MAS (MSP) Investor presentation summary

Financial highlights and debt management

• Secured €61m in new debt and issued €40m in unsecured notes due April 2029; €91m of debt subject to signed term sheets as of April 2024.

• Maintained a self-imposed loan-to-value (LTV) cap of 35% and targets a reduction in leverage.

• Debt amortisation and capital requirements are managed with €350m in total commitments until June 2026, funded by a mix of cash, secured debt, and preferred equity.

• Principal debt maturities are well-distributed through 2031, with significant repayments scheduled for 2026 and 2029.

Operational performance and portfolio overview

• Like-for-like (LFL) footfall increased by 5% and LFL tenant sales rose by 6% from January to April 2024.

• Portfolio occupancy reached 97.8% in April 2024, with a collection rate of 99%.

• Major developments completed include Arges Mall and Silk District Residential Phase II.

• Annual passing income stands at €95.5m, with income property and other investments valued at €1,286.4m as of December 2023.

Environmental and sustainability initiatives

• 89% of managed properties are green certified, with the remainder in the process of certification.

• Investments are assessed for long-term social and environmental impact, contributing to multiple UN Sustainable Development Goals.

• Several properties have achieved high BREEAM and EDGE ratings, including Outstanding and Excellent certifications.