Mapletree Logistics Trust : 3Q FY16/17 Financial Results - Financial Statement

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 5 July 2004 (as amended))

2016/17 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT TABLE OF CONTENTS

Item No.	Description	Page No.
-	Summary of Mapletree Logistics Trust Group Results	2
-	Introduction	2
1(a)	Statement of Total Return	3 - 6
1(b)(i)	Statement of Financial Position	7 - 10
1(b)(ii)	Aggregate Amount of Borrowings and Debt Securities	7 - 10
1(c)	Statement of Cash Flow	11 - 12
1d(i)	Statement of Movements in Unitholders' Funds	13 - 16
1d(ii)	Details of Any Change in the Units	17
2 & 3	Audit Statement	17
4 & 5	Changes in Accounting Policies	17
6	Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU")	18
7	Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit	18
8	Review of Performance	19 - 22
9	Variance from Previous Forecast / Prospect Statement	22
10	Outlook & Prospects	22
11 &12	Distributions	23 - 25
13	General Mandate on Interested Person Transactions	25
14	Segmented revenue and results	25 - 26
15	Confirmation pursuant to Rule 720(1) of the Listing Manual	27
16	Confirmation by the Board	27

2016/17 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT Summary of Mapletree Logistics Trust Group Results

GROUP
3 mths ended 31 Dec 2016 1		3 mths ended 31 Dec 2015 1
Gross Revenue (S$'000)	95,526		88,934
Net Property Income (S$'000)	79,889		74,145
Amount Distributable (S$'000)	54,217	2	51,223	3
- to Perpetual Securities holders	7,376	4,742
- to Unitholders	46,841	46,481
Available Distribution per Unit ("DPU") (cents)	1.87		1.87

Footnotes:

1. Quarter ended 31 December 2016 started with 124 properties and ended with 128 properties. Quarter ended 31 December 2015 started with 119 properties and ended with 118 properties.

2. This includes partial distribution of the gains from the divestment of 20 Tampines Street 92 of S$1,000,000 per quarter (for 8 quarters from 3Q FY15/16).

3. This includes partial distribution of the gains from the divestment of 20 Tampines Street 92 of S$1,000,000 per quarter (for 8 quarters from 3Q FY15/16) and 134 Joo Seng Road of S$505,000 per quarter (for 4 quarters from 3Q FY15/16) respectively.

   INTRODUCTION

   Mapletree Logistics Trust's ("MLT") focus is to invest in a diversified portfolio of quality income-producing logistics real estate and real estate-related assets in Asia that would provide its Unitholders with a stable distribution stream.

   MLT's initial IPO portfolio comprised 15 Singapore-based properties with a total book value of S$422 million as at 28 July 2005. As at 31 December 2016, this had grown to a portfolio of 128 properties with a book value of about S$5.5 billion spread across 8 geographic markets, namely Singapore, Malaysia, Hong Kong, China, Japan, South Korea, Vietnam and Australia.

   2016/17 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT 1(a) Statement of Total Return

   GROUP
   3 mths ended 31 Dec 2016 1 (S$'000)	3 mths ended 31 Dec 2015 1 (S$'000)	Increase/ (Decrease) %
   95,526 (15,637)	88,934 (14,789)		7.4 5.7
   79,889	74,145		7.7
   104	51		>100
   (9,788)	(9,090)		7.7
   (197)	(210)		(6.2)
   1,342	(3,661)		NM
   (12,476)	(12,082)		3.3
   58,874	49,153		19.8
   30,816	3,440		>100
   89,690	52,593		70.5
   -	7,409	3	(100.0)
   89,690	60,002		49.5
   (4,619)	(6,014)		(23.2)
   85,071	53,988		57.6
   77,464	49,093		57.8
   7,376	4,742		55.5
   231	153		51.0
   85,071	53,988		57.6

   Gross revenue

   Property expenses

   Net property income

   Interest income

   Manager's management fees (Note A)

   Trustee's fee

   Other trust income/(expenses) (Note B)

   Borrowing costs (Note C)

   Net investment income

   Net change in fair value of financial derivatives 2

   Net income

   Gain on divestment of investment property

   Total return for the period before income tax

   Income tax

   Total return for the period

   Attributable to: Unitholders

   Perpetual securities holders

   Non-controlling interests

   Total return for the period

   77,464	49,093	57.8
   (30,623)	(2,612)	>100
   46,841	46,481	0.8

   Total return for the period attributable to Unitholders

   Adjustment for net effect of non-tax deductible/(chargeable) items and other adjustments 4

   Total amount distributable to Unitholders (Note D) 2016/17 THIRD QUARTER FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT 1(a) Statement of Total Return

   GROUP
   3 mths ended 31 Dec 2016 1 (S$'000)		3 mths ended 31 Dec 2015 1 (S$'000)		Increase/ (Decrease) %
   (6,907)		(6,414)		7.7
   (2,881)		(2,676)		7.7
   2,309	5	(2,714)	6	NM
   (12,044)		(11,753)		2.5
   41,927	37,408	12.1
   1,000	7	1,505	8	(33.6)
   3,914	7,568	(48.3)

   Note A

   Management fees comprise:

   • base fees

   • performance fees

   Note B

   Other trust income/(expenses) include: Net foreign exchange income/(loss)

   Note C

   Borrowing costs include: Interest on borrowings

   Note D

   Distribution comprises:

   • from operations

   • from other gains

   • from capital returns

   NM: Not meaningful

   Footnotes:

4. Quarter ended 31 December 2016 started with 124 properties and ended with 128 properties. Quarter ended 31 December 2015 started with 119 properties and ended with 118 properties.

5. Comprises mainly net change in fair value of interest-rate swaps, cross currency swaps and currency forwards which were entered into to hedge certain financial risk exposures. Under FRS39, any change in fair value of these derivative financial instruments has to be taken to the statement of total return if no hedge accounting is practised but this has no impact on Amount Distributable.

6. Net gain from the divestment of 20 Tampines Street 92 not previously included in revaluation gains on the investment property.

7. Non-tax deductible/chargeable items include fees paid to Trustee, financing fees incurred on bank facilities, unrealised foreign exchange difference, foreign exchange difference on capital items, net movement in the value of investment properties and net change in the fair value of financial derivatives.

8. This arose mainly from the revaluation of JPY, USD and AUD denominated borrowings.

9. This arose mainly from the revaluation of JPY and USD denominated borrowings as well as settlement of SGD/JPY forward contracts.

10. This refers to the partial distribution of the gain from the divestments of 20 Tampines Street 92 amounting to S$1,000,000 per quarter (for 8 quarters from 3Q FY15/16).

11. This refers to the partial distribution of the gain from the divestments of 20 Tampines Street 92 amounting to S$1,000,000 per quarter (for 8 quarters from 3Q FY15/16) and 134 Joo Seng Road amounting to S$505,000 per quarter (for 4 quarters from 3Q FY15/16).