Mapletree Industrial Trust : 3QFY2020/2021 - Financial Statement and Related Announcement

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 29 January 2008 (as amended))

MAPLETREE INDUSTRIAL TRUST UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 OCTOBER 2020 TO 31 DECEMBER 2020 AND YEAR TO DATE FROM 1 APRIL 2020 TO 31 DECEMBER 2020

TABLE OF CONTENTS

Item No.	Description	Page No.
-	Summary Results of Mapletree Industrial Trust Group		2
-	Introduction		3
1(a)(i)	Consolidated Statement of Profit or Loss and Distribution Statement	4	- 5
1(a)(ii)	Consolidated Statement of Comprehensive Income		6
1(b)(i)	Statements of Financial Position	7	- 8
1(b)(ii)	Aggregate Amount of Borrowings and Debt Securities	8	- 9
1(c)	Consolidated Statement of Cash Flows	9 - 10
1(d)(i)	Statement of Movements in Unitholders' Funds (MIT Group)	11	- 12
1(d)(ii)	Statement of Movements in Unitholders' Funds (MIT)		12
1(d)(iii)	Details of Any Change in Units		13
1(d)(iv)	Sales, Transfers, Cancellation and/or of Treasury Units and Subsidiary		13
Holdings
2 & 3	Audit Statement		13
4 & 5	Changes in Accounting Policies	13	- 14
6	Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU")		14
7	Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit		15
8	Review of the Performance	15	- 17
9	Variance from Prospect Statement		17
10	Outlook and Prospects	17	- 18
11 & 12	Distributions	19	- 20
13 & 14	Segment Information (MIT Group)	21	- 22
15	General Mandate relating to Interested Person Transactions		22
16	Confirmation pursuant to Rule 720(1) of the Listing Manual		22
17	Confirmation by the Board		22

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MAPLETREE INDUSTRIAL TRUST UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 OCTOBER 2020 TO 31 DECEMBER 2020 AND YEAR TO DATE FROM 1 APRIL 2020 TO 31 DECEMBER 2020

Summary Results of Mapletree Industrial Trust Group1 ("MIT Group")

			3QFY20/21		2QFY20/21	Variance	3QFY19/20	Variance
				%	%
Gross revenue (S$'000)2			123,685		103,350	19.7	102,610	20.5
Net property income (S$'000)2			98,929		81,602	21.2	81,905	20.8
Amount available for distribution			81,074		72,884	11.2	69,436	16.8
(S$'000)2
No. of units in issue ('000)			2,350,697		2,350,379	*	2,200,749	6.8
Distribution per unit (cents)			3.28		3.10	5.8	3.16	3.8
Comprising:
- Advanced distribution for	1				0.03
July 2020 (paid on 28 July
2020)
- Balance distribution from 2
July 2020 to 30 September					3.07
2020

		YTD		YTD	Variance
		FY20/21		FY19/20	%
Gross revenue (S$'000)2		326,141		304,057	7.3
Net property income (S$'000)2		259,183		239,813	8.1
Amount available for distribution		224,516		196,184	14.4
(S$'000)2
No. of units in issue ('000)		2,350,697		2,200,749	6.8
Distribution per unit (cents)		9.25		9.39	(1.5)

* Percentage is less than 0.1%

Footnotes:

1

2

MIT Group comprises Mapletree Industrial Trust ("MIT") and its wholly owned subsidiaries.

Gross revenue and net property income do not include MIT's interests in the North American joint ventures with Mapletree Investments Pte Ltd ("MIPL"), as these are equity accounted. Amount available for distributions includes distributions declared by the joint ventures. With effect from 1 September 2020, upon completion of the acquisition of remaining 60.0% interest in the 14 data centres located in the United States of America, interest previously held through one of the joint ventures - Mapletree Redwood Data Centre Trust ("MRDCT") has been consolidated.

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MAPLETREE INDUSTRIAL TRUST UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 OCTOBER 2020 TO 31 DECEMBER 2020 AND YEAR TO DATE FROM 1 APRIL 2020 TO 31 DECEMBER 2020

Introduction

MIT is a real estate investment trust listed on the Main Board of Singapore Exchange. Its principal investment strategy is to invest in a diversified portfolio of income-producing real estate used primarily for industrial purposes in Singapore and income-producing real estate used primarily as data centres worldwide beyond Singapore, as well as real estate-related assets.

With effect from 1 April 2020, the Manager has reclassified Data Centres as a standalone property segment to reflect its growth within the portfolio. These properties, which were previously classified within the Hi-Tech Buildings, have been reclassified to the Data Centres - namely 7 Tai Seng Drive, 19 Tai Seng Drive, 26A Ayer Rajah Crescent, Mapletree Sunview 1, STT Tai Seng 1 and the 27 data centres in North America (including 13 data centres held through joint venture with MIPL). The remaining high- specification industrial buildings in Singapore will continue to be classified as Hi-Tech Buildings.

On 1 September 2020, MIT completed the acquisition of the remaining 60.0% interest in 14 data centres located in the United States of America, previously held by MRDCT, for a purchase consideration of US$215.3 million (approximately S$292.8 million1).

As at 31 December 2020, MIT's total assets under management was S$6.6 billion, which comprised 84 properties in Singapore and 27 properties in North America (including 13 data centres through the joint venture with MIPL). MIT's property portfolio include Data Centres, Hi-Tech Buildings, Business Park Buildings, Flatted Factories, Stack-up/Ramp-up Buildings and Light Industrial Buildings.

MIT's distribution policy is to distribute at least 90.0% of its taxable income, comprising substantially rental income from the letting of its properties and related property services income after deduction of allowable expenses, as well as interest income from the periodic placement of cash surpluses in bank deposits.

1 Based on the exchange rate of US$1.00 to S$1.36

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MAPLETREE INDUSTRIAL TRUST UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 OCTOBER 2020 TO 31 DECEMBER 2020 AND YEAR TO DATE FROM 1 APRIL 2020 TO 31 DECEMBER 2020

1(a)(i) Consolidated Statement of Profit or Loss and Distribution Statement

Consolidated Statement of	3Q	3Q		YTD	YTD
FY20/21	FY19/20	Variance	FY20/21	FY19/20	Variance
Profit or Loss
(S$'000)	(S$'000)	%	(S$'000)	(S$'000)	%
Gross revenue	123,685	102,610	20.5	326,141	304,057	7.3
Property operating	(24,756)	(20,705)	19.6	(66,958)	(64,244)	4.2
	expenses (Note A)
Net property income	98,929	81,905	20.8	259,183	239,813	8.1
Interest income	32	2,125	(98.5)	248	2,295	(89.2)
Borrowing costs (Note B)	(15,508)	(12,072)	28.5	(38,091)	(33,990)	12.1
Manager's management
fees
-	Base fees	(7,190)	(5,628)	27.8	(19,333)	(16,883)	14.5
-	Performance fees	(3,543)	(2,951)	20.1	(9,342)	(8,642)	8.1
Trustee's fees	(196)	(161)	21.7	(547)	(472)	15.9
Other trust expenses	(617)	(342)	80.4	(1,431)	(1,142)	25.3
Net foreign exchange gain/	527	(125)	**	357	(126)	**
(loss)
Share of joint ventures'	9,571	6,848	39.8	35,593	15,609	>100.0
	results1
Effects from deemed
	disposal of investments in	(15,662)	-	**	(15,662)	-	**
	joint venture2
Profit for the period before	66,343	69,599	(4.7)	210,975	196,462	7.4
	income tax
Income tax expense	(475)	(49)	>100.0	(676)	(49)	>100.0
Profit for the period after	65,868	69,550	(5.3)	210,299	196,413	7.1
	income tax
Distribution Statement	3Q	3Q		YTD	YTD
FY20/21	FY19/20	Variance	FY20/21	FY19/20	Variance
		(S$'000)	(S$'000)	%	(S$'000)	(S$'000)	%
Profit for the period after	65,868	69,550	(5.3)	210,299	196,413	7.1
	income tax
Adjustment for net
	effect of non-tax
	deductible/(chargeable)	6,545	(6,812)	**	(15,831)	(14,531)	8.9
	items and other
	adjustments (Note C)
Distributions declared	8,661	6,698	29.3	30,048	14,302	>100.0
	by joint ventures
Amount available for	81,074	69,436	16.8	224,516	196,184	14.4
	distribution
	Footnote:

1 Share of joint ventures' results relates to MIT's equity interest in the joint ventures with MIPL. The results of the joint ventures were equity accounted at the Group level. With effect from 1 September 2020, upon

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