Mit Ar2023 - 2024

DELIVERING
SUSTAINABLE
VALUE
ANNUAL REPORT 2023/2024
CORPORATE PROFILE
Mapletree Industrial Trust (“MIT”) is a real estate investment in Singapore and one property in Japan. MIT’s property
trust (“REIT”) listed on the Main Board of Singapore Exchange. portfolio includes Data Centres, Hi-Tech Buildings,
Its principal investment strategy is to invest in a diversified Business Park Buildings, Flatted Factories, Stack-up/
portfolio of income-producing real estate used primarily for Ramp-up Buildings and Light Industrial Buildings.
industrial purposes in Singapore and income-producing MIT is managed by Mapletree Industrial Trust
real estate used primarily as data centres worldwide beyond Management Ltd. (the “Manager”), a wholly-owned
Singapore, as well as real estate-related assets. subsidiary of Mapletree Investments Pte Ltd (the
As at 31 March 2024, MIT’s total assets under management “Sponsor”). Headquartered in Singapore, the Sponsor
was S$8.9 billion, which comprised 56 properties in North is a global real estate development, investment, capital
America (including 13 data centres held through the joint and property management company committed
venture with Mapletree Investments Pte Ltd), 83 properties to sustainability.
DELIVERING DELIVERING SUSTAINABLE VALUE

SUSTAINABLE We remain focused in building resilience and acting decisively in an
VALUE
ANNUAL REPORT 2023/2024
ever-changing landscape. Our strategic efforts in rebalancing our
portfolio, strengthening our fundamentals, and building a climate-
resilient portfolio will set us apart in delivering sustainable value
to Unitholders.
Scan to View
Annual Report 2023/2024
> Mapletree Hi-Tech Park @ Kallang Way

VISION
To be the preferred industrial
real estate solutions provider Contents
MISSION
To deliver sustainable and
growing returns to Unitholders > STRATEGY
by providing quality industrial Key Highlights 8
real estate solutions to clients Unit Performance 10
Strategic Direction 12
Letter to Unitholders 14
Significant Events 17
> PEOPLE
Organisation and Trust Structures 18
Board of Directors 19
Management Team 24
Corporate Services Team 25
Property Management Team 26
> PORTFOLIO
Strategic Locations across
North America, Singapore and Japan 28
Operations Review 30
Property Portfolio Overview 38
Singapore Industrial Property
Market Overview 58
Data Centre Market Overview 67
Financial Review 75
Corporate Liquidity and
Capital Resources 78
> GOVERNANCE
Corporate Governance 81
Risk Management 99
Sustainability 102
Investor Relations 106
> FINANCIALS AND OTHERS

Financial Statements 109
Statistics of Unitholdings 199
Interested Person Transactions 201
Corporate Directory IBC
REBALANCING
PORTFOLIO
ASSETS UNDER
140
MANAGEMENT
PROPERTIES
S$8.9BILLION
Our maiden acquisition of a data centre in Osaka, Japan underscores our

strategic focus of strengthening the portfolio through accretive acquisitions
and diversifying our portfolio geographically. We will continue with our
portfolio rebalancing efforts through accretive investments and selective
divestments of non-core assets.
> 2-4, and 2-5, Oyodonaka 3-chome,

Kita-ku, Osaka, Japan
STRENGTHENING
FUNDAMENTALS
COMMITTED FACILITIES
OF OVER
84.6%
HEDGED BORROWINGS
S$1
BILLION
We adopt a disciplined approach in our capital management strategy to

support our growth initiatives. Despite market volatility in FY23/24, we
successfully completed a S$204.8 million private placement and diversified
sources of funding with the issuances of JPY16.5 billion and S$50 million
fixed rate notes. MIT's strong balance sheet of over S$1 billion of committed
facilities and sufficient debt headroom will support potential investment
opportunities.
> 2601 West Broadway Road, Tempe, Arizona

BUILDING
A CLIMATE-RESILIENT
PORTFOLIO
INSTALLED SOLAR GRESB PUBLIC
PANELS AT 10 PROPERTY DISCLOSURE LEVEL
CLUSTERS
3,492
KILOWATT
PEAK
We remain steadfast in our commitment to enhance our sustainability

efforts and build a climate-resilient portfolio. In FY23/24, we completed the
installation of solar panels at 10 property clusters with a total generating
capacity of 3,492 kilowatt peak. The Signature, K&S Corporate Headquarters,
18 Tai Seng and 978 & 988 Toa Payoh North were recertified BCA Green Mark
Gold accreditions during the financial year.
8 Mapletree Industrial Trust
Key Highlights
Gross Revenue 1.8% Net Property Income 0.6%

S$ Million Year-on-year1 S$ Million Year-on-year1
684.9 697.3 518.0 521.0

610.1 472.0
447.2 351.0
405.9 318.1
FY19/20 FY20/21 FY21/22 FY22/23 FY23/242 FY19/20 FY20/21 FY21/22 FY22/23 FY23/242
Amount Available for 5.2% Distribution Per Unit -1.0%

Distribution to Unitholders Year-on-year1 Singapore Cents Year-on-year1
S$ Million
375.14,5,6,7
356.64,5 13.804 13.574,5 13.434,5,6,7
350.94 12.55
12.24 3
295.3
265.33
FY19/20 FY20/21 FY21/22 FY22/23 FY23/242 FY19/20 FY20/21 FY21/22 FY22/23 FY23/242
Assets Under Management9 1.6% Net Asset Value Per Unit -4.9%
(As at 31 March) Year-on-year8 (As at 31 March) Year-on-year8
S$ Million S$
8,906.3 1.86 1.85
8,761.2 8,766.1 1.76
1.62 1.66
6,789.9
5,920.5
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
1 Refers to year-on-year comparison for FY23/24.

2 FY23/24 denotes financial year 2023/2024 ended 31 March 2024.
3 Tax-exempt income of S$6.6 million was withheld.
4 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.
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.
6 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.
7 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 July 2017.
8 Refers to year-on-year comparison for 31 March 2024.
9 Includes MIT's proportionate interest in the joint ventures with the Sponsor and right-of-use assets.
Annual Report 2023/2024 | Delivering Sustainable Value

Strategy People Portfolio Governance Financials and Others 9
Key Information
S$ Million
As at 31 March 2020 2021 2022 2023 2024
Total assets 5,187.9 6,391.6 8,480.0 8,546.8 8,664.4
Total borrowings outstanding 1,434.1 2,245.2 2,904.1 2,848.4 2,984.4
Unitholders' funds 3,560.1 3,895.0 4,977.1 5,074.1 4,984.6
Assets under management 5,920.5 6,789.9 8,761.2 8,766.1 8,906.3
(including interests in joint ventures)
Key Financial Ratios
As at 31 March 2020 2021 2022 2023 2024

Aggregate leverage (%) 10
37.6 40.3 38.4 37.4 38.7
Average borrowing cost for financial year (%) 3.0 2.8 2.5 3.1 3.2
Weighted average tenor of debt (years) 4.7 3.6 3.8 3.7 3.8
Interest coverage ratio for financial year (times) 6.9 6.4 6.4 5.0 4.6
Adjusted interest coverage ratio for trailing 6.9 6.4 5.7 4.6 4.3
12 months (times)
Assets Under Management9

Comparative Trading Performance since Listing11
As at 31 March 2024
400 MIT FTSE Straits FTSE ST REITs 15.6% 5.8% 0.7%

Unit Price Times Index Index
151.6% 1.4% -3.1%
350
300
250
AUM
200
S$8.9 billion
150
100
50 6.0% 17.1% Data Centres: 54.8%

• North America: 46.6%
0 • Japan: 4.9%
Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct 19 Oct 20 Oct 21 Oct 22 Oct 23 • Singapore: 3.3%
Source: Bloomberg Data Centres

Rebased MIT Unit Price
Hi-Tech Buildings
Rebased FTSE Straits Times Index
Business Park Buildings
Rebased FTSE ST REITs Index
Flatted Factories
Stack-up/Ramp-up Buildings
Light Industrial Buildings
Assets Under Management by Geography

Singapore 48.5%
North America 46.6%
Japan 4.9%
10 In accordance with Property Funds Guidelines, the aggregate leverage ratio includes proportionate share of aggregate leverage and deposited
property values of joint ventures. As at 31 March 2024, the aggregate leverage including MIT’s proportionate share of joint venture was S$3,533.4
million.
11 Rebased MIT’s unit issue price of S$0.93 and opening unit prices of FTSE ST REITs Index and FTSE Straits Times Index on 21 October 2010 to 100.
Unit Performance
The Singapore equity market fell in the first half of the FTSE ST REITs Index underperformed the FTSE Straits Times
financial year amid concerns over heightened geopolitical Index and decreased by 10.2% in FY23/24. In contrast, MIT's
tensions and spill over of the Israel-Hamas conflict into unit price decreased by 1.3% in FY23/24 to close the period at
the Middle East region. It rebounded slightly in October S$2.340. A total of 1,199.8 million units in MIT were traded in
2023 on optimism over the United States Federal Reserve’s FY23/24, with an average daily trading volume of 4.84 million
pivot towards monetary easing. However, the market fell as units, compared to 5.70 million units in FY22/23.
investors scaled back their expectations for more interest
MIT’s unit price increased by 151.6% with a total return to
rate cuts in 2024. The FTSE Straits Times Index decreased Unitholders of 316.6% since its listing on 21 October 2010. Its
by 1.1% in FY23/24. market capitalisation had also increased about 4.9 times from
S$1.36 billion at listing to S$6.63 billion as at 31 March 2024.
Unit Price and Trading Volume

FY23/24 FY22/23 FY21/22 FY20/21 FY19/20
Closing unit price on the last trading day prior to 2.370 2.690 2.740 2.430 2.100
the commencement of the period (S$)
Highest closing unit price (S$) 2.510 2.720 3.000 3.350 3.020
Lowest closing unit price (S$) 2.110 2.130 2.490 2.120 1.910
Average closing unit price (S$) 2.300 2.432 2.745 2.881 2.413
Closing unit price for the period (S$) 2.340 2.370 2.690 2.740 2.430
Average daily trading volume (million units) 4.84 5.70 7.52 7.76 6.62
Market capitalisation (S$ billion) 1
6.63 6.49 7.20 6.44 5.35
Trading Performance in FY23/24
2.510 2.450
2.380 2.340
2.270 2.240 2.300 2.260 2.280 2.290
2.210 2.150
153.4
114.5 116.2
107.9
96.1 102.3 101.3
95.9
88.9 86.9
76.8
59.6
Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24
Volume (million units) Unit price as at last trading day of the month (S$) Source: Bloomberg
Return on Investment
Since Listing From 5-Year From 3-Year From 1-Year From
21 October 2010 1 April 2019 1 April 2021 1 April 2023
Total return (%) as at 31 March 2024 316.62 42.63 0.33 4.43
Capital appreciation (%) 151.6 11.4 -14.6 -1.3
Distribution yield (%) 165.0 31.2 14.9 5.7
Closing unit price on the last trading day prior 0.930 4
2.100 2.740 2.370
to the commencement of the period (S$)

Comparative Trading Performance in FY23/245

FTSE Straits MIT FTSE ST
Times Index Unit Price REITs Index
-1.1% -1.3% -10.2%
120
110
100
90
80
70
60
Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24
Rebased FTSE Straits Times Index Rebased MIT Unit Price Rebased FTSE ST REITs Index Source: Bloomberg
Comparative Yields6
MIT Distribution Yield7 5.7%
As at 31 March 2024
FTSE ST REITs Index 5.4%
FTSE Straits Times Index 5.2%
10-year Goverment Bond 3.1%
CPF Ordinary Account 2.5%
Constituent of Key Indices8
Bloomberg Asia REIT Index iEdge APAC ex Japan Dividend Leaders REIT Index
Bloomberg World Financial Index iEdge Singapore Low Carbon Index
Bloomberg World REIT Index iEdge SG ESG Leaders Index
Dow Jones Global Select ESG RESI iEdge SG ESG Transparency Index
Dow Jones Global Select REIT Index iEdge S-REIT Index
FTSE All-World ex North America Index (USD) iEdge-OCBC Singapore Low Carbon Select 50 Capped Index
FTSE ASEAN All-Share Index iEdge-UOB Apac Yield Focus Green Reit Index
FTSE Asia ex Japan RIC Capped Index Morningstar Global Markets Large-Mid Cap GR (USD)
FTSE EPRA/NAREIT Global REITs Index Morningstar Global Markets Paris Aligned Benchmark GR EUR
FTSE EPRA/NAREIT Global REITs TR Index Morningstar Global Markets REIT NR GBP
FTSE ST REITs Index MSCI Singapore Small Cap Index (USD)
FTSE Straits Times Index S&P Global BMI (USD)
GPR 250 (World) Index S&P Global Large Mid Cap Index (USD)
GPR 250 REIT (World) Index S&P Global Property USD Index
GPR/APREA Composite Index S&P Global REIT Index (USD)
GPR/APREA Investable 100 Index STOXX Global 1800 Index (EUR)
GPR/APREA Investable REIT 100 Index Vanguard FTSE Pacific ETF INAV
1 Based on the closing unit prices for the period.

2 Sum of distributions and capital appreciation for the period over the unit issue price at listing.
3 Sum of distributions and capital appreciation for the period over the closing unit price on the last trading day prior to the commencement of the period.
4 Refers to the unit issue price at listing.
5 Rebased closing unit prices as at 31 March 2023 to 100.
6 Sources: Bloomberg, Monetary Authority of Singapore (for the 10-year Government Bond’s yield) and Central Provident Fund (“CPF”) Board
(for the CPF Ordinary Account’s interest).
7 MIT distribution yield is based on FY23/24 DPU of 13.43 Singapore cents over closing unit price of S$2.340 as at 31 March 2024.
8 The list of key indices is not exhaustive.
Strategic Direction
The Manager’s strategy is underpinned by During the financial year, the Manager expanded
its commitment to provide quality industrial its presence in a new geographical market with the
real estate solutions to its clients through acquisition of a data centre in Osaka, Japan for
understanding their requirements and JPY52.0 billion1. The acquisition offers a strategic
opportunity for MIT to diversify its data centre presence
delivering innovative real estate solutions
into Japan, one of the most developed data centre
that meet their evolving business needs. markets in Asia Pacific.
COMPETITIVE INVESTMENT STRATEGY AND

STRENGTHS SUSTAINABLE VALUE CREATION
Stable and Resilient Portfolio To invest in a diversified portfolio of

Diversified portfolio of 140 properties across income-producing real estate used primarily
six property segments in North America, for industrial purposes in Singapore and
Singapore and Japan with a large tenant income-producing real estate used primarily
base of over 2,000 tenants as data centres worldwide beyond Singapore,
as well as real estate-related assets
Track Record of Securing

DPU-Accretive Investments
Completed three asset enhancement
initiatives (“AEI”), five build-to-suit (“BTS”)
projects and 10 acquisitions since its listing
on 21 October 2010 Proactive
Asset
Management
Access to Fast-Growing Data Centre Sector
Access to the fast-growing data centre
sector, with data centres in North America,
Singapore and Japan, comprising 54.8% of
the portfolio (by assets under management)
SUSTAINABLE
VALUE
CREATION
Enhanced Financial Flexibility
Strong balance sheet and a well-diversified Prudent Value-creating
debt maturity profile with a weighted Capital Investment
average tenor of debt of 3.8 years Management Management
Experienced Manager
Professional management team with an
established track record and extensive
experience in real estate development,
investment and property management
Reputable Sponsor with Aligned Interest

Leverages on the Sponsor’s development
capabilities as well as local market experience
and extensive network of offices, including
in North America and Asia. The Sponsor’s
25.95%3 stake in MIT demonstrates its
alignment of interest with Unitholders

Post acquisition, Japan accounted On 27 March 2024, the Manager By leveraging on the Sponsor’s
for about 4.9% of MIT’s portfolio completed the divestment of the experience and resources as well as
(by assets under management), Tanglin Halt Cluster. The sale of the the Manager’s competitive strengths,
with North America and Singapore Flatted Factory Cluster will enable the Manager will continue to pursue
representing the remaining 46.6% and the Manager to redeploy capital for growth opportunities in Singapore and
48.5% respectively. MIT’s assets under investments. overseas, with a focus on data centres
management increased year-on-year and high specification industrial
from S$8.8 billion to S$8.9 billion2 as facilities.
at 31 March 2024.
STRATEGIC STRATEGIC FY23/24

OBJECTIVES APPROACH ACHIEVEMENTS
• Implement proactive marketing and Overall Portfolio's WALE

leasing initiatives 4.4 years
(31 March 2023: 3.9 years)
• Deliver quality service and
Improve customised solutions Weighted average rental revision
competitiveness for the Singapore Portfolio
of properties • Improve cost effectiveness to mitigate 6.7%
rising operating costs
• Unlock value through AEI and

redevelopment projects
• Pursue DPU-accretive acquisitions Acquired a data centre in

and development projects Osaka, Japan
• Secure BTS projects with JPY52.0 billion1
Secure investments
to deliver growth pre-commitments from
Divested Tanglin Halt Cluster
and diversification high-quality tenants
S$50.6 million
• Consider divestments of
non-core properties
• Maintain a strong balance sheet Successfully completed a private

placement to partly fund the
• Diversify sources of funding acquisition of Osaka Data Centre
Optimise capital S$204.8 million
structure to provide • Employ appropriate interest rate
financial flexibility and foreign exchange rate risk
Issued JPY16.5 billion and
management strategies
S$50 million fixed rates notes
• Environment: Support the transition 3,492 kWp

to a low carbon economy through Solar generating capacity
sustainable investment, development, installed across 10 clusters
Integrate sustainability and operations
into core business
• Social: Ensure the health and safety
Top 10 Companies
strategies in Singapore for Gender Equality
of its employees and stakeholders,
in 2024 by Equileap
focus on diversity and inclusion
of its workforce and support the
communities in which MIT operates
Low Risk
Morningstar Sustainalytics
• Governance: Uphold high ESG Risk Ratings
ethical standards
1 MIT’s effective economic interest in the Osaka Data Centre is 98.47% while the remaining 1.53% is held by the Sponsor.
2 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 included MIT’s right-of-use assets as at 31 March 2024.
3 As at 20 May 2024.
Letter to Unitholders
Tham Kuo Wei

Chief Executive Officer
Cheah Kim Teck

Chairman
Dear Unitholders,
FY23/24 was a challenging year with
macroeconomic uncertainties and heightened
geopolitical tensions. Global economic activity
moderated amid the ongoing effects of
synchronised monetary policies, weak global
We remain focused on pursuing trade, and lower business confidence. The
evolving Israel-Hamas conflict has heightened
accretive acquisitions and geopolitical tensions and weighed on the growth
developments to strengthen outlook.
MIT’s portfolio and unlocking Delivering Resilient Results

value through selective MIT delivered a resilient set of financial results
divestments of non-core assets. despite subdued economic growth and
headwinds from higher operating expenses
and borrowing costs. Net property income
for FY23/24 rose by 0.6% year-on-year to
S$521.0 million. The better performance was
mainly driven by revenue contributions from the
redevelopment project, Mapletree Hi-Tech Park @
Kallang Way, the data centre in Osaka, Japan (the
“Osaka Data Centre”) acquired on 28 September
2023 and new leases and renewals across
various property clusters. Correspondingly, the
Distribution to Unitholders for FY23/24 increased
by 2.7% year-on-year to S$378.3 million due to
the increase in net property income.
The growth in Distribution to Unitholders

for FY23/24 was also underpinned by higher
distribution declared by the joint venture,
Mapletree Rosewood Data Centre Trust
(“MRODCT”). However, this was partly offset

by higher borrowing costs from The acquisition of the Osaka Data marketing efforts, the retention rate of
higher interest rates for the existing Centre also enlarged our presence in the the Singapore Portfolio remained high
borrowings and the new borrowings resilient data centre sector. MIT’s assets at 83.4% in FY23/24.
taken to fund the acquisition of the under management increased year-on-
Average North American Portfolio
Osaka Data Centre. Distribution per year from S$8.8 billion to S$8.9 billion5
occupancy rate also fell from 93.8%
Unit (“DPU”) for FY23/24 fell by 1.0% as at 31 March 2024. Data centres in
in FY22/23 to 90.3% in FY23/24 due
year-on-year to 13.43 Singapore cents North America, Japan, and Singapore
to the non-renewal of leases. We have
on an enlarged unit base. accounted for about 46.6%, 4.9% and
successfully secured a replacement
3.3% of the assets under management
As at 31 March 2024, MIT has tenant to fully lease the facility at 402
respectively.
delivered total returns of 4.4%1 in Franklin Road, Brentwood on a long-
FY23/24 and 316.6%2 since its listing On 27 March 2024, we completed term lease. This long lease commitment
on 21 October 2010. the divestment of 115A & 115B from an established institution with
Commonwealth Drive, Singapore (the strong credit standing offers income
The total valuation of 140 properties in “Tanglin Halt Cluster”) at a sale price of stability. To minimise downtime from
MIT’s portfolio3 was S$8,802.2 million. S$50.6 million. The sale price was at an non-renewals, we will proactively seek
This represented a 0.9% increase over 8.4% premium above book value6. The replacement tenants, evaluate possible
the previous valuation of S$8,725.1 sale of the Tanglin Halt Cluster will provide asset enhancements to reposition the
million as at 31 March 2023. The MIT with greater financial flexibility to assets or even divest them.
increase in the portfolio valuation was pursue other growth initiatives.
due to the acquisition of the Osaka
Sharpening Our
Data Centre and an improvement
Sustaining Stable Financial Flexibility
in operating performance of the
Singapore Portfolio. This increase
Operational Performance MIT remains prudent in its approach
was partly offset by the decline in The average rental rate of the Singapore towards capital management to
the valuation of the North American Portfolio increased from S$2.15 per support its growth initiatives. We
Portfolio driven by higher capitalisation square foot per month (“psf/mth”) in successfully raised gross proceeds
rates and discount rates. FY22/23 to S$2.20 psf/mth in FY23/24. of about S$204.8 million through
This was driven by positive average a private placement in May 2023 to
Rebalancing Our Portfolio rental revision achieved for renewal partly fund the acquisition of the Osaka
leases and higher average rental rate Data Centre. The private placement
We took decisive action to rebalance our
secured for new leases in FY23/24. was about 4.5 times covered at the
portfolio through accretive acquisitions
Positive rental revisions for renewal top end of the issue price range, with
and selective divestments of non-core
leases were achieved across all property strong support from a broad spectrum
assets. The acquisition of the Osaka
segments in Singapore with a weighted of investors.
Data Centre at a purchase consideration
average rental revision rate of about
of JPY52.0 billion4 offered a strategic In June 2023, we issued two series of
6.7%. The average rental rate of the
opportunity to diversify our data centre notes – JPY6.5 billion of 1.686% fixed
North American Portfolio also increased
presence into Japan, one of the most rate notes due 2035 and JPY10.0 billion
from US$2.38 psf/mth to US$2.44 psf/
developed data centre markets in of 1.85% fixed rate notes due 2038.
mth. This was due primarily to the built-
Asia Pacific. With a net lettable area These were part of the financing plan to
in rental escalations in the leases.
(“NLA”) of about 136,900 square feet put in place JPY-denominated debt of
(“sq ft”), the Osaka Data Centre is fully Average Overall Portfolio occupancy long tenors to provide a natural capital
leased to an established data centre decreased from 95.5% in FY22/23 to hedge for the acquisition of the Osaka
operator with a weighted average lease 92.6% in FY23/24. This was partly due Data Centre.
to expiry (“WALE”) of about 18.6 years to the fall in average Singapore Portfolio
as at 31 March 2024. The Osaka Data We also issued S$50 million 3.751%
occupancy rate from 96.2% in FY22/23
Centre is leased on a net lease structure fixed rate notes due 2027 in February
to 93.6% in FY23/24. Excluding recently
with minimal landlord operational 2024. This is in line with MIT’s prudent
completed Mapletree Hi-Tech Park @
obligations. Phase 1 and Phase 2 of capital management strategy to manage
Kallang Way, the average Singapore
fit-out works had been completed interest rate risk and to diversify sources
Portfolio occupancy rate would have
with the remaining two phases slated of funding.
remained the same at 96.2%. Through
for completion by May 2025. proactive lease management and
1 Sum of distributions and capital appreciation for the period over the closing unit issue price of S$2.370 as at 31 March 2023.
2 Sum of distributions and capital appreciation for the period over the unit issue price of S$0.930 at listing.
3 Refers to 83 properties in Singapore, 43 data centres in North America wholly owned by MIT, MIT’s 50% interest in MRODCT, which holds 13 data
centres in North America, and the Osaka Data Centre.
4 MIT has an effective economic interest of 98.47% in the property while the remaining 1.53% was held by its Sponsor, Mapletree Investments Pte Ltd
(“MIPL”).
5 Based on MIT’s book value of investment properties and 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 included MIT’s right-of-use assets as at 31 March 2024.
6 Based on the book value of S$46.7 million as at the end of the Financial Year 2022/2023 ended 31 March 2023.
Letter to Unitholders
As at 31 March 2024, about 84.6% of Our sustainability efforts have been Financial Officer. As the Head of
MIT’s total borrowings had been hedged affirmed in sector benchmarks. MIT was Treasury of Mapletree Logistics Trust
into fixed rates to manage the exposure rated an ‘A’ for GRESB Public Disclosure Management Ltd., Ms Khoo brings with
to interest rate risk. About 77.0% of 2023 and ‘Low Risk’ by Morningstar her more than 15 years of experience in
FY23/24 foreign currency denominated Sustainalytics ESG Risk Ratings. In corporate finance and treasury. These
net income stream had been hedged addition, MIT’s MSCI ESG Rating has changes in key management personnel
into Singapore dollars to mitigate the been upgraded from “BB” to “BBB”. are part of our succession planning
impact of foreign currency fluctuations to further enhance the depth of our
management bench strength.
on distributions. Delivering Sustainable Value
The global economy is expected to The Board would like to thank
Progressing Our slow in 2024 as the impact of past Mr Tham for his invaluable
Sustainability Commitments monetary policies continues to contributions and leadership since the
We continued to make meaningful restrain growth. Geopolitical tensions, listing of MIT on 21 October 2010. He
progress towards the net zero divergence in disinflation among major led MIT’s expansion into the data centre
emissions by 2050 commitment economies and high interest rates may sector in North America and Japan and
set out in the Mapletree Group’s pose downside risks to global growth was pivotal in driving MIT’s strategy to
sustainability roadmap. During the prospects. grow the Hi-Tech Buildings segment in
financial year, we initiated Phase 3 of Singapore. Under his leadership, MIT’s
We remain focused on pursuing assets under management have grown
the solar panel installation project7
accretive acquisitions and from S$2.1 billion to S$8.9 billion.
and expanded our solar generating
developments to strengthen MIT’s
capacity by 3,492 kilowatt peak (“kWp”) portfolio and unlocking value through
to 8,347 kWp in 25 properties across selective divestments of non-core
Appreciation
17 property clusters. This has advanced assets. Our strong balance sheet will In November 2023, Mr Michael Thomas
our progress towards the long-term enable us to navigate challenging market Smith stepped down from the Board. We
target on total solar generating conditions while providing flexibility in would like to express our appreciation
capacity of 10,000 kWp by FY29/30. seizing investment opportunities. The to Mr Smith for his contributions as a
We progressively carried out various right of first refusal from the Sponsor Non-Executive Director.
initiatives in Singapore such as the for its 50% interest in MRODCT remains
installation of motion sensors and a significant opportunity in the pipeline. We thank our directors and staff for
energy-efficient lighting to improve Our disciplined approach in scaling up their steadfast contributions. We also
the energy efficiency of our properties. our data centre presence and building thank our Unitholders, tenants, and
These initiatives are estimated to yield a portfolio of higher quality assets will business partners for their continued
total energy savings of 1.8 million strengthen our position to deliver support in MIT.
kilowatt hours annually, sufficient to sustainable value to our Unitholders.
power the common areas of more than
eight of our Flatted Factory Clusters. Management Changes
We also attained BCA Green Mark Gold In May 2024, we announced several key Cheah Kim Teck
recertifications for The Signature, K&S management changes. Mr Tham Kuo Chairman
Corporate Headquarters, 18 Tai Seng Wei will relinquish his role as Chief
and 978 & 988 Toa Payoh North. Tham Kuo Wei
Executive Officer and Executive
These collective efforts reflected our Chief Executive Officer
Director on 22 July 2024. Ms Ler Lily will
commitment in building a climate relinquish her role as Chief Financial 30 May 2024
resilient portfolio. Officer and assume the role of Chief
Executive Officer and Executive
As at 31 March 2024, female Director with effect from 22 July
representation on the Board was 27%. 2024. Ms Ler has been central in the
This affirmed our aspiration to achieve planning and execution of MIT’s growth
at least 25% of female representation on strategy since November 2011. She was
the Board by 2025 and 30% by 2030. instrumental in maintaining a robust
MIT was also ranked in the Top 10 capital management strategy to support
Companies in Singapore for Gender MIT’s expansion plans. Ms Khoo Geng
Equality in 2024 by Equileap. Foong will be appointed as the Chief
7 Following Phase 1 of the solar panel installation at K&S Corporate Headquarters and Serangoon North Cluster, we have completed Phase 2 at five
Flatted Factory clusters – Chai Chee Lane, Kampong Ubi, Kolam Ayer 5, Loyang 1 and 2 Clusters.

Significant Events
2023
May
> Rated as Low Risk by > Raised gross
Morningstar Sustainalytics proceeds of
ESG Risk Ratings approximately S$204.8
> Announced the proposed million via a private
acquisition of the placement to partially
Osaka Data Centre for fund the proposed
a purchase consideration acquisition of the
of JPY52.0 billion1 Osaka Data Centre
June July August September

> Issued JPY6.5 billion > Achieved BCA Green Mark > Fitch Ratings affirmed > Completed the
of 1.686% fixed rate Gold Award recertification MIT’s Issuer Default acquisition of the
notes due 2035 and for The Signature, Business Rating at ‘BBB+’ with Osaka Data Centre
JPY10.0 billion of Park Building a Stable Outlook
1.85% fixed rates
> Reported DPU of 3.39
notes due 2038
Singapore cents for
1QFY23/24
2024
January October
> Reported DPU of 3.36 > Attained ‘A’ for GRESB
Singapore cents for Public Disclosure Level
3QFY23/24 > Delivered DPU of 3.32
> 18 Tai Seng, Hi-Tech Building Singapore cents for
was recertified with BCA Green 2QFY23/24
Mark Gold Award > K&S Corporate Headquarters,
Hi-Tech Building was
recertified with BCA Green
Mark Gold Award
February March April

> Upgraded from ‘BB’ to ‘BBB’ > 978 & 988 Toa Payoh North, > Reported DPU of 3.36 Singapore
rating in MSCI ESG Rating Hi-Tech Buildings were cents and 13.43 Singapore
> Issued S$50 million 3.751% recertified with BCA Green cents for 4QFY23/24 and
fixed rate notes due 2027 Mark Gold Award FY23/24 respectively
> Completed Phase 2 of fit-out > Completed the divestment

works at the Osaka Data Centre of Tanglin Halt Cluster for
for JPY5.2 billion2 S$50.6 million
> Ranked Top 10 Companies in

Singapore for Gender Equality
in 2024 by Equileap
1 MIT’s effective economic interest in the Osaka Data Centre is 98.47%. The remaining 1.53% is held by MIPL.
2 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.
Organisation and Trust Structures

MAPLETREE INDUSTRIAL TRUST MANAGEMENT LTD.
Board of Directors
Mr Cheah Kim Teck Mr Guy Daniel Harvey-Samuel Mr Chua Tiow Chye

Non-Executive Chairman and Director Independent Non-Executive Director Non-Executive Director
Mr Andrew Chong Yang Hsueh Dr Andrew Lee Tong Kin Ms Wendy Koh Mui Ai
Lead Independent Non-Executive Director Independent Non-Executive Director Non-Executive Director
Mr Pok Soy Yoong Mr William Toh Thiam Siew Mr Tham Kuo Wei1
Independent Non-Executive Director Independent Non-Executive Director Executive Director and
Ms Chan Chia Lin Ms Noorsurainah Tengah
Independent Non-Executive Director Independent Non-Executive Director
Audit and Nominating and Chief Executive

Risk Committee Remuneration Committee Officer
Mr Pok Soy Yoong Mr Andrew Chong Yang Hsueh Mr Tham Kuo Wei1
Chairman Chairman
Mr Guy Daniel Harvey-Samuel Joint Company
Ms Chan Chia Lin
Secretaries
Dr Andrew Lee Tong Kin Mr Chua Tiow Chye
Mr Wan Kwong Weng
Mr William Toh Thiam Siew
Ms See Hui Hui
Director, Investor Relations

Chief Financial Officer Head of Investment Head of Asset Management
and Sustainability
Ms Ler Lily1 Mr Peter Tan Che Heng Ms Serene Tam Mei Fong Ms Melissa Tan Hwei Leng
TRUST STRUCTURE
Sponsor
Other Unitholders
Mapletree Investments Pte Ltd
Distributions Ownership of Units
Management Acts on behalf

Services of Unitholders
Manager
Trustee
Mapletree Industrial Trust
DBS Trustee Limited
Management Ltd.
Management Fees Trustee Fees
Net Property Income Ownership of Assets
Property Portfolio
Property Management Services Property Management Fees
Property Managers
Mapletree Facilities Services Pte. Ltd.2
Mapletree US Management LLC3
Mapletree Management Services Japan Kabushiki Kaisha4
1 Mr Tham Kuo Wei will relinquish his role as Chief Executive Officer and Executive Director of the Manager. Ms Ler Lily will relinquish her role as Chief
Financial Officer and will assume the role of Chief Executive Officer and Executive Director of the Manager. Ms Khoo Geng Foong will be appointed as
the Chief Financial Officer of the Manager. The management changes will take effect from 22 July 2024.
2 Industrial properties in Singapore are managed by Mapletree Facilities Services Pte. Ltd., a wholly-owned subsidiary of the Sponsor.
3 Data centres in North America are managed by Mapletree US Management LLC, a wholly-owned subsidiary of the Sponsor.
4 The Osaka Data Centre is managed by Mapletree Management Services Japan Kabushiki Kaisha, a wholly-owned subsidiary of the Sponsor.
Board of Directors
Mr Cheah Kim Teck Mr Andrew Chong Yang Hsueh Mr Pok Soy Yoong
Non-Executive Chairman Lead Independent Independent Non-Executive Director
and Director Non-Executive Director
Ms Chan Chia Lin Mr Guy Daniel Harvey-Samuel Dr Andrew Lee Tong Kin
Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director
Mr William Toh Thiam Siew Ms Noorsurainah Tengah Mr Chua Tiow Chye

Independent Non-Executive Director Independent Non-Executive Director Non-Executive Director
Ms Wendy Koh Mui Ai Mr Tham Kuo Wei

Non-Executive Director Executive Director and
Board of Directors
Mr Cheah Kim Teck, 72 Mr Andrew Chong Yang Hsueh, 58 Mr Pok Soy Yoong, 69
Non-Executive Chairman Lead Independent Independent Non-Executive Director
and Director Non-Executive Director
Mr Cheah Kim Teck is the Non-Executive Mr Andrew Chong Yang Hsueh is the Mr Pok Soy Yoong is an Independent
Chairman and Director of the Manager. Lead Independent Non-Executive Non-Executive Director and the
Director and Chairman of the Chairman of the Audit and Risk
Mr Cheah is currently Director,
Nominating and Remuneration Committee of the Manager.
Business Development of Jardine
Committee of the Manager.
Cycle & Carriage Limited (“JC&C”) Mr Pok Soy Yoong has over 30 years
and is responsible for overseeing Mr Chong is also the Independent of working experience in the areas of
JC&C’s investment in Truong Hai Chairman of the Investor Committees Singapore direct tax and international
Auto Corporation and developing new of both Mapletree Europe Income tax. He is among the leading tax
lines of business in the region. He was Trust and Mapletree US Income experts in Singapore on complex
formerly the Chief Executive Officer for Commercial Trust. tax transactions and issues, and is
JC&C’s motor operations (excluding particularly noted for his leading
Mr Chong has over thirty years
those held by PT Astra International role in the creation of the taxation
of experience in the fields of
Tbk) until he stepped down from framework for real estate investment
strategy, management, marketing and
his position in December 2013. He trusts. Prior to his retirement from
engineering. He is a board member
also served on JC&C’s Board from professional practice on 31 December
of ASMPT Limited, a semiconductor
2005 to 2014. Prior to joining JC&C, 2008, Mr Pok was the Head of Tax
equipment manufacturer listed on
Mr Cheah held several senior marketing with a Big Four accounting firm as
the HK Stock Exchange (HKSE).
positions in multinational companies, well as a member of its Management
Mr Chong serves on the boards of
namely, McDonald’s Restaurants, Committee. He served as the Chief
NTUC’s Employment and Employability
Kentucky Fried Chicken and Coca-Cola. Operating Officer (Tax) of the firm’s
Institute and the Singapore
Mr Cheah was formerly a Director of Far East Tax Practices, covering
Semiconductor Industry Association.
Singapore Pools (Private) Limited. 15 countries. Since retirement,
He chairs the Board of Governors of the
Mr Pok served as the lead technical
Mr Cheah is a Non-Executive Director Institute of Technical Education and
editor of the authoritative book
as well as the Chairman of the Audit he is active on the board of a social
on Singapore taxation, The Law
and Risk Committee of the Sponsor. enterprise in Singapore.
and Practice of Singapore Income
He was formerly an Independent Non-
Mr Chong received his Bachelor Tax (1st and 2nd editions), and the
Executive Director and a member of the
of Electronics Engineering and his leader of this public-private sector
Audit and Risk Committee of Mapletree
Master of Business Administration collaborative project.
Logistics Trust Management Ltd..
from the University of Adelaide in
Past Directorships in Listed Entities in
Mr Cheah holds a Master of Marketing South Australia. He was conferred a
the Last Three Years:
degree from the University of Lancaster, Medal of Commendation in 2017 and
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United Kingdom. a Friend of Labour Award in 2023 at
the May Day Awards in recognition of
his contribution towards the Labour
Movement’s mission to uplift the
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wages, welfare, and work prospects of
our workers.
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Ms Chan Chia Lin, 59 Mr Guy Daniel Harvey-Samuel, 66 Dr Andrew Lee Tong Kin, 66
Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director
Ms Chan Chia Lin is an Independent Mr Guy Daniel Harvey-Samuel is an Dr Andrew Lee Tong Kin is an
Non-Executive Director and a member Independent Non-Executive Director Independent Non-Executive Director
of the Nominating and Remuneration and a member of the Audit and Risk and a member of the Audit and Risk
Committee of the Manager. Committee of the Manager. Committee of the Manager.
Ms Chan is a Non-Executive Director of Mr Harvey-Samuel is currently a Dr Lee is currently Associate Professor
investment holding company Lam Soon Non-Executive Director of M1 Limited of Accounting Practice at Singapore
Cannery Private Limited. Ms Chan was and Wing Tai Holdings Limited. Management University (SMU) and a
a Non-Executive Director of Mapletree Mr Harvey-Samuel is also Chairman member of the University Tribunal.
Oakwood Holdings Pte. Ltd., the Chief of Capella Hotel Group Pte Ltd and of He is also a member of the Advisory
Investment Officer of Fullerton Fund the Board of Trustees of the National Committee on Accounting Standards
Management Company, and Managing Youth Achievement Awards Council. for Statutory Boards (ASSB) of the
Director and Head of Currency and He was conferred the Public Service Accountant-General’s Department.
Strategy at Temasek Holdings (Private) Medal in 2021 for his contributions to
Prior to joining SMU in 2003, Dr Lee held
Limited. Prior to joining the Temasek the National Parks Board.
various senior analyst appointments in
Group, Ms Chan had also worked at
Mr Harvey-Samuel started his career corporate banking and global credit
ABN AMRO Bank and the Monetary
with the HSBC Group in 1978 and markets at DBS Bank, Standard &
Authority of Singapore.
held various senior management Poor’s, UBS, and the former Banque
Ms Chan is active in the social service roles within the HSBC Group in the Paribas. He was also previously Senior
sector where she serves on the boards United Kingdom, Australia, Malaysia, Lecturer in banking and finance, and
and investment committees of several Hong Kong SAR and Singapore. Mr a research centre director at Nanyang
charitable foundations and church- Harvey-Samuel was the Chief Executive Technological University. Between 2009
related organisations. She is currently Officer of HSBC Singapore before his to 2011, he served on the Accounting
the Chairperson of HealthServe retirement in March 2017. He was Standards Council of Singapore.
Ltd. and a board member of Mount previously a Non-Executive Director of
Dr Lee holds a PhD degree in accounting
Alvernia Hospital, mental health charity JTC Corporation until 31 March 2021.
from New York University, and is a
Resilience Collective and the NUS Mind
Past Directorships in Listed Entities in Fellow Chartered Accountant (FCA)
Science Centre. She was Vice President
the Last Three Years: and Chartered Valuer & Appraiser
and Chairperson of the Investment
NIL (CVA) of Singapore. He was conferred
Committee of the National Council of
a Public Administration Medal (Bronze)
Social Service.
at the 2014 National Day Awards in
Ms Chan holds a Bachelor of Art recognition of his dedication and service
(Honours) in Philosophy, Politics and to Singapore’s tertiary education sector.
Economics from Oxford University and a
Master’s degree in Public Administration
from Harvard University.
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Board of Directors
Mr William Toh Thiam Siew, 67 Ms Noorsurainah Tengah, 41 Mr Chua Tiow Chye, 64

Independent Non-Executive Director Independent Non-Executive Director Non-Executive Director
Mr William Toh Thiam Siew is an Ms Noorsurainah Tengah is an Mr Chua Tiow Chye is a Non-Executive
Independent Non-Executive Director Independent Non-Executive Director Director and a member of the
and a member of the Audit and Risk of the Manager. Nominating and Remuneration
Committee of the Manager. Committee of the Manager.
Ms Noorsurainah Tengah is Executive
Mr Toh is also an Independent Manager, Head of Alternative Assets Mr Chua has over 40 years of experience
Investment Committee Member and Head of Listed Assets at the Brunei in various sectors, including in the
of Mapletree Global Student Investment Agency, the sovereign finance, private equity, capital markets,
Accommodation Private Trust. wealth fund of the Government of urban planning and real estate sectors.
Brunei. Ms Tengah has been with the He is the Deputy Group Chief Executive
He was appointed a board member
Brunei Investment Agency for 15 years; Officer of the Sponsor. He focuses on
of the National Council of Social
her prior positions have included the driving the Sponsor’s strategic initiatives
Service (NCSS) Board of Council in
Head of Absolute Return, Portfolio including expanding and directing the
August 2022 and chairs the NCSS
Manager Private Equity, Assistant Sponsor’s international real estate
Investment Committee.
Portfolio Manager External Fund investments and developments.
Mr Toh has more than 30 years of Management, and Analyst of the
Mr Chua is a member of the Ngee Ann
investment experience and was the Macro, Fixed Income, Credit and
Polytechnic Council and Chairman
Chief Investment Officer at Asia Life Equity group.
of its Design & Environment Advisory
(2001 - 2006) and New Harbour Capital
Ms Tengah also serves on the board of Committee. Mr Chua is also a member
Partners (2007 - 2018). He also served
EG Acquisition Corp, which is listed on of its Investment Committee.
on the boards of Asia Life (M) Berhad,
the New York Stock Exchange (NYSE).
ST Asset Management Ltd. and Moris Previously, Mr Chua was the Group
Rasik Foundation (incorporated in Ms Tengah holds a Masters in Finance Chief Investment Officer and Regional
Timor Leste). and Economics from the Manchester Chief Executive Officer of North
Business School. She is a Chartered Asia & New Markets of the Sponsor.
Financial Analyst as well as a Chartered Mr Chua concurrently serves as
Alternative Investment Analyst. Non-Executive Director of MPACT
NIL
Management Ltd. (the Manager of
Mapletree Pan Asia Commercial
Trust) and remains a Director of
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Mapletree North Asia Commercial
Trust Management Ltd. (previously
the Manager of Mapletree North Asia
Commercial Trust until it was delisted).
He was also previously the Chief
Executive Officer of Mapletree Logistics
Trust Management Ltd..
Prior to joining the Sponsor in 2002,
Mr Chua held senior positions with
various companies including Vision
Century Corporation Ltd, Ascendas Pte
Ltd, Singapore Food Industries Pte Ltd
and United Overseas Bank Ltd..
Mr Chua holds a Master of Business
Administration from the University
of Strathclyde and graduated with
a Bachelor of Regional and Town
Planning (1st Class Honours) from the
University of Queensland in 1982.
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Ms Wendy Koh Mui Ai, 52 Mr Tham Kuo Wei, 55

Non-Executive Director Executive Director and
Ms Wendy Koh is a Non-Executive Mr Tham Kuo Wei is both an Executive

Director of the Manager. Director and the Chief Executive Officer
of the Manager.
Ms Koh is concurrently the Group Chief
Financial Officer of the Sponsor. She Prior to joining the Manager, he was
oversees the Finance, Tax, Treasury the Deputy Chief Executive Officer
and Information Technology functions (from August 2009) and Chief
of the Sponsor. She holds various Investment Officer (from April 2008
appointments within the Sponsor to August 2009) of the Sponsor’s
group including as the Non-Executive Industrial Business Unit where he was
Director of Mapletree Logistics Trust responsible for structuring, setting up
Management Ltd. (the Manager of and managing real estate investment
Mapletree Logistics Trust) and MPACT platforms in Singapore and the region.
Management Ltd. (the Manager of
Prior to this, Mr Tham was the
Mapletree Pan Asia Commercial
Chief Investment Officer of CIMB-
Trust), and she remains a Director
Mapletree Management Sdn. Bhd.
of Mapletree North Asia Commercial
in Malaysia from July 2005, and he
Trust Management Ltd. (previously
was responsible for setting up and
the Manager of Mapletree North Asia
managing the private equity real
Commercial Trust until it was delisted).
estate fund. He was instrumental in
Prior to her current role, she was securing investments from institutional
the Regional Chief Executive Officer, investors in Malaysia and overseas. He
South East Asia of the Sponsor from was also responsible for sourcing and
August 2014 to July 2019, heading the acquiring completed assets as well
Sponsor’s business in South East Asia as managing development projects
and Head, Strategy and Research in across the office, retail, industrial and
2014. She was also previously engaged residential sectors.
by the Sponsor as an advisor to review
Before Mr Tham’s secondment to
the Sponsor’s strategy implementation
CIMB-Mapletree Management Sdn.
from FY09/10 to FY13/14, and was
Bhd., he was the Senior Vice President
involved in the formulation of the
of Asset Management in the Sponsor
Sponsor’s second Five-Year Plan.
and was responsible for the Sponsor’s
Before joining the Sponsor, Ms Koh was portfolio of Singapore commercial,
Co-head, Asia-Pacific Property Research industrial and residential assets. He
at Citi Investment Research. With over joined the Sponsor in June 2002 as
30 years of experience in private equity, Project Director for its new Business
capital markets and real estate as a and Financial Centre project at the New
real estate equities analyst, she was Downtown in Singapore. Prior to joining
involved in many initial public offerings the Sponsor, Mr Tham held various
and capital raising deals including for positions in engineering and logistics
Mapletree Logistics Trust, Mapletree management in PSA Corporation from
Industrial Trust and Mapletree 1993 to 2002.
Commercial Trust (now known as
Mr Tham holds a Bachelor of
Mapletree Pan Asia Commercial Trust).
Engineering (Honours) degree from
Ms Koh holds a Bachelor of Business the National University of Singapore.
(Honours) degree specialising in
Financial Analysis from the Nanyang
Technological University of Singapore
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and the professional designation of
Chartered Financial Analyst from the
CFA Institute.
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Management Team
Mr Tham Kuo Wei, 55 Ms Ler Lily, 52 Mr Peter Tan Che Heng, 48

Executive Director and Chief Financial Officer Head of Investment
Mr Tham Kuo Wei is the Executive Ms Ler Lily is the Chief Financial Officer Mr Peter Tan Che Heng is the Head of
Director and the Chief Executive of the Manager. Ms Ler is responsible for Investment of the Manager. Mr Tan is
Officer of the Manager. Please refer to financial reporting, budgeting, treasury responsible for the development of
his profile under the Board of Directors and taxation matters. investment strategies as well as
section of this Annual Report (see page the sourcing and execution of new
Prior to joining the Manager, Ms Ler
23). investment opportunities with a view
was the Head of Treasury and Investor
to enhancing MIT’s portfolio returns.
Relations at Mapletree Logistics Trust
Management Ltd. (the manager of Mr Tan has more than 20 years of
Mapletree Logistics Trust) where experience in real estate investment,
she led the treasury team in treasury development management, asset
risk management, debt and capital management and business development
management and oversaw the investor across different geographies.
relations function since September
Prior to joining the Manager, Mr Tan was
2009. She has served in different roles
the Head of Investment, Industrial of
within the Sponsor since she joined in
the Sponsor where he was instrumental
September 2001. Her last held position
in the acquisition and development
with the Sponsor was Vice President
of the Sponsor’s industrial assets in
(Treasury).
Singapore and the region. He was a
Prior to joining the Sponsor, Ms Ler key member of the investment team for
worked in Asia Food & Properties the pan-Asia Mapletree Industrial Fund,
Limited for about four years and which closed its investment period in
also spent three years as an external 2009 with investments in Singapore,
auditor with Deloitte & Touche LLP Malaysia, Japan and China.
in Singapore.
Mr Tan holds a Bachelor of Science
Ms Ler holds a Bachelor of Accountancy (Building) (Honours) degree from the
(Honours) degree from the Nanyang National University of Singapore.
Technological University, Singapore.
She is a CFA charterholder and also a
Chartered Accountant of Singapore.

Corporate Services Team
Ms Serene Tam Mei Fong, 47 Mr Wan Kwong Weng, 52 Ms See Hui Hui, 43
Head of Asset Management Joint Company Secretary Joint Company Secretary
Ms Serene Tam Mei Fong is the Head Mr Wan Kwong Weng is the Joint Ms See Hui Hui is the Joint Company
of Asset Management of the Manager. Company Secretary of the Manager Secretary of the Manager as well as
Ms Tam is responsible for formulating as well as the other two Mapletree Deputy Group General Counsel of
and executing strategies to maximise REIT managers. He is concurrently the Sponsor.
income from the assets. the Group Chief Corporate Officer of
Prior to joining the Sponsor in 2010,
the Sponsor, where he is responsible
Ms Tam has been with the Manager Ms See was in the Corporate/Mergers
for all legal, compliance, corporate
since MIT was listed in 2010. Her last & Acquisitions practice group of
secretarial matters, human resource
appointment was Vice President of the WongPartnership LLP, one of the
as well as corporate communications
Asset Management team, where she leading law firms in Singapore. She
and administration matters across all
was responsible for the operational started her career as a litigation lawyer
business units and countries.
performance of properties under her with Tan Kok Quan Partnership.
charge. Before joining the Manager, Prior to joining the Sponsor, Mr Wan was
Ms See holds an LL.B (Honours) from
Ms Tam was a Senior Asset Manager of Group General Counsel – Asia at Infineon
the National University of Singapore,
the Sponsor, where she was responsible Technologies for seven years. He started
and is admitted to the Singapore Bar.
for managing the industrial properties his career with one of the oldest law
in the MIT Private Trust portfolio. She firms in Singapore, Wee Swee Teow
was part of the team responsible for & Co, and was subsequently with the
the acquisition of MIT Private Trust Corporate & Commercial/Private Equity
portfolio of 64 properties from JTC practice group of Baker & McKenzie in
Corporation in 2008. Singapore and Sydney.
Prior to joining the Sponsor in 2007, Mr Wan has an LL.B. (Honours)
Ms Tam had worked at Jones Lang (Newcastle upon Tyne), where he was
LaSalle Property Consultants Pte Ltd conferred the Wise Speke Prize, as well
and JTC Corporation in the areas of as an LL.M. (Merit) (London). He also
marketing, development and portfolio attended London Business School
management of offices and logistics Senior Executive Programme. He is
facilities in Singapore and the region called to the Singapore Bar, where he
for about seven years. was awarded the Justice FA Chua
Memorial Prize, and is also on the
Ms Tam holds a Bachelor of Business
Rolls of Solicitors (England & Wales).
(Financial Analysis) (Honours) degree
Mr Wan was conferred the Public
from the Nanyang Technological
Service Medal (PBM.) in 2012 and Public
University, Singapore.
Service Star (BBM.) in 2017.
Mr Wan is appointed as a Member of the
Valuation Review Board since 2019. In
addition, he is Secretary cum Member
of the SMU Advisory Board for the Real
Estate Programme.
Property Management Team
Mr Dennis Woon Chin Voon, 50 Ms Chng Siok Khim, 55 Mr Paul Tan Tzyy Woon, 52
Group Chief Development Officer Head of Marketing, Head of Property Management,
Singapore Singapore
Mr Dennis Woon Chin Voon is the Ms Chng Siok Khim is the Head of Mr Paul Tan Tzyy Woon is the Head
Group Chief Development Officer Marketing, Singapore of Mapletree of Property Management, Singapore
of the Sponsor. Mr Woon leads Facilities Services Pte. Ltd.. of Mapletree Facilities Services Pte.
the Sponsor’s Group Development Ms Chng is responsible for developing Ltd.. Mr Tan oversees the property
Management team in its development and executing marketing strategies management functions for MIT’s
strategy and initiatives globally. He is as well as overseeing the lease properties in Singapore, ensuring that
a registered Certified Architect with management for MIT’s properties in all the properties in Singapore are safe,
the Singapore Board of Architects Singapore. She contributes to the reliable and conducive for tenants to
with over 20 years’ experience in product repositioning of the asset work in.
property development in Singapore, enhancement initiatives for MIT’s
Prior to his current appointment,
China, Malaysia and numerous Asian properties in Singapore.
Mr Tan was a Senior Asset Manager of
cities. His diverse range of property
Ms Chng has over 30 years of marketing the Manager, where he was responsible
development experience includes
experience in the industrial, office, for optimising the performance of MIT’s
mixed developments, commercial,
retail and logistics sectors. Prior to her properties under his charge. Before
residential, industrial, logistics, data
current appointment, Ms Chng was joining the Manager, Mr Tan was the
centres and serviced apartments.
overseeing the marketing and leasing of Senior Manager (Corporate Marketing
Prior to joining the Sponsor, the Sponsor’s office, retail and logistics / Development Management) of the
Mr Woon was Head of Development properties in Singapore. Sponsor where he was responsible
& Project Management at Lendlease, for the marketing of an overseas
Before joining the Sponsor in 2004,
based in Malaysia, and was project and asset management of
Ms Chng was the Associate Director,
responsible for all aspects of property the Singapore properties under the
Business Space with DTZ Debenham
development such as project and pan-Asia Mapletree Industrial Fund.
Tie Leung for nine years. She was
design management, construction
responsible for managing all aspects of Before joining the Sponsor in 2008,
management, as well as business
the department’s marketing functions, Mr Tan had worked at JTC Corporation
development and project conversion.
which included leasing and sales and Urban Redevelopment Authority
He also held positions such as the Head
activities, accounts servicing and sole where he was involved in the planning,
of Project Management with The Ascott
agency project marketing. marketing, sale and development of
Limited in CapitaLand Singapore, the
lands in Singapore.
Chief Operating Officer with Asian Pac Ms Chng holds a Bachelor of Science
Holdings Malaysia, a founding partner (Estate Management) (Honours) degree Mr Tan holds a Bachelor of Science
of AG Ingo Design Studio Shanghai, and from the National University of Singapore. (Estate Management) (Honours) degree
project architect with LOOK Architects from the National University of
Singapore. Singapore. He passed Level III of the
Chartered Financial Analyst Programme
Mr Woon holds a Master in Architecture
in 2009.
from the Mackintosh School of
Architecture, University of Glasgow and
Bachelor of Arts (Architecture) from the
National University of Singapore.

Ms Ann Shell-Johnson, 59 Ms Sara Wayson, 47

Head of Property Management, Head of Asset Management,
United States Data Centre, United States
Ms Ann Shell-Johnson is the Head of Ms Sara Wayson is the Head of Asset

Property Management, United States Management, Data Centre, United
of Mapletree US Management LLC. Ms States of Mapletree US Management
Shell-Johnson oversees the property LLC. Ms Wayson oversees the asset
management and procurement management function for MIT’s
functions for MIT’s properties in North properties in North America. She
America. The Property Management is responsible for the operational
team supports MIT initiatives and performance of the portfolio as well
provides a resource for operational as the formulation and execution
and building enhancement strategies, of strategies to enhance value of
proactive risk management and the assets.
implementation of sustainability
Ms Wayson has over 25 years of
initiatives. She is responsible for
commercial real estate experience.
monitoring compliance with the
Prior to her current appointment,
Sponsor’s policies and processes,
Ms Wayson was with Sila Realty Trust,
regulatory reporting as well as
Inc. where she oversaw the day-to-day
offering strategies for cost reduction,
asset management of its data centre
operational excellence, tenant
portfolio. She was previously with
retention as well as improvement in
Cushman & Wakefield, where she held
environmental performance of MIT’s
a leadership role heading property
properties.
management teams and overseeing the
Ms Shell-Johnson has over 30 years management of over 3.3 million square
of commercial real estate experience. feet of space for multiple clients.
Prior to her current appointment, Ms
Ms Wayson holds a Bachelor of
Shell-Johnson was with DCT Industrial
Science degree in Accounting from
Trust Inc., Wells Real Estate Funds,
the University of South Florida and a
Inc. and The Simpson Organization,
Masters of Business Administration
Inc.. She served in a leadership role
from the University of Phoenix.
with each of these firms specialising
in maximising performance, training,
and implementing best practices.
Ms Shell-Johnson holds a Bachelor of
Arts degree in English Literature from
Covenant College.
Strategic Locations Across

North America, Singapore and Japan
North America
56
data centres
Ontario
35
Minnesota
25 26
Massachusetts
Wisconsin 22 23
56 Michigan 12
24 Connecticut
36 37 27
New Jersey
Ohio 28
Indiana Pennsylvania
Illinois 32 33
4 5 Colorado 19 20
21 47 48
6 7 10 11 49 50 51
54 55 Virginia
8 9 52 53
California 29 30 31
Oklahoma 39 40
Arizona
34
1 2 3 38
Georgia North Carolina
13 14 15 South Carolina
Texas
16 17 18
41 42 43
44 45 46
Tennessee
Data Centres - North America
Arizona Indiana South Carolina

1. 2005 East Technology Circle, Tempe 21. 505 West Merrill Street, Indianapolis 38. 10309 Wilson Boulevard, Blythewood
2. 2055 East Technology Circle, Tempe
Massachusetts Tennessee
3. 2601 West Broadway Road, Tempe 22. 115 Second Avenue, Waltham 39. 402 Franklin Road, Brentwood
California 23. 400 Minuteman Road, Andover 40. 4600 Carothers Parkway, Franklin
4. 400 Holger Way, San Jose
Michigan Texas
5. 1400 Kifer Road, Sunnyvale 24. 5225 Exchange Drive, Flint 41. 700 Austin Avenue, Waco
6. 2301 West 120th Street, Hawthorne 42. 1221 Coit Road, Plano
Minnesota
7. 3065 Gold Camp Drive, 43. 3300 Essex Drive, Richardson
25. 3255 Neil Armstrong Boulevard, Eagan
Rancho Cordova
26. 5400-5510 Feltl Road, Minnetonka 44. 5000 South Bowen Road, Arlington
8. 7337 Trade Street, San Diego
45. 13831 Katy Freeway, Houston
9. 11085 Sun Center Drive, New Jersey
46. 17201 Waterview Parkway, Dallas
Rancho Cordova 27. 2 Christie Heights Street, Leonia
28. 200 Campus Drive, Somerset Virginia
Colorado
47. 1755 & 1757 Old Meadow Road,
10. 8534 Concord Center Drive, Englewood North Carolina
McLean
11. 11900 East Cornell Avenue, Aurora 29. 1400 Cross Beam Drive, Charlotte
48. 1764A Old Meadow Lane, McLean
30. 1805 Center Park Drive, Charlotte
Connecticut 49. 8011 Villa Park Drive, Richmond
12. 6 Norden Place, Norwalk 31. 5150 McCrimmon Parkway, Morrisville
50. 21110 Ridgetop Circle, Sterling
Georgia Ohio 51. 21561-21571 Beaumeade Circle,
13. 180 Peachtree Street NW, Atlanta 32. 4726 Hills and Dales Road NW, Canton Ashburn
14. 250 Williams Street NW, Atlanta 33. 8700 Governors Hill Drive, Cincinnati 52. 21744 Sir Timothy Drive, Ashburn
15. 375 Riverside Parkway, Lithia Springs 53. 21745 Sir Timothy Drive, Ashburn
Oklahoma
16. 1001 Windward Concourse, Alpharetta 34. 4121 & 4114 Perimeter Center Place, 54. 44490 Chilum Place, Ashburn
17. 2775 Northwoods Parkway, Norcross Oklahoma City 55. 45901-45845 Nokes Boulevard,
18. 11650 Great Oaks Way, Alpharetta Sterling
Ontario
Illinois 35. 6800 Millcreek Drive, Mississauga Wisconsin
19. 1501 Opus Place, Downers Grove 56. N15W24250 Riverwood Drive,
Pennsylvania
Pewaukee
20. 2441 Alft Lane, Elgin 36. 630 Clark Avenue, King of Prussia
37. 2000 Kubach Road, Philadelphia

Singapore
83 1 Causeway to
Malaysia
industrial 96
98
properties
69
across 41 clusters2
Woodlands
Regional Centre
65 Loyang
67
Serangoon 87 88 Airport
North Tampines
Jurong Lake Regional
District Toa Payoh Centre 97 74
Tuas Second 94 68 Kampong 57
Link North Ampat 58 Changi
95 63 Kaki Bukit North
83 60
85 76
71
Clementi Kolam 86 99 Kampong
84 Ubi
Changi 70
72 Ayer 66 Business
75 West 73
International 77 Park
59 79 78 Chai Chee
Business Park 91 Tanglin Lane
Halt 64 80
Kallang
81 82
Tiong Basin
Seaport Redhill Bahru
89 90 92 93
Telok Central
Blangah 62 Area
Seaport Seaport
Key Commercial Centres

Major Expressways
Data Centres - Asia Flatted Factories Stack-up/Ramp-up Buildings
57. 7 Tai Seng Drive 73. Chai Chee Lane 96. Woodlands Spectrum 1 & 2
58. 19 Tai Seng Drive 74. Changi North
59. Mapletree Sunview 1 75. Clementi West Light Industrial Buildings
60. STT Tai Seng 1 76. Kaki Bukit
61. Osaka Data Centre 77. Kallang Basin 1 97. 2A Changi North Street 2
78. Kallang Basin 2 98. 26 Woodlands Loop
Hi-Tech Buildings 79. Kallang Basin 3 99. 45 Ubi Road 1
80. Kallang Basin 4
62. 1 & 1A Depot Close 81. Kallang Basin 5
63. 18 Tai Seng 82. Kallang Basin 6
64. 30A Kallang Place 83. Kampong Ampat Japan
65.
66.
K&S Corporate Headquarters
Mapletree Hi-Tech Park
84.
85.
Kampong Ubi
Kolam Ayer 1
1
@ Kallang Way 86. Kolam Ayer 5
data centre
67. Serangoon North in Osaka
87. Loyang 1
68. Toa Payoh North 1 88. Loyang 2
69. Woodlands Central 89. Redhill 1
90. Redhill 2
Business Park Buildings 91. Tanglin Halt
92. Tiong Bahru 1
70. The Signature 93. Tiong Bahru 2
71. The Strategy 94. Toa Payoh North 2 61
72. The Synergy 95. Toa Payoh North 3
1 Excluded Tanglin Halt Cluster, which was divested on 27 March 2024.

2 A property “cluster” consists of one or more individual buildings situated on the same land lot or adjoining land lots.
Operations Review
Portfolio Overview
Property Portfolio Statistics The acquisition of the Osaka Data Centre on
28 September 2023 marked another milestone in the
As at 31 March 2023 2024 Manager’s strategy to reshape and build a portfolio
Number of 141 Properties 140 Properties of assets for higher value uses. MIT’s assets under
properties 85 in Singapore 83 in Singapore management increased year-on-year from S$8.8 billion
56 in North America 56 in North America to S$8.9 billion as at 31 March 2024. MIT’s portfolio
1 in Japan comprised 83 properties in Singapore, 56 properties
in North America and one property in Japan, which
NLA 24.81 24.81
accounted for about 48.5%, 46.6% and 4.9% of its
(million sq ft)
assets under management respectively.
Assets Under Management2
16.4% 5.8% 0.6% 15.6% 5.8% 0.7%
Data Centres
Hi-Tech Buildings
S$8.8 billion Business Park Buildings S$8.9 billion
As at 31 March 2023 Flatted Factories As at 31 March 2024
6.2% 17.3% Data Centres: 53.7% 6.0% 17.1% Data Centres: 54.8%
• North America: 50.3% • North America: 46.6%
• Singapore: 3.4% • Japan: 4.9%
• Singapore: 3.3%
ENTRY INTO JAPAN

Acquisition of a data centre in Osaka for JPY52.0 billion
On 28 September 2023, MIT acquired the Osaka Data Centre from Suma
Tokutei Mokuteki Kaisha at a purchase consideration of JPY52.0 billion3. The
acquisition offered a strategic opportunity for MIT to diversify its data centre
presence into Japan, one of the most developed data centre markets in Asia
Pacific. The purchase consideration was in line with JLL Morii Valuation &
Advisory K.K's valuation of JPY52.0 billion4. With a NLA of about 136,900 sq
ft, the Osaka Data Centre is fully leased to an established data centre operator
with a WALE of about 18.6 years as at 31 March 2024. The Osaka Data
Centre is leased on a net lease structure with minimal landlord operational
obligations. Phase 1 and Phase 2 of fit-out works had been completed with
Osaka Data Centre
the remaining two phases slated for completion by May 2025.
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 MRODCT.
3 MIT has an effective economic interest of 98.47% in the property while the remaining 1.53% is held by its Sponsor, MIPL.
4 JLL Morii Valuation & Advisory K.K. valued the property based on the cost approach and income capitalisation approach methods. The independent
valuation of the property was JPY52.0 billion as at 30 April 2023.

Well-distributed Lease Expiry Profile

WALE Based on Date of Commencement of Leases (By Gross Rental Income) The Manager engages tenants for
renewal negotiations at least six
WALE (in years) As at As at months ahead of the lease expirations.
31 March 2023 31 March 2024 As at 31 March 2024, the lease expiry
profile for the Overall Portfolio (by
North American Portfolio 5.6 5.5
gross rental income) remained well-
Singapore Portfolio 2.9 3.0 distributed with a WALE of 4.4 years.
Osaka Data Centre - 18.6 This was primarily due to the long lease
of the Osaka Data Centre at 18.6 years
Overall Portfolio2 3.9 4.4
and multiple new and renewal leases
with an average lease term of 10 years
in the Singapore and North American
Portfolios. About 28.7% of the leases
Lease Expiry Profile (By Gross Rental Income)2 are due for expiry only in FY29/30 and
As at 31 March 2024 28.7% beyond.
As at 31 March 2024, the WALE

for new and renewal leases that
commenced in FY23/24 was 3.1
years. This accounted for 23.6% of the
17.7% 17.5%
Overall Portfolio’s gross rental income
for March 2024.
14.9% 15.1%
Data Centres (North America)

Osaka Data Centre
6.1% Data Centres (Singapore)
Hi-Tech Buildings
Flatted Factories
FY24/25 FY25/26 FY26/27 FY27/28 FY28/29 FY29/30
and beyond Light Industrial Buildings
Large and Diversified Top 10 Tenants (By Gross Rental Income)2

Tenant Base As at 31 March 2024
MIT has a large and well-diversified
tenant base that underpins the HP Singapore (Private) Limited 6.0%
stability of its portfolio. As at 31 March
2024, there were 2,2635 tenants with Established Data Centre Operator6 3.6%
3,442 leases in the Overall Portfolio. AT&T Inc. 3.1%

About 65% of the tenants in the Overall
Portfolio (by gross rental income) were Global Social Media Company6 2.9%
multinational companies while the
Global Colocation Provider6 2.8%
remaining 35% comprised small and
medium-sized enterprise tenants. Evoque Data Center Solutions 2.5%
The top 10 tenants accounted for The Bank of America Corporation 2.4%
29.1% of the Overall Portfolio’s
Equinix Singapore Pte. Ltd.7 2.3%
monthly gross rental income as at
31 March 2024. STT Tai Seng Pte. Ltd. 1.8%
Hi-Tech Buildings
Lumen Technologies, Inc. 1.7%
Data Centres
5 The total number of tenants in the portfolio is lower than the aggregate number of tenants in all six property segments as there are some tenants who have
leases in more than one property segment or geographical location.
6 The identities of the tenants cannot be disclosed due to the strict confidentiality obligations under the lease agreements.
7 Included the contribution from Equinix Inc. at 180 Peachtree Street NW, Atlanta.
Operations Review
Tenant Diversification across Trade Sectors (By Gross Rental Income)2

As at 31 March 2024
Other Trade Sectors

10.13%
Wholesale and Information and

Retail Trade Communications
14.87% 32.90%
Financial and
Business Services Manufacturing
15.01% 27.09%
Information and Communications (%) Manufacturing (%) Financial and Business Services (%)
Data Centres Services 16.92 Precision Engineering, 13.86 Financial Services 6.61
Machinery and
Telecommunications 10.23 Transportation Products Professional, Scientific 6.20
and Technical Activities
Computer Programming 4.10 Printing, Recorded Media, 5.95
and Consultancy Apparels and Other Essential Admin and Support Service 1.40
Products
Other Infomedia 1.31 Public Administration 0.43
Computer, Electronic 3.84 and Defence
Publishing 0.34
and Optical Products
Real Estate 0.37
Coke, Refined Petroleum 2.13
Products and Chemicals
Wholesale and Retail Trade (%)
Food, Beverages 0.87 Other Trade Sectors (%)
Wholesale of Machinery, 4.91 and Tobacco Products
Equipment and Supplies Education, Health and Social 3.75
Pharmaceuticals 0.44
Services, Arts, Entertainment
General Wholesale Trade 4.66 and Biological Products
and Recreation
and Services
Construction and Utilities 2.61
Retail Trade 2.36
Transportation and Storage 1.89
Wholesale Trade 2.14
Accommodation and 1.88
Wholesale of F&B 0.43 Food Service
Specialised Wholesale 0.37
No single tenant and trade sector accounted for more than 6% and 17% of the Overall Portfolio’s monthly gross rental
income respectively as at 31 March 2024. The low dependence on any single tenant or trade sector enabled MIT to mitigate
its concentration risk and enhance its portfolio resilience.

Stability from Extended Leases

The weighted average unexpired lease term for underlying leasehold land for the properties was 34.6 years as at 31 March
2024. Freehold land accounted for about 65.8% of the Overall Portfolio (by land area).
Remaining Years to Expiry on Underlying Land Leases (By Land Area)2,8

65.7% 65.8%
17.8% 17.6%
9.9% 10.1%
4.3% 4.1%
2.2% 2.3%
0.1% 0.1%
0 to 20 years >20 to 30 years >30 to 40 years >40 to 50 years More than Freehold
50 years
As at 31 March 2023 As at 31 March 2024
About 62.9% of the Overall Portfolio (by gross revenue) comprises multi-tenanted buildings, which provide organic rental
revenue growth potential due to the shorter lease durations. The remaining 37.1% of the Overall Portfolio constitutes as
single-user buildings. The leases in single-user buildings are generally longer with built-in rental escalations, which offer
income stability.
Split Between Multi-Tenanted Buildings and Single-User Buildings (By Gross Revenue)2
Multi-tenanted Buildings
FY22/23 Single-user Buildings
FY23/24
36.8% 63.2% 37.1% 62.9%
8 Excludes the options to renew.

Operations Review
Resilient Operational Performance

The average passing rental rate for Singapore
Average Occupancy for the Financial Year
Portfolio increased from S$2.15 psf/mth in
FY22/23 to S$2.20 psf/mth in FY23/24. This 96.2% 93.6% 100.0%
95.5% 92.6%
93.8% 90.3%
was driven by positive average rental revision
achieved for renewal leases and higher average
rental rate secured for new leases in FY23/24.
The average passing rental rate for North

American Portfolio also increased from US$2.38
psf/mth to US$2.44 psf/mth. This was due
primarily to the built-in rental escalations in
Singapore North American Osaka Overall
the leases. Portfolio Portfolio Data Centre Portfolio2
FY22/23 FY23/24
Segmental Occupancy Rates
100.0% 100.0% 97.1% 98.7% 98.7% 98.0% 96.3%

95.0% 96.2% 93.6%
86.5% 86.5%
81.8%
54.8%
Data Centres Hi-Tech Business Park Flatted Stack-up/Ramp-up Light Industrial Singapore
(Singapore) Buildings Buildings Factories Buildings Buildings Portfolio
FY22/23 FY23/24
Average Overall Portfolio occupancy This was due to the non-renewal of 402 Franklin Road, Brentwood on
decreased from 95.5% in FY22/23 to leases at 26 Woodlands Loop. The a long-term lease. The long lease
92.6% in FY23/24. This was partly property accounted for only 0.6% of commitment from an established
due to the fall in average Singapore the Overall Portfolio (by valuation). institution with strong credit standing
Portfolio occupancy rate from 96.2% in will offer income stability.
FY22/23 to 93.6% in FY23/24. Excluding Average North American Portfolio
the recently completed Mapletree occupancy rate fell from 93.8% in To minimise downtime from non-
Hi-Tech Park @ Kallang Way, the FY22/23 to 90.3% in FY23/24. This renewals, the Manager will proactively
average Singapore Portfolio occupancy was mainly attributed to non-renewal seek replacement tenants, evaluate
rate would have remained the same of leases at 402 Franklin Road, possible asset enhancements
at 96.2%. Brentwood, 5000 South Bowen Road, to reposition the assets or even
Arlington and N15W24250 Riverwood divest them.
The average occupancy rate for Light Drive, Pewaukee. The Manager has
Industrial Buildings fell from 96.3% successfully secured a replacement
in FY22/23 to 54.8% in FY23/24. tenant to fully lease the facility at

Rental Revisions9 for FY23/24 (Singapore Portfolio)
Gross Rental Rate

(S$ psf/mth)
4.18
3.47 3.93 4.08
3.23 3.67
2.72
2.82
1.91
1.69 1.84 1.66 1.76
1.32 1.44 1.42
1.81
1.56
1.35
Hi-Tech Buildings Business Park Flatted Factories Stack-up/Ramp-up Light Industrial

Buildings Buildings Buildings
Before Renewal After Renewal New Leases Passing Rent
Positive rental revisions for renewal leases were achieved across all property segments in Singapore with a weighted
average rental revision rate of about 6.7%.
Robust Tenant Retention

The Manager remains focused on tenant retention and forward lease renewals to maintain a stable portfolio occupancy.
The retention rate of the Singapore Portfolio remained high at 83.4% in FY23/24.
Retention Rate10 (Singapore Portfolio)
92.0% 92.9% 93.7%

84.9% 87.9% 86.7% 86.3% 83.4%
77.4% 81.2%
54.8%
16.7%
Hi-Tech Business Park Flatted Stack-up/Ramp-up Light Industrial Singapore

Buildings Buildings Factories Buildings Buildings Portfolio
FY22/23 FY23/24
9 Gross Rental Rates figures exclude short-term leases of less than three years; except Passing Rent figures which include all leases.
10 Based on NLA.
Operations Review
MIT’s tenants continued to demonstrate a high degree of stickiness to the portfolio. 34.4% of the tenants have remained
in the portfolio for more than 10 years and 64.3% have been leasing space in the portfolio for more than four years as at
31 March 2024.
Long Staying Tenants (Singapore Portfolio)
18.0% 15.1% 9.6% 11.9% 18.5% 15.9% 9.6% 10.6%
Up to 1 year
> 1 to 2 years
> 2 to 3 years
As at > 3 to 4 years As at
31 March 2023 31 March 2024
> 4 to 5 years
> 5 to 10 years
> 10 to 15 years
> 15 years
7.8% 9.4%
22.5% 8.3% 6.8% 23.1% 6.8% 6.1%
Tenant Credit Risk Management venture with MIPL. Subsequently, the Portfolio were approximately 0.1%
Tenant and its affiliates entered into and 0.7% of previous 12 months’ gross
To minimise tenant credit risk, the
an asset purchase agreement with revenue respectively.
Manager’s Credit Control Committee,
Brookfield Infrastructure Partners,
which comprises representatives
L.P. and its institutional partners to Divestment
from Asset Management, Property
acquire substantially all of the Tenant’s
Management, Finance, Legal, Marketing and its affiliates’ assets. All eight of the On 27 March 2024, the Manager
and Lease Management Departments, Data Centre leases held by MIT were completed the divestment of a Flatted
meets fortnightly to review payment assumed under this asset purchase Factory cluster at 115A & 115B
trends of tenants. This enables agreement with amendments made Commonwealth Drive, Singapore
the Manager to adopt a disciplined to two existing leases. The lease for (the “Tanglin Halt Cluster”). Tanglin
approach in anticipating and initiating 2055 East Technology Circle, Tempe, Halt Cluster was divested to Extra
necessary actions to address potential Arizona added an option to terminate Space Commonwealth Pte. Ltd. at a
arrears cases. its lease and the rental rate for 1400 sale price of S$50.6 million. The sale
Kifer Road, Sunnyvale, California was price represented an 8.4% premium
On 4 June 2023 (Eastern Time), a
reduced. The amendments to these above book value11. The independent
MIT tenant, a Global Colocation
two existing leases took effect from valuation of the Tanglin Halt Cluster
Provider (the “Tenant”), initiated
12 January 2024. The Tenant had was S$48.7 million as at 31 December
a pre-arranged court-supervised
exercised the termination option and 202312. The sale of the Tanglin Halt
process under Chapter 11 of the
accelerated the lease expiration for Cluster will provide MIT with greater
United States Bankruptcy Code in the
2055 East Technology Circle, Tempe, financial flexibility to pursue other
U.S. Bankruptcy Court for the District
Arizona to September 2024. growth initiatives.
of New Jersey. The Tenant occupies
space in eight Data Centres located As at 31 March 2024, rental arrears of
in North America. Seven Data Centres more than one month for the Singapore
are held under MRODCT, a 50:50 joint Portfolio and the North American
11 Based on the book value of S$46.7 million as at the end of the Financial Year 2022/2023 ended 31 March 2023.
12 The independent valuation of the Tanglin Halt Cluster 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.

Diversified Portfolio of Data Centres

About 76.0% of MIT’s Data Centre Portfolio are on triple net lease structures whereby the majority of outgoings are borne
by the tenants. It comprises a good mix of powered shell, fitted and fitted hyperscale data centres, which accounted for
about 54.8%, 26.2% and 19.0% (by gross rental income) respectively.
Split Between Lease Types (By Gross Rental Income)2

As at 31 March 2024
19.0% 9.0% 15.0%
26.2% 54.8% 76.0%
Powered Shell Data Centres Triple Net Leases

Fitted Data Centres Double Net and Net Leases
Fitted Hyperscale Data Centres Gross Leases
Split Between Tenant Types MIT’s Data Centres are leased to a diversified mix of high-
(By Gross Rental Income)2 quality tenants who use the facilities for varying data
As at 31 March 2024 centre services and operations. Colocation Providers offer
data centre services to a spectrum of retail and wholesale
colocation users. As at 31 March 2024, Colocation Providers
20.7% 6.7% accounted for the largest proportion of MIT’s Data Centre
Portfolio at 46.7%. Enterprise or End Users operate data
centres to meet their own IT infrastructure requirements.
Cloud or Hyperscale Providers are large organisations that
operate large-scale data centres and cloud infrastructure to
support massive workloads. Enterprise/End Users and Cloud/
Hyperscale Providers accounted for 25.9% and 20.7% of MIT’s
Data Centre Portfolio, respectively.
25.9% 46.7%
Colocation Providers
Enterprise/End Users
Cloud/Hyperscale Providers
Others
Property Portfolio Overview
DATA CENTRES
Data Centres are facilities used primarily for the storage and processing of data. MIT's Data Centres are primarily leased
to tenants on triple net basis. They are occupied by high-quality and established tenants, including Fortune Global 500
corporations and NYSE-listed and Nasdaq-listed companies. These tenants are committed to long-term leases with
built-in rental escalations.
North America, Singapore and Japan
Key Statistics
As at 31 March 2024
(Million)
Properties Gross Revenue Valuation Tenants

(for FY23/24)
61 S$383.01 S$4,790.11 50
(Million) (Million)
%
Sq ft
Net Lettable Area Occupancy % of Portfolio

(for FY23/24) (By Valuation)
9,164,600 91.31 54.41

(Sq ft) (%) (%)
North America
1 2005 East Technology Circle, 2 2055 East Technology Circle, 3 2601 West Broadway Road, 4 400 Holger Way,
Tempe Tempe Tempe San Jose
5 1400 Kifer Road, 6 2301 West 120th Street, 7 3065 Gold Camp Drive, 8 7337 Trade Street,
Sunnyvale Hawthorne Rancho Cordova San Diego
1 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.

9 11085 Sun Center Drive, 10 8534 Concord Center Drive, 11 11900 East Cornell Avenue, 12 6 Norden Place,
Rancho Cordova Englewood Aurora Norwalk
13 180 Peachtree Street NW, 14 250 Williams Street NW, 15 375 Riverside Parkway, 16 1001 Windward Concourse,
Atlanta Atlanta Lithia Springs Alpharetta
17 2775 Northwoods Parkway, 18 11650 Great Oaks Way, 19 1501 Opus Place, 20 2441 Alft Lane,
Norcross Alpharetta Downers Grove Elgin
21 505 West Merrill Street, 22 115 Second Avenue, 23 400 Minuteman Road, 24 5225 Exchange Drive,
Indianapolis Waltham Andover Flint
25 3255 Neil Armstrong 26 5400 - 5510 Feltl Road, 27 2 Christie Heights Street, 28 200 Campus Drive,
Boulevard, Eagan Minnetonka Leonia Somerset
29 1400 Cross Beam Drive, 30 1805 Center Park Drive, 31 5150 McCrimmon Parkway, 32 4726 Hills and Dales
Charlotte Charlotte Morrisville Road NW, Canton
DATA CENTRES
33 8700 Governors Hill Drive, 34 4121 & 4114 Perimeter 35 6800 Millcreek Drive, 36 630 Clark Avenue,
Cincinnati Center Place, Oklahoma City Mississauga King of Prussia
37 2000 Kubach Road, 38 10309 Wilson 39 402 Franklin Road, 40 4600 Carothers Parkway,
Philadelphia Boulevard, Blythewood Brentwood Franklin
41 700 Austin Avenue, 42 1221 Coit Road, 43 3300 Essex Drive, 44 5000 South Bowen Road,
Waco Plano Richardson Arlington
45 13831 Katy Freeway, 46 17201 Waterview Parkway, 47 1755 & 1757 Old 48 1764A Old Meadow Lane,
Houston Dallas Meadow Road, McLean McLean
49 8011 Villa Park Drive, 50 21110 Ridgetop Circle, 51 21561-21571 Beaumeade 52 21744 Sir Timothy Drive,
Richmond Sterling Circle, Ashburn Ashburn
53 21745 Sir Timothy Drive, 54 44490 Chilum Place, 55 45901-45845 Nokes 56 N15W24250 Riverwood Drive,
Ashburn Ashburn Boulevard, Sterling Pewaukee

Singapore
57 7 Tai Seng Drive 58 19 Tai Seng Drive 59 Mapletree Sunview 1 60 STT Tai Seng 1
Japan
61 Osaka Data Centre
Top Five Tenants in Data Centres

% of Portfolio
Gross Monthly
Tenant Business Sector
Rental Income
Property / (As at 31 March
Tenant Cluster Name Tenant Trade Sector 2024)1
18.9% 4.6% 5.0% 66.1%
Established Mapletree Sunview 1 and Telecommunications 3.6%
Data Centre Osaka Data Centre
Operator2
AT&T Inc. 7337 Trade Street, San Diego Telecommunications 3.1%
Global 21744 Sir Timothy Drive, Ashburn and Professional, 2.9%

Social Media 21745 Sir Timothy Drive, Ashburn Scientific and
Company2 Technical Activities By Gross
Global 115 Second Avenue, Waltham, Data Centre Services 2.8%
Rental Income
Colocation 1400 Kifer Road, Sunnyvale,
Provider2 2055 East Technology Circle, Tempe,
21110 Ridgetop Circle, Sterling,
375 Riverside Parkway, Lithia Springs,
45901-45845 Nokes Boulevard, Sterling,
6800 Millcreek, Mississauga and 5.4%
8534 Concord Center Drive, Englewood
Information and Communications
Evoque 21561-21571 Beaumeade Circle, Ashburn, Data Centre Services 2.5%
Manufacturing
Data Center 2301 West 120th Street, Hawthorne,
Financial and Business Services
Solutions 375 Riverside Parkway, Lithia Springs and
Wholesale and Retail Trade
400 Holger Way, San Jose
Other Trade Sectors
1 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.
2 The identities of the tenants cannot be disclosed due to the strict confidentiality obligations under the lease agreements.
DATA CENTRES
Detailed Property Information
Acquisition Term of
No. Description of Property Date Lease2 Location
North America
Arizona
1. 2005 East Technology Circle, Tempe 22/07/2021 58 years 2005 East Technology Circle, Tempe
2. 2055 East Technology Circle, Tempe 14/01/2020 59 years 2055 East Technology Circle, Tempe
3. 2601 West Broadway Road, Tempe 22/07/2021 Freehold 2601 West Broadway Road, Tempe
California
4. 400 Holger Way, San Jose 22/07/2021 Freehold 400 Holger Way, San Jose
5. 1400 Kifer Road, Sunnyvale 22/07/2021 Freehold 1400 Kifer Road, Sunnyvale
6. 2301 West 120th Street, Hawthorne 22/07/2021 Freehold 2301 West 120th Street, Hawthorne
7. 3065 Gold Camp Drive, Rancho Cordova 22/07/2021 Freehold 3065 Gold Camp Drive, Rancho Cordova
8. 7337 Trade Street, San Diego 01/09/2020 Freehold 7337 Trade Street, San Diego
9. 11085 Sun Center Drive, Rancho Cordova 22/07/2021 Freehold 11085 Sun Center Drive, Rancho Cordova
Colorado
10. 8534 Concord Center Drive, Englewood 14/01/2020 Freehold 8534 Concord Center Drive, Englewood
11. 11900 East Cornell Avenue, Aurora 14/01/2020 Freehold 11900 East Cornell Avenue, Aurora
Connecticut
12. 6 Norden Place, Norwalk 22/07/2021 Freehold 6 Norden Place, Norwalk
Georgia
13. 180 Peachtree Street NW, Atlanta 01/09/2020 Freehold4 180 Peachtree Street NW, Atlanta
14. 250 Williams Street NW, Atlanta 22/07/2021 Freehold5 250 Williams Street NW, Atlanta
15. 375 Riverside Parkway, Lithia Springs 14/01/2020 Freehold 375 Riverside Parkway, Lithia Springs
16. 1001 Windward Concourse, Alpharetta 01/09/2020 Freehold 1001 Windward Concourse, Alpharetta
17. 2775 Northwoods Parkway, Norcross 01/09/2020 Freehold 2775 Northwoods Parkway, Norcross
18. 11650 Great Oaks Way, Alpharetta 22/07/2021 Freehold 11650 Great Oaks Way, Alpharetta
Illinois
19. 1501 Opus Place, Downers Grove 22/07/2021 Freehold 1501 Opus Place, Downers Grove
20. 2441 Alft Lane, Elgin 22/07/2021 Freehold 2441 Alft Lane, Elgin
Indiana
21. 505 West Merrill Street, Indianapolis 22/07/2021 Freehold 505 West Merrill Street, Indianapolis
Massachusetts
22. 115 Second Avenue, Waltham 14/01/2020 Freehold 115 Second Avenue, Waltham
23. 400 Minuteman Road, Andover 22/07/2021 Freehold 400 Minuteman Road, Andover
Michigan
24. 5225 Exchange Drive, Flint 22/07/2021 Freehold 5225 Exchange Drive, Flint
Minnesota
25. 3255 Neil Armstrong Boulevard, Eagan 22/07/2021 Freehold 3255 Neil Armstrong Boulevard, Eagan
26. 5400 - 5510 Feltl Road, Minnetonka 22/07/2021 Freehold 5400 - 5510 Feltl Road, Minnetonka
New Jersey
27. 2 Christie Heights Street, Leonia 01/09/2020 Freehold 2 Christie Heights Street, Leonia
28. 200 Campus Drive, Somerset 22/07/2021 Freehold 200 Campus Drive, Somerset
North Carolina
29. 1400 Cross Beam Drive, Charlotte 22/07/2021 Freehold 1400 Cross Beam Drive, Charlotte
30. 1805 Center Park Drive, Charlotte 01/09/2020 Freehold 1805 Center Park Drive, Charlotte
31. 5150 McCrimmon Parkway, Morrisville 01/09/2020 Freehold 5150 McCrimmon Parkway, Morrisville
Ohio
32. 4726 Hills and Dales Road NW, Canton 22/07/2021 Freehold 4726 Hills and Dales Road NW, Canton
33. 8700 Governors Hill Drive, Cincinnati 22/07/2021 Freehold 8700 Governors Hill Drive, Cincinnati
2 Refers to the tenure of underlying land.
3 Excludes stamp duties and other acquisition related costs.
4 Except for the parking deck (150 Carnegie Way). As at 31 March 2024, the parking deck has a remaining land lease tenure of about 31.7 years, with an
option to renew for an additional 40 years.
5 Except for 7,849 sq ft of the 156,845 sq ft land area. As at 31 March 2024, the 7,849 sq ft of land has a remaining land lease tenure of about 43.8 years.

Ownership Purchase Valuation as at Valuation as at Gross Revenue Average Occupancy

NLA Interest Price3 31/03/2023 31/03/2024 for FY23/241 Rate for FY23/24
(sq ft) % US$’000 US$’000 US$’000 S$’000 %
58,560 100% 20,500 21,000 22,860 2,097 100.0

76,350 50% 46,190 56,500 54,000 1,407 100.0
44,244 100% 22,000 22,300 21,900 1,860 100.0
76,410 100% 51,100 58,300 53,500 6,208 100.0

76,573 100% 55,000 58,600 48,700 4,373 100.0
288,000 100% 110,400 111,000 118,100 10,685 100.0
63,791 100% 32,000 39,300 28,900 7,093 63.3
499,402 100% 169,200 188,000 153,550 17,398 100.0
69,048 100% 45,000 26,400 28,200 2,293 100.0
85,660 50% 48,130 61,000 57,900 2,781 100.0

285,013 50% 97,420 117,300 122,000 7,215 100.0
167,691 100% 71,000 69,700 75,200 5,749 100.0
370,498 100% 138,000 239,400 265,000 29,734 100.0

997,248 100% 285,000 302,000 218,400 39,648 67.0
250,191 50% 92,480 110,700 107,000 4,984 100.0
184,553 100% 52,000 73,700 71,600 7,725 100.0
32,740 100% 7,200 8,200 9,700 900 100.0
77,322 100% 27,000 26,200 23,500 2,729 100.0
115,352 100% 51,000 51,600 53,100 3,891 100.0

65,745 100% 18,000 17,900 20,400 1,509 100.0
43,724 100% 11,000 11,200 11,800 1,009 100.0
66,730 50% 54,070 65,300 64,100 3,888 100.0

153,000 100% 51,000 51,300 53,100 11,538 100.0
32,500 100% 11,000 12,000 12,500 1,122 100.0
87,402 100% 9,000 9,570 12,600 1,252 100.0

135,240 100% 26,000 24,600 26,000 3,191 91.9
67,000 100% 10,500 13,200 11,800 1,131 58.3

36,118 100% 16,000 16,300 16,900 1,302 100.0
52,924 100% 25,900 26,800 26,000 2,005 100.0

60,850 100% 26,000 35,800 36,800 3,871 100.0
143,770 100% 24,000 29,000 32,500 3,482 89.4
29,960 100% 13,000 13,800 15,600 1,411 100.0

69,826 100% 13,000 14,400 16,400 1,100 100.0
DATA CENTRES
Acquisition Term of
No. Description of Property Date Lease2 Location
Oklahoma
34. 4121 & 4114 Perimeter Center Place, Oklahoma City 22/07/2021 Freehold 4121 & 4114 Perimeter Center Place,
Oklahoma City
Ontario
35. 6800 Millcreek Drive, Mississauga 14/01/2020 Freehold 6800 Millcreek Drive, Mississauga
Pennsylvania
36. 630 Clark Avenue, King of Prussia 22/07/2021 Freehold 630 Clark Avenue, King of Prussia
37. 2000 Kubach Road, Philadelphia 01/09/2020 Freehold 2000 Kubach Road, Philadelphia
South Carolina
38. 10309 Wilson Boulevard, Blythewood 22/07/2021 Freehold 10309 Wilson Boulevard, Blythewood
Tennessee
39. 402 Franklin Road, Brentwood 01/09/2020 Freehold 402 Franklin Road, Brentwood
40. 4600 Carothers Parkway, Franklin 22/07/2021 Freehold 4600 Carothers Parkway, Franklin
Texas
41. 700 Austin Avenue, Waco 22/07/2021 Freehold 700 Austin Avenue, Waco
42. 1221 Coit Road, Plano 01/09/2020 Freehold 1221 Coit Road, Plano
43. 3300 Essex Drive, Richardson 01/09/2020 Freehold 3300 Essex Drive, Richardson
44. 5000 South Bowen Road, Arlington 01/09/2020 Freehold 5000 South Bowen Road, Arlington
45. 13831 Katy Freeway, Houston 22/07/2021 Freehold 13831 Katy Freeway, Houston
46. 17201 Waterview Parkway, Dallas 14/01/2020 Freehold 17201 Waterview Parkway, Dallas
Virginia
47. 1755 & 1757 Old Meadow Road, McLean 22/07/2021 Freehold 1755 & 1757 Old Meadow Road, McLean
48. 1764A Old Meadow Lane, McLean 22/07/2021 Freehold 1764A Old Meadow Lane, McLean
49. 8011 Villa Park Drive, Richmond 12/03/2021 Freehold 8011 Villa Park Drive, Richmond
50. 21110 Ridgetop Circle, Sterling 14/01/2020 Freehold 21110 Ridgetop Circle, Sterling
51. 21561-21571 Beaumeade Circle, Ashburn 14/01/2020 Freehold 21561-21571 Beaumeade Circle, Ashburn
52. 21744 Sir Timothy Drive, Ashburn4 01/11/2019 Freehold 21744 Sir Timothy Drive, Ashburn
53. 21745 Sir Timothy Drive, Ashburn4 01/11/2019 Freehold 21745 Sir Timothy Drive, Ashburn
54. 44490 Chilum Place, Ashburn4 01/11/2019 Freehold 44490 Chilum Place, Ashburn
55. 45901-45845 Nokes Boulevard, Sterling 14/01/2020 Freehold 45901-45845 Nokes Boulevard, Sterling
Wisconsin
56. N15W24250 Riverwood Drive, Pewaukee 01/09/2020 Freehold N15W24250 Riverwood Drive, Pewaukee
Subtotal Data Centres - North America
Remaining
Acquisition Term of Term of
No. Description of Property Date Lease2 Lease2,6 Location
Asia
57. 7 Tai Seng Drive 27/06/2018 30+30 years 28 years 7 Tai Seng Drive Singapore
58. 19 Tai Seng Drive 21/10/2010 30+30 years 26 years 19 Tai Seng Drive Singapore
59. Mapletree Sunview 1 13/07/2018 7
30 years 22 years 12 Sunview Drive Singapore
60. STT Tai Seng 1 21/10/2010 30+30 years 44 years 35 Tai Seng Street Singapore
Remaining
Acquisition Term of Term of
No. Description of Property Date Lease2 Lease2,6 Location
61. Osaka Data Centre 28/09/2023 70 years 67 years 2-4 and 2-5, Oyodonaka
3-chome, Kita-ku, Osaka, Japan
Subtotal Data Centres - Asia

4 MRODCT holds an 80% interest, with Digital Realty holding the remaining 20% interest in the three fully fitted hyperscale data centres.
5 Refers to the aggregate occupancy for the property segment.

Ownership Purchase Valuation as at Valuation as at Gross Revenue Average Occupancy

NLA Interest Price3 31/03/2023 31/03/2024 for FY23/241 Rate for FY23/24
(sq ft) % US$’000 US$’000 US$’000 S$’000 %
92,456 100% 64,000 65,000 62,700 6,241 100.0
83,758 50% 29,000 38,700 34,100 1,791 100.0
50,000 100% 27,000 26,200 24,500 2,173 100.0

124,190 100% 70,000 38,500 19,000 8,151 100.0
64,637 100% 25,900 25,600 25,000 2,062 100.0
347,515 100% 110,000 112,000 107,900 9,492 66.7

71,726 100% 27,000 27,800 31,900 2,269 100.0
43,596 100% 17,000 17,600 16,100 1,500 100.0

128,753 100% 23,200 29,800 33,300 3,698 100.0
20,000 100% 38,000 25,600 22,500 1,588 50.0
90,689 100% 26,000 23,200 4,100 4 0.0
103,200 100% 97,200 89,600 93,000 7,757 100.0
61,750 50% 11,670 17,000 15,000 739 100.0
69,329 100% 52,000 58,100 64,400 5,857 100.0

62,002 100% 46,000 50,700 54,300 6,005 100.0
701,321 100% 220,908 230,000 241,400 16,395 100.0
135,513 50% 56,790 71,300 68,100 3,269 100.0
164,453 50% 52,820 66,700 68,600 2,976 100.0
289,000 40% 418,200 492,000 486,000 25,918 100.0
327,847 40% 462,100 539,000 512,000 27,478 100.0
87,000 40% 132,900 168,000 152,000 9,451 100.0
167,160 50% 68,720 81,700 78,500 3,220 100.0
142,952 100% 49,800 50,600 24,200 2,617 50.0
8,292,282 3,855,298 4,327,070 4,128,210 347,232 90.35
Purchase Valuation as at Valuation as at Gross Revenue Average Occupancy

GFA NLA Price 31/03/2023 31/03/2024 for FY23/24 Rate for FY23/24
(sq ft) (sq ft) S$’000 S$’000 S$’000 S$’000 %
256,658 256,658 68,0003 107,400 107,400 6,751 100.0

92,641 92,641 13,700 23,400 23,400 2,509 100.0
241,796 241,796 - 74,600 74,600 4,835 100.0
172,945 144,295 95,000 78,300 73,300 11,936 100.0
GFA NLA Price3 31/03/2023 31/03/2024 for FY23/24 Rate for FY23/24
(sq ft) (sq ft) JPY million JPY million JPY million S$’000 %
136,928 136,928 52,000 - 52,3008 9,695 100.0
900,696 872,318 283,700 35,726 100.05
6 Remaining term of lease includes option to renew the land leases.

7 Refers to the temporary occupation permit date.
8 The valuation of the Osaka Data Centre at JPY52.3 billion had assumed the completion of the four phases of fit-out works at the scheduled timings on
a 100% basis. As at 31 March 2024, the valuation of the Osaka Data Centre at JPY41.9 billion was based on the building and the completion of Phase 1
and 2 fit-out works on 100% basis.
HI-TECH BUILDINGS
Hi-Tech Buildings are high-specification industrial buildings with higher office content for tenants in technology
and knowledge-intensive sectors. They are usually fitted with air-conditioned lift lobbies and common areas. Most of
MIT’s Hi-Tech Buildings are occupied by anchor tenants who are involved in light industrial activities such as precision
engineering. The tenants include multinational corporations and Singapore-listed companies who are committed to
long-term leases with built-in rental escalations.
Singapore
Key Statistics
As at 31 March 2024

(Grouped into 8 clusters) (for FY23/24)
15 S$144.5 S$1,514.1 243
(Million) (Million)
%
Sq ft
Gross Floor Area Net Lettable Area Occupancy % of Portfolio

4,855,888 3,890,119 86.5 17.2

(Sq ft) (Sq ft) (%) (%)
1 1 & 1A Depot Close 2 18 Tai Seng 3 30A Kallang Place 4 K&S Corporate Headquarters
5 Mapletree Hi-Tech Park 6 Serangoon North 7 Toa Payoh North 1 8 Woodlands Central
@ Kallang Way

Top Five Tenants in Hi-Tech Buildings

% of Portfolio
Gross Monthly Tenant Business Sector
Rental Income
Tenant Cluster Name Tenant Trade Sector 2024) 12.4% 9.5% 9.4%
HP Singapore 1 & 1A Depot Close Precision Engineering, 6.0%
(Private) Limited Electrical, Machinery
and Transportation
Products
Sivantos Pte. Ltd. 18 Tai Seng Printing, Recorded 1.0%
Media, Apparels and
Essential Products By Gross
Kulicke & Soffa Pte. K&S Corporate Precision Engineering, 0.9%
Rental Income
Ltd. Headquarters Electrical, Machinery
and Transportation
Products
Life Technologies Woodlands Central Education, Health and 0.9%
Holdings Pte. Ltd. Social Services, Arts, 7.0% 61.7%
Entertainment and
Recreation Information and Communications
Biotronik APM II Pte. Mapletree Hi-Tech Printing, Recorded 0.9% Manufacturing
Ltd. Park @ Kallang Way Media, Apparels Financial and Business Services
and Other Essential Wholesale and Retail Trade
Products Other Trade Sectors

Gross Average
Valuation Valuation Revenue Occupancy
Remaining Purchase as at as at for Rate for
Description Acquisition Term of Term of GFA NLA Price3 31/03/2023 31/03/2024 FY23/24 FY23/24
No. of Property Date Lease1,2 Lease1,2 Location (sq ft) (sq ft) S$’000 S$’000 S$’000 S$’000 %
1. 1 & 1A Depot 01/07/2008 60 years 44 years 1 & 1A 824,576 725,000 44,000 410,300 415,900 41,085 100.0
Close Depot Close
Singapore
2. 18 Tai Seng 01/02/2019 30 years 20 years 18 Tai Seng 443,815 381,702 268,300 221,000 221,000 23,104 97.8
Street
Singapore
3. 30A Kallang 01/07/2008 33 years 17 years 30A Kallang 336,527 277,928 - 102,200 98,500 13,269 96.9
Place Place
Singapore
4. K&S 04/10/20134 30+28.5 46 years 23A Serangoon 332,224 286,690 - 71,200 72,800 9,343 97.7
Corporate years North Avenue 5
Headquarters Singapore
5. Mapletree 01/07/2008 43 years 27 years 161, 163 & 165 865,687 732,371 46,100 291,000 291,000 11,866 38.7
Hi-Tech Park Kallang Way
@ Kallang Singapore
Way
6. Serangoon 01/07/2008 60 years 44 years 6 Serangoon 784,534 586,488 129,900 197,900 201,000 20,233 97.5
North North Avenue
5 Singapore
7. Toa Payoh 01/07/2008 30 years 14 years 970, 978, 988 666,851 477,076 43,400 95,600 91,200 13,534 94.6
North 1 & 998 Toa
Payoh North
Singapore
8. Woodlands 01/07/2008 60 years 44 years 33 & 35 601,674 422,864 39,400 121,100 122,700 12,057 97.2
Central Marsiling
Industrial
Estate Road 3
Singapore
Subtotal Hi-Tech Buildings 4,855,888 3,890,119 571,100 1,510,300 1,514,100 144,491 86.55

² Remaining term of lease includes option to renew the land leases.
³ Excludes stamp duties and other acquisition related costs.
4 Refers to the temporary occupation permit date.
BUSINESS PARK BUILDINGS

Business Park Buildings are high-rise multi-tenanted buildings within a landscaped environment. Fitted with air-conditioned lift
lobbies and common areas, each unit can be customised to meet tenants’ requirements. They serve as regional headquarters
for multinational companies and spaces for research and development and knowledge-intensive enterprises.
Business Park Buildings are located within government identified “Business Parks” zones, which accommodate various
amenities such as food and beverage outlets, fitness centres, convenience outlets and childcare centres. They are served
by good public transportation network and are well-connected to major roads and expressways.
Singapore
Key Statistics
As at 31 March 2024

(for FY23/24)
3 S$45.7 S$533.1 150

(Million) (Million)
%
Sq ft

1,680,726 1,197,871 81.8 6.1

(Sq ft) (Sq ft) (%) (%)
1 The Signature 2 The Strategy 3 The Synergy

Top Five Tenants in Business Park Buildings

% of Portfolio
Rental Income
Labcorp The Synergy General Wholesale 0.5%
Development (Asia) Trade and Services
Pte. Ltd.
Dell Global B.V. The Strategy Wholesale of 0.4%
(Singapore Branch) Machinery, Equipment
and Supplies
By Gross
Becton Dickinson The Strategy Financial Services 0.3%
Holdings Pte. Ltd.
Rental Income
Huawei International The Signature General Wholesale 0.3%
Pte. Ltd. Trade and Services
Tata Consultancy The Signature Computer 0.3%
Services Asia Pacific Programming and
Pte. Ltd. Consultancy 31.6% 27.7%
Information and Communications

Manufacturing
Other Trade Sectors

Gross Average
Description Acquisition Term of Term of GFA NLA Price2 31/03/2023 31/03/2024 FY23/24 FY23/24
No. of Property Date Lease1 Lease1 Location (sq ft) (sq ft) S$’000 S$’000 S$’000 S$’000 %
1. The 01/07/2008 60 years 44 years 51 Changi 510,324 343,433 98,500 141,700 138,900 13,811 84.6
Signature Business Park
Central 2
Singapore
2. The Strategy 01/07/2008 60 years 44 years 2 International 725,171 572,046 213,900 279,700 274,100 21,772 81.0
Business Park
Singapore
3. The Synergy 01/07/2008 60 years 44 years 1 International 445,231 282,392 91,000 121,900 120,100 10,135 79.8
Business Park
Singapore
Subtotal Business Park Buildings 1,680,726 1,197,871 403,400 543,300 533,100 45,718 81.83

² Excludes stamp duties and other acquisition related costs.
³ Refers to the aggregate occupancy for the property segment.
FLATTED FACTORIES
Flatted Factories comprise high-rise multi-tenanted buildings. Standard units range from 1,000 sq ft to 10,000 sq ft,
sharing naturally ventilated corridors and lift lobbies. Other common facilities include car parks, loading and unloading
areas and cargo lifts. Selected Flatted Factories enjoy amenity centres located within the clusters.
Many of MIT’s Flatted Factories are located near public housing estates, providing tenants access to a ready labour pool and
the convenience of shops and services. Most of the Flatted Factories are also well-connected to major roads, expressways
and Mass Rapid Transit system, offering convenient access for tenants.
Singapore
Key Statistics
As at 31 March 2024

(Grouped into 22 clusters) (for FY23/24)
511 S$166.0 S$1,392.71 1,679

(Million) (Million)
%
Sq ft

9,982,8861 7,160,0451 98.7 15.81
(Sq ft) (Sq ft) (%) (%)
1 Chai Chee Lane 2 Changi North 3 Clementi West 4 Kaki Bukit
5 Kallang Basin 1 6 Kallang Basin 2 7 Kallang Basin 3 8 Kallang Basin 4
1 Excluded Tanglin Halt Cluster, which was divested on 27 March 2024.

9 Kallang Basin 5 10 Kallang Basin 6 11 Kampong Ampat 12 Kampong Ubi
13 Kolam Ayer 1 14 Kolam Ayer 5 15 Loyang 1 16 Loyang 2
17 Redhill 1 18 Redhill 2 19 Tanglin Halt 20 Tiong Bahru 1
21 Tiong Bahru 2 22 Toa Payoh North 2 23 Toa Payoh North 3
Top Five Tenants in Flatted Factories

% of Portfolio
Rental Income
Blackmagic Design Kolam Ayer 1 and Computer, Electronic 0.3%
Manufacturing Pte. Ltd. Kolam Ayer 5 and Optical Products
Semiconductor Kallang Basin 6 Precision 0.2%
Technologies & Engineering,
Instruments Pte Ltd Electrical, Machinery
and Transportation
Products By Gross
TWG Tea Company Kampong Ampat Accommodation and 0.2% Rental Income
Pte. Ltd. Food Service
Inzign Pte Ltd Kallang Basin 3 and Printing, Recorded 0.2%
Kallang Basin 4 Media, Apparels and
Essential Products
Bizlink Speedy Pte. Ltd. Kolam Ayer 1 and Precision 0.2% 29.8% 12.3%
Kolam Ayer 5 Engineering,
Electrical, Machinery Information and Communications
and Transportation Manufacturing
Products Financial and Business Services
Other Trade Sectors
FLATTED FACTORIES
Remaining
Description Acquisition Term of term of
No. of Property Date Lease1 Lease1 Location
1. Chai Chee Lane 26/08/2011 60 years 47 years 510, 512 & 514 Chai Chee Lane Singapore
2. Changi North 01/07/2008 60 years 44 years 11 Changi North Street 1 Singapore
3. Clementi West 01/07/2008 30 years 14 years 1 Clementi Loop Singapore
4. Kaki Bukit 01/07/2008 60 years 44 years 2, 4, 6, 8 & 10 Kaki Bukit Avenue 1 Singapore
5. Kallang Basin 1 26/08/2011 20 years 7 years 5 & 7 Kallang Place Singapore
6. Kallang Basin 2 26/08/2011 20 years 7 years 9 & 11 Kallang Place Singapore
7. Kallang Basin 3 26/08/2011 30 years 17 years 16 Kallang Place Singapore
8. Kallang Basin 4 01/07/2008 33 years 17 years 26, 26A, 28 & 30 Kallang Place Singapore
9. Kallang Basin 5 01/07/2008 33 years 17 years 19, 21 & 23 Kallang Avenue Singapore
10. Kallang Basin 6 01/07/2008 33 years 17 years 25 Kallang Avenue Singapore
11. Kampong Ampat 01/07/2008 60 years 44 years 171 Kampong Ampat Singapore
12. Kampong Ubi 26/08/2011 60 years 47 years 3014A, 3014B & 3015A Ubi Road 1 Singapore
13. Kolam Ayer 1 01/07/2008 43 years 27 years 8, 10 & 12 Lorong Bakar Batu Singapore
14. Kolam Ayer 5 01/07/2008 43 years 27 years 1, 3 & 5 Kallang Sector Singapore
15. Loyang 1 01/07/2008 60 years 44 years 30 Loyang Way Singapore
16. Loyang 2 01/07/2008 60 years 44 years 2, 4 & 4A Loyang Lane Singapore
17. Redhill 1 01/07/2008 30 years 14 years 1001, 1001A & 1002 Jalan Bukit Merah Singapore
18. Redhill 2 01/07/2008 30 years 14 years 1003 & 3752 Bukit Merah Central Singapore
19. Tanglin Halt 01/07/2008 56 years 40 years 115A & 115B Commonwealth Drive Singapore
20. Tiong Bahru 1 01/07/2008 30 years 14 years 1090 Lower Delta Road Singapore
21. Tiong Bahru 2 01/07/2008 30 years 14 years 1080, 1091, 1091A, 1092 & 1093 Lower Delta Road Singapore
22. Toa Payoh North 2 01/07/2008 30 years 14 years 1004 Toa Payoh North Singapore
23. Toa Payoh North 3 01/07/2008 30 years 14 years 1008 & 1008A Toa Payoh North Singapore
Subtotal Flatted Factories
1
Refers to the tenure of underlying land.
2
NLA excludes long strata leases at Kampong Ubi, Loyang 1 and Loyang 2.


GFA NLA2 Price3 31/03/2023 31/03/2024 for FY23/24 Rate for FY23/24
(sq ft) (sq ft) S$’000 S$’000 S$’000 S$’000 %
973,647 787,827 133,300 146,500 149,800 13,207 97.1
121,278 73,507 18,200 19,300 19,300 1,911 97.2
251,038 211,615 22,200 30,800 29,400 4,580 95.9
1,341,959 960,644 147,600 212,000 217,000 19,998 99.2
190,663 133,343 23,200 11,900 11,300 3,159 99.4
366,234 251,417 44,500 21,200 20,300 5,595 99.2
509,081 407,010 74,000 64,400 62,900 8,998 99.2
582,421 383,117 50,000 63,700 62,200 9,088 98.5
442,422 280,440 44,300 46,800 46,200 6,689 99.0
312,694 208,240 30,900 36,000 35,300 4,995 99.7
456,708 294,776 60,300 124,100 125,400 12,299 99.6
723,427 535,901 125,300 129,400 132,700 11,454 99.4
478,901 339,187 49,300 72,800 73,500 8,035 99.5
670,586 447,312 71,900 92,900 95,700 10,510 99.0
524,842 378,344 29,000 71,700 74,000 6,895 98.2
324,253 236,248 16,800 43,700 44,900 4,200 100.0
420,184 312,766 41,500 47,600 46,500 7,116 99.4
307,657 220,293 37,500 41,700 40,500 6,034 93.7
- - 28,900 46,700 - 4,591 98.8
159,831 110,574 14,500 16,300 15,800 2,565 99.3
465,554 341,531 45,800 55,300 53,100 8,116 99.2
167,186 108,833 13,700 16,900 16,400 2,700 99.5
192,320 137,120 16,400 21,200 20,500 3,310 99.1
9,982,886 7,160,045 1,139,100 1,432,900 1,392,700 166,045 98.74
STACK-UP/RAMP-UP BUILDINGS
Stack-up/Ramp-up Buildings are multi-storey developments that serve a wide range of industrial activities. Principal
activities include precision engineering, semiconductor assembly and manufacturing of products like dies, moulds, tools
and commodities.
Each unit within the six-storey stack-up buildings is a standalone factory with its own loading area and parking lots. Each
level of the eight-storey ramp-up building resembles a typical Flatted Factory’s ground floor. Units located on each floor
of the ramp-up building share common loading and unloading area.
Singapore
Key Statistics
As at 31 March 2024

(Grouped into 1 cluster) (for FY23/24)
7 S$49.7 S$519.0 135

(Million) (Million)
%
Sq ft

3,714,473 3,034,589 98.0 5.9

(Sq ft) (Sq ft) (%) (%)
1 Woodlands Spectrum 1 & 2

Top Five Tenants in Stack-up/Ramp-up Buildings

% of Portfolio
Rental Income
Tenant Cluster Name Tenant Trade Sector 2024) 20.6% 7.1% 5.0% 57.6%
Univac Precision Woodlands Precision Engineering, 0.4%
Engineering Pte Ltd Spectrum Electrical, Machinery
and Transportation
Products
Ultra Clean Asia Woodlands Precision Engineering, 0.2%
Pacific Pte. Ltd. Spectrum Electrical, Machinery
and Transportation By Gross
Products Rental Income
Leica Geosystems Woodlands Computer, Electronic 0.2%
Technologies Pte. Spectrum and Optical Products
Ltd.
NIP Asia Pte Ltd Woodlands Printing, Recorded 0.2%
Spectrum Media, Apparels and
9.7%
Essential Products
Communications Woodlands Telecommunciations 0.2% Information and Communications
Test Design Spectrum Manufacturing
Singapore Pte. Ltd. Financial and Business Services
Other Trade Sectors

Gross Average
Description Acquisition Term of Term of GFA NLA2 Price3 31/03/2023 31/03/2024 FY23/24 FY23/24
No. of Property Date Lease1 Lease1 Location (sq ft) (sq ft) S$’000 S$’000 S$’000 S$’000 %
1. Woodlands 01/07/2008 60 years 44 years 2 Woodlands 3,714,473 3,034,589 265,000 507,300 519,000 49,707 98.0
Spectrum Sector 1, 201,
1&2 203, 205, 207,
209 & 211
Woodlands
Avenue 9
Singapore
Subtotal Stack-up/Ramp-up Buildings 3,714,473 3,034,589 265,000 507,300 519,000 49,707 98.0

² NLA excludes long strata leases at Woodlands Spectrum 1 & 2.
³ Excludes stamp duties and other acquisition related costs.
LIGHT INDUSTRIAL BUILDINGS

Light Industrial Buildings consist of medium to high rise properties suitable for industrial activities, including manufacturing
and warehousing. They are strategically located in established industrial estates which are served by major expressways.
Light Industrial Buildings can be single-tenanted or multi-tenanted with a small number of tenants in each building.
Singapore
Key Statistics
As at 31 March 2024

(for FY23/24)
3 S$3.5 S$53.2 8
(Million) (Million)
%
Sq ft

374,273 337,913 54.8 0.6

(Sq ft) (Sq ft) (%) (%)
1 2A Changi North Street 2 2 26 Woodlands Loop 3 45 Ubi Road 1

Top Five Tenants in Light Industrial Buildings

% of Portfolio
Rental Income
Tenant Cluster Name Tenant Trade Sector 2024)
22.9%
Skechers 45 Ubi Road 1 General Wholesale 0.1%
Singapore Trade and Services
Pte.Ltd.
ETLA Limited 2A Changi North Precision Engineering, 0.1%
Street 2 Electrical, Machinery
and Transportation
Products
By Gross
Centurion 45 Ubi Road 1 Financial Services 0.1% Rental Income
Corporation
Limited
Westcon 45 Ubi Road 1 Wholesale of 0.0%
Group Pte. Ltd. Machinery, Equipment
and Supplies
49.4% 27.7%
Exedy 45 Ubi Road 1 Wholesale of 0.0%
Singpore Pte. Machinery, Equipment
Manufacturing
Ltd. and Supplies

Gross Average
Description Acquisition Term of Term of GFA NLA Price 31/03/2023 31/03/2024 FY23/24 FY23/24
No. of Property Date Lease1,2 Lease1,2 Location (sq ft) (sq ft) S$’000 S$’000 S$’000 S$’000 %
1. 2A Changi 28/05/2014 30+30 37 years 2A Changi 67,845 65,478 12,0003 10,900 10,900 738 86.9
North years North Street
Street 2 2 Singapore
2. 26 21/10/2010 30+30 31 years 26 Woodlands 155,818 149,096 21,900 25,300 25,300 128 4.3
Woodlands years Loop
Loop Singapore
3. 45 Ubi 21/10/2010 30+30 29 years 45 Ubi Road 150,610 123,339 23,500 17,000 17,000 2,664 98.8
Road 1 years 1 Singapore
Subtotal Light Industrial Buildings 374,273 337,913 57,400 53,200 53,200 3,530 54.8 4

2 Remaining term of lease includes option to renew the land leases.
Singapore Industrial Property Market Overview

Knight Frank Consultancy, 23 May 2024
1 OVERVIEW OF THE SINGAPORE Fixed Asset Investments

ECONOMY Following the S$22.5 billion in fixed asset investments (“FAI”) in
2022 – the highest record in the last 10 years since 2013, total
1.1 Singapore’s Economic Performance FAI receipts declined by 43.7% y-o-y to S$12.7 billion in 2023
According to the Ministry of Trade and Industry (“MTI”), amid a challenging global environment that affected business
the Singapore economy expanded 1.1% year-on-year and investor sentiment. Manufacturers turned cautious in
(“y-o-y”) in 2023, easing from the 3.8% expansion in their expansion plans, contending with tight fiscal operating
2022 as the manufacturing sector shrank by 4.3% with all environments, stubborn inflation, elevated interest rates and
clusters recording output declines except for the transport geopolitical tensions. In particular, FAI commitments for the
engineering cluster. As at 1Q2024, Singapore’s Real Gross Electronics sector decreased significantly from S$15.0 billion
Domestic Product (“GDP”) grew 2.7% y-o-y, faster than the in 2022 to S$3.0 billion in 2023 due to a slowdown in global
2.2% growth recorded in 4Q2023. Overall unemployment demand for semiconductors. Despite strong macroeconomic
rate recorded a decline on a yearly basis – from 2.1% in headwinds, the FAI in 2023 was still above the Singapore
2022 to 1.9% in 2023, before inching up slightly – from 2.0% Economic Development Board’s (“EDB”) medium to long-
as at December 2023 to 2.1% in March 2024. term annual investment commitment goals of S$8 billion to
S$10 billion, with Singapore continuing to attract investment
The manufacturing sector contracted by 1.8% y-o-y in from globally-oriented manufacturers. For example, Procter
1Q2024, in contrast to the 1.4% expansion in the preceding & Gamble announced in June 2023 that it would invest more
quarter. Output declines in biomedical manufacturing, than S$100 million to set up a new manufacturing facility in
electronics, and general manufacturing clusters more Singapore. Singapore’s position as a trusted hub for business,
than outweighed expansions in the transport engineering, innovation and talent remains a key factor of the country’s
chemicals, and precision engineering clusters. attractiveness among foreign investors.
Inflation Outlook
Based on estimates by the Monetary Authority of Singapore On the back of a resilient external economic environment
(“MAS”), Singapore’s core inflation eased to 3.1% y-o-y in with better-than-expected market demand, Singapore’s
March 2024, down from 3.6% recorded in the previous economic growth trajectory is expected to strengthen over
month, driven mainly by slower price increases in food and the course of 2024. This prospect is buoyed by the recovery
services. The MAS Core Inflation is expected to remain on a in the manufacturing and financial sectors. Economic growth
gradual moderating trend for the rest of 2024 as import cost momentum is expected to pick up alongside an anticipated
pressures are expected to moderate in light of the strong easing of global policy interest rates later in the year. The
Singapore Dollar. For 2024, MAS Core Inflation is projected envisaged upturn in the global electronics cycle supported
to come in at an average of 2.5% to 3.5%. by demand for semi-conductors for end markets such as
smartphones, personal computers and artificial intelligence
will have positive spillover effects on the precision engineering
Exhibit 1-1: Annual GDP Growth, Unemployment and Core Inflation1
Annual %
Change
15
10
-5
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q2024 2024F
Core Inflation Unemployment Rate y-o-y GDP Growth
Source: MTI, MAS, Singstat and Knight Frank Consultancy
1
Core inflation excludes the components of “Accommodation” and “Private Transport”.

cluster, as well as the machinery, equipment and supplies 2. Energy Efficiency Grant (“EEG”)
segment of the wholesale trade sector. Against the backdrop
First launched in 2022, the EEG co-funds investments
of the expected gradual pickup in manufacturing and trade-
in energy-efficient equipment by companies in the Food
related sectors, MTI maintained its GDP growth forecast of
Services, Food Manufacturing, and Retail sectors. From
1.0% to 3.0% in 2024.
1 April 2024, the EEG will be expanded to more sectors,
such as Manufacturing, Data Centres and Construction.
2 SINGAPORE GOVERNMENT POLICIES
AFFECTING THE INDUSTRIAL 3. Enhancement of Resource Efficiency Grant for Emissions
PROPERTY MARKET (“REG(E)”)
The REG(E) provides support for industrial facilities such
2.1 Budget 2024 as manufacturing plants and data centres to undertake
Singapore’s 2024 Budget contained a suite of support projects that improve their energy efficiency and reduce
measures to help businesses tackle cost concerns, and emissions. On 1 March 2024, the MTI announced that the
initiatives focusing on workforce development, skills training, REG(E) will be extended and enhanced – with the carbon
promotion of artificial intelligence and sustainability to foster abatement threshold lowered from 500 tonnes per annum
an innovative and vibrant economy. to 250 tonnes per annum. This will allow more industrial
facilities to tap on the grant.
Notable initiatives include the Enterprise Support Package
and the Enhanced Partnerships for Capability Transformation Johnson & Johnson Innovation Collaboration with
(“PACT”) scheme. Aimed at helping Singapore businesses EDB to Transform Singapore’s Life Science Innovation
manage rising costs, the Enterprise Support Package is a new Ecosystem
S$1.3 billion package, comprising three main components A collaboration between Johnson & Johnson Innovation and
– (1) Corporate Income Tax rebate; (2) Enhancements to EDB was announced in September 2023. This collaboration
the Enterprise Financing; and (3) Extension of SkillsFuture aims to support companies with a base in Singapore by
Enterprise Credit. The existing PACT Scheme will see accelerating their early-stage discoveries into innovative
further enhancements to current partnerships to catalyse medicines, medical technologies, and healthcare solutions.
co-innovation and promote greater collaboration between
various industries. It helps to align interests and partnerships 3 REVIEW OF SINGAPORE INDUSTRIAL
between different components of the value chain and raise
PROPERTY MARKET
the profile and credential of companies.
3.1 Overview of Industrial Stock
2.2 Key Industry Improvement Initiatives
As at 1Q2024, overall industrial stock in Singapore totalled
and Developments
570.5 million square feet (“sq ft”) of net lettable area (“NLA”),
Supporting Sustainability Capabilities of Enterprises out of which 49.6% or 283.0 million sq ft comprised single-
The Singapore government administered a slew of measures user factory space. Multiple-user factory, warehouse and
to support businesses in their sustainability journey of business park space contributed 23.6% (134.5 million sq
implementing decarbonisation and energy efficiency solutions. ft), 22.2% (126.5 million sq ft) and 4.6% (26.5 million sq ft)
to the total industrial stock respectively.
1. Expansion of the Enterprise Sustainability Programme
and an Enhanced Enterprise Development Grant (“EDG”) 3.2 Industrial Government Land Sales Programme
First launched in 2021 by Enterprise Singapore, the The MTI launched five sites on the Confirmed List
Enterprise Sustainability Programme will be expanded and four sites on the Reserve List under the Industrial
to provide more support to businesses and workers in a Government Land Sales (“IGLS”) Programme for the first
bid to encourage decarbonisation efforts. New initiatives half of 2024. The total land area covered by the nine
include digital solutions, courses, partner programmes, industrial sites covers a substantial 13.75 hectares (“ha”)
and a one-stop website to provide small and medium in site area, translating to more than 3.25 million sq ft
enterprises (“SMEs”) with access to information and Gross Floor Area (“GFA”) of potential industrial stock. All
resources to improve their sustainability strategy and nine parcels are zoned under Business 2 Industrial (“B2”),
resource optimisation. Additionally, the existing EDG comprising a mix of 20-year or 30-year leasehold tenures.
has been enhanced to allow SMEs to receive up to 70% The exception is the 4.45 ha Kallang Way site on the
support for sustainability-related projects from 1 April Confirmed List, which has a leasehold tenure of 32 years
2023 to 31 March 2026. (Exhibit 3-1).
Exhibit 3-1: Confirmed and Reserve Sites under IGLS Programme (First Half of 2024)
Confirmed List of Industrial Sites

Site Area* Gross Plot Tenure
Location Zoning (ha) Ratio (Years) Estimated Launch Month
Plot 8 Jalan Papan B2 0.90 1.4 20 January 2024
Plot 10 Tampines North Drive 5 B2 0.50 2.5 30 February 2024
Penjuru Lane B2 0.34 2.5 20 April 2024
Penjuru Road B2 2.10 2.5 30 May 2024
Kallang Way B2 4.45 2.5 32 June 2024
Reserve List of Industrial Sites

Site Area* Gross Plot Tenure
Location Zoning (ha) Ratio (Years) Status
Tuas Road B2 2.18 1.4 30 Available for application
Plot 3 Jalan Papan B2 0.72 1.4 20 Available for application
Lok Yang Way B2 1.86 2.5 30 Application starts March 2024
Tukang Innovation Drive B2 0.70 2.5 20 Application starts June 2024
* Estimated site area. Area is subject to final survey before tender release and will be updated.
Source: JTC Corporation (“JTC”) and Knight Frank Consultancy
3.3 Upcoming Supply of JTC Projects properties totalled S$2.5 billion in 2023 with several
prominent industrial property deals exceeding S$100 million
Based on data published by JTC, over 41.2 million sq ft GFA
changing hands. The largest transaction recorded was
of upcoming industrial supply is expected to be completed
CapitaLand Ascendas REIT’s acquisition of The Shugart,
between 2Q2024 to 2027, ranging from factory to business
an integrated high-specification business park property for
park space. Of which, an estimated 13.3% or 5.5 million sq
S$218.2 million in May 2023. Other significant transactions
ft consists of JTC-developed space (Exhibit 3-2).
included M&G Real Estate's acquisition of the Jardine C&C
Regional HQ and Mercedes-Benz Centre in February 2023
3.4 Major Investment Sales for S$142.0 million and S$131.0 million respectively.
Similar to the level of investment sales activity witnessed the
year before in 2022, major investment sales for industrial
Exhibit 3-2: Upcoming JTC Key Projects (2Q2024 to 2027)
Confirmed List of Industrial Sites

Total Uncompleted Expected Year of Type of
Project Name GFA (sq ft) Completion Industrial Tenants
Business park development 1,235,588 2024 Digital technology and
in Punggol cybersecurity companies
Business park development 1,269,925 2024 Digital technology and
in Punggol cybersecurity companies
Bulim Square 1,696,283 2025 Advanced manufacturing
JTC Space @ AMK 1,261,852 2025 Terrace workshops and light
general manufacturing
Source: JTC and Knight Frank Consultancy

Exhibit 3-3: Key Industrial Property Investment Sales (2023 and 1Q2024)
Land Use Unit Price

Land Zoning GFA* Price** per GFA
Development Tenure and Type (sq ft) Vendor Buyer (S$ million) (S$ per sq ft)
The Shugart 30 Years Business 440,000 Seagate CapitaLand 218.2 495
Leasehold Park Singapore Ascendas
("LH") REIT
from May
2013
Jardine C&C 99 Years Industrial 201,000 Cycle & M&G Real 142.0 706
Regional HQ LH from B1 Carriage Estate
19 March Singapore
1956
OneTen Paya Freehold Industrial 155,000 Hwa Hong Big Data 140.0 903
Lebar B1 Corp Exchange
(BDx)
Mercedes- 99 Years Industrial Undisclosed Cycle & M&G Real 131.0 Undisclosed
Benz Centre LH from B1 Carriage Estate
1 July Singapore
1948
10, 12 Freehold Industrial Undisclosed Undisclosed Smartisan 100.0 Undisclosed
Mandai B2 Development
Estate
J'Forte 30+30 Industrial 193,000 Suki Sushi Boustead 98.8 512
Building Years LH B2 Pte Ltd Singapore,
from AP SG 21
9 June Pte Ltd,
2007 Metro
Holdings
Noel Building Freehold Industrial 93,800 Noel Gifts Undisclosed 81.2 866
B1 International
HB Centre 1 Freehold Industrial 100,600 Ho Bee Land Undisclosed 81.0 805
B1
Sime Darby 99 Years Industrial 179,200 Blackstone Eagle Land 68.0 379
Business LH from B1 Group (Credit)
Centre 2 March
1956
GS Building Freehold Industrial 92,200 Multiple JVA Venture 67.0 727
B1 strata
owners
* GFA rounded up to nearest 100.

** Price rounded up to nearest 100,000.
Source: URA, various sources and Knight Frank Consultancy
4 MULTIPLE-USER FACTORY SPACE Tai Seng Exchange (1,132,900 sq ft GFA), Mapletree

Hi-Tech Park @ Kallang Way (865,687 sq ft GFA), and Polaris
4.1 Stock and Upcoming Supply @ Woodlands (563,383 sq ft GFA). From 2Q2024 to 2027,
the upcoming stock is expected to be over 6.4 million sq
As at 1Q2024, Singapore’s multiple-user factory stock rose ft NLA. Of which, 2025 marks the year with the highest
by 1.4% y-o-y to 134.5 million sq ft from 132.6 million sq ft expected completion of over 2.5 million sq ft of space
in the preceding year. Major completions in 2023 included (Exhibit 4-1).
Exhibit 4-1: Net Supply, Net Absorption, Occupancy and Potential Supply (Multiple-user Factory Space)
Estimated Net Lettable Occupancy

Area ('000 sq ft) Rate (%)
Average Annual Net Supply
8,000 91.0
(2021-2023): 4.03 mil sq ft
7,000
90.0
Average Annual Net Absorption
6,000 (2021-2023): 4.48 mil sq ft
89.0
5,000
4,000 Average Annual Potential Supply 88.0

(2Q2024F-2027F): 1.60 mil sq ft
3,000 87.0
2,000
86.0
1000
85.0
0
-1,000 84.0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q2024 2Q-4Q 2025F 2026F 2027F
2024F
Net Supply (LHS) Occupancy Rate (RHS) 3-Year Average Annual Net Supply (LHS)
Net Absorption (LHS) 3-Year Average Annual Average Annual Net Potential Supply (LHS)
Net Potential Supply (LHS) Net Absorption (LHS)
Note: Occupancy rates are as at fourth quarter of each year except for 1Q2024.
4.2 Demand and Occupancy 4.3 Rents

Positive net supply and net absorption of multiple-user Based on JTC data, the median rent of multiple-user factory
factory space was recorded at 3.4 million sq ft and 4.9 million space rose by 13.7% y-o-y to S$2.32 per sq ft per month (“psf
sq ft respectively in 2023. With annual net absorption pm”) in 4Q2023 from S$2.04 psf pm in 4Q2022, supported by
exceeding annual net supply, occupancy rate stood at 90.5% higher net absorption and improved occupancy performance
as at 2023 with 121.7 million sq ft of stock occupied. This in 2023. The median rent picked up for fourteen consecutive
represented a slight 1.4 percentage points (“pp”) increase in quarters since 4Q2020 to reach S$2.36 psf pm in 1Q2024
occupancy rate compared to 2022 (Exhibit 4-1). (Exhibit 4-2).
Exhibit 4-2: Median Rents of Multiple-User Factory Space
S$ per sq ft
per month
2.40 2.32 2.36
2.30
2.20
2.10 2.04
2.00
1.90
1.80
1.70
1.60 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q2024
Rents are as at fourth quarter of each year except for 1Q2024.


4.4 Outlook 5 HIGH-SPECIFICATION INDUSTRIAL SPACE

Despite manufacturing output contractions and lower Knight Frank defines high-specification industrial space as
export volumes in 2023, multiple-user factory indicators the property asset class that comprises high floor loading
remained resilient for most of the year with steady occupancy and floor-to-ceiling height, together with high office quality
levels and moderate growth in price and rental indices. The for tenants in technology and knowledge-intensive sectors,
manufacturing outlook, especially the electronics cluster, is which may include activities such as advanced engineering
expected to be more sanguine in 2024 alongside a rebound and data centre operations. These developments typically
in global demand, with a pause in interest rate hikes and house multi-national companies and local firms who wish
rate cuts expected in the second half of 2024. Although to incorporate their headquarter functions with production
recovery prospects for the manufacturing sector is expected activities.
to underpin demand for factory spaces, cautious optimism
for the quarters ahead is weighed down by macroeconomic 5.1 Existing Supply and Demand
uncertainties stemming from continued geopolitical tensions
and the risk of an escalation of military conflict in the Middle There are no publicly available statistics tracking high-
East and Ukraine. Considering the combination of these specification industrial space in Singapore. Based on Knight
factors, Knight Frank expects multiple-user factory rents Frank’s classification, there were at least 39.8 million sq ft
to grow moderately of between 3% and 5% for the whole of of net lettable space as at 1Q2024. The overall occupancy
2024, barring any unforeseen external factors that might of high-specification industrial space was estimated to be
unhinge the delicate return to growth for Singapore’s approximately 92.0% in 2023.
manufacturing sector.
Exhibit 5-1: Supply of High-Specification Industrial Space
Estimated Net Lettable

Area ('000 sq ft)
5,000 Average Annual New Supply
(2021-2023): 3.1 mil sq ft
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F
Source: JTC, Various sources, Knight Frank Consultancy
5.2 Potential Supply 5.4 Outlook

Singapore will be expecting around 4.0 million sq ft NLA According to EDB, Singapore is the world’s fifth largest
of high-specification industrial space in 2024, with no global exporter of high-tech goods. New industry-wide
known upcoming supply beyond 2024 in the medium term. support measures to further develop the high-tech
A prominent supply of the upcoming high-specification manufacturing sector were announced in Budget 2024.
industrial space will be developed by JTC, including Bulim They aim to help Singapore become a more competitive
Square (1.2 million sq ft NLA) and JTC Space @ AMK global business innovation and talent hub for the advanced
(0.9 million sq ft NLA). manufacturing cluster and attract investment from more
high-value manufacturing businesses in electronics,
5.3 Rents precision engineering, energy and chemicals and logistics
industries. These businesses support the demand for good
The 75th percentile rent for multiple-user factory space quality and high-tech manufacturing spaces. In view of
estimated by JTC will serve as a proxy for high-specification stronger manufacturing sectoral performance and outlook,
industrial space as the latter typically command higher rents. high-specification industrial space should see improved
Following a 13.2% y-o-y increase in 2023, rents of high- rental growth in 2024, ranging from 3.0% to 4.0%.
specification industrial space continued its steady growth
of 1.8% q-o-q in 1Q2024 to reach S$2.88 psf pm (Exhibit 5-2).
Exhibit 5-2: Rents of High-Specification Industrial Space
S$ per sq ft
per month
3.00 2.88
2.83
2.80
2.60 2.50
2.40
2.20
2.00
1.80
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q2024

6 BUSINESS PARK SPACE 6.2 Demand and Occupancy

The net demand of business park space registered a
6.1 Existing Supply negative trend with -0.35 million sq ft in 2023, resulting
As at 1Q2024, the total stock of business park space in in a drop in occupancy to 78.4% as at 4Q2023, the lowest
Singapore increased by 3.1% y-o-y to over 26.5 million sq level since 4Q2010. The dip in occupancy was due in part
ft NLA. More than half (56.0%) of business park space is to a slowdown in space expansion for certain sectors (e.g.,
located within the Central Region, while the remaining stock technology and information & communications). This was in
is distributed across the East and West Regions at relatively addition to the completion of redevelopment projects (e.g.,
equal proportions. Both the West and Central Regions saw Perennial Business City and Geneo) and new projects (e.g.,
a moderate y-o-y increase in stock of around 4.1% and 3.9% Surbana Jurong Campus), which were still in the process
respectively, while the available stock in the East Region of building up occupancy levels. Overall, the demand for
remained relatively unchanged from the previous year. existing stock of established business park space in one-
Exhibit 6-1: Net Supply, Net Absorption, Occupancy and Potential Supply (Business Park Space)
Estimated Net Lettable Occupancy

Area ('000 sq ft) Rate (%)
Average Annual Net Potential Supply
3,500 88.0
Average Annual Net Supply (2Q2024F-2027F): 0.85 mil sq ft
(2021-2023): 0.95 mil sq ft
3,000 86.0
2,500 84.0
Average Annual Net Absorption
2,000 (2021-2023): 0.16 mil sq ft 82.0
1,500 80.0
1,000 78.0
500 76.0
0 74.0
-500 72.0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q2024 2Q-4Q 2025F 2026F 2027F
2024F
Net Supply (LHS) Occupancy Rate (RHS) 3-Year Average Annual Net Supply (LHS)
Net Absorption (LHS) 3-Year Average Annual Average Annual Net Potential Supply (LHS)
Net Potential Supply (LHS) Net Absorption (LHS)
Note: Occupancy rates are as at fourth quarter of each year except for 1Q2024.

north, Mapletree Business City and Science Park remained sq ft. The bulk of the upcoming supply is expected to be
strong, where most of the space recorded low vacancy completed in 2024 while there is no planned supply in
rates. Across the regions, the Central Region recorded the 2025 and 2026. Prominent upcoming supply in 2024
highest occupancy rate of 88.4% as at 1Q2024, while the East includes two new developments at Punggol Way by JTC
and West Regions recorded occupancy rates of 70.6% and (estimated 2.13 million sq ft of NLA combined) and the
58.9% respectively. redevelopment of 1 Science Park Drive (1.03 million sq ft
NLA) by CapitaLand Development and CapitaLand Ascendas
6.3 Potential Supply REIT. 27 International Business Park (formerly iQUEST@
IBP), a redevelopment project by CapitaLand Ascendas REIT
According to JTC, approximately 3.2 million sq ft of new
(0.2 million sq ft), is the only known pipeline supply slated
business park stock is slated for completion from 2Q2024
for completion in 2027.
to 2027, translating to an annual average of 0.85 million
Exhibit 6-2: Rents of Business Park Space
S$ per sq ft
per month
6.00
5.43
5.50
5.00 4.74 4.69
4.50
4.33 4.43
4.00 4.27
3.92 3.90
3.50 3.80
3.00
2.50
2.00
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q2024
25th Percentile Rent Median Rent 75th Percentile Rent

6.4 Rents Perennial Business City) and two in the Central Region
(Geneo at Science Park Drive and Elementum at one-north),
According to JTC data as at 4Q2023, the 25th percentile and
which contributed over 2.6 million sq ft of new business
median rent of business park space increased by 3.2% and
park space to the market. The surge in new supply led to
1.4% y-o-y respectively, while the 75th percentile rent
a dip in overall occupancy, but this trend is expected to be
declined by 1.1%.
temporary. EDB’s continuing efforts in promoting Singapore
On a quarterly basis, the 25th percentile declined by 0.5% to to external businesses and forging of strategic partnerships
S$3.90 psf pm and median rent rose by 2.3% to S$4.43 psf with local and global industry players, coupled with the
pm in 1Q2024, while the 75th percentile rent posted a strong landlords’ active marketing efforts will contribute to the
15.8% quarter-on-quarter (“q-o-q”) growth to reach S$5.43 sustained interest in Singapore’s business park space in the
psf pm. This was mainly attributed to the continued demand medium term. In addition, there is no known major supply
for good quality business park space in Mapletree Business of business park space beyond 2024, allowing occupancy
City, one-north and Science Park (Exhibit 6-2). to be built-up over time. In view of the likelihood of an
improvement in macroeconomic conditions coupled with
6.5 Outlook the overall resilience of business park rental levels, Knight
Frank envisages business park rents to grow 2.0% to 3.0%
Four new business park developments were completed in for the whole of 2024.
2023 – two in the West Region (Surbana Jurong Campus,
7 STACK-UP FACTORY SPACE sustained demand from end-users, occupancy rate of stack-
up factory space is likely to remain relatively unchanged
Stack-up and ramp-up factory space provides users direct
between 95.0% and 96.0% in 2024.
vehicular access to individual standard factories on the
upper floors. Some of the individual standalone units are
equipped with their own dedicated loading area and car
7.3 Rents
park lots, which greatly improve operational convenience Rental transactions of stack-up factory space were largely
for industrial end-users. limited. Tapping on a basket of properties as proxies, Knight
Frank estimated the median rent to be approximately S$2.57
7.1 Existing Stock and Upcoming Supply psf pm in 4Q2023, translating to a 6.6% increase from the
previous year. This rental growth portrayed a rise in demand
There are no publicly available statistics tracking stack-
for industrial space, such as for stack-up and ramp-up
up factory space in Singapore. Based on Knight Frank’s
factory space as more end-users require greater convenience
classification, there was approximately 10.5 million sq ft
in goods movement and transportation. For 1Q2024, the
NLA of stack-up factory space as at 1Q2024. The last addition
median rent had since moderated q-o-q by 1.0% to S$2.55
to the market was the completion of the redevelopment
psf pm (Exhibit 7-1).
of JTC Defu Industrial City (approximately 2.5 million sq
ft NLA) in 3Q2022. This redevelopment features modern
spaces that are designed to support a range of industries
7.4 Outlook
such as warehousing and manufacturing with high structural Stack-up factory space make up a small portion of the
floor loading and ceiling height, and direct ramp access to total industrial supply in Singapore of less than 2%, with no
individual units. known upcoming supply in the near term. The main source
of demand comes from the general manufacturing players,
7.2 Demand and Occupancy which require frequent and seamless transportation of goods
in and out of their factory premises. In line with the general
Based on Knight Frank’s estimation, the overall occupancy
industrial property market forecast, rents of stack-up factory
rate of stack-up factory space in 2023 was at around 96.0%.
space are envisaged to grow by 2% to 3% in 2024.
With the limited number of new completions each year and
Exhibit 7-1: Rents of Stack-up Factory Space
S$ per sq ft
per month
2.80
2.57 2.55
2.60
2.41
2.40
2.20
2.00
1.80
1.60
1.40
1.20
1.00
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q2024

LIMITING CONDITIONS OF THIS REPORT f) Projections or forecasts in the course of the study are made to the best of
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to DBS TRUSTEE LIMITED AS TRUSTEE OF MAPLETREE INDUSTRIAL as they pertain to future market conditions, which may change due to
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Data Centre Market Overview

DC Byte, 13 May 2024
GLOBAL DATA CENTRE MARKET with available power, especially from renewable sources, are
prioritised by operators and cloud service providers. This can
The global data centre colocation market supply continued be seen from the rise in mega green campuses and active
to expand by 13.0% in 2023. This was slightly slower than the exploration of different renewable sources (hydrogen fuel cells,
13.4% recorded in 2022 and tampered by intense competition geothermal power and hydroelectric) and even nuclear small
for power and land in major developed data centre markets. modular reactors. This has led to the spillover demand for
The rise of generative Artificial Intelligence (“AI”) and Machine data centre space in secondary markets, underpinned by the
Learning (“ML”) is expected to propel the growth of data cloud service providers' decentralised strategy to set up cloud
zones close to end users in edge deployments.
centre infrastructure. Operators and hyperscalers have begun
expanding operations beyond traditional established clusters, With the exponential growth of the global digital economy,
seeking regions with abundant land and power resources robust digital infrastructure and regulations on data
to cater to the specialised requirements of AI applications. protection and security will be required. Governments have
Bloomberg estimated that the revenue generated within embarked on initiatives to foster data centre investments
the AI infrastructure market is projected to reach a 10-year and to regulate data storage and cross-border flows of data
compound annual growth rate (“CAGR”) of 30% between 2022 both domestically and internationally. These efforts include
and 2032F. While many of the generative AI programmes introducing tax incentives, establishing specialised data
are in training stages and take place predominantly in the centre parks, revising policies, setting up regulatory bodies,
United States, Europe and Asia Pacific are expected to follow and formalising data adequacy agreements.
closely behind.
Supply chain issues are expected to persist, leading to
Data centres with higher power density are required to protracted construction lead times especially in established
support the high compute workloads required by generative data centre hubs. The limited natural resources and
AI and ML. In the United States, data centres need to have a labour shortages had resulted in an increase in data centre
higher rack density of 100 kilowatt (“kW”) to 125kW per rack construction costs by an average of 4.9% year-on-year in
(up from the average of 15kW to 60kW per rack). This also 2023.
necessitates the use of more efficient cooling methods such
as liquid cooling. The transition to high density racks and Self-build and Colocation Data Centres
implementation of liquid cooling into data centre designs are The global self-build data centre market has seen an
expected to take several years, with short-term AI demand unprecedented growth trajectory in recent years. It comprised
being deployed on cloud platforms in the interim. about 37.2% of the global live IT capacity in 2023, recording a
five-year CAGR of 20.8% from 2018 to 2023. DC Byte expects
Power supply constraints pose a key challenge to data centre this growth trajectory to continue, as cloud computing is
developments in established data centre markets like Tokyo, expected to be one of the key factors for global data centre
Northern Virginia, and the FLAP-D (Frankfurt, London, growth in the age of digital transformation.
Amsterdam, Paris, and Dublin) markets, where the waiting
time for power can range from three to 10 years. Regions
Figure 1: Composition of Colocation and Self-Build Data Centres

Worldwide Colocation and Self-Build Data Center Live IT Capacity
IT Capacity (MW)
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F
Source: DC Byte Total Colocation Live IT Capacity Total Self-Build Live IT Capacity
Global colocation demand continues to be underpinned NORTH AMERICAN DATA CENTRE

by cloud service providers such as Amazon Web Services MARKET OVERVIEW
(“AWS”), Microsoft Azure and Google Cloud. The surge in
In 2023, the North American data centre market
cloud adoption is a key driver behind the increased demand
(encompassing the United States and Canada) had a total
for data centre space. Businesses and governments adopt
IT capacity of over 42 gigawatts (“GW”). Approximately
cloud solutions due to cost-effectiveness, operational
39.6% of the IT capacity was live while 12.8% was under
efficiency, enhanced security measures, redundancy,
construction. The committed and early development stage
flexibility, and scalability. This has led to a corresponding
IT capacity made up 47.6% of market supply.
uptick in the demand for more data centre facilities as well
as services offered by cloud service providers. Wholesale colocation operators topped the North American data
centre market share in terms of live IT load at 34.3%, followed
The global colocation data centre market made up a larger
by self-build public cloud at 29.4%, retail colocation at 17.1%
share of the global live IT capacity at 62.8% in 2023, recording
and self-build social media platforms at 11.5%.
a five-year CAGR of 16.1% from 2018 to 2023. While the
cloud service providers tend to pursue a mix of self-build The rapid growth of cloud computing, led by major cloud
and colocation strategies, wholesale colocation remains an service providers such as AWS, Microsoft Azure, and Google
attractive option as it offers a flexible and scalable option Cloud, is a pivotal force behind the surging demand for data
with a shorter lead time to delivery of capacity compared centre infrastructure in North America. As organisations
to a self-build strategy. move their operations to the cloud, there will be a greater
need for robust data centre capabilities. The demand for
Regional Data Centre Overview data centres is also boosted by the shift to remote work
The Asia Pacific data centre market has experienced the and the increased reliance on cloud-based collaboration
fastest regional growth, underpinned by the accelerated tools and online services, which had been accelerated by
growth of developing markets. It was the second largest the COVID-19 pandemic.
region and accounted for 29.8% of the global live IT capacity.
Data centre growth in North America remains robust, fuelled
Supported by a mature technology market, the United States
by the adoption of generative AI and ML applications. The
took up the world's largest share of live IT capacity at 42.5%.
United States, accounts for most of the capacity and data
Europe, which was ranked the third largest region, accounted
centre supply growth in the region. The deployment of AI
for 21.0% of the global live IT capacity. As Europe is a relatively
has been observed in New Jersey, New York, and other
mature data centre market, demand from key cloud service
secondary markets such as Austin, Reno, Charlotte, Central
providers continues to drive cloud computing demand while
Washington, Des Moines, Montreal (Canada) and Quebec
secondary markets such as Madrid, Lisbon and Milan are
(Canada). As data centres consume a large amount of energy
also seeing increasing interest from hyperscalers.
and emit a significant amount of carbon emissions, concerns
have been raised about the environmental sustainability of
Figure 2: Global Data Centre Distribution data centres. Data centre operators are under pressure to
(By Region) adopt renewable energy sources and implement energy-
Breakdown of Data Centre Live IT efficient technologies.
Capacity by Region as at 4Q2023 The supply of colocation data centres in the North American
data centre market has steadily grown in recent years, at an
21.0% 2.5% 42.5% average of 12.4% year-on-year over the past five years (2018
to 2023). In 2023, an additional 1,159 megawatts (“MW”)
of colocation supply was added, which saw the total live
colocation supply increase to 8,812 MW, from 7,653 MW
in 2022.
The North American data centre market is poised for

continued expansion, driven by the increasing demand for
cloud services, technological advancements and the need
for reliable and efficient digital infrastructure.
The top 15 data centre markets in North America (as shown

in Figure 4) accounted for over 60% of the region’s total live
supply of data centres and totalled 26,212 MW of IT capacity
29.8% 2.0% 2.2% (live, under construction, committed and early development
stage).
United States Asia Pacific
Rest of North America Europe
South America Middle East and Africa
Source: DC Byte

Figure 3: North American Colocation Data Centre Live Supply, Take-up and Contracted Capacity
IT Capacity (MW) Contracted Capacity (%)
2,500 100
90
2,000 80
70
1,500 60
50
1,000 40
30
500 20
10
0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F
Source: DC Byte New Supply (MW) Take-up (MW) Contracted Capacity (%)
Figure 4: Top 15 Key Markets in North America Figure 5: Top 15 Secondary Markets in North America
Rank Top Key North American Rank Top Secondary North American
Data Centre Market Data Centre Market
1. Northern Virginia 1. Omaha
2. Dallas 2. Las Vegas
3. Chicago 3. San Antonio
4. Atlanta 4. Salt Lake City
5. Silicon Valley 5. Nashville
6. New York/New Jersey 6. Charlotte
7. Phoenix 7. Austin
8. Portland 8. Sacramento
9. Toronto (Canada) 9. Miami
10. Montreal (Canada) 10. Pittsburgh
11. Pennsylvania 11. Cincinnati
12. Los Angeles 12. Minnesota
13. Houston 13. Indianapolis
14. Boston 14. Cleveland
15. Seattle 15. Kansas City
Northern Virginia
Total Under
Total Live IT Capacity* Vacancy Rate** Number of Data Centres
Construction Capacity*
3,465 MW 1,635 MW 3.2% 221
* Total includes both colocation and self-build data centres.
** Applies to the live colocation IT power and does not include pre-sold power that is under construction or future phased power.
Northern Virginia has the largest data centre market in the the data centre market. However, delays in power delivery
world, totalling 8,885 MW in IT capacity as at 4Q2023. by Dominion Power are expected, resulting in completion
Over 39.0% (or 3,465 MW) of the IT capacity was currently delays within the Ashburn submarket as the new power
live, 18.4% (or 1,635 MW) of the IT capacity was under infrastructure will only be completed in 2025 or 2026.
construction, 23.4% (or 2,074 MW) was committed, and
19.2% (or 1,711 MW) was in the early development stage. Meanwhile, submarkets outside of Loudoun County are
expected to pick up the slack. Over half of the IT capacity
The colocation market segment had the largest market share that is under construction or committed is located outside
at 84.6%, driven by the growth in the colocation wholesale of Loudoun County (including William County). There are
market. Meanwhile, the self-build market segment is driven by currently two major campuses that are in the planning stages
key cloud service providers, including AWS, Google Cloud and – the Prince William Gateway by QTS Data Centers and Devlin
Microsoft Azure who have an established self-build presence. Technology Park by Stanley Martin.
2023 recorded a yearly take-up of 418 MW of IT capacity By-right zoning approvals for data centres have been
in colocation data centres, with the contracted capacity proposed in several counties in Northern Virginia, including
rate peaking at 96.8%. Northern Virginia’s total colocation Fairfax and Loudoun County. This will require developers
live supply reached a CAGR of 21.0% from 2018 to 2023, of data centres to seek special approval, signalling stricter
driven by demand from cloud service providers. Both AWS zoning regulations for new data centre developments in
and Microsoft Azure have existing and upcoming self-builds response to community pushback. One example was in
in Manassas and Sterling, respectively while Google has Fauquier County where zoning changes limiting data centre
proposed to build a campus in Bristow. developments in Vint Hill had been approved. Future data
centre developments will likely occur outside of the traditional
Given the power constraints in Northern Virginia, there Ashburn submarket in the short term and spillover to the
are plans underway for major transmission infrastructure secondary markets that have available land and power.
upgrades by primary energy supplier Dominion Power,
starting with two 500 kilovolts transmission lines to serve
Figure 6: Northern Virginia Colocation Data Centre Live Supply, Take-Up and Contracted Capacity
1,600 100
90
1,400
80
1,200
70
1,000
60
800 50
600 40
30
400
20
200
10
0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F

Atlanta
Total Under
799 MW 762 MW 5% 55
The Atlanta data centre market ranked the fourth largest in The rapid growth of large data centre projects also puts a
North America and totalled 3,565 MW in IT capacity as at strain on Atlanta’s power grid. Atlanta’s main energy provider,
4Q2023. Only a small portion of the IT capacity was currently Georgia Power, is seeking to build additional capacity to meet
live, at 22.4% (or 799 MW), while most of the total supply the increased power demand. It is driven by data centres,
was in the committed stage at 45.3% (or 1,614 MW). 21.4% which makes up 80% of the forecasted demand.
of the total supply (762 MW) was under construction and
10.9% (or 390 MW) was in the early development stage. Georgia has also taken a series of steps to manage the strain
on the power grid. It announced plans to suspend data centre
The colocation market segment made up the majority of tax breaks earlier this year, which will come into effect in July
Atlanta’s market share at 79.7% while the self-build market 2024. It also commissioned a special study to identify ways
segment made up 20.3%. There has been a rise in interest to increase the state’s grid capacity and energy supply to
from hyperscale data centre operators, including Microsoft accommodate the growing power demands from the influx
Azure and Google Cloud in Douglas County and Meta in of large data centres.
Stanton Springs.
Notable upcoming developments in Atlanta include QTS’s
2023 saw a yearly take-up of 24 MW of IT capacity in Fayetteville, DC Blox’s Atlanta East and West, and Edged
colocation data centres in Atlanta, with the contracted Energy Atlanta’s facility.
capacity rate at 87.1%. Meanwhile, the total colocation live
supply grew by a CAGR of 12.2% from 2018 to 2023. Future data centre developments are likely to shift to other
areas, as Atlanta’s grid reaches close to maximum capacity,
Atlanta has seen a surge in demand for data centres, given coupled with difficulties in securing power in the short
the attractive tax incentives and availability of power. Demand term. Charlotte (North Carolina) has become an attractive
for colocation data centre space has more than doubled as alternative as it lies on the same main fibre route between
compared to five years ago. It is expected to continue growing Northern Virginia and Atlanta.
in the next few years with the proliferation of generative AI.
The bulk of the future planned colocation capacity is already
being preleased to cloud service providers and enterprises.
Figure 7: Atlanta Colocation Data Centre Live Supply, Take-up and Contracted Capacity
700 100
90
600
80
500 70
60
400
50
300
40
200 30
20
100
10
0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F
ASIA PACIFIC DATA CENTRE MARKET OVERVIEW The accelerated digital transformation initiatives across
industries in Asia Pacific, including e-commerce, fintech,
In 2023, the Asia Pacific data centre market’s total IT capacity
and smart city developments, have fuelled the demand for
increased over threefold from 9 GW in 2018 to 35 GW in
data centre capacity to support data-intensive applications
2023. Majority of the increased capacity came from the
and services. This is coupled with the rollout of 5G networks
committed and early development stage supply, which made
across the region, which has created new opportunities for
up over 60% of Asia Pacific’s total market supply, while over
data-driven applications and services. These have resulted in
30% of the IT capacity was live with 8.2% under construction.
the need for edge computing and a distributed decentralised
Established markets such as Australia, China, Japan, and data centre infrastructure.
Singapore each contributed more than 500 MW to the
Emerging data centre markets in South Asia and Southeast
regional live supply growth of 6.5 GW from 2018 to 2023.
Asia have witnessed growing investments from investors,
Both Australia and Japan saw strong demand for cloud
developers, and cloud service providers in recent years. The
services, with a greater proportion of that in Australia being
highly populous and young demographic signify considerable
serviced by self-builds. In contrast, Japan has a higher share
untapped potential for data centre demand. As political and
of colocation services.
economic landscapes evolve to support digital infrastructure
Meanwhile, the Asia Pacific colocation market has seen a investments in these markets, this is anticipated to drive
steady growth in supply in recent years, averaging 19.2% substantial growth in the Asia Pacific data centre market.
year-on-year over the past five years from 2018 to 2023. In
2023, it grew by 13.1% to 8,532 MW from 7,545 MW in 2022.
Figure 8: Asia Pacific Colocation Data Centre Live Supply, Take-up and Contracted Capacity
2,500 100
90
2,000 80
70
1,500 60
50
1,000 40
30
500 20
10
0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F
Singapore
Total Under
990 MW 69 MW 1.1% 66
The Singapore data centre market totalled 1,447 MW of IT The colocation market segment made up over half of
capacity as at 4Q2023. Over 68.45% (or 990 MW) of the IT Singapore’s market share at 57.4% and comprised local
capacity was live, 4.8% (69 MW) under construction, 26.7% operators such as Keppel Data Centres, Singtel and STT
(or 387 MW) committed, and 0.05% (or 1 MW) in the early as well as international operators such as AirTrunk, Digital
development stage. Realty and Equinix. Meanwhile, the self-build market
comprised Western cloud service providers such as Google

Cloud, Microsoft Azure and AWS. In contrast, the Chinese to continue hosting key processes with stringent security
hyperscalers, which include Alibaba, Huawei, Bytedance and and latency requirements like financial service institutions
Tencent, opt for a colocation strategy and have a presence and content delivery networks points of presence.
in colocation facilities in Singapore.
The moratorium on new data centre developments was
2023 recorded a yearly take-up of 52 MW of IT capacity in imposed in Singapore in 2019. This was to manage the rapid
colocation data centres in Singapore, with the contracted growth of data centres and their corresponding high energy
capacity rate close to full. This was due to the limited supply consumption and greenhouse gas emissions, as the country
caused by the lack of new data centre developments in the aims to meet its commitments to climate change mitigation
last few years. The total colocation live supply grew by a and to achieve net zero emissions. Since the lifting of the
CAGR of 19.1% over five years from 2018 to 2023. moratorium on new data centre developments in 2022, there
are stringent conditions imposed on new builds such as
Singapore is a Tier 1 data centre market, and its growth minimum power usage effectiveness of 1.3 and economic
is fuelled by its position as one of the key connectivity and strategic considerations.
and financial hubs in the Asia Pacific region. Data centre
demand is expected to grow in Singapore, and it is expected
Figure 9: Singapore Colocation Data Centre Live Supply, Take-up and Contracted Capacity
160 100
90
140
80
120
70
100
60
80 50
40
60
30
40
20
20
10
0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F
Osaka
Total Under
227 MW 59 MW 11% 73
The Greater Osaka (“Osaka”) data centre market totalled 2023 recorded a yearly take-up of 38 MW of IT capacity in
829 MW of IT capacity as at 4Q2023. Over 33.4% (or colocation data centres, with the contracted capacity rate
277 MW) of the IT capacity was live, 7.1% (or 59 MW) under hitting 84.7%. Osaka’s live colocation supply reached a CAGR
construction, 35.5% (or 294 MW) committed, and 24.0% (or of 19.7% from 2018 to 2023, driven by demand from cloud
199 MW) in the early development stage. service providers who are active in Osaka and lease space
in colocation facilities. Cloud service providers’ deployment
The colocation market segment made up the majority of sizes in colocation facilities are increasing. AWS is the first
Osaka’s market share at 99.6% and consisted of a mix of cloud service provider in this market to have a build-to-suit
international players like MC Digital Realty (a 50-50 joint facility, which began construction in 2021.
venture between Digital Realty and Mitsubishi), Equinix, Colt
and local players like NTT, and KDDI Telehouse.
As a separate cloud region from Greater Tokyo (“Tokyo”), Most of the current live supply sits in North Osaka while
colocation demand from cloud service providers in Osaka the upcoming supply are evenly distributed across the
is expected to remain strong. Players like Microsoft Azure submarkets. Key upcoming developments includes ESR
and Oracle have only one existing availability zone in Osaka Group’s campus in Central Osaka and pipeline capacity
as compared to the typical three to four availability zones from NTT Global Data Centres, Colt DCS, and MC Digital
in Tokyo. The number of availability zones in Osaka are Realty in Ibaraki (North Osaka) and Keihanna (East Osaka).
expected to increase in the future as cloud service providers
seek a more distributed capacity in the region to meet the The strong pipelines across Osaka’s submarkets
growing demand from cloud adoption. demonstrated strong growth potential of the data centre
market. Operators remained bullish on demand with the
Osaka is Japan’s second largest market after Tokyo and acquisitions and developments of large brownfield sites for
has a less developed fibre and power infrastructure. In the new data centre campuses.
short term, data centre developments are expected to be
concentrated in areas where the infrastructure is already
in place.
Figure 10: Osaka Colocation Data Centre Live Supply, Take-up and Contracted Capacity
80 100
90
70
80
60
70
50
60
40 50
40
30
30
20
20
10
10
0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F 2027F 2028F
GLOSSARY
Colocation: facilities built for the leasing of space and IT power Self-build Operators: operators that run data centres that are built
within from a dedicated third-party provider of data centre space. for their own use. Examples may include banks, telecoms companies
Colocation includes retail, wholesale, and build-to-suit facilities. The or, more recently, hyperscale companies such as the US or Chinese
facilities are typically tagged to the colocation operator, however tech giants.
in the case of the tenant (typically cloud service provider) leasing a
shell for its own use, the facility is tagged to the shell owner. Take-up: for self-build data centres, take-up represents where
IT power is either live or under construction, since at that point
Committed Capacity: the estimated IT power that has a high they are committed to the cost of the scheme. For Colocation
likelihood to be added to a market’s overall supply; however, it data centres, take-up may occur for live, under construction or
does not refer to sold data centre space. This includes powered committed IT power.
shell data centres.
Total IT Capacity: includes colocation and self-build facilities
Contracted Capacity: proportion of IT capacity that is taken up as that are live, under construction, committed and in the early
compared to new supply during the period. development stage.
Early Development Stage Capacity: IT power that has been Under Construction Capacity: the estimated IT power that is
announced or speculated but has not secured all the required currently having the mechanical and electrical plant installed to
elements (government, land, power, etc.) for development. support it.
Live IT Capacity: IT power that is currently live, fully fitted out with Vacancy Rate: applies to the live colocation IT power and does not
mechanical and electrical infrastructure. include pre-sold power that is under construction, committed or
in the early development stage.
New Supply: IT power that came live during the period.
Wholesale Colocation: data centres are developed at scale for large
Retail Colocation: third party data centre space that offers smaller customer deployments.
customer deployments, typically under 500 kW.

Financial Review
FY22/23 FY23/24 Change

S$’000 S$’000 %
Gross revenue 684,865 697,332 1.8
Property operating expenses 166,914 176,289 5.6
Net property income 517,951 521,043 0.6
Cash distribution declared by joint venture 28,552 31,843 11.5
Amount available for distribution 366,099 384,545 5.0
— to perpetual securities holders 9,450 9,476 0.3
— to Unitholders 356,649 375,069 5.2
Distribution to Unitholders 368,240 378,281 2.7
Distribution per Unit (Singapore cents) 13.57 13.43 (1.0)
Gross Revenue
Gross Revenue
Gross revenue for FY23/24 was (By Segment)
S$697.3 million, an increase of 1.8% or
S$12.5 million from FY22/23. This was
0.9% 0.5%
mainly due to the revenue contributions 7.0% 7.1%
from the redevelopment project,
Mapletree Hi-Tech Park @ Kallang
23.3% 23.8%
Way, the Osaka Data Centre acquired
on 28 September 2023 and new leases
7.0% 6.6%
and renewals across various property
clusters. This was partially offset by
19.1% 20.7%
the loss of income from non-renewal
of leases and weakening of the US$. 3.7%
5.1%
Net Property Income

Property operating expenses for 39.0%
36.2%
FY23/24 increased by 5.6% year-on-
year or S$9.4 million to S$176.3 million.
This was mainly due to higher property FY22/23 FY23/24 Data Centres (North America)
maintenance expenses, property taxes
Data Centres (Asia)
and marketing costs, which was largely
Hi-Tech Buildings
attributable to the full financial year
expenses from Mapletree Hi-Tech Net Property Income Flatted Factories
Park @ Kallang Way and expenses (By Segment) Stack-up/Ramp-up Buildings
from the Osaka Data Centre acquired Light Industrial Buildings
on 28 September 2023. As a result,
0.9% 0.4%
net property income for FY23/24 was 7.5% 7.7%
S$521.0 million, 0.6% or S$3.1 million
higher compared to FY22/23. 23.4% 24.4%
Segment Overview 6.0% 5.7%

In FY23/24, Data Centres – North
America was the largest contributor 18.8% 20.2%
by segment, accounting for 36.2% of

4.5%
the Group’s gross revenue and 35.4% 6.2%
of net property income. This was
followed by Flatted Factories, which
38.9% 35.4%
contributed 23.8% and 24.4% to the
Group’s gross revenue and net property
income respectively.
FY22/23 FY23/24
Financial Review
Distributions to Unitholders During FY23/24, 94,800,531 new Units were issued

in respect of the private placement and payment of
The Distribution to Unitholders in FY23/24 was
manager’s management fees in Units. The total number
S$378.3 million, a year-on-year increase of 2.7% or
of Units in issue as at 31 March 2024 was 2,834,670,324.
S$10.0 million. This was mainly due to the higher net property
income and higher distribution declared by joint venture, On an enlarged unit base, DPU for FY23/24 decreased by 1.0%
MRODCT. This was partially offset by higher borrowing costs from 13.57 Singapore cents in FY22/23 to 13.43 Singapore
from the higher interest rate environment and additional cents in FY23/24.
interest incurred in relation to the acquisition of the Osaka
Data Centre.
Distribution to Unitholders (S$’000)
93,813
1Q
93,742
90,857
2Q
94,072
FY22/23
92,332
3Q FY23/24
95,222
91,238 Total:
4Q
95,245
2.7% FY22/23: 368,240
Year-on-year
FY23/24: 378,281
Net Assets Attributable to Unitholders

2023 2024 Change
As at 31 March S$’000 S$’000 %
Total assets 8,546,802 8,664,366 1.4
Total liabilities 3,170,867 3,375,634 6.5
Net assets attributable to Unitholders 5,074,133 4,984,582 (1.8)
Number of Units in issue (’000) 2,739,870 2,834,670 3.5
Net asset value per Unit (S$) 1.85 1.76 (4.9)
Total assets increased by 1.4% from S$8,546.8 million as at Net assets attributable to Unitholders decreased by 1.8% from
31 March 2023 to S$8,664.4 million as at 31 March 2024. S$5,074.1 million as at 31 March 2023 to S$4,984.6 million
This was primarily due to the acquisition of the Osaka Data as at 31 March 2024 mainly due to net fair value loss on
Centre on 28 September 2023. investment properties. This was partially offset by cash
raised from new units issued on 6 June 2023 pursuant to
the private placement. Net asset value per Unit decreased
year-on-year from S$1.85 to S$1.76 as at 31 March 2024.

Valuation of Properties
2023 2024
Capitalisation Capitalisation
As at 31 March S$ million Rate S$ million Rate
Data Centres (Singapore) 283.7 6.00% to 6.50% 278.7 4.00% to 6.25%3
Hi-Tech Buildings 1,510.3 5.25% to 6.75% 1,514.1 5.25% to 7.00%
Business Park Buildings 543.3 5.75% 533.1 5.75%
Flatted Factories 1,432.9 6.00% to 7.25% 1,392.7 6.00% to 7.50%
Stack-up/Ramp-up Buildings 507.3 6.50% 519.0 6.50%
Light Industrial Buildings 53.2 6.00% to 6.50% 53.2 6.00% to 6.50%
Valuation of Singapore Portfolio 4,330.7 4,290.8
Data Centres (North America) 4
5,824.6 2
5.00% to 7.00% 5,498.41 5.00% to 8.25%
Valuation of MIT’s interest in North American 4,394.4 2
4,133.7 1
Portfolio
Osaka Data Centre – – 471.51 4.00% to 6.25%3
Osaka Data Centre (Completion of Phase 1 – – 377.71
and 2 fit-out works)5
Total Portfolio 8,725.1 8,802.2
As at 31 March 2024, MIT’s portfolio comprises 83 S$4,330.7 million as at 31 March 2023. The decrease in the
properties in Singapore, 56 data centres in North America valuation of the Singapore Portfolio was mainly attributed
and 1 data centre in Osaka, Japan. The North American to the divestment of the Flatted Factory cluster at 115A &
Portfolio includes 43 data centres wholly owned by MIT 115B Commonwealth Drive, Singapore.
and 13 data centres held through MRODCT, a 50:50 joint
venture with MIPL. The total valuation of 140 properties in The valuation of MIT’s interest in the North American Portfolio
MIT’s portfolio was S$8,802.2 million as at 31 March 2024, as at 31 March 2024 was US$3,103.6 million (approximately
representing an increase of 0.9% over the previous valuation S$4,133.7 million1) as compared to US$3,264.6 million
of S$8,725.1 million as at 31 March 2023. (approximately S$4,394.4 million2) as at 31 March 2023.
This represented a year-on-year decline of US$161.0 million,
The valuation of MIT’s Singapore Portfolio as at 31 March mainly attributable to higher capitalisation rates and discount
2024 was S$4,290.8 million, which represented an overall rates across the portfolio of properties in North America.
decrease of S$39.9 million over the previous valuation of
1
Based on applicable March 2024 month-end exchange rate of US$1 to S$1.33191 and JPY100 to S$0.90155.
2
Based on applicable March 2023 month-end exchange rate of US$1 to S$1.34608.
3
Refers to the range of capitalisation rates for Data Centre (Asia), including Data Centres in Singapore and Japan.
4
Refers to the valuations of 56 data centres in North America.
5
The valuation of the Osaka Data Centre at S$471.5 million had assumed the completion of the four phases of fit-out works at the scheduled timings. As
at 31 March 2024, the valuation of the Osaka Data Centre at S$377.7 million was based on the building and completion of Phase 1 and 2 fit-out works.
Corporate Liquidity and Capital Resources
Key Financial Metrics and Indicators

As at 31 March (in S$ million unless otherwise stated) 2023 2024
Total borrowings outstanding 2,848.4 2,984.4
– Bank borrowings outstanding 2,488.4 2,600.7
– Debt securities outstanding 360.0 383.7
Aggregate leverage ratio*
– Based on deposited property 37.4% 38.7%
– Based on net assets 62.0% 65.8%
Weighted average tenor of debt 3.7 years 3.8 years
Average borrowing cost for the financial year 3.1% 3.2%
Interest coverage ratio for the financial year 5.0 times 4.6 times
Adjusted interest coverage ratio for the financial year 4.6 times 4.3 times
Interest rate hedge ratio 75.5% 84.6%
Weighted average tenor of interest rate hedges 3.5 years 3.7 years
Bank facilities available for utilisation 1,376.9 1,617.8
MIT Issuer Default Rating by Fitch Ratings BBB+ Stable BBB+ Stable
* The aggregate leverage ratio included the proportionate share of the aggregate leverage and deposited property value of joint venture. As at 31 March
2024, the aggregate leverage including such proportionate share was S$3,533.4 million. The aggregate leverage including such proportionate share
as at 31 March 2023 was S$3,403.1 million.
Total borrowings outstanding of S$2,984.4 million as at On 27 June 2023, two series of JPY Medium Term Notes
31 March 2024 was S$136.0 million higher than a year amounting to JPY16.5 billion (S$148.8 million1) were issued
ago. This was due mainly to additional Japanese Yen under the Euro Medium Term Securities Programme. This was
(“JPY”) borrowings drawn for the acquisition of the Osaka part of the financing plan to put in place JPY-denominated
Data Centre, partly offset by loan repayments during the debt of long tenors that will provide a natural capital hedge
financial year. Including the proportionate share of the joint for the Osaka Data Centre.
venture, the aggregate leverage as at 31 March 2024 was On 16 February 2024, MIT issued S$50 million 3.751% three-
S$3,533.4 million. As at 31 March 2024, the borrowings year fixed rate notes due 2027. This was in line with MIT’s
were largely unsecured with minimal financial covenants. prudent capital management strategy to manage interest
rate risk and to diversify sources of funding.
Diversified Sources of Funding
As at 31 March 2024, about 87% of the total borrowings Aggregate Leverage and Debt Capacity
outstanding were bank borrowings. The remaining 13% The aggregate leverage ratio based on deposited property
was from the debt capital market. increased from 37.4% a year ago to 38.7% as at 31 March
2024 mainly due to revaluation loss on investment properties
MIT funded the acquisition of Osaka Data Centre with a
and higher borrowings. The increased aggregate leverage
combination of equity, debt securities and bank borrowings.
ratio remains within the aggregate leverage limit of 50% and
On 25 May 2023, MIT launched an equity fund raising is not expected to have any impact on MIT's risk profile. MIT’s
exercise in conjunction with the acquisition by way of a adjusted interest coverage ratio for the trailing 12 months
private placement and raised gross proceeds of approximately was 4.3 times as at 31 March 2024. Taking reference from
S$204.8 million at an issue price of S$2.212 per new unit, the aggregate leverage limits set by MAS2, the aggregate
representing a discount of approximately 1.5% to the adjusted leverage ratio of 38.7% provides MIT with debt headroom
volume weighted average price of all trades in the units done of about S$577.0 million and S$1,033.7 million to the
for the preceding Market Day on 24 May 2023. The private aggregate leverage ratios of 45% and 50% respectively. The
placement was approximately 4.5 times covered at the relatively large headroom will provide sufficient support for
top end of the issue price range, with strong participation MIT’s investment growth activities and allow flexibility for
from new and existing institutional, accredited, and other capital management.
investors. The proceeds were fully disbursed in accordance
During the financial year, new onshore JPY bank facilities
with the stated use and percentage allocated as set out in
of S$378.6 million and new Singapore bank facilities of
the announcement dated 6 June 2023.
1 Based on the exchange rate of S$1 to JPY110.9 as at 31 March 2024.

2 With effect from 1 January 2022, MAS allowed the aggregate leverage limit to exceed 45% (up to a maximum of 50%) if the adjusted interest coverage
ratio is at least 2.5 times.

S$655.3 million, including a sustainability-linked facility of US$140 million (S$186.5 million3), were procured. Unutilised
bank facilities increased to S$1,617.8 million as at 31 March 2024 from S$1,376.9 million as at 31 March 2023. Excluding
facilities which would be expiring in FY24/25, about S$846.6 million of committed bank facilities were available to MIT
which would be sufficient to meet its committed funding and working capital requirements, as well as to fund any potential
investment opportunity.
Debt Maturity Profile

As at 31 March 2024
Total Borrowings 26.9%
Outstanding (S$ million)
21.7%
19.9%
745.9 15.8%
83.9
532.8 596.7
8.2%
263.0
2.5% 3.0%
2.0%
75.0 60.0 50.0 56.8 125.0 246.6 58.6 90.1
FY24/25 FY25/26 FY26/27 FY27/28 FY28/29 FY30/31 FY35/36 FY38/39
S$ Debt Securities JPY Debt Securities S$ Bank Borrowings

US$ Bank Borrowings JPY Bank Borrowings
The debt maturity profile as at 31 March 2024 remained well-staggered with a weighted average debt tenor of 3.8 years.
Only S$75.0 million or 2.5% of total borrowings are due in the coming financial year. In addition, refinancing risk exposure
in any financial year is no more than 30% of total borrowings.
Interest Rate Risk Management
24.5% 15.4%
As at Hedged Borrowings As at
31 March 2023 Unhedged Borrowings 31 March 2024
75.5% 84.6%
MIT hedges its exposure to interest rate volatilities through a combination of both interest rate swaps and fixed rate debts.
About 84.6% of the gross borrowings had been hedged as at 31 March 2024, which would help to contain the impact of
interest rate fluctuations on distributions. The weighted average tenor of interest rate hedges as at 31 March 2024 was
3.7 years (31 March 2023: 3.5 years). As at 31 March 2024, the aggregate notional amount of interest rate hedges due to
expire in FY24/25 was S$223.4 million.
3 Based on exchange rate of US$1 to S$1.33191 as at 31 March 2024.
Corporate Liquidity and Capital Resources
Sensitivity Analysis
Based on unhedged borrowings as at 31 March 2024 and with all other variables being held constant, a 50 basis points
change in base rates4 would have an estimated impact of S$1.8 million or 0.06 Singapore cent per annum on amount
available for distribution or DPU respectively.
Change in base rates Impact on amount available for Impact on DPU per annum
distribution per annum (S$ million) (Singapore cent)5
+ 50 basis points - 1.8 - 0.06
- 50 basis points 1.8 0.06
Debt Currency Profile
80.1% 19.9% 13.2% 21.1%
S$ Borrowings
As at As at
US$ Borrowings
31 March 2023 JPY Borrowings
31 March 2024
65.7%
MIT's borrowings denominated in US$ and JPY provided a natural capital hedge to the foreign exchange rate exposure
of its investments in the United States and Japan, respectively. The proportion of total borrowings denominated in US$
decreased to 65.7% as at 31 March 2024 from 80.1% a year ago as MIT rebalanced the debt composition and added JPY
borrowings. The capital hedge percentage of US$ loans over US$ assets under management (including proportionate
share of joint venture) decreased to 58.3% as at 31 March 2024 from 63.2% a year ago.
Foreign Currency Income Hedging

As MIT received income denominated in US$ and JPY from its investments in the United States and Japan, respectively,
foreign exchange forward contracts were entered into to hedge against foreign exchange rate volatility on distributable
income. About 77.0% of MIT's FY23/24 foreign currency denominated net income was hedged into S$ through such
forward contracts.
4 Base rate denotes S$ Singapore Overnight Rate Average and US$ Secured Overnight Financing Rate.
5 Based on 2,835 million units as at 31 March 2024.

Corporate Governance
The Manager of MIT is responsible for the strategic direction As its Sponsor, MIPL provides the following benefits, among
and management of the assets and liabilities of MIT as well other things, to MIT:
as its subsidiaries (collectively, the “Group”). As a REIT
manager, the Manager is licensed by the Monetary Authority (a) Leverage on the Sponsor’s established global network
of Singapore (the “MAS”) and holds a Capital Markets Services and proven track record in REIT and real estate
Licence for REIT management (“CMS Licence”). development, investment, capital and property
management;
The Manager discharges its responsibility for the benefit of
MIT and its unitholders (“Unitholders”), in accordance with (b) Strategic acquisition pipeline of property assets from
the applicable laws and regulations as well as the trust deed its Sponsor;
constituting MIT (as amended) (the “Trust Deed”)1. To this (c)
Wider and better access to banking and capital
end, the Manager sets the strategic direction of the Group markets; and
and gives recommendations to DBS Trustee Limited, in its
capacity as trustee of MIT (the “Trustee”), on the acquisition, (d) Access to a bench of experienced and professional
divestment and enhancement of assets of the Group. management team.
The Manager’s roles and responsibilities include: The Manager is committed to complying with the substance
and spirit of the Code of Corporate Governance 2018
• carrying on the Group’s business to generate returns in a (the “Code”). The following describes the main corporate
sustainable manner and conducting all transactions on governance policies and practices of the Manager with
normal commercial terms and on an arm’s length basis; reference to the Code and, where there are deviations from
• preparing annual budget proposal with forecast on gross any of the provisions of the Code, explanations for such
revenue, property expenditure, capital expenditure and deviations are provided in this report including an explanation
providing explanations on major variances against prior on how the practices adopted are consistent with the intent
year’s actual results and written commentaries on key of the principles of the Code.
issues and any other relevant assumptions. The purpose
of such proposals and analyses is to chart the Group’s (A) BOARD MATTERS
business for the year ahead and to explain the performance
of MIT’s properties compared to the prior year; and The Board’s Conduct of Affairs
• ensuring compliance with applicable laws and regulations, Principle 1: Effective Board
including the Securities and Futures Act 2001, the Listing
Manual of Singapore Exchange Securities Trading Limited Our Policy and Practices
(the “SGX-ST”), the Code on Collective Investment Schemes
The Manager adopts the principle that the Board of Directors
(“CIS Code”) issued by the MAS (including Appendix 6
(the “Board”) is collectively responsible for the long-term
of the CIS Code, the “Property Funds Appendix”), the
success of MIT and an effective Board for the Manager is one
Singapore Code on Takeovers and Mergers, the Trust Deed,
constituted with the right core competencies and diversity of
written directions, notices, codes and other guidelines
that the MAS and other regulators may issue from time experience, so that the collective wisdom of the Board can give
to time and any tax rulings. guidance and provide insights as well as strategic thinking to
the management team of the Manager (the “Management”).
MIT is externally managed by the Manager. The Manager
appoints experienced and well-qualified personnel to run The key roles of the Board are to:
their day-to-day operations.
• guide the corporate strategy and direction of the Manager;
The Manager was appointed in accordance with the • ensure that Management discharges business leadership
terms of the Trust Deed. The Trust Deed outlines certain and demonstrates the highest quality of management
circumstances under which the Manager can be removed, with integrity and enterprise; and
including by notice in writing given by the Trustee upon the
• oversee the proper conduct of the Manager.
occurrence of certain events, or by resolution passed by a
simple majority of Unitholders present and voting (with no In discharging their roles and responsibilities, all Directors
Unitholders disenfranchised) at a meeting of Unitholders of the Board are expected to act and have acted in the best
duly convened and held in accordance with the provisions interests of MIT.
of the Trust Deed.
The positions of Chairman and Chief Executive Officer (“CEO”)
The Manager is a wholly-owned subsidiary of MIPL. MIPL are held by two separate persons in order to maintain effective
is a global real estate development, investment, capital oversight. The Board has also established the Audit and Risk
and property management company headquartered in Committee (the “AC”) and the Nominating and Remuneration
Singapore. Its significant unitholding in MIT demonstrates Committee (the “NRC”), each of which operates under
its commitment to the long-term performance of MIT and delegated authority from the Board, to assist the Board in
alignment of interest with other Unitholders. discharging its oversight function.
1 A copy of the Trust Deed will be available for inspection, by prior appointment at the registered office of the Manager, in accordance with the relevant
laws, regulations and guidelines.
The Board comprises eleven Directors, of whom ten are Non- The Board comprises business leaders and distinguished
Executive Directors and seven are Independent Directors. professionals with banking, legal, real estate, strategic
planning, management and accounting experience.
The following sets out the composition of the Board:
• Mr Cheah Kim Teck, Non-Executive Chairman and Director The diverse professional backgrounds of the Directors enable
the Management to benefit from their external, varied and
• Mr Andrew Chong Yang Hsueh, Lead Independent
objective perspectives on issues brought before the Board for
Non-Executive Director and Chairman of the NRC
discussion and deliberation. The profiles of the Directors are
• Mr Pok Soy Yoong, Independent Non-Executive Director
set out in pages 20 to 23 of this Annual Report. The Board is
and Chairman of the AC
of the view that the present principal directorships included
• Ms Chan Chia Lin, Independent Non-Executive Director in the Directors’ profiles are sufficient to inform Unitholders
and Member of the NRC
of their principal commitments. The Board meets regularly, at
• Mr Guy Daniel Harvey-Samuel, Independent Non- least once every quarter, to review the business performance
Executive Director and Member of the AC and outlook of the Group and deliberate on business strategy,
• Dr Andrew Lee Tong Kin, Independent Non-Executive including any significant acquisitions, disposals, fund-raisings
Director and Member of the AC and development projects undertaken by the Group. When
• Mr William Toh Thiam Siew, Independent Non-Executive exigencies prevent a Director from attending a Board or Board
Director and Member of the AC committee meeting in person, such Director can participate
• Ms Noorsurainah Tengah, Independent Non-Executive by audio or video conference.
Director
• Mr Chua Tiow Chye, Non-Executive Director and Member
of the NRC
• Ms Wendy Koh Mui Ai, Non-Executive Director
• Mr Tham Kuo Wei, Executive Director and CEO
The meeting attendance of the Board, the AC, the NRC and the annual general meeting (“AGM”) for FY23/24 is as follows:
Board AC NRC AGM(3)

Number of meetings held in FY23/24 5 5 1 1
Board Members Membership
Mr Cheah Kim Teck Non-Executive Chairman 5 N.A.(1) N.A.(1) N.A.(1)
(Appointed on 20 August 2022) and Director
(Last reappointment on 30 September 2022)
Mr Andrew Chong Yang Hsueh Lead Independent 5 N.A.(1) 1 1
(Appointed on 26 December 2018) Non-Executive Director and
(Last reappointment on 30 September 2021) Chairman of the NRC
Mr Pok Soy Yoong Independent Non-Executive 5 5 N.A.(1) 1
(Appointed on 26 December 2018) Director and Chairman of
(Last reappointment on 28 September 2023) the AC
Ms Chan Chia Lin Independent Non-Executive 5 N.A.(1) 1 1
(Appointed on 1 January 2022) Director and Member of the
(Last reappointment on 30 September 2022) NRC
Mr Guy Daniel Harvey-Samuel Independent Non-Executive 5 5 N.A.(1) 1
(Appointed on 14 July 2017) Director and Member of the
(Last reappointment on 28 September 2023) AC
Dr Andrew Lee Tong Kin Independent Non-Executive 5 5 N.A.(1) 1
(Appointed on 26 December 2018) Director and Member of the
Mr William Toh Thiam Siew Independent Non-Executive 5 5 N.A.(1) 1
(Appointed 1 September 2018) Director and Member of the
Ms Noorsurainah Tengah Independent Non-Executive 5 N.A.(1) N.A.(1) 0
(Appointed on 1 April 2023) Director
Mr Chua Tiow Chye Non-Executive Director and 5 N.A.(1) 1 1
(Appointed on 15 December 2019) Member of the NRC
Ms Wendy Koh Mui Ai Non-Executive Director 5 4 (2) N.A.(1) 1
(Appointed on 15 December 2019)

Board AC NRC AGM(3)

Number of meetings held in FY23/24 5 5 1 1
Board Members Membership
Mr Michael Thomas Smith Non-Executive Director 2 N.A.(1) N.A.(1) 1
(Resigned on 30 November 2023)
Mr Tham Kuo Wei Executive Director and CEO 5 5(2) 1(2) 1
(Appointed on 23 July 2010)
Notes:
(1) N.A. means not applicable.
(2) Attendance was by invitation.
(3) Held on 19 July 2023.
The Board has approved a set of delegations of authority which Each Director is given a formal letter of appointment setting
sets out approval limits for investments and divestments, out his or her duties and obligations under the relevant laws
development, operational and capital expenditures and and regulations governing the Manager and the Group. The
treasury activities to be undertaken by the Group. Approval Manager also has in place an orientation programme to brief
sub-limits are also provided at various management levels to new Directors on the Group’s business, strategic directions,
facilitate operational efficiency as well as provide a system risk management policies, the regulatory environment in
of checks and balances. which the Group operates and the governance practices
of the Group and the Manager, including in areas such
The Board has prescribed certain limits on transactions to as accounting, legal and industry-specific knowledge as
be undertaken by the Group, above which approval from appropriate. The Board is updated on any material change
the Board is required. The Board’s approval is required for to relevant laws, regulations and accounting standards by
material transactions undertaken by the Group. Such material way of briefings from professionals or updates issued by
transactions are also included in the set of delegations of Management.
authority which has been communicated to Management
in writing. These include: Taking into account the increasingly demanding and
complex role of a Director amid an evolving, global business
• equity fund-raising; environment, the Board recognises the need for Directors
• acquisition, development and disposal of properties above to undergo regular training and development. This will
Board-prescribed limits; equip them to discharge their duties and responsibilities
as Directors to the best of their abilities. The NRC also
• overall project budget variance and ad hoc development
assists the Board in reviewing and recommending training
budget above Board-prescribed limits;
and professional development programmes for the Board.
• debt fund-raising above Board-prescribed limits; and
Directors are provided with opportunities and encouraged
• derivative contracts above Board-prescribed limits. to participate in industry conferences, seminars and training
The Board recognises that the Directors are fiduciaries programmes that are relevant to their duties, which may
who are obliged at all times to act objectively in the best include those organised by the Singapore Institute of
interests of MIT and hold Management accountable for Directors on corporate governance, leadership, sustainability,
performance. In line with this, the Board has a standing and industry-related subjects.
policy that a Director must not allow himself or herself to
Where a newly appointed Director has no prior experience as
get into a position where there is a conflict between his or her
a director of an issuer listed on SGX-ST and/or a director of
duty to MIT and his or her own interests. The Manager has a
a REIT manager, such Director will undergo the mandatory
policy which provides that where a Director has a conflict of
training as prescribed by SGX-ST. All Directors have
interest in a particular matter, he or she will be required to
undergone training on sustainability matters as prescribed
disclose his or her interest to the Board, recuse himself or
under the Listing Manual in the previous financial year.
herself from deliberations on the matter and abstain from
voting on the matter. Every Director has complied with this Management is required to provide adequate and timely
policy, and where relevant, such compliance has been duly information to the Board, which includes matters requiring
recorded in the minutes of meeting or written resolutions. the Board’s decision, as well as ongoing reports relating to
the operational and financial performance of the Group.
The Manager has in place an internal code on general conduct
Management is also required to furnish any additional
and discipline which sets out the framework and guidelines
information requested by the Board in a timely manner in
on ethical values such as honesty and responsibility as well
order for the Board to make informed decisions.
as the appropriate conduct expected of Management and
employees. The Board sets the appropriate tone from the top Directors have separate and independent access to
in respect of the desired organisational culture and ensures Management and the Company Secretary.
proper accountability within the Manager.
The appointment and removal of the Company Secretary is The Board is of the opinion that its current size is appropriate
subject to the approval of the Board. with an appropriate balance and diversity of skills, experience
and knowledge, taking into account the targets and objectives
The Company Secretary attends to the administration of of the Board Diversity Policy and the scope and nature of the
corporate secretarial matters and advises the Board on operations of the Manager and MIT, for effective decision-
governance matters. The Company Secretary also attends making and constructive debate. The Board comprises
all Board and Board committee meetings and provides Directors who collectively have the core competencies,
assistance to the Chairman in ensuring adherence to Board such as accounting or finance, business or management
procedures. experience, industry knowledge, strategic planning
The Board takes independent professional advice as and experience and customer-based experience or knowledge,
when necessary, at the Manager’s expense, to enable it and/or required for the Board to be effective in all aspects of its roles.
the Independent Directors to discharge their responsibilities The Board assesses the independence of each Director
effectively. The AC meets the external and internal auditors in accordance with the requirements of the Code and
separately at least once a year, without the presence of Regulations 13D to 13H of the Securities and Futures
Management. (Licensing and Conduct of Business) Regulations (“SFLCB
Regulations”). A Director is considered to be independent
Board Composition and Guidance if he or she is independent in conduct, character and
Principle 2: Appropriate level of independence and judgement and:
diversity of thought (a)
has no relationship with the Manager, its related
corporations, its substantial shareholders, MIT’s
Our Policy and Practices
substantial unitholders (being unitholders who have
The Board reviews from time to time the size and composition interests in voting units with 5% or more of the total
of the Board and each Board committee, to ensure that the votes attached to all voting units) or the Manager’s
size of the Board and each Board committee is appropriate officers that could interfere, or be reasonably perceived
in facilitating effective decision-making. to interfere, with the exercise of his or her independent
business judgement in the best interests of MIT;
The Manager adopts the principle that a board composition
with a strong and independent element as well as diversity (b)
is independent from the management and any
of thought and background will allow the Board to engage in business relationship with the Manager and MIT,
robust deliberations with Management and provide external, every substantial shareholder of the Manager and
diverse and objective insights on issues brought before every substantial unitholder of MIT;
the Board for discussion and deliberation. Each Director is
appointed on the strength of his or her business and industry (c) is not a substantial shareholder of the Manager or a
experience, skills and functional and domain expertise to substantial unitholder of MIT;
give proper guidance to Management on the business of
(d) is not employed and has not been employed by the
the Group. In addition, the Board considers other aspects
Manager or MIT or their related corporations in the
of diversity including the age, gender, cultural ethnicity and
current or any of the past three financial years;
international experience of its members to ensure a balanced
and effective composition of the Board. (e) does not have an immediate family member who
is employed or has been employed by the Manager
Towards this end, the Board has adopted a Board Diversity
or MIT or their related corporations in the current
Policy, which takes into account the abovementioned aspects
or any of the past three financial years and whose
of diversity and outlines its commitment and approach
remuneration is or was determined by the Board and/
towards achieving an effective and diverse Board. The NRC
or NRC; and
will review the policy from time to time and will recommend
changes to the Board for approval if necessary, to ensure (f) has not served on the Board for a continuous period
that the policy remains effective and relevant and to achieve of nine years or longer.
greater diversity. The Board recognises gender as an important
aspect of diversity. Therefore, the Board is committed to For FY23/24, each of the Independent Directors had
achieve a target of at least 25% female representation on carried out an assessment on whether there were any
the Board by 2025, and 30% by 2030. As at 31 March 2024, relationships or circumstances which may impact his or her
the Board has achieved its target of at least 25% (about 27%) independent status. Accordingly, each of the Independent
female representation on the Board. Directors had either made a negative declaration or disclosed
such relationships or circumstances as applicable. The
The Non-Executive Directors will also conduct periodic review declarations or disclosures made by each Independent
of the investment mandate as well as the strategic focus of Director had been reviewed by the NRC.
MIT with Management. Further, such a board composition,
and the separation of the roles of the Chairman and the CEO,
provide oversight to ensure that Management discharges
its roles and responsibilities effectively and with integrity.

The Board, after considering the relevant requirements under the SFLCB Regulations, specifically Regulation 13E(b)(i) of
the SFLCB Regulations and the Code, wishes to set out its views in respect of each of the Directors as follows:
(iii) had been

independent (iv) had (v) has not
(ii) had been from every not been a served as a
(i) had been independent substantial substantial director of the
independent from any shareholder of shareholder Manager for
from the business the Manager of the a continuous
management relationship and every Manager or period of
of the with the substantial a substantial 9 years or
Manager and Manager and unitholder of unitholder of longer as at
MIT during MIT during MIT during MIT during the last day
Name of Director FY23/24 FY23/24 FY23/24 FY23/24 of FY23/24
Mr Cheah Kim Teck(1),(9) ü ü ü
Mr Andrew Chong Yang Hsueh(2),(9) ü ü ü ü
Mr Pok Soy Yoong (3),(9)
ü ü ü
Ms Chan Chia Lin ü ü ü ü ü
Mr Guy Daniel Harvey-Samuel ü ü ü ü ü
Dr Andrew Lee Tong Kin ü ü ü ü ü
Mr William Toh Thiam Siew(4),(9) ü ü ü ü ü
Ms Noorsurainah Tengah ü ü ü ü ü
Mr Chua Tiow Chye(5),(9) ü ü
Ms Wendy Koh Mui Ai (6),(9)
ü ü
Mr Michael Thomas Smith(7),(9) ü ü
Mr Tham Kuo Wei(8),(9) ü
Notes:
(1) Mr Cheah Kim Teck is a Non-Executive Director of the Sponsor which wholly-owns the Manager. Pursuant to the SFLCB Regulations, during FY23/24,
Mr Cheah is deemed not to be (a) independent from a business relationship with the Manager and MIT as he received fees for his directorship on the
Sponsor for the current and immediately preceding financial year; and (b) independent from every substantial shareholder of the Manager and substantial
unitholder of MIT, by virtue of his directorship on the Sponsor. Nonetheless, the Board is satisfied that, as at 31 March 2024, Mr Cheah was able to act
in the best interests of all Unitholders of MIT as a whole.
(2) Mr Andrew Chong Yang Hsueh was a corporate advisor of Temasek International Advisers which is a subsidiary of Temasek Holdings (Private) Limited until
he stepped down on 31 July 2020. Temasek Holdings (Private) Limited is a related corporation and a substantial shareholder of the Manager (through
the Sponsor) and a substantial unitholder of MIT. Pursuant to the SFLCB Regulations, during FY23/24, Mr Chong is deemed not to be independent
from a management relationship with the Manager and MIT by virtue of his previous employment with Temasek International Advisers. Nonetheless,
the Board takes the view that this would not affect Mr Chong’s ability to act as an Independent Director and exercise independent judgement on the
Board in the best interests of the Unitholders of MIT.
The Board would also like to mention that Mr Chong had during FY23/24 received fees for being the Independent Chairman of the investor committee of
Mapletree Europe Income Trust (“MERIT”) and Mapletree US Income Commercial Trust (“MUSIC”), both of which are private funds managed by wholly-
owned subsidiaries of the Sponsor. Notwithstanding the foregoing, the Board takes the view that his Independent Director status is not affected as (a)
Mr Chong is appointed as the Independent Chairman of the investor committee of MERIT and MUSIC; and (b) he is not under an obligation to act in
accordance with the directions, instructions or wishes of the Sponsor in such capacity.
The Board is satisfied that as at 31 March 2024, Mr Chong was able to act in the best interests of all Unitholders of MIT as a whole.
(3) Mr Pok Soy Yoong is currently a Non-Executive Director of Singapore Cruise Centre Pte. Ltd. which is a related corporation of the Manager. Pursuant to
the SFLCB Regulations, during FY23/24, Mr Pok is deemed not to be (a) independent from a business relationship with the Manager and MIT; and (b)
independent from every substantial shareholder of the Manager and substantial unitholder of MIT, by virtue of his directorship in the abovementioned
related corporation of the Manager. Nonetheless, the Board takes the view that this would not affect Mr Pok’s ability to act as an Independent Director
and exercise independent judgement on the Board in the best interests of the Unitholders of MIT. The Board is satisfied that as at 31 March 2024, Mr
Pok was able to act in the best interests of all Unitholders of MIT as a whole.
(4) The Board would like to mention that Mr William Toh Thiam Siew currently receives fees for being a member of the investment committee of Mapletree
Global Student Accommodation Private Trust which is managed by a wholly-owned subsidiary of the Sponsor. Notwithstanding the foregoing, the
Board takes the view that Mr Toh’s status as an Independent Director is not affected as (a) he is appointed as an independent member of the investment
committee of Mapletree Global Student Accommodation Private Trust; and (b) Mr Toh is not under an obligation to act in accordance with the directions,
instructions or wishes of the Sponsor in such capacity. The Board is satisfied that, as at 31 March 2024, Mr Toh was able to act in the best interests of
all Unitholders of MIT as a whole.
(5) Mr Chua Tiow Chye is currently the Deputy Group Chief Executive Officer of the Sponsor which wholly-owns the Manager and is a substantial
unitholder of MIT. Mr Chua is also a Non-Executive Director of MPACT Management Ltd. (the manager of Mapletree Pan Asia Commercial Trust),
a related corporation of the Sponsor. Pursuant to the SFLCB Regulations, during FY23/24, Mr Chua is deemed not to be (a) independent from a
management relationship with the Manager and MIT by virtue of his employment with the Sponsor; (b) independent from any business relationship
with the Manager and MIT as the Sponsor had received payments from the Manager and/or the trustee of MIT during FY23/24; and (c) independent
from every substantial shareholder of the Manager and substantial unitholder of MIT by virtue of his employment with the Sponsor and his directorship
in the abovementioned related corporation of the Sponsor. The Board is satisfied that, as at 31 March 2024, Mr Chua was able to act in the best
interests of all Unitholders of MIT as a whole.
(6) Ms Wendy Koh Mui Ai is currently the Group Chief Financial Officer of the Sponsor which wholly-owns the Manager and is a substantial unitholder
of MIT. She is also a Non-Executive Director of Mapletree Logistics Trust Management Ltd. (the manager of Mapletree Logistics Trust) and MPACT
Management Ltd. (the manager of Mapletree Pan Asia Commercial Trust), all of which are related corporations of the Manager. Pursuant to the SFLCB
Regulations, during FY23/24, Ms Koh is deemed not to be (a) independent from a management relationship with the Manager and MIT by virtue of her
employment with the Sponsor; and (b) independent from any business relationship with the Manager and MIT as the Sponsor had received payments
from the Manager and/or the trustee of MIT during FY23/24; and (c) independent from every substantial shareholder of the Manager and substantial
unitholder of MIT by virtue of her employment with the Sponsor and directorships in the abovementioned related corporations of the Sponsor. The
Board is satisfied that, as at 31 March 2024, Ms Koh was able to act in the best interests of all Unitholders of MIT as a whole.
(7) Mr Michael Thomas Smith was the Regional Chief Executive Officer of Europe and USA of the Sponsor which wholly-owns the Manager and is a substantial
unitholder of MIT until his resignation which took effect from 30 November 2023. In connection with his resignation from the Sponsor, Mr Smith also
resigned as a director of the Manager with effect from 30 November 2023. Pursuant to the SFLCB Regulations, during FY23/24, Mr Smith is deemed
not to be (a) independent from a management relationship with the Manager and MIT; and (b) independent from every substantial shareholder of the
Manager and substantial unitholder of MIT, by virtue of his employment with the Sponsor. Mr Smith is also deemed not to be independent from any
business relationship with the Manager and MIT as the Sponsor had received payments from the Manager and/or the trustee of MIT during FY23/24.
The Board is satisfied that, as at 31 March 2024, Mr Smith was able to act in the best interests of all Unitholders of MIT as a whole.
(8) Mr Tham Kuo Wei is currently the Executive Director and CEO of the Manager. Pursuant to the SFLCB Regulations, during FY23/24, Mr Tham is deemed
not to be (a) independent from a management relationship with the Manager and MIT by virtue of his employment with the Manager; (b) independent
from any business relationship with the Manager and MIT by virtue of payments which the Manager had made to the Sponsor and/or received from
the trustee of MIT during FY23/24; and (c) independent from every substantial shareholder of the Manager and substantial unitholder of MIT by virtue
of his employment and directorship in the Manager which is a related corporation of the Sponsor. The Board is satisfied that, as at 31 March 2024, Mr
Tham was able to act in the best interests of all Unitholders of MIT as a whole.
(9) As at 31 March 2024, each of the abovementioned Directors was able to act in the best interests of all Unitholders of MIT as a whole.
Based on a review of the relationships between the Directors The CEO is also responsible for ensuring the Group’s
and the Group in accordance with the requirements of compliance with the applicable laws and regulations in its
the Code and the SFLCB Regulations and declarations of day-to-day operations.
independence by the Independent Directors, the Board
As the Chairman is not an independent director, in accordance
considers the following Directors to be independent as at
with Provision 3.3 of the Code, Mr Andrew Chong Yang Hsueh
31 March 2024:
has been appointed as the Lead Independent Non-Executive
• Mr Andrew Chong Yang Hsueh; Director of the Manager. The principal responsibilities of
the Lead Independent Director are to act as Chairman of
• Mr Pok Soy Yoong;
the Board when matters concerning the Chairman are to be
• Ms Chan Chia Lin; considered, and to be available to the Board and Unitholders
for communication of Unitholders’ concerns when other
• Mr Guy Daniel Harvey-Samuel;
channels of communication through the Chairman or CEO
• Dr Andrew Lee Tong Kin; are inappropriate, as well as for leading all deliberations
• Mr William Toh Thiam Siew; and on feedback regarding performance of the CEO and any
interested party transactions. Mr Chong also has the
• Ms Noorsurainah Tengah. discretion to hold meetings with the other Independent
In view of the above, more than half of the Board comprises Directors without the presence of Management as he deems
Independent Directors. Non-Executive Directors make up a appropriate or necessary and to provide feedback to the
majority of the Board. Chairman after such meetings.
Chairman and CEO Board Membership

Principle 3: Clear division of responsibilities Principle 4: Formal and transparent process for
appointments
The Board and the Manager adopts the principle of clear
separation of the roles and division of responsibilities The Manager adopts the principle that Board renewal is
between the Chairman of the Board and the CEO of the an ongoing process to ensure good governance and to
Manager, which has been set out in writing, and that no remain relevant to the evolving needs of the Manager and
one individual has unfettered powers of decision-making. the Group’s business.
The Chairman and the CEO are not related to each other so The Board established the NRC in January 2016 and it
as to maintain an appropriate balance of power, increased comprises three Directors, being Mr Andrew Chong Yang
accountability and greater capacity of the Board for Hsueh, Ms Chan Chia Lin and Mr Chua Tiow Chye, all of
independent decision-making. whom are non-executive and the majority of whom (including
the Chairman) are independent. Mr Chong is the Chairman
The Chairman is a Non-Executive Director who is responsible
of the NRC and also the Lead Independent Non-Executive
for the overall management of the Board and ensures that
Director of the Manager.
the Directors and Management work together with integrity
and competency. He also guides the Board in constructive The NRC has written terms of reference setting out its scope
debates on the Group’s strategic direction, management of and authority in performing the functions of a nominating
its assets and governance matters. committee, which include assisting the Board in matters
relating to:
The CEO is responsible for the running of the Manager’s
business operations. He has full executive responsibilities •
the appointment and re-appointment of Board and
over the business and operational decisions of the Group. committee members;

• t he appointment of the Executive Director and CEO and The NRC makes recommendations of nominations and/or
the framework for the appointment of key management re-nominations of directors on the Board and Board
personnel of the Manager, as well as the succession plan committees to the Board for approval. As a principle of good
and framework for the Executive Director and CEO and corporate governance, all Board members are required to
key management personnel of the Manager; submit themselves for re-nomination and re-election at regular
• training and professional development programmes for intervals during the annual general meeting of the Manager.
the Board; As at least half of the Board comprises Independent Directors,
• the process and criteria for evaluating the performance of the Manager will not be voluntarily subjecting any appointment
the Board, the Board committees and the Directors; and or reappointment of directors to voting by Unitholders. The
NRC also determines annually, and as and when circumstances
• the determination, on an annual basis and as and when
require, if a director is independent, having regard to the
circumstances require, of the independent status of a
circumstances set forth in Provision 2.1 of the Code. Directors
Director, bearing in mind the relevant principles and
disclose to the Board their relationships with the Manager,
provisions of the Code and the SFLCB Regulations, as
its related corporations, its substantial shareholders, MIT’s
well as any other applicable regulations and guidelines
substantial Unitholders or the Manager’s officers, if any, which
and salient factors.
may affect their independence. For further information on
Guided by its terms of reference, the NRC assists the Board the Board’s assessment, please refer to “Principle 2: Board
to oversee the development and succession planning for Composition and Guidance” in this CG Report.
the CEO. This includes overseeing the process for selection
of the CEO and conducting an annual performance review The listed company directorships and principal commitments
and succession matters for the CEO. of the Directors are disclosed on pages 20 to 23 of this Annual
Report. The Manager does not, as a matter of policy, limit the
In addition to the above, the NRC reviews and approves maximum number of listed company board representations
the framework for the succession plan relating to its Board members may hold as long as each of the Board
the key management personnel of the Manager and members is able to commit his or her time and attention to
makes its recommendations to the Board regarding the the affairs of the Group, including attending Board and Board
appointment and/or replacement of the key management committee meetings and contributing constructively to the
personnel. management of the Manager and the Group. The Manager
believes that each Director is best placed to decide whether
Board Composition and Renewal he or she has sufficient capacity to discharge his or her duties
The composition of the Board is determined based on the and responsibilities as Director in the best interests of the
following principles: Manager and Unitholders. Taking into account the meeting
attendance records of the Directors in FY23/24 as well as
• the Chairman of the Board should be a non-executive the contribution and performance of each Director at such
director of the Manager; meetings, the Board is satisfied that all the Directors have
• the Board should comprise directors with a broad range been able to adequately carry out their duties as Director
of commercial experience including expertise in funds notwithstanding their principal commitments.
management, law, finance, audit, accounting and real estate;
In keeping with the principle that a Director must be able
• independent directors make up a majority of the Board to commit his or her time and attention to the affairs of the
if the Chairman is not an independent director; and Group, the Board will generally not approve the appointment
• non-executive directors make up a majority of the Board. of alternate directors. There were no alternate directors
appointed in FY23/24.
The Board adheres to the principle of progressive renewal
to maintain good governance and seeks to ensure its
composition provides for appropriate level of skills, expertise, Board Performance
experience, as well as independence and diversity of thought Principle 5: Formal assessment of the effectiveness of
and background, which are relevant to the evolving needs the Board
of MIT’s business.
In identifying suitable candidates for appointment to the
Board, the Board prioritises the needs of the Group and The Manager adopts the principle that the Board’s
takes into account the industry and business experience, performance is ultimately reflected in the performance of
skills, expertise and background of the candidates. These the Manager and the Group.
may include skill sets and experience in core competencies of
To assess the performance of the Board and the Board
accounting, finance, sustainability, legal, strategic planning
committees, the Manager conducts annual confidential
as well as business and management. In addition, the Board
board effectiveness surveys. The survey of the effectiveness
gives due regard to the requirements in the Listing Manual
of the Board, the AC and the NRC in respect of FY23/24 has
and the Code, as well as factors in the Board Diversity Policy.
been carried out.
The Board also considers the candidate’s ability to commit
sufficient time to the affairs of the Group so as to diligently
fulfil director’s duties. Searches for possible candidates
are conducted through contacts and recommendations.
The Board also has the option to engage external
consultants if necessary to assist the Board in identifying
suitable candidates.
To this end, the NRC assists the Board in the assessment of the Manager, the controlling shareholders of the Manager or its
the effectiveness of the Board, its Board committees, as well related entities and the Board of Directors that would interfere
as the contribution by the Chairman and each Director, by with its ability to provide independent advice to the NRC.
reviewing the performance evaluation process and making
recommendations to the Board.The evaluation results are The NRC has written terms of reference setting out its scope
reviewed by the NRC and then shared with the Board. and authority in performing the functions of a nominating
and remuneration committee, which include assisting the
As part of the assessment, the criteria include the adequacy Board in matters relating to:
of Board composition, the Board’s performance and areas
of improvement, level of strategic guidance to Management • reviewing and recommending to the Board all nominations
and the overall effectiveness of the Board, as well as each for the appointment and re-appointment of Directors and
Director’s attendance, contribution and participation at of members to the various Board committees;
the Board and Board committee meetings. The Board also • reviewing and recommending to the Board the succession
believes that performance evaluation is an ongoing process plan for the Executive Director and CEO of the Manager;
and strives to maintain regular feedback and interactions
• the remuneration framework for the Directors, the
between Directors and Management.
Executive Director and CEO and Management of the
Manager, including all option plans, stock plans and the
(B) REMUNERATION MATTERS like as well as the performance hurdles of such plans;
Procedures for Developing Remuneration Policies • the specific remuneration package for the Directors and
key management personnel; and
Principle 6: Formal and transparent procedure for
fixing the remuneration of Directors • the termination payment, gratuities, severance payment
and other similar payments to the Executive Director and
Level and Mix of Remuneration CEO of the Manager.
Principle 7: Appropriate level of remuneration Decision-making Process for Determining the

Remuneration Policy
Disclosure on Remuneration
The NRC is responsible for the annual review of remuneration
Principle 8: Clear disclosure of remuneration matters policy (including termination terms) and its implementation
and ensures that such terms of remuneration are fair and in
Our Policy and Practices compliance with relevant legislation and regulation. The NRC
The Manager adopts the principle that remuneration matters makes remuneration decisions for employees annually in May
should be sufficiently structured and benchmarked with following the end of the performance year. This timing allows
good market practices to attract qualified talent to grow the full-year financial results of the Group to be considered
and manage its business. along with the other key Performance Indicators (“KPIs”).
The NRC developed the Manager’s remuneration policy
The Manager adopts the principle that remuneration for
with a number of principles in mind (the “Remuneration
the Board and Management should be viewed in totality.
Principles”). The NRC is guided by the overarching principle to
The remuneration structure supports the continuous
promote sustainable long-term success of MIT and to provide
development of the management bench strength to ensure
assurance that the level and structure of remuneration is
robust talent management and succession planning.
aligned with the continued interests and risk management
Pursuant to the Guidelines to All Holders of a Capital Markets policies of MIT. The remuneration policy should:
Services Licence for Real Estate Investment Trust Management
• Align with Unitholders: A proportion of variable
(Guideline No: SFA04-G07), the Manager has disclosed in this
remuneration is deferred and delivered in the form of
report information on its NRC as set out below.
deferred awards over MIT phantom units, thereby aligning
Additional information on remuneration matters are disclosed the interests of employees and Unitholders;
in compliance with the requirements of the United Kingdom’s • Align with performance and value creation: Total variable
Alternative Investment Fund Managers Regulations 2013 compensation is managed and structured taking into
(as amended) (“AIFMR”). consideration the level of performance and value
creation attained, which is being assessed holistically
Nominating and Remuneration Committee and determined based on financial performance and
The Manager has an established NRC which consists of a achievement of other KPIs;
minimum of three members and is constituted in a way that • Encourage retention: Deferred variable compensation
enables it to exercise its judgment and demonstrate its ability does not give rise to any immediate entitlement.
to make decisions consistent with the current and future Awards normally require the participant to be employed
financial status of the business. continuously by the Manager until at least the third
The current members are: Mr Andrew Chong Yang Hsueh, anniversary of the grant in order to vest in full; and
Lead Independent Non-Executive Director, Ms Chan Chia • Be competitive: Employees receive competitive
Lin, Independent Non-Executive Director and Mr Chua Tiow compensation and benefits packages, which are
Chye, Non-Executive Director. The NRC met once during reviewed annually and benchmarked by an independent
FY23/24 and was guided by an independent remuneration remuneration consultant to the external market.
consultant, Willis Towers Watson, who has no relationship with

In determining specific individual compensation amounts, a • directors’ fees are reviewed annually and subject to the
number of factors are considered including the KPIs, financial approval of the Manager’s shareholder;
performance of MIT and the individual performance and
• to ensure that each Directors’ fees are commensurate with
contributions to MIT during the financial year. Particularly
his or her responsibilities and time spent, each Director is
for Management, a portion of their variable compensation is
paid a basic retainer and Directors who perform additional
deferred and subjected to downside risks to prevent excessive
services through the Board committees are paid additional
risk taking.
fees for such services;
Guided by the Remuneration Principles, the key objectives • Non-Executive Directors who are employees of the
and features of the Manager’s policy on the remuneration Sponsor do not receive any director’s fees in their capacity
of its Directors are as follows: as Directors, and the CEO also does not receive any
director’s fees in his capacity as a Director; and
• the level of directors’ fees should be appropriate (but not
excessive) to attract and retain the Directors to provide • no Director is involved in deciding his or her own
good stewardship of the Manager and the Group; remuneration.
The framework for Directors’ remuneration during FY23/24 is set out below:
Fee per annum

(S$)
Board
Chairman 145,000
Member 65,000
Audit and Risk Committee
Chairman 50,000
Member 35,000
Nominating and Remuneration Committee
Chairman 38,500
Member 22,500
Fee per board meeting
(S$)
Attendance Fee 2,500
Overseas Attendance Fee (up to 4 hours travel) 5,000
Overseas Attendance Fee (up to 8 hours travel) 6,000
Overseas Attendance Fee (more than 8 hours travel) 10,000
Directors’ fees are paid entirely in cash. The CEO is not present during the discussions relating to his
own compensation and terms and conditions of service, and
Guided by the Remuneration Principles, the key objectives the review of his performance. The Board, with the assistance
and features of the Manager’s policy on the remuneration of the NRC, reviews the CEO’s performance while the NRC
of its executives are as follows: Chairman, or his designate, will share with the CEO their views
• the level and structure of executive remuneration should of his performance. In accordance with the directions and
be competitive (but not excessive) to attract, motivate guidelines from the MAS on the remuneration of key executive
and retain a pool of talented executives for the present officers of REIT managers, the Board, with the assistance of
and future growth of the Manager; and the NRC, reviews the CEO’s specific remuneration package
to ensure its compliance with the substance and spirit of
• executive remuneration should be performance-related such directions and guidelines from the MAS.
with a view to promoting the long-term success and
sustainability of MIT and the Manager.
The remuneration of the Board and the employees of the Manager is paid by the Manager, and not paid by MIT. The Manager
has set out in the table below information on the fees paid to the Directors for FY23/24:
Fees Paid for FY23/24

Board Members Membership (S$)
Mr Cheah Kim Teck Non-Executive Chairman and Director 167,500
Mr Andrew Chong Yang Hsueh Lead Independent Non-Executive Director and 126,000
Chairman of the NRC
Mr Pok Soy Yoong Independent Non-Executive Director and 137,500
Chairman of the AC
Ms Chan Chia Lin Independent Non-Executive Director and 110,000
Member of the NRC
Mr Guy Daniel Harvey-Samuel Independent Non-Executive Director and 112,500
Member of the AC
Dr Andrew Lee Tong Kin Independent Non-Executive Director and 122,500
Member of the AC
Mr William Toh Thiam Siew Independent Non-Executive Director and 122,500
Member of the AC
Ms Noorsurainah Tengah Independent Non-Executive Director 107,500
Mr Chua Tiow Chye Non-Executive Director and Member of the NRC Nil (1)
Ms Wendy Koh Mui Ai Non-Executive Director Nil (1)
Mr Michael Thomas Smith Non-Executive Director Nil (1)
Mr Tham Kuo Wei Executive Director and Chief Executive Officer Nil (2)
Notes:
(1) Non-Executive Directors who are employees of the Sponsor do not receive any fees in their capacity as Directors and NRC member.
(2) The CEO does not receive any Director’s fees in his capacity as a Director.
Link between Pay, Performance and Value Creation as net property income yield and margin, occupancy rate,
Employee remuneration at the Manager comprises fixed pay, DPU and WALE which measure the financial and operational
variable incentive, allowances and benefits. All employees metrics essential to the Unitholders. KPIs and their weightages
receive a salary that reflects their responsibilities and the level may change from year to year. The LTI award is a form of
of experience and expertise needed to undertake their roles. unit-linked incentive plan and represents conditional rights
Allowances and benefits include statutory provident fund to receive a cash sum based on the achievement of MIT’s
contributions and benefits-in-kind to enable employees to Total Shareholder Return (“TSR”) targets.
undertake their roles by ensuring their wellbeing. To this end, the NRC has reviewed the performance of the
Variable incentive is a material component of total Manager for FY23/24 and is satisfied that all KPIs have largely
remuneration and comprises Performance Target Bonus been achieved.
(“PTB”), Variable Bonus (“VB”) and Long-term Incentive For Management, a significant proportion of their variable
(“LTI”) award. The PTB amount is determined based on the incentive is deferred under the Manager’s VB banking
achievement of KPIs which are critical to improving people mechanism and vesting schedule of LTI award. Deferral
capability, building organisational culture, contributing to of these two components is a key mechanism to building
the Environment, Social and Governance factors, as well sustainable business performance. Under the VB banking
as managing stakeholders of the Manager, e.g. raising the mechanism, only a portion of a VB award declared in the
capability of the workforce through increase participation financial year will be paid out while the rest of the VB award
in learning and development, and with specific focus on will be deferred and paid out in the subsequent years.
digitalisation and sustainability so as to improve their The deferred VB award will be subjected to downside risks
general skills and knowledge in these areas, building the depending on future performance. This ensures alignment
organisational culture by engaging employees and improving between remuneration and sustaining business performance
their well-being through regular participation in Wellness in the longer term. For the LTI award, it is subject to three
initiatives, connecting with investors and tenants through to five years vesting schedule. The settlement value of the
regular engagements meetings, and encouraging active LTI award is linked to the value of MIT units at the time of
contribution to environmental targets such as reducing vesting. Clawback provisions are included within the VB and
electricity usage, tree planting as well as increasing solar LTI schemes which would give the right to reclaim incentive
energy generation capacity. The VB amount is assessed components from the Management in circumstances such as
based on the achievement of financial related KPIs such misconduct or fraud resulting in financial loss to the Group.

Employees of the Manager are eligible to be considered for To assess the individual performance, a 4-point rating scale
variable pay each year. Variable pay for all employees takes into is used by the supervisors to provide an overall assessment
account MIT, the Manager and the individual’s performance of an employee’s performance, and employees are required to
against agreed financial and non-financial objectives similar to perform a self-evaluation. The overall, final rating is reconciled
that of Management. However, in execution, the PTB and VB are during each employee’s performance appraisal. The Manager
combined to form consolidated variable pay for the employees. has ensured that this has been adhered to.
The Manager will continue to be guided by the objective The remuneration for the CEO in bands of S$250,000 and
of delivering long-term sustainable returns to Unitholders. a breakdown of the remuneration of the CEO and all of the
The remuneration of Management team will continue to be key management personnel of the Manager in percentage
aligned with the goal of value creation for Unitholders. The terms, are provided in the remuneration table below. At
performance will be measured over a five-year period, with present, there are only four key management personnel of
an interim review at the end of the third year. the Manager (including the CEO).
All fixed pay, variable incentives and allowances are payable The total remuneration for the CEO and other key management
wholly in cash. The current variable incentive is sufficiently personnel in FY23/24 was S$3.6 million.
aligned with Unitholders’ long-term interest to pay the CEO
fully in cash. All payments are entirely paid by the Manager
and not as an additional expense imposed on MIT.
Total Remuneration Bands of CEO and Key Management Personnel for FY23/24
Salary,
Allowances
and Statutory Long-term
Contributions Bonus(1) Incentives(2) Benefits Total
Above S$1,500,000 to S$1,750,000
Mr Tham Kuo Wei 31% 44% 25% N.M.(3) 100%
Other Key Management Personnel
Ms Ler Lily 45% 37% 18% N.M.(3) 100%
Mr Peter Tan Che Heng 49% 35% 16% N.M.(3) 100%
Ms Serene Tam Mei Fong 57% 32% 11% N.M.(3) 100%
Notes:
(1) The amounts disclosed are bonuses declared during the financial year.
(2) The amounts disclosed include the grant value of the LTI awards. The LTI award is a form of unit-linked incentive plan and represent conditional rights
to receive a cash sum based on the achievement of the TSR targets and fulfilment of vesting period of up to five years.
(3) Not meaningful.
The Manager is cognisant of the requirements as set out Board is of the view that despite the deviation from Provision
under Provision 8.1 of the Code and the “Notice to All Holders 8.1 of the Code, the Manager has been transparent on
of a Capital Markets Services Licence for Real Estate Investment remuneration matters in line with the intent of Principle 8
Trust Management” to disclose: (a) the remuneration of its of the Code, as information on the Manager’s remuneration
CEO and each individual Director on a named basis; (b) the policies, level and mix of remuneration, procedure for setting
remuneration of at least its top five executive officers (who are remuneration and the relationships between remuneration,
neither Directors nor the CEO), on a named basis, in bands performance and value creation has been disclosed in detail
of S$250,000; and (c) in aggregate the total remuneration in the preceding paragraphs.
paid to its top five key management personnel (who are not
Directors or the CEO) and in the event of non-disclosure, Since the remuneration of the CEO and key management
the Manager is required to provide reasons for such non- personnel of the Manager are not separately billed but
disclosure. paid by the Manager, the Manager is also of the view that
the interest of the Unitholders would not be prejudiced as
The Board had assessed and decided not to disclose (i) the indicative range of the CEO’s remuneration, as well as
the remuneration of the CEO in exact quantum; (ii) the the total remuneration for the CEO and key management
remuneration of at least its top five key management personnel of the Manager, have been provided.
personnel (who are neither Directors nor the CEO), on a
named basis, in bands of S$250,000; and (iii) the aggregate There were no employees of the Manager who were substantial
remuneration paid to its top five key management personnel shareholders of the Manager, substantial unitholder of
(who are not Directors or the CEO), as the Manager is of the MIT or immediate family members of a Director, the CEO
view that remuneration details are commercially sensitive due or a substantial shareholder of the Manager or substantial
to the confidential nature of remuneration matters and with unitholder of MIT and whose remuneration exceeded
keen competition for management staff in the REIT industry, S$100,000 during FY23/24.
such disclosure may result in talent retention issues. The
Quantitative Remuneration Disclosure under AIFMR Procedures and Practices

The Manager is required under the AIFMR to make quantitative Controls are detailed in formal procedures and manuals.
disclosures of remuneration. Disclosures are provided in For example, the Board has approved a set of delegations
relation to (a) the staff of the Manager; (b) staff who are of authority which sets out approval limits for investments
senior management; and (c) staff who have the ability to and divestments, development, operational and capital
materially affect the risk profile of MIT. expenditures and treasury activities. Approval sub-limits
are also provided at various management levels to facilitate
All individuals included in the aggregated figures disclosed operational efficiency as well as provide a system of checks
are rewarded in line with the Manager’s remuneration policies. and balances.
The aggregate amount of remuneration awarded by the The Board’s approval is required for material transactions,
Manager to its staff in respect of the Manager’s financial including the following:
year ended 31 March 2024 was S$10.9 million. This
figure comprised fixed pay of S$6.3 million, variable • equity fund-raising;
pay of S$4.1 million and allowances/benefits-in-kind of
• acquisition, development and disposal of properties above
S$0.5 million. There were a total of 48 beneficiaries of the
Board-prescribed limits;
remuneration described above.
• overall project budget variance and ad hoc development
In respect of the Manager’s financial year ended 31 March budget above Board-prescribed limits;
2024, the aggregate amount of remuneration awarded
by the Manager to its senior management (who are also • debt fund-raising above Board-prescribed limits; and
members of staff whose actions have a material impact on • derivative contracts above Board-prescribed limits.
the risk profile of MIT) was S$4.7 million, comprising seven
The Group’s procedures and practices are regularly reviewed
individuals identified having considered, among others, their
and revised where necessary to enhance controls and
roles and decision-making powers.
efficiency.
(C) ACCOUNTABILITY AND AUDIT The internal audit function, which is outsourced to the
Sponsor, reviews the Group’s compliance with the control
Risk Management and Internal Controls procedures and policies established within the internal
controls and risk management systems.
Principle 9: Sound system of risk management and
internal controls
Whistle-blowing Policy
The Manager adopts the principle that a sound system of To reinforce a culture of good business ethics and governance,
internal controls and risk management is necessary for the the Manager has a Whistle-blowing Policy to encourage
Group’s business. the reporting, in good faith, of any suspected misconduct
The Manager, working with the Sponsor, has established or wrongdoing, including possible financial irregularities,
internal control and risk management systems that address key while protecting the whistle-blowers from reprisals and
operational, financial, compliance and information technology detrimental or unfair treatment by, among others, ensuring
risks relevant to the Group’s business and operating environment. that the identity of the whistle-blower is kept confidential.
These systems provide reasonable but not absolute assurance Any reporting concerning the Group or the Manager is
on the achievement of their intended internal controls and risk notified to the AC Chairman of the Sponsor as well as the
management objectives. AC Chairman of the Manager for further investigation. The
findings will then be reported to the AC of the Manager which
The key elements of the Group’s internal controls and risk is responsible for oversight and monitoring of the whistle-
management systems are as follows: blowing reports received.
Operating Structure For queries or to make a report, please write to reporting@

mapletree.com.sg
The Manager has a well-defined operating structure with
clear lines of responsibility and delegated authority, as well
as reporting mechanisms to Management and the Board. This
structure includes group functions, such as Human Resource,
Information Systems & Technology, Internal Audit, Legal and
Risk Management, which are outsourced to the Sponsor. The
Manager also conducts an annual review of such outsourced
functions to ensure required performance standards are met.

Risk Management Financial Reporting

Risk management is an integral part of the Manager’s business The Board is updated on a quarterly basis on the Group’s
strategy in order to deliver sustainable and growing returns. financial performance. The Manager reports on significant
To safeguard and create value for Unitholders, the Manager variances in financial performance, in comparison with
proactively manages risks and embeds risk management budgets and financial performance of corresponding periods
process into the planning and decision-making process. in the preceding year and provides an updated full year
forecast. In addition, the Board is provided with quarterly
The Manager’s Enterprise Risk Management (“ERM”) updates on key operational activities of the Group.
framework is adapted from International Organisation
for Standardisation (ISO) 31000 Risk Management and is A management representation letter is provided by the
benchmarked against other relevant best practices and Manager to the AC and Board quarterly in connection with
guidelines. It is also reviewed annually to ensure its continued the preparation of the Group’s financial statements. The
relevance and practicality in identifying, assessing, treating, representation letter is supported by declarations made
monitoring, and reporting of key risks. For example, portfolio individually by the various Heads of Department. Compliance
risk profile, key risk indicators/limits and other significant checklists on announcement of financial statements, which
risk matters (if applicable) are reported to the AC and the are required for submission to the SGX-ST, are reviewed
Board independently on a quarterly basis. and confirmed by the Chief Financial Officer (“CFO”) of
the Manager.
The risk management system established by the Manager,
which encompasses the ERM framework and risk The Group’s financial results are prepared in accordance with
management processes, is dynamic and evolves with the the Singapore Financial Reporting Standards (International)
business. The Manager identifies key risks, assesses their and are reported to Unitholders in accordance with the
likelihood and impact on MIT’s business and establishes requirements of the SGX-ST. These results announcements
mitigating controls. The information is maintained in a risk provide analyses of significant variances in financial
register that is reviewed and updated regularly. The Manager, performance and commentary on the industry’s competitive
supported by the Sponsor’s Risk Management Department, conditions in which the Group operates and any known
also conducts Risk and Control Self-Assessment (“RCSA”) on factors or events that may affect the Group in the next
an annual basis to ensure that key risks are being effectively reporting period and the next twelve months.
managed. The RCSA programme also serves to raise risk
awareness and foster risk and control ownership. Detailed disclosure and analysis of the full year financial
performance of the Group can be found on pages 109 to
The Manager’s policies and procedures relating to risk 198 of this Annual Report.
management can be found on pages 99 to 101 of this
Annual Report. Financial Management
As a matter of financial and operational discipline,
Information Technology Controls Management reviews on a monthly basis the performance
As part of the Group’s risk management process, information of the Group’s portfolio of properties.
technology (including cybersecurity) controls have been
put in place and are periodically reviewed to ensure that The key financial risks which the Group is exposed to include
information technology risks (including cybersecurity interest rate risk, foreign currency risk, liquidity risk and credit
threats) are identified and mitigated. Its IT cybersecurity, risk. Where appropriate, the Manager procures hedging
governance and control have been strengthened through transactions to be entered into so as to protect the Group
the alignment of IT policies, processes, and systems. As part against interest rate and foreign exchange rate fluctuations.
of the periodic review, regulatory requirements, such as the In addition, the Manager proactively manages liquidity risk
MAS Cyber Hygiene Notice and the MAS Technology Risk by ensuring that sufficient working capital lines and loan
Management Guidelines (January 2021), are monitored and facilities are maintained for the Group. The Manager’s capital
complied with where applicable. management strategy can be found on pages 78 to 80 of this
Annual Report. The Manager also has in place credit control
On an annual basis, the Manager conducts the IT Disaster procedures for managing tenant credit risk and monitoring
Recovery (“ITDR”) Tests, as well as engages external of arrears collection.
specialists to perform a Vulnerability and Penetration Test
(“VAPT”) on the Group’s networks, systems and devices.
The ITDR ensures that information technology systems
remain functional in a system failure, and the VAPT
ensures that cybersecurity measures deployed continue
to be effective. Extensive training, including assessment
exercises, has been conducted to heighten awareness of
IT threats. Measures have been put in place to safeguard
against loss of information, data security, and prolonged
service disruption of critical IT systems.
Internal Audit • transactions (either individually or as part of a series

The internal audit function, which is outsourced to or if aggregated with other transactions involving the
the Sponsor’s Internal Audit Department (headed by same interested person during the same financial year)
Ms Celina Eng), prepares a risk-based audit plan annually to equal to or exceeding 5.0% of the value of the Group’s
review the adequacy and effectiveness of the Group’s system net tangible assets will be reviewed and approved prior
of internal controls and this audit plan is approved by the AC to such transactions being entered into, on the basis
before execution. In formulating the annual audit plan, the described in the preceding paragraph, by the AC (which
IA Department conducts risk assessment of all key operations may, as it deems fit, request advice on the transaction from
across the Group’s business and aligns its activities to the key independent sources or advisers, including the obtaining
strategies, risks and priorities of the Group over a three-year of valuations from independent professional valuers).
audit cycle. The Sponsor’s Internal Audit Department is also Further, under the Listing Manual and the Property Funds
involved during the year in conducting ad hoc audits and Appendix, such transactions would have to be approved
reviews that may be requested by the AC or Management on by the Unitholders at a meeting of the Unitholders.
specific areas of concern. In doing so, the Sponsor’s Internal The interested person transactions undertaken by the
Audit Department is able to obtain assurance that business Group in FY23/24 are set out on pages 201 to 202 of this
objectives for the internal controls processes under review are Annual Report. For the purpose of the disclosures, the
being achieved and key control mechanisms are in place. full contract sum is taken as the value of the transaction
where the interested person transaction has a fixed term
Upon completion of each review, a formal report detailing the
and contract value, while the annual amount incurred and/
audit findings and the appropriate recommendations is issued
or accrued is taken as the value of the transaction where
to the AC. The Sponsor’s Internal Audit Department monitors
an interested person transaction has an indefinite term or
and reports on a quarterly basis the timely implementation
where the contract sum is not specified.
of the action plans to Management and the AC.
Dealing in MIT units
External Audit
The Manager has adopted a securities dealing policy for its
The external auditors also provide an independent perspective
officers and employees which applies the best practices on
on certain aspects of the internal financial controls system
dealings in securities set out in the Listing Manual. Under
arising from their work and report their findings to the AC
the policy, all Directors are required to disclose their interests
on an annual basis. The external auditors are also updated
in MIT and are also provided with disclosures of interests by
on the findings of the Manager’s RCSA programme.
other Directors as well as reminders on trading restrictions.
Interested Person Transactions On trading in MIT units, the Directors and employees of the
All interested person transactions are undertaken on normal Manager are reminded not to deal in MIT units on short-term
commercial terms and the AC regularly reviews all interested considerations and are prohibited from dealing in MIT units:
person transactions to ensure compliance with the internal
• in the period commencing one month before the public
control system as well as with relevant provisions of the
announcement of the Group’s annual results;
Listing Manual and the Property Funds Appendix. In addition,
the Trustee has the right to review such transactions to • in the period commencing two weeks before the public
ascertain that the Property Funds Appendix and the Listing announcement of the Group’s quarterly and semi-annual
Manual have been complied with and to satisfy itself and/or results; and
confirm that such transactions are conducted on normal • at any time whilst in possession of price sensitive
commercial terms and not prejudicial to the interests of MIT information.
and the unitholders.
Each Director is required to notify the Manager of his or her
The following procedures are also undertaken: acquisition of MIT units or of changes in the number of MIT
units which he or she holds or in which he or she has an
• transactions (either individually or as part of a series or
interest, within two business days of such acquisition or
if aggregated with other transactions involving the same
change of interest. In addition, employees of the Manager
interested person during the same financial year) equal
and the Sponsor are to give pre-trading notifications before
to or exceeding S$100,000 in value but below 3.0% of the
any dealing in MIT units.
value of the Group’s net tangible assets will be subject
to review by the AC at regular intervals;
Role of the Board and AC
• transactions (either individually or as part of a series or
The Board recognises the importance of maintaining a
if aggregated with other transactions involving the same
sound internal controls and risk management system to
interested person during the same financial year) equal
safeguard the assets of the Group and Unitholders’ interests,
to or exceeding 3.0% but below 5.0% of the value of the
through a framework that enables key risks to be assessed
Group’s net tangible assets will be subject to the review
and managed.
and prior approval of the AC. Such approval shall only be
given if the transactions are on normal commercial terms The AC provides oversight of the financial reporting,
and are consistent with similar types of transactions made accounting policies and the adequacy and effectiveness of
by the Trustee with third parties which are unrelated to the Group’s internal controls and risk management systems
the Manager; and as well as its compliance processes.

The Board and the AC also take into account the results Audit and Risk Committee
from the RCSA programme, which requires the various
Principle 10: The Board has an AC which discharges
departments to review and report on compliance with
key control processes. As part of the RCSA programme, its duties objectively.
the Sponsor’s Risk Management Department validates
Management’s self-assessment responses on a sampling
basis, after which the validated self-assessment results are The Board is supported by the AC which provides additional
reported to the AC and the Board. oversight of financial, risks and audit matters, so as to
maximise the effectiveness of the Board and foster active
It should be recognised that all internal controls and risk participation and contribution.
management systems contain inherent limitations and,
accordingly, the internal controls and risk management The Manager adopts the principle that the AC shall have at
systems can only provide reasonable but not absolute least three members, all of whom must be non-executive and
assurance. the majority of whom, including the AC Chairman, must be
independent. The Board is of the view that the AC members
The Board has received written assurance from the CEO collectively have recent and relevant expertise or experience
and the CFO that the Group’s financial records have been in financial management and are appropriately qualified
properly maintained and the Group’s financial statements to discharge their responsibilities. The AC Chairman and
give a true and fair view of the Group's operations and members also bring with them invaluable recent and relevant
finances. It has also received assurance from the CEO, managerial and professional expertise in finance, accounting,
the CFO and other relevant key management personnel, auditing and related financial management domains.
who have responsibility regarding various aspects of the
risk management and internal controls systems, that the The AC presently consists of four members; all including
systems of risk management and internal controls in place the AC Chairman are independent and are appropriately
for the Group are adequate and effective to address the risks qualified to discharge their responsibilities. They are:
(including financial, operational, compliance and information • Mr Pok Soy Yoong, Chairman;
technology risks) that the Manager considers relevant and
material to the current business environment. • Mr Guy Daniel Harvey-Samuel, Member;
• Dr Andrew Lee Tong Kin, Member; and
Comment and Opinion on Internal Controls
• Mr William Toh Thiam Siew, Member.
Based on the internal control and risk management systems
established and maintained by the Manager and the Sponsor, None of the AC members is or has been a partner or director
work performed by the Sponsor’s Internal Audit and Risk of the incumbent external auditors, PricewaterhouseCoopers
Management Departments as well as by the external auditors, LLP (“PwC”), within the previous two years, nor does any of
reviews performed by Management and the above-mentioned the AC members have any financial interest in PwC.
assurance from the CEO, the CFO and other relevant
The AC has written terms of reference setting out its scope
key management personnel, the Board is of the opinion
and authority, which include:
that the Group’s internal control and risk management
systems, addressing key financial, operational, compliance, • examination of interested person transactions;
information technology and risk management objectives
• review and approval of the scope of internal audit activities;
and which the Group considers relevant and material to its
operations, were adequate and effective to meet the needs • review of the adequacy, effectiveness, independence,
of the Group in its business as at 31 March 2024. However, scope and audit findings of internal and external auditors
the Board also notes that the system of internal controls and as well as Management’s responses to them and the
risk management provides reasonable, but not absolute, implementation of remedial actions to address such
assurance that the Group will not be significantly affected findings;
by any event that could be reasonably foreseen as it strives • evaluation of the nature and extent of non-audit services
to achieve its business objectives. In this regard, the Board performed by external auditors. In this regard, for FY23/24,
also notes that no system of internal controls and risk MIT incurred S$598,800 in fees to PwC for services
management can provide absolute assurance against the engaged. These amounts were for audit services, including
occurrence of material errors, poor judgment in decision the Group’s share of audit fees for its joint ventures. There
making, human error, losses, fraud or other irregularities. were no non-audit services relating to advisory services
The AC concurs with the Board’s comments provided in the rendered to the Group in FY23/24;
foregoing. For the financial year ended 31 March 2024, the
Board and the AC have not identified any material weaknesses • review of the quality and reliability of information prepared
in the Group’s internal control and risk management systems. for inclusion in financial reports;
• authority to investigate any matters within its terms of
reference, full access to and co-operation by Management
and full discretion to invite any Director or executive officer
to attend its meetings, and reasonable resources to enable
it to discharge its functions properly;
• making recommendation to the Board on the appointment controls (including financial, operational, compliance
and re-appointment of external auditors; and and information technology controls), and significant
concerns, audit comments and recommendations;
• approval of the remuneration and terms of engagement
of external auditors. • reviews and, if required, investigates the matters
reported via the whistle-blowing mechanism, by which
In addition, the AC also:
employees may, in confidence, raise concerns about
• reviews significant financial reporting issues and suspected improprieties including financial irregularities.
judgements so as to ensure the integrity of the financial The objective of the whistle-blowing mechanism is to
statements of the Group and any formal announcements ensure that arrangements are in place for independent
relating to the Group’s financial performance; investigations of any reported matters and reviews of
such investigations, to ensure appropriate follow-up
• reviews at least annually the adequacy and effectiveness of
actions are taken; and
the Group’s internal controls and risk management systems;
• discusses during the AC meetings, any changes to
• reviews the assurance from the CEO and the CFO on the
accounting standards and issues which have a direct
financial records and financial statements;
impact on the financial statements.
• meets with the external and internal auditors, without the
presence of Management, at least once a year to review and
discuss the financial reporting process, system of internal
In the review of the financial statements, the AC has discussed with Management the accounting principles that were
applied and their judgment of items that might affect the integrity of the financial statements. The following significant
matter impacting the financial statements was discussed with Management and the external auditor and reviewed by the AC:
Key Audit Matter How This Issue was Addressed by the AC
Valuation of The AC considered the valuation methodologies, assumptions and outcomes applied by MIT’s
investment properties independent valuers in determining the valuation of the investment properties. The AC discussed
the details of the valuation with the independent valuers and Management and considered
the results of work performed and assessment by the external auditor.
The AC was satisfied with the appropriateness of the valuation methodologies, assumptions
and outcome applied by the independent valuers and disclosed in the financial statements.
The valuation of investment properties is also an area of focus for the external auditor. The
external auditor has included this item as a key audit matter in its audit report for the financial
year ended 31 March 2024.
The AC will work with the Management to closely monitor the situation and deliberate over
the review of property values as and when deemed necessary.
A total of five AC meetings were held in FY23/24. The AC is consulted and provides objective feedback to the
AC of the Sponsor on the hiring, removal, remuneration and
The Manager, on behalf of the Group, confirms that the evaluation of the Head of Internal Audit. The Sponsor’s Internal
Group has complied with Rules 712 and 715 of the Listing Audit Department (including the Head of Internal Audit) has
Manual in relation to the Group’s auditing firm. unfettered access to all of the Group’s documents, records,
properties and personnel, including access to the AC and has
Internal Audit appropriate standing within the Group.
Our Policy and Practices The role of the Sponsor’s Internal Audit Department is
The Manager adopts the principle that a robust system of to conduct internal audit work in consultation with, but
internal audits is required to safeguard Unitholders’ interests, independently of, Management. Its annual audit plan
the Group’s assets, and to manage risks. Apart from the AC, and audit findings are submitted to the AC for review and
other Board committees may be set up from time to time to approval respectively. The AC also meets with the Head of
address specific issues or risks. Internal Audit at least once a year without the presence
of Management.
The internal audit function of the Group is outsourced to
the Sponsor’s Internal Audit Department and the Head of The Sponsor’s Internal Audit Department subscribes to, and
Internal Audit reports directly to the AC Chairman of both is in conformance with, the International Standards for the
the Manager and the Sponsor. Professional Practice of Internal Auditing developed by the IIA
(the “IIA Standards”) and has incorporated these standards
into its audit practices.

The IIA Standards cover requirements on: To this end, the Manager issues via SGXNET announcements
and press releases on the Group’s latest corporate
• independence and objectivity; developments on an immediate basis where required by the
• proficiency and due professional care; Listing Manual. Where immediate disclosure is not practicable,
the relevant announcement will be made as soon as possible to
• managing the internal audit activity;
ensure that all stakeholders and the public have equal access
• engagement planning; to the information.
• performing engagement; The public can access the electronic copy of the Annual
• communicating results; and Report and the Sustainability Report via SGXNET and MIT’s
website. All Unitholders will receive a booklet containing the
• monitoring progress. instructions on accessing the Annual Report online with the
The Sponsor’s Internal Audit Department employees involved option of receiving a printed version of the Annual Report,
in information technology audits are Certified Information a notice of annual general meeting and a proxy form with
System Auditors and members of the Information System instructions on the appointment of proxies. The notice of
Audit and Control Association (the “ISACA”) in the United annual general meeting is also published via SGXNET and
States. The ISACA Information System Auditing Standards MIT’s website as well as in the newspaper.
provide guidance on the standards and procedures to apply
An annual general meeting is held once a year to provide
in information technology audits.
a platform for Unitholders to interact with the Board and
To ensure that the internal audits are performed by competent Management, in particular the Chairman of the Board, the
professionals, the Sponsor’s Internal Audit Department Chairman of the AC, the CEO and the CFO. The external
recruits and employs qualified employees. To ensure that auditors are also present to address Unitholders’ queries
their technical knowledge remains current and relevant, the about the audit and the financial statements of the Group.
Sponsor’s Internal Audit Department identifies and provides
The Manager will be conducting MIT’s 14th annual general
training and development opportunities to the employees.
meeting physically and arrangements will be put in place to
The Sponsor’s Internal Audit Department conducts internal allow Unitholders to participate in the meeting. Please refer
quality assurance reviews annually to ensure that its audit to the notice of annual general meeting dated 18 June 2024
activities conform to the IIA Standards and the Code of Ethics. for further information.
This is in addition to the external quality assurance reviews
A record of the Directors’ attendance at the AGM can be
(“QAR”) conducted every five years under the IIA Standards.
found in the record of their attendance of meetings set out
The most recent external QAR was completed in 2023 and
on pages 82 to 83 of this Annual Report.
it was assessed that the Group’s internal audit function is
in conformance with the IIA standards. The next external Provision 11.4 of the Code requires an issuer’s constitutive
QAR will be conducted in 2028. documents to allow for absentia voting at general meetings
of Unitholders. The Trust Deed currently does not provide
For FY23/24, the AC is of the opinion that the
for absentia voting which may be considered by the Manager
internal audit function is independent, effective and
following careful study to ensure that the integrity of
adequately resourced.
information and authentication of the identity of Unitholders
through the web are not compromised and legislative changes
(D) UNITHOLDER RIGHTS AND ENGAGEMENT are effected to recognise remote voting. The Manager is of
the view that despite the deviation from Provision 11.4 of the
Unitholder Rights and Conduct of General Meetings Code, its current practice remains consistent with Principle
Principle 11: Fair and equitable treatment of all 11 of the Code as a whole because Unitholders nevertheless
Unitholders have opportunities to communicate their views on matters
affecting the Group even when they are not in attendance at
Engagement with Unitholders general meetings. For example, in an ordinary meeting setting
(i.e. physical meetings), Unitholders may appoint proxies to
Principle 12: Regular, effective and fair
attend, speak and vote, on their behalf, at general meetings.
communication with Unitholders Unitholders such as nominee companies, which provide
custodial services for securities, are not constrained by the
two-proxy limitation and are able to appoint more than two
The Manager adopts the principle that all Unitholders proxies to attend, speak and vote at general meetings. Where
should be treated fairly and equitably in order to enable a general meeting is convened, all Unitholders are entitled to
them to exercise their ownership rights arising from their receive a circular enclosing a proxy form with instructions
unitholdings and have the opportunity to communicate on the appointment of proxies. The Manager informs the
their views on matters affecting MIT. The Manager provides Unitholders of the rules governing the general meetings; prior
Unitholders with regular, balanced and clear assessments to voting at an annual general meeting or any other general
of MIT’s performance, position and outlook. meeting, the voting procedures will be made known to the
Unitholders to facilitate them in exercising their votes.
To safeguard Unitholders’ interests and rights, a separate (E) MANAGING STAKEHOLDER RELATIONSHIP
resolution is proposed for each substantially separate
issue at an annual general meeting and any other general Engagement with Stakeholders
meeting. Each resolution proposed at an annual general
Principle 13: Balance needs and interests of various
meeting and any other general meeting will be voted on by
way of electronic polling. An independent scrutineer is also stakeholders
appointed to validate the vote tabulation and procedures.
The Manager will announce the results of the votes cast for
and against each resolution and the respective percentages The Manager adopts the principle that to build confidence
and prepare minutes of such meetings. among stakeholders, there is a need to balance the needs
and interests of material stakeholders as part of the overall
The Manager has an Investor Relations Department which strategy to ensure MIT’s best interests. Aligned with the
works with the Legal and Corporate Secretariat Department Group, the Manager remains committed to sustainability
of the Sponsor to ensure the Group’s compliance with the by being environmentally and socially responsible while
legal and regulatory requirements applicable to listed REITs, incorporating key principles of corporate governance in
as well as to incorporate best practices in its investor relations MIT’s business strategies and operations.
programme. To keep the Board abreast of market perception
and concerns, the Investor Relations Department provides The Sustainability Report provides the Group’s approach in
regular updates on analyst and investor feedback. identifying its material stakeholders, as well as prioritising
and addressing stakeholders’ concerns. The Sustainability
The Manager’s Investor Relations policy prioritises proactive Report also sets out the key areas of focus in relation to the
engagement and timely and effective communication with its management of stakeholder relationships for the financial
stakeholders. The Manager regularly communicates major year ended 31 March 2024.
developments in the Group’s businesses and operations to
Unitholders, investors, analysts and the media through the
issuance of announcements and press releases. In addition,
all announcements and press releases are first made on
SGXNET and subsequently on MIT’s website. The Manager
also communicates with MIT’s investors on a regular basis
through group/individual meetings with investors, investor
conferences and non-deal roadshows. The Manager’s CEO
and CFO are present at briefings and communication sessions
to answer questions from investors. Investor presentation
slides used during conferences and roadshows are uploaded
to ensure Unitholders are up to date with discussions. “Live”
audio webcasts of analyst briefings are conducted, where
practicable. Stakeholders can subscribe for email alerts to
receive the latest updates on the Group and also contact the
Investor Relations Department via a dedicated email address.
Further details on the Manager’s investor relations activities
and efforts are found on pages 106 to 108 of this Annual
Report and the Investor Relations Policy on MIT’s website.
Minutes of general meetings recording the substantive and

relevant comments made and questions raised by Unitholders
are available to Unitholders for their inspection upon request.
Minutes of the general meetings (which record substantial
and relevant comments and queries from Unitholders and the
response from the Board and Management) are also available
on MIT’s website at www.mapletreeindustrialtrust.com.
MIT’s distribution policy is to distribute at least 90% of its

taxable income and such distributions are typically paid on
a quarterly basis. For FY23/24, MIT made four distributions
to Unitholders.

Risk Management
Risk management is an integral part Risk Governance and Assurance The Risk Management Department
of the Manager’s business strategy to of the Sponsor works closely with
The Board is responsible for overseeing the Manager to design, implement
deliver sustainable and growing returns.
the governance of risks and ensuring and improve the ERM framework in
To safeguard and create value for
that the Manager implements sound accordance with market practices
Unitholders, the Manager proactively
risk management and internal control and regulatory requirements, under
takes steps to anticipate and manage
practices. The Board also approves the guidance and direction of the AC
potential risks and incorporates risk
the risk appetite, which sets out the and the Board.
management process into the planning
nature and extent of material risks
and decision-making process.
that can be taken to achieve MIT’s During the financial year, the Manager,
business objectives. The Board, which supported by the Sponsor’s Risk
Enterprise Risk Management is supported by the AC, reviews the risk Management Department, enhanced
Framework strategy, material risks and risk profile. its Control Self-Assessment to a
The Manager’s ERM framework risk-focused Risk and Control Self-
The Manager is responsible for directing Assessment (“RCSA”) to ensure that
is adapted from the International and monitoring ERM implementation
Organisation for Standardisation material risks are being effectively
and practices. The Manager adopts a managed. The RCSA also serves to
(ISO) 31000 Risk Management and is top-down and bottom-up approach
benchmarked against other relevant strengthen risk awareness and foster
that enables systematic identification risk and control ownership.
best practices and guidelines. The ERM and assessment of material risks
framework is also reviewed annually to based on the business objectives Separately, the Internal Audit function
ensure that it is up-to-date, relevant, and strategies, and continuous reviews the effectiveness of the risk
and practical in identifying, assessing, communication and consultation with management and internal control
treating, monitoring, and reporting on internal and external stakeholders. systems, as well as the effectiveness
key risks. of the controls in place to manage
material risks.
Risk-Aware Culture
A strong “risk-aware” culture serves as
a strong foundation for the effective
implementation of a risk management
programme. Therefore, the Manager is
Business Objectives committed to inculcating a strong risk-
and Strategies aware culture by setting the right tone
at the top and providing continuous
Board, Audit and Risk Committee, support for risk management. The Risk
Management Oversight Management Department, through its
engagement with various stakeholders,
Risk Universe, Risk Appetite and Risk Culture raises awareness of risks and facilitates
the management of material risks.
Key Risks
Strategic | Financial | Operational | Technology | Compliance | Environmental
Robust Measurement
and Analysis
Risk Risk The Manager’s financial risk
Business
Identification Assessment measurement framework is based on
Technology and Processes
Units Value-at-Risk (“VaR”), a methodology

(1st Line) which measures potential losses
arising from property market and
macroeconomic risks based on adverse
People
Integrated
historical movements in rental rates,
Risk
occupancy rates, capital values, interest
Management rates and foreign currency exchange
Internal Corporate rates. It takes into consideration
Risk Audit Units Risk changes in the market environment
(3rd line) (2nd Line) and asset cashflows, enabling the
Monitoring Treatment
Manager to quantify the benefits of
and Reporting
diversification across the portfolio.
The framework also measures other
risks, such as development, marketing,
Risk Assurance refinancing and tenant-related risks,
Independent Audit | Key Risk Indicators | Risk and Control Self-Assessment wherever feasible.
Risk Management
The Manager recognises the limitations on markets with robust underlying liquid reserves to fund operations,
of statistically-based analysis that rely economic fundamentals and where the meet short-term obligations and
on historical data. Therefore, MIT’s Manager has operational scale. refinancing requirements, and achieve
portfolio is subject to stress tests and a well-staggered debt maturity profile.
scenario analyses to analyse the impact Financial For more information, please refer to
of changing assumptions so as to better The Manager is exposed to financial the Corporate Liquidity and Capital
understand the level of resilience that risks such as counterparty risk, foreign Resources section on pages 78 to 80
the business may demonstrate amid of this Annual Report.
exchange risk, liquidity risk and interest
adverse situations.
rate risk. The Manager also maintains sufficient
financial flexibility and adequate debt
Risk Identification and Prior to investment (where relevant) or
headroom for MIT to fund future
Assessment onboarding of sizeable tenants, credit
acquisitions and development projects.
assessments are conducted on tenants
The Manager’s ERM framework In addition, the Manager monitors and
to assess and mitigate their credit
includes identifying key risks, assessing mitigates bank concentration risks by
risks. On an ongoing basis, tenants’
their likelihood and impact on the having a well-diversified funding base.
credit worthiness is closely monitored
business, and establishing mitigating Coupled with regular reverse stress
by the Manager’s Asset Management
controls, taking into account the cost- tests, the limits on MIT’s aggregate
Department and arrears are managed
benefit trade-off. The information is leverage ratio and adjusted interest
by the Credit Control Committee,
maintained in a risk register that is coverage ratio are observed and
who meets regularly to review debtor
reviewed and updated regularly. The monitored to ensure compliance with
balances. To further mitigate credit
key risks identified include but are not the MAS Property Funds Appendix.
risks, security deposits in the form
limited to:
of cash or banker’s guarantees are Investment and divestment
collected from prospective tenants The risks arising from investment and
Sector and market
prior to the commencement of leases divestment activities are managed
MIT’s portfolio could be exposed to where applicable. through a rigorous and structured
various market factors or conditions
Where feasible, after taking into approach. All acquisitions and
such as competition, supply and
account cost, tax and other relevant divestments are aligned with MIT’s
demand dynamics, changing
considerations, the Manager borrows investment strategy. Evaluation of
trends including the shift towards
in the same currency as the underlying investment risks includes comprehensive
hybrid/flexible work arrangements.
due diligence, and sensitivity analysis
The Manager monitors market assets to provide a natural hedge,
performed for each acquisition on
developments and trends, assesses and/or hedges through derivatives,
all key project variables to test the
their implications and formulates plans whenever appropriate. The VaR
robustness of the assumptions used.
and pre-emptive strategies accordingly. methodology and sensitivity analysis
Independent risk assessments for
In addition, the Manager monitors are utilised to assess potential impact
significant acquisitions are conducted by
existing tenants’ performance and on balance sheet arising from any
the financial risk function and included
adopts a flexible leasing strategy to unhedged foreign exchange risks. To
in the investment proposals submitted
maintain a high portfolio occupancy. provide investors with a reasonable
to the Board for approval. All investment
degree of income stability against
and divestment proposals are subject to
Economic and geopolitical foreign exchange volatility, a large
rigorous scrutiny by the Management, in
Given the geographical diversity of proportion of income receivable from
accordance with the Board’s approved
its business, MIT’s portfolio could be overseas assets is hedged into SGD
delegation of authority.
exposed to various key macroeconomic using forward contracts.
and geopolitical factors or events Upon receiving approval from the
The Manager actively reviews and Board, investment proposals are
such as interest rate hikes, prolonged manages the level of interest rate risk
inflation, trade wars, political instability submitted to the Trustee, which serves
by borrowing at a fixed rate or hedging as the final approving authority for all
and changes in government policies
through interest rate derivatives, investment decisions.
impacting the real estate sector. The
where appropriate and upon taking
Manager remains vigilant and actively The Trustee also monitors the
into account the costs involved. At
monitors the macroeconomic trends, compliance of the Manager’s executed
the portfolio level, the risk impact
economic and political developments investment transactions with the
of interest rate volatility on value is
in key markets, conducts rigorous real Listing Manual of the Singapore
quantified, monitored, and reported
estate market research and assesses Exchange Securities Trading Limited,
quarterly using the VaR methodology
their implications on the business, the MAS Property Funds Appendix and
and sensitivity analysis.
and formulates plans and pre-emptive the provisions in the Trust Deed.
strategies accordingly. The Manager also The Manager actively monitors
maintains a well-diversified portfolio MIT’s cashflow position and funding
across geographies and focuses requirements to ensure sufficient

Business disruption Information technology, carbon emissions reduction, and water

In the event of unforeseen catastrophic cybersecurity, and data protection and energy efficiency. It will continue its
events including natural disasters such Concerns over the threat posed by efforts to adopt renewable energy sources
as earthquakes, floods, typhoons and cybersecurity attacks have risen as and attain green building certifications
pandemics, or man-made disruptions such attacks become increasingly where feasible. Environmental risk due
such as cybersecurity attacks, riots and prevalent and sophisticated. Policies diligence is incorporated as part of the
deliberate sabotage, the Manager has and procedures governing information Manager’s investment considerations
a business continuity plan as well as a availability, control, and governance, as and exposure scans to physical risks
crisis communication plan to resume well as data security are established to of existing properties are conducted
business operations with minimal protect MIT's data. A disaster recovery periodically. The Manager also monitors
disruption and loss. MIT’s properties plan is in place and tested annually to changes in climate regulations and
are insured in accordance with industry ensure business recovery objectives engages stakeholders in ESG initiatives
norms in their respective jurisdictions are met. All employees are required and discussions proactively.
and benchmarked against those in to complete cybersecurity awareness
Singapore. training to help their understanding on Rigorous Monitoring and Control
the risks and threats associated with The Manager has developed key risk
Fraud and corruption cyberattacks. On top of monitoring indicators that can serve as an early-
The Manager maintains a zero- the Manager's network for potential warning system to highlight risks that
tolerance policy towards unethical security threats, network vulnerability are close to exceeding or have exceeded
business practices or conduct, fraud, assessments and penetration testing agreed thresholds.
and bribery. The Manager also has a are also conducted regularly to ensure
whistle-blowing policy that allows cybersecurity measures continue to Every quarter, the Sponsor’s Risk
employees and stakeholders to raise be effective. Management Department presents
any serious unethical concerns, a comprehensive report to the Board
suspected fraudulent activities and Legal and regulatory and the AC, updating on the status and
bribery, dangers, risks, malpractices, changes to key risk indicators, portfolio
The Manager is committed to complying
or wrongdoings in the workplace risk profile and the results of stress
with the applicable laws and regulations
while protecting them from reprisals testing scenarios.
of the various jurisdictions in which
through a clearly defined process MIT operates. Non-compliance may
and independent feedback channel. result in litigation, penalties, fines,
Employees are required to comply with or revocation of business licenses.
the policies and procedures, including The Manager identifies applicable
policies on ethics and code of conduct, laws and regulatory obligations and
gifts and entertainment, safe work ensures compliance with these laws
practices and professional conduct. If and regulations in its day-to-day
an employee is found guilty of fraud, business processes. The Manager also
dishonesty, or criminal conduct in keeps track of and assesses upcoming
relation to his/her employment, the changes in applicable laws and
Manager reserves the right to take regulations of the various jurisdictions
appropriate disciplinary action, in which MIT operates.
including termination of employment.
Climate (physical and transition)
Health and safety
The Manager is exposed to physical
The Manager places utmost importance risks such as rising sea levels, coastal
on the health and safety of its flooding, and additional hot and cold
stakeholders. Safety practices such days, as well as transition risks that
as fire emergency plan and regular can result in increased carbon tax,
checks on fire protection systems higher energy prices and more stringent
have been incorporated in MIT’s building design requirements.
Standard Operating Procedures.
Checks on required certificates and The Manager is committed to
permits are also performed regularly implementing the Mapletree Group’s
to ensure compliance with regulatory net zero by 2050 roadmap to
requirements. To ensure continual minimise MIT’s business impact on
improvement, the Manager monitors the environment and to alleviate any
the safety and well-being of its potential impact of climate change on
employees and contractors working at its business. This entails implementing
the properties and sites, and promptly robust climate risk mitigation strategies
highlights and addresses any potential to shift towards a low carbon business
safety risks that may arise. model. The Manager sets targets for
Sustainability
FY23/24 Sustainability Highlights
Safeguarding Against Impact of Climate Change
22.6% and 26.1% 4 initiatives on water conservation

reduction in average building
electricity intensity and Scope 2
greenhouse gases (“GHG”) 4 recertifications of BCA
emissions intensity for Green Mark Gold Awards
Singapore properties from FY19/20
3,492 kWp 1.8 million kWh

total solar generating capacity annual energy savings from
installed across LED lighting upgrades in 46 properties
10 property clusters across 27 clusters in Singapore
Enhancing Social Value in the Workplace and Community
Organised 7 S$12,535 Average training 98.3%

tenant events hours per employee employees
raised from
MIT CSR 50.8 hours received
initiative professional
training relating
to ESG topics
Employee Top 10 Women held

Engagement Survey Companies 68.8% of
with a response rate of in Singapore for management
98% Gender Equality positions
in 2024 by Equileap
Upholding High Ethical Standards
GRESB Public
Disclosure Level ‘A’ Internal Review Morningstar Sustainalytics
ESG Risk Ratings
of sustainability
reporting 13.6 Low Risk
process completed
MSCI ESG Rating BBB
(Upgraded from BB rating)
Zero material
Zero incidences of incidences of
non-compliance with non-compliance with
64% anti-corruption laws relevant laws and
Independent and regulations regulations
Directors on Board

Sustainability Governance
Board of Directors of Mapletree Industrial Trust Management Ltd.
• Oversees sustainability strategy and sustainability reporting

• Approves and monitors progress of sustainability targets and performance
• Receives updates on critical ESG issues
• Determines risk strategy and governance, including those related to climate-related
risks and opportunities
CEO of Mapletree Mapletree Group's Sustainability Steering Committee ("SSC")

Industrial Trust
Management Ltd. • Co-chaired by Deputy Group CEO and Group Chief Corporate Officer
(“CCO”) of Mapletree Group
• Spearheads the development of policies and initiatives that are aligned
to Mapletree Group's sustainability strategy
• Sets targets and drives sustainability initiatives
• Evaluates management approach to assess the effectiveness and
relevance of existing policies and measures
Mapletree Group's Sustainability Working Committee ("SWC")

Sustainability
Representatives • Comprises representatives from various business units and
corporate functions
• Implements, executes, and monitors sustainability plans, policies
and practices
Country ESG Committees
• Champions and supports sustainability initiatives in each country where

MIT operates
MIT’s sustainability approach is closely aligned with that of the Sponsor’s, and its performance is
benchmarked against the Sponsor’s and industry peers. The Manager is committed to broadening its
business focus beyond financial returns to incorporate ESG considerations. It strives to build strong
relationships with its stakeholders through the following key activities:
Mapletree ESG Framework
Building a Resilient Business
Creating Value and Delivering Sustainable Returns to Stakeholders

while Contributing to Sustainable Development
Safeguarding against Enhancing social value in the Upholding high ethical

impact of climate change workplace and community standards
By supporting the transition By ensuring the health and safety By conducting its business
to a low carbon economy of employees and stakeholders, in an ethical manner and in
through sustainable investment, focusing on diversity and inclusion compliance with all applicable
development, and operations of its workforce and supporting the laws and regulations
communities in which it operates
Sustainability
Net Zero Progress 6 Compensate and Neutralise

Together with the Mapletree Group, MIT supports
the Paris Agreement and Singapore’s net zero
ambitions. Mapletree’s journey to Net Zero by 2050 Invest in nature-based
was initiated in FY21/22 and marked a significant solutions
milestone in the Mapletree Group’s sustainability
strategy. To achieve this target, a detailed Net Zero
Roadmap will be developed for MIT. The roadmap Procure carbon credits
for residual emissions
will set a carbon baseline, map out a decarbonisation
trajectory, establish progressive interim targets and
develop comprehensive strategies for every sector
of MIT’s operations. While this roadmap is being
refined, MIT is dedicated to integrating sustainability
into its operations, thereby ensuring steadfast
progress towards the medium-term 2030 targets.
4 Formulate Decarbonisation
Pathway and Derisk Portfolio
Set intermediate
net zero targets
Conduct quantitative
climate risk assessment
1 Lay the Foundation
Establish
carbon baseline
Roll out sustainability

policies across the real
estate value chain
Implement an environmental
data management system

5 Leverage Decarbonisation Levers
Improve energy Install rooftop Procure Establish Launch Roll out

efficiency of solar systems renewable embodied carbon Supplier Code sustainability
properties energy framework of Conduct clauses for leases
3 Enhance Stakeholder
Engagement on ESG
Train employees
Engage tenants,
investors and
suppliers
2 Enhance Sustainability
Disclosures and Benchmarking
Broaden coverage of
sustainability and climate
reporting
Benchmark performance
through real estate sustainability
benchmarks such as GRESB
Investor Relations
The Manager proactively maintains booth displays of participating REITs and Strong Support from Investors
timely, fair and effective communications educational talks on the REITs sector.
The Manager engaged the investment
with its stakeholders.
MIT is a member of REITAS. The Manager community on MIT’s maiden acquisition
actively participates in seminars and of a data centre in Osaka, Japan
Proactive Engagement conferences organised by REITAS to through virtual analyst and investor
with Stakeholders promote understanding and investment briefings. Such engagements enabled
During the financial year, the Manager in Singapore REITs. Management to share about the rationale
continued to engage the investment for expanding MIT’s presence into a new
community through multiple MIT convened its 13th Annual General
geographical market and key investment
channels including meetings, investor Meeting physically on 19 July 2023,
proposition of the acquisition.
conferences and property tours. The which was attended by 194 Unitholders
Manager physically participated in eight and their proxies. Unitholders were The Manager successfully raised gross
investor conferences and investor events invited to submit questions and appoint proceeds of about S$204.8 million via a
in Singapore, Hong Kong SAR, Japan, the Chairman as proxy to exercise private placement for MIT’s acquisition
Bangkok and Seoul. Such engagements their voting rights in advance of the of the Osaka Data Centre. The private
enabled Management to provide regular meeting. The Manager’s responses to placement was approximately 4.5 times
updates to the investment community all substantial and relevant questions covered at the top end of the issue price
about MIT’s strategy and developments and the minutes of the meeting were range of S$2.212 per new unit. This
as well as to seek their feedback on MIT’s published through SGXNET and MIT’s underscored the strong support for
performance. The Manager met with website. the acquisition from a broad spectrum
140 institutional investors in FY23/24. of investors.
The Manager holds quarterly analyst
The Manager regularly organises teleconferences and briefings on
property tours for investors and analysts MIT’s financial results. The “live” Timely and Transparent
to help them understand MIT’s portfolio. audio webcasts of MIT’s half-year Disclosures
Analyst and investor briefings on and full-year financial results allow All announcements and press releases
4Q and FY22/23 results were held Management to address online queries
are published promptly through
at MIT’s latest redevelopment project from the investment community. These
SGXNET and MIT’s website. Information
at 163 Kallang Way to deepen the recordings are available for download
including annual reports, investor
investment community’s understanding on MIT’s website.
presentations and portfolio information
of MIT’s strategy in growing the Hi-Tech is updated regularly on MIT’s website.
On 30 November 2023, the Manager
Buildings segment.
jointly hosted sell-side analysts Stakeholders can subscribe for email
As part of its outreach efforts with for Mapletree’s Year-End Analysts alerts to receive the latest updates
retail investors, the Manager continued Gathering with Mapletree Logistics on MIT and contact the Investor
to participate in the Singapore REITs Trust and Mapletree Pan Asia Relations Department via a dedicated
Symposium, jointly organised by Commercial Trust. This was an email address. Substantial Unitholders
ShareInvestor, Investing Note and REIT opportunity for management teams can promptly report any changes in
Association of Singapore (“REITAS”). The from all Mapletree REITs to engage their unitholdings in MIT through a
in-person event on 20 May 2023 involved analysts in an informal setting. dedicated email address.
Unitholdings Unitholdings of Institutional Investors

by Investor Type by Geography
As at 31 March 2024 As at 31 March 2024
29.7% 4.3% 10.4% 9.3% 0.1% 34.0%
Institutional Investors1 North America

The Sponsor Asia (excluding Singapore)
and Related Parties Singapore
Retail Investors2 United Kingdom
Others3 Europe
(excluding United Kingdom)
Rest of the World
26.1% 39.9% 22.9% 23.3%

1
Institutional investors include private bank clients.
2
Retail investors include investors whose unitholdings are less than 300,000 units.
3
Others include corporates and custodians.

RESEARCH COVERAGE
13 equity research houses provide research coverage on MIT
as at 31 March 2024.
1. Bank of America 8. J.P. Morgan Securities
2. CGS International 9. Maybank Kim Eng Research
3. Citigroup Research 10. Morgan Stanley
4. CLSA 11. Morningstar
5. DBS Bank 12. UBS Securities
6.
Goldman Sachs Global 13. UOB Kay Hian
Investment Research
7. HSBC Global Research
INVESTOR RELATIONS CALENDAR
2023
Apr – Jun • Analyst Briefing and “Live” Audio Webcast for

4Q and FY22/23 Results at Mapletree Hi-Tech
Park @ Kallang Way
• Post 4Q and FY22/23 Results Investor Luncheon
at Mapletree Hi-Tech Park @ Kallang Way Hosted
by DBS Bank
• Singapore REITs Symposium 2023, Singapore
• Citi's Asia-Pacific Property Conference 2023,
Hong Kong SAR
Jul – Sep • Annual General Meeting 2022/2023, Singapore

• Analyst Teleconference for 1QFY23/24 Results
• Daiwa ASEAN Day, Tokyo
• Mapletree REITs Day, Bangkok Organised by DBS Bank
Oct – Dec • Analyst Teleconference and “Live” Audio Webcast

for 2Q and 1HFY23/24 Results
• Post 2Q and 1HFY23/24 Results Investor Luncheon
Hosted by Goldman Sachs Global Investment Research
• Morgan Stanley Twenty-Second Annual
Asia Pacific Summit, Singapore
• Mapletree's Year-End Analysts Gathering, Singapore
2024
Jan – Mar • Analyst Teleconference for 3QFY23/24 Results

• SGX-NHIS-DBS S-REITs Corporate Day 2024, Seoul
Investor Relations
FINANCIAL CALENDAR
FY23/24 FY24/251
Announcement of First Quarter 26 Jul 2023 Jul 2024 Read more about
Financial Results MIT’s Investor
Relations Policy
Payment of First Quarter Balance 5 Sep 20232 Sep 2024
Distribution to Unitholders
Announcement of Second Quarter 25 Oct 2023 Oct 2024
Financial Results
To subscribe to the latest news
Payment of Second Quarter 5 Dec 2023 Dec 2024
on MIT, please visit
www.mapletreeindustrialtrust.com.
Announcement of Third Quarter 25 Jan 2024 Jan 2025
For enquiries, please contact:
Financial Results
Payment of Third Quarter 7 Mar 2024 Mar 2025 Investor Relations and Sustainability
Distribution to Unitholders Ms Melissa Tan
Announcement of Full Year 25 Apr 2024 Apr 2025 Director
Financial Results Investor Relations and Sustainability
Mapletree Industrial Trust Management Ltd.
Payment of Fourth Quarter 10 Jun 2024 Jun 2025
10 Pasir Panjang Road
#13-01 Mapletree Business City
Singapore 117438
T: (65) 6377 6113
E: ir_industrial@mapletree.com.sg
Substantial Unitholders Notification

E: _MIT_disclosure@mapletree.com.sg
Unit Registrar
Boardroom Corporate &
Advisory Services Pte. Ltd.
1 Harbourfront Avenue
#14-07 Keppel Bay Tower
Singapore 098632
T: (65) 6536 5355
F: (65) 6438 8710
Engagement with Unitholders at MIT’s 13th Annual General Meeting. E: srs.teamd@boardroomlimited.com
Unitholder Depository
For depository-related matters such as
change of details pertaining to Unitholders’
investment records, please contact:
The Central Depository (Pte) Limited

9 North Buona Vista Drive
#01-19/20 The Metropolis
Singapore 138588
T: (65) 6535 7511
E: asksgx@sgx.com
W: www.sgx.com/cdp
Engagement with investors at Singapore REITs Symposium 2023.
1
Subject to changes.
2
An advance distribution of 2.48 Singapore cents per Unit for the period from 1 April
2023 to 5 June 2023 was paid to Unitholders on 6 July 2023. The balance DPU of 0.91
Singapore cent from 6 June 2023 to 30 June 2023 was paid to Unitholders on 5 September
2023.

Financial Statements
> FINANCIALS AND OTHERS
Report of The Trustee 110
Statement by The Manager 111
Independent Auditor’s Report 112
Financial Statements
Statements of Profit or Loss 116
Statements of Comprehensive
Income 117
Statements of Financial Position 118
Distribution Statements 119
Consolidated Statement
of Cash Flows 121
Statements of Movements in
Unitholders’ Funds 123
Portfolio Statement 124
Notes to the Financial Statements 138
Report of The Trustee

For the financial year ended 31 March 2024
DBS Trustee Limited (the “Trustee”) is under a duty to take into custody and hold the assets of Mapletree Industrial Trust
(“MIT”) and its subsidiaries (the “Group”) in trust for the holders (“Unitholders”) of units in MIT. In accordance with the
Securities and Futures Act 2001, its subsidiary legislation and the Code on Collective Investment Schemes (collectively
referred to as the “laws and regulations”), the Trustee shall monitor the activities of Mapletree Industrial Trust Management
Ltd. (the “Manager”) for compliance with the limitations imposed on the investment and borrowing powers as set out
in the trust deed dated 29 January 2008 (as amended by the Supplemental Deed of Change of Name of the Trust dated
8 April 2008, Second Supplemental Deed dated 17 June 2008, Amended and Restated Second Supplemental Deed dated
20 May 2009, Supplemental Deed of Appointment and Retirement of Manager dated 27 September 2010, Supplemental
Deed of Appointment and Retirement of Trustee dated 27 September 2010, Second Amending and Restating Deed dated
27 September 2010, Third Amending and Restating Deed dated 28 June 2016, and Fifth Supplemental Deed dated
24 May 2018) (the “Trust Deed”) between the Trustee and the Manager in each annual accounting period and report
thereon to Unitholders in an annual report.
To the best knowledge of the Trustee, the Manager has, in all material respects, managed MIT and the Group during the
financial year covered by these financial statements, set out on pages 116 to 198, in accordance with the limitations
imposed on the investment and borrowing powers set out in the Trust Deed.
For and on behalf of the Trustee

DBS Trustee Limited
Chan Kim Lim

Director
Singapore, 16 May 2024

Statement by The Manager

In the opinion of the directors of Mapletree Industrial Trust Management Ltd., the accompanying financial statements
of Mapletree Industrial Trust (“MIT”) and its subsidiaries (the “Group”), as set out on pages 116 to 198, comprising the
Statements of Financial Position of MIT and the Group as at 31 March 2024, the Portfolio Statement of the Group as at
31 March 2024, the Statements of Profit or Loss, Statements of Comprehensive Income, Distribution Statements and
Statements of Movements in Unitholders’ Funds for MIT and the Group, the Consolidated Statement of Cash Flows
for the Group and Notes to the Financial Statements for the financial year ended 31 March 2024 are drawn up so as to
present fairly, in all material respects, the financial position of MIT and of the Group as at 31 March 2024 and the financial
performance, amount distributable and movements in unitholders’ funds of MIT and the Group and consolidated cash
flows of the Group for the year ended in accordance with the Singapore Financial Reporting Standards (International)
(“SFRS(I)”), the provisions of the Trust Deed and the relevant requirements of the Code on Collective Investment Schemes
(the “CIS code”) related to financial reporting. At the date of this statement, there are reasonable grounds to believe that
MIT and the Group will be able to meet its financial obligations as and when they materialise.
For and on behalf of the Manager

Mapletree Industrial Trust Management Ltd.
Tham Kuo Wei

Director

Independent Auditor’s Report

To the Unitholders of Mapletree Industrial Trust
(Constituted under a Trust Deed in the Republic of Singapore)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Our Opinion
In our opinion, the accompanying consolidated financial statements of Mapletree Industrial Trust (“MIT”) and its subsidiaries
(the “Group”) and the Statement of Profit or Loss, Statement of Comprehensive Income, Statement of Financial Position,
Distribution Statement and Statement of Movements in Unitholders’ Funds of MIT are properly drawn up in accordance
with SFRS(I) and the applicable requirements of the Code on Collective Investment Schemes (the “CIS Code”) relating to
financial reporting so as to present fairly, in all material respects, the consolidated financial position of the Group and the
financial position of MIT, the consolidated portfolio holdings of the Group as at 31 March 2024, the consolidated financial
performance of the Group and the financial performance of MIT, the consolidated amount distributable of the Group and
the amount distributable of MIT, the consolidated movements of unitholders’ funds of the Group and the movements in
unitholders’ funds of MIT and the consolidated cash flows of the Group for the financial year ended on that date.
What we have audited
The financial statements of MIT and the Group comprise:
• the statements of profit or loss of the Group and MIT for the financial year ended 31 March 2024;
• the statements of comprehensive income of the Group and MIT for the financial year ended 31 March 2024;
• the statements of financial position of the Group and MIT as at 31 March 2024;
• the distribution statements of the Group and MIT for the financial year then ended;
• the consolidated statement of cash flows of the Group for the financial year then ended;
• the statements of movements of unitholders’ funds for the Group and MIT for the financial year then ended;
• the portfolio statement for the Group as at 31 March 2024; and
• the notes to the financial statements, including material accounting policy information.
Basis for Opinion
We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Independence
We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional
Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements
that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the ACRA Code.
Our Audit Approach
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the accompanying
financial statements. In particular, we considered where management made subjective judgements; for example, in respect
of significant accounting estimates that involved making assumptions and considering future events that are inherently
uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among
other matters consideration of whether there are evidence of bias that represented a risk of material misstatement due
to fraud.


Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements for the financial year ended 31 March 2024. These matters were addressed in the context of our audit
of the financial statements, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter How our audit addressed the key audit matter
Valuation of investment properties
Refer to Note 15 - Investment properties of the financial statements. Our audit procedures included the following:
As at 31 March 2024, the carrying value of the Group’s • assessed the competence, capabilities and objectivity
investment properties of $7.8 billion accounted for 90.6% of the external valuers engaged by the Group;
of the Group’s total assets.
• obtained an understanding of the techniques used
The valuation of the investment properties was a key audit by the external valuers in determining the valuations
matter due to the significant judgement in the key inputs of individual investment properties;
used in the valuation techniques. These key inputs include
capitalisation rates and discount rates, which are dependent • discussed the critical assumptions made by the
on the nature of each investment property and the prevailing external valuers for the key inputs used in the valuation
market conditions. techniques;
The key inputs are disclosed in Note 15 to the accompanying • tested the integrity of information, including
financial statements. underlying lease and financial information provided
to the external valuers; and
• assessed the reasonableness of the capitalisation rates

and discount rates by benchmarking these against
prior year inputs and those of comparable properties
based on information available as at 31 March 2024.
We found the external valuers to be members of recognised

bodies for professional valuers. We also found that the
valuation techniques used were appropriate in the context
of the Group’s investment properties and the critical
assumptions used for the key inputs were within the range
of market data.
We have also assessed the adequacy of the disclosures relating

to the critical assumptions as we consider them as likely to
be significant to users of the financial statements given the
estimation uncertainty and sensitivity of the valuations.

Other Information
The Manager is responsible for the other information. The other information comprises the information included in the
Report of the Trustee and Statement by the Manager (but does not include the financial statements and our auditor’s
report thereon), which we obtained prior to the date of this auditor’s report, and other sections of MIT’s Annual Report
2023/2024 (“Other Sections”), which is expected to be made available to us after that date.
Our opinion on the financial statements does not cover the other information and we do not and will not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified
above and, in doing so, consider whether the other information is materially inconsistent with the financial statements
or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s
report, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
When we read the Other Sections, if we conclude that there is a material misstatement therein, we are required to communicate
the matter to the Manager and take appropriate actions in accordance with SSAs.
Responsibilities of the Manager for the Financial Statements
The Manager is responsible for the preparation and fair presentation of these financial statements in accordance with
SFRS(I) and the applicable requirements of the CIS Code relating to financial reporting and for such internal control as the
Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the Manager is responsible for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the Manager either intends to terminate the Group or to cease the Group’s operations, or has no realistic alternative
but to do so.
The Manager’s responsibilities include overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.


Auditor’s Responsibilities for the Audit of the Financial Statements (continued)
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Manager.
• Conclude on the appropriateness of the Manager’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease
to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the financial statements. We are responsible for the direction, supervision
and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Manager with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Manager, we determine those matters that were of most significance in the
audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters
in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Magdelene Chua Wei Zhen.
PricewaterhouseCoopers LLP
Public Accountants and Chartered Accountants
Statements of Profit or Loss

Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
Note $’000 $’000 $’000 $’000
Gross revenue 3 697,332 684,865 395,181 375,621

Property operating expenses 4 (176,289) (166,914) (98,150) (91,320)
Net property income 521,043 517,951 297,031 284,301
Interest income 5 4,751 700 3,612 3,215

Investment income 6 – – 128,483 134,867
Borrowing costs 7 (106,609) (97,599) (24,737) (31,537)
Manager’s management fees
– Base fees (41,849) (40,457) (20,276) (20,273)
– Performance fees (18,838) (18,585) (10,693) (10,235)
Trustee’s fees (1,054) (1,017) (1,045) (1,017)
Other trust expenses 8 (4,655) (7,316) (2,782) (3,070)
Net foreign exchange gain/(loss) 1,778 (1,175) 3,519 (490)
Net gain on divestment of investment properties 3,492 3,759 3,492 –
Net change in fair value of financial derivatives 9 (1,879) 1,519 19,511 1,519
Net fair value loss on investment properties 15(a) (210,826) (110,632) (307) (43,726)
Impairment loss on loans to subsidiaries 20 – – (5,000) (66,272)
Share of joint venture’s results 21
– Net profit after tax 36,486 37,870 – –
– Net fair value (loss)/gain on investment properties (45,199) 30,037 – –
(8,713) 67,907 – –
Profit before income tax 136,641 315,055 390,808 247,282
Income tax expense 10 (16,013) (23,949) – –
Profit for the financial year 120,628 291,106 390,808 247,282
Profit attributable to:

Unitholders 111,036 281,656 381,332 237,832
Perpetual securities holders 9,476 9,450 9,476 9,450
Non-controlling interests 116 – – –
120,628 291,106 390,808 247,282
Earnings per unit
– Basic and diluted (cents) 11 3.94 10.43
The accompanying notes form an integral part of these financial statements.

Statements of Comprehensive Income

Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
Note $’000 $’000 $’000 $’000
Profit for the financial year 120,628 291,106 390,808 247,282

Other comprehensive income/(loss):
Items that may be reclassified subsequently
to profit or loss:
Cash flow hedges
– Fair value gain 26 67,190 72,491 7,989 20,309
– Reclassification to profit or loss (68,001) (20,279) (38,889) (8,372)
Share of hedging reserve of a joint venture 26 (12,743) 4,325 – –
Net translation differences relating to financial
statements of a foreign joint venture and
foreign subsidiaries (21,279) (22,207) – –
Net translation differences relating to shareholder’s
loan (3,836) (4,971) – –
Net currency translation differences on
borrowings designated as net investment hedge
of foreign operations 5,633 5,269 – –
Other comprehensive (loss)/ income, net of tax (33,036) 34,628 (30,900) 11,937
Total comprehensive income 87,592 325,734 359,908 259,219
Total comprehensive income attributable to:

Unitholders 78,124 316,284 350,432 249,769
Perpetual securities holders 9,476 9,450 9,476 9,450
Non-controlling interest (8) – – –
87,592 325,734 359,908 259,219

Statements of Financial Position

As at 31 March 2024
Group MIT
31 March 31 March 31 March 31 March
2024 2023 2024 2023
Note $’000 $’000 $’000 $’000
ASSETS
Current assets
Cash and cash equivalents 12 119,902 146,611 25,398 31,212
Trade and other receivables 13 38,475 26,946 35,617 35,522
Other current assets 14 3,465 2,832 686 370
Derivative financial instruments 24 1,895 2,614 1,895 2,614
163,737 179,003 63,596 69,718
Non–current assets
Investment properties 15(a) 7,847,851 7,658,715 3,942,906 3,977,899
Plant and equipment 16 53 95 53 95
Investments in:
– subsidiaries 19 – – 1,204,849 1,050,074
– a joint venture 21 540,329 598,892 394,377 394,377
Loans to subsidiaries 20 – – 606,969 615,805
Derivative financial instruments 24 108,790 110,097 22,686 32,774
Other non–current assets 3,606 – – –
8,500,629 8,367,799 6,171,840 6,071,024
Total assets 8,664,366 8,546,802 6,235,436 6,140,742
LIABILITIES
Current liabilities
Trade and other payables 22 146,350 158,787 85,895 92,842
Borrowings 23 76,174 176,077 75,059 381
Loans from a subsidiary 23 – – – 174,963
Derivative financial instruments 24 570 205 570 205
Current income tax liabilities 1,839 3,126 – –
224,933 338,195 161,524 268,391
Non-current liabilities
Other payables 22 63,001 50,489 53,887 44,775
Borrowings 23 3,002,464 2,704,960 414,505 603,540
Loans from a subsidiary 23 – – 383,047 184,490
Derivative financial instruments 24 20 217 20 –
Deferred tax liabilities 25 85,216 77,006 – –
3,150,701 2,832,672 851,459 832,805
Total liabilities 3,375,634 3,170,867 1,012,983 1,101,196
Net assets 5,288,732 5,375,935 5,222,453 5,039,546
Represented by:
Unitholders’ funds 4,984,582 5,074,133 4,920,625 4,737,744
Perpetual securities 27(b) 301,828 301,802 301,828 301,802
Non–controlling interest 2,322 – – –
5,288,732 5,375,935 5,222,453 5,039,546
UNITS IN ISSUE (’000) 27(a) 2,834,670 2,739,870 2,834,670 2,739,870
NET ASSET VALUE PER UNIT ($) 1.76 1.85 1.74 1.73

Distribution Statements
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Amount available for distribution to Unitholders at

beginning of the year 95,141 101,067 95,141 101,067
Profit for the year attributable to Unitholders 111,036 281,656 381,332 237,832
Adjustment for net effect of non-tax chargeable
items and other adjustments (Note A) 232,190 46,441 (6,263) 118,817
Cash distribution declared by joint venture 31,843 28,552 – –
Amount available for distribution 375,069 356,649 375,069 356,649
Distribution of gains from divestment 5,391 7,858 5,391 7,858
Distribution to Unitholders:
Distribution of 3.49 cents per unit for the period
from 01 January 2022 to 31 March 2022 – (93,420) – (93,420)
from 01 April 2022 to 30 June 2022 – (93,820) – (93,820)
from 01 July 2022 to 30 September 2022 – (90,861) – (90,861)
from 01 October 2022 to 31 December 2022 – (92,332) – (92,332)
from 01 January 2023 to 31 March 2023 (91,238) – (91,238) –
from 01 April 2023 to 05 June 2023 (67,962) – (67,962) –
from 06 June 2023 to 30 June 2023 (25,780) – (25,780) –
from 01 July 2023 to 30 September 2023 (94,072) – (94,072) –
from 01 October 2023 to 31 December 2023 (95,221) – (95,221) –
Total Unitholders’ distribution (including capital

distribution) (Note B) (374,273) (370,433) (374,273) (370,433)
Amount available for distribution to Unitholders at

end of the year 101,328 95,141 101,328 95,141

Distribution Statements
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Note A:
Adjustment for net effect of non-tax deductible/(chargeable)
items and other adjustments comprise:
– Trustee’s fees 1,054 1,017 1,045 1,017
– Financing related costs 2,746 2,568 2,746 2,568
– Net fair value loss on investment properties 210,826 110,632 307 43,726
– Management fees paid/payable in units 5,599 5,532 5,599 5,532
– Expensed capital items 609 1,615 580 1,017
– Adjustments for rental incentives (5,406) (9,116) 946 3,154
– Net gain on divestment of investment properties (3,492) (3,759) (3,492) –
– Share of joint venture’s results 8,713 (67,907) – –
– Net foreign exchange (gain)/loss (2,035) 854 (3,760) 527
– Deferred tax expense 9,108 14,332 – –
– Net change in fair value of financial derivatives 1,879 (1,519) (19,511) (1,519)
– Impairment loss on loans to subsidiaries – – 5,000 66,272
– Others 2,589 (7,808) 4,277 (3,477)
232,190 46,441 (6,263) 118,817
Note B:
Total Unitholders’ distribution
– Taxable income distribution (263,942) (259,021) (263,942) (259,021)
– Capital distribution (4,450) (2,679) (4,450) (2,679)
– Tax-exempt income (98,050) (100,907) (98,050) (100,907)
– Other gains (7,831) (7,826) (7,831) (7,826)
(374,273) (370,433) (374,273) (370,433)

Consolidated Statement of Cash Flows

Group
FY23/24 FY22/23
Note $’000 $’000
Cash flows from operating activities

Profit for the financial year after income tax 120,628 291,106
Adjustments for:
– Borrowing costs 7 106,609 97,599
– Income tax expense 10 16,013 23,949
– Net foreign exchange differences (7,281) (79)
– Manager’s management fees paid/payable in units 5,165 5,862
– Write back for impairment of trade receivables (164) (1,176)
– Bad debts written off 95 641
– Net change in fair value of financial derivatives 1,879 (1,519)
– Depreciation and amortisation 16 42 59
– Interest income 5 (4,751) (700)
– Gain on divestment of investment properties (3,492) (3,759)
– Net fair value loss on investment properties and investment property
under development 15(a) 210,826 110,632
– Amortisation of rental incentives (5,859) (8,659)
– Share of joint venture’ results 8,713 (67,907)
Operating cash flows before working capital changes 448,423 446,049
Change in operating assets and liabilities
– Trade and other receivables (8,907) 663
– Trade and other payables 1,191 10,243
– Other current assets (4,239) (852)
Cash generated from operations 436,468 456,103
Interest received 4,747 693
Income tax paid (8,431) (8,732)
Net cash provided by operating activities 432,784 448,064
Cash flows from investing activities
Additions to investment properties and investment property under development (432,611) (154,982)
Net proceeds from the divestment of investment properties 50,192 26,057
Distributions received from joint venture 29,294 28,320
Net cash used in investing activities (353,125) (100,605)
Cash flows from financing activities
Repayment of bank loans (979,762) (825,691)
Redemption of medium term note (175,000) (45,000)
Payment of financing related costs (4,993) (5,727)
Gross proceeds from bank loans 1,040,199 846,301
Gross proceeds from issuance of medium term notes 205,933 –
Gross proceeds from issuance of TMK bond 92,578 –
Net proceeds from issuance of new units 201,557 –
Contribution from non-controlling interest 6,225 –
Capital redemption to non-controlling interest (3,895) –
Distribution to Unitholders1 (374,273) (225,069)
Interest paid (101,604) (82,851)
Payment of lease liabilities2 (3,852) (2,969)
Distribution to perpetual securities holders (9,450) (9,450)
Net cash used in by financing activities (106,337) (350,456)
Net decrease in cash and cash equivalents (26,678) (2,997)
Cash and cash equivalents at beginning of financial year 146,611 149,638
Effects of currency translation on cash and cash equivalents (31) (30)
Cash and cash equivalents at end of financial year 12 119,902 146,611
1
The amount of $374.3 million includes an advance distribution of $68.0 million or 2.48 cents per unit declared to eligible Unitholders on 6 June 2023
and paid on 6 July 2023. This advance distribution represents distribution for the period 1 April 2023 to 5 June 2023 to Unitholders existing as at
5 June 2023 and prior to issuance of the new units pursuant to the private placement. For FY22/23, the amount of $225.1 million excludes $145.4
million distributed through the issuance of 60,935,312 new units in MIT as part payment of distributions for the period from 1 January 2022 to
31 December 2022, pursuant to the DRP.
2
Includes payment of finance cost for lease liabilities.

Consolidated Statement of Cash Flows

Reconciliation of liabilities arising from financing activities
Borrowings, interest payable

and prepaid financing fees Lease liabilities
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Balance at beginning of year 2,853,174 2,902,124 41,063 42,523

Net proceeds from borrowings/principal repayments
and interest payments 77,351 (112,968) (3,852) (2,969)
Non-cash movements:
– Financing cost 103,947 95,951 2,662 1,648
– Additions of lease liabilities – – 64,793 –
– Foreign exchange movement (47,997) (31,207) (1,975) 403
– Fair value changes on derivative financial instruments 196 (726) – –
– Disposal of lease liabilities – – – (542)
Balance at end of year 2,986,671 2,853,174 102,691 41,063

Statements of Movements in Unitholders’ Funds

Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
OPERATIONS
Balance at beginning of year 981,622 1,070,399 781,914 914,515
Profit for the year attributable to Unitholders 111,036 281,656 381,332 237,832
Distributions (374,273) (370,433) (374,273) (370,433)
Balance at end of year 718,385 981,622 788,973 781,914
UNITHOLDERS’ CONTRIBUTION
Balance at beginning of year 3,921,941 3,770,715 3,921,941 3,770,715
Issue of new units pursuant to the private placement 204,816 – 204,816 –
Issue of new units pursuant to the DRP – 145,364 – 145,364
Manager’s management fees paid in units 5,165 5,862 5,165 5,862
Issue expenses (3,259) – (3,259) –
Balance at end of year 4,128,663 3,921,941 4,128,663 3,921,941
HEDGING RESERVE
Balance at beginning of year 175,820 119,283 33,889 21,952
Fair value gains 67,190 72,491 7,989 20,309
Reclassifications to profit or loss (68,001) (20,279) (38,889) (8,372)
Share of hedging reserves of a joint venture (12,743) 4,325 – –
FOREIGN CURRENCY TRANSLATION RESERVE

Balance at beginning of year (5,250) 16,659 – –
Net translation differences relating to financial statements of a
foreign joint venture and subsidiaries (21,279) (22,207) – –
Net translation differences relating to shareholder’s loan (3,836) (4,971) – –
Net currency translation differences on borrowings designated
as net investment hedge of foreign operations 5,633 5,269 – –
Balance at end of year (24,732) (5,250) – –
Total Unitholders’ funds at the end of the year 4,984,582 5,074,133 4,920,625 4,737,744
PERPETUAL SECURITIES
Balance at beginning of year 301,802 301,802 301,802 301,802
Profit attributable to perpetual securities holders 9,476 9,450 9,476 9,450
Distribution (9,450) (9,450) (9,450) (9,450)
NON-CONTROLLING INTERESTS
Balance at beginning of year – – – –
Contribution from non-controlling interest 6,225 – – –
Profit attributable to non-controlling interest 116 – – –
Redemption to non-controlling interest (3,895) – – –
Currency translation movement (124) – – –
Balance at end of year 2,322 – – –
Total 5,288,732 5,375,935 5,222,453 5,039,546

Portfolio Statement
As at 31 March 2024
Remaining
Acquisition Term of term of
Description of property/cluster1 date lease * lease * Location
Investment properties
Data Centres – North America
2 Christie Heights Street, 01/09/2020 Freehold N.A. 2 Christie Heights Street, Leonia,
Leonia New Jersey, USA
6 Norden Place, 22/07/2021 Freehold N.A. 6 Norden Place, Norwalk, Connecticut,

Norwalk USA
180 Peachtree Street NW, 01/09/2020 Freehold2 N.A. 180 Peachtree Street NW, Atlanta,
Atlanta Georgia, USA
200 Campus Drive, 22/07/2021 Freehold N.A. 200 Campus Drive, Somerset,
Somerset New Jersey, USA
250 Williams Street NW, 22/07/2021 Freehold3 N.A. 250 Williams Street NW, Atlanta,
Atlanta Georgia, USA
400 Holger Way, 22/07/2021 Freehold N.A. 400 Holger Way, San Jose, California,
San Jose USA
400 Minuteman Road, 22/07/2021 Freehold N.A. 400 Minuteman Road, Andover,
Andover Massachusetts, USA
402 Franklin Road, 01/09/2020 Freehold N.A. 402 Franklin Road, Brentwood,
Brentwood Tennessee, USA
505 West Merrill Street, 22/07/2021 Freehold N.A. 505 West Merrill Street, Indianapolis,
Indianapolis Indiana, USA
630 Clark Avenue, 22/07/2021 Freehold N.A. 630 Clark Avenue, King of Prussia,
King of Prussia Pennsylvania, USA
700 Austin Avenue, 22/07/2021 Freehold N.A. 700 Austin Avenue, Waco,
Waco Texas, USA
1001 Windward Concourse, 01/09/2020 Freehold N.A. 1001 Windward Concourse,

Alpharetta Alpharetta, Georgia, USA
1221 Coit Road, 01/09/2020 Freehold N.A. 1221 Coit Road, Plano,
Plano Texas, USA
1400 Cross Beam Drive, 22/07/2021 Freehold N.A. 1400 Cross Beam Drive, Charlotte,
Charlotte North Carolina, USA
1400 Kifer Road, 22/07/2021 Freehold N.A. 1400 Kifer Road, Sunnyvale,
Sunnyvale California, USA
1501 Opus Place, 22/07/2021 Freehold N.A. 1501 Opus Place, Downers Grove,
Downers Grove Illinois, USA

Portfolio Statement
As at 31 March 2024
Percentage of
Latest total net assets
valuation attributable to
Gross revenue Average occupancy rate date Valuation as at Unitholders as at
FY23/24 FY22/23 FY23/24 FY22/23 31/03/2024 31/03/2023 31/03/2024 31/03/2023
$’000 $’000 % % $’000 $’000 % %
1,131 260 58.3 25.0 31/03/2024 15,716 17,768 0.3 0.3
5,749 5,842 100.0 100.0 31/03/2024 100,160 93,822 1.9 1.8
29,734 33,868 100.0 100.0 31/03/2024 352,956 322,251 6.7 6.0
1,302 1,354 100.0 100.0 31/03/2024 22,509 21,941 0.4 0.4
39,648 37,684 67.0 65.5 31/03/2024 290,889 406,516 5.5 7.6
6,208 6,079 100.0 100.0 31/03/2024 71,257 78,476 1.4 1.5
11,538 11,707 100.0 100.0 31/03/2024 70,724 69,054 1.3 1.3
9,492 11,778 66.7 100.0 31/03/2024 143,713 150,761 2.7 2.8
1,009 1,007 100.0 100.0 31/03/2024 15,716 15,076 0.3 0.3
2,173 2,206 100.0 100.0 31/03/2024 32,632 35,267 0.6 0.7
1,500 1,523 100.0 100.0 31/03/2024 21,444 23,691 0.4 0.5
7,725 7,701 100.0 100.0 31/03/2024 95,365 99,206 1.8 1.9
3,698 3,810 100.0 100.0 31/03/2024 44,353 40,113 0.8 0.8
2,005 2,085 100.0 100.0 31/03/2024 34,630 36,075 0.7 0.7
4,373 5,089 100.0 100.0 31/03/2024 64,864 78,880 1.2 1.5
3,891 3,940 100.0 100.0 31/03/2024 70,724 69,458 1.3 1.3

Portfolio Statement
As at 31 March 2024
Remaining
Investment properties (continued)
Data Centres – North America (continued)
1755 & 1757 Old Meadow Road, 22/07/2021 Freehold N.A. 1755 & 1757 Old Meadow Road,
McLean McLean, Virginia, USA
1764A Old Meadow Lane, 22/07/2021 Freehold N.A. 1764A Old Meadow Lane,
McLean McLean, Virginia, USA
1805 Center Park Drive, 01/09/2020 Freehold N.A. 1805 Center Park Drive, Charlotte,
Charlotte North Carolina, USA
2000 Kubach Road, 01/09/2020 Freehold N.A. 2000 Kubach Road, Philadelphia,
Philadelphia Pennsylvania, USA
2005 East Technology Circle, 22/07/2021 85 years 58 years 2005 East Technology Circle, Tempe,
Tempe Arizona, USA
2301 West 120th Street, 22/07/2021 Freehold N.A. 2301 West 120th Street, Hawthorne,
Hawthorne California, USA
2441 Alft Lane, 22/07/2021 Freehold N.A. 2441 Alft Lane, Elgin,
Elgin Illinois, USA
2601 West Broadway Road, 22/07/2021 Freehold N.A. 2601 West Broadway Road,
Tempe Tempe, Arizona, USA
2775 Northwoods Parkway, 01/09/2020 Freehold N.A. 2775 Northwoods Parkway, Norcross,
Norcross Georgia, USA
3065 Gold Camp Drive, 22/07/2021 Freehold N.A. 3065 Gold Camp Drive, Rancho
Rancho Cordova Cordova, California, USA
3255 Neil Armstrong Boulevard, 22/07/2021 Freehold N.A. 3255 Neil Armstrong Boulevard,
Eagan Eagan, Minnesota, USA
3300 Essex Drive, 01/09/2020 Freehold N.A. 3300 Essex Drive, Richardson, Texas,
Richardson USA
4121 & 4114 Perimeter Center Place, 22/07/2021 Freehold N.A. 4121 & 4114 Perimeter Center Place,
Oklahoma City Oklahoma City, Oklahoma, USA
4600 Carothers Parkway, 22/07/2021 Freehold N.A. 4600 Carothers Parkway, Franklin,
Franklin Tennessee, USA
4726 Hills and Dales Road NW, 22/07/2021 Freehold N.A. 4726 Hills and Dales Road NW,
Canton Canton, Ohio, USA
5000 South Bowen Road, 01/09/2020 Freehold N.A. 5000 South Bowen Road, Arlington,
Arlington Texas, USA

Portfolio Statement
As at 31 March 2024
Percentage of
FY23/24 FY22/23 FY23/24 FY22/23 31/03/2024 31/03/2023 31/03/2024 31/03/2023
$’000 $’000 % % $’000 $’000 % %
5,857 6,090 100.0 94.9 31/03/2024 85,775 78,207 1.6 1.5
6,005 5,948 100.0 100.0 31/03/2024 72,323 68,246 1.4 1.3
3,871 3,809 100.0 100.0 31/03/2024 49,014 48,190 0.9 0.9
8,151 8,025 100.0 100.0 31/03/2024 25,306 51,824 0.5 1.0
2,097 2,136 100.0 100.0 31/03/2024 30,447 28,268 0.6 0.5
10,685 11,019 100.0 100.0 31/03/2024 157,299 149,415 3.0 2.8
1,509 1,532 100.0 100.0 31/03/2024 27,171 24,095 0.5 0.5
1,860 1,949 100.0 100.0 31/03/2024 29,169 30,018 0.6 0.6
900 899 100.0 100.0 31/03/2024 12,919 11,038 0.3 0.2
7,093 7,129 63.3 63.3 31/03/2024 38,492 52,901 0.7 1.0
1,252 1,161 100.0 100.0 31/03/2024 16,782 12,882 0.3 0.2
1,588 1,546 50.0 50.0 31/03/2024 29,968 34,460 0.6 0.7
6,241 6,621 100.0 100.0 31/03/2024 83,511 87,495 1.6 1.6
2,269 2,333 100.0 100.0 31/03/2024 42,488 37,421 0.8 0.7
1,411 1,396 100.0 100.0 31/03/2024 20,778 18,576 0.4 0.4
4 3,804 0.0 100.0 31/03/2024 5,461 31,229 0.1 0.6

Portfolio Statement
As at 31 March 2024
Remaining
Data Centres – North America (continued)
5150 McCrimmon Parkway, 01/09/2020 Freehold N.A. 5150 McCrimmon Parkway, Morrisville,
Morrisville North Carolina, USA
5225 Exchange Drive, 22/07/2021 Freehold N.A. 5225 Exchange Drive, Flint, Michigan,
Flint USA
5400-5510 Feltl Road, 22/07/2021 Freehold N.A. 5400-5510 Feltl Road, Minnetonka,
Minnetonka Minnesota, USA
7337 Trade Street, 01/09/2020 Freehold N.A. 7337 Trade Street, San Diego, California,
San Diego USA
8011 Villa Park Drive, 12/03/2021 Freehold N.A. 8011 Villa Park Drive, Richmond, Virginia,
Richmond USA
8700 Governors Hill Drive, 22/07/2021 Freehold N.A. 8700 Governors Hill Drive, Cincinnati,
Cincinnati Ohio, USA
10309 Wilson Boulevard, 22/07/2021 Freehold N.A. 10309 Wilson Boulevard, Blythewood,
Blythewood South Carolina, USA
11085 Sun Center Drive, 22/07/2021 Freehold N.A. 11085 Sun Center Drive, Rancho
Rancho Cordova Cordova, California, USA
11650 Great Oaks Way, 22/07/2021 Freehold N.A. 11650 Great Oaks Way, Alpharetta,
Alpharetta Georgia, USA
13831 Katy Freeway, 22/07/2021 Freehold N.A. 13831 Katy Freeway, Houston,
Houston Texas, USA
19675 West Ten Mile Road, 01/09/2020 Freehold N.A. 19675 West Ten Mile Road, Southfield,
Southfield4 Michigan, USA
N15W24250 Riverwood Drive, 01/09/2020 Freehold N.A. N15W24250 Riverwood Drive, Pewaukee,
Pewaukee Wisconsin, USA
Subtotal – Data Centres – North America

Portfolio Statement
As at 31 March 2024
Percentage of
FY23/24 FY22/23 FY23/24 FY22/23 31/03/2024 31/03/2023 31/03/2024 31/03/2023
$’000 $’000 % % $’000 $’000 % %
3,482 3,795 89.4 100.0 31/03/2024 43,287 39,036 0.8 0.7
1,122 1,140 100.0 100.0 31/03/2024 16,649 16,153 0.3 0.3
3,191 3,020 91.9 91.9 31/03/2024 34,630 33,114 0.7 0.6
17,398 16,593 100.0 100.0 31/03/2024 204,515 253,063 3.9 4.7
16,395 17,360 100.0 100.0 31/03/2024 321,523 309,598 6.1 5.8
1,100 1,125 100.0 100.0 31/03/2024 21,843 19,384 0.4 0.4
2,062 2,095 100.0 100.0 31/03/2024 33,298 34,460 0.6 0.7
2,293 4,316 100.0 100.0 31/03/2024 37,560 35,537 0.7 0.7
2,729 2,695 100.0 100.0 31/03/2024 31,300 35,267 0.6 0.7
7,757 7,943 100.0 100.0 31/03/2024 123,868 120,609 2.4 2.3
– 502 – 74.3 – – – – –
2,617 5,326 50.0 100.0 31/03/2024 32,232 68,111 0.6 1.3
252,115 267,240 3,075,260 3,286,952

Portfolio Statement
As at 31 March 2024
Remaining
Data Centres – Asia
7 Tai Seng Drive 27/06/2018 30 + 30 years 28 years 7 Tai Seng Drive

Singapore
19 Tai Seng Drive 21/10/2010 30 + 30 years 26 years 19 Tai Seng Drive

Singapore
Mapletree Sunview 1 13/07/20185 30 years 22 years 12 Sunview Drive

Singapore
Osaka Data Centre 28/09/2023 70 years 67 years 2-4, and 2-5,Oyodonaka 3-chome,
Kita-ku, Osaka, Japan
STT Tai Seng 1 21/10/2010 30 + 30 years 44 years 35 Tai Seng Street

Singapore
Subtotal – Data Centres – Asia
Subtotal – Data Centres – North America and Asia
Hi-Tech Buildings
1 & 1A Depot Close 01/07/2008 60 years 44 years 1 & 1A Depot Close

Singapore
18 Tai Seng 01/02/2019 30 years 20 years 18 Tai Seng Street

Singapore
30A Kallang Place 01/07/2008 33 years 17 years 30A Kallang Place

Singapore
K&S Corporate Headquarters 04/10/20135 30 + 28.5 46 years 23A Serangoon North Avenue 5
years Singapore
Mapletree Hi-Tech Park @ 01/07/2008 43 years 27 years 161, 163 & 165 Kallang Way
Kallang Way Singapore
Serangoon North 01/07/2008 60 years 44 years 6 Serangoon North Avenue 5

Singapore
Toa Payoh North 1 01/07/2008 30 years 14 years 970, 978, 988 & 998 Toa Payoh North
Singapore
Woodlands Central 01/07/2008 60 years 44 years 33 & 35 Marsiling Industrial Estate Road 3
Singapore
Subtotal – Hi-Tech Buildings

Portfolio Statement
As at 31 March 2024
Percentage of
FY23/24 FY22/23 FY23/24 FY22/23 31/03/2024 31/03/2023 31/03/2024 31/03/2023
$’000 $’000 % % $’000 $’000 % %
6,751 6,618 100.0 100.0 31/03/2024 107,400 107,400 2.0 2.0
2,509 2,460 100.0 100.0 31/03/2024 23,400 23,400 0.5 0.4
4,835 4,803 100.0 100.0 31/03/2024 74,600 74,600 1.4 1.4
9,695 – 100.0 – 31/03/2024 377,7376 – 7.2 –
11,936 11,692 100.0 100.0 31/03/2024 73,300 78,300 1.4 1.5
35,726 25,573 656,437 283,700
287,841 292,813 3,731,697 3,570,652
41,085 40,370 100.0 100.0 31/03/2024 415,900 410,300 7.9 7.6
23,104 22,735 97.8 96.1 31/03/2024 221,000 221,000 4.2 4.1
13,269 12,788 96.9 98.2 31/03/2024 98,500 102,200 1.9 1.9
9,343 9,035 97.7 97.1 31/03/2024 72,800 71,200 1.4 1.3
11,866 – 38.7 3.1 31/03/2024 291,000 291,000 5.5 5.4
20,233 20,074 97.5 99.6 31/03/2024 201,000 197,900 3.8 3.7
13,534 13,751 94.6 98.0 31/03/2024 91,200 95,600 1.7 1.8
12,057 12,057 97.2 98.6 31/03/2024 122,700 121,100 2.3 2.3
144,491 130,810 1,514,100 1,510,300

Portfolio Statement
As at 31 March 2024
Remaining
The Signature 01/07/2008 60 years 44 years 51 Changi Business Park Central 2

Singapore
The Strategy 01/07/2008 60 years 44 years 2 International Business Park

Singapore
The Synergy 01/07/2008 60 years 44 years 1 International Business Park

Singapore
Subtotal – Business Park Buildings
Flatted Factories
Chai Chee Lane 26/08/2011 60 years 47 years 510, 512 & 514 Chai Chee Lane
Singapore
Changi North 01/07/2008 60 years 44 years 11 Changi North Street 1

Singapore
Clementi West 01/07/2008 30 years 14 years 1 Clementi Loop

Singapore
Kaki Bukit 01/07/2008 60 years 44 years 2, 4, 6, 8 & 10 Kaki Bukit Avenue 1

Singapore
Kallang Basin 1 26/08/2011 20 years 7 years 5 & 7 Kallang Place

Singapore
Kallang Basin 2 26/08/2011 20 years 7 years 9 & 11 Kallang Place

Singapore
Kallang Basin 3 26/08/2011 30 years 17 years 16 Kallang Place

Singapore
Kallang Basin 4 01/07/2008 33 years 17 years 26, 26A, 28 & 30 Kallang Place
Singapore
Kallang Basin 5 01/07/2008 33 years 17 years 19, 21 & 23 Kallang Avenue

Singapore
Kallang Basin 6 01/07/2008 33 years 17 years 25 Kallang Avenue

Singapore

Portfolio Statement
As at 31 March 2024
Percentage of
FY23/24 FY22/23 FY23/24 FY22/23 31/03/2024 31/03/2023 31/03/2024 31/03/2023
$’000 $’000 % % $’000 $’000 % %
13,811 13,599 84.6 83.3 31/03/2024 138,900 141,700 2.6 2.6
21,772 24,157 81.0 91.5 31/03/2024 274,100 279,700 5.2 5.2
10,135 9,980 79.8 80.2 31/03/2024 120,100 121,900 2.3 2.3
45,718 47,736 533,100 543,300
13,207 12,310 97.1 95.3 31/03/2024 149,800 146,500 2.8 2.7
1,911 1,873 97.2 99.5 31/03/2024 19,300 19,300 0.4 0.4
4,580 4,574 95.9 99.5 31/03/2024 29,400 30,800 0.6 0.6
19,998 19,876 99.2 96.5 31/03/2024 217,000 212,000 4.1 4.0
3,159 3,031 99.4 99.0 31/03/2024 11,300 11,900 0.2 0.2
5,595 5,293 99.2 95.9 31/03/2024 20,300 21,200 0.4 0.4
8,998 8,466 99.2 95.0 31/03/2024 62,900 64,400 1.2 1.2
9,088 8,691 98.5 99.0 31/03/2024 62,200 63,700 1.2 1.2
6,689 6,517 99.0 98.2 31/03/2024 46,200 46,800 0.9 0.9
4,995 4,751 99.7 97.7 31/03/2024 35,300 36,000 0.7 0.7

Portfolio Statement
As at 31 March 2024
Remaining
Flatted Factories (continued)
Kampong Ampat 01/07/2008 60 years 44 years 171 Kampong Ampat

Singapore
Kampong Ubi 26/08/2011 60 years 47 years 3014A, 3014B & 3015A Ubi Road 1
Singapore
Kolam Ayer 1 01/07/2008 43 years 27 years 8, 10 & 12 Lorong Bakar Batu

Singapore
Kolam Ayer 5 01/07/2008 43 years 27 years 1, 3 & 5 Kallang Sector Singapore
Loyang 1 01/07/2008 60 years 44 years 30 Loyang Way

Singapore
Loyang 2 01/07/2008 60 years 44 years 2, 4 & 4A Loyang Lane Singapore
Redhill 1 01/07/2008 30 years 14 years 1001, 1001A & 1002 Jalan Bukit Merah
Singapore
Redhill 2 01/07/2008 30 years 14 years 1003 & 3752 Bukit Merah Central
Singapore
Tanglin Halt7 01/07/2008 56 years 40 years 115A & 115B Commonwealth Drive
Singapore
Tiong Bahru 1 01/07/2008 30 years 14 years 1090 Lower Delta Road

Singapore
Tiong Bahru 2 01/07/2008 30 years 14 years 1080, 1091, 1091A, 1092 & 1093
Lower Delta Road
Singapore
Toa Payoh North 2 01/07/2008 30 years 14 years 1004 Toa Payoh North
Singapore
Toa Payoh North 3 01/07/2008 30 years 14 years 1008 & 1008A Toa Payoh North
Singapore
Subtotal – Flatted Factories

Portfolio Statement
As at 31 March 2024
Percentage of
FY23/24 FY22/23 FY23/24 FY22/23 31/03/2024 31/03/2023 31/03/2024 31/03/2023
$’000 $’000 % % $’000 $’000 % %
12,299 11,792 99.6 99.9 31/03/2024 125,400 124,100 2.4 2.3
11,454 10,985 99.4 96.0 31/03/2024 132,700 129,400 2.5 2.4
8,035 7,649 99.5 99.1 31/03/2024 73,500 72,800 1.4 1.4
10,510 9,979 99.0 99.0 31/03/2024 95,700 92,900 1.8 1.7
6,895 6,698 98.2 97.0 31/03/2024 74,000 71,700 1.4 1.3
4,200 3,900 100.0 93.6 31/03/2024 44,900 43,700 0.9 0.8
7,116 6,970 99.4 98.8 31/03/2024 46,500 47,600 0.9 0.9
6,034 5,705 93.7 90.7 31/03/2024 40,500 41,700 0.8 0.8
4,591 4,508 98.8 97.9 31/12/2023 – 46,700 – 0.9
2,565 2,469 99.3 98.1 31/03/2024 15,800 16,300 0.3 0.3
8,116 7,926 99.2 99.3 31/03/2024 53,100 55,300 1.0 1.0
2,700 2,657 99.5 99.5 31/03/2024 16,400 16,900 0.3 0.3
3,310 3,148 99.1 95.0 31/03/2024 20,500 21,200 0.4 0.4
166,045 159,768 1,392,700 1,432,900

Portfolio Statement
As at 31 March 2024
Remaining
Woodlands 01/07/2008 60 years 44 years 2 Woodlands Sector 1, 201, 203, 205,

Spectrum 1 & 2 207, 209 and 211 Woodlands Avenue 9
Singapore
Subtotal – Stack-up/Ramp-up Buildings
2A Changi North Street 2 28/05/2014 30 + 30 years 37 years 2A Changi North Street 2

Singapore
26 Woodlands Loop 21/10/2010 30 + 30 years 31 years 26 Woodlands Loop

Singapore
45 Ubi Road 1 21/10/2010 30 + 30 years 29 years 45 Ubi Road 1

Singapore
Subtotal – Light Industrial Buildings
*Refers to the tenure of underlying land. Remaining term of lease includes option to renew the land leases.
1
A cluster consists of one or more individual buildings situated on the same land lot or adjoining land lots.
2
Except for the parking deck (150 Carnegie Way). As at 31 March 2024, the parking deck has a remaining land lease tenure of about 31.7 years (2023:
32.7 years), with an option to renew for an additional 40 years.
3
Except for 7,849 square feet (“sq ft”) of the 156,845 sq ft land area. As at 31 March 2024, the 7,849 sq ft of land has a remaining land lease tenure of
about 43.8 years (2023: 44.8 years).
4
The divestment of 19675 West Ten Mile Road, Southfield was completed on 9 June 2022.
5
Refers to Temporary Occupation Permit date.
6
The valuation of $377.7 million was based on the building and the completed Phase 1 and 2 fit out works. Assuming that remaining two phases of fit
out works were completed, the valuation of the Osaka Data Centre (on a 100% basis) would be JPY 52.3 billion, equivalent to $471.5 million.
7
The divestment of the Tanglin Halt cluster was completed on 27 March 2024.
The carrying amounts of the investment properties were based on independent valuations as at 31 March 2024. The
independent valuers’ valuation methods and estimates were based on information provided and prevailing market data
as at 31 March 2024. The valuations for respective properties were undertaken by Savills Valuation and Professional
Services (S) Pte Ltd, CBRE, Inc. (“CBRE”) and JLL Morii Valuation & Advisory K.K. (“JLL Japan”). All valuers are assessed to be
independent and have appropriate professional qualifications and experience in the location and category of the properties
being valued. The independent valuations are generally derived using the income capitalisation and discounted cash flow,
as described in Note 15(e). It is the intention of the Group and MIT to hold the investment properties for the long term.

Portfolio Statement
As at 31 March 2024
Percentage of
FY23/24 FY22/23 FY23/24 FY22/23 31/03/2024 31/03/2023 31/03/2024 31/03/2023
$’000 $’000 % % $’000 $’000 % %
49,707 47,952 98.0 98.7 31/03/2024 519,000 507,300 9.8 9.4
49,707 47,952 519,000 507,300
738 669 86.9 86.9 31/03/2024 10,900 10,900 0.2 0.2
128 2,580 4.3 99.8 31/03/2024 25,300 25,300 0.5 0.5
2,664 2,537 98.8 100.0 31/03/2024 17,000 17,000 0.3 0.3
3,530 5,786 53,200 53,200

Notes to the Financial Statements

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1. General information
Mapletree Industrial Trust (“MIT”) is a Singapore-domiciled Real Estate Investment Trust constituted pursuant to
the Trust Deed dated 29 January 2008 (as amended) between Mapletree Industrial Fund Management Pte. Ltd.
and Mapletree Trustee Pte. Ltd.. The Trust Deed is governed by the laws of the Republic of Singapore. Mapletree
Industrial Trust Management Ltd. (the “Manager”) replaced Mapletree Industrial Fund Management Pte. Ltd. as
Manager of MIT on 27 September 2010 and DBS Trustee Limited (the “Trustee”) replaced Mapletree Trustee Pte.
Ltd. as Trustee of MIT on 27 September 2010.
MIT was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on
21 October 2010 (“Listing Date”) and was included under the Central Provident Fund (“CPF”) Investment Scheme
on 6 September 2010.
The principal activity of MIT and its subsidiaries (the “Group”) is to invest in income-producing real estate used
primarily for industrial purposes in Singapore and as data centres worldwide beyond Singapore, as well as real
estate-related assets, with the primary objective of achieving sustainable returns from rental income and long-term
capital growth.
In addition to the Trust Deed, MIT has entered into several service agreements in relation to the management of
MIT and its property operations. The fee structures for the services are as follows:
(A) Trustee’s fees
The Trustee’s fees shall not exceed 0.1% per annum of the value of all the assets of Group (“Deposited
Property”) (subject to a minimum of $12,000 per month) or such higher percentage as may be fixed by an
Extraordinary Resolution of a meeting of Unitholders. The Trustee’s fees are payable monthly in arrears out
of the Deposited Property of the Group. The Trustee is also entitled to reimbursement of expenses incurred
in the performance of its duties under the Trust Deed.
Based on the current arrangement between the Manager and the Trustee, the Trustee’s fees are charged on
a scaled basis of up to 0.02% per annum of the value of the Deposited Property (subject to a minimum of
$12,000 per month).
(B) Manager’s Management fees
The Manager is entitled under the Trust Deed to receive the following remuneration:
(i) A base fee of 0.5% per annum of the value of MIT’s Deposited Property or such higher percentage as
may be approved by an Extraordinary Resolution of a meeting of Unitholders; and
(ii) A performance fee of 3.6% per annum of the net property income of MIT or such higher percentage
as may be approved by an Extraordinary Resolution of a meeting of Unitholders.
The management fees payable to the Manager will be paid in the form of cash and/or units. The base and
performance fees are paid quarterly and annually, in arrears respectively.


1. General information (continued)
(C) Acquisition, Divestment and Development Management fees
The Manager is entitled to receive the following fees (if not prohibited by the Property Funds Appendix or if
otherwise permitted):
(i) an acquisition fee not exceeding 1.0% of the acquisition price of real estate or real estate-related
assets acquired directly or indirectly, through one or more Special Purpose Vehicles (“SPV”), pro-rated
if applicable to the proportion of MIT’s interest. For the purpose of this acquisition fee, real estate-
related assets include all classes and types of securities relating to real estate;
(ii) a divestment fee not exceeding 0.5% of the sale price of real estate-related assets disposed, pro-rated
if applicable to the proportion of MIT’s interest. For the purposes of this divestment fee, real estate-
related assets include all classes and types of securities relating to real estate; and
(iii) a development management fee not exceeding 3.0% of the total project costs incurred in a development
project undertaken by the Manager on behalf of MIT.
The acquisition and divestment fees will be paid in the form of cash and/or units and are payable as soon
as practicable after completion of the acquisition and disposal respectively.
The development management fee will be paid in the form of cash and is payable in equal monthly instalments
over the construction period based on the Manager’s best estimate of the total project costs and construction
period and, if necessary, a final payment of the balance amount when the total project costs are finalised.
(D) Property Manager’s Management fees
Fees in respect to the Singapore portfolio and North America portfolio are payable to Mapletree Facilities
Services Pte. Ltd. (the “Singapore Property Manager”) and Mapletree US Management LLC. (the “North America
Property Manager”) respectively (together, “Property Managers”).
(i) Property management services
The Trustee will pay the Property Managers, for each fiscal year (as defined in the property management
agreements), a fee of up to 2.0% per annum of the gross revenue of each property.
(ii) Lease management services
The Trustee will pay the Property Managers, for each fiscal year, a fee of up to 1.0% per annum of the
gross revenue of each property.
(iii) Marketing services
In respect to the Singapore portfolio, the Trustee will pay the Singapore Property Manager, the
following commissions:
• Up to 1 month’s gross rent inclusive of service charge, for securing a tenancy of 3 years or less;
• Up to 2 months’ gross rent inclusive of service charge, for securing a tenancy of more than 3 years;
• Up to 0.5 month’s gross rent inclusive of service charge, for securing a renewal of tenancy of
3 years or less; or
• Up to 1 month’s gross rent inclusive of service charge, for securing a renewal of tenancy of
more than 3 years.

1. General information (continued)
(D) Property Manager’s Management fees (continued)
(iii) Marketing services (continued)
If a third party agent secures a tenancy, the Property Manager will be responsible for all marketing
services commission payable to such third party agent, and the Property Manager will be entitled to
a marketing services commission of:
• Up to 1.2 months’ gross rent inclusive of service charge, for securing a tenancy of 3 years or
less; or
• Up to 2.4 months’ gross rent inclusive of service charge, for securing a tenancy of more than
3 years.
In respect of the North America portfolio, the Trustee will pay the North America Property Manager
marketing commissions taking into account the market practice in the North America.
(iv) Project management services
The Trustee will pay the Property Managers, for each development or redevelopment, the refurbishment,
retrofitting and renovation work of a property, the following fees:
• Where the construction costs are $2.0 million or less, a fee of 3.0% of the construction costs;
• Where the construction costs exceed $2.0 million but do not exceed $20.0 million, a fee of
2.0% of the construction costs or $60,000, whichever is the higher;
• Where the construction costs exceed $20.0 million but do not exceed $50.0 million, a fee of
1.5% of the construction costs or $400,000, whichever is the higher; and
• Where the construction costs exceed $50.0 million, a fee to be mutually agreed by the Manager,
the Trustee and the Property Manager.
The Property Managers’ fees will be paid in the form of cash and are payable monthly, in arrears.


2. Material accounting policy information
2.1 Basis of preparation
These financial statements have been prepared in accordance with Singapore Financial Reporting Standards
(International) (“SFRS(I)s”), the applicable requirements of the Code on Collective Investment Schemes (“CIS Code”)
issued by the Monetary Authority of Singapore (“MAS”) and the provisions of the Trust Deed. The MAS had granted
a waiver to the Group from complying with the requirement under Paragraph 4.3 of Appendix 6 to the CIS Code to
prepare its financial statements in accordance with the Singapore Financial Reporting Standards (“SFRS”).
These financial statements, which are expressed in Singapore Dollars (“SGD”) and rounded to the nearest thousand,
have been prepared under the historical cost convention, except as disclosed in the accounting policies below.
As at 31 March 2024, the Group’s current liabilities exceed its current assets by $61.2 million (2023: $159.2 million).
Notwithstanding the net current liabilities position, based on the Group’s existing financial resources, the Manager
is of opinion that the Group will be able to refinance its borrowings and meet its current obligations as and when
they fall due.
The preparation of financial statements in conformity with SFRS(I) requires management to exercise its judgement
in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting
estimates and assumptions. The area involving a higher degree of judgment, where assumptions and estimates
are significant to the financial statements is disclosed in Note 15 – Investment properties. The assumptions and
estimates were used by the independent valuer in arriving at their valuations.
Interpretations and amendments to published standards effective in FY23/24
On 1 April 2023, the Group has adopted the new or amended SFRS(I) and Interpretations of SFRS(I) (“INT SFRS(I)”)
that are mandatory for application for the financial year. Changes to the Group’s accounting policies have been
made as required, in accordance with the transitional provisions in the respective SFRS(I) and INT SFRS(I).
The adoption of these new or amended SFRS(I) and INT SFRS(I) did not result in substantial changes to the Group’s
accounting policies and had no material effect on the amounts reported for the current or prior financial years.
2.2 Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the rendering of services in the ordinary
course of the Group’s activities. Revenue is presented net of goods and services tax (“GST”), rebates and discounts.
Revenue is recognised as follows:
(a) Rental income and service charges from operating leases
Rental income and service charges (net of any incentives given to the lessees) from operating leases on the
investment properties are recognised on a straight-line basis over the lease term.
(b) Other operating income
Other operating income comprises carpark income and other ancillary income. Other operating income is
recognised when the right to receive payment is established after services have been rendered.
(c) Interest income
Interest income is recognised using the effective interest method.
(d) Investment income
Distribution income is recognised when the right to receive payment is established, it is probable that the
economic benefits associated with the dividend will flow to the Group, and the amount of the dividend can
be reliably measured.

2. Material accounting policy information (continued)
2.3 Expenses
(a) Property operating expenses
Property operating expenses are recognised on an accrual basis. Included in property expenses are Property
Manager’s fees which are based on the applicable formula stipulated in Note 1(D).
(b) Manager’s management fees
Manager’s management fees are recognised on an accrual basis using the applicable formula stipulated in
Note 1(B).
2.4 Income tax
Current income tax for current and prior periods is recognised at the amount expected to be paid to or recovered
from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the
reporting date and any adjustment to tax payable in respect of previous years. The Manager periodically evaluates
positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the financial statements except when the deferred income tax arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and affects neither accounting
nor taxable profit or loss at the time of the transaction.
A deferred income tax liability is recognised on temporary differences arising from investments in subsidiaries and
a joint venture, except where the Group is able to control the timing of the reversal of the temporary difference and
it is probable that the temporary difference will not reverse in the foreseeable future.
A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available
against which the deductible temporary differences and tax losses can be utilised.
Deferred income tax is measured:
(i) at the tax rates that are expected to apply when the related deferred income tax asset is realised or the deferred
income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted
by the reporting date; and
(ii) based on the tax consequence that will follow from the manner in which the Group expects, at the reporting
date, to recover or settle the carrying amounts of its assets and liabilities except for investment properties.
Investment property measured at fair value is presumed to be recovered entirely through sale.
Current and deferred income taxes are recognised as income or expense in the Statements of Profit or Loss, except
to the extent that the tax arises from a business combination or a transaction which is recognised directly in equity.
The Inland Revenue Authority of Singapore (“IRAS”) has issued a tax ruling on the taxation of MIT for the income
earned and expenditure incurred after its listing on the SGX-ST.


2.4 Income tax (continued)
Subject to meeting the terms and conditions of the tax ruling which include a distribution of at least 90% of the
taxable income of MIT, the Trustee will not be taxed on the portion of taxable income of MIT that is distributed to
Unitholders. Any portion of the taxable income that is not distributed to Unitholders will be taxed on the Trustee.
In the event that there are subsequent adjustments to the taxable income when the actual taxable income of MIT
is finally agreed with the IRAS, such adjustments are taken up as an adjustment to the taxable income for the next
distribution following the agreement with the IRAS.
Although MIT is not taxed on its taxable income distributed, the Trustee and the Manager are required to deduct
income tax at the applicable corporate tax rate from the distributions of such taxable income of MIT (i.e. which has
not been taxed in the hands of the Trustee) to certain Unitholders. The Trustee and the Manager will not deduct tax
from the distributions made out of MIT’s taxable income to the extent that the beneficial Unitholder is:
• An individual (excluding partnerships);

• A tax resident Singapore-incorporated company;
• A body of persons registered or constituted in Singapore (e.g. town council, statutory board, registered
charity, registered co-operative society, registered trade union, management corporation, club and trade
and industry association);
• A Singapore branch of a foreign company;
• An international organisation that is exempt from tax on such distributions by reason of an order made
under the International Organisations (Immunities and Privileges) Act; and
• Real estate investment trust exchange-traded funds which have been accorded the tax transparency treatment.
The above tax transparency ruling does not apply to gains from sale of real properties. Such gains, if they are
considered as trading gains, are assessable to tax on the Trustee. Where the gains are capital gains, the Trustee will
not be assessed to tax and may distribute the gains without tax being deducted at source.
2.5 Group accounting
(a) Subsidiaries
(i) Consolidation
Subsidiaries are all entities (including structured entities) over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
investment with the entity and has the ability to affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They
are de-consolidated from the date that control ceases.
In preparing the consolidated financial statements, transactions, balances and unrealised gains on
transactions between group entities are eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies
of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Perpetual securities holders comprise the portion of a subsidiary’s net results of operations and its net
assets, which are attributable to the interests that are not owned directly or indirectly by the equity
holder of the Company. They are shown separately in the consolidated statement of profit or loss,
statement of comprehensive income, statement of financial position and statement of changes in equity.
Non-controlling interests comprise the portion of a subsidiary’s net results of operations and its net
assets, which is attributable to the interests that are not owned directly or indirectly by the equity
holders of the Company. They are shown separately in the consolidated statement of comprehensive
income, statement of changes in equity, and balance sheet. Total comprehensive income is attributed
to the non-controlling interests based on their respective interests in a subsidiary, even if this results
in the non-controlling interests having a deficit balance.

2.5 Group accounting (continued)
(a) Subsidiaries (continued)
(ii) Acquisitions
The acquisition method of accounting is used to account for business combinations entered into
by the Group.
The consideration transferred for the acquisition of a subsidiary or business comprises the fair value
of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The
consideration transferred also includes any contingent consideration arrangement and any pre-existing
equity interest in the subsidiary measured at their fair values at the acquisition date.
Acquisition-related costs are expensed as incurred.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination
are, with limited exceptions, measured initially at their fair values at the acquisition date.
On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree
at the date of acquisition either at fair value or at the non-controlling interest’s proportionate share
of the acquiree’s net identifiable assets.
The excess of (a) the consideration transferred, the amount of any non-controlling interest in the
acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the
(b) fair value of the identifiable net assets acquired is recorded as goodwill.
For acquisition of subsidiaries which do not qualify as business combination, the transaction is
accounted for in accordance with the respective accounting policy for the assets acquired and the
liabilities assumed based upon their relative fair values. No goodwill or deferred tax is recognised.
(iii) Disposals
When a change in the Group’s ownership interest in a subsidiary results in a loss of control over
the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised.
Amounts previously recognised in other comprehensive income in respect of that entity are also
reclassified to the Statements of Profit or Loss or transferred directly to retained earnings if required
by a specific SFRS(I).
Any retained interest in the entity is remeasured at fair value. The difference between the carrying
amount of the retained interest at the date when control is lost and its fair value is recognised in the
Statements of Profit or Loss.
Please refer to the paragraph “Investments in subsidiaries and a joint venture” for the accounting
policy on investments in subsidiaries in Note 2.6.
(b) Transactions with non-controlling interests
Changes in the Group’s ownership interest in a subsidiary that do not result in a loss of control over the
subsidiary are accounted for as transactions with equity owners of the Trust. Any difference between the
change in the carrying amounts of the non-controlling interests and the fair value of the consideration paid
or received is recognised within equity attributable to the Unitholders of MIT.


2.5 Group accounting (continued)
(c) Joint ventures
Joint ventures are entities over which the Group has joint control as a result of contractual arrangements,
and rights to the net assets of the entities. Investments in joint ventures are accounted for in the consolidated
financial statements using the equity method of accounting less impairment losses, if any.
(i) Acquisitions
Investments in joint ventures are initially recognised at cost. The cost of an acquisition is measured
at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at
the date of exchange, plus costs directly attributable to the acquisition. Goodwill on joint ventures
represents the excess of the cost of acquisition of the joint ventures over the Group’s share of the
fair value of the identifiable net assets of the joint venture and is included in the carrying amount of
the investments.
(ii) Equity method of accounting
Under the equity method of accounting, the investments are initially recognised at cost and adjusted
thereafter to recognise Group’s share of its joint ventures’ post-acquisition profits or losses of the
investee in the Statements of Profit and Loss and its share of movements in other comprehensive
income of the investee’s other comprehensive income. Dividends received or receivable from the
joint ventures are recognised as a reduction of the carrying amount of the investments. When the
Group’s share of losses in joint ventures equals to or exceeds its interest in the joint ventures, the
Group does not recognise further losses, unless it has legal or constructive obligations to make, or
has made, payments on behalf of the joint ventures. If the joint venture subsequently reports profits,
the Group resumes recognising its share of those profits only after its share of the profits equals the
share of losses not recognised.
Unrealised gains on transactions between the Group and its joint ventures are eliminated to the
extent of the Group’s interest in the joint ventures. Unrealised losses are also eliminated unless the
transactions provide evidence of impairment of the assets transferred. The accounting policies of
the joint ventures are changed where necessary to ensure consistency with the accounting policies
adopted by the Group.
(iii) Disposals
Investments in joint ventures are derecognised when the Group loses joint control. If the retained
equity interest in the former joint venture is a financial asset, the retained equity interest is measured
at fair value. The difference between the carrying amount of the retained interest at the date when
joint control ceases, and its fair value and any proceeds on partial disposal, is recognised in the
Statements of Profit or Loss.
Please refer to the paragraph “Investments in subsidiaries and a joint venture” for the accounting
policy on investments in a joint venture in the separate financial statements of the Trust in Note 21.

2.6 Investments in subsidiaries and a joint venture
Investments in subsidiaries and a joint venture are carried at cost less accumulated impairment losses in MIT’s
Statement of Financial Position. On disposal of such investments, the difference between the disposal proceeds
and the carrying amounts of the investments are recognised in the Statements of Profit or Loss.
2.7 Financial assets
(a) Classification and measurement
The Group classifies its financial assets within the amortised cost category.
The classification depends on the Group’s business model for managing the financial assets as well as the
contractual terms of the cash flows of the financial asset.
(i) At initial recognition
At initial recognition, the Group measures a financial asset at its fair value plus, directly attributable
transaction costs.
(ii) At subsequent measurement
The Group’s financial assets at amortised cost mainly comprise of cash and cash equivalents, trade
and other receivables, other current assets (except prepayments) and loans to subsidiaries (except
quasi-equity loan to subsidiaries which are accounted as investment in subsidiaries).
Financial assets that are held for collection of contractual cash flows where those cash flows represent
solely payments of principal and interest are measured at amortised cost. A gain or loss on financial
assets that is subsequently measured at amortised cost and is not part of a hedging relationship is
recognised in the Statements of Profit or Loss when the asset is derecognised or impaired. Interest
income from these financial assets is included in interest income using the effective interest rate method.
(b) Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt financial
assets carried at amortised cost. The impairment methodology applied depends on whether there has been
a significant increase in credit risk. Note 29(b) details how the Group determines whether there has been a
significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by SFRS(I) 9, which requires
expected lifetime losses to be recognised from initial recognition of the receivables.
(c) Recognition and derecognition
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired
or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
On disposal of a financial asset, the difference between the carrying amount and the sale proceeds is recognised
in the Statements of Profit or Loss. Any amount previously recognised in other comprehensive income relating
to that asset is reclassified to the Statements of Profit or Loss.


2.8 Borrowing costs
Borrowing costs are recognised in the Statements of Profit or Loss using the effective interest method except
for those costs that are directly attributable to the construction or development of properties and assets under
construction. This includes those costs on borrowings acquired specifically for the construction or development
of properties and assets under construction, as well as those in relation to general borrowings used to finance the
construction or development of properties and assets under construction.
The actual borrowing costs incurred during the period up to the issuance of the temporary occupation permit less
any investment income on temporary investment of these borrowings, are capitalised in the cost of the property
under development. Borrowing costs on general borrowings are capitalised by applying a capitalisation rate to
construction or development expenditures that are financed by general borrowings.
2.9 Investment properties and property under development
Investment properties are properties that are held for long-term rental yields and/or for capital appreciation and
right-of-use (“ROU”) assets relating to leasehold land that is held for long-term capital appreciation. Investment
property under development includes property that is being constructed or developed for future use as an investment
property. Certain of the Group’s investment properties acquired through interests in subsidiaries, are accounted
for as acquisition of assets.
Investment properties are accounted for as non-current assets and are initially recognised at cost including transaction
costs and borrowing costs and subsequently carried at fair value. Fair values are determined in accordance with the
Trust Deed, which requires the investment properties to be valued by independent registered valuer at least once
a year, on the highest and best-use basis in accordance with the CIS Code. Changes in fair values are recognised
in the Statements of Profit or Loss. Investment properties are subject to renovations or improvements at regular
intervals. The costs of major renovations, improvements and initial direct costs incurred in negotiating and arranging
leases relating to the investment properties are capitalised and the carrying amounts of the replaced components
are written off to the Statements of Profit or Loss. The costs of maintenance, repairs and minor improvements are
charged to the Statements of Profit or Loss when incurred.
On disposal of an investment property, the difference between the net disposal proceeds and the carrying amount
is recognised in Statements of Profit or Loss.
2.10 Cash and cash equivalents
For the purposes of presentation in the consolidated statement of cash flows, cash and cash equivalents include
cash on hand and deposits with financial institutions which are subject to an insignificant risk of change in value.
2.11 Plant and equipment
(a) Measurement
Plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated
depreciation and impairment losses.
The cost of an item of plant and equipment initially recognised includes its purchase price and any cost that
is directly attributable to bringing the asset to the location and condition necessary for it to be capable of
operating in the manner intended by management.

2.11 Plant and equipment (continued)
(b) Depreciation
Depreciation on plant and equipment is calculated using the straight-line method to allocate their depreciable
amounts over their estimated useful lives as follows:
Useful life
Plant and equipment 3 – 5 years
The residual values, estimated useful lives and depreciation method of plant and equipment are reviewed, and
adjusted as appropriate at each reporting date. The effects of any revision are recognised in the Statements
of Profit or Loss when the changes arise.
(c) Subsequent expenditure
Subsequent expenditure relating to plant and equipment that has already been recognised is added to the
carrying amount of the asset only when it is probable that future economic benefits in excess of the originally
assessed standard of performance of the existing asset will flow to the Group and the cost can be reliably
measured. Other subsequent expenditure is recognised as an expense in the Statements of Profit or Loss
when incurred.
(d) Disposal
On disposal of an item of plant and equipment, the difference between the net disposal proceeds and its
carrying amount is recognised in the Statements of Profit or Loss.
2.12 Impairment of non-financial assets
Plant and equipment and investments in subsidiaries and a joint venture are tested for impairment whenever there
is any objective evidence or indication that these assets may be impaired.
For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and
the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that
are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the
Cash Generating Unit (“CGU”) to which the asset belongs.
If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying
amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount
and recoverable amount is recognised as an impairment loss in the Statements of Profit or Loss.
For an asset other than goodwill, the Group assesses at the end of the reporting period whether there is any
indication that an impairment recognised in prior periods may no longer exist or may have decreased. If any such
indication exists, the recoverable amount of that asset is estimated and may result in a reversal of impairment
loss. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount
does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or
depreciation) had no impairment loss been recognised for the asset in prior years.
A reversal of impairment loss for an asset other than goodwill is recognised in the Statements of Profit or Loss, unless
the asset is carried at revalued amount, in which case, such reversal is treated as a revaluation increase. However, to
the extent that an impairment loss on the same revalued asset was previously recognised as an expense, a reversal
of that impairment is also recognised in the Statements of Profit or Loss.


2.13 Financial guarantees
MIT has issued corporate guarantees to banks for bank borrowings of its subsidiaries. These guarantees are financial
guarantee contracts as they require MIT to reimburse the banks if the subsidiaries fail to make principal or interest
payments when due in accordance with the terms of their borrowings.
Financial guarantee contracts are initially recognised at their fair values and subsequently measured at the higher of:
(a) amount initially recognised less cumulative amortisation recognised in accordance with principles of
SFRS(I) 15; and
(b) the amount of expected loss computed using the impairment methodology under SFRS(I) 9.
2.14 Borrowings
Borrowings are initially recognised at fair value (net of transaction costs) and subsequently carried at amortised
cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the
Statements of Profit or Loss over the period of the borrowings using the effective interest method.
Borrowings which are due to be settled within twelve months after the reporting date are presented as current
borrowings in the Statement of Financial Position even though the original term was for a period longer than twelve
months and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the
reporting date and before the financial statements are authorised for issue. Other borrowings due to be settled
more than twelve months after the reporting date are presented as non-current borrowings in the Statement of
Financial Position.
2.15 Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the
financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less
(or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities.
Trade and other payables are initially recognised at fair value, and subsequently carried at amortised cost using
the effective interest method.
Trade payables settled via electronic cash transfer are derecognised when the Group has no ability to withdraw,
stop or cancel the payment, has lost the practical ability to access the cash as a result of the electronic payment
instruction, and the risk of a settlement not occurring is insignificant.
2.16 Derivative financial instruments and hedging activities
Derivatives are used to manage exposure to foreign exchange and interest rate risks arising from operating, financing
and investing activities.
A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and
is subsequently carried at its fair value. The method of recognising the resulting gain or loss depends on whether
the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group
designates each hedge as either: (a) fair value hedge; (b) cash flow hedge; or (c) net investment hedge.
Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in
the Statements of Profit or Loss when the changes arise.
The Group documents at the inception of the transaction the relationship between the hedging instruments and
hedged items, as well as its risk management objective and strategies for undertaking various hedge transactions.
The Group also documents its assessment, both at hedge inception and on an ongoing basis on whether the hedging
relationship meets the hedge effectiveness requirements under SFRS(I) 9.

2.16 Derivative financial instruments and hedging activities (continued)
The fair value of various derivative financial instruments used for hedging purposes are disclosed in Note 24. The
carrying amount of a derivative designated as a hedge is presented as a non-current asset or liability if the remaining
expected life of the hedged instrument is more than 12 months, and as a current asset or liability if the remaining
expected life of the hedged instrument is less than 12 months. The fair value of a trading derivative is presented
as a current asset or liability.
The following hedges in placed at reporting date qualified respectively as fair value, cash flow and net investment hedges
under SFRS(I) 9. The Group’s management strategies and hedge documentation are aligned with the requirements
of SFRS(I) 9 and are thus treated as continuing hedges.
(a) Fair value hedge
The Group has entered into fixed to floating interest rate swap that fair value hedges for the fair value exposures
to interest rate movements of its borrowing (“hedged item”). The fair value changes on the hedged item
resulting from the fair value risk are recognised in the Statements of Profit or Loss. The fair value changes on
the effective portion of interest rate swaps designated as fair value hedges are recognised in the Statements
of Profit or Loss within the same line item as the fair value changes from the hedged item. The fair value
changes on the ineffective portion of interest rate swaps are recognised separately in the Statements of Profit
or Loss and presented separately in “other gains and losses”.
(b) Cash flow hedge
(i) Interest rate swaps
The Group has entered into interest rate swaps that are cash flow hedges for the Group’s exposure
to interest rate risk on its borrowings. These contracts entitle the Group to receive interest at floating
rates on notional principal amounts and oblige the Group to pay interest at fixed rates on the same
notional principal amounts, thus allowing the Group to raise borrowings at floating rates and swap
them into fixed rates.
The fair value changes on the effective portion of interest rate swaps designated as cash flow hedges
are recognised in other comprehensive income, accumulated in the hedging reserve and reclassified
to the Statements of Profit or Loss when the hedged interest expense on the borrowings is recognised
in the Statements of Profit or Loss. The fair value changes on the ineffective portion of interest rate
swaps are recognised immediately in the Statements of Profit or Loss.
(ii) Currency forwards
The Group has entered into currency forwards that qualify as cash flow hedges and are used to hedge
the foreign currency income receivable from the investments in a joint venture and subsidiaries. The
fair value changes on the effective portion of the currency forwards designated as cash flow hedges
are recognised in the hedging reserve and transferred to the Statements of Profit or Loss upon receipt
of the dividend income.
The fair value changes on the ineffective portion of currency forwards are recognised immediately in
the Statements of Profit or Loss. When a forecasted transaction is no longer expected to occur, the
gains and losses that were previously recognised in hedging reserve are reclassified to the Statements
of Profit or Loss immediately.
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the
criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in
equity at that time remains in equity until the forecast transaction occurs, resulting in the recognition
of a non-financial asset.


2.16 Derivative financial instruments and hedging activities (continued)
(c) Net investment hedge
The Group has foreign currency borrowings that qualify as net investment hedges of foreign operations. These
hedging instruments are accounted for similarly to cash flow hedges. The currency translation differences
on the borrowings relating to the effective portion of the hedge are accumulated in the foreign currency
translation reserve and reclassified to the Statements of Profit or Loss as part of the gain or loss on disposal
of the foreign operations. The currency translation differences relating to the ineffective portion of the hedge
are recognised immediately in the Statements of Profit or Loss.
2.17 Fair value estimation of financial assets and liabilities
The fair values of financial instruments that are not traded in an active market are determined by using valuation
techniques. The Group uses a variety of methods and makes assumptions based on market conditions that are
existing at each reporting date. Where appropriate, quoted market prices or dealer quotes for similar instruments
are used. Valuation techniques, such as discounted cash flow analysis, are also used to determine the fair values
of the financial instruments.
The fair values of currency forwards are based on valuations provided by the banks. The fair values of interest
rate swaps are calculated as the present value of the estimated future cash flows discounted at actively quoted
interest rates.
The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts.
2.18 Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events,
it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has
been reliably estimated.
Provisions are measured at the present value of the expenditure expected to be required to settle the obligation
using a pre-tax discount rate that reflects the current market assessment of the time value of money and the risks
specific to the obligation. The increase in the provision due to the passage of time is recognised in the statement
of comprehensive income.
Changes in the estimated timing or amount of the expenditure or discount rate are recognised in Statement of
Profit or Loss when the changes arise.
2.19 Leases
(a) When the Group is the lessee
At the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. Reassessment is only required when the terms and conditions of the contract are changed.
(i) Right-of-use assets
The Group recognises a right-of-use asset and lease liability at the date which the underlying asset is
available for use. Right-of-use assets are measured at cost which comprises the initial measurement
of lease liabilities adjusted for any lease payments made at or before the commencement date and
lease incentive received. Any initial direct costs that would not have been incurred if the lease had not
been obtained are added to the carrying amount of the right-of-use assets.
Right-of-use asset which meets the definition of an investment property is presented within “Investment
properties” and accounted for in accordance with Note 2.9.

2.19 Leases (continued)
(a) When the Group is the lessee (continued)
(ii) Lease liabilities
The initial measurement of lease liability is measured at the present value of the lease payments
discounted using the interest rate implicit in the lease, if the rate can be readily determined. If that
rate cannot be readily determined, the Group shall use its incremental borrowing rate.
Lease payments include the following:
– Fixed payment (including in-substance fixed payments), less any lease incentives receivables; and
– Variable lease payment that are based on an index or rate, initially measured using the index
or rate as at the commencement date.
For contracts that contain both lease and non-lease components, the Group allocates the consideration
to each lease component on the basis of the relative stand-alone price of the lease and non-lease
component. The Group has elected to not separate lease and non-lease component for property
leases and account these as one single lease component.
Lease liability is measured at amortised cost using the effective interest method. Lease liability shall
be remeasured when:
– There is a change in future lease payments arising from changes in an index or rate;
– There is a change in the Group’s assessment of whether it will exercise an extension option; or
– There are modifications in the scope or the consideration of the lease that was not part of the
original term.
Lease liability is remeasured with a corresponding adjustment to the right-of-use asset or is recorded
in the Statements of Profit or Loss if the carrying amount of the right-of-use asset has been reduced
to zero.
(b) When the Group is the lessor
The Group recognises lease payments received from investment properties under operating leases as income
on a straight-line basis over the lease term as part of revenue.
For contracts that contain lease and non-lease components, the Group allocates the consideration based
on a relative stand-alone selling price basis.
2.20 Currency translation
(a) Functional and presentation currency
Items included in the financial statements of each entity in the Group are measured using the currency of the
primary economic environment in which the entity operates (“functional currency”). The financial statements
are presented in Singapore Dollars (“SGD” or “$”), which is the functional currency of MIT.


2.20 Currency translation (continued)
(b) Transactions and balances
Transactions in a currency other than the functional currency (“foreign currency”) are translated into the
functional currency using the exchange rates prevailing at the dates of the transactions. Currency exchange
differences resulting from the settlement of such transactions and from the translation of monetary assets
and liabilities denominated in foreign currencies at the closing rates at the reporting date are recognised in
the Statements of Profit or Loss, except for currency translation differences on the net investment in foreign
operations, borrowings in foreign currencies and other currency instruments qualifying as net investment
hedges for foreign operations, which are included in the foreign currency translation reserve within the
Statement of Movements in Unitholders’ Funds of the Group.
(c) Translation of Group entities’ financial statements
The results and financial position of all the Group’s entities (none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the presentation currency are translated into the
presentation currency as follows:
(i) assets and liabilities are translated at the closing rates at the reporting date;
(ii) income and expenses are translated at average exchange rates (unless the average rate is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case
income and expenses are translated using the exchange rates at the dates of the transactions); and
(iii) all resulting exchange differences are taken to the foreign currency translation reserve within the
Statements of Movements in Unitholders’ Funds of the Group.
(d) Consolidation adjustments
On consolidation, currency translation differences arising from the net investment in foreign operations,
borrowings in foreign currencies and other currency instruments designated as hedges of such investments, are
taken to the foreign currency translation reserve. When a foreign operation is sold, such currency translation
differences recorded in the foreign currency translation reserve are recognised in the Statements of Profit or
Loss as part of the gain or loss on sale.
2.21 Units and unit issuance expenses
Proceeds from the issuance of units and perpetual securities in MIT are recognised as equity when there is no
contractual obligation to deliver cash or other financial assets to another person or entity or exchange financial
assets or liabilities with another person or entities that are potentially unfavourable to the issuer.
Issue expenses relate to expenses incurred in issuance of units and perpetual securities in MIT. The expenses
relating to issuance of new units and perpetual securities are deducted directly from the net assets attributable to
the Unitholders and perpetual securities balance respectively.
2.22 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Manager who
is responsible for allocating resources and assessing performance of the operating segments.
2.23 Distribution policy
MIT’s distribution policy is to distribute at least 90% of its adjusted taxable income, comprising substantially its income
from the letting of its properties and related property services income after deduction of allowable expenses and
allowances, as well as interest income from the placement of periodic cash surpluses in bank deposits. Distributions,
when paid, will be in Singapore Dollars.

3. Gross revenue
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Rental income and service charges 660,670 611,186 369,224 351,736

Other operating income 36,662 73,679 25,957 23,885
697,332 684,865 395,181 375,621
Gross revenue is generated by the Group’s and MIT’s investment properties.
Other operating income comprises of car park revenue and other income attributable to the operations of the
properties. Majority of the Group’s and MIT’s gross revenue is earned over time.
The Group’s and MIT’s revenue are derived in Asia and North America. Details of disaggregation of revenue by
geographical area are disclosed in Note 32.
4. Property operating expenses
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Operation and maintenance 85,378 84,827 43,946 43,348

Property tax 56,836 51,301 34,114 30,970
Property Managers’ property and lease
management fees 19,741 19,308 11,807 11,221
Marketing expenses 9,552 7,621 7,524 5,616
Other operating expenses 4,782 3,857 759 165
176,289 166,914 98,150 91,320
The above expenses are direct operating expenses arising from the investment properties.
5. Interest income
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Interest income:
– From subsidiaries – – 1,694 2,794
– From joint venture 1,751 – 1,751 –
– From banks 2,942 401 120 359
– From third parties 58 299 47 62
4,751 700 3,612 3,215


6. Investment income
MIT
FY23/24 FY22/23
$’000 $’000
Distribution income from:

– subsidiaries 96,640 106,315
– joint venture 31,843 28,552
128,483 134,867
7. Borrowing costs
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Interest expense
– Bank borrowings 154,117 98,454 20,996 23,502
– Medium term notes 12,444 12,889 – –
– TMK Bond 354 – – –
– Loans from a subsidiary – – 12,444 12,889
– Financing costs on lease liabilities 2,662 1,648 572 590
– Asset retirement obligation 14 – – –
169,591 112,991 34,012 36,981
Financing fees 4,819 4,527 2,746 2,568
Cash flow hedges reclassified from hedging reserves (68,001) (20,279) (12,221) (8,372)
Finance expense on interest rate swap treated
as fair value hedge 200 360 200 360
Fair value (gains)/losses on derivative financial
instrument (Note 24) (196) 726 (196) 726
Fair value adjustment on hedged item (Note 23) 196 (726) 196 (726)
Borrowing costs recognised in the Statements of
Profit or Loss 106,609 97,599 24,737 31,537
8. Other trust expenses
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Listing expenses 2,102 2,349 2,102 2,349

Valuation fee 551 637 120 91
Audit fee 541 501 157 150
Legal and other professional fees 1,461 1,660 403 480
Others – 2,169 – –
4,655 7,316 2,782 3,070
Other trust expenses include provision for tenant compensation.


9. Net change in fair value of financial derivatives
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Fair value (losses)/gains

– Derivative financial instruments measured at FVPL (1,879) 1,519 (7,157) 1,519
Reclassification to profit or loss due to
discontinuation of hedges – – 26,668 –
(1,879) 1,519 19,511 1,519
10. Income tax
Income tax expense
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Tax expense attributable to profit is made up of:

Current income tax
– Current financial year 2,327 3,383 – –
– Under provision in prior year 103 – – –
Deferred tax (Note 25) 9,108 14,332 – –
Withholding tax 4,475 6,234 – –
16,013 23,949 – –
The tax on total profit before tax differs from the theoretical amount that would arise using the Singapore standard
rate of income tax as follows:
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Profit before tax 136,641 315,055 390,808 247,282

Share of joint venture’s results 8,713 (67,907) – –
Profit before tax excluding share of
joint venture’s results 145,354 247,148 390,808 247,282
Tax calculated at a tax rate of 17% (FY22/23: 17%) 24,710 42,015 66,437 42,038
Effects of:
– Expenses not deductible for tax purposes 44,126 29,947 1,153 18,395
– Income not subjected to tax due to tax
transparency ruling (Note 2.4) (62,112) (63,901) (67,590) (60,433)
– Withholding tax 4,475 6,234 – –
– Different tax rates in other countries 4,711 9,654 – –
– Under provision in prior financial year 103 – – –
Tax charge 16,013 23,949 – –


11. Earnings per unit
Group
FY23/24 FY22/23
Total profit attributable to Unitholders of the Group ($’000) 111,036 281,656

Weighted average number of units outstanding during the year (’000) 2,816,874 2,701,594
Basic and diluted earnings per unit (cents per unit) 3.94 10.43
Diluted earnings per unit is the same as the basic earnings per unit as there were no dilutive instruments in issue
during the financial year.
12. Cash and cash equivalents
Group MIT
2024 2023 2024 2023
$’000 $’000 $’000 $’000
Cash at bank 95,902 124,611 13,398 23,212

Short-term bank deposits 24,000 22,000 12,000 8,000
119,902 146,611 25,398 31,212
Short-term bank deposits as at 31 March 2024 have a weighted average maturity of approximately 7 days (2023:
7 days). The applicable weighted average interest rate is 2.97% (2023: 3.48%) per annum.
13. Trade and other receivables
Group MIT
2024 2023 2024 2023
$’000 $’000 $’000 $’000
Trade receivables
– third parties 5,344 4,757 1,704 1,555
Less: Allowance for impairment of receivables (133) (295) (133) (295)
Trade receivables – net 5,211 4,462 1,571 1,260
Interest receivables
– third parties 12 8 8 3
– subsidiary – – 157 162
Distribution receivable
– subsidiaries – – 22,808 23,633
– joint venture 10,103 7,554 10,103 7,554
Other receivables
– subsidiaries – – 14 –
– third parties 13,945 4,135 – 1,589
Accrued revenue 9,204 10,787 956 1,321
38,475 26,946 35,617 35,522

14. Other current assets
Group MIT
2024 2023 2024 2023
$’000 $’000 $’000 $’000
Prepayments 2,690 2,190 227 193

Deposits 775 642 459 177
3,465 2,832 686 370
15. Investment properties
(a) Investment properties and investment property under development
Movement during the year
Group MIT
Investment Investment
property property
Investment under Investment under
properties development properties development
$’000 $’000 $’000 $’000
31 March 2024
Beginning of financial year 7,658,715 – 3,977,899 –
Additions 498,647 – 12,900 –
Divestment (46,700) – (46,700) –
Currency translation difference (57,844) – – –
Net fair value loss (204,967) – (1,193) –
End of financial year 7,847,851 – 3,942,906 –
31 March 2023
Beginning of financial year 7,515,735 144,900 3,731,202 144,900
Additions 30,546 124,027 23,876 124,027
Divestment (9,471) – – –
Transfer 268,927 (268,927) 268,927 (268,927)
Currency translation difference (45,049) – – –
Net fair value loss (101,973) – (46,106) –
End of financial year 7,658,715 – 3,977,899 –
On 27 March 2024, MIT completed the divestment of 115A & 115B Commonwealth Drive located in Singapore
at a sale price of $50,600,000.
On 9 June 2022, MIT through its wholly owned subsidiary, completed the divestment of 19675 West Ten
Mile Road, Southfield, Michigan located in United States of America at a sale price of US$10.0 million.


15. Investment properties (continued)
(a) Investment properties and investment property under development (continued)
Details of carrying amount

Group MIT
Investment Investment
property property
Investment under Investment under
properties development properties development
$’000 $’000 $’000 $’000
31 March 2024
Fair value of investment properties
(net of future lease payments) 7,743,797 – 3,930,800 –
Add: Carrying amount of lease liabilities
(Note 23) 102,691 – 12,106 –
Add: Asset corresponding to asset
retirement obligation (Note 22) 1,363 – – –
Carrying amount of investment properties 7,847,851 – 3,942,906 –
31 March 2023
Fair value of investment properties
(net of future lease payments) 7,617,652 – 3,965,700 –
Add: Carrying amount of lease liabilities
(Note 23) 41,063 – 12,199 –
Carrying amount of investment properties 7,658,715 – 3,977,899 –
Net fair value changes of investment properties recognised in the Statements of Profit or Loss during the
financial year comprises the following:
Investment properties
Group MIT
$’000 $’000
FY23/24
Net fair value loss on investment properties (203,724) (911)
Net fair value loss on right-of-use assets and asset corresponding
to asset retirement obligation (1,243) (282)
(204,967) (1,193)
Effects of lease incentives and marketing commission amortisation (5,859) 886
Net fair value loss on investment properties recognised
in the Statements of Profit or Loss (210,826) (307)
FY22/23
Net fair value loss on investment properties (100,655) (45,749)
Net fair value loss on right-of-use assets with land lease payments (1,318) (357)
(101,973) (46,106)
Effects of lease incentives and marketing commission amortisation (8,659) 2,380
Net fair value loss on investment properties recognised
in the Statements of Profit or Loss (110,632) (43,726)
Details of the properties are shown in the Portfolio Statement.
Valuation processes of the Group
The Manager engaged external, independent and qualified valuers to determine the fair value of the Group’s
properties at the end of every financial year based on the properties’ highest and best use.

(b) Investment property held for sale
Group
31 March 31 March
2024 2023
$’000 $’000
Beginning of the financial year – 13,608

Divestment of investment property – (13,608)
End of the financial year – –
(c) Fair value hierarchy
All properties within MIT and the Group’s portfolio are classified within Level 3 of the fair value hierarchy.
The following level represents the investment properties and investment property under development at fair
value and classified by level of fair value measurement hierarchy:
• Level 1: quoted prices (unadjusted) in active markets for identical assets;
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset,
either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
(d) Reconciliation of Level 3 fair value measurements
The reconciliation between the balances at the beginning of the financial year is disclosed within the investment
properties and investment property under development movement table presented in Note 15(a).
(e) Valuation techniques and key unobservable inputs
The fair values are generally derived using the following methods:
• Income capitalisation – Properties are valued by capitalising the net property income at an appropriate
rate of return to arrive at the market value. The net property income is the estimated annual net rental
income of the building at current rate after deducting all necessary outgoings and expenses. The
adopted yield reflects the nature, location, tenure, tenancy profile of the property together with the
prevailing property market condition.
• Discounted cash flow – Properties are valued by discounting the future net cash flow over a period
to arrive at a present value.
Relationship of key unobservable inputs to fair value:
• The higher the capitalisation rate, the lower the fair value.
• The higher the discount rate, the lower the fair value.


(e) Valuation techniques and key unobservable inputs (continued)
The following table presents the valuation techniques and key inputs that were used to determine the fair
value of investment properties categorised under Level 3 of the fair value hierarchy:
(i) Investment properties in Asia
Property Valuation Key unobservable

segment techniques inputs(#) Range of unobservable inputs
Data Income Capitalisation 31 March 2024: From 4.00% to 6.25%
Centres capitalisation rate (31 March 2023: From 6.00% to 6.50%)
Discounted Discount 31 March 2024: From 3.30% to 7.75%

cash flow rate (31 March 2023: 7.75%)
(ii) Investment properties in North America

Data Income Capitalisation 31 March 2024: From 5.00% to 8.25%
Centres capitalisation rate (31 March 2023: From 5.25% to 7.00%)
Discounted Discount 31 March 2024: From 6.25% to 10.50%

cash flow rate (31 March 2023: From 6.50% to 8.25%)
(iii) Investment properties in Singapore

Hi-Tech Income Capitalisation 31 March 2024: From 5.25% to 7.00%
Buildings capitalisation rate (31 March 2023: From 5.25% to 6.75%)
Discounted Discount 31 March 2024: 7.75%

Business Park Income Capitalisation 31 March 2024: 5.75%

Buildings capitalisation rate (31 March 2023: 5.75%)

Flatted Income Capitalisation 31 March 2024: From 6.00% to 7.50%

Factories capitalisation rate (31 March 2023: From 6.00% to 7.25%)

Stack-up/ Income Capitalisation 31 March 2024: 6.50%

Ramp-up Buildings capitalisation rate (31 March 2023: 6.50%)

Light Industrial Income Capitalisation 31 March 2024: From 6.00% to 6.50%

Buildings capitalisation rate (31 March 2023: From 6.00% to 6.50%)

(#) There were no significant inter-relationships between unobservable inputs.


(e) Valuation techniques and key unobservable inputs (continued)
The independent valuers’ valuation methods and estimates were based on information provided and prevailing
market data as at 31 March 2024. The Manager is satisfied with the appropriateness of valuation methods,
assumptions and outcomes applied by the independent valuers.
16. Plant and equipment
Group and MIT

31 March 31 March
2024 2023
$’000 $’000
Cost
Beginning and end of financial year 425 425
Accumulated depreciation
Beginning of financial year 330 271
Depreciation charge 42 59
End of financial year 372 330
Net book value

17. Leases - Where the Group is a lessee
Nature of the Group’s leasing activities
The Group and MIT lease leasehold land from non-related parties under non-cancellable lease agreements.
The leases are subjected to revision of land rents at periodic intervals. There are no externally imposed covenant
on these lease arrangements.
(a) Carrying amounts
The right-of-use assets relating to the leasehold land are presented under investment properties (Note 15(a)).
(b) Financing costs
The financing costs on lease liabilities are disclosed in Note 7.
(c) Total cash outflow for all the leases in FY23/24 was $3,852,000 (FY22/23: $2,969,000).
(d) Extension options
The leases for leasehold lands for which the related lease payments had not been included in lease liabilities
as the options are subjected to the Group meeting certain conditions and approval is at the discretion of
the lessor.


18. Leases – where the Group as a lessor
The Group and MIT lease out investment properties to related and non-related parties under non-cancellable
operating leases. The leases are classified as operating leases because the risk and rewards incidental to ownership
of the assets are not substantially transferred.
Rental income from investment properties is disclosed in Note 3.
Undiscounted lease payments from the operating leases to be received after the reporting date are as follows:
Group MIT
2024 2023 2024 2023
$’000 $’000 $’000 $’000
Not later than one year 538,628 550,946 280,794 322,164

Between one and two years 447,340 440,177 238,388 231,095
Between two and three years 370,166 315,813 189,706 149,075
Between three and four years 290,243 227,909 149,713 89,673
Between four and five years 232,259 174,934 110,976 66,762
Later than five years 1,420,813 648,863 494,763 176,409
Total undiscounted lease payment 3,299,449 2,358,642 1,464,340 1,035,178
19. Investments in subsidiaries
MIT
31 March 31 March
2024 2023
$’000 $’000
Equity investments at cost

Beginning of financial year 1,050,074 1,050,074
Additions 154,775 –
End of financial year 1,204,849 1,050,074

19. Investments in subsidiaries (continued)
Details of the subsidiaries are as follows:
Country of
business/ Equity interest
Name of companies Principal activities incorporation held by MIT
31 March 31 March
2024 2023
% %
(a) Wholly owned subsidiaries held directly by MIT
Mapletree Singapore Industrial Trust (a) Property investment Singapore 100 100
MIT Tai Seng Trust (a)
Property investment Singapore 100 100
Mapletree Redwood Data Centre Trust (a) Investment holding Singapore 100 100
Mapletree Industrial Trust Treasury Provision of treasury
Company Pte. Ltd. (a) services Singapore 100 100
Etowah DC (US) Assets Pte. Ltd. (a)
Investment holding Singapore 100 100
Redwood DC (US) Assets Pte. Ltd. (a) Investment holding Singapore 100 100
Hudson DC (US) Assets Pte. Ltd. (a) Investment holding Singapore 100 100
Redwood DC Holdings Pte. Ltd. (a) Investment holding Singapore 100 100
(b) Wholly owned subsidiaries held indirectly through MIT’s subsidiaries
Navarro DC (US) Assets Pte. Ltd. (a) Investment holding Singapore 100 100
Navarro DC Holdings Pte. Ltd. (a)
Investment holding Singapore 100 100
Etowah DC Holdings Pte. Ltd. (a) Investment holding Singapore 100 100
Hudson DC Holdings Pte. Ltd. (a) Investment holding Singapore 100 100
Gannett DC Limited Partner LLC (b)
Investment holding North America 100 100
Gannett DC General Partner LLC (b) Investment holding North America 100 100
Navarro DC Assets LLC (b)
Property investment North America 100 100
Etowah DC Assets LLC (b) Property investment North America 100 100
Redwood DC Assets LLC (b) Property investment North America 100 100
Cumberland DC Assets LLC (b) Property investment North America 100 100
Ambrose DC Assets LLC (b) Property investment North America 100 100
Galveston DC Assets LLC (b) Property investment North America 100 100
Savannah DC Assets LLC (b) Property investment North America 100 100
Denali DC Assets LLC (b) Property investment North America 100 100
Gannett DC Assets LP (b) Property investment North America 100 100
Humphreys DC Assets LP (b) Property investment North America 100 100
Richmond DC Assets LLC (b) Property investment North America 100 100
Acadia DC1 Assets LLC (b) Investment holding North America 100 100
Acadia DC2 Assets LLC (b) Property investment North America 100 100
Allegheny DC Assets LLC (b) Property investment North America 100 100
Brazos DC Assets LLC (b) Property investment North America 100 100
Canyon DC Assets LLC (b)
Crater DC Assets LLC (b) Property investment North America 100 100
Tierra DC Assets LLC (b)
Olympic DC Assets LLC (b) Property investment North America 100 100
Glacier DC Assets LLC (b) Property investment North America 100 100
Holston DC Assets LLC (b) Property investment North America 100 100


19. Investments in subsidiaries (continued)
Country of
business/ Equity interest
Name of companies Principal activities incorporation held by MIT
31 March 31 March
2024 2023
% %
(b) Wholly owned subsidiaries held indirectly through MIT’s subsidiaries (continued)
Bryce DC Assets LLC (b) Property investment North America 100 100
Yosemite DC Assets LLC (b)
Capitol DC Assets LLC (b) Property investment North America 100 100
Arches DC Assets LLC (b)
Rainier DC Assets LLC (b) Property investment North America 100 100
Evans DC Assets LLC (b) Property investment North America 100 100
Cypress DC Assets LLC (b)
Elias DC Assets LLC (b) Property investment North America 100 100
Blanca DC Assets LLC (b)
Sanford DC Assets LP (b) Property investment North America 100 100
Carmel DC Assets LLC (b) Property investment North America 100 100
Crestone DC Assets LLC (b) Property investment North America 100 –
Gannett NC Assets Corp (b) Property investment North America 100 –
(c) Non-Wholly owned subsidiaries held indirectly through MIT’s subsidiaries
Godo Kaisha Yuri 3 (b) Investment holding Japan 97 –

Yuri Tokutei Mokuteki Kaisha (c) Property investment Japan 98.47 –

(a) Audited by PricewaterhouseCoopers LLP, Singapore
(b) Not required to be audited by law in the country of incorporation.
(c) Audited by PricewaterhouseCoopers LLP, Japan
20. Loans to subsidiaries
MIT
31 March 31 March
2024 2023
$’000 $’000
Non-current
Loans to subsidiaries 678,241 682,077
Allowance for impairment (71,272) (66,272)
606,969 615,805
Loans to subsidiaries include interest-free loans amounting to $521,441,000 (2023: $525,277,000). These loans
have no fixed repayment terms and are intended to be long-term sources of funding for the subsidiaries. Settlement
of these loans are neither planned nor likely to occur in the foreseeable future.
MIT extended interest-bearing loans to its subsidiaries amounting to $156,800,000 (2023: $156,800,000). The
effective interest rate of the loans at reporting date is 1.01% (2023: 1.01%) per annum and the interest rates are
repriced at each interest period mutually agreed between the subsidiaries and MIT.

21. Investment in a joint venture
MIT
31 March 31 March
2024 2023
$’000 $’000
Equity investment at cost 394,377 394,377
Details of the joint venture are as follows:
Principal Country of business/ Equity interest held by

Name of joint venture activities constituted MIT and the Group
31 March 31 March
2024 2023
% %
Mapletree Rosewood Data Centre Trust Property The United States/

(‘‘MRODCT’’)* investment Singapore 50 50
* Audited by PricewaterhouseCoopers LLP, Singapore
Summarised financial information of significant joint venture
Set out below are the summarised financial information (in SGD equivalent):
Summarised statement of financial position
MRODCT
31 March 31 March
2024 2023
$’000 $’000
Non-current assets 2,171,314 2,295,203
Current assets 58,924 66,569

– Includes cash and cash equivalents 36,555 44,355
Current liabilities 442,766 45,923

– Includes financial liabilities (excluding trade and other payables and provision) 399,573 –
Non-current liabilities 706,814 1,118,066

– Includes financial liabilities (excluding trade and other payables and provision) 695,895 1,107,405
Net assets 1,080,658 1,197,783


21. Investment in a joint venture (continued)
Summarised statement of comprehensive income
MRODCT
31 March 31 March
2024 2023
$’000 $’000
Gross revenue 66,148 66,928

Property operating expenses (23,744) (23,886)
Interest expense (19,932) (15,293)
Share of joint venture’s results* 9,263 136,454
Net fair value loss of investment properties (30,294) (7,447)
Profit before income tax 1,441 156,756
Income tax expense (18,866) (20,943)
(Loss)/Profit for the financial year (17,425) 135,813
Other comprehensive (loss)/income (24,404) 64,981
Total comprehensive (loss)/income (41,829) 200,794
Dividends declared/received from joint venture 31,843 28,552
* Includes share of net fair value loss (31 March 2023: net fair value gain) of investment properties from a joint venture of approximately $60,103,000
(31 March 2023: $67,552,000).
The information above reflects the amounts presented in the financial statements of the joint venture (and not the
Group’s proportionate share), adjusted for differences in accounting policies between the Group and the joint venture.
Reconciliation of summarised financial information
Reconciliation of the summarised financial information presented, to the carrying amount of the Group’s interest
in a joint venture, are as follows:
MRODCT
31 March 31 March
2024 2023
$’000 $’000
Net assets 1,080,658 1,197,783
Group’s equity interest 50% 50%

Group’s share of net assets 540,329 598,892
Carrying value of the Group’s interest in joint venture 540,329 598,892

22. Trade and other payables
Group MIT
2024 2023 2024 2023
$’000 $’000 $’000 $’000
Current
Trade payables
– third parties 2,000 3,809 262 1,263
– related parties 2,720 1,651 2,447 1,482
Accrued operating expenses 67,197 85,541 29,028 37,808
Accrued retention sum 7,024 9,359 7,024 9,359
Accrued development cost 9,164 5,074 9,164 5,074
Tenancy related deposits 24,375 31,958 23,153 29,553
Rental received/billed in advance 9,471 3,564 1,183 1,222
Net GST payable 11,374 1,593 10,751 1,064
Interest payable 10,724 13,200 246 2,437
Other payables 2,154 3,022 1,342 2,299
Amount due to a related party 147 16 – –
Interest payable to a subsidiary – – 1,185 1,170
Amount due to a subsidiary – – 110 111
146,350 158,787 85,895 92,842
Non–current
Tenancy related deposits 60,226 50,011 53,733 44,775
Other payables 1,412 478 154 –
Asset retirement obligation 1,363 – – –
63,001 50,489 53,887 44,775
209,351 209,276 139,782 137,617
The non-trade amount due to a subsidiary is unsecured, interest free and repayable on demand.


23. Borrowings and loans from a subsidiary
Group MIT
2024 2023 2024 2023
$’000 $’000 $’000 $’000
Current
Borrowings
Bank loans (unsecured) 75,000 – 75,000 –
Transaction cost to be amortised1 (344) – (344) –
74,656 – 74,656 –
Medium term note (unsecured) – 175,000 – –
Transaction cost to be amortised1 – (37) – –
– 174,963 – –
Lease liabilities 1,518 1,114 403 381
1,518 176,077 403 381
Loans from a subsidiary

Loans from a subsidiary – – – 175,000
Transaction cost to be amortised1 – – – (37)
– – – 174,963
76,174 176,077 75,059 175,344
Non–current
Borrowings
Bank loans (unsecured) 2,435,453 2,488,406 403,710 593,125
Transaction cost to be amortised1 (7,062) (7,885) (908) (1,403)
2,428,391 2,480,521 402,802 591,722
TMK Bond (secured)3 90,153 – – –

Transaction cost to be amortised 1
(300) – – –
89,853 – – –
Medium term notes (unsecured) 383,751 185,000 – –
Change in fair value of hedged item (Note 7)2 – (196) – –
Transaction cost to be amortised1 (704) (314) – –
383,047 184,490 – –
Lease liabilities 101,173 39,949 11,703 11,818
3,002,464 2,704,960 414,505 603,540
Loans from a subsidiary

Loans from a subsidiary – – 383,751 185,000
Change in fair value of hedged item (Note 7)2 – – – (196)
Transaction cost to be amortised 1
– – (704) (314)
– – 383,047 184,490
3,002,464 2,704,960 797,552 788,030
3,078,638 2,881,037 872,611 963,374
Notes:
1 Related transaction costs are amortised over the tenors of the Medium Term Notes (“MTN”), TMK bond and bank loan facilities.
2 Relates to the changes in fair value of the $75.0 million MTN issued on 11 May 2015, the Group has adopted a fair value hedge on this MTN.
The $75.0 million MTN was fully redeemed on 11 May 2023.
3 The Tokutei Mokuteki Kaisha (“TMK”) bond is subject to a statutory lien over the assets of Yuri TMK pursuant to Article 128 of SPC Law.

23. Borrowings and loans from a subsidiary (continued)
(a) Maturity of borrowings
The current borrowings and loans from a subsidiary mature within 6 months from 31 March 2024 (31 March
2023: 2 to 12 months).
The non-current borrowings and loans from a subsidiary mature between 2025 and 2038 (31 March 2023:
between 2024 and 2029).
(b) Weighted average interest rates
The weighted average interest rates of total borrowings, including interest rate swaps as at the reporting
date were as follows:
Group MIT
2024 2023 2024 2023
Bank loans (current) 4.16% – 4.16% –

Bank loans (non–current) 3.24% 3.50% 3.49% 2.20%
TMK Bond (non–current) 1.10% – – –
Medium term notes (current) – 4.14% – –
Medium term notes (non–current) 2.94% 3.65% – –
Loans from a subsidiary (current) – – – 4.14%
Loans from a subsidiary (non–current) – – 2.94% 3.65%
(c) TMK Bond
As at 31 March 2024, the TMK Bond of JPY 10,000,000,000 bears fixed interest rate of 1.1%, with interest
payment due quarterly, and shall mature on 27 November 2030.
(d) Medium term notes
In August 2011, the Group established a $1,000,000,000 Multicurrency Medium Term Note Programme
(“MTN Programme”), via a subsidiary, Mapletree Industrial Trust Treasury Company Pte. Ltd (“MITTC”). Under
the MTN Programme, MITTC may, subject to compliance with all relevant laws, regulations and directives,
from time to time issue notes in series in Singapore Dollars or any other currency (“MTN”).
In September 2018, the Group established a $2,000,000,000 Euro Medium Term Securities Programme
(“EMTN Programme”), via MITTC. Under the EMTN Programme, MITTC may, subject to compliance with all
relevant laws, regulations and directives, from time to time issue notes or perpetual securities in series or
tranches in Singapore Dollars or any other currency (‘EMTN”).
Each series of notes may be issued in various amounts and tenors, and may bear fixed, floating or variable rates
of interest. Hybrid notes or zero coupon notes may also be issued under the MTN and EMTN Programmes.


(d) Medium term notes (continued)
The MTN and EMTN shall constitute direct, unconditional, unsecured and unsubordinated obligations of MITTC
ranking pari passu, without any preference or priority among themselves and pari passu with all other present
and future unsecured obligations of MITTC. All sums payable in respect of the notes will be unconditionally
and irrevocably guaranteed by DBS Trustee Limited, in its capacity as Trustee of MIT.
MITTC has fully redeemed $75,000,000 in principal of 3.02% Fixed Rate Notes on 11 May 2023 and $100,000,000
in principal of 3.16% Fixed Rate Notes on 28 March 2024 under the MTN Programme.
Total notes outstanding under the MTN and EMTN Programme as at the reporting date were as follows:
Group
Interest rate Frequency of interest 31 March 31 March
Maturity date per annum payment 2024 2023
$’000 $’000
11 May 2023 3.02% semi-annually – 75,000

28 March 2024 3.16% semi-annually – 100,000
2 March 2026 3.79% semi-annually 60,000 60,000
26 March 2029 3.58% semi-annually 125,000 125,000
27 June 2035 1.69% semi-annually 58,599 –
27 June 2038 1.85% semi-annually 90,152 –
16 February 2027 3.75% semi-annually 50,000 –
383,751 360,000
(e) Loans from a subsidiary
MITTC has on-lent the proceeds from the issuance of the MTN and EMTN to MIT, who has in turn used these
proceeds to refinance its borrowings.
MIT has fully repaid MITTC $75,000,000 in principal of 3.02% loan on 11 May 2023 and $100,000,000 in
principal of 3.16% loan on 28 March 2024.
These loans are unsecured and repayable in full, consisting of:
MIT
Interest rate Frequency of interest 31 March 31 March
Maturity date per annum payment 2024 2023
$’000 $’000
11 May 2023 3.02% semi–annually – 75,000

28 March 2024 3.16% semi–annually – 100,000
2 March 2026 3.79% semi–annually 60,000 60,000
26 March 2029 3.58% semi–annually 125,000 125,000
27 June 2035 1.69% semi–annually 58,599 –
27 June 2038 1.85% semi–annually 90,152 –
16 February 2027 3.75% semi–annually 50,000 –
383,751 360,000

(f) Carrying amount and fair value of non-current borrowings
The carrying amounts of the borrowings approximate their fair values, except for the following fixed-rate
non-current borrowings:
Carrying amounts Fair value

2024 2023 2024 2023
$’000 $’000 $’000 $’000
Group
Bank loans 156,414 – 155,542 –
TMK Bond 90,153 – 88,475 –
Medium term notes 383,751 185,000 375,177 179,558
MIT
Loans from a subsidiary 383,751 185,000 375,177 179,558
The fair values above are determined from the cash flow analysis, discounted at the following market borrowing
rates of an equivalent instrument at the reporting date at which the Manager expects to be available to
the Group:
Group MIT
2024 2023 2024 2023
Bank loans 1.39% – – –

TMK Bond 1.39% – – –
Medium term notes 2.0% – 3.7% 4.0% – 4.2% – –
Loans from a subsidiary – – 2.0% – 3.7% 4.0% – 4.2%
The fair values are within Level 2 of the fair value hierarchy.
(g) Interest rate risks
The exposure of the borrowings of the Group and MIT to interest rate changes and the contractual repricing
dates at the reporting dates after taking into account interest rate swaps is as follows:
Group MIT
2024 2023 2024 2023
$’000 $’000 $’000 $’000
6 months or less 459,097 689,235 238,000 75,000


24. Derivative financial instruments
Group
Contract
notional Fair value Fair value
Maturity amount assets liabilities
$’000 $’000 $’000
31 March 2024
Derivatives held for hedging:
Cash flow hedges
– Interest rate swaps 2024–2028 1,894,943 110,649 –
Derivatives held under non-hedge accounting:

– Currency forwards 2024–2026 75,063 36 590
Total 1,970,006 110,685 590
Less: Current portion (1,895) (570)
Non-current portion 108,790 20
Group
Contract
$’000 $’000 $’000
31 March 2023
Fair value hedge
– Interest rate swap 2023 75,000 – 196
Cash flow hedges

– Interest rate swaps 2024–2028 1,963,434 110,612 217
– Currency forwards 2023 20,459 571 –

– Currency forwards 2023–2024 49,677 1,528 9
Total 2,108,570 112,711 422
As at 31 March 2023, the Group has fully completed the transition of its interest rate swaps directly impacted by
the interest rate benchmark reform (“IBOR reform”).

24. Derivative financial instruments (continued)
MIT
Contract
$’000 $’000 $’000
31 March 2024
Cash flow hedges
– Interest rate swaps 2024–2026 240,710 3,155 –

– Interest rate swaps 2026 298,348 21,390 –
– Currency forwards 2024–2026 75,063 36 590
Total 614,121 24,581 590
MIT
Contract
$’000 $’000 $’000
31 March 2023
Fair value hedge
– Interest rate swap 2023 75,000 – 196
Cash flow hedges

– Interest rate swaps 2024–2026 593,125 33,289 –
– Currency forwards 2023 20,459 571 –

– Currency forwards 2023–2024 49,677 1,528 9
Total 738,261 35,388 205
Non-current portion 32,774 –
As at 31 March 2023, MIT has fully completed the transition of its interest rate swaps directly impacted by the
IBOR reform.


Hedging instruments used in Group’s hedging strategy in FY23/24:
Changes in fair value used

for calculating hedge
Carrying amount ineffectiveness*
Contractual
notional Assets/
amount (liabilities) Financial Weighted
31 March 31 March statement Hedging Hedged average Maturity
2024 2024 line item instrument item hedged rate date
$’000 $’000 $’000 $’000
Group
Fair value hedge
Interest rate risk
– Interest rate swap to Derivative
hedge fixed rate financial
borrowing – – instruments 196 (196) 3.02% 2023
Cash flow hedges

Interest rate risk
– Interest rate swaps Derivative
to hedge floating financial SGD: 1.97%
rate borrowings 1,894,943 110,649 instruments 67,761 (67,761) USD: 1.65% 2024-2028
Currency risk
– Currency forwards
to hedge income Derivative
receivable in financial
foreign currency – – instruments (571) 571 USD: 1.34 2023
Net investment hedge

– Borrowings to hedge
net investments in
foreign operations – (232,661) Borrowings (5,633) 5,633 USD: 1.33 2028-2038
* There are no hedge ineffectiveness and hence, no costs of hedging recognised in the Statements of Profit or Loss in FY23/24.

Hedging instruments used in Group’s hedging strategy in FY22/23:

Contractual
notional Assets/
$’000 $’000 $’000 $’000
Group
Fair value hedge
Interest rate risk
borrowing 75,000 (196) instruments (726) 726 3.02% 2023
Cash flow hedges

Interest rate risk
rate borrowings 1,963,434 110,395 instruments 71,817 (71,817) USD: 1.65% 2024-2028
Currency risk
foreign currency 20,459 571 instruments 674 (674) USD: 1.38 2023
Net investment hedge

– Borrowings to hedge
net investments in
foreign operations – (386,325) Borrowings (5,269) 5,269 USD: 1.35 2025-2028


Hedging instruments used in MIT’s hedging strategy in FY23/24:

Contractual
notional Assets/
$’000 $’000 $’000 $’000
MIT
Fair value hedge
Interest rate risk
borrowing – – instruments 196 (196) 3.02% 2023
Cash flow hedges

Interest rate risk
rate borrowings 240,710 3,155 instruments 8,560 (8,560) USD: 0.40% 2024-2026
Currency risk
foreign currency – – instruments (571) 571 USD: 1.34 2023
* There are no hedge ineffectiveness and hence, no costs of hedging recognised in the Statements of Profit or Loss in FY23/24. Effects from
discontinuation of hedges are recognised in the Statements of Profit and Loss in FY23/24 within Note 9.
Hedging instruments used in MIT’s hedging strategy in FY22/23:

Contractual
notional Assets/
$’000 $’000 $’000 $’000
MIT
Fair value hedge
Interest rate risk
borrowing 75,000 (196) instruments (726) 726 3.02% 2023
Cash flow hedges

Interest rate risk
rate borrowings 593,125 33,289 instruments 19,635 (19,635) USD: 0.73% 2024-2026
Currency risk
to hedge quarterly Derivative
income receivable financial
in foreign currency 20,459 571 instruments 674 (674) USD: 1.38 2023

Effect of fair value hedge on hedged items are as follows:
Carrying Financial Accumulated

amount of statement amount of
assets/ line items fair value
(liabilities) that includes adjustments
$’000 hedged items $’000
As at 31 March 2024
Group and MIT
Fair value hedge
Interest rate risk
– Interest rate swap to hedge fixed rate borrowings – Borrowings –
As at 31 March 2023
Group and MIT
Fair value hedge
Interest rate risk
– Interest rate swap to hedge fixed rate borrowings (74,804) Borrowings (196)
25. Deferred tax liabilities
The movement in deferred tax liabilities is as follows:
Change in
Accelerated fair value of
tax Accrued investment
depreciation revenue properties Total
$’000 $’000 $’000 $’000
As at 31 March 2024
Group
Beginning of financial year 1,977 15,431 59,598 77,006
Recognised in the Statements
of Profit or Loss (617) 2,812 6,913 9,108
Currency translation differences (15) (189) (694) (898)
End of financial year 1,345 18,054 65,817 85,216
As at 31 March 2023
Group
Beginning of financial year 1,860 11,317 50,666 63,843
Recognised in the Statements
of Profit or Loss 145 4,361 9,826 14,332
Currency translation differences (28) (247) (894) (1,169)
End of financial year 1,977 15,431 59,598 77,006


26. Hedging reserve
Movements in hedging reserve by risk category:
31 March 2024 31 March 2023

Foreign Foreign
Interest exchange Interest exchange
rate risk risk Total rate risk risk Total
$’000 $’000 $’000 $’000 $’000 $’000
Group
Beginning of financial year 175,249 571 175,820 119,386 (103) 119,283
Fair value gain/(loss) 67,761 (571) 67,190 71,817 674 72,491
Reclassification to profit or loss
– hedged item has affected
profit or loss (68,001) – (68,001) (20,279) – (20,279)
Share of hedging reserve
of joint venture (12,743) – (12,743) 4,325 – 4,325
End of financial year 162,266 – 162,266 175,249 571 175,820
MIT
Beginning of financial year 33,318 571 33,889 22,055 (103) 21,952
Fair value gain/(loss) 8,560 (571) 7,989 19,635 674 20,309
Reclassification to profit or loss
– hedged item has affected
profit or loss (38,889) – (38,889) (8,372) – (8,372)
End of financial year 2,989 – 2,989 33,318 571 33,889
27. Units in issue and perpetual securities
Group and MIT

31 March 31 March
2024 2023
Beginning of financial year 2,739,869,793 2,676,561,626

Issuance of new units arising from:
Settlement of manager’s management fees [Note 27(i)] 2,207,531 2,372,855
Private placement [Note 27(ii)] 92,593,000 –
Distribution Reinvestment Plan – 60,935,312
End of the financial year 2,834,670,324 2,739,869,793

27. Units in issue and perpetual securities (continued)
(a) Units in issue
During the financial year, MIT issued the following units:
(i) 2,207,531 (31 March 2023: 2,372,855) new units at the issue prices ranging from $2.2272 to $2.4651
(31 March 2023: $2.2110 to $2.6844) per unit, as part payment of the base fees to the Manager in
units.
(ii) 92,593,000 new units at $2.2120 each pursuant to the private placement exercise.
In addition to the above, during the previous financial year, MIT issued the following units:
(i) 60,935,312 new units at the issue price ranging from $2.1500 to $2.6097 per unit pursuant to the
DRP where Unitholders have the option to receive their distribution in Units instead of cash or a
combination of Units and cash.
Each unit in MIT represents an undivided interest in MIT. The rights and interests of Unitholders are contained
in the Trust Deed and include the right to:
• Receive income and other distributions attributable to the units held;
• Participate in the termination of MIT by receiving a share of all net cash proceeds derived from the
realisation of the assets of MIT less any liabilities, in accordance with their proportionate interests in
MIT. However, a Unitholder does not have the right to require that any assets (or part thereof) of MIT
be transferred to him; and
• Attend all Unitholders’ meetings. The Trustee or the Manager may (and the Manager shall at the
request in writing of not less than 50 Unitholders or Unitholders representing not less than 10.0%
of the issued units of MIT) at any time convene a meeting of Unitholders in accordance with the
provisions of the Trust Deed.
The restrictions of a Unitholder include the following:
• A Unitholder’s right is limited to the right to require due administration of MIT in accordance with the
provisions of the Trust Deed; and
• A Unitholder has no right to request to redeem his units while the units are listed on SGX-ST.
A Unitholder’s liability is limited to the amount paid or payable for any units in MIT. The provisions of the
Trust Deed provide that no Unitholder will be personally liable to indemnify the Trustee or any creditor of
the Trustee in the event that the liabilities of MIT exceed its assets.
(b) Perpetual securities
On 11 May 2021, MIT issued $300 million in principal amount of 3.15% fixed rate perpetual securities. The
perpetual securities were issued under the $2,000,000,000 Euro Medium Term Securities Programme.
The following represents the terms of the perpetual securities:
• These perpetual securities have no fixed redemption date, with the redemption at the option of MIT
on 11 May 2026 and each Distribution Payment Date thereafter;
• The distribution shall be payable semi-annually in arrears at the discretion of MIT and will be non-
cumulative.


27. Units in issue and perpetual securities (continued)
(b) Perpetual securities (continued)
In terms of distribution payments or in the event of winding-up of MIT:
• These perpetual securities rank pari passu with the holders of preferred units (if any) and rank ahead
of the Unitholders of MIT, but junior to the claims of all other present and future creditors of MIT.
• MIT shall not declare distribution or pay any distributions to the Unitholders, or make redemption,
unless MIT declare or pay any distributions to the holders of the perpetual securities.
These perpetual securities are classified as equity instruments and recorded in equity in the Statements of
Movements in Unitholders’ Funds. The $301,828,000 (2023: $301,802,000) presented on the Statements
of Financial Position represents the $300,000,000 (2023: $300,000,000) perpetual securities net of issue
costs and includes profit attributable to perpetual securities holders from last distribution date.
28. Commitments
Capital commitments
Significant capital expenditures contracted for at the reporting date but not recognised in the financial statements,
excluding those relating to investment in a joint venture (Note 21), are as follows:
Group MIT
2024 2023 2024 2023
$’000 $’000 $’000 $’000
Capital expenditure contracted 109,423 13,005 11,853 9,529
29. Financial risk management
The Group’s activities expose it to market risk (including currency risk and interest rate risk), credit risk and liquidity
risk in the normal course of its business. The Group’s overall risk management strategy seeks to minimise any
adverse effects from the unpredictability of financial markets on the Group’s financial performance. The Group uses
financial instruments such as currency forwards and interest rate swaps to hedge certain financial risk exposures.
Risk management is carried out under policies approved by the Manager. The Manager provides written principles
for overall risk management as well as written policies covering specific areas, such as currency risk, interest rate
risk, credit risk and liquidity risk. Risk management policies and systems are reviewed regularly to reflect changes
in market conditions and the Group’s activities.
(a) Market risk
(i) Currency risk
The Manager’s investment strategy includes investing in real-estate related assets used primarily as
data centres worldwide beyond Singapore. In order to manage the currency risk involved in investing in
assets outside Singapore, the Manager adopts currency risk management strategies that may include:
• The use of foreign currency denominated borrowings to match the currency of the assets
managed as a natural currency hedge. Borrowings designated and qualified as hedges of net
investments have a carrying amount of $232,661,000 as at 31 March 2024 (31 March 2023:
$386,325,000). The fair values of the borrowings approximate their carrying values except for
the fixed-rate non-current borrowings disclosed in Note 23(e).
• Entering into currency forwards to hedge the foreign currency income to be received from the
offshore assets into Singapore Dollars.

29. Financial risk management (continued)
(a) Market risk (continued)
(i) Currency risk (continued)
The Group determines the existence of an economic relationship between the hedging instrument
and hedge item based on the currency, amount and timing of their respective cash flows. The Group
assesses whether the derivative designated in each hedging relationship is expected to be and has been
effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method.
The Group establishes the hedging ratio by matching notional amount of the hedged instrument against
the principal of the hedged item. In these hedge relationships, main sources of ineffectiveness are:
• Changes in timing of forecasted transaction from the initial plans; and
• Changes in the credit risk of the derivative counterparty or the Group.
The Group’s and MIT’s main currency exposure to USD and JPY based on the information provided
to key management is as follows (SGD equivalent):
Group
USD JPY
$’000 $’000
31 March 2024
Financial assets
Cash and cash equivalents 63,445 10,818
Trade and other receivables 15,516 6,581
Distribution receivable from joint venture 10,103 –
Other current assets 276 –
Other non-current assets – 3,606
89,340 21,005
Financial liabilities
Borrowings (1,954,320) (393,782)
Trade and other payables (65,529) (58,898)
(2,019,849) (452,680)
Net financial liabilities (1,930,509) (431,675)

Less:
Net financial liabilities denominated in the respective entities’
functional currency (1,857,530) (282,244)
Borrowings designated as net investment hedge (83,910) (148,751)
Net currency exposure 10,931 (680)


Group
USD
$’000
31 March 2023
Financial assets
Cash and cash equivalents 96,532
Trade and other receivables 14,621
Other current assets 2,430
Distribution receivable from joint venture 7,554
121,137
Borrowings (2,275,123)
Trade and other payables (82,464)
(2,357,587)
Net financial liabilities (2,236,450)

Less:
Net financial liabilities denominated in the respective entities’ functional currency (1,859,810)
Borrowings designated as net investment hedge (386,325)
Net currency exposure 9,685
MIT
USD JPY
$’000 $’000
31 March 2024
Financial assets
Cash and cash equivalents 1,295 12
Amount due from subsidiaries 360,548 –
Distribution receivable from subsidiary 16,361 –
Distribution receivable from joint venture 10,103 –
388,307 12
Borrowings (83,910) –
Amount due to a subsidiary (115) (148,751)
Trade and other payables (408) (693)
(84,433) (149,444)
Net financial assets/(liabilities) 303,874 (149,432)

Less:
Borrowings designated as net investment hedge (83,910) (148,751)
Net currency exposure 387,784 (681)

USD
$’000
31 March 2023
Financial assets
Cash and cash equivalents 2,924
Amount due from subsidiaries 364,384
Distribution receivable from subsidiary 23,633
Distribution receivable from joint venture 7,554
398,495
Borrowings (386,325)
Amount due to a subsidiary (111)
Trade and other payables (793)
(387,229)
Net financial assets 11,266

Less:
Borrowings designated as net investment hedge (386,325)
Net currency exposure 397,591
Sensitivity analysis
Group
As at 31 March 2024, if the USD strengthens/weakens by 5% (31 March 2023: 5%) against SGD, with
all other variables being constant, the Group’s total profit before tax would have been higher/lower
by $546,000 (31 March 2023: higher/lower by $484,000).
As at 31 March 2024, if the JPY strengthens/weakens by 5% (31 March 2023: NIL) against SGD, with
all other variables being constant, the Group’s total profit before tax would have been lower/higher
by $34,000 (31 March 2023: NIL).
MIT
As at 31 March 2024, if the USD strengthens/weakens by 5% (31 March 2023: 5%) against SGD, with all
other variables being constant, MIT’s total profit before tax would have been higher/lower by $19,389,000
(31 March 2023: higher/lower by $20,000,000).
As at 31 March 2024, if the JPY strengthens/weakens by 5% (31 March 2023: NIL) against SGD, with all
other variables being constant, MIT’s total profit before tax would have been lower/higher by $34,000
(31 March 2023: NIL).
The Group and MIT’s other comprehensive income would have been higher/lower by $1,611,000
(31 March 2023: higher/lower by $879,000).


(ii) Cash flow and fair value interest rate risks
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. Fair value interest rate risk is the risk that the fair value
of a financial instrument will fluctuate due to changes in market interest rates. As the Group has no
significant interest bearing assets, the Group’s income and operating cash flows are substantially
independent of changes in market interest rates.
The Group is exposed to interest rate risk on borrowings. The Group manages the risk by maintaining
an appropriate mix of fixed and floating rate interest-bearing liabilities. This is achieved using both
fixed and floating rate borrowings and interest rate swaps. The Group’s policy is to maintain no less
than 50% of its borrowings hedged through appropriate interest rate swaps and fixed rate borrowings.
The Group’s treasury function managed the Group’s SOR and USD LIBOR transition plan. The change
arising from the transition were amendments to the contractual terms of the SOR and USD LIBOR-
referenced debts and the associated swaps and the corresponding update of the hedge designation.
As at 31 March 2024, the Group is exposed mainly to the SORA and SOFR (31 March 2023: SORA
and SOFR).
The Group enters into interest rate swaps with the same critical terms as hedged item, such as reference
rates, reset dates, payment dates, interest periods and notional amount. The Group does not hedge
100% of its loans, therefore the hedged item is identified as a proportion of the outstanding amount
of the borrowings. As all critical items on most of the hedges matched during the year, the economic
relationship was almost 100% effective.
Effect of Interest Rate Benchmark Reform
Following the global financial crisis, the reform and replacement inter-bank offered rates (“IBOR”)
has become a priority for global regulators. The Group’s risk exposure that is directly affected by the
IBOR reform predominantly comprises its variable rate borrowings that are linked to the Singapore
Swap Offer Rate (“SGD SOR”) and the United States Dollar London Interbank Offer Rate (“USD LIBOR”)
(collectively known as “affected IBORs”). These floating rate borrowings are hedged using interest rate
swaps, which have been designated as cash flow hedges.
When changes were made to financial liability carried at amortised cost in addition to changes required
by IBOR reform, the Group applies accounting for modification to the additional changes.
Derivatives which are designated in hedging relationships are transited to respective alternative
benchmark rate. Hedge ineffectiveness for interest rate swaps may occur due to transiting the hedged
item and the hedging instrument to alternative benchmark rates at different time or with different
counterparties, which may result in temporary mismatch in benchmark interest rates or permanent
difference in adjustment spreads.

(ii) Cash flow and fair value interest rate risks (continued)
Effect of Interest Rate Benchmark Reform (continued)
During the financial year ended 31 March 2023, the Group has fully completed the IBOR reform
transition for the remaining SGD SOR linked instruments to Singapore Overnight Rate Average (“SORA”)
and all its USD LIBOR linked instruments to Secured Overnight Financing Rate (“SOFR”). The Group
has applied the Phase 2 amendments relief when the relief criterions are met:
1) The Group updates the effective interest rate of the financial liability carried at amortised costs
with no immediate gain or loss to be recognised.
2) The Group amends the formal hedge documentation by the end of reporting period for changes
which are required by IBOR reform to the hedged risk, hedged items and hedging instrument.
Amendments to the formal hedge documentation do not constitute discontinuation of the
hedging relationship.
For the financial year ended 31 March 2023, the IBOR reform transition of the affected financial
liabilities at amortised costs and interest rate swap has no material impact on the consolidated financial
statements of the Group. Given most of the critical terms are matched, the changes in fair value of
the hedged risk approximately the changes in fair value of the hedging instruments. Therefore, no
material hedge ineffectiveness is recognised.
Hedge effectiveness
Hedge effectiveness is determined at the inception of the hedging relationship, and through periodic
prospective effective assessments to ensure that an economic relationship exists between the hedged
item and hedging instrument.
The Group enters into hedge relationships where the critical terms of the hedging instrument match
exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer
match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness. Hedge ineffectiveness may occur due to changes in the
critical terms of either the interest rate swaps or the borrowings.
The Group and MIT’s borrowings and loans to its subsidiaries at variable rates on which effective hedges
have not been entered into are denominated in USD and SGD (31 March 2023: USD and SGD). As at
31 March 2024, if the interest rates increase/decrease by 50 basis points (31 March 2023: 50 basis
points) with all other variables being held constant, the Group’s total profit before tax would have been
lower/higher by $2,295,000 (31 March 2023: $3,491,000) and the Group’s hedging reserve attributable
to Unitholders would have been higher/lower by $14,146,000 (31 March 2023: $21,537,000).
As at 31 March 2024, if the interest rates increase/decrease by 50 basis points (31 March 2023: 50 basis
points) with all other variables being held constant, the MIT’s total profit before tax would have been
lower/higher by $1,190,000 (31 March 2023: $375,000) and the MIT’s hedging reserve attributable
to Unitholders would have been higher/lower by $213,000 (31 March 2023: $2,928,000).
Hedge ineffectiveness for interest rate swaps may occur due to changes in the critical terms of either the
interest rate swaps or the borrowings, or from transiting the hedged item and the hedging instrument to
alternative benchmark rates at different time, which may result in temporary mismatch in benchmark
interest rates.


(b) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial
loss to the Group. The Group adopts the policy of dealing with customers of appropriate credit history and
obtaining sufficient security to mitigate credit risk.
The maximum exposure to credit risk for each class of financial instruments is the carrying amount of that
class of financial instruments presented on the Statements of Financial Position, except as follows:
Group and MIT

31 March 31 March
2024 2023
$’000 $’000
Corporate guarantees provided for borrowings of:

– subsidiaries 2,136,289 1,908,645
– joint venture 550,839 556,538
Trade receivables
The Group uses a provision matrix to measure the lifetime expected credit loss allowance for trade receivables.
In measuring the expected credit losses, trade receivables are grouped based on shared credit risk characteristics
and days past due.
In calculating the expected credit loss rates, the Group considers historical loss rates for each category of
customers and adjusts to reflect current and forward-looking macroeconomic factors affecting the ability
of the customers to settle the receivables.
Trade receivables are impaired (net of security deposits and bank guarantees) when it is deemed probable
that the Group is unable to collect all amounts due in accordance to the contractual terms of agreement.
Where receivables are written off, the Group continues to engage in enforcement activity to attempt to recover
the receivables due. Where recoveries are made, these are recognised in the Statements of Profit or Loss.
There is no material impact on the provision for impairment of the above financial assets.
The Manager monitors the outstanding balances of the tenants by ageing profile on an ongoing basis. There
was no significant concentration credit risk as at 31 March 2024 and 31 March 2023. Concentrations of
credit risk relating to trade receivables is limited to the Group’s many and varied tenants. The tenants are
engaged in diversified business and are of acceptable credit rating.

(b) Credit risk (continued)
Trade receivables (continued)
The Group’s and the MIT’s credit risk exposure in relation to trade receivables under SFRS(I) 9 at reporting
date are set out in the provision matrix as follows:
Past due
Within 30 30 to 90 More than
Current days days 90 days Total
$’000 $’000 $’000 $’000 $’000
31 March 2024
Group
Trade receivables – 3,190 850 1,304 5,344
Loss allowance – (23) – (110) (133)
– 3,167 850 1,194 5,211
MIT
Trade receivables – 1,202 355 147 1,704
Loss allowance – (23) – (110) (133)
– 1,179 355 37 1,571
31 March 2023
Group
Trade receivables 2,421 1,328 694 314 4,757
Loss allowance (11) (12) (38) (234) (295)
2,410 1,316 656 80 4,462
MIT
Trade receivables 960 259 80 256 1,555
Loss allowance (11) (12) (38) (234) (295)
949 247 42 22 1,260
The movements in credit loss allowance are as follows:
Group MIT
$’000 $’000
31 March 2024
Beginning of financial year 295 295
Reversal of allowance recognised in the Statements of Profit or Loss (162) (162)
31 March 2023
Beginning of financial year 1,471 1,374
Reversal of allowance recognised in the Statements of Profit or Loss (1,176) (1,079)
During the year, a total of $95,000 (2023: $641,000) of bad debts were written off to the Statements of Profit
or Loss by the Group and MIT.
The Manager believes that no additional allowance is necessary in respect of the remaining trade receivables
as these receivables are mainly from tenants with good records and with sufficient security in the form of
bankers’ guarantees, insurance bonds, or cash security deposits as collaterals.


(b) Credit risk (continued)
Cash and cash equivalents
The Group and MIT considers that its cash and cash equivalents have low credit risk based on the external
credit ratings of the counterparties. The cash balances are measured on 12-month expected credit losses
and subject to immaterial credit loss.
Loans to subsidiaries
MIT has assessed financial capacity of its subsidiaries to meet the contractual obligation of $678,241,000
(2023: $682,077,000) and has recognised a loss allowance of $71,272,000 (2023: $66,272,000).
The movements in credit loss allowance for loans to subsidiaries are as follows:
MIT
$’000
31 March 2024
Beginning of financial year 66,272
Loss allowance recognised in the Statements of Profit or Loss 5,000
End of financial year 71,272
31 March 2023
Beginning of financial year –
Loss allowance recognised in the Statements of Profit or Loss 66,272
End of financial year 66,272

(c) Liquidity risk
The Group and MIT adopt prudent liquidity risk management by maintaining sufficient cash on demand and
banking facilities to meet expected operational expenses for a reasonable period, including the servicing of
financial obligations.
The table below analyses the maturity profile of the non-derivative financial liabilities of the Group and MIT
based on contractual undiscounted cash flows. Where it relates to a variable amount payable, the amount
is determined by taking reference to the last contracted rate.
Less than Between Over

1 year 1 and 5 years 5 years
$’000 $’000 $’000
Group
At 31 March 2024
Trade and other payables 114,781 57,154 4,484
Borrowings and interest payables 251,628 2,829,017 422,404
Lease liabilities 4,837 18,411 190,454
Asset retirement obligation – – 5,148
371,246 2,904,582 622,490
At 31 March 2023
Borrowings and interest payables 333,854 2,652,281 414,011
Lease liabilities 2,658 9,520 70,673
476,942 2,708,489 488,485

$’000 $’000 $’000
MIT
At 31 March 2024
Borrowings and interest payables 111,816 506,133 21,598
Loans from a subsidiary – 235,000 148,751
Lease liabilities 922 3,688 13,484
185,268 797,639 184,902
At 31 March 2023
Trade and other payables 86,949 43,925 850
Borrowings and interest payables 35,869 407,593 289,010
Loans from a subsidiary 175,000 60,000 125,000
Lease liabilities 906 3,623 14,098
298,724 515,141 428,958
The table below analyses the Group’s and MIT’s derivative financial instruments for which contractual maturities
are essential for an understanding of the timing of the cash flows into relevant maturity groupings based
on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed
in the table are the contractual undiscounted cash flows. Balances due within 12 months approximate their
carrying balances as the impact of discounting is not significant.


(c) Liquidity risk (continued)
Group
$’000 $’000 $’000
At 31 March 2024
Net-settled interest rate swaps – fair value and
cash flow hedges
– Net receipts (55,777) (107,130) –
Gross-settled currency forwards

– Receipts 68,955 6,108 –
– Payments (69,074) (5,999) –
(119) 109 –
At 31 March 2023
cash flow hedges
– Net receipts (45,243) (126,514) –

– Receipts 64,888 5,248 –
– Payments (63,939) (5,384) –
949 (136) –
MIT
$’000 $’000 $’000
At 31 March 2024
cash flow hedges
– Net receipts (14,626) (15,324) –
Gross–settled currency forwards

– Receipts 68,955 6,108 –
– Payments (69,074) (5,999) –
(119) 109 –
At 31 March 2023
cash flow hedges
– Net receipts (17,047) (27,001) –

– Receipts 64,888 5,248 –
– Payments (63,939) (5,384) –
949 (136) –

(d) Capital risk
The Manager’s objective when managing capital is to optimise the Group’s capital structure within the borrowing
limits set out in the CIS Code to fund future acquisitions and asset enhancement works. To maintain or
achieve an optimal capital structure, the Manager may issue new units or source additional borrowings from
both financial institutions and capital markets.
The Group is subject to the aggregate leverage limit as defined in Appendix 6 of the CIS Code (“Property Funds
Appendix”). The Property Funds Appendix stipulates that the total borrowings and deferred payments (together
the “Aggregate Leverage”) of a property fund should not exceed 50% of its Deposited Property. On or after
1 January 2023, the Aggregate Leverage should not exceed 45%. The Aggregate Leverage may exceed 45% of
its Deposited Property, but not more than 50% only if its adjusted interest coverage ratio is at least 2.5 times.
The Group has an Aggregate Leverage of 38.7% (31 March 2023: 37.4%) and adjusted interest coverage ratio
of 4.3 times (31 March 2023: 4.6 times) at the reporting date. The Aggregate Leverage is computed based
on portion of purchase consideration paid out for the data centre in Osaka, Japan and second phase of
the fitting-out works as at 31 March 2024. Assuming completion of all fitting-out works and the works are
fully funded by debt, the aggregate leverage ratio would be 39.3% (31 March 2023: 37.4%). Lease liabilities,
right-of-use assets and asset retirement obligation assets were excluded when computing net debt and total
deposited property value respectively.
In accordance with Property Funds Appendix, the Aggregate Leverage includes MIT’s proportionate share of
its joint venture’s borrowings and deposited property values.
The Group and MIT are in compliance with the borrowing limit requirements imposed by the CIS Code and
all externally imposed capital requirements for the financial years ended 31 March 2024 and 31 March 2023.
(e) Fair value measurements
The assets and liabilities recognised and measured at fair value and classified by level of the following fair
value measurement hierarchy are presented as follows:
(i) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
(ii) Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
(iii) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
Fair value measurement disclosure of other assets that are recognised or measured at fair value can be
found at Note 15.
The fair values of financial instruments that are not traded in an active market are determined by using
valuation techniques. The fair values of currency forwards are based on valuations provided by the banks.
The fair values of interest rate swaps are calculated as the present value of the estimated future cash flows
discounted at actively quoted interest rates.


(e) Fair value measurements (continued)
The fair values of the derivative financial instruments are presented below:
Group
31 March 31 March
2024 2023
$’000 $’000
Level 2
Assets
Derivative financial instruments
– Interest rate swaps 110,649 110,612
– Currency forwards 36 2,099
110,685 112,711
Liabilities
– Interest rate swaps – 413
– Currency forwards 590 9
590 422
MIT
31 March 31 March
2024 2023
$’000 $’000
Level 2
Assets
– Interest rate swaps 24,545 33,289
– Currency forwards 36 2,099
24,581 35,388
Liabilities
– Interest rate swaps – 196
– Currency forwards 590 9
590 205
The carrying amount of trade and other receivables, other current and non-current assets (excluding
prepayments), loans to subsidiaries (excluding those intended to be long-term sources of funding), and
trade and other payables approximate their fair values. The fair value of financial liabilities are estimated
by discounting the future contractual cash flows at the current market interest rate that is available to the
Group for similar financial instruments. The carrying value of borrowings approximate its fair value except
for fixed rate non-current borrowings as disclosed in Note 23(e).
(f) Financial instruments by category
The carrying amount of the different categories of financial instruments are as follows:
Group MIT
2024 2023 2024 2023
$’000 $’000 $’000 $’000
Financial assets at amortised cost 154,823 174,199 168,895 206,817

Financial liabilities at amortised cost 3,265,781 3,085,156 1,000,459 1,098,705

30. Related party transactions
For the purpose of these financial statements, parties are considered to be related to the Group when the Group
has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making
financial and operating decisions, or vice versa, or where the Group and the party are subject to common significant
influence. Related parties may be individuals and entities.
During the financial year, in addition to the information disclosed elsewhere in the financial statements, the following
significant related party transactions took place at terms agreed between the parties:
Group MIT
FY23/24 FY22/23 FY23/24 FY22/23
$’000 $’000 $’000 $’000
Acquisition and divestment fees paid/payable

to the Manager 4,024 135 4,024 135
Marketing commission paid/payable
to the Property Managers 12,101 7,975 7,339 5,428
Development management fees paid/payable
to the Manager – 1,538 – 1,538
Project management fees paid/payable
to the Property Manager – 697 – 697
Interest expense and financing fees paid/payable
to a related party 71,045 40,809 11,638 10,739
Other products and service fees paid/payable
to related parties 41,667 32,894 38,562 29,959
Rental and other related income received/receivable
from related parties 22,196 21,550 7,521 7,332
31. Financial ratios
Group
FY23/24 FY22/23
Ratio of expenses to weighted average net assets1

– including performance component of asset management fee 1.20% 1.25%
– excluding performance component of asset management fee 0.86% 0.90%
Total operating expenses to net asset value2 4.59% 4.36%
Portfolio Turnover Ratio3 0.92% 0.49%
The ratios are computed in accordance with the guidelines of Investment Management Association of Singapore dated 25 May 2005. The
1
expenses used in the computation relate to expenses of the Group, excluding property expenses, borrowing costs, foreign exchange gain/(loss)
and income tax expense.
2 The ratio is computed based on the total operating expenses, the manager’s management fees, trustee’s fee and other trust expenses for the
financial year and as a percentage of net asset value as at the end of financial year.
3 In accordance with the formulae stated in the CIS Code, the ratio reflects the number of times per year that a dollar of assets is reinvested.
The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a
percentage of daily average net asset value.


32. Segment information
The operating segments have been determined based on the reports reviewed by the management in making
strategic decisions.
The Manager considers the business from a business segment perspective; managing and monitoring the business
based on property types.
The Manager assesses the performance of the operating segments based on a measure of Net Property Income (“NPI”).
Interest income and borrowing costs (excluding finance cost on lease liabilities) are not allocated to segments, as
the treasury activities are centrally managed by the Manager. In addition, the Manager monitors the non-financial
assets as well as financial assets directly attributable to each segment when assessing segment performance.
Segment results, assets and liabilities include items directly attributable to a segment.
The segment information provided to the Manager for the reportable segments for year ended 31 March 2024 is
as follows:
Data Business Stack-up/ Light

Data Centres Hi-Tech Park Flatted Ramp-up Industrial
Centres North Buildings Buildings Factories Buildings Buildings
Asset segment Asia1 America Singapore Singapore Singapore Singapore Singapore Total
Geography $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Gross revenue 35,726 252,115 144,491 45,718 166,045 49,707 3,530 697,332
Net property income 32,244 184,769 105,145 29,612 127,307 40,049 1,917 521,043
Interest income 4,751
Borrowing costs (106,609)
Manager’s management fees (60,687)
Trustee’s fees (1,054)
Other trust expenses (4,655)
Net foreign exchange gain 1,778
Net fair value (loss)/gain on
investment properties (6,885) (202,116) (1,179) (10,014) (1,044) 11,227 (815) (210,826)2
Gain on divestment of
investment property – – – – 3,492 – – 3,492
Net change in fair value of
financial derivatives (1,879)
Share of joint venture’s results – (8,713) – – – – – (8,713)
Profit before income tax 136,641
Current income tax (29) (6,875) – – – – – (6,904)
Deferred tax – (9,109) – – – – – (9,109)
Profit after income tax 120,628
1 With the acquisition of a data centre in Osaka, Japan on 28 September 2023, Data Centres Asia comprises of the Group’s data centres in
Singapore and Japan.
2 Include net fair value loss on properties (excluding right-of-use (“ROU”) assets and asset retirement obligation (“ARO”)) of $203.7 million.

32. Segment information (continued)

Asset segment Asia America Singapore Singapore Singapore Singapore Singapore Total
Geography $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Other segment items

Acquisitions of and additions
to investment properties 457,863 18,752 3,463 438 8,277 689 9,165 498,647
Segment assets
– Investment properties 724,423 3,094,002 1,522,429 533,100 1,392,700 519,000 62,197 7,847,8512
– Investments in joint venture – 540,329 – – – – – 540,329
– Other non-current assets 3,606 – – – – – – 3,606
– Trade receivables 714 2,826 177 113 1,053 328 – 5,211
8,396,997
Unallocated assets* 267,369
Consolidated total assets 8,664,366
Segment liabilities 68,430 27,352 26,816 9,534 41,255 12,565 9,895 195,8473
Unallocated liabilities** 3,179,787
Consolidated total liabilities 3,375,634
* Unallocated assets include cash and bank equivalents, other receivables, other current assets, derivative financial instruments and plant and
equipment.
** Unallocated liabilities include trade and other payables, borrowings, derivative financial instruments, current income tax liabilities and deferred
tax liabilities.
2 Includes right-of-use assets of $102.7 million and assets corresponding to ARO of $1.4 million.
3 Lease liabilities were included under segment liabilities.


32. Segment information (continued)
The segment information provided to the Manager for the reportable segments for year ended 31 March 2023 is
as follows:

Asset segment Asia America Singapore Singapore Singapore Singapore Singapore Total
Country $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Gross revenue 25,573 267,240 130,810 47,736 159,768 47,952 5,786 684,865
Net property income 23,494 201,707 97,083 31,167 120,876 38,948 4,676 517,951
Interest income 700
Borrowing costs (97,599)
Manager’s management fees (59,042)
Trustee’s fees (1,017)
Other trust expenses (7,316)
Net foreign exchange loss (1,175)
Net fair value (loss)/gain on
investment properties (11,154) (14,127) (26,063) (25,984) (42,587) 13,716 (4,433) (110,632)1
Net change in fair value of
financial derivatives 1,519
Net gain/(loss) on divestment
of investment properties – 3,825 – – – – (66) 3,759
Share of joint venture’s results – 67,907 – – – – – 67,907
Profit before income tax 315,055
Current income tax – (9,617) – – – – – (9,617)
Deferred tax expense – (14,332) – – – – – (14,332)
Profit after income tax 291,106
Other segment items

Acquisitions of and additions
to investment properties 13,144 6,205 124,704 1,156 9,250 34 80 154,573
Segment assets
–Investment properties and
investment property
under development 296,480 3,305,967 1,518,893 543,300 1,432,900 507,300 53,875 7,658,7152
– Investments in joint venture – 598,892 – – – – – 598,892
– Trade receivables 225 2,899 219 26 768 304 21 4,462
8,262,069
Unallocated assets* 284,733
Consolidated total assets 8,546,802
Segment liabilities 12,828 23,379 25,360 9,190 42,357 11,559 1,685 126,3583
Unallocated liabilities** 3,044,509
Consolidated total liabilities 3,170,867
* Unallocated assets include cash and bank equivalents, other receivables, other current assets, derivative financial instruments and plant and
equipment.
** Unallocated liabilities include certain trade and other payables, borrowings, derivative financial instruments, current income tax liabilities and
deferred tax liabilities.
1 Include net fair value loss on properties (excluding right-of-use assets) of $100.7 million.
2 Include right-of-use assets of $41.1 million.
3 Lease liabilities were included under segment liabilities.

33. New or revised accounting standards and interpretations
Below are the mandatory standards and interpretations to existing standards that have been published and are
relevant for the Group’s financial year beginning on or after 1 April 2024 and which the Group has not early adopted:
Amendments to SFRS(I) 1-1 Presentation of Financial Statements:

• Classification of Liabilities as Current or Non-current (effective for annual periods beginning on or after
1 January 2024)
• Non-current Liabilities with Covenants (effective for annual periods beginning on or after 1 January 2024)
The narrow-scope amendments to SFRS(I) 1-1 Presentation of Financial Statements clarify that liabilities are classified
as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification
is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of a waiver or a
breach of covenant).
Covenants of loan arrangements will not affect classification of a liability as current or non-current at the reporting
date if the entity must only comply with the covenants after the reporting date. However, if the entity must comply
with a covenant either before or at the reporting date, this will affect the classification as current or non-current
even if the covenant is only tested for compliance after the reporting date.
The amendments require disclosures if an entity classifies a liability as non-current and that liability is subject to
covenants that the entity must comply with within 12 months of the reporting date. The disclosures include:
• the carrying amount of the liability;
• information about the covenants; and
• facts and circumstances, if any, that indicate that the entity may have difficulty complying with the covenants.
The amendments also clarify what SFRS(I) 1-1 means when it refers to the ‘settlement’ of a liability. Terms of a
liability that could, at the option of the counterparty, result in its settlement by the transfer of the entity’s own
equity instrument can only be ignored for the purpose of classifying the liability as current or non-current if the
entity classifies the option as an equity instrument. However, conversion options that are classified as a liability
must be considered when determining the current/non-current classification of a convertible note.
The Group does not expect any significant impact arising from applying these amendments.
34. Events occurring after reporting date
Subsequent to the reporting date, the Manager announced a distribution of 3.36 cents per unit for the period from
1 January 2024 to 31 March 2024.
35. Authorisation of the financial statements
The financial statements were authorised for issue by the Manager and the Trustee on 16 May 2024.

Statistics of Unitholdings
As at 20 May 2024
Distribution of Unitholdings
No. of
Size of Unitholdings Unitholders % No. of Units %
1 – 99 888 2.09 36,482 0.00

100 – 1,000 7,470 17.56 5,916,482 0.21
1,001 – 10,000 26,285 61.77 103,923,305 3.66
10,001 – 1,000,000 7,873 18.50 276,084,619 9.74
1,000,001 and above 36 0.08 2,449,419,395 86.39
TOTAL 42,552 100.00 2,835,380,283 100.00
Location of Unitholders
No. of
Country Unitholders % No. of Units %
Singapore 41,545 97.63 2,819,759,474 99.45

Malaysia 710 1.67 11,482,189 0.40
Others 297 0.70 4,138,620 0.15
TOTAL 42,552 100.00 2,835,380,283 100.00
Twenty Largest Unitholders
No. Name No. of Units %
1. Mapletree Dextra Pte. Ltd. 707,719,554 24.96

2. Citibank Nominees Singapore Pte Ltd 486,678,929 17.16
3. DBS Nominees (Private) Limited 315,494,029 11.13
4. HSBC (Singapore) Nominees Pte Ltd 269,490,232 9.50
5. Raffles Nominees (Pte.) Limited 226,981,421 8.01
6. DBSN Services Pte. Ltd. 194,256,244 6.85
7. BPSS Nominees Singapore (Pte.) Ltd. 41,341,546 1.46
8. United Overseas Bank Nominees (Private) Limited 32,431,787 1.14
9. Mapletree Industrial Trust Management Ltd. 28,205,933 0.99
10. ABN AMRO Clearing Bank N.V. 23,324,802 0.82
11. Phillip Securities Pte Ltd 17,069,146 0.60
12. iFAST Financial Pte. Ltd. 12,476,198 0.44
13. OCBC Nominees Singapore Private Limited 12,384,851 0.44
14. OCBC Securities Private Limited 8,273,710 0.29
15. DB Nominees (Singapore) Pte Ltd 7,961,607 0.28
16. Moomoo Financial Singapore Pte. Ltd. 6,144,333 0.22
17. BNP Paribas Nominees Singapore Pte. Ltd. 6,132,782 0.22
18. Tiger Brokers (Singapore) Pte. Ltd. 5,967,863 0.21
19. UOB Kay Hian Private Limited 5,668,887 0.20
20. Maybank Securities Pte. Ltd. 5,619,484 0.20
TOTAL 2,413,623,338 85.12
Statistics of Unitholdings
As at 20 May 2024
Substantial Unitholders as at 20 May 2024
No. of Units % of Total

No. Name of Company Direct Interest Deemed Interest Issued Capital
1. Temasek Holdings (Private) Limited (1) – 764,181,768 26.95

2. Fullerton Management Pte Ltd (1)
– 735,925,487 25.95
3. Mapletree Investments Pte Ltd (1) – 735,925,487 25.95
4. Mapletree Dextra Pte. Ltd. 707,719,554 – 24.96
Notes
(1)
Each of Temasek Holdings (Private) Limited (“Temasek”) and Fullerton Management Pte Ltd (“Fullerton”) is deemed to be interested in the 707,719,554 Units
held by Mapletree Dextra Pte. Ltd. (“MDPL”) and the 28,205,933 Units held by the Manager in which Mapletree Investments Pte Ltd (“MIPL”) has a deemed
interest. In addition, Temasek is deemed to be interested in 28,256,281 Units in which its other subsidiaries and associated companies have direct or deemed
interest. MDPL and the Manager are wholly-owned subsidiaries of MIPL. MIPL is a wholly-owned subsidiary of Fullerton which is in turn a wholly-owned
subsidiary of Temasek. Each of MIPL and such other subsidiaries and associated companies referred to above is an independently-managed Temasek
portfolio company. Neither Temasek nor Fullerton is involved in their business or operating decisions, including those regarding their unitholdings.
Unitholdings of the Directors of the Manager as at 21 April 2024
No. of Units
No. Name of Company Direct Interest Deemed Interest
1. Cheah Kim Teck 250,000 –

2. Andrew Chong Yang Hsueh – –
3. Pok Soy Yoong – 289,981
4. Chan Chia Lin 42,778 353,732
5. Guy Daniel Harvey-Samuel 100,000 –
6. Dr Andrew Lee Tong Kin – –
7. William Toh Thiam Siew 289,600 –
8. Noorsurainah Tengah – –
9. Chua Tiow Chye – 1,707,569
10. Wendy Koh Mui Ai – 1,397,999
11. Tham Kuo Wei 643,098 –
Free Float
Based on the information made available to the Manager as at 20 May 2024, approximately 72.87% of the units in MIT
were held in the hands of the public. Accordingly, Rule 723 of the Listing Manual of the SGX-ST has been complied with.
Issued and Fully Paid Units
2,835,380,283 units (voting rights: one vote per unit)
Market Capitalisation: S$6,266,190,425.43 (based on closing price of S$2.21 per unit on 21 May 2024)

Interested Person Transactions

The transactions entered into with interested persons (“IPT”) during the financial year, which fall under the Listing Manual of
the Singapore Exchange Securities Trading Limited (“SGX-ST”) and the Property Funds Appendix of the Code on Collective
Investment Schemes are as follows:
Aggregate value
of all interested
person transactions
during the financial
year under Aggregate value of
review (excluding all interested
transactions less person transactions
than S$100,000 conducted under
and transactions unitholders’ mandate
conducted under pursuant to Rule
unitholders’ mandate 920 (excluding
pursuant to transactions less
Rule 920) than S$100,000)
Name of interested person Nature of relationship S$’000 S$’000
Exempted under Rule 905 of the Listing Manual

(i) Mapletree Investments Pte Ltd and Subsidiaries of
its subsidiaries controlling unitholder
– Manager's management fees of Mapletree Industrial 47,487 –
– Acquisition fees Trust 3,771 –
– Divestment fees 253 –
– Asset management fees 13,182 –
(ii) DBS Trustee Limited Trustee of Mapletree

– Trustee fees Industrial Trust and 1,054 –
its subsidiaries
Exceptions under Rule 916 of the Listing Manual1

– Manager's management fees to 9,363 –
Mapletree Rosewood Data Centre Trust
(“MRODCT”)
Non-exempted IPTs
(i) Temasek Holdings (Private) Limited and Associates of
its related companies Mapletree Industrial
– Property and lease management fees2 Trust’s controlling 19,741 –
– Marketing commission2 unitholder 12,101 –
– Lease related income 411 –
– Operating related expenses 1,715 –
– Subscription to a subsidiary 6,225 –
(ii) Sembcorp Industries Ltd and subsidiaries Associates of

– Lease related income Mapletree Industrial 3,954 –
Trust’s controlling
unitholder
(iii) Singapore Technologies Engineering Ltd Associates of

and subsidiaries Mapletree Industrial 225 –
– Lease related income Trust’s controlling
unitholder
1
The joint ventures are considered IPTs under Rule 906 of the Listing Manual as well as Paragraph 5 of the Property Funds Appendix. Disclosure is based
on MIT’s proportionate interests in MRODCT.
In October 2020, the Property Management Agreements approved by the Unitholders (exempted agreements) were renewed. Accordingly, transactions
2
from 1 April 2020 to 20 October 2020 were reported as IPTs under exempted agreements, while transactions arising under the renewed agreements
with effect from 21 October 2020 were classified as non-exempted IPTs.
Interested Person Transactions

Aggregate value
of all interested
person transactions
during the financial
year under Aggregate value of
review (excluding all interested
transactions less person transactions
than S$100,000 conducted under
and transactions unitholders’ mandate
conducted under pursuant to Rule
unitholders’ mandate 920 (excluding
pursuant to transactions less
Rule 920) than S$100,000)
Name of interested person Nature of relationship S$’000 S$’000
Non-exempted IPTs (continued)

(iv) Starhub Ltd and subsidiaries Associates of
– Lease related income Mapletree Industrial 12,816 –
unitholder
(v) Singapore Telecommunications Ltd and Associates of

subsidiaries Mapletree Industrial 154 –
– Lease related income and operating Trust’s controlling
related expenses unitholder
(vi) DBS Group Holdings Ltd and subsidiaries Associates of

– Subscription to private placement and Mapletree Industrial 10,785 –
operating related expenses Trust’s controlling
unitholder
(vii) Telechoice International Limited Associates of

– Lease related income Mapletree Industrial 133 –
unitholder
(viii) Singapore Airlines Limited Associates of

– Lease related income Mapletree Industrial 795 –
unitholder
As set out in MIT’s Prospectus dated 12 October 2010, fees and charges payable by MIT to the Manager under the Trust
Deed and to the Property Manager under the Property Management Agreement are not subject to Rule 905 and Rule 906 of
the SGX-ST’s Listing Manual. On 21 October 2020, the Property Management Agreement was renewed and accordingly, the
renewed Property Management Agreement constitutes an interested person transaction under Chapter 9 of the Listing Manual.
For the purpose of the disclosure, the full contract sum was used where an interested person transaction had a fixed term
and contract value, while the annual amount incurred and/or accrued was used where an interested person transaction
had an indefinite term or where the contract sum was not specified.
Save as disclosed above, there were no additional interested person transactions (excluding transactions of less than
S$100,000 each) nor were there material contracts entered into by MIT Group that involved the interests of the CEO or
Director of the Manager, or any controlling unitholder of MIT, during that financial year under review.
MIT Group has not obtained a general mandate from Unitholders pursuant to Rule 920 for any interested person transactions
for the financial year under review.
Please also see Significant Related Party Transactions in Note 30 to the Financial Statements.

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Corporate Directory
MANAGER AUDIT AND RISK UNIT REGISTRAR
Mapletree Industrial Trust COMMITTEE Boardroom Corporate & Advisory
Management Ltd. Mr Pok Soy Yoong Services Pte. Ltd.
Chairman 1 Harbourfront Avenue
#14-07 Keppel Bay Tower
Mr Guy Daniel Harvey-Samuel
REGISTERED OFFICE Singapore 098632
10 Pasir Panjang Road Dr Andrew Lee Tong Kin T: (65) 6536 5355
#13-01 Mapletree Business City F: (65) 6438 8710
Mr William Toh Thiam Siew
Singapore 117438 E: srs.teamd@boardroomlimited.com
T: (65) 6377 6111

W: www.mapletreeindustrialtrust.com NOMINATING AND TRUSTEE
E: ir_industrial@mapletree.com.sg REMUNERATION
COMMITTEE DBS Trustee Limited
12 Marina Boulevard Level 44
Mr Andrew Chong Yang Hsueh DBS Asia Central @ Marina Bay
BOARD OF DIRECTORS Chairman Financial Centre Tower 3
Mr Cheah Kim Teck Ms Chan Chia Lin Singapore 018982
Non-Executive Chairman T: (65) 6878 8888
and Director Mr Chua Tiow Chye
F: (65) 6878 3977
Mr Andrew Chong Yang Hsueh
Lead Independent MANAGEMENT
Non-Executive Director AUDITOR
Mr Tham Kuo Wei
PricewaterhouseCoopers LLP
Mr Pok Soy Yoong Chief Executive Officer
(Since the financial year ended
Independent Non-Executive Director
Ms Ler Lily 31 March 2011)
Ms Chan Chia Lin Chief Financial Officer 7 Straits View
Independent Non-Executive Director Marina One East Tower, Level 12
Mr Peter Tan Che Heng
Singapore 018936
Mr Guy Daniel Harvey-Samuel Head of Investment
T: (65) 6236 3388
Ms Serene Tam Mei Fong
Ms Magdelene Chua Wei Zhen
Dr Andrew Lee Tong Kin Head of Asset Management
Partner
(With effect from financial year
Mr William Toh Thiam Siew ended 31 March 2020)
Independent Non-Executive Director CORPORATE SERVICES
Mr Wan Kwong Weng
Ms Noorsurainah Tengah
Joint Company Secretary
Ms See Hui Hui
Mr Chua Tiow Chye
Joint Company Secretary
Non-Executive Director
Ms Wendy Koh Mui Ai
Non-Executive Director PROPERTY MANAGER
Mr Tham Kuo Wei Mr Dennis Woon Chin Voon
Executive Director and Group Chief Development Officer
Ms Chng Siok Khim
Head of Marketing,
Singapore
Mr Paul Tan Tzyy Woon
Head of Property Management,
Singapore
Ms Ann Shell-Johnson
Head of Property Management,
United States
Ms Sara Wayson
Head of Asset Management,
Data Centre, United States
MAPLETREE INDUSTRIAL TRUST MANAGEMENT LTD.
As Manager of Mapletree Industrial Trust
(Company Registration Number: 201015667D)
10 Pasir Panjang Road
#13-01 Mapletree Business City
Singapore 117438
(65) 6377 6111
www.mapletreeindustrialtrust.com
This report is printed on FSC®
ir_industrial@mapletree.com.sg certified paper.

Mit Ar2023 - 2024

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DELIVERING

DELIVERING DELIVERING SUSTAINABLE VALUE

> Mapletree Hi-Tech Park @ Kallang Way

> FINANCIALS AND OTHERS

Our maiden acquisition of a data centre in Osaka, Japan underscores our

> 2-4, and 2-5, Oyodonaka 3-chome,

We adopt a disciplined approach in our capital management strategy to

> 2601 West Broadway Road, Tempe, Arizona

We remain steadfast in our commitment to enhance our sustainability

Gross Revenue 1.8% Net Property Income 0.6%

684.9 697.3 518.0 521.0

Amount Available for 5.2% Distribution Per Unit -1.0%

1 Refers to year-on-year comparison for FY23/24.

Annual Report 2023/2024 | Delivering Sustainable Value

Key Financial Ratios

As at 31 March 2020 2021 2022 2023 2024

Assets Under Management9

400 MIT FTSE Straits FTSE ST REITs 15.6% 5.8% 0.7%

50 6.0% 17.1% Data Centres: 54.8%

Source: Bloomberg Data Centres

Assets Under Management by Geography

Unit Price and Trading Volume

Trading Performance in FY23/24

Annual Report 2023/2024 | Delivering Sustainable Value

Comparative Trading Performance in FY23/245

FTSE Straits Times Index 5.2%

10-year Goverment Bond 3.1%

CPF Ordinary Account 2.5%

Constituent of Key Indices8

1 Based on the closing unit prices for the period.

COMPETITIVE INVESTMENT STRATEGY AND

Stable and Resilient Portfolio To invest in a diversified portfolio of

Track Record of Securing

Reputable Sponsor with Aligned Interest

Annual Report 2023/2024 | Delivering Sustainable Value

STRATEGIC STRATEGIC FY23/24

• Implement proactive marketing and Overall Portfolio's WALE

• Unlock value through AEI and

• Pursue DPU-accretive acquisitions Acquired a data centre in

• Maintain a strong balance sheet Successfully completed a private

• Environment: Support the transition 3,492 kWp

Tham Kuo Wei

Cheah Kim Teck

MIT’s portfolio and unlocking Delivering Resilient Results

The growth in Distribution to Unitholders

Annual Report 2023/2024 | Delivering Sustainable Value

Annual Report 2023/2024 | Delivering Sustainable Value

June July August September

February March April

> Completed Phase 2 of fit-out > Completed the divestment

> Ranked Top 10 Companies in

Organisation and Trust Structures

Mr Cheah Kim Teck Mr Guy Daniel Harvey-Samuel Mr Chua Tiow Chye

Audit and Nominating and Chief Executive

Director, Investor Relations

Distributions Ownership of Units

Management Acts on behalf

Net Property Income Ownership of Assets

Property Management Services Property Management Fees