Mapletree Industrial Trust Q2 2025 Earnings Presentation Transcript

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

Question: Mervin Song - JPMorgan Securities - Analyst : Thanks Melissa, and congrats to you and team on the very good results of the ATC extension. Maybe we can just follow the AT&T lease renewal or extension. The audio wasn't very good. You said the rents would be lower. Is it rents will be back to the pre 20% increase or what were you referring to?

Question: Mervin Song - JPMorgan Securities - Analyst :

Question: Mervin Song - JPMorgan Securities - Analyst : And then on the other two leases Center Square Phoenix, when does that expire? And what percentage of GRI does it contribute? Similarly for Vanguard, Philadelphia, the percentage of GRI and your expectations into the rental reversions for these two leases?

Question: Mervin Song - JPMorgan Securities - Analyst : Okay, thanks very much. Look forward to more divestments and to have some acquisition in Japan. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 1:30AM, MAPI.SI - Q2 2025 Mapletree Industrial Trust Earnings Presentation

Question: Brandon Lee - CITI - Analyst : Hi morning. Can you hear?

Question: Derek Tan - DBS Bank - Analyst : It's good.

Question: Derek Tan - DBS Bank - Analyst : Thanks. Just going back to AT&T right. Any reason why I think given the kind of vacancies we are seeing in the market; they are still like pushing down that rent by 20%. Would you actually have negotiated for a better rate? That is my first question. Do we have any updates on the William Street occupancy compared to a couple of quarters ago? That's my second one. And third one, can you let us know what's the hedges and both US hedges and the debt that's due in FY26 as well and FY25 hedges and debt for US.

Question: Brandon Lee - CITI - Analyst : That's good. And for the other two questions. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 1:30AM, MAPI.SI - Q2 2025 Mapletree Industrial Trust Earnings Presentation

Question: Brandon Lee - CITI - Analyst : And it's also one two-third is JV.

Question: Brandon Lee - CITI - Analyst : And is it correct to just assume that the head? I can't just assume that the debt tranche is exactly the same as the hatch tranche. So I should divide it by 80% to get the exact that tranche to because of your 80% fixed. is it (inaudible).

Question: Brandon Lee - CITI - Analyst : I think it's we can take this offline. It was a bit too detailed. Thanks.

Question: Brandon Lee - CITI - Analyst : Okay. Got.

Question: Jonathan Koh - UOB Kay Hian Pte Ltd - Analyst : Yeah, good morning and congrats on very good set of results. My first question relates to slide 24, on the rental reversion. And for flatter factory, the rental reversion is quite strong 13% and it's quite kind of a broad based within the factory space 102 leases signed. Could you discuss some of the positive catalysts within the flatter factory space and this 13% reversion be sustainable? On the other hand, for high-tech, we have a new leases signed at 248 which is quite low. So could you discuss dynamics within these two segments? Thank you.

Question: Jonathan Koh - UOB Kay Hian Pte Ltd - Analyst : And for the new leases at for high tech building.

Question: Jonathan Koh - UOB Kay Hian Pte Ltd - Analyst : So, okay. Thank you. Melissa. And if I can follow up on the DRP, what's the current discount that you're offering now? And would you consider having a higher discount to reward unit holders and then also to improve the sort of acceptance rate? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 1:30AM, MAPI.SI - Q2 2025 Mapletree Industrial Trust Earnings Presentation

Question: Jonathan Koh - UOB Kay Hian Pte Ltd - Analyst : Okay. Thank you, Lily and thank you management team. Thank you very much.

Question: Joy Wang - HSBC Global Research - Analyst : Thank you. Morning Lily Tim. Just a few questions from me. First of all, just on the Vanguard leases, can we get a sense as to you know, in terms of the impact to P&L should we expect something similar to the AT&T leases in the -- we have dealt through in the past. And also, what's the plan on the asset itself? Second question, I think early on you mentioned that you were doing a power study on the portfolio. Is there any update on where we opportunities? And then last one just going back to interest rate swaps, the base rate that you're locked in for the next few years. Is it very different? So basically, the revert to current market, is it of the same quantum or is actually on a diminishing sort of quantum? Thank you.

Question: Joy Wang - HSBC Global Research - Analyst : Sorry, Lily, I what I meant is in terms of the impact and the void period, we should be quite similar as to how you backfill the other AT&T leases. The is it the [10]? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 1:30AM, MAPI.SI - Q2 2025 Mapletree Industrial Trust Earnings Presentation

Question: Joy Wang - HSBC Global Research - Analyst : Okay. Thank you.

Question: Joy Wang - HSBC Global Research - Analyst : Got it and this is versus two days rate. So meaning if let's say rate gets cut you, we will see probably 25 basis points, 50 basis points better.

Question: Joy Wang - HSBC Global Research - Analyst : I see. Got it. Thank you.

Question: Xuan Tan - Goldman Sachs - Analyst : Hi, good morning. Can I just clarify on Phoenix? When is the lease ending?

Question: Xuan Tan - Goldman Sachs - Analyst : Got it. Second question is on cash contribution from occupancy. Brentwood, is it are we still under rent free or is it 100%? And also, Kallang, what's the cash occupancy that's contributing this quarter?

Question: Xuan Tan - Goldman Sachs - Analyst : Oh, okay. For Kallang? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 1:30AM, MAPI.SI - Q2 2025 Mapletree Industrial Trust Earnings Presentation

Question: Xuan Tan - Goldman Sachs - Analyst : Okay. Got it. Just one last question on your Singapore Data Center. Any lease expiry that has came through and what was actually the version of Singapore Visa?

Question: Xuan Tan - Goldman Sachs - Analyst : You said it will be 50% lower.

Question: Xuan Tan - Goldman Sachs - Analyst : And what's the expectation on reversion? I guess some of the peers have recorded really strong reversion?

Question: Xuan Tan - Goldman Sachs - Analyst : Okay. Got it. Thank. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 1:30AM, MAPI.SI - Q2 2025 Mapletree Industrial Trust Earnings Presentation

Question: Dale Lai - DBS - Analyst : Yeah, thank you. Hi Lily and team, just two quick questions for me. I think firstly, I just wanted to ask about the business part in Singapore. I saw Q-o-Q your occupancy slight uptake, but reversions were negative. So just wanted to understand what should we be expecting for Business Park segment. And you know, in terms of the new demand, which sectors are they coming from?

Question: Dale Lai - DBS - Analyst : Got it. But just a quick follow up on this. Then in terms of, I think looking ahead for this both segments, International Business Park, and Changi. I don't know, should we be expecting to see occupancy continue creeping up with demand for some of these smaller spaces still coming in?

Question: Dale Lai - DBS - Analyst : Okay. Got it, sounds good. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 1:30AM, MAPI.SI - Q2 2025 Mapletree Industrial Trust Earnings Presentation

Question: Dale Lai - DBS - Analyst : Okay. Got it. Thanks Lily. Okay, and moving on to my next question, you know, going back to talking about this Power Studies, for your portfolio. I know it's still early days, but just wondering, with this Power Studies, if let's say, you know, you do a certain that certain parts of your has upside to power load, we did actually affect your portfolio valuations. Would it actually add to your valuation?

Question: Dale Lai - DBS - Analyst : Okay. Actually, I'm referring more to, you know, if the Power Studies show that there is a potential, even before you actually manage to lease out or get the additional power with this potential uplift, actually high evaluation?

Question: Dale Lai - DBS - Analyst : Okay. Got it. And just quick follow on this, right. So like you say, if let's say there is potential, you can do a extension or redevelopment. How do you see yourselves doing some of this? Would it be together with a partner, are you able to undertake it yourself? How should we be expecting any potential major AEI solving (inaudible).

Question: Dale Lai - DBS - Analyst : Okay. Got it. That's clear. Yeah, that's all for me.

Question: Wong Yew - CLSA - Analyst : Hi. Thank you for making me the last one. Just maybe two questions and one suggestion. One is, can you briefly talk about the demand in US Data Centers. I know some of your Data Centers might be pretty old so it might not be AI capable. But what are the type of industries that you are seeing on the demand side? That's the first question. Second is on Kallang way. Why is the occupancy taking so long to fill up. And then as a suggestion, I think your US Data Centers have a lot of leases, maybe next time, a slide with a summary of each of the lease expiries and what's going on there would be helpful. That's it for me.

Question: Wong Yew - CLSA - Analyst : I guess I was also asking like other than healthcare, what other kind of sectors can pick up those space? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 1:30AM, MAPI.SI - Q2 2025 Mapletree Industrial Trust Earnings Presentation

Question: Wong Yew - CLSA - Analyst : Okay. And Kallang?

Question: Wong Yew - CLSA - Analyst : Okay, thanks.