Mapletree Commercial Trust : 2H and FY21/22 Results Presentation


Mapletree Commercial Trust

2H and FY21/22 Financial Results

20 April 2022

Important Notice

This presentation is for information only and does not have regard to your specific investment objectives, financial situation or your particular needs. This presentation does not constitute an invitation, offer or solicitation of any offer to sell or subscribe for, acquire or purchase any units in Mapletree Commercial Trust (“MCT” and units in MCT (“MCT Units”)).

The past performance of the MCT Units and MCT is not indicative of the future performance of MCT or Mapletree Commercial Trust Management Ltd. (“MCT Manager”). The value of MCT Units and the income derived from them, if any, may rise or fall. The MCT Units are not obligations of, deposits in, or guaranteed by the MCT Manager, DBS Trustee Limited (as trustee of MCT) (the “MCT Trustee”) or any of their respective related corporations or affiliates. An investment in the MCT Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the MCT Manager to redeem their Units while the MCT Units are listed. It is intended that unitholders may only deal in their MCT Units through trading on Singapore Exchange Securities Trading Limited (the “SGXST”). Listing of the MCT Units on the SGX-ST does not guarantee a liquid market for the MCT Units.

This presentation may also contain forward-looking statements and financial information, including those that involve risks and uncertainties. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MCT or the MCT Manager, or industry results, to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding the MCT Manager’s present and future business strategies and the environment in which MCT or the MCT Manager will operate in the future. Actual future performance, outcomes and results may differ materially from these forward-looking statements and financial information. Because these statements and financial information reflect the MCT Manager’s current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. These forward- looking statements speak only as of the date of this presentation. No assurance can be given that future events will occur, that projections will be achieved, or that assumptions are correct.

Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital, occupancy rate, construction, development risks, capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses, governmental, 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 the MCT Manager’s current view of 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. Neither the Manager nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. This presentation shall be read in conjunction with MCT’s financial results for the Second Half and Financial Year ended 31 March 2022 in the SGXNET announcement dated 20 April 2022.

The directors of the MCT Manager (including those who may have delegated detailed supervision of this presentation) have taken all reasonable care to ensure that the facts stated and opinions expressed in this presentation which relate to MCT and/or the MCT Manager are fair and accurate and that there are no other material facts not contained in this presentation the omission of which would make any statement in this presentation misleading. The directors of the MCT Manager jointly and severally accept responsibility accordingly.

Where any information has been extracted or reproduced from published or otherwise publicly available sources or obtained from a named source, the sole responsibility of the directors of the MCT Manager has been to ensure through reasonable enquiries that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this presentation.

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Key Highlights

VivoCity

Key Highlights

Financial Performance

  • FY21/22 income available for distribution up 5.1%, driven by higher revenue from all properties except Mapletree Anson due to transitional vacancy

  • Full year DPU totalled 9.53 Singapore cents

  • Valuation of investment properties up slightly to S$8.8 billion

Portfolio Performance

  • Steady operational performance in spite of COVID-19 disruptions as portfolio recorded positive full year rental reversion

  • All properties achieved higher occupancy, lifting portfolio committed and actual occupancy rates to 97.0% and 94.3% respectively

  • Positive leasing momentum for office/business park expected to continue

  • VivoCity’s full year tenant sales up 15.6% year-on-year, with 4Q FY21/22 tenant sales recovering to pre-COVID levels

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