Mapletree Pan Asia Commercial Trust · SGX:N2IU
Mapletree Pan Asia Commercial Trust — Q1 FY25/26 Earnings Presentation
65 slides from Mapletree Pan Asia Commercial Trust's earnings presentation, Jul 30, 2025
Slide 1: 1Q FY25/26 Financial Results
Mapletree Pan Asia Commercial Trust 1Q FY25/26 Financial Results 30 July 2025
Slide 2: Important Notice
Important Notice This presentation is for information only and does not have regard to your specific investment objectives, financial situation or your particular needs. This presentation does not constitute an invitation, offer or solicitation of any offer to sell or subscribe for, acquire or purch
Slide 3: Content
Content ▪ Key Highlights Page 4 ▪ Financial Performance Page 7 ▪ Portfolio Highlights Page 15 ▪ Commitment to Sustainability Page 31 ▪ Outlook Page 34 ▪ Appendix 1: Market Information Page 38 ▪ Appendix 2: Other Asset Information Page 56
Slide 4: Key Highlights
Key Highlights VivoCity, SG
Slide 5: Key Highlights
Key Highlights Financials and Capital Management 1Q FY25/26 Distribution per Unit NAV per Unit Aggregate Leverage (“DPU”) S$1.74 37.9 % 2.01 Singapore cents Operational Performance Assets Under Management Portfolio Committed (“AUM”)1 Occupancy Portfolio WALE S$15.7 billion 89.3 % 2.3 years 17 commer
Slide 6: Key Highlights (cont'd)
Key Highlights (cont’d) Financial Performance Portfolio Performance (cont’d) 1Q FY25/26 vs 1Q FY24/25 VivoCity ▪ Singapore showed sustained strength: 2.9% growth in NPI ▪ Sustained outstanding performance: 6.0% NPI growth led by VivoCity despite AEI disruptions; with robust rental reversion reflecti
Slide 7: Financial Performance
Financial Performance Mapletree Business City, SG
Slide 8: 1Q FY25/26 vs 1Q FY24/25: Singapore's Stability and Strategic Divestment Continued to Drive Resilience
1Q FY25/26 vs 1Q FY24/25: Singapore’s Stability and Strategic Divestment Continued to Drive Resilience Proactive debt reduction and improved operating costs delivered meaningful cost savings S$’000 unless 1Q FY25/26 1Q FY24/25 Variance otherwise stated Gross Revenue1 218,616 236,654 7.6% Gross rev
Slide 9: 1Q FY25/26 vs 1Q FY24/25: Singapore's 2.9% Growth in Contribution to NPI
1Q FY25/26 vs 1Q FY24/25: Singapore’s 2.9% Growth in Contribution to NPI1 Cushioned Overseas Headwinds VivoCity delivered 6.0% NPI growth despite AEI disruptions Contribution to Gross Revenue Contribution to NPI (S$ million) (S$ million) 239.4 2.8 221.7 181.5 Contribution to Gross Revenue 19.4 3.0 2
Slide 10: Maintained Stable Balance Sheet
Maintained Stable Balance Sheet NAV per Unit primarily affected by SGD’s strength against HKD, RMB and JPY As at As at S$’000 unless otherwise stated 30 June 2025 31 March 2025 Investment Properties 15,463,448 15,728,702 Investment in Joint Venture1 116,233 110,874 Other Assets 274,181 302,031 Total
Slide 11: Proactive Balance Sheet Management
Proactive Balance Sheet Management Lower weighted average cost of debt and sustained sub-40% gearing demonstrate management discipline As at As at As at 30 June 2025 31 March 2025 30 June 2024 Gross Debt Outstanding1 S$6,057.9 mil S$6,139.9 mil S$6,818.9 mil Aggregate Leverage Ratio2 37.9% 37.7% 40.
Slide 12: Reinforcing Long-Term Stability with Judicious Capital Management
Reinforcing Long-Term Stability with Judicious Capital Management (as at 30 June 2025) Balancing flexibility and stability while optimising costs Supported by ample ICR well above statutory Proactive debt mix alignment with AUM composition liquidity limit of 1.5x Foreign-denominated debt, 46% 2% Tot
Slide 13: Prudent Hedging Measures to Mitigate Volatilities
Prudent Hedging Measures to Mitigate Volatilities (as at 30 June 2025) Fixed rate debt kept above 70% provides stability while retaining flexibility for favourable rate movements ~88% of expected distributable income derived from or hedged into SGD to provide income stability ~78% of total debt hedg
Slide 14: Distribution Details
Distribution Details Unitholders will receive 1Q FY25/26 DPU of 2.01 Singapore cents on 11 September 2025 Distribution Period 1 April 2025 to 30 June 2025 Distribution Amount 2.01 Singapore cents per Unit Distribution Timetable Notice of Record Date Wednesday, 30 July 2025 Last Day of Trading on “cu
Slide 15: Portfolio Highlights
Portfolio Highlights VivoCity, SG
Slide 16: Portfolio Highlights
Portfolio Highlights Portfolio1 Committed Occupancy Total Lettable Area Renewed & Re-let 89.3% 205,496 sq ft 800,662 sq ft Retail Office/Business Park Rental Reversion Tenant Retention Rate +1.4% 75.9% VivoCity Festival Walk Tenant Sales Shopper Traffic Tenant Sales Shopper Traffic 2.1% 1.3% 3
Slide 17: Commitment Levels Maintained Through Proactive Leasing
Commitment Levels Maintained Through Proactive Leasing Focused tenant retention strategy exemplified by early renewal of key tenant at MBC, demonstrating continued tenant confidence As at As at As at 30 June 2025 31 March 2025 30 June 2024 (%) (%) (%) MBC, SG 92.6 91.2 92.8 VivoCity, SG 99.7 99.3 99
Slide 18: Positive Portfolio Rental Reversion Underpins Core Stability
Positive Portfolio Rental Reversion Underpins Core Stability VivoCity leads with strong 14.7% rental uplift Continued emphasis on cash flow stability to navigate market complexities Retention Rate by Lettable Area Number of Leases Rental Lettable Area Renewed/Re-Let Committed Reversion1,2 (%) (sq ft
Slide 19: Balanced Lease Expiry Profile
Balanced Lease Expiry Profile (as at 30 June 2025) Mitigates concentration risk and supports long-term stability Weighted Average Lease Expiry (“WALE”) by Gross Monthly Income (“GRI”) Portfolio Retail Office/Business Park 2.3 years1 2.2 years 2.4 years Lease Expiry Profile by Percentage of Monthly G
Slide 20: Performance of Office/Business Park Assets
Performance of Office/Business Park Assets Reinforced stability with renewal of a key tenant ahead Agile leasing measures and strategic occupancy of lease expiry management to navigate market pressures Committed Occupancy Total Lettable Area Committed Occupancy Total Lettable Area Renewed/Re-let YTD
Slide 21: Proposed Divestment of Two Japan Office Buildings to Unrelated Third Parties
Proposed Divestment of Two Japan Office Buildings to Unrelated Third Parties Ongoing portfolio optimisation with continued focus on Singapore as core market Divestment to be completed by end-August 2025 Properties Overview Transaction Rationale ✓ Ongoing management efforts to uplift portfolio qualit
Slide 22: Performance of Retail Assets
Performance of Retail Assets VivoCity – Flagship asset anchors portfolio resilience Festival Walk – Marketing initiatives continue to drive with continued exceptional performance shopper traffic amid broad market shifts Total Lettable Area Total Lettable Area Committed Occupancy Committed Occupancy
Slide 23: VivoCity – Tenant Sales Growth Delivered Through Successful Atrium Events
VivoCity – Tenant Sales Growth Delivered Through Successful Atrium Events Despite Temporary AEI Disruptions 2.1% growth in tenant sales driven by targeted atrium events that drew higher spending, offsetting the effect of reduced footfall mostly attributable to outbound school holiday travel Shopper
Slide 24: VivoCity – Progress Update of Basement 2 AEI
VivoCity – Progress Update of Basement 2 AEI Phase 1 fully completed; Phase 2 expansion progressing on schedule Completion of Phase 1 ✓ Phase 1: Successfully completed in 1Q FY25/26 with full commitment; increasing food kiosks from 21 to 24 ✓ Phase 2: Works to increase retail lettable area by 14,000
Slide 25: VivoCity – Basement 2's Transformation On Track (cont'd)
VivoCity – Basement 2’s Transformation On Track (cont’d) Phase 1 fully completed; Phase 2 expansion progressing on schedule Phase 2 Expansion Progress ✓ 14,000 square feet of new retail space nearing full commitment, demonstrating robust tenant demand ✓ Progressive opening from September 2025 to ser
Slide 26: VivoCity – Proactively Revitalising Our Space and Tenant Mix
VivoCity – Proactively Revitalising Our Space and Tenant Mix Elevating shopper experience through fresh brand additions and revamped storefronts Expanding the mall’s retail options Lovet, L2 – Homegrown blogshop fashion brand expands its Eichitoo, L2 – Stylish women’s fashion retailer distinctive ph
Slide 27: VivoCity – Strategic Partnerships Drive Shopper Engagement
VivoCity – Strategic Partnerships Drive Shopper Engagement Exclusive collaborations delivered unique experiences and boosted sales “Stitch 626 Party” with Disney and MINISO’s Stitch-themed pop-up store transformed VivoCity into a destination for family fun Five-metre tall Stitch installation and Sti
Slide 28: Festival Walk – Navigating Broad Market Shifts
Festival Walk – Navigating Broad Market Shifts 1Q FY25/26 tenant sales largely affected by Hong Kong’s record-high outbound travel in April 2025 Marketing initiatives continued to drive shopper traffic Shopper Traffic (mil) Tenant Sales (HKD mil)1 7.8% 3.2% year-on-year year-on-year 857.8 8.5 7.
Slide 29: Festival Walk – Ongoing Tenant Curation
Festival Walk – Ongoing Tenant Curation Proactively refining tenant mix and refreshing offerings to stay ahead of evolving market demands Jiro Ramen, UG – Beloved ramen well-known known Bauhaus, UG – Local fashion retailer offering a wide range of apparels, for their authentic broth and tasty noodle
Slide 30: Festival Walk – Marketing Efforts Continue to Elevate Mall's Profile and Drive Footfall
Festival Walk – Marketing Efforts Continue to Elevate Mall’s Profile and Drive Footfall Attracting shoppers through high-impact celebrity appearances and campaigns complemented by trendy pop-ups Popular celebrities graced the Commercial Radio “Music is Live August 2025” press conference event Anson
Slide 31: Commitment to Sustainability
Commitment to Sustainability Mapletree Business City, SG
Slide 32: Our Steadfast Commitment to Sustainability
Our Steadfast Commitment to Sustainability 12 material factors mapped to United Nations Sustainable Development Goals (“SDGs”) Underpinned by four ESG pillars Enhancing Social Value Building a Safeguarding Against the Upholding High Ethical in Our Workplace Resilient Business Impact of Climate Chang
Slide 33: Net Zero by 2050: Building a Climate-Resilient Portfolio
Net Zero by 2050: Building a Climate-Resilient Portfolio Methodical approach to decarbonisation from baseline assessment, target setting, pathway identification to strategic implementation Roadmap to Building a Climate-Resilient Portfolio Foundation and Pathway Stakeholder Engagement Decarbonisation
Slide 34: Outlook
Outlook Mapletree Business City, SG
Slide 35: Looking Forward: Positioning and Adapting for Stability
Looking Forward: Positioning and Adapting for Stability Geopolitical and macroeconomic headwinds continue to shape the operating landscape ▪ Intensifying geopolitical conflicts and escalating trade tensions have created an unprecedented volatile environment, heightening downside risks across markets
Slide 36: MPACT: Positioning and Adapting for Stability
MPACT: Positioning and Adapting for Stability A flagship commercial REIT that provides stability and scale across key gateway markets of Asia S$6.6 billion1 15 10.4 million sq ft S$15.9 billion Market Capitalisation Properties Portfolio Lettable Area Assets Under Management (“AUM”)2 Diversified and
Slide 37: Thank You
Thank You For enquiries, please contact: Teng Li Yeng Cassandra Seet Investor Relations Investor Relations Tel: +65 6377 6111 Tel: +65 6807 4064 Email: teng.liyeng@mapletree.com.sg Email: cassandra.seet@mapletree.com.sg 37
Slide 38: Appendix 1: Market Information
Appendix 1: Market Information Festival Walk, HK
Slide 39: Singapore Retail – Market Overview
Singapore Retail – Market Overview Moderate retail sales growth expected due to lower consumer confidence amid economic uncertainties Stronger Singapore dollar may encourage outbound travel, further dampening local retail sales Key Retail Malls and Submarkets Average Rent Orchard Suburban S$40.90 S$
Slide 40: Singapore Retail – Market Overview (cont'd)
Singapore Retail – Market Overview (cont’d) Planned New Supply (2025 – 2027) Area Submarket Property Expected Completion (’000 sq ft) Rest of Central Area CanningHill Square 90.5 2025 Downtown (CBD ex. Orchard) Shaw Tower Redevelopment 10.9 2Q 2026 Downtown (CBD ex. Orchard) TMW Maxwell 32.4 2026 Su
Slide 41: Singapore Retail Sales Performance
Singapore Retail Sales Performance Apr-May 2025 retail sales remained relatively stable on yoy basis (S$ bil) (Online Sales Proportion) 5.0 100.0% 4.5 4.4 90.0% 4.2 4.1 4.0 4.0 4.0 3.8 3.9 80.0% 3.7 3.8 3.6 3.7 3.6 3.6 3.6 3.7 3.6 3.6 3.5 3.5 3.4 3.5 3.5 3.5 3.5 3.6 3.5 3.6 3.6 3.5 3.4 3.4 3.4 3.4 3
Slide 42: Singapore Visitor Arrivals
Singapore Visitor Arrivals Visitor arrivals for first five months grew 2.3% yoy to 7.1 million, highest since 2020 Diverse line-up of events and government initiatives expected to continue to support visitor arrivals amid macro headwinds 25.0 20.0 19.1 16.5 International Visitor Arrivals (million) 1
Slide 43: Singapore Office – Market Overview
Singapore Office – Market Overview Businesses remained cautious in their leasing plans given ongoing macroeconomic uncertainties Key Office Districts Average Rent Occupancy Islandwide Islandwide S$6.97 88.3% per sq ft per month 1.1 pp 7.4% qoq from last quarter ▪ In 1Q 2025, overall islandwide v
Slide 44: Singapore Office – Market Overview (cont'd)
Singapore Office – Market Overview (cont’d) Planned New Supply (2025 – 2027) Submarket Property Area (’000 sq ft) Expected Completion Rest of Central Region Shaw Tower Redevelopment 435.0 2Q 2026 Core CBD Solitaire On Cecil 173.2 2026 Suburban Jurong Gateway Hub 435.0 2027 Core CBD Newport Tower 262
Slide 45: Singapore Business Parks – Market Overview
Singapore Business Parks – Market Overview Newer business parks are expected to show more resilience Limited upcoming supply could provide some relief to pressures on occupancy and rental rates Existing and Planned Business Park Clusters Planned New Supply (2025 – 2027) Area Expected Submarket Prope
Slide 46: Hong Kong Retail – Market Overview
Hong Kong Retail – Market Overview Moderate recovery in retail sales could lend support to the broader retail market Rents in Kowloon East and Kowloon Tong submarkets likely to face some pressure from new supply in Kowloon East Key Retail Areas Average Rent Occupancy1 Kowloon East Kowloon East HKD24
Slide 47: Hong Kong Retail – Market Overview (cont'd)
Hong Kong Retail – Market Overview (cont’d) Planned New Supply (2025 – 2027) Submarket Property Area (’000 sq ft) Expected Completion Kowloon East The Twins (Phase 2) 450.0 2025 Others 11 Skies 3,230.0 2025 Kowloon East NKIL 6568 220.0 2025 Others Kiu Tau Wai 490.0 2026 Others XRL Terminus (Retail P
Slide 48: Hong Kong Retail Sales Performance
Hong Kong Retail Sales Performance Retail sales for April-May 2025 remained flat compared to a year ago even though total retail sales for the month of May 2025 was up 2.4% yoy after 14 months of consecutive decline (HKD bil) (Online Sales Proportion) 40.0 100.0% 36.2 36.3 36.5 35.4 34.7 90.0% 35.0
Slide 49: Hong Kong Visitor Arrivals
Hong Kong Visitor Arrivals Total overall visitor and mainland visitor arrivals increased by 14.9% and 14.6% yoy respectively, likely driven by eased travel restrictions and local government’s marketing campaigns 70,000 60,000 Total Visitor Arrivals (’000) 50,000 12,138 40,000 10,481 30,000 7,241 26
Slide 50: Beijing Office Market – Market Overview
Beijing Office Market – Market Overview Vacancy rates expected to remain elevated due to persisting economic and demand uncertainty Key Office Districts Average Rent Occupancy Lufthansa (Grade A) Lufthansa (Grade A) RMB225 76.3% per sq m per month 0.1 pp 4.3% qoq from last quarter ▪ In 2Q 2025,
Slide 51: Beijing Office Market – Market Overview (cont'd)
Beijing Office Market – Market Overview (cont’d) Planned New Supply (2025 – 2027) Submarket Property Area (’000 sq m) Expected Completion Zhongguancun Dongsheng Sci-Tech Park, Xueyuan Rd 121.6 3Q 2025 AGV & Olympic Park Ao nan project by AVIC INTL 30.0 4Q 2026 Financial Street Zhaotai Financial Cent
Slide 52: Shanghai Business Parks – Market Overview
Shanghai Business Parks – Market Overview Rental rates and occupancy levels expected to remain under pressure across all submarkets in Shanghai Core and Emerging Business Parks Average Rent Occupancy Zhangjiang Zhangjiang RMB3.78 70.9% per sq m per day 2.3 pp 4.0% qoq from last quarter ▪ In 2Q 2
Slide 53: Shanghai Business Parks – Market Overview (cont'd)
Shanghai Business Parks – Market Overview (cont’d) Planned New Supply (2025 – 2027) Area Expected Area Expected Area Expected Submarket Property Submarket Property Submarket Property (‘000 sq m) Completion (‘000 sq m) Completion (‘000 sq m) Completion Shanghai Riverfront Jinqiao Golden Valley WH7-3
Slide 54: Greater Tokyo Office – Market Overview
Greater Tokyo Office – Market Overview Low vacancies and space shortage in the Tokyo 5 and 18 wards could provide spillover benefits to the other submarkets Map of Office Markets Planned New Supply (2025 – 2027)1 Expected Submarket Property Area (tsubo) Completion Tokyo 5 wards Mitamachi Terrace 16,
Slide 55: Seoul Office – Market Overview
Seoul Office – Market Overview Further improvements in vacancy and rental rates expected, driven by healthy leasing demand Planned New Supply (2025 – 2027) Map of Major Office Submarkets Area Expected Submarket Property (million pyeong) Completion Central Business District CBD Gongpyeong District 15
Slide 56: Appendix 2: Other Asset Information
Appendix 2: Other Asset Information The Pinnacle Gangnam, South Korea
Slide 57: Overall Top 10 Tenants
Overall Top 10 Tenants (as at 31 March 2025) Top ten tenants contributed 21.9%1 of gross rental income % of Gross Rental Income Tenant Property(ies) (as at 31 March 2025) 1 Google Asia Pacific Pte. Ltd. MBC 5.9% 2 BMW Gateway Plaza 3.6% 3 The Hongkong and Shanghai Banking Corporation Limited MBC and
Slide 58: Portfolio Tenant Trade Mix
Portfolio Tenant Trade Mix (as at 31 March 2025) Trade Mix Sector % of Gross Rental Income 1 F&B Retail 15.0% 2 IT Services & Consultancy Office / Business Park 14.7% 3 Fashion Retail 8.0% 4 Banking & Financial Services Office / Business Park 6.9% 5 Departmental Store / Supermarket / Hypermarket Ret
Slide 59: Singapore Assets Continued to Drive Portfolio Valuation Stability
Singapore Assets Continued to Drive Portfolio Valuation Stability VivoCity led with 14.8% yoy valuation growth largely due to better operational performance Further supported by tighter capitalisation rates for VivoCity and business park segment Valuation (S$) S$ mil Variance 31 March 2025 Per Sq Ft
Slide 60: Steady Portfolio Valuation as Singapore Offsets Overseas Headwinds
Steady Portfolio Valuation as Singapore Offsets Overseas Headwinds Overseas valuation primarily affected by three Makuhari properties and market shifts in Greater China Valuation Valuation Variance Variance As at 31 March 2025 (Local currency mil) (S$ mil) Valuation Foreign Local Total Valuation per
Slide 61: Assets in Singapore
Assets in Singapore VivoCity MBC I MBC II Part 20, 40, 50, 60, 70, 80 Address 1 HarbourFront Walk 10, 20, 30 Pasir Panjang Road Pasir Panjang Road Asset Type Retail Office and Business Park Business Park and Retail Year of Acquisition N.A.1 2016 2019 Leasehold 99 years Strata Lease from 25 August 20
Slide 62: Assets in Singapore
Assets in Singapore mTower BOAHF Address 460 Alexandra Road 2 HarbourFront Place Asset Type Office and Retail Office Year of Acquisition 2011 (IPO) 2011 (IPO) Leasehold 99 years Leasehold 99 years Title from 1 October 1997 from 1 October 1997 Carpark Lots 749 94 Lettable Area (sq ft) 523,948 215,963
Slide 63: Assets in Hong Kong, China and Seoul
Assets in Hong Kong, China and Seoul Festival Walk, Gateway Plaza, Sandhill Plaza, The Pinnacle Gangnam, Hong Kong Beijing, China Shanghai, China Seoul, South Korea No.18 Xiaguangli, East 3rd Blocks 1 to 5 and 7 to 9, No.80 Tat Chee Avenue, 343, Hakdong-ro, Gangnam- Address Ring Road North, Chaoyang
Slide 64: Assets in Greater Tokyo
Assets in Greater Tokyo Hewlett-Packard Japan IXINAL Monzen-nakacho Omori Prime Building, TS Ikebukuro Building, Headquarters Building, Building, Tokyo, Japan Tokyo, Japan Tokyo, Japan Tokyo, Japan 2-1, Ojima 2-chome 5-4, Fukuzumi 21-12, Minami-oi 6-chome, 63-4, Higashi-Ikebukuro Address Koto-ku 2-c
Slide 65: Assets in Greater Tokyo
Assets in Greater Tokyo ABAS Shin- Higashi-nihonbashi mBAY POINT Fujitsu Makuhari Makuhari Bay Yokohama 1-chome Building, Makuhari, Chiba, Building, Chiba, Tower1, Chiba, Building, Tokyo, Japan Japan Japan Japan Yokohama, Japan 4-6, Higashi- 9-3, Nakase 1- 6-1, Shin-Yokohama 6, Nakase 1-chome, 8, Na
Mapletree Pan Asia Commercial Trust — Q1 FY25/26 Earnings Presentation on 6ix