Mapletree Pan Asia Commercial Trust · SGX:N2IU
Mapletree Pan Asia Commercial Trust — FY2024/25 Earnings Presentation
69 slides from Mapletree Pan Asia Commercial Trust's earnings presentation, May 9, 2025
Slide 1: Mapletree Pan Asia Commercial Trust Investor Presentation
Mapletree Pan Asia Commercial Trust Investor Presentation 9 May 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 ▪ Overview of Mapletree Pan Asia Page 4 Commercial Trust ▪ Financial Highlights Page 8 ▪ Portfolio Highlights Page 20 ▪ Commitment to Sustainability Page 39 ▪ Our Long-Term Focus Page 42 ▪ Appendix 1: Portfolio Information Page 46 ▪ Appendix 2: Market Information Page 52 3
Slide 4: Overview of MPACT
Overview of MPACT A flagship commercial REIT that provides stability and scale across key gateway markets of Asia S$6.3 billion1 17 10.5 million sq ft S$16.0 billion Market Capitalisation Properties Portfolio Lettable Area Assets Under Management (“AUM”)2 Diversified and high-quality portfolio ancho
Slide 5: Capturing the Opportunities of Asia's Long-Term Growth
Capturing the Opportunities of Asia’s Long-Term Growth 17 quality properties across 5 key gateway markets of Asia Japan - 9 properties Tokyo • Hewlett-Packard Japan Headquarters Building • IXINAL Monzen-nakacho Building China - 2 properties • Omori Prime Building 1 5 • TS Ikebukuro Building Beijing
Slide 6: Investment Mandate and Trust Structure
Investment Mandate and Trust Structure Capitalising on long-term growth opportunities within Asia’s key gateway markets Investment Mandate Trust Structure Income-producing real Sponsor – Public Unitholders estate used primarily for Mapletree Investments Pte Ltd office and/or retail purposes, as well
Slide 7: Strategic Alignment of Shared Interests
Strategic Alignment of Shared Interests Fee structure incentivises creation of long-term sustainable value for Unitholders Management fee structure Aligned and committed alongside Unitholders, pegged to DPU Growth with Sponsor’s strong support Base Fee Supports growth of the REIT and promotes closer
Slide 8: Financial Highlights
Financial Highlights VivoCity, SG
Slide 9: 4Q FY24/25 vs 4Q FY23/24: VivoCity's Strong Performance Despite AEI
4Q FY24/25 vs 4Q FY23/24: VivoCity’s Strong Performance Despite AEI Cushioned Portfolio Against Overseas Headwinds Lower utility expenses and strategic debt reduction improved operating and finance costs S$’000 unless 4Q FY24/25 4Q FY23/24 Variance otherwise stated Gross Revenue1 222,894 239,222 6
Slide 10: 4Q FY24/25 vs 4Q FY23/24: Contribution to Gross Revenue and NPI
4Q FY24/25 vs 4Q FY23/24: VivoCity’s 6.5% NPI Growth Anchored Overall Singapore Stability Singapore’s 1.4% rise in Contribution to NPI (excluding Mapletree Anson1) moderated against the effects of diverging overseas currents Contribution to Gross Revenue Contribution to NPI (S$ million) (S$ million)
Slide 11: FY24/25 vs FY23/24: Singapore Stability and Accretive Divestment
FY24/25 vs FY23/24: Singapore Stability and Accretive Divestment Injected Resilience Singapore’s higher gross revenue (excluding Mapletree Anson) alongside lower finance costs from debt reduction provided resilience; DPU impacted by overseas headwinds, forex and absence of one-off property tax refun
Slide 12: FY24/25 vs FY23/24: Singapore Continued to Cushion Against Overseas Volatility
FY24/25 vs FY23/24: Singapore Continued to Cushion Against Overseas Volatility Singapore’s Contribution to Gross Revenue and NPI up 1.0% and 1.1% respectively on a comparable basis S$5.4m1 S$4.7m2 higher revenue from SG assets higher NPI from SG assets on on comparable basis comparable basis By Mark
Slide 13: Steady Portfolio Valuation as Singapore Offsets Overseas Headwinds
Steady Portfolio Valuation as Singapore Offsets Overseas Headwinds Singapore’s valuation uplift driven by VivoCity and MBC Overseas valuation primarily affected by revised market expectations in Greater China Valuation Valuation Variance1 Variance1 As at 31 March 2025 (Local currency mil) (S$ mil) V
Slide 14: 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 15: Makuhari Assets: Minor Valuation Changes Since Interim Valuation
Makuhari Assets: Minor Valuation Changes Since Interim Valuation as at 30 September 2024 Majority of yoy decline captured in 30 September 2024 valuation Current 6-month change largely due to forex impact while MBP shows operational valuation gain resulting from successful backfilling Variance (31 Ma
Slide 16: Strengthened Balance Sheet Position
Strengthened Balance Sheet Position NAV per Unit up 1.7% yoy driven by uplift in portfolio valuation and debt reduction from divestment proceeds As at As at S$’000 unless otherwise stated 31 March 2025 31 March 2024 Investment Properties 15,728,702 16,248,855 Investment in Joint Venture1 110,874 118
Slide 17: Capital Discipline in Market Volatility
Capital Discipline in Market Volatility Upholding financial stability with prudent sub-40% gearing As at As at As at 31 March 2025 31 December 2024 31 March 2024 Gross Debt Outstanding1 S$6,139.9 mil S$6,106.2 mil S$6,803.0 mil Aggregate Leverage Ratio2 37.7% 38.2% 40.5% Interest Coverage Ratio (“IC
Slide 18: Prudent Capital Management To Reinforce Long-Term Stability
Prudent Capital Management To Reinforce Long-Term Stability (as at 31 March 2025) Successfully issued S$200 million of seven-year fixed rate senior green notes at 3.104% p.a., boosting balance sheet strength while maintaining financial buffer for operational needs and financial obligations Supported
Slide 19: Prudent Hedging Measures to Mitigate Volatilities
Prudent Hedging Measures to Mitigate Volatilities (as at 31 March 2025) Fixed rate debts kept above 70% to shield against interest rate volatility ~90% of expected distributable income derived from or hedged into SGD to provide income stability ~80% of total debt hedged or fixed ~90% of Expected Dis
Slide 20: Portfolio Highlights
Portfolio Highlights Mapletree Business City, SG
Slide 21: Portfolio Highlights
Portfolio Highlights Portfolio1 Committed Occupancy Total Lettable Area Renewed & Re-let 89.6% 557,560 sq ft 1,526,439 sq ft Retail Office/Business Park Rental Reversion Tenant Retention Rate +3.6% 46.7% VivoCity Festival Walk Tenant Sales Shopper Traffic Tenant Sales Shopper Traffic 2.1% 0.1%
Slide 22: Occupancy Performance Amid Market Pressures
Occupancy Performance Amid Market Pressures mTower’s committed occupancy climbed for 3rd consecutive year to reach 99.3% Agile leasing strategies will continue to focus on retaining tenants As at As at As at 31 March 2025 31 December 2024 31 March 2024 (%) (%) (%) MBC, SG 91.2 92.5 96.0 VivoCity, SG
Slide 23: FY24/25: Portfolio Rental Uplift Demonstrates Core Market Strength
FY24/25: Portfolio Rental Uplift Demonstrates Core Market Strength VivoCity leads robust rental reversions across Singapore properties Focus on cashflow stability amid ongoing overseas complexities and anticipated rise in uncertainties Retention Rate by Lettable Area Number of Leases Rental Lettable
Slide 24: Balanced Lease Expiry Profile
Balanced Lease Expiry Profile (as at 31 March 2025) Reduces concentration risk and supports long-term stability Weighted Average Lease Expiry (“WALE”) by Gross Monthly Income (“GRI”) Portfolio Retail Office/Business Park 2.2 years1 2.2 years 2.3 years Lease Expiry Profile by Percentage of Monthly GR
Slide 25: Performance of Office/Business Park Assets
Performance of Office/Business Park Assets Active occupancy management to overcome market Steady performance anchors long-term portfolio stability pressures Committed Occupancy Total Lettable Area Committed Occupancy Total Lettable Area Renewed/Re-let YTD Renewed/Re-let YTD 91.2% 99.5% 86.1% MBC Oth
Slide 26: Performance of Retail Assets
Performance of Retail Assets VivoCity – Flagship asset drives portfolio resilience as Festival Walk – Intensifying marketing efforts while it delivers sustained outstanding performance adapting to shifts in the broad retail landscape Total Lettable Area Total Lettable Area Committed Occupancy Commit
Slide 27: VivoCity
VivoCity VivoCity, SG
Slide 28: VivoCity – Surpassed S$1B Tenant Sales Milestone for 3rd Straight Year
VivoCity – Surpassed S$1B Tenant Sales Milestone for 3rd Straight Year Despite Increased Downtime1 Steady trajectory amid transitory fluctuations as future-focused enhancements build long-term success Shopper Traffic (mil) Tenant Sales (S$ mil)2 0.1% 2.1% year-on-year year-on-year 1,077.1 1,054.
Slide 29: VivoCity – Track Record in Proactive Asset Management
VivoCity – Track Record in Proactive Asset Management Continued enhancements at VivoCity to drive performance 2006: VivoCity’s 5th AEI: Existing tenant, Official Opening • Changeover of 91,000 sq adidas, more than Reconfiguration of L1 1st AEI: doubled its footprint New tenant, ft of hypermarket spa
Slide 30: VivoCity – Progress Update on Phased Upgrading at Basement 2
VivoCity – Progress Update on Phased Upgrading at Basement 2 Phase 1 works almost completed with majority of food kiosks now fully operational Phase 2 expansion progressing on schedule; blend of new and returning tenants set to further enhance offerings ▪ Major AEI implemented in phases, scheduled f
Slide 31: VivoCity's Proactive Efforts to Stay Ahead
VivoCity’s Proactive Efforts to Stay Ahead Introducing new retail concepts while revitalizing existing offerings Widening VivoCity’s F&B selection Partnering with tenants on rejuvenation efforts Poulet, L1 – Long-staying modern French-themed bistro Keitaku Mazesoba, L2 – Serving Japanese has undergo
Slide 32: VivoCity – Transforming Shopping into Memorable Family Experiences
VivoCity – Transforming Shopping into Memorable Family Experiences Festive decorations and interactive activities celebrate Chinese New Year while bringing fun and excitement to shoppers Monopoly-themed Chinese New Year decorations – Featuring a 3-metre Spectacular lion dance performances were tall
Slide 33: Festival Walk
Festival Walk Festival Walk, HK
Slide 34: Festival Walk – Shopper Traffic and Tenant Sales Continued to Outperform Market
Festival Walk – Shopper Traffic and Tenant Sales Continued to Outperform Market Effective asset management countered broad shifts in consumption patterns, including currency-driven outbound travel and cross-border spending by Hong Kong residents Shopper Traffic (mil) Tenant Sales (HKD mil)1 5.6%
Slide 35: Festival Walk – Ongoing Recalibration of Tenant Mix
Festival Walk – Ongoing Recalibration of Tenant Mix That Appeal to Local Shoppers Curating a vibrant retail blend with fresh and innovative concepts New-to-mall tenants bringing in fresh offerings and experiences C.T.A by GokSik, Level MTR – Offers Luckin Coffee, UG – Widely popular Chinese coffee c
Slide 36: Festival Walk – Intensified Marketing Initiatives Drive Footfall
Festival Walk – Intensified Marketing Initiatives Drive Footfall Collaborative marketing campaigns with tenants and retail partners created impactful events and high- profile celebrity appearances Wiggle Wiggle Joyous Flower World makes its Hong Kong debut at Festival Walk Successful events includin
Slide 37: 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 38: 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 39: Commitment to Sustainability
Commitment to Sustainability Mapletree Business City, SG
Slide 40: Reaffirming Our Commitment to Sustainability
Reaffirming Our 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 Cha
Slide 41: 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 Refine Sustainability Formulate Decarbonisation Compensate &
Slide 42: Our Long-Term Focus
Our Long-Term Focus Mapletree Business City, SG
Slide 43: Looking Forward: Navigating through Uncertainty
Looking Forward: Navigating through Uncertainty Market environment facing unprecedented uncertainty ▪ The escalation of global trade tensions has created an unprecedented volatile environment, heightening downside risks across markets. In this landscape of policy unpredictability, businesses will he
Slide 44: Our Long-Term Focus
Our Long-Term Focus Navigating today’s challenges while positioning MPACT for a brighter tomorrow Our Competitive Advantages Our Unwavering Commitment to Unitholders Anchored by high-quality and To drive long-term growth and sustainable returns, making an impact diversified portfolio and pushing the
Slide 45: Thank You
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 45
Slide 46: Appendix 1: Portfolio Information
Appendix 1: Portfolio Information The Pinnacle Gangnam, South Korea
Slide 47: 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 48: 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 49: 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 50: 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 51: 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
Slide 52: Appendix 2: Market Information
Appendix 2: Market Information Festival Walk, HK
Slide 53: Singapore Retail – Market Overview
Singapore Retail – Market Overview Slowing GDP growth and weakening sentiment amid escalating trade policy uncertainty Limited new supply and support from tourism could provide some support to occupancy and rental levels Key Retail Malls and Submarkets Average Rent Orchard Suburban S$40.45 S$22.22 p
Slide 54: Singapore Retail – Market Overview (cont'd)
Singapore Retail – Market Overview (cont’d) Planned New Supply (2025 – 2027) Area Expected Area Expected Submarket Property Submarket Property (’000 sq ft) Completion (’000 sq ft) Completion Raffles Sentosa Resort & Spa Downtown (CBD ex. City Fringe 4.7 1Q 2025 Orchard) Solitaire On Cecil 1.6 2026 S
Slide 55: Singapore Retail Sales Performance
Singapore Retail Sales Performance February retail sales declined yoy, retreating from January’s growth, partly due to the timing difference of Chinese New Year (S$ 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 3.5 3.5 3.4 3
Slide 56: Singapore Visitor Arrivals
Singapore Visitor Arrivals 2024 tourist arrivals grew 21% yoy to reach 16.5 million Moderating pace of SGD’s appreciation and new tourist attractions could provide some support to visitor arrivals amid macro headwinds 25.0 20.0 19.1 18.5 16.5 International Visitor Arrivals (million) International Vi
Slide 57: Singapore Office – Market Overview
Singapore Office – Market Overview Tenants expected to exercise increased caution and postpone expansion plans until the impact of US trade policies become clearer Key Office Districts Average Rent Occupancy Islandwide Islandwide S$6.49 89.4% per sq ft per month 0.4 pp 1.9% qoq from last quarter
Slide 58: 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 Suburban Punggol Digital District (Office development at Punggol Way) 267.1 1Q 2025 Keppel South Central (Keppel Towers and Keppel Towers 2 Core CBD 613.5 1Q 2025 Red
Slide 59: Singapore Business Parks – Market Overview
Singapore Business Parks – Market Overview Volatile business environment and upcoming supply likely to weigh on the sector’s near-term performance although higher-quality assets in better locations should show more resilience Existing and Planned Business Park Clusters Planned New Supply (2025 – 202
Slide 60: Hong Kong Retail – Market Overview
Hong Kong Retail – Market Overview Retail recovery affected by macro headwinds and changing domestic consumption patterns Key Retail Areas Average Rent Occupancy Kowloon East Kowloon East HKD249 85.4% per sq ft per month 0.3 pp Festival Walk 1.2% qoq from 2022 ▪ Hong Kong’s economy expanded 2.4%
Slide 61: 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 240.0 2025 Others Shap Sze Heung 130.0 2025 Others Kiu Tau Wai 490.0 2
Slide 62: Hong Kong Retail Sales Performance
Hong Kong Retail Sales Performance Monthly retail sales declined yoy for January and February 2025 mainly due to softer consumer confidence, decrease in high-spending Mainland China visitors and difference in Chinese New Year timing (HKD bil) (Online Sales Proportion) 40.0 100.0% 36.5 36.2 36.3 34.7
Slide 63: Hong Kong Visitor Arrivals
Hong Kong Visitor Arrivals Tourist arrivals rose 2.6% qoq in 1Q 2025 but remained below pre-2018 social incidents and pre-COVID-19 levels; outbound travel declined qoq likely due to post-holiday seasonal effects, higher travel costs during the festive period and reduced discretionary spending 70,000
Slide 64: Beijing Office Market – Market Overview
Beijing Office Market – Market Overview Some moderation in new supply expected, but a protracted US-China trade conflict is expected to soften demand and investment sentiment Key Office Districts Average Rent Occupancy Lufthansa (Grade A) Lufthansa (Grade A) RMB235 76.4% per sq m per month 0.6 pp
Slide 65: 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 Financial Street Zhaotai Financial Center 57.8 2Q 2026 CBD Dajia Baoxian (CBD Z5) 114.8 2Q 2026 CBD CICC, GLP & Hongkong Land (CBD Z3) 120.0 3Q 2026 CBD Project b
Slide 66: Shanghai Business Parks – Market Overview
Shanghai Business Parks – Market Overview Continued occupancy and rental pressure expected across all submarkets in Shanghai Core and Emerging Business Parks Average Rent Occupancy Zhangjiang Zhangjiang RMB3.94 73.1% per sq m per day 2.0 pp 5.2% qoq from last quarter ▪ In 1Q 2025, the Shanghai b
Slide 67: 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 Zhangjiang Online New Yunjin Eco Community The G
Slide 68: Greater Tokyo Office – Market Overview
Greater Tokyo Office – Market Overview Cost-conscious companies increasingly considering more affordable alternatives Map of Office Markets Planned New Supply (2025 – 2027)1 Expected Submarket Property Area (tsubo) Completion Tokyo 5 wards Mitamachi Terrace 16,790.0 3Q 2025 Tokyo 5 wards Takanawa Ga
Slide 69: Seoul Office – Market Overview
Seoul Office – Market Overview Vacancy pressures from new CBD supply but construction delays could provide some buffer Planned New Supply (2025 – 2027) Map of Major Office Submarkets Area Expected Submarket Property (million pyeong) Completion Central Business District CBD KT Gwanghwamun Bld (WEST)
Mapletree Pan Asia Commercial Trust — FY2024/25 Earnings Presentation on 6ix