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NAVIGATING the Mapletree Industrial Trust (“MIT”) Is a Real Estate Investment Trust (“REIT”) Listed on the Main Board of Singapore Exchange

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NAVIGATING the Mapletree Industrial Trust (“MIT”) Is a Real Estate Investment Trust (“REIT”) Listed on the Main Board of Singapore Exchange CORPORATE PROFILE NAVIGATING THE Mapletree Industrial Trust (“MIT”) is a real estate investment trust (“REIT”) listed on the Main Board of Singapore Exchange. Its principal investment strategy is to invest in a diversified portfolio of income-producing real estate used primarily for Anchored by our well-diversified industrial purposes in Singapore and income-producing portfolio, we stand prepared to real estate used primarily as data centres worldwide beyond navigate the challenging course ahead. Singapore, as well as real estate-related assets. Over the years, we have built resilience through our strong track record MIT’s property portfolio comprises 87 industrial properties in of growing the Hi-Tech Buildings Singapore and 27 data centres in North America (through segment. With our enhanced financial the joint ventures with Mapletree Investments Pte Ltd). flexibility, we continue to leverage on The properties in Singapore include Hi-Tech Buildings, the Sponsor’s extensive capabilities to Flatted Factories, Business Park Buildings, Stack-up/ seize new opportunities in Singapore Ramp-up Buildings and Light Industrial Buildings. As at and overseas. 31 March 2020, MIT’s total assets under management was S$5.9 billion. MIT is managed by Mapletree Industrial Trust Management Ltd. (the “Manager”), a wholly-owned subsidiary of Mapletree Investments Pte Ltd (the “Sponsor”). The Sponsor is a leading real estate development, investment, capital and property management company headquartered in Singapore. CONTENTS VISION STRATEGY To be the preferred industrial real 08 Key Highlights estate solutions provider 10 Unit Performance 12 Strategic Direction 14 Letter to Unitholders MISSION 17 Significant Events To deliver sustainable and growing PEOPLE returns to Unitholders by providing 18 Organisation Structure quality industrial real estate solutions 19 Organisation, Corporate and Trust Structures to clients 20 Board of Directors 26 Management Team 28 Corporate Services and Property Management Teams PORTFOLIO 30 Strategic Locations across Singapore and North America 32 Operations Review 40 Property Portfolio Overview 56 Property Portfolio at a Glance To view or download the 62 Singapore Industrial Property Market Overview Annual Report, please visit 73 North American Data Centre Market Overview www.mapletreeindustrialtrust.com 77 Financial Review 80 Corporate Liquidity and Capital Resources GOVERNANCE 82 Corporate Governance 102 Risk Management 106 Investor Relations 109 Sustainability Report FINANCIALS AND OTHERS 145 Financial Statements 224 Statistics of Unitholdings 226 Interested Person Transactions IBC Corporate Directory NEW OPPORTUNITIES Acquisition of 13 data centres in North America We have made significant strides towards rebalancing the portfolio with the acquisition of an 80% interest in three fully fitted hyperscale data centres, as well as 10 powered shell data centres in North America via a 50:50 joint venture with the Sponsor. The addition of these properties will improve the income resilience of the portfolio with the increased freehold land component and long leases with embedded rental growth. Leveraging on the Sponsor’s strong network and capabilities, we are poised to seize new opportunities in the fast-growing global data centre sector. 44490 Chilum Place (ACC2), Northern Virginia ENHANCED FINANCIAL FLEXIBILITY Committed facilities of about S$380 million We remain prudent in our approach towards capital management to support our growth initiatives. Our aggregate leverage ratio remained healthy at 37.6% with no loans maturing in the next Financial Year 2020/2021. With committed facilities of about S$380 million available for drawdown and sufficient debt headroom, these will support both ongoing development project and potential investment opportunities. 7 Tai Seng Drive, Singapore STRONG TRACK RECORD Growth of assets under management at compound annual growth rate of 11.6% from 31 March 2011 Since listing, we have completed six acquisitions and seven development projects. We remain proactive in prospecting tenants from new growth segments and unlocking value from our portfolio. Our latest redevelopment of the Kolam Ayer 2 Cluster into a high-tech industrial precinct will help to strengthen our portfolio for future growth. New high-tech industrial precinct at Kolam Ayer 2 WELL-DIVERSIFIED PORTFOLIO Large tenant base of 2,177 tenants Our portfolio diversification is underpinned by the enlarged portfolio of 87 industrial properties in Singapore and 27 data centres in North America. The large diversified tenant base of 2,177 tenants with low dependence on any single tenant or trade sector will continue to offer portfolio stability. 18 Tai Seng, Singapore KEY HIGHLIGHTS Gross Revenue Net Property Income S$ Million S$ Million 405.9 318.1 363.2 376.1 277.6 287.8 331.6 340.6 7.9% 245.1 256.8 10.5% Year-on-year1 Year-on-year1 FY15/16 FY16/17 FY17/18 FY18/19 FY19/202 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 Distributable Income Distribution Per Unit S$ Million Singapore Cents 265.33 12.243 11.75 12.16 11.15 11.39 231.8 215.8 197.8 205.0 14.5% 0.7% Year-on-year1 Year-on-year1 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 Assets Under Management Net Asset Value Per Unit (As at 31 March) (As at 31 March) S$ Million S$ 5,920.56 1.62 1.47 1.51 1.37 1.41 4,771.05 24.1% 7.3% 5 4,321.4 Year-on-year4 Year-on-year4 3,557.9 3,748.7 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 1 Refers to year-on-year comparison for FY19/20. 2 FY19/20 denotes financial year 2019/2020 ended 31 March 2020. 3 Distributable income includes tax-exempt income (distribution relating to joint ventures) amounting to S$6.6 million, equivalent to distribution per Unit (“DPU”) of 0.30 Singapore cent, which has been withheld in 4QFY19/20. Had the tax-exempt income distribution been included, the DPU for FY19/20 would have been 12.54 Singapore cents. 4 Refers to year-on-year comparison for 31 March 2020. 5 Includes MIT’s 40% interest of the joint venture with the Sponsor in a portfolio of 14 data centres in the United States of America (the “United States”). 6 Based on MIT’s book value of investment properties as well as MIT’s interests of the joint ventures with the Sponsor in a portfolio of 14 data centres in the United States and three fully fitted hyperscale data centres and 10 powered shell data centres in North America and included MIT’s right-of-use assets of S$25.2 million as at 31 March 2020. 08 Mapletree Industrial Trust Annual Report 2019/2020 Strategy Key Information (S$ Million) As at 31 March 2016 2017 2018 2019 2020 Total assets 3,623.9 3,798.1 4,154.3 4,607.1 5,187.9 Total borrowings outstanding 1,022.4 1,107.9 1,219.8 1,398.2 1,434.1 Unitholders' funds 2,465.2 2,532.8 2,780.1 3,047.5 3,560.1 Assets under management 3,557.9 3,748.7 4,321.4 4,771.0 5,920.5 (including interests in joint ventures) People Key Financial Ratios As at 31 March 2016 2017 2018 2019 2020 Aggregate leverage ratio7 (%) 28.2 29.2 33.1 33.8 37.6 Average borrowing cost for financial year (%) 2.4 2.6 2.9 3.0 3.0 Weighted average tenor of debt (years) 4.0 3.5 3.3 4.4 4.7 Interest coverage ratio for financial year (times) 8.2 7.9 7.1 6.6 6.9 Portfolio Comparative Trading Performance since Listing8 350 300 Governance MIT Unit Price 250 161.3% 200 FTSE ST REITs Index 150 4.1% 100 FTSE Straits Times Index 50 22.0% 0 and Others Financials Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct 19 Rebased MIT Unit Price Rebased FTSE ST REITs Index Rebased FTSE Straits Times Index Source: Bloomberg 7 In accordance with Property Funds Guidelines, the aggregate leverage ratio includes proportionate share of aggregate leverage and deposited property values of joint ventures. As at 31 March 2020, the aggregate leverage including such proportionate share comprised S$2,254.91 million of borrowings and S$4.04 million of deferred payments. 8 Rebased MIT’s unit issue price of S$0.93 and opening unit prices of FTSE ST REITs Index and FTSE Straits Times Index on 21 October 2010 to 100. Mapletree Industrial Trust Annual Report 2019/2020 09 UNIT PERFORMANCE The Singapore equity market fell in the first half of the financial Despite the headwinds, MIT’s unit price increased by 15.7% year amid concerns over the escalation of the trade tensions in FY19/20 to close the period at S$2.430, with an average between the United States and China and rising recession daily closing unit price of S$2.413. A total of 1,662 million risk in Singapore. It rebounded marginally in late 2019 on units were traded, with an average daily trading volume of optimism over progress on the United States-China trade 6.62 million. front and United States Federal Reserve’s interest rate cuts. However, it experienced elevated volatility in March 2020 MIT’s unit price increased by 161.3% since its listing on following a global rout on fears over the escalating economic 21 October 2010. Over the years, its market capitalisation has fallout from the COVID-19 pandemic. The FTSE Straits also increased from S$1.36 billion at listing to S$5.35 billion Times Index declined 22.8% in FY19/20 as uncertainties as at 31 March 2020.
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