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Managing Challenges Diversifying Portfolio Enhancing Resilience

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Managing Challenges Diversifying Portfolio Enhancing Resilience MANAGING CHALLENGES DIVERSIFYING PORTFOLIO ENHANCING RESILIENCE ANNUAL REPORT 2019/2020 Gateway Plaza MANAGING CHALLENGES Beijing DIVERSIFYING PORTFOLIO ENHANCING RESILIENCE FY19/20 was a year of exceptional challenges for MNACT in the wake of the social unrests in Hong Kong SAR and then COVID-19, and which was not helped by the continuing global political and trade tensions. Navigating through this very difficult operating environment, the Manager has remained vigilant and adaptive in executing its strategy across the markets which MNACT operates in. On the operational front, the Manager stood in support of our loyal tenants whose businesses have been severely impacted, by providing rental reliefs over the third quarter and fourth quarter of FY19/20 to help them tide through the period. At the same time, the strategic acquisitions of the two office properties in Greater Tokyo, Japan, in February 2020 have buffered the impact on MNACT’s profit and resulted in greater diversification of MNACT’s portfolio. The Manager remains committed and disciplined in managing Higashi-nihonbashi 1-chome Building 4 the challenges ahead, and will continue to accelerate income Tokyo diversification through accretive acquisitions, and further reinforce the resilience of MNACT’s portfolio through active IXINAL Monzen-nakacho asset management and prudent capital management, to Building 4 Tokyo deliver balanced and long-term returns to the Unitholders. CORPORATE PROFILE Listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 7 March 2013, Mapletree North Asia Commercial Trust (“MNACT”) is the first real estate investment trust (“REIT”) that offers investors the opportunity to invest in best-in- class commercial properties situated in prime locations in China, in Hong Kong SAR 1 and in Japan. MNACT is also the fourth REIT sponsored by Mapletree Investments Pte Ltd (“MIPL” or the “Sponsor”), a leading real estate development, investment, capital and property management company headquartered in Singapore. It is managed by Mapletree North Asia Commercial Trust Management Ltd. (“MNACTM”, or the “Manager”), a wholly-owned subsidiary of MIPL. As of 31 March 2020, MNACT had a market capitalisation of approximately S$2.7 billion. MNACT’s portfolio comprises 11 properties 2 in China, in Hong Kong SAR and in Japan. As of 31 March 2020, they cover a lettable area of approximately 5.2 million square feet, with a combined book value 3 of S$8.3 billion. 1 Hong Kong SAR refers to the Hong Kong Special Administrative Region (“SAR”). ABAS Shin-Yokohama 2 Includes the two new office properties (mBAY POINT Makuhari (“MBP”) and Omori Prime Building Building 4 Yokohama (“Omori”)) located in Greater Tokyo, Japan, which were acquired on 28 February 2020. Please refer to Omori Prime MNACT’s SGX-ST Announcement dated 28 February 2020 titled “Issuance of the Transaction Units Building 4,5 to Sponsor’s Nominee, and Completion of Acquisitions of Two Office Properties in Greater Tokyo and Tokyo Use of Proceeds”. 3 Please refer to page 22 in the Financial Review and Capital Management section for the valuations by asset. GOVERNANCE FINANCIALS OVERVIEW PERFORMANCE & SUSTAINABILITY & OTHERS 01 Sandhill Plaza OVERVIEW Shanghai 02 Financial Highlights 04 Portfolio Highlights 06 Letter to Unitholders 09 Year in Review 12 Strategy 14 Unit Price Performance PERFORMANCE 16 Financial Review and Capital Management 28 Property Portfolio Summary and Review 46 Independent Market Research GOVERNANCE & SUSTAINABILITY 63 Trust Structure 64 Organisation Structure Festival Walk 66 Board of Directors Hong Kong SAR 70 Management Team (Corporate) 73 Property Management Team (Overseas) 74 Risk Management 77 Investor Relations 80 Corporate Governance Report 98 Sustainability Report FINANCIALS & OTHERS 125 Financial Statements 197 Statistics of Unitholdings 199 Interested Person Transactions Corporate Directory Kindly refer to the following information on this Annual Report: 1. Online Annual Report: As part of the Manager’s environmental conservation efforts, only limited copies of MNACT’s Annual Report are printed. A PDF version of the Annual Report is available for download from www.mapletreenorthasiacommercialtrust.com. 2. Any discrepancies in the figures and percentages within the tables and charts are due to rounding. Where applicable, these are rounded to one decimal place. TS Ikebukuro Fujitsu Makuhari mBAY POINT SII Makuhari Building 4 Building 4 Makuhari 4,5 Building 4 4 Collectively known as the “Japan Properties”. Tokyo Chiba Chiba Chiba 5 Please refer to MNACT’s SGX-ST Announcement dated 4 December 2019 titled “The Proposed Acquisitions These are illustrations of MNACT’s properties, and are not drawn to scale. of Two Office Properties in Greater Tokyo”. 02 MAPLETREE NORTH ASIA COMMERCIAL TRUST ANNUAL REPORT 2019/2020 FINANCIAL HIGHLIGHTS The continuing global political GROSS REVENUE FY19/20 354.5 and trade tensions, the social (S$M) FY18/19 408.7 unrests in Hong Kong SAR, and then COVID-19, have impacted the FY17/18 355.0 financial performance of MNACT FY16/17 350.6 during the year. Festival Walk S$354.5m FY15/16 336.6 turned in lower revenue due to rental reliefs granted to support retail tenants affected by the NET PROPERTY INCOME (“NPI”) FY19/20 social unrests in Hong Kong SAR 277.5 (S$M) as well as COVID-19. There was FY18/19 329.0 also no rental collection during FY17/18 287.2 the temporary closure of Festival FY16/17 285.6 Walk’s mall from 13 November 2019 S$277.5m to 15 January 2020 and its office FY15/16 277.5 tower from 13 to 25 November 2019. Additionally, revenue from Gateway Plaza was lower due to lower DI FY19/20 227.9 2 average occupancy. (S$M) FY18/19 240.7 To mitigate the cash flow impact FY17/18 210.9 on the distributable income (“DI”) FY16/17 204.6 when Festival Walk’s mall and office S$227.9m FY15/16 199.9 tower were closed with no rental collection, and until such time the loss of revenue is recovered 3 FY19/20 4 1 DPU 7.124 through the insurance claims , (cents) the Manager has implemented FY18/19 7.690 4 distribution top-ups for 3Q FY19/20 FY17/18 7.481 and 4Q FY19/20. The acquisition FY16/17 7.341 of two office properties in Greater 7.124 cents Tokyo was also completed on 28 FY15/16 7.270 February 2020, accelerating the income diversification of MNACT and mitigating the decline in INVESTMENT PROPERTIES FY19/20 8,347.2 distribution per unit (“DPU”). (S$M) FY18/19 7,609.5 Accordingly, DPU declined by 7.4% for FY19/20 compared to FY18/19. FY17/18 6,292.0 FY16/17 6,226.3 Cognizant of market uncertainty S$8,347.2m FY15/16 5,922.5 and volatility, the Manager maintained a healthy liquidity position to meet the maturing NET ASSET VALUE (“NAV”) FY19/20 1.412 debt obligations in FY20/21 and PER UNIT remained prudent in its capital (S$) FY18/19 1.445 management strategy to mitigate FY17/18 1.376 the impact of interest rate and FY16/17 1.301 foreign exchange exposures. S$1.412 FY15/16 1.239 1 Please refer to page 18 in the Financial Review and Capital Management section and page 33 in the Property Portfolio Summary and Review section. 2 Includes distribution top-ups of S$32.9 million. Please refer to page 18 in the Financial Review and Capital Management section for further details. 3 For FY18/19 and FY19/20, full-year DPU is the sum of the 1Q, 2Q, 3Q and 4Q available DPU based on the number of issued units as of the end of the respective quarters. Prior to FY18/19, MNACT’s distribution policy was on a semi-annual basis. From FY15/16 to FY17/18, full-year DPU is the sum of the first-half and second-half DPU paid to the Unitholders for the financial year based on the number of issued units as of the end of the respective half-year periods ending 30 September and 31 March. Full-year DPU, as shown in the full-year results announcements for FY15/16 and FY16/17 (FY15/16: 7.248 cents, FY16/17: 7.320 cents), was computed based on the income available for distribution for the year over the number of issued units as of the end of the year. 4 Unitholders received advanced distributions in both FY18/19 and FY19/20. Please refer to page 19 in the Financial Review and Capital Management section for further details. GOVERNANCE FINANCIALS OVERVIEW PERFORMANCE & SUSTAINABILITY & OTHERS 03 CONTRIBUTION FIVE-YEAR QUARTERLY DI AND DPU2 TO NPI (FY19/20) DPU (cents) 1.959 1.926 1.956 1.937 1.854 1.850 1.868 1.904 1.778 1.696 1.927 1.950 1.923 1.868 1.881 1.808 1.851 1.765 1.566 1.671 DI (S$M) 60.8 61.0 62.1 62.0 61.7 56.7 54.8 53.8 53.0 51.3 51.9 52.5 52.7 53.4 49.5 51.0 49.1 49.5 50.8 46.3 S$277.5m Festival Walk 53.7% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Gateway Plaza 23.5% FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 Sandhill Plaza 8.4% 1 Japan Properties 14.4% STATEMENT OF FINANCIAL POSITION HIGHLIGHTS (S$M) As of 31 March 2016 2017 2018 2019 2020 Total Assets 6,153.5 6,528.9 6,522.7 7,820.4 8,586.7 CONTRIBUTION TO Total Borrowings 2,422.3 2,556.2 2,361.1 2,867.9 3,372.3 PORTFOLIO VALUATION (As of 31 March 2020) Net Assets Att ributable to Unitholders 3,416.2 3,636.3 3,888.8 4,585.5 3 4,721.5 3 KEY FINANCIAL INDICATORS As of 31 March 2016 2017 2018 2019 2020 Distribution Yield 4 for the Financial Year (%) 7.6 7.2 6.5 5.8 8.8 Aggregate Leverage Ratio 5 (%) 39.5 39.2 36.2 36.6 39.3 Average Term to Maturity for Debt (years) 3.01 3.73 3.43 3.70 3.35 Eff ective Interest Rate for S$8,347.2m the Financial Year (% per annum) 2.43 2.72 2.72 2.47 2.43 Festival Walk 61.0% Interest Cover Ratio 6 for the Financial Year (times) 3.9 3.6 3.9 4.2 3.5 Gateway Plaza 16.4% Percentage of Debt with Fixed Interest Cost (%) 77 71 78 86 77 Sandhill Plaza 5.8% Unencumbered Assets as % Japan Properties 1 16.8% of Total Assets (%) 100 100 100 90 7 81 7 1 Includes contribution from MBP and Omori from 28 February 2020, following the completion of the acquisitions.
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