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Driving Momentum

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Driving Momentum 2019/2020 Mapletree Logistics Trust Logistics Mapletree Annual Report Mapletree Logistics Trust Driving Momentum Annual Report 2019/2020 Our Vision Corporate Profile To be the preferred real Mapletree Logistics Trust (“MLT”) is Singapore’s first Asia Pacific focused estate partner of choice logistics real estate investment trust. Listed on the Singapore Exchange to customers requiring Securities Trading Limited in 2005, MLT invests in a diversified portfolio of high quality logistics and quality, well-located income-producing logistics real estate in Singapore, distribution spaces in Hong Kong SAR, Japan, China, Australia, South Korea, Malaysia and Vietnam. Asia Pacific. MLT is managed by Mapletree Logistics 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 Our Mission property management company headquartered in Singapore. To provide Unitholders with competitive total returns The Manager is committed to providing Unitholders with competitive total returns through regular distributions through the following strategies: and growth in asset value. a. optimising organic growth and hence, property yield from the existing portfolio; b. making yield accretive acquisitions of good quality logistics properties; and c. managing capital to maintain MLT’s strong balance sheet and provide financial flexibility for growth. Mapletree Logistics Trust Annual Report 2019/2020 01 Driving Contents Momentum Overview Faced with a myriad of headwinds in Corporate Profile and Our Vision, Our Mission 1 FY19/20, MLT delivered another year Overview Key Highlights 2 of consistent growth underpinned by our Financial Highlights 4 Unit Price Performance 6 diversified and stable portfolio. With an Value Creation 8 Performance unwavering focus on building a resilient Year in Review 10 Message from the Chairman and CEO 12 portfolio, we continued to drive momentum Corporate Structure 16 Trust Structure 18 in our rejuvenation strategy – adding quality Organisation Structure 19 Board of Directors 20 Governance assets in key logistics nodes and deepening Management Team 24 our regional presence, while selectively Performance divesting older properties. Looking ahead, Financial Review 29 Capital Management 35 we remain steadfast in shaping a resilient Megatrends 38 and future-ready portfolio to continue Portfolio Analysis and Review 40 Sustainability Operations Review 45 delivering value to our stakeholders. Property Portfolio 53 Independent Market Research 72 Governance Investor Relations 103 Financial Corporate Governance 105 Risk Management 123 Sustainability Sustainability Report 126 Financial Report of the Trustee 147 Statement by the Manager 148 Independent Auditor’s Report to the Unitholders of Mapletree Logistics Trust 149 Statements of Profit or Loss 153 Statements of Comprehensive Income 154 Statements of Financial Position 155 Distribution Statements 156 Consolidated Statement of Cash Flows 158 Statements of Movements in Unitholders’ Funds 160 Portfolio Statements 162 Notes to the Financial Statements 190 Other Information Statistics of Unitholdings 245 Interested Person Transactions 247 Corporate Directory 248 Accessibility of Annual Reports The Annual Report for FY19/20 is available for viewing and download on our website: www.mapletreelogisticstrust.com Mapletree Logistics Trust 02 Annual Report 2019/2020 Overview Key Highlights Enhancing Portfolio AssetsS$ Under8.9 ManagementB +12.0% YoY South Korea Japan China Hong Kong SAR 5.0GrossM Floor sqm Area +10.2% YoY Vietnam Malaysia Singapore Australia Portfolio98.0 Occupancy% 98.0% as at 31 March 2019 Weighted4.3 Average Years Lease Expiry (by Net Lettable Area) 3.8 years as at 31 March 2019 MLT’s well-diversified portfolio across geographies as well as tenant trade sectors has demonstrated its resilience. Mapletree Logistics Trust Annual Report 2019/2020 03 Overview Delivering Returns Prudent Capital Management Growing Sustainably Performance S$Amount301.7 DistributableM 39.3Aggregate Leverage% S$Sustainability-linked200M loan to Unitholders as at 31 March 2020 for rooftop solar installation Governance +11.7% YoY programme Sustainability 8.142Distribution Per Unit¢ 4.1AverageYears Debt Maturity Reduction6.4 in energy% intensity +2.5% YoY as at 31 March 2020 in Singapore, Hong Kong SAR and Vietnam2 Financial NetS$ Asset1. Value 21 Per Unit Debt Hedged77 into% Fixed Rates Reduction22.2 in water% intensity +3.4% YoY as at 31 March 2020 in Singapore2 13.8Total Return%1 Income82 Hedged% Corporate Social6 Responsibility FY18/19: 25.2% for Next Financial Year projects in Singapore, Hong Kong SAR, Japan, China and Australia Notes: 1 Sum of distribution yield and capital appreciation for the period 31 March 2019 to 31 March 2020. 2 Based on the consumption data for the common areas in MLT’s multi-tenanted buildings where the Manager has operational control. Single-user assets where the Manager does not have operational control are excluded. Mapletree Logistics Trust 04 Annual Report 2019/2020 Overview Financial Highlights Gross Revenue (S$M) Net Property Income (S$M) S$490.8M S$438.5M 19/20 490.8 19/20 438.5 YoY YoY +8.0% 18/19 454.3 +12.6% 18/19 389.5 17/18 395.2 17/18 333.8 16/17 373.1 16/17 312.2 15/16 349.9 15/16 290.9 Amount Distributable to Unitholders (S$M) Distribution Per Unit (cents) S$301.7M 8.142¢ 19/20 301.71 19/20 8.142 YoY YoY +11.7% 18/19 270.02 +2.5% 18/19 7.941 17/18 212.93 17/18 7.618 16/17 186.14 16/17 7.440 15/16 183.35 15/16 7.380 Assets Under Management (S$B) Net Asset Value Per Unit (S$) S$8.9B S$1.21 19/20 8.96 19/20 1.21 YoY YoY 7 +12.0% 18/19 8.0 +3.4% 18/19 1.17 17/18 6.5 17/18 1.10 16/17 5.5 16/17 1.04 15/16 5.1 15/16 1.02 Notes: 1 Included the full distribution of written back provision of capital gain tax for 134 Joo Seng Road, 20 Tampines Street 92 and 20 Old Toh Tuck Road and the partial distribution of the gain from the divestments of MapletreeLog Integrated (Shanghai) (HKSAR) Limited and its wholly-owned subsidiary, MapletreeLog Integrated (Shanghai) Co., Ltd., which owns Mapletree Waigaoqiao Logistics Park, five properties in Japan (Gyoda Centre, Iwatsuki B Centre, Atsugi Centre, Iruma Centre and Mokurenji Centre), 531 Bukit Batok Street 23, 7 Tai Seng Drive and 4 Toh Tuck Link amounting to S$18.8 million. 2 Included the partial distribution of the gain from the divestments of 531 Bukit Batok Street 23, 7 Tai Seng Drive, 4 Toh Tuck Link, Zama Centre and Shiroishi Centre amounting to S$11.1 million. 3 Included the partial distribution of the gain from the divestments of 4 Toh Tuck Link, Zama Centre, Shiroishi Centre, 20 Old Toh Tuck Road and 20 Tampines Street 92 amounting to S$6.3 million. 4 Included the partial distribution of the gain from the divestments of 134 Joo Seng Road and 20 Tampines Street 92 amounting to S$5.0 million. 5 Included the partial distribution of the gain from the divestments of 134 Joo Seng Road and 20 Tampines Street 92 amounting to S$3.0 million. 6 Included MLT’s 50% interest of the joint ventures with Mapletree Investments Pte Ltd in a portfolio of 15 properties in China. 7 Included MLT’s 50% interest of the joint ventures with Mapletree Investments Pte Ltd in a portfolio of 11 properties in China. Mapletree Logistics Trust Annual Report 2019/2020 05 Overview 6 6 Gross Revenue by Geography (FY19/20) Assets Under Management by Geography (As at 31 March 2020) S$515.2M S$8,946.4M Singapore 36.4% Singapore 29.3% Hong Kong SAR 23.0% Hong Kong SAR 29.8% Japan 10.1% Japan 13.1% Performance China 10.0% China 8.2% Australia 7.7% Australia 6.7% South Korea 6.0% South Korea 5.5% Malaysia 4.3% Malaysia 5.6% Vietnam 2.5% Vietnam 1.8% Governance 5-Year Financial Summary Statement of Financial Position Highlights (S$M) FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 Total Assets 5,207.4 5,686.7 6,678.3 8,078.3 9,051.4 Sustainability Total Borrowings 2,058.3 2,184.1 2,511.8 3,090.37 3,550.06 Perpetual Securities 344.0 595.7 429.98 429.9 430.0 Unitholders’ Funds 2,528.4 2,588.1 3,376.19 4,231.710 4,580.211 Market Capitalisation12 2,515.0 2,738.0 3,761.5 5,288.6 6,004.4 Financial Key Financial Indicators FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 Aggregate Leverage (%) 39.6 38.5 37.7 37.77 39.36 Interest Cover Ratio (times)13 5.9 5.6 5.6 4.77 4.96 Average Cost of Debt (%) 2.3 2.3 2.3 2.67 2.66 Average Debt Maturity (years) 3.5 3.9 4.5 4.17 4.16 Notes: 8 This took into account the redemption of S$350.0 million 5.375% perpetual securities on 19 September 2017 and issuance of S$180.0 million 3.65% perpetual securities on 28 September 2017. 9 On 22 September 2017, 300,881,000 units in MLT were issued via private placement exercise which raised gross proceeds of S$353.5 million. On 12 October 2017, 250,187,292 units in MLT were issued via the 1-for-10 preferential offering which raised gross proceeds of S$286.5 million. The total gross proceeds of approximately S$640.0 million were utilised to partially fund the acquisition of Mapletree Logistics Hub Tsing Yi and the redemption of the S$350.0 million perpetual securities.
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