#1mapleīree industrial SGinvestors Investor Presentation March 2024 mapleinee#2Important Notice mapletree industrial This presentation shall be read in conjunction with Mapletree Industrial Trust's ("MIT") financial results for Third Quarter Financial Year 2023/2024 in the SGXNET announcement dated 25 January 2024. 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#3Contents 01 Overview of Mapletree Industrial Trust 02 Key Highlights 03 Portfolio Update 1 2 3 4 5 04 05 3Q FY23/24 Financial Highlights Outlook and Strategy mapletree industrial 3#44465 OVERVIEW OF MAPLETREE INDUSTRIAL TRUST Hi-Tech Building Mapletree Hi-Tech Park @ Kallang Way#5Overview of Mapletree Industrial Trust 142 Properties Investment Mandate 1 NLA (sq ft) 24.9 million¹ mapletree industrial AUM S$9.2 billion 2 Focused on (i) industrial real estate assets in Singapore, excluding properties primarily used for logistics purposes and (ii) data centres worldwide beyond Singapore 1 2 Trust Structure Sponsor owns 25.9% of MIT Sponsor Mapletree Investments Pte Ltd Other Unitholders Distributions Ownership of Units Management Services Manager³ Mapletree Industrial Trust Management Ltd. Management Fees mapletree industrial Acts on behalf of Unitholders Trustee DBS Trustee Limited Trustee Fees Net Property income Ownership of Assets Property Portfolio Property Management Services Property Management Fees Property Managers³ Mapletree Facilities Services Pte. Ltd. Mapletree US Management LLC Mapletree Management Services Japan Kabushiki Kaisha Excludes the parking decks (150 Carnegie Way and 171 Carnegie Way) at 180 Peachtree Street NW, Atlanta. Based on MIT's book value of investment properties as well as MIT's interest of the joint venture with Mapletree Investments Pte Ltd ("MIPL") in three fully fitted hyperscale data centres and 10 powered shell data centres in North America, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan and included MIT's right-of-use assets as at 31 Dec 2023. 3 The Manager and the Property Managers are wholly-owned subsidiaries of the Sponsor. 5#6142 Properties Across 6 Property Segments mapletree S$9.2 billion¹ AUM 24.9 million² NLA (sq ft) > 2,000 tenants Tenant Base industrial Light Industrial Buildings 0.7% Stack-up/Ramp-up Buildings 5.5% Flatted Factories 15.7% Business Park Buildings 5.9% AUM 1 S$9.2 billion Hi-Tech Buildings 16.6% AUM by geography North America Singapore Japan 2 Data Centres: 55.6% North America: 48.1% ➤ Japan: 4.3% Singapore: 3.2% Flatted Factories Data Centres Stack-up/Ramp-up Hi-Tech Buildings Buildings 48.1% 47.6% 4.3% Business Park Buildings Light Industrial Buildos 1 Based on MIT's book value of investment properties as well as MIT's 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan and included MIT's right-of-use assets as at 31 Dec 2023. Excludes the parking decks (150 Carnegie Way and 171 Carnegie Way) at 180 Peachtree Street NW, Atlanta. 6#7Diverse Portfolio of 142 Properties the strategy mapletree industrial DATA CENTRES Facilities used primarily for the storage and processing of data. These include core-and-shell to fully-fitted facilities, which include building fit outs as well as mechanical and electrical systems. FLATTED FACTORIES High-rise multi-tenanted industrial buildings with basic common facilities used for light manufacturing activities. HI-TECH BUILDINGS High-specification industrial buildings with higher office content for tenants in technology and knowledge-intensive sectors. Usually fitted with air-conditioned lift lobbies and common areas. STACK-UP/RAMP-UP BUILDINGS Stacked-up factory space with vehicular access to upper floors. Multi-tenanted space suitable for manufacturing and assembly activities. BUSINESS PARK BUILDINGS High-rise multi-tenanted buildings in specially designated "Business Park zones". Serve as regional headquarters for MNCs as well as spaces for R&D and knowledge-intensive enterprises. LIGHT INDUSTRIAL BUILDINGS Multi-storey developments usually occupied by an anchor tenant for light manufacturing activities. 7#856 Data Centres Across North America Total NLA1 WALE (By GRI)² 8.3m sq ft 5.8 years 6 2 Denver mapletree industrial Weighted Average Unexpired Lease Term of Underlying Land³ Freehold Occupancy Rate4 89.9% Minnesota Wisconsin Ontario 2 Illinois Ohio Michigan Pennsylvania 2 Massachusetts 1 Connecticut 2 New Jersey Indiana 9 Virginia 3 North Carolina Oklahoma Tennessee 1 South Carolina 6 Georgia California 3 Arizona 6 Texas MIT's 56 Data Centres in North America *Number of data centres indicated in the circles Excluded the parking decks (150 Carnegie Way and 171 Carnegie Way) at 180 Peachtree Street NW, Atlanta. 1 2 As at 31 Dec 2023. 3 All properties are sited on freehold land, except for the parking deck (150 Carnegie Way) at 180 Peachtree Street NW, Atlanta, 2055 East Technology Circle, Tempe, 2005 East Technology Circle, Tempe and part of 250 Williams Street NW, Atlanta. 4 For 3QFY23/24. 8#985 Properties in Singapore mapletree industrial Total NLA WALE (By GRI)1 16.5m sq ft 3.0 years Weighted Average Unexpired Lease Term of Underlying Land¹ 33.1 years Occupancy Rate² 93.8% Tuas Second Link Jurong Lake District 1 As at 31 Dec 2023. 2 For 3QFY23/24. Seaport Causeway to Malaysia Woodlands Regional Centre Clementi West International Business Park Toa Payoh North one-north Tanglin Halt Redhill Tiong Bahru Telok Blangah Seaport Serangoon North Kampong Ampat Loyang Tampines Regional Centre Changi North Airport Kaki Bukit Changi Business Park Kolam Ayer Kampong Ubi Chai Chee Lane Central Area Seaport Kallang Basin Data Centres Hi-Tech Buildings Flatted Factories Business Park Buildings Stack-up/Ramp-up Buildings Light Industrial Buildings 9#10Healthy Returns since IPO COMPARATIVE TRADING PERFORMANCE SINCE IPO1 400 350 mapletree industrial 300 250 200 150 100 50 50 0 чить MIT UNIT PRICE 144.1% FTSE STRAITS TIMES INDEX -0.2% FTSE ST REITS INDEX -5.7% Nov 2010 Nov 2011 Nov 2012 Nov 2013 Nov 2014 Nov 2015 Nov 2016 Nov 2017 Nov 2018 Nov 2019 Nov 2020 Nov 2021 Nov 2022 Nov 2023 Rebased MIT Unit Price Rebased FTSE Straits Times Index Rebased FTSE ST REITs Index MIT's Return on Investment Listing on 21 Oct 2010 to 15 Mar 2024 1 Capital Appreciation 144.1% Distribution Yield 161.4% Rebased MIT's issue price of S$0.930 and opening unit prices of FTSE ST REITS Index and FTSE Straits Times Index on 21 Oct 2010 to 100. Source: Bloomberg. 2 Based on MIT's closing unit price of S$2.270 on 15 Mar 2024. MIT's distribution yield is based on DPU of S$1.501 over the issue price of S$0.930. 4 Sum of distributions and capital appreciation for the period over the issue price of S$0.930. Total Return 305.5%4 10 10#11Reputable Sponsor with Aligned Interest About the Sponsor, Mapletree Investments mapletree industrial x Global real estate development, investment, capital and property management company × As at 31 Mar 2023, the Sponsor owns and manages S$77.4 billion of assets across Asia Pacific, Europe, the United Kingdom and North America, of which S$21.7 billion is located in North America × Operates five offices across North America (New York, Chicago, Los Angeles, Atlanta and Dallas) Right of first refusal to MIT over future sale of 50% interest in Mapletree Rosewood Data Centre Trust (MRODCT) • • UK & Europe London Amsterdam Warsaw China Shanghai Beijing Guangzhou Total AUM S$77.4 billion 13 Markets 21 Offices Office Locations North America • • • New York Chicago Los Angeles Southeast Asia & India Hanoi Ho Chi Minh • Atlanta . Dallas North Asia · Hong Kong SAR Seoul Tokyo Singapore • Kuala Lumpur Bangalore Australia Sydney 11#12Data Centres, 44490 Chilum Place, Ashburn KEY HIGHLIGHTS#13Sustainable and Growing Returns Amount Available for Distribution to Unitholders (S$ million) 120 110 100 90 80 70 60 50 40 40 30 20 20 10 mapletree industrial DPU (cents) 3.47 3.49 3.49 3.49 3.35 3.36 3.39 3.39 3.36 3.50 3.30 3.33 3.32 3.28 3.10 2.852.87 3.103.13 3.16 88.489.590.32.1 82.7 81.1 72.9 70.6 70.7 69.4 69.2 63.263.5 3.00 95.3 94.3 89.9 89.088.4 87.2 0 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 DPU (cents) 1 3.45 8.41 9.24 9.92 10.43 11.15 11.39 11.75 12.16 12.24 12.55 13.80 13.57 MIT was listed on 21 Oct 2010. 2.50 2.00 1.50 1.00 0.50 0.00 13#14Evolving MIT Portfolio Profile mapletree Reshaping and Building a Portfolio of Assets for Higher Value Uses Through Development Projects and Acquisitions 70 Properties 142 Properties industrial Stack-up/Ramp- up Buildings 16% Business Park Buildings 21% Light Industrial Warehouse 1% Buildings 9% AUM S$2.1 billion As at 31 Aug 2010 Light Industrial Buildings 0.7% Stack-up/Ramp-up Buildings 5.5% Flatted Factories 15.7% Business Park Flatted Factories 53% Buildings 5.9% Hi-Tech Buildings 16.6% AUM1 S$9.2 billion As at 31 Dec 2023 Data Centres: 55.6% * North America: 48.1% * Japan: 4.3% Singapore: 3.2% AUM by geography Singapore AUM by geography 100.0% North America Singapore 48.1% 47.6% Japan 4.3% 1 Based on MIT's book value of investment properties as well as MIT's 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan and included MIT's right-of-use assets as at 31 Dec 2023. 14#15Portfolio Growth since IPO 3 Asset Enhancement Initiatives ("AEI”) 5 Build-to-Suit ("BTS") Projects 10 Acquisitions FY20/21 S$6.8b, FY19/20 S$5.9b FY18/19 S$4.8b FY17/18 FY16/17 S$4.3b FY15/16 S$3.7b FY14/15 mapletree industrial FY21/22 FY22/23 FY23/24 S$8.8b S$8.8b Acquisition 29 US DCs US$1.32b Acquisition DC in Japan 4 JPY52b FY12/13 FY 11/12 FY13/14 S$3.2b S$3.6b S$3.4b S$2.9b FY10/11 S$2.7b S$2.2b1 Acquisition 11 Flatted Factories S$400m ΑΕΙ Woodlands Central S$30m BTS K&S Corp Headquarters S$50m ΑΕΙ Toa Payoh North 1 S$40m Acquisition 2A Changi North Street 2 S$12m BTS 26A Ayer Rajah Cres S$101m BTS 1 & 1A Depot Close S$226m Acquisition 40% int in 14 US DCs US$300m ΑΕΙ 30A Kallang Place S$77m Acquisition Upgraded 7 Tai Seng Drive to DC S$95m BTS Mapletree Sunview 1 S$76m Acquisition 18 Tai Seng S$268m Acquisition 60% int 14 US DCs US$494m Acquisition DC in Virginia US$220.9m Acquisition 13 US DCs³ US$684m BTS Mapletree Hi-Tech Park @ Kallang Way S$300m 1 Valuation of investment properties on 31 Mar at end of each financial year. 2 Acquired through a 40:60 joint venture with MIPL. 3 Acquired through a 50:50 joint venture with MIPL. 4 MIT's effective economic interest in the property is 98.47%. 15#163QFY23/24 Highlights mapletree industrial × Performance driven by revenue contributions from the Osaka Data Centre acquired on 28 Sep 2023 and new leases from Mapletree Hi-Tech Park @ Kallang Way, offset by an enlarged unit base • 0.8% y-o-y) 3QFY23/24 Net Property Income: S$129.9 million ( • • 3QFY23/24 Distribution to Unitholders: S$95.2 million ( 3QFY23/24 DPU: 3.36 cents ( ▼0.9% y-o-y) 3.1% y-o-y) x Resilient operational performance • Positive rental revisions across all property segments • Higher average rental rates for Singapore Portfolio and North American Portfolio at S$2.21 psf/mth and US$2.43 psf/mth respectively Overall Portfolio's WALE increased q-o-q from 4.2 years to 4.4 years as at 31 Dec 2023 × Capital management update . Hedged borrowings of 79.5% and weighted average hedge tenor of 3.6 years Healthy aggregate leverage ratio of 38.6% 16#17Completed Phase 2 of Fit Out Works for Osaka Data Centre Description mapletree industrial 1 IT Capacity >10 MW Uptime Tier Equivalent² Tier III+ Occupancy Rate³ 100% Tenant Established Data Centre Operator WALE4 18.9 years Completed Phase 2 of fit out works for Osaka Data Centre on 9 Feb 2024 for JPY5.2 billion 1 High-quality, multi-storey fully- fitted Data Centre in downtown Osaka Net lettable area of about 136,900 sq ft Net lease structure with minimal landlord operational obligations × Completed acquisition of Osaka Data Centre and Phase 1 of fit out works on 28 Sep 2023 Phase 3 and 4 of fit out works to be completed progressively by May 2025 Japan 3rd largest data centre market in APAC5 Osaka Tokyo Data centre locations The purchase consideration for the Osaka Data Centre is JPY52.0 billion. MIT has acquired an effective interest of 98.47% in the Osaka Data Centre while the remaining 1.53% was held by its Sponsor, MIPL. Phase 2 of fit out works represented about 10% of the purchase consideration of the Osaka Data Centre. To date, MIT has paid 80% of the purchase consideration of the Osaka Data Centre. 2 With reference to Uptime Institute's Tier Classification System. 3 100% committed occupancy by the same tenant has been secured for the Osaka Data Centre, including all four phases of fit out works. 4 By gross rental income as at 31 Dec 2023. 5 Source: DC Byte, Japan Data Centre Market Report, 2023. 17#18Data Centres, 13831 Katy Freeway, Houston PORTFOLIO UPDATE#19Portfolio Overview Singapore Portfolio North American mapletree industrial Number of properties 85 NLA (million sq ft) 16.5 Osaka Portfolio Data Centre Overall Portfolio 56 1 142 8.31 0.1 24.91 Occupancy (%) 3Q FY23/24 93.8 89.9 100.0 92.62 2QFY23/24 93.4 92.7 100.0 93.22 SEGMENTAL OCCUPANCY RATES1 2 2 98.8% 98.6% 98.9% 97.8% 93.4% 91.0% 84.8% 87.6% 81.2% 81.4% 55.5% 52.9% 93.2%² 92.6%2 Data Centres Hi-Tech Buildings Business Park Buildings Flatted Factories Stack-up/Ramp-up Light Industrial Buildings Buildings Overall Portfolio Right Bar (3QFY23/24) Left Bar (2QFY23/24) 1 Excludes the parking decks (150 Carnegie Way and 171 Carnegie Way) at 180 Peachtree Street NW, Atlanta. 2 Based on MIT's 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America through Mapletree Rosewood Data Centre Trust ("MRODCT”), and MIT's effective interest of 98.47% in a data centre in Osaka, Japan. 19#20Diversified Mix of Data Centres Fitted Data Centres 26.7% mapletree industrial 77.3% of the data centre portfolio are on triple net lease structures whereby all outgoings1 are borne by the tenants Good mix of powered shell, fitted hyperscale and fitted data centres Fitted Hyperscale Data Centres 18.8% SPLIT BETWEEN LEASE TYPES FOR DATA CENTRE PORTFOLIO (BY GROSS RENTAL INCOME)² Powered Shell Data Centres 54.5% Non-Triple Net Leases 22.7% SPLIT BETWEEN TENANT TYPES FOR DATA CENTRE PORTFOLIO (BY GROSS RENTAL INCOME)² Cloud/Hyperscale Providers 20.4% Triple Net Leases 77.3% Enterprise/ End Users 25.4% Others 5.8% Colocation Providers 48.4% 1 Refers to maintenance, tax and insurance charges. 2 As at 31 Dec 2023. Based on MIT's 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America through MRODCT, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan. 20#21Lease Expiry Profile EXPIRING LEASES BY GROSS RENTAL INCOME1 As at 31 December 2023 WALE based on date of commencement of leases (years) 2 North American Portfolio Singapore Portfolio Osaka Data Centre Overall Portfolio¹ 1.8% 5.8 3.0 18.9 4.4 18.1% 16.1% 16.8% 13.9% mapletree 33.3% industrial FY23/24 FY24/25 FY25/26 FY26/27 FY27/28 FY28/29 & Beyond ■Data Centres (Singapore) ■Business Park Buildings Data Centres (North America) ■Flatted Factories Osaka Data Centre Hi-Tech Buildings 1 ■Stack-up / Ramp-up Buildings Light Industrial Buildings Based on MIT's 50% interest of the joint venture with MIPL in three fitted data centres and 10 powered shell data centres in North America through MRODCT, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan. 2 Refers to leases which commenced prior to and on 31 Dec 2023. 21#22Large and Diversified Tenant Base TOP 10 TENANTS BY GROSS RENTAL INCOME1 As at 31 December 2023 6.0% mapletree industrial Over 2,000 tenants Largest tenant contributes 6.0% of Portfolio's Gross Rental Income Top 10 tenants forms about 28.7% of Portfolio's Gross Rental Income Hi-Tech Buildings Data Centres 3.3% 3.1% 3.0% 2.6% 2.5% 2.4% 2.3% 1.8% 1.7% 1 hp Established Global Global Social Provider² Media Company² AT&T evoque Q STTelemedia NYSE-listed data center solutions EQUINIX Telco2 BANK OF AMERICA Data Centre Colocation Operator² Based on MIT's 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America through MRODCT, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan. 2 The identities of the tenants cannot be disclosed due to the strict confidentiality obligations under the lease agreements. 22 22#23Tenant Diversification Across Trade Sectors1 mapleīree No single trade sector accounted >18% of Portfolio's Gross Rental Income industrial Construction & Education, Health & Social Services, Arts, Entertainment & Recreation Utilities (2.57%) Accommodation & Food Service (1.87%) (3.73%) Specialised Wholesale (0.38%) Wholesale of F&B (0.44%) Wholesale Trade (2.15%) Retail Trade (2.46%) General Wholesale Trade & Services (4.72%) Wholesale of Machinery, Equipment & Supplies Real Estate (0.40%) Public Administration & (5.00%) Defence (0.43%) Admin & Support Service (1.51%) Professional, Scientific & Technical Activities (6.31%) Financial Services (6.52%) Pharmaceuticals & Biological Products (0.45%) Food, Beverages & Tobacco Products (0.91%) Transportation & Storage (1.32%) Others (9.49%) Wholesale & Retail Trade (15.15%) Financial & Business InfoComm (32.61%) Services (15.17%) Manufacturing (27.58%) Coke, Refined Petroleum Products & Chemicals Computer, Electronic & Optical Products (2.13%) (3.94%) Data Centre Services (17.28%) Printing, Recorded Media, Apparels & Other Essential Products (6.07%) Telecommunications (9.49%) Computer Programming & Consultancy (4.12%) Other Infomedia (1.34%) Publishing (0.38%) Precision Engineering, Machinery & Transportation Products (14.08%) By Gross Rental Income As of 31 Dec 2023 1 Based on MIT's 50% interest of the joint venture with MIPL in three fitted data centres and 10 powered shell data centres in North America through MRODCT, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan. 23 23#24Singapore Portfolio Performance Occupancy 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% mapletree industrial Gross Rental Rate S$ psf/mth $2.50 96.8% 96.9% 96.0% 90.5% 90.2% 90.5% 90.7% 90.2% 91.5% 92.2 % 92.9% 93.4% 93.6% 93.7% 94.4% 95.4% 93.7% 93.4% 93.8% $2.21 $2.18 $2.19 $2.12 $2.13 $2.13 $2.13 $2.13 $2.10 $2.10 $2.11 $2.16 $2.13 $2.15 $2.15 $2.11 $2.08 $2.05 $2.03 $2.00 $1.50 $1.00 $0.50 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 Occupancy (LHS) --Rental Rate (RHS) FY20/21 FY21/22 FY22/23 FY23/24 24#25Rental Revisions (Singapore) mapletree industrial GROSS RENTAL RATE (S$ PSF/MTH) 1 For Period 3QFY23/24 $4.24 $4.03 $4.03 $3.87 $3.24 $2.54 $2.65 $3.67 Before Renewal After Renewal New Leases ◆ Passing Rent $1.94 $1.77 $1.80 $1.47 $1.47 $1.82 $1.33 $1.57 $1.35 25 Leases (321,593 sq ft) Hi-Tech Buildings Renewal Leases New Leases 13 Leases (105,388 sq ft) Business Park Buildings 6 Leases (23,419 sq ft) Flatted Factories 107 Leases Stack-Up/Ramp-Up Buildings Light Industrial Buildings (286,565 sq ft) 20 Leases N.A.2 (288,660 sq ft) 5 Leases (6,999 sq ft) 53 Leases (132,587 sq ft) 7 Leases N.A.3 (75,036 sq ft) × Achieved rental revisions of between 4.1% and 10.5% for renewal leases across segments ■ Portfolio weighted average rental revision rate of 7.2% for renewal leases 1 Gross Rental Rate figures exclude short term leases; except Passing Rent figures which include all leases. 2 Not applicable as the sole renewal lease was not renewed in the quarter. 3 Not applicable as there were no new leases secured in the quarter. 25 25#26Healthy Tenant Retention (Singapore) LONG STAYING TENANTS Up to 1 yr 7.6% >10 yrs 35.2% More than >5 to 10 yrs 23.5% 4 yrs 65.8% mapletree RETENTION RATE FOR 3Q FY23/24 92.8% >1 to 2 yrs 10.6% 4 yrs or less 34.2% > 2 to 3 yrs 9.9% 63.9% industrial 88.8% 87.3% 84.2% >3 to 4 yrs 6.1% 0.0% N.A. >4 to 5 yrs 7.1% Data Hi-Tech Business Centres Buildings Park (Singapore) Flatted Factories Stack-up / Ramp-up Buildings Buildings Light Singapore Industrial Portfolio Buildings Based on NLA. As at 31 Dec 2023 By number of tenants. Not applicable for Data Centres (Singapore) as there were no leases due for renewal. 65.8% of the tenants have leased the properties for more than 4 years ➤ Tenant retention rate of 87.3% in 3QFY23/24 26 26#27Divestment - Tanglin Halt Cluster mapletree industrial Rebalancing the Portfolio Through Divestment of Non-core Asset A five-storey Flatted Factory and a Description two-storey Flatted Factory with an amenity centre Tanglin Halt Cluster (115A & 115B Commonwealth Drive, Singapore) 254,443 sq ft Address GFA Sale Price S$50.6 million Valuation Expected Completion S$48.7 million¹ (as at 31 Dec 2023) 1H2024 сек DPR Use of Net Proceeds To fund committed investments, reduce existing debt and/or make distributions to unitholders. Tanglin Halt Cluster COL TRADE ATARU 1 The independent valuation of the Tanglin Halt Cluster was commissioned by the Trustee and was conducted by Savills Valuation and Professional Services (S) Pte Ltd on an as-is basis and subject to existing tenancies. The independent valuation of the Tanglin Halt Cluster was arrived using the Income Capitalisation method and the Discounted Cash Flow analysis. 27#28Roadmap to Net Zero by 2050 Lay the Foundation • • • Establish an environmental data management system Implement sustainability policies across real estate value chain Set annual ESG targets mapletree industrial Ensure Regular and Transparent Reporting • • Make climate disclosures aligned to TCFD1 and MAS Environmental Risk Management Guidelines Participate in real estate sustainability benchmarks such as GRESB Signatory of UN PRI Enhance Stakeholder Engagement on ESG Employee trainings Tenant engagement Investor engagement 1 4 Set Net Zero Targets • Set intermediate and long-term targets from now till 2050 Reduce Embodied and Operational Carbon Ensure Net Zero Carbon • Invest in nature-based solutions • Utilise sustainable construction materials • Procure carbon credits for • Focus on energy efficient designs and measures residual emissions • . Generate renewable energy on rooftops Procure renewable energy Refers to Task Force on Climate-Related Financial Disclosures. 28#29ESG Commitments and Achievements ENVIRONMENT Support the transition to a low carbon economy Re-certified BCA Green Mark Gold SOCIAL Safeguard the health and safety of stakeholders, focus on diversity and inclusion and support the communities in which MIT operates in GOVERNANCE mapletree industrial GOVERNANCE Maintain high ethical standards • The Signature • • K&S Corporate Headquarters 18 Tai Seng 999 27% Female representation on Board Attained 'A' for GRESB Public Disclosure Level Installed solar panels at nine property clusters with generating capacity of about 3,382 kWp 1 Ranked Top 10 in Singapore for Gender Equality in 2024 by Equileap Rated as Low Risk by Morningstar Sustainalytics ESG Risk Ratings 296 Trees planted at Mapletree Hi-Tech Park @Kallang Way Introduced sustainability clauses for all leases for the Singapore and North American Portfolios 64% Independent Directors on Board 1 As at 31 Jan 2024. 29#303QFY23/24 FINANCIAL PERFORMANCE Hi-Tech Buildings, build-to-suit project for HP#31Statement of Profit or Loss (Year-on-Year) mapletree industrial 3QFY23/24 (S$'000) 3Q FY22/23 ↑/(↓) (S$'000) Gross revenue Property operating expenses Net property income Borrowing costs Trust expenses 173,886 170,449 2.0% (44,031) (41,642) 5.7% 129,855 128,807 0.8% (26,151) (26,060) 0.3% (16,089) (16,359) (1.7%) Share of joint venture's results 9,535 10,372 (8.1%) Profit before income tax 97,150 96,760 0.4% Income tax expense (1,794) (1,352) 32.7% Profit for the period 95,356 95,408 (0.1%) Profit attributable to perpetual securities holders 2,382 2,382 Profit attributable to non-controlling interest 44 Profit attributable to Unitholders 92,930 93,026 (0.1%) Net non-tax chargeable items¹ (5,897) (12,763) (53.8%) Distribution declared by joint venture Amount available for distribution to Unitholders Distribution to Unitholders Distribution per Unit (cents) Not meaningful 8,250 8,115 1.7% 95,2834,5 88,378 7.8% 95,2224,5 3.364,5 92,3322,3 3.1% 3.392, 3 (0.9%) 1 Non-tax chargeable items and other adjustments include share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments. 2 Includes the distribution of net divestment gain of S$15.7 million from 26A Ayer Rajah Crescent over eight quarters from 2QFY21/22 to 1QFY23/24. 3 4 5 Includes the distribution of tax-exempt income of S$6.6 million withheld in 4QFY19/20 over three quarters from 3QFY22/23 to 1QFY23/24. Includes the distribution of compensation received for compulsory acquisition of part of the land at 2 and 4 Loyang Lane of S$2.1 million, which was withheld in 3QFY21/22, over two quarters from 2QFY23/24 to 3QFY23/24. Please refer to the Financial Statement and Distribution Announcement for the period from 1 Oct 2021 to 31 Dec 2021. Includes the distribution of net divestment gain of S$4.2 million from 65 Tech Park Crescent over two quarters from 2QFY23/24 to 3QFY23/24. 65 Tech Park Crescent was divested on 20 Jul 2017. 31#32Statement of Profit or Loss (Year-on-Year) mapletree industrial YTD FY23/24 (S$'000) YTD FY22/23 ↑/(↓) (S$'000) Gross revenue 518,632 513,766 0.9% Property operating expenses (129,373) (124,731) 3.7% Net property income Borrowing costs 389,259 389,035 0.1% (78,869) (69,777) 13.0% Trust expenses (48,515) (49,415) (1.8%) Gain on divestment of investment properties1 3,759 Share of joint venture's results 28,140 28,759 (2.2%) Profit for the year before tax 290,015 302,361 (4.1%) Income tax expense (7,195) (9,413) (23.6%) Profit for the year 282,820 292,948 (3.5%) Profit attributable to perpetual securities holders 7,120 7,120 Profit attributable to non-controlling interest 31 Profit attributable to Unitholders Net non-tax chargeable items² Distribution declared by joint venture Amount available for distribution to Unitholders Distribution to Unitholders 275,669 285,828 (3.6%) (17,899) (37,333) (52.1%) 21,740 20,998 3.5% 279,5105,6 269,493 3.7% 283,0363,4,5,6 277,0033,4 2.2% 10.073,4,5,6 10.243,4 (1.7%) Distribution per Unit (cents) * Not meaningful 1 2 Gain on divestment of investment properties arose from the divestments of 19 Changi South Street 1 and 19675 West Ten Mile Road, Southfield. Non-tax chargeable items and other adjustments include share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments. 3 Includes the distribution of net divestment gain of S$15.7 million from 26A Ayer Rajah Crescent over eight quarters from 2QFY21/22 to 1QFY23/24. 4 5 Includes the distribution of tax-exempt income of S$6.6 million withheld in 4QFY19/20 over three quarters from 3QFY22/23 to 1QFY23/24. Includes the distribution of compensation received for compulsory acquisition of part of the land at 2 and 4 Loyang Lane of S$2.1 million, which was withheld in 3QFY21/22, over two quarters from 2QFY23/24 to 3QFY23/24. Please refer to the Financial Statement and Distribution Announcement for the period from 1 Oct 2021 to 31 Dec 2021. 6 Includes the distribution of net divestment gain of S$4.2 million from 65 Tech Park Crescent over two quarters from 2QFY23/24 to 3QFY23/24. 65 Tech Park Crescent was divested on 20 Jul 2017. 32#33Statement of Profit or Loss (Qtr-on-Qtr) mapletree industrial 3Q FY23/24 (S$'000) 2Q FY23/24 ↑/(↓) (S$'000) Gross revenue Property operating expenses Net property income Borrowing costs Trust expenses Share of joint venture's results Profit before income tax Income tax expense 173,886 174,118 (0.1%) (44,031) (45,558) (3.4%) 129,855 128,560 1.0% (26,151) (26,292) (0.5%) (16,089) (16,071) 0.1% 9,535 9,515 0.2% 97,150 95,712 1.5% (1,794) (2,289) (21.6%) Profit for the period 95,356 93,423 2.1% Profit attributable to perpetual securities holders 2,382 2,382 Profit/(loss) attributable to non-controlling interest 44 (13) Profit attributable to Unitholders 92,930 91,054 2.1% Net non-tax chargeable items¹ (5,897) (5,155) 14.4% Distribution declared by joint venture 8,250 8,450 (2.4%) Amount available for distribution to Unitholders Distribution to Unitholders Distribution per Unit (cents) * Not meaningful 95,2832,3 94,3492,3 1.0% 95,2222,3 3.362,3 94,0722,3 1.2% 3.322,3 1.2% 1 2 3 Non-tax chargeable items and other adjustments include share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments. Includes the distribution of compensation received for compulsory acquisition of part of the land at 2 and 4 Loyang Lane of S$2.1 million, which was withheld in 3QFY21/22, over two quarters from 2QFY23/24 to 3QFY23/24. Please refer to the Financial Statement and Distribution Announcement for the period from 1 Oct 2021 to 31 Dec 2021. Includes the distribution of net divestment gain of S$4.2 million from 65 Tech Park Crescent over two quarters from 2QFY23/24 to 3QFY23/24. 65 Tech Park Crescent was divested on 20 Jul 2017. 33#34Statement of Financial Position mapletree industrial 31 Dec 2023 30 Sep 2023 ↑/(↓) 31 Mar 2023 ↑/(↓) Total assets (S$'000) 9,044,890 9,089,997 (0.5%) 8,546,802 5.8% Total liabilities (S$'000) 3,503,089 3,442,427 1.8% 3,170,867 10.5% Net assets attributable to Unitholders (S$'000) 5,236,232 5,339,667 (1.9%) 5,074,133 3.2% Net asset value per Unit (S$)1 1.85 1.88 (1.6%) 1.85 1 Net tangible asset per Unit was the same as net asset value per Unit as there were no intangible assets as at reporting dates. 34 34#35Strong Balance Sheet mapletree industrial 31 Dec 2023 30 Sep 2023 Total debt S$3,124.0 million S$3,063.3 million Weighted average 3.4 years 3.3 years tenor of debt Aggregate leverage 38.6% 37.9% ratio1 Strong balance sheet to pursue growth opportunities 'BBB+' rating with Stable Outlook by Fitch Ratings Loans are largely unsecured with minimal covenants Issued S$50 million 3.751% fixed rates notes due 2027 in Feb 2024 DEBT CURRENCY PROFILE As at 31 December 2023 15.3% 0 63.0% JPY Borrowings SGD Borrowings 21.7% USD Borrowings 1 In accordance with Property Funds Guidelines, the aggregate leverage ratio includes proportionate share of aggregate leverage as well as deposited property values of joint venture. As at 31 Dec 2023, aggregate leverage including MIT's proportionate share of joint venture is S$3,675.7 million. 35#36Well Diversified Debt Maturity Profile DEBT MATURITY PROFILE As at 31 December 2023 mapletree industrial 19.1% 19.1% 27.2% 11.5% 849.6 12.0% 535.4 599.6 3.2% 358.3 100.0 60.0 FY23/24 FY24/25 FY25/26 FY26/27 FY27/28 FY28/29 Amounts in S$ million 250.7 3.0% 3.0% 1.9% 125.0 92.6 92.6 60.2 # FY30/31 FY35/36 FY38/39 ■ MTN ■Bank Loans Weighted Average Tenor of Debt = 3.4 years 36 36#37Risk Management mapletree industrial Fixed as a % of total debt Weighted average hedge tenor Weighted average all-in funding cost for the quarter Interest coverage ratio ("ICR") for the quarter 31 Dec 2023 79.5% 3.6 years 3.1% 30 Sep 2023 79.2% 3.7 years 3.2% 4.6 times 4.6 times 4.7 times ICR for the trailing 12 months¹ 4.6 times Adjusted ICR for the trailing 12 months1 4.2 times 4.3 times Change in base rates² Impact on amount available for distribution per quarter (S$ million) Impact on DPU³ (cent) Impact on DPU4 (%) + 50 bps (0.7) (0.03) -0.8% + 100 bps (1.4) (0.05) -1.5% + 150 bps (2.2) (0.08) -2.3% 1 2 Calculated in accordance with Property Funds Guidelines dated 16 Apr 2020. Based on unhedged borrowings as at 31 Dec 2023. Base rate denotes JPY TONAR and USD SOFR. 3 Based on 2,834 million units as at 31 Dec 2023. 4 Based on 3QFY23/24 DPU of 3.36 cents. 37#38Data Centres, 2601 West Broadway Road, Tempe OUTLOOK AND STRATEGY#39Singapore Industrial Property Market mapletree industrial DEMAND AND SUPPLY FOR MULTI-USER FACTORIES DEMAND AND SUPPLY FOR BUSINESS PARKS ('000 sq m) Occupancy Rate (%) ('000 sq m) Occupancy Rate (%) 98.6% 700 600 100 600 100 95 90.5% 500 500 90 400 400 85 300 300 80 200 200 75 95 90 85 81.4% A 80 78.4% 75 100 100 70 70 0 0 65 65 -100 60 -100 60 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net New Demand Net New Supply --Occupancy Rate MIT 3QFY23/24 Flatted Factories' Occupancy Rate 2023 2024F 2025F 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F Net New Demand Net New Supply --Occupancy Rate MIT 3QFY23/24 Occupancy Rate Total stock for factory and business park space: 41.3 million sq m. × Potential net new supply of 1.7 million sq m in 20241, of which Multi-user factory space accounts for 0.2 million sq m. Business park space accounts for 0.3 million sq m Moderation in quantum of industrial land released through Industrial Government Land Sales Programme since 2013 Median rents for industrial real estate for 4Q20231 Multi-user Factory Space: S$2.32 psf/mth (2.2% q-o-q) Business Park Space: S$4.33 psf/mth (0.9% q-o-q) 1 Source: JTC J-Space, 25 Jan 2024 39#40Outlook mapletree industrial Challenging operating environment in view of global uncertainties ➤ Global economic activity continued to soften, amid the effects of tight monetary policies, restrictive financial conditions, and weak global trade growth1 × Rising property operating expenses and increases in borrowing costs from the replacement of expiring interest rate swaps could continue to exert pressure on distributions. The Manager will adopt cost- mitigating measures while focusing on tenant retention to maintain a stable portfolio occupancy level as well as prudent capital management to balance the risks and costs in the elevated interest rate environment Singapore • The Singapore economy expanded by 1.1% in 2023, moderating from 3.8% expansion in 2022. MTI maintained the GDP growth forecast for 2024 at "1.0% to 3.0%"² • Business sentiments rose slightly for the second consecutive quarter in 1Q2024 due to the optimism within the construction and transportation sectors. The outlook for local businesses was expected to remain cautiously optimistic amid downside risks in the global economy and ongoing geopolitical conflicts³ 1 Source: World Bank Group, Global Economic Prospects, Jan 2024. 2 Source: Ministry of Trade and Industry (MTI), 15 Feb 2024. 3 Source: Singapore Commercial Credit Bureau, 1Q2024. 40#41Outlook North America • • mapletree industrial According to CBRE, real estate values for most property types in North America are unlikely to fully stabilise until mid-20244 Following a projected 16% y-o-y increase in rental rates for 250-to-500-kilowatt requirements in 2023, CBRE expected another 10% to 15% increase in rental rates in 2024 due to supply constraints and continued strong demand across all data centre markets New demand sources, especially from artificial intelligence workloads, are fuelling data centre development activity. Under construction capacity in primary data centre markets (Northern Virginia, Silicon Valley, Chicago, New York Tri State area, Dallas, Phoenix, Hillsboro and Atlanta) is expected to be 2,500 megawatts ("MW") by end of 2023 and forecasted to be 3,000 MW by end 2024 Japan • . While cumulative commercial real estate investment volume rose by 27% y-o-y for the first three quarters of 2023, CBRE expected investment activity to weaken in 2024 and fall below 2023's figures5. Anticipated changes to Bank of Japan's monetary policy in 2024 may result in further increase in long- term interest rates. As a result, investors may seek higher targeted capitalisation rates, widening the gap between asking and offering prices, thereby limiting the volume of transactions5 According to DC Byte, demand for data centre capacity in Japan remained strong, largely driven by increasing demand for ICT services. Data centre demand in the Greater Tokyo and Greater Osaka is expected to grow at a CAGR of 13% and 14% respectively, between 2023 to 2027F6 4 Source: CBRE US Real Estate Market Outlook 2024. 5 Source: CBRE Japan Market Outlook 2024. 6 Source: DC Byte, 2023. 41#42Diversified and Resilient mapletree industrial Stable and Resilient Portfolio × Anchored by large and diversified tenant base with low dependence on any single tenant or trade sector Focus on tenant retention to maintain a stable portfolio occupancy Enhanced Financial Flexibility Hedged borrowings of 79.5% and weighted average hedge tenor of 3.6 years × Healthy aggregate leverage ratio of 38.6% Growth by Acquisitions and Developments × Committed occupancy of Mapletree Hi-Tech Park @ Kallang Way at 51.3% 42#43mapletree industrial SGinvestors End of Presentation For enquiries, please contact Ms Melissa Tan, Director, Investor Relations and Sustainability, DID: (65) 6377 6113, Email: [email protected] mapleinee