises data centre, back office, training facilities and an adjacent accommodation wing Purchase Consideration / 100% Basis: JPY14.5 billion (approximately
Slide 29: Strategic Location with Potential Redevelopment to a New Data Centre
Strategic Location with Potential Redevelopment to a New Data Centre In line with MIT’s portfolio rejuvenation and rebalancing efforts Data Centre Distribution in Greater Tokyo Future redevelopment opportunity with value creation potential The Property is within a network-dense location in Tama di
Slide 30: Outlook and Strategy
OUTLOOK AND Data Centres, 2601 West Broadway Road, Tempe STRATEGY
Slide 31: Outlook
Outlook Challenging operating environment in view of global uncertainties Global growth is expected to hold steady at 2.7% in 2025 and 20261. Numerous risks such as policy uncertainty, persistent inflation and escalation of geopolitical tensions remain Increasing property operating expenses and
Slide 32: Outlook
Outlook North America • According to CBRE4, the demand for data centre capacity in North America is expected to continue growing in 2025, driven by digital services, cloud computing, artificial intelligence and 5G deployment. Average vacancy rates for primary markets fell to a record-low 2.8% in 202
Slide 33: Diversified and Resilient
Diversified and Resilient Anchored by large and diversified tenant base with low dependence Stable and on any single tenant or trade sector Resilient Portfolio Focus on tenant retention to maintain a stable portfolio occupancy Hedged borrowings of 78.3% and weighted average hedge tenor of Enha
Slide 34: End of Presentation
End of Presentation For enquiries, please contact Ms Cheng Mui Lian, Senior Manager, Investor Relations and Sustainability, DID: (65) 6377 4536, Email: cheng.muilian@mapletree.com.sg