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Singapore’S First Asia-Pacific 83 Risk Management Focused Logistics Real Estate Investment Trust

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Singapore’S First Asia-Pacific 83 Risk Management Focused Logistics Real Estate Investment Trust Forging Ahead Annual Report 2017/2018 Our Vision To be the preferred real estate partner of choice to customers requiring high quality logistics and distribution spaces in Asia-Pacific. Our Mission To provide Unitholders with competitive total returns through regular distributions and growth in asset value. View more information online www.mapletreelogisticstrust.com Overview Performance Corporate Governance and Transparency Sustainability Financial Report Other Information Forging Ahead Contents 1 Corporate Profile and Rising domestic consumption, urbanisation Our Vision, Our Mission and the continued evolution of e-commerce OVERVIEW and logistics are driving demand for high 2 Key Highlights quality warehouse space in prime locations. 4 Financial Highlights 6 Unit Price Performance With a diversified portfolio of quality assets 8 Delivering on Our Strategy 10 Mapletree Logistics Trust At a Glance across eight markets in Asia-Pacific, MLT is 12 Message from the Chairman and CEO well-placed to capitalise on these trends. 16 Corporate Structure 18 Trust Structure Forging ahead, through disciplined investments, 19 Organisation Structure 20 Board of Directors active portfolio management and prudent 24 Management Team capital management, we are committed to PERFORMANCE continue creating sustainable value for our 26 Financial Review 28 Corporate Liquidity and customers, partners and investors. Financial Resources 30 Key Market Trends 32 Portfolio Analysis and Review 37 Operations Review 45 Property Portfolio CORPORATE GOVERNANCE AND TRANSPARENCY Corporate Profile 63 Investor Relations 65 Corporate Governance Mapletree Logistics Trust (“MLT”) is Singapore’s first Asia-Pacific 83 Risk Management focused logistics real estate investment trust. Listed on the Singapore Exchange Securities Trading Limited in 2005, MLT SUSTAINABILITY invests in a diversified portfolio of quality, well-located income- 86 Sustainability Report producing logistics real estate in Singapore, Hong Kong, Japan, Australia, South Korea, China, Malaysia and Vietnam. FINANCIAL REPORT 102 Report of the Trustee 103 Statement by the Manager MLT is managed by Mapletree Logistics Trust Management Ltd. 104 Independent Auditor’s Report (the “Manager”), a wholly-owned subsidiary of Mapletree Investments to the Unitholders Pte Ltd (the “Sponsor”). The Sponsor is a leading real estate 108 Statements of Total Return development, investment and capital management company 109 Statements of Financial Position headquartered in Singapore. 110 Distribution Statements 112 Consolidated Statements of Cash Flows The Manager is committed to providing Unitholders with competitive 113 Statements of Movements in total returns through the following strategies: Unitholders’ Funds 114 Portfolio Statements a. optimising organic growth and hence, property yield from the 142 Notes to the Financial Statements existing portfolio; b. making yield accretive acquisitions of good quality logistics OTHER INFORMATION properties; and 185 Statistics of Unitholdings 187 Interested Person Transactions c. managing capital to maintain MLT’s strong balance sheet and 188 Notice of Annual General Meeting provide financial flexibility for growth. Proxy Form Corporate Directory 1 Key Highlights DELIVERING RETURNS Amount Distributable Distribution DPU To Unitholders Per Unit (DPU) Yield S$ ¢ %1 14.4%212.9m 7.618 2.4% 6.2 Net Asset Value Total Market Per Unit Return Capitalisation 2 S$ % S$ 5.8%1.10 19.3 37.4%3.8b ENHANCING PORTFOLIO Expanded Completed presence redevelopment in Hong Kong, of 76 Pioneer Road Maintained a fast-growing into a modern ramp-up strong portfolio logistics market logistics facility occupancy of % NLA1.8x to 368,361sqm GFA1.8x to 72,000 sqm 96.6 Notes: 1 Based on DPU of 7.618 cents for FY17/18 and closing unit price of S$1.23 on 31 March 2018. 2 Sum of distribution yield and capital appreciation for the period 31 March 2017 to 31 March 2018. 2 Mapletree Logistics Trust Annual Report 2017/2018 Overview Performance Corporate Governance and Transparency Sustainability Financial Report Other Information PRUDENT CAPITAL MANAGEMENT Aggregate Average Debt Hedged Credit Rating Leverage Debt Maturity Into Fixed Rates Baa1with stable outlook 37.7% 4.5yrs 78% by Moody’s GROWING SUSTAINABLY Expanding solar footprint • First rooftop solar project reduction% in building st 6 urban rooftop in Singapore energy intensity in 1 3 farm for MLT • Total of nine solar installations Singapore in Singapore across MLT’s portfolio STRENGTHENING EMPOWERING COMMUNITIES PEOPLE 4 29employee% 2017 Employee Engagement Survey participation overall response rate of rate in 3 CSR initiatives 95% Notes: 3 Based on the energy consumption data for the common areas in MLT’s multi-tenanted buildings where the Manager has operational control. Single-user assets where the Manager does not have operational control are excluded. 4 Based on staff participation rates in Japan, Malaysia and Singapore. Mapletree Logistics Trust Annual Report 2017/2018 3 Financial Highlights MLT’s improved performance in FY17/18 was driven by organic growth from the existing portfolio and contributions from acquisitions and a newly completed redevelopment in Singapore. Gross Revenue Net Property Income S$million S$million +5.9% +6.9% 17/18395.2 395.2 17/18333.8 333.8 16/17 373.1 16/17 312.2 15/16 349.9 15/16 290.9 14/15 330.1 14/15 277.4 13/14 310.7 13/14 267.6 MLT’s resilient and steady performance over the years is testament to its focus on proactive portfolio management and prudent capital management to drive sustainable returns, and the strength of its geographically diversified portfolio. Amount Distributable to Unitholders DPU S$million cents 1 +14.4% +2.4% 17/18212.9 212.91 17/187.618 7.618 16/17 186.12 16/17 7.440 15/16 183.33 15/16 7.380 14/15 184.94 14/15 7.500 13/14 179.74 13/14 7.350 On the back of disciplined acquisitions of quality, well-located assets and active portfolio rejuvenation to optimise portfolio yield, MLT has steadily deepened and enhanced its presence in the Asia-Pacific region. MLT’s portfolio value and NAV per unit increased in FY17/18 due to growth in asset valuations, as well as acquisitions and capital expenditure. Investment Properties NAV Per Unit S$billion S$ +17.6% +5.8% 17/186.5 6.5 17/181.10 1.10 16/17 5.5 16/17 1.04 15/16 5.1 15/16 1.02 14/15 4.6 14/15 1.03 13/14 4.2 13/14 0.97 Notes: 1 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$6.25 million. 2 Included the partial distribution of the gain from the divestments of 134 Joo Seng Road and 20 Tampines Street 92 amounting to S$5.01 million. 3 Included the partial distribution of the gain from the divestments of 134 Joo Seng Road and 20 Tampines Street 92 amounting to S$3.01 million. 4 Included the partial distribution of the gain from the divestment of 30 Woodlands Loop amounting to S$2.48 million. 4 Mapletree Logistics Trust Annual Report 2017/2018 Overview Performance Corporate Governance and Transparency Sustainability Financial Report Other Information Gross Revenue by Geography Property Value by Geography (FY17/18) (As at 31 March 2018) Singapore 36.0% Singapore 26.8% Hong Kong 19.0% Hong Kong 34.3% Japan 16.2% Japan 14.6% Australia 9.2% Australia 8.5% South Korea 6.9% South Korea 6.4% China 6.6% China 5.2% Malaysia 4.3% Malaysia 3.4% Vietnam 1.8% Vietnam 0.8% Statement of Financial Position Highlights (S$ million) As at 31 March 2014 2015 2016 2017 2018 Total Assets 4,397.0 4,787.7 5,207.4 5,686.7 6,678.3 Total Borrowings 1,455.4 1,631.9 2,058.3 2,184.1 2,511.8 Perpetual Securities 344.0 344.0 344.0 595.7 429.9 5 Unitholders’ Funds 2,381.9 2,538.3 2,528.4 2,588.1 3,376.1 6 Market Capitalisation7 2,558.9 3,080.3 2,515.0 2,738.0 3,761.5 Key Financial Indicators As at 31 March 2014 2015 2016 2017 2018 Aggregate Leverage (%) 33.3 34.3 39.6 38.5 37.7 Interest Cover Ratio for the financial year (times)8 8.7 7.5 5.9 5.6 5.6 Average Cost of Debt for the financial year (%) 1.9 2.1 2.3 2.3 2.3 Average Debt Maturity (years) 3.6 3.6 3.5 3.9 4.5 Notes: 5 This takes 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. 6 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. 7 Based on the closing unit prices of S$1.045 on 31 March 2014, S$1.245 on 31 March 2015, S$1.010 on 31 March 2016, S$1.095 on 31 March 2017 and S$1.230 on 31 March 2018. 8 Ratio of EBITDA over interest expense for period up to balance sheet date. Mapletree Logistics Trust Annual Report 2017/2018 5 Unit Price Performance The 12-month period to 31 March 2018 was a volatile period for global equities.
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