Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Suntec REIT — Q3 2012 Earnings Presentation
17 slides from Singapore Exchange's earnings presentation, October 2012
Slide 1: Financial Results for Third Quarter and Nine Months ended 30 Sep 2012
FINANCIAL RESULTS For Third Quarter and Nine Months ended 30 Sep 2012 AGENDA Q3 Highlights Financial Performance Portfolio P tf li Performance P f AEI Updates Looking Ahead Unit Performance 2
Slide 2: Q3 Highlights
Q3 HIGHLIGHTS Q3 HIGHLIGHTS Distribution income of S$52.8 million and DPU of 2.35 cents Suntec City Office Towers maintained 100% committed occupancy Office Portfolio committed occupancy remained at a high of 99.9% Suntec S t CitCity AEI – 71.2% of Suntec REIT’s Phase 1 leases pre‐committe
Slide 3: Financial Performance: 3Q FY12
FINANCIAL PERFORMANCE FINANCIAL PERFORMANCE: 3Q FY12 Delivered DPU of 2 2.35 35 cents 1 July – 30 September 2012 3Q FY12 3Q FY11 Change Gross Revenue S$62.6 mil S$67.9 mil ‐7.8% Net Property Income S$38 4 mil S$38.4 S$47 8 mil S$47.8 ‐19 5% ‐19.5% Distributable Income S$52.8 mil S$56.4 mil ‐6.3% Dis
Slide 4: Financial Performance: YTD FY12
FINANCIAL PERFORMANCE: YTD FY12 Delivered DPU of 7 7.164 164 cents 1 January – 30 September 2012 YTD FY12 YTD FY11 Change Gross Revenue S$206.9 mil S$190.2 mil 8.7% Net Property Income S$132 9 mil S$132.9 S$141 4mil S$141.4mil ‐6 0% ‐6.0% Distributable Income S$160.7 mil S$165.4 mil ‐2.9% Distributi
Slide 5: Debt Maturity Profile as at 30 September 2012
DEBT MATURITY PROFILE AS AT 30 SEPTEMBER 2012 Debt Maturity Profile (REIT Level) S$ 'mil S$200 mil term loan 900 S$50 mil bi-lateral loan 800 Obtained committed unsecured facility S$270 mil convertible bonds 700 S$700 mil loan facility 600 500 S$1.1 bil loan facility 400 S$100 mil loan facility 300
Slide 6: NAV per Unit of S$1.969 as at 30 September 2012
NAV PER UNIT OF S$1.969 $ AS AT 30 SEPTEMBER 2012 Consolidated Balance Sheet 30 Sep 2012 Total Assets S$7,493 mil Total Liabilities S$2,955 mil Net Assets Attributable to Unitholders S$4,427 mil NAV Per Unit1 S$1.969 Adjusted NAV Per Unit2 S$1.946 N t Notes: 1. Based on 2,242,903,050 units in issue
Slide 7: Portfolio Performance
PORTFOLIO PERFORMANCE STRONG PORTFOLIO COMMITTED OCCUPANCY Property As at As at As at As at As at SSep 11 Dec 11 D Mar 12 M JJun 12 SSep 12 Suntec City: ‐ Office 98.0% 99.2% 99.5% 100% 100% ‐ Retail 96.5% 96.7% 96.7% 98.1% 98.2%1 Park Mall: ‐ Office 100% 100% 100% 100% 100% ‐ Retail 100% 100% 100% 1
Slide 8: Suntec City Office Maintained 100% Committed Occupancy
SUNTEC CITY OFFICE MAINTAINED 100% COMMITTED OCCUPANCY 99 5% 99.5% 100.0% 100.0% 100% 99 2% 99.2% 98.0% 98% 96% 94% 93.1% 92% 90% Core CBD Occupancy p y 88% 86% Suntec City Office Occupancy 84% 82% 80% Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Suntec City Office maintained 100% committed occupancy versus
Slide 9: Retail Portfolio Lease Expiry Profile
RETAIL PORTFOLIO LEASE EXPIRY PROFILE Lease Expiry as % of Total Retail NLA2 (sq ft) 30.0% 28.3% Expiry Profile1 Net Lettable Area2 As at 30 Sep 2012 Sq ft % of Total 25 0% 25.0% 21.3% FY 2012 15,6183 1.7% 20.0% FY 2013 254,631 28.3% 15.0% FY 2014 192,166 21.3% 10.0% FY 2015 48,244 5.4% 5.4% 5.0% 4.
Slide 10: Remaking of Suntec City – AEI Updates
REMAKING OF SUNTEC CITY – AEI UPDATES REMAKING OF SUNTEC CITY S$410m $ AEI • Suntec City Mall $230m; • Suntec Singapore $180m • 4p phased project p j (from ( June 2012 to end 2014)) Increased Retail Presence • Retail NLA in Suntec City will increase from current 855,000sf to 980,000sf • L1/L2 of con
Slide 11: Phasing of Works – AEI Fast Tracked to Complete by End 2014
PHASING OF WORKS – AEI FAST TRACKED TO COMPLETE BY END 2014 PHASING ESTIMATED ESTIMATED DATE OF AREA COMPLETION* INVOLVED* Phase 1 2Q 2013 193 000 sf 193,000 Phase 2 4Q 2013 380,000 sf Phase 3/4 4Q 2014 249 000 sf 249,000 * Management’s estimates. Subject to adjustments 21 FUNDING ARRANGEMENTS PHASI
Slide 12: Phase 1 Update
PHASE 1 UPDATE NEWLY COMMITTED TENANTS INCLUDE INCLUDE: Phase 1 works on some 193,000 sf of NLA in the Galleria and Fountain Terrace zones is progressing smoothly and is on schedule to complete circa 2Q 2013 71.2% OF PHASE 1 NLA PRE‐COMMITTED TO‐DATE Committedd rents and d projected d return on
Slide 13: Looking Ahead: Value Enhancements – Suntec REIT
VALUE ENHANCEMENTS – SUNTEC REIT Projected j ROI of 10.1% and 84% increase in capital p value over Capex p Before AEI After AEI * Variance Average Rent per sq ft f per mth h $10.10 psf pm $12.59 psf pm +$2.49 psf pm +25% ($ psf) NPI per month ($m) ** $5.9m $7.8m +$1.9m +33% VALUE ENHANCEMENTS Manage
Slide 14: AUM of S$7.6 Billion – Well Positioned in Singapore REIT Sector
AUM OF S$7.6 $ BILLION * AUM (S$b) 9.0 7.7 8.0 7.0 7.0 6.0 5.4 5.2 5.0 4.6 4.0 3.2 3.0 2.2 2.3 2.0 1.0 0.0 Dec 04 Sep-05 Sep-06 Sep-07 Dec-08 Dec-09 Dec-10 Dec-11 Singapore’s 2nd largest REIT by AUM with a strong portfolio of strategically‐located prime assets Office portfolio of 2.4 mil sq ft a
Slide 15: Unit Performance
UNIT PERFORMANCE UNIT PERFORMANCE YTD FY2012 DPU of 7.164 7 164 cents Trading yield of 6.4%1 Total DPU of 72.4 cents since IPO Market Capitalisation of S$3.33 billion 1 as at 30 Sep 2012 22.30 30 25 2.10 olume (Daily, Millions) 1.90 20 e (S$) 1.70 15 1 50 1.50 Unit Price 1.30 10 1.10 0.90 5
Slide 16: Thank You
CONTACT ARA Trust Management g ((Suntec)) Limited Yeo See Kiat Chief Executive Officer seekiatyeo@ara.com.hk y Richard Tan Finance Director richardtan@ara.com.hk Melissa Chow Assistant Manager, Investor Relations melissachow@ara.com.hk #16‐02 Suntec Tower 4 Tel: +65 6835 9232 6 Temasek Boulevard Fax
Slide 17: Disclaimer
DISCLAIMER This presentation is focused on the comparison of actual results for the three months ended 30 September 2012 versus results achieved in the three p months ended 30 September 2011. It should be read in conjunction j with Paragraph g p 8 of Suntec REIT’s financial results for the financial