Investor Presentation May 2016
Important Notice This presentation shall be read in conjunction with Mapletree Industrial Trust’s (“MIT”) financial results for Fourth Quarter Financial Year 2015/2016 in the SGXNET announcement dated 25 April 2016. This presentation is for information only and does not constitute an offer or solicitation of an offer to sell or invitation to subscribe for or acquire any units in Mapletree Industrial Trust (“Units”) . The past performance of the Units and MIT is not indicative of the future performance of MIT or Mapletree Industrial Trust Management Ltd. (the “Manager”) . The value of Units and the income from them may rise or fall. Units are not obligations of, deposits in or guaranteed by the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that unitholders may only deal in their Units through trading on the Singapore Exchange Securities Trading Limited (“SGX - ST”) . Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This presentation may also contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of risks, uncertainties and assumptions. Representative examples of these factors include general industry and economic conditions, interest rate trends, cost of capital, occupancy rate, construction and development risks, changes in operating expenses (including employees wages, benefits and training costs), governmental and public policy changes and the continued availability of financing. You are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of management on future events. Nothing in this presentation should be construed as financial, investment, business, legal or tax advice and you should consult your own independent professional advisors. 2
Agenda 1 Overview of Mapletree Industrial Trust 2 Portfolio Highlights 3 4Q & FY15/16 Financial Performance 4 Outlook and Strategy 3
OVERVIEW OF MAPLETREE INDUSTRIAL TRUST Hi-Tech Building, Build-to-Suit Data Centre for Equinix
Overview of Mapletree Industrial Trust Mapletree Investments Pte Ltd Public & Inst MIPL (“MIPL”) Unitholders Sponsor 65.8% 34.2% Owns 34.2% of MIT Trustee Focused on industrial real estate Investment assets in Singapore, excluding Manager properties primarily used for logistics mandate purposes Property MIT Portfolio Manager 85 properties valued at S$3.6 billion Portfolio 19.7 million sq ft GFA Light Industrial Buildings 2.7% 14.8 million sq ft NLA Stack-up/Ramp-up Buildings Flatted Factories 12.6% Mapletree Industrial Trust 44.0% Management Ltd. Manager 100% owned by the Sponsor Business Park Buildings 15.8% Mapletree Facilities Services Portfolio Value Property Pte. Ltd. S$3.6 billion Manager 100% owned by the Sponsor DBS Trustee Limited Trustee Hi-Tech Buildings 24.9% As at 31 Mar 2016 5
Broad Spectrum of Industrial Facilities FLATTED FACTORIES STACK-UP/RAMP-UP BUILDINGS High-rise multi-tenanted industrial buildings with basic common facilities used for light Stacked-up factory space with vehicular manufacturing activities . access to upper floors. Multi-tenanted space suitable for manufacturing and assembly activities. HI-TECH BUILDINGS LIGHT INDUSTRIAL BUILDINGS High specification industrial space with higher office content for tenants in technology and Multi-storey developments usually knowledge-intensive sectors. Usually fitted occupied by an anchor tenant for light with air-conditioned lift lobbies and common manufacturing activities. areas. BUSINESS PARK BUILDINGS Multi-storey suburban office buildings in specially designated “Business Park zones”. Serve as regional headquarters for MNCs as well as space for R&D and knowledge- intensive enterprises. 6
Strategically Located across Singapore Close to Public Transportation Networks and Established Industrial Estates Flatted Factories Hi-Tech Buildings Business Park Buildings Stack-up/Ramp-up Buildings Light Industrial Buildings Major Expressways Ongoing development projects 7
Sustainable and Growing Returns Distributable Income DPU (cents) (S$ million) 60 3.00 2.60 2.67 2.65 2.73 2.79 2.82 2.81 2.16 2.22 2.26 2.29 2.32 2.37 2.43 2.47 2.51 2.51 2.51 45.4 46.0 46.7 48.2 48.9 50.3 50.4 50 2.50 35.2 35.8 36.9 37.5 37.7 38.9 40.2 41.1 42.2 42.6 42.8 1.93 1.98 2.05 40 2.00 31.6 1.52 28.3 29.0 30 1.50 22.3 20 1.00 10 0.50 0 0.00 3Q¹ 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 Distributable Income (S$ million) DPU (cents) ¹ MIT was listed on 21 Oct 2010. 8
Comparative Trading Performance since IPO 1,2 Unit Price and Market Cap S$ Return on Investment % Total Return ⁴ 1.615 130.2 Closing Unit price Market Capitalisation 2.9 billion³ Capital Appreciation 73.7 Distributions 56.5 200.0% MIT Unit Price +73.7% 150.0% FTSE ST REITS Index +4.4% 100.0% FTSE Straits Times Index -13.1% 50.0% 0.0% Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Rebased MIT Unit Price Rebased FTSE ST REITs Index Rebased FTSE Straits Times Index Rebased MIT’s issue price of S$0.93 and opening unit prices of FTSE ST REITs Index and 1 FTSE Straits Times Index on 21 October 2010 to 100. 2 All information as at 20 May 2016. Source: Bloomberg. Based on MIT’s closing unit price of S$1.615 on 20 May 2016 and total units in issue 1,801,250,264. 3 9 4 Sum of distributions and capital appreciation for the period over the issue price of S$0.93.
Significant Events 2011 2013 2014 2012 2015 2016 Jul Mar Jan Jan Jan Mar Acquired tranche 2 S$125 million Implemented TOP for AEI at Toa TOP and BCA-IDA S$60 million of JTC’s 2 nd Phase 7-year 3.75% Fixed Distribution Payoh North 1 Green Mark 10-year 3.79% Divestment Rate Notes Reinvestment Plan Cluster Platinum Award Fixed Rate Notes Exercise Portfolio (Maiden Issuance) (DRP) (S$40 million) (New Data (S$400 million) Centres) for Equinix (S$108 million) Sep Jul Mar May Jul S$45 million Temporary Redevelopment of S$75 million S$176.9 million 10-year 3.65% Occupation Permit the Telok Blangah 8-year 3.02% Fixed Equity Fund Fixed Rate Notes (TOP) for asset Cluster into a build- Rate Notes Raising Exercise enhancement to-suit (BTS) facility initiative (AEI) at for Hewlett-Packard Woodlands Central (S$226 million) Cluster (S$30 million) Oct May Oct TOP and BCA Acquired Light New AEI at Kallang Green Mark Gold Industrial Building Basin 4 Cluster Award (Buildings) at Changi North (S$77 million) for K&S Corporate (S$14 million) Headquarters (S$50 million) 10
PORTFOLIO HIGHLIGHTS Hi-Tech Building, K&S Corporate Headquarters
Resilient Portfolio Performance Gross Rental Rate Occupancy S$ psf/mth 100% 92.3% 93.2% 94.3% 94.5% 95.1% 95.0% 94.9% 95.0% 95.2% 95.4% 95.5% 93.9% 92.5% 91.3% 90.7% 91.5% 90.8% 90.2% 93.5% 93.8% 94.7% 94.6% $2.00 90% $1.82 $1.83 $1.84 $1.86 $1.88 $1.89 $1.90 $1.68 $1.71 $1.70 $1.73 $1.75 $1.77 80% $1.49 $1.52 $1.54 $1.53 $1.55 $1.56 $1.59 $1.61 70% $1.45 $1.50 60% 50% $1.00 40% 30% $0.50 20% 10% 0% $0.00 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 Occupancy (LHS) Rental Rate (RHS) 12
Segmental Occupancy Levels 99.7% 100.0% 97.4% 96.2% 94.7% 94.6% 94.8% 94.7% 93.4% 92.1% 90.3% 90.1% Flatted Factories Hi-Tech Buildings Business Park Stack-Up/Ramp-Up Light Industrial MIT Buildings Buildings Buildings Portfolio Left Bar Right Bar (3QFY15/16) (4QFY15/16) 13
Rental Revisions Gross Rental Rate (S$ psf/mth)¹ Before Renewal After Renewal $4.17 $3.92 New Leases $3.62 Passing Rent $3.85 $2.34 $2.23 $2.14 $1.84 $1.79 $2.12 $1.68 $1.60 $1.45 $1.42 $1.77 $1.27 Flatted Factories Hi-Tech Buildings Business Park Buildings Stack-Up/Ramp-Up Buildings Renewal 67 Leases 7 Leases 21 Leases 5 Leases Leases (201,082 sq ft) (19,307 sq ft) (115,941 sq ft) (57,383 sq ft) New 30 Leases 9 Leases 2 Leases 1 Lease Leases (75,314 sq ft) (34,595 sq ft) (4,112 sq ft) (3,972 sq ft) For period 4QFY15/16 ¹ Gross Rental Rate figures exclude short term leases; except Passing Rent figures which include all leases. 14
Healthy Tenant Retention LONG STAYING TENANTS RETENTION RATE FOR 4QFY15/16 Up to 1 yr 94.9% >10 yrs 8.0% 91.3% 17.0% 79.4% >1 to 2 yrs 71.8% 9.8% 69.2% 4 years or less, 37.7% > 2 to 3 yrs 12.9% More than 4 23.6% years 62.3% >3 to 4 yrs 7.0% Flatted Hi-Tech Business Stack-Up / Light Portfolio >5 to 10 yrs Factories Buildings Park Ramp-Up Industrial 35.4% Buildings Buildings Buildings >4 to 5 yrs 9.9% Based on NLA. As at 31 Mar 2016 By number of tenants. 62.3% of the tenants have leased the properties for more than 4 years Tenant retention rate of 71.8% in 4QFY15/16 15
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