Full Year 2025 Mapletree Pan Asia Commercial Trust Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Terence Kee - JPMorgan - Analyst : Thanks so much, Sharon and team. This is Terence Kee from JPMorgan. I just wanted to ask on Japan occupancies, especially for MBP and Makuhari, is this the low that we are seeing? Any more vacancies expected for FY26? Okay, the FGM property, as we have announced and shared with the market, their tenancy will end in 2026. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 25, 2025 / 1:00AM, MACT.SI - Full Year 2025 Mapletree Pan Asia Commercial Trust Earnings Presentation

Question: Terence Kee - JPMorgan - Analyst : In terms of master lease, are all the master leases for MBP, have they?

Question: Terence Kee - JPMorgan - Analyst : Okay, thanks. And in terms of the negative reversions, how should we expect negative, how should we expect reversions to trend for the overseas assets, especially for Festival Walk China and Japan?

Question: Terence Kee - JPMorgan - Analyst : Yeah. Thank you. And finally, for me, I just want to ask on the capital distribution, this $7.7 million, can I ask how much has been utilized and how much remains to be distributed?

Question: Terence Kee - JPMorgan - Analyst : The $7.7 million, I understand that there's a $7.7 million capital distribution from the balance allowance from the divestment of Mapletree Anson.

Question: Terence Kee - JPMorgan - Analyst : Okay. That clarifies. Thank you so much.

Question: Terence Kee - JPMorgan - Analyst : Okay. That clarifies. Thank you. I'll leave it to the rest. Thanks.

Question: Geraldine Wong - DBS - Analyst : Hi. Good morning, Sharon and everyone. This is Geraldine from DBS. I think VivoCity's valuation was a surprise. I was just wondering how much of the AEI that you have done is reflected in this valuation uplift?

Question: Geraldine Wong - DBS - Analyst : Okay. Thank you. Maybe one more, I think, to drag it back to the trade war tensions. Any expected tenant vacation or any talks of pre-term within the portfolio? Not that we're aware of, but I think Wee Leong can give you a bit more color into the exact, because I think generally we are not the first asset class that will be hit in terms of tension. But when there is uncertainty, all companies will be a little bit slower or a bit more cautious in their consumption of office space.

Question: Geraldine Wong - DBS - Analyst : Thanks, Janica and Wee Leong, for the very good color and taking the time to share.

Question: Derek Tan - DBS - Analyst : Hi. Good morning. I just want to follow up on the divestment gains from Anson. Would you be consider paying out divestment gains to show up DPU, especially as you've mentioned the pressures on DPU?

Question: Derek Tan - DBS - Analyst : Yes. Got it. Understood. Could I also ask on the NPC Google backfilling progress, where are we at right now?

Question: Derek Tan - DBS - Analyst : What is the percentage of progress done?

Question: Derek Tan - DBS - Analyst : Understood. And can you share some colors? You spoke about tenants moving from CBD to business park, cheaper business park area. Can you give a flavor of which industries they are from?

Question: Derek Tan - DBS - Analyst : Got it, understood. One last question, at VivoCity, what's the current occupancy cost and when will these double-digit reversions normalize back to single digits?

Question: Derek Tan - DBS - Analyst : Okay, it's all right.

Question: Brandon Lee - Citi Investment Research - Analyst : Hey, good morning, Sharon. Can you comment a bit on BMW and TASE? For BMW, do you think it's actually pre-term?

Question: Brandon Lee - Citi Investment Research - Analyst : Does BMW have any pre-term clause? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 25, 2025 / 1:00AM, MACT.SI - Full Year 2025 Mapletree Pan Asia Commercial Trust Earnings Presentation

Question: Brandon Lee - Citi Investment Research - Analyst : Okay, so I assume for BMW, they should remain?

Question: Brandon Lee - Citi Investment Research - Analyst : Okay, and just going back to Festival Walk, I think Wee Leong earlier mentioned that the sales has bottomed out and as for the negative rent reversion, how long more do you think that could continue, especially given the current tariff law?

Question: Brandon Lee - Citi Investment Research - Analyst : Okay, just one last one on valuations in China, right? You've taken them down quite a bit this quarter. Do you think that that's probably the worst that we have seen? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 25, 2025 / 1:00AM, MACT.SI - Full Year 2025 Mapletree Pan Asia Commercial Trust Earnings Presentation

Question: Brandon Lee - Citi Investment Research - Analyst : Okay, that's very clear, Sharon. All good for me. Thanks so much. We get it.

Question: Derek Tan - DBS - Analyst : Hi. Hi, good morning. Can you hear me?

Question: Derek Tan - DBS - Analyst : Yeah. Hey. Hi, good morning, Sharon and team. I just have two questions, right? First one is on your whale, right? Could you give us a bit more color, whether this year, for the retail office business type of expiries, are you expecting any churn or downsizing? Maybe some thoughts around that given the current climate? So that's my first question. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 25, 2025 / 1:00AM, MACT.SI - Full Year 2025 Mapletree Pan Asia Commercial Trust Earnings Presentation Yeah, okay. So my second question, back to what [Tan Xuan] has asked, right? So I think, Janica, you have kept interest rates pretty stable and you're still guarding for flattish. I'm just wondering whether are you being a bit conservative on that front? Because you have moved Hong Kong to China, right? And China is going down. Singapore is going down. So rightfully, I thought that that maybe --

Question: Derek Tan - DBS - Analyst : Yeah, yeah, yeah. So I'm just wondering maybe what you think it will be

Question: Brandon Lee - Citi Investment Research - Analyst : Okay. But essentially, we should expect that your interest rate should have peaked. That's how we should look at it, right?

Question: Derek Tan - DBS - Analyst : Got it, got it. So you're saying that -- so just to follow up, you mentioned that if interest rates remain at current level, you potentially could go in at low 3%. Is that how should we look at it?

Question: Derek Tan - DBS - Analyst : Okay, okay, okay. Yeah.

Question: Derek Tan - DBS - Analyst : Got it, got it. Thank you. That's very good color. Thank you, thank you.

Question: Derek Tan - DBS - Analyst : I know, I know. You won't be too bullish. Yeah, just some thoughts around. Keep up the price. Yeah. Thanks, thanks.

Question: Derek Tan - DBS - Analyst : For MBC, are we going to see stable or negative reversions? Or just one-off negatives? Just curious.

Question: Derek Tan - DBS - Analyst : Okay, very clear. Thanks, everyone. Thank you.

Question: Qianqian Wang - JPMorgan - Analyst : Hey, good morning, Sharon. A few questions. First of all, just on MBC, you mentioned about a few non-renewals. Can I just get a bit of a sense as to the reason of non-renewal? Those were the previous financial years. So Google gave up two floors, right? Then, you know that -- oh, okay. No new ones. No new ones, okay. No new big ones. There are small, small ones, those like those half-floor, one-floor tenants, which doesn't impact the portfolio that significantly. Okay. And for those small ones, they're moving out because of cost? Some of them are moving out because of cost.

Question: Qianqian Wang - JPMorgan - Analyst : Okay, cool. And the occupancy rate, I can take it as the current physical occupancy rate, right? The 91%. For MBC, is it?

Question: Qianqian Wang - JPMorgan - Analyst : Okay, great. And then, second one on Vivo, you mentioned that the valuation is largely on operational. So does that mean that once your AEI is completed, we can expect another one round of meaningful rebellion?

Question: Qianqian Wang - JPMorgan - Analyst : Got it.

Question: Qianqian Wang - JPMorgan - Analyst : I see. And then, just lastly, Sharon, you wrote on your press release, pursue targeted opportunities. Could you just elaborate a little bit more on the targeted opportunities? And I guess also on divestment opportunities in other markets as well.

Question: Qianqian Wang - JPMorgan - Analyst : So I guess going forward next year, we probably acquisition or sizeable acquisitions to off the card. Is that fair to say?

Question: Qianqian Wang - JPMorgan - Analyst : Others?

Question: Qianqian Wang - JPMorgan - Analyst : Yeah. Okay. Cool. That's very clear.