4Q & Full Year FY24/25 Financial Results Briefing

Thanks for joining us this morning for MIT fourth quarter full year financial 2024-25 results briefing. My TS release is results on 30th April after market clear. We have the management team to present the key highlights of the results. Ms. Lili Li, CEO, Ku-Geng Feng, CFO, and Head of Investment, Ms. Sareen Tam, Head of Asset Management, Ms. Tim Shuk-King, Head of Marketing. Now pass to Lili to present the key highlights of the results. Good morning everyone and happy cooling off day. So no politics talks today. Okay, anyway, we can probably take a break from all the after the past few days talks on politics, right? So let's focus a bit on the results. For this quarter, we used to report a year on year improvement

in terms of the DPU growth, 1% reporting at 13.57 cents.

I think the key contributors to the improvement in the DPU growth is really on the back of the new contributions from the Utsaka data sensor. We see the full year effect this year. And we also have acquisitions which we have completed towards the end of September. As for specific details on the financial, I think we will have given funds to run through that. On the operational front, we are reporting a positive rental revision across all the sectors. I think weighted average about 8.1%. If you look in terms of the range, we are achieving rental revisions of between 1.4% to 12%. I think the high of the range of 12% is actually the revision that has been recorded for our flattered factories. So that is the resilience of the flattered factories as well.

As we have said, I think in the past quarters before, the rental revision is largely due to the fact that these are leases, renewal of leases, which was signed like three years ago during the COVID period. So naturally we... Single digit. As we near the renewal cycle for these leases. On the valuation front, overall we see an increase in valuation by about 2.7%. AUM tottering about nine billion. The highest increase is due to the Japan acquisition, as you can see on the slide. In terms of the Singapore portfolio and US portfolio is actually quite flatish. However, you will note that we do register slight revaluation loss, but that's mainly because we have some capitalized costs involved.

If we look at the cap rate, it remains largely unchanged. We don't really see a significant change in terms of the cap rate. So if I can move on to the maybe portfolio occupancy. The portfolio occupancy slips a bit from 92.1% to 91.6%. Very marginal, deep, but still a deep nevertheless. If you look at the individual portfolio, Singapore portfolio is about flat. I think that is slight. I think just to be specific. Specific, I think if you notice, the light industrial building is actually at the lower occupancy of about 51%. I think that's mainly due to a big country building. But I think I also like to highlight that this light industrial building segment

forms only 0.7% of our overall portfolio. I think one thing which is quite concerned on the committed occupancy at Kalang Way, the high tech part at Kalang Way. So I think we are pleased to say to inform that the committed occupancy as of now for this property is 60.1%. So if you remember the last quarter, we reported a 57%. So that's about uptake of about 3%. So we should be seeing the full year effects of these committed leases coming through soon. Of American portfolio occupancy is reported at 98.2%. If you compare to last quarter, there is a decline from last quarter's 90.3% largely due to the exit of the tenant in Philadelphia. I think that's something that

we have already flaked out in last quarter. I think for the North American portfolio, we continued to work on these spaces, even for like 250 William, if you remember, 250 William is actually a building which is about 50% data center space and 50% office space. So the data center space is really is, I would say fully taken up, but the team continues to work on the office space. And hopefully with some of these new spaces taken up, we will be able to inch our occupancy for 250 William.

In terms of lease expiry, that's about 14.3% of the leases that are expiring in this financial year or in FY2526, mostly from our safe, the factory segment, as well as the USDC segment. For the USDC segment, where it's about relatively long, 6.3 years. I think if you look at what is due for renewal in FY2526, about 3.6%. I think we have also informed during last quarter that about 1.7% has actually confirmed to be non-renewal. I hope and I think that should be it for the remaining of the financial year.

I guess the remaining 1.8% is something that the team have already started work and we are relatively hopeful that the renewal should be there. At any rate, I guess the tenant renewal and backfilling of space is actually part of our business. It's something that the team will always continue to have to work at. So if I move to the next slide,