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BUILDING STRENGTH STEERING GROWTH Mapletree Logistics Trust Annual Report 2020/2021 CORPORATE PROFILE Mapletree Logistics Trust (“MLT”) is Singapore’s first Asia Pacific focused logistics real estate investment trust. Listed on the Singapore Exchange Securities Trading Limited in 2005, MLT invests in a diversified portfolio of quality, well-located income-producing logistics real estate in Singapore, Hong Kong SAR, China, Japan, South Korea, Australia, Malaysia, Vietnam and India. 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 property management company headquartered in Singapore. The Manager is committed to providing Unitholders with competitive total returns through the following strategies: 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. Contents OVERVIEW GOVERNANCE Key Highlights 2 Investor Relations 121 Financial Highlights 4 Corporate Governance 123 Unit Price Performance 6 Risk Management 142 Value Creation 8 Year in Review 10 SUSTAINABILITY Message from the Chairman and CEO 12 Corporate Structure 16 Sustainability Report 146 Trust Structure 18 Organisation Structure 19 FINANCIAL & OTHER INFORMATION Board of Directors 20 Management Team 24 Report of the Trustee 174 Statement by the Manager 175 PERFORMANCE Independent Auditor’s Report to the Unitholders of Mapletree Logistics Trust 176 Financial Review 30 Statements of Profit or Loss 180 Capital Management 36 Statements of Comprehensive Income 181 Megatrends 40 Statements of Financial Position 182 Portfolio Analysis and Review 42 Distribution Statements 183 Operations Review 49 Consolidated Statement of Cash Flows 185 Property Portfolio 57 Statements of Movements in Independent Market Research 78 Unitholders’ Funds 188 Portfolio Statements 190 Notes to the Financial Statements 229 Statistics of Unitholdings 289 Interested Person Transactions 291 Corporate Directory 292 Accessibility of Annual Reports The Annual Report for FY20/21 is available for viewing and download on our website: www.mapletreelogisticstrust.com BUILDING STRENGTH STEERING GROWTH Amid unprecedented challenges posed by the pandemic, MLT delivered another year of growth and expansion. Leveraging our resilient portfolio and strong balance sheet, we adapted to the immense change while working alongside customers to support them in navigating the uncertainties. Through accretive acquisitions, we further strengthened our portfolio with enhanced diversification, quality and scale. As we continue to build on our strengths, we remain well-placed to capture growth opportunities and deliver sustainable value to our stakeholders. OUR VISION OUR MISSION To be the preferred real estate partner To provide Unitholders with of choice to customers requiring competitive total returns through high quality logistics and distribution regular distributions and growth in spaces in Asia Pacific. asset value. Overview Key Highlights ENHANCING PORTFOLIO Tianjin The pandemic Xi’an Seoul has highlighted Zhengzhou To k yo Osaka the importance of Chengdu Shanghai a diversified and Wuhan quality portfolio. Guangzhou Hong Kong SAR Pune Bac Ninh Binh Duong S$ B Kuala Lumpur 10.8 Singapore Assets Under Management +20.9% YoY M sqm Key Cities MLT is present in 6.5 Brisbane Silk Road Economic Belt Gross Floor Area +28.5% YoY Maritime Silk Road Initiative Sydney Sea Routes in Asia Pacific Southern Transport Corridor Melbourne % 97.5 Number of Properties Portfolio Occupancy 98.0% as at 31 March 2020 Singapore52 Hong Kong9 SAR 30China 18Japan South18 Korea Years 3.6 Australia12 Malaysia15 Vietnam7 India2 Weighted Average Lease Expiry (by Net Lettable Area) 4.3 years as at 31 March 2020 2 Mapletree Logistics Trust Annual Report 2020/2021 Overview DELIVERING RETURNS PRUDENT CAPITAL MANAGEMENT GROWING SUSTAINABLY Performance S$ M % S$ M 333.1 38.4 350 Governance Amount Distributable to Aggregate Leverage Green loan facilities Unitholders as at 31 March 2021 to finance green projects +10.4% YoY Sustainability ¢ Years % 8.326 3.8 2.0 Distribution Per Unit Average Debt Maturity Reduction in energy +2.3% YoY as at 31 March 2021 intensity in Singapore, Hong Kong SAR, Vietnam, China and Malaysia2 Financial S$ % % 1.33 75 22.9 Net Asset Value Per Unit Debt Hedged into Fixed Rates Increase in solar 3 +9.9% YoY as at 31 March 2021 generating capacity %1 % 27.4 79 6 Total Return Income Hedged for Corporate Social FY19/20: 13.8% Next Financial Year Responsibility projects across 8 geographic markets Notes: 1 Sum of distribution yield and capital appreciation for the period 31 March 2020 to 31 March 2021. 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. 3 Includes generating capacity from Solar Power Purchase Agreement and tenant installations. Mapletree Logistics Trust Annual Report 2020/2021 3 Overview Financial Highlights Gross Revenue Net Property Income (S$M) YoY (S$M) YoY +14.3% +13.8% S$561.1M S$499.1M 20/21 561.1 20/21 499.1 19/20 490.8 19/20 438.5 18/19 454.3 18/19 389.5 17/18 395.2 17/18 333.8 16/17 373.1 16/17 312.2 Amount Distributable to Unitholders Distribution Per Unit (S$M) YoY (cents) YoY +10.4% +2.3% S$333.1M 8.326¢ 20/21 333.11 20/21 8.326 19/20 301.72 19/20 8.142 18/19 270.03 18/19 7.941 17/18 212.94 17/18 7.618 16/17 186.15 16/17 7.440 Assets Under Management Net Asset Value Per Unit (S$B) YoY (S$) YoY +20.9% +9.9% S$10.8B S$1.33 20/21 10.8 20/21 1.33 19/20 8.96 19/20 1.21 18/19 8.07 18/19 1.17 17/18 6.5 17/18 1.10 16/17 5.5 16/17 1.04 Notes: 1 Included the partial distribution of the gains 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 (“Mapletree Integrated”), five divested properties in Japan (Gyoda Centre, Iwatsuki B Centre, Atsugi Centre, Iruma Centre and Mokurenji Centre) (collectively known as “five divested properties in Japan”) and 7 Tai Seng Drive amounting to S$18.9 million. 2 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 gains from the divestments of Mapletree Integrated, five divested properties in Japan, 531 Bukit Batok Street 23, 7 Tai Seng Drive and 4 Toh Tuck Link amounting to S$18.8 million. 3 Included the partial distribution of the gains 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. 4 Included the partial distribution of the gains 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. 5 Included the partial distribution of the gains from the divestments of 134 Joo Seng Road and 20 Tampines Street 92 amounting to S$5.0 million. 6 Included MLT’s 50% interest of the joint ventures with Mapletree Investments Pte Ltd in a portfolio of 15 properties in China. 7 Included MLT’s 50% interest of the joint ventures with Mapletree Investments Pte Ltd in a portfolio of 11 properties in China. 4 Mapletree Logistics Trust Annual Report 2020/2021 Overview Gross Revenue by Geography8 Assets Under Management by Geography (FY20/21) (As at 31 March 2021) Performance % % Singapore 33.5 Singapore 24.0 Hong Kong SAR 21.4 Hong Kong SAR 24.6 S$ M China 10.1 S$ B China 16.6 Governance 561.1 Japan 12.0 10.8 Japan 11.2 South Korea 5.9 South Korea 8.4 Australia 7.5 Australia 8.0 Malaysia 6.4 Malaysia 4.7 Vietnam 3.2 Vietnam 1.7 India 0.8 5-Year Financial Summary Sustainability FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 Statement of Financial Position Highlights (S$M) Total Assets 5,686.7 6,678.3 8,078.3 9,051.4 11,204.7 Total Borrowings 2,184.1 2,511.8 3,090.37 3,550.06 4,226.1 Perpetual Securities 595.7 429.99 429.9 430.0 429.9 Unitholders’ Funds 2,588.1 3,376.110 4,231.711 4,580.212 5,681.313 Market Capitalisation14 2,738.0 3,761.5 5,288.6 6,004.4 8,266.6 Financial Key Financial Indicators Aggregate Leverage (%) 38.5 37.7 37.77 39.36 38.4 Interest Cover Ratio (times)15 5.6 5.6 4.77 4.96 5.1 Average Cost of Debt (%) 2.3 2.3 2.67 2.66 2.2 Average Debt Maturity (years) 3.9 4.5 4.17 4.16 3.8 Notes: 8 The acquisition for the two logistics properties in Pune, India, was completed on 25 March 2021. No revenue was recognised for India in FY20/21. 9 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. 10 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.
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