Capitaland India Trust · SGX:CY6U
Capitaland India Trust — Ascendas India Trust — Shareholder Meeting (July 2012)
48 slides from Capitaland India Trust's shareholder meeting presentation, Jul 17, 2012
Slide 1: Ascendas India Trust 3Q FY2011/12 5th Annual General Meeting Investor Presentation
Ascendas India Trust 3Q FY2011/12 5th Annual General Meeting Investor Presentation 17th July 2012 ASEAN Stars Conference 2012 1 March 2012 Asia’s First Listed Indian Property Trust Asia’s First Listed Indian Property Trust
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Represen
Slide 3: Agenda
Agenda • Overview • Milestones • Review of FY2011/12 • Strategy 3
Slide 4: Portfolio overview
Portfolio overview CyberPearl, Hyderabad aVance Business Hub, Hyderabad INDIA The V, Hyderabad Hyderabad Bangalore Chennai International Tech Park Bangalore International Tech Park Chennai 4
Slide 5: International Tech Park Bangalore
International Tech Park Bangalore Site area 68.5 acres 27.9 ha Operating 2.8m sq ft buildings1 Park population 28,590 25 acres or Land available for 2.5m sq ft of development1 building space 1. Only includes floor area owned by a-iTrust 5
Slide 6: International Tech Park Chennai
International Tech Park Chennai Site area 15 acres 6.1 ha Operating buildings 2.0m sq ft Park 22,900 population 6
Slide 7: CyberPearl, Hyderabad
CyberPearl, Hyderabad Site area 6.1 acres 2.4 ha Operating 0.4m sq ft buildings Park 6,000 population 7
Slide 8: The V, Hyderabad
The V, Hyderabad Site area 19.4 acres 7.7 ha Operating 1.3m sq ft buildings Park 12,000 population 8
Slide 9: aVance Business Hub, Hyderabad
aVance Business Hub, Hyderabad Site area 25.7 acres 10.3 ha Operating 0.4m sq ft buildings1 Park 5,000 1. Only includes floor area owned by a-iTrust population 9
Slide 10: REIT-like characteristics enhance stability of distributions
REIT-like characteristics enhance stability of distributions Adherence to safeguarding provisions Permissible on allowable investments under Investment Property Fund Guidelines Distributable Minimum 90% to be distributed income Tax-exempt Distribution exempt from Singapore tax distributions a-iTrust
Slide 11: Ascendas Advantage
“Ascendas Advantage” aitrust
Slide 12: Ascendas Advantage
“Ascendas Advantage” aitrus!
Slide 13: Ascendas Advantage
“Ascendas Advantage” 13
Slide 14: Attractive Indian fundamentals
Attractive Indian fundamentals Salary for IT/software engineer, • India is world’s third largest economy by developer or programmer3 purchasing power parity1. Countries US$ (p.a.) • IMF forecast India GDP growth of 6.9% in 20121. India 7,029 • Rapid IT-BPO export revenues growth Malaysia 19,614 Hong
Slide 15: Agenda
Agenda • Overview • Milestones • Review of FY2011/12 • Strategy 15
Slide 16: Acquired 2 buildings in aVance Business Hub
Acquired 2 buildings in aVance Business Hub • a-iTrust announced in February 2012 that it has completed the acquisition of 2 operational & 100% occupied buildings (0.43m sq ft). • Purchase consideration was INR 1,765m (S$44.8m). • Three future buildings totaling 1.75m sq ft will be acquired individu
Slide 17: New building – Voyager (ITPB)
New building – Voyager (ITPB) • Completed in June 2011 • First building within Special Economic Zone of ITPB Occupancy • 537,300 sq ft of office space 82% 0% Mar-11 Jul-121 1. As at 16 July 2012 17
Slide 18: New building – Zenith (ITPC)
New building – Zenith (ITPC) • Completed in December 2010 • 737,000 sq ft of office space Occupancy 100% 33% Mar-11 Jul-121 1. As at 16 July 2012 18
Slide 19: New building – Park Square (ITPB)
New building – Park Square (ITPB) • Completed in December 2010 • Officially launched in December 2011 Occupancy • 450,000 sq ft of retail space 80% 19% Mar-11 Jul-121 1. As at 16 July 2012 19
Slide 20: Bollywood stars in Park Square
Bollywood stars in Park Square 20
Slide 21: Agenda
Agenda • Overview • Milestones • Review of FY2011/12 • Strategy 21
Slide 22: Review of FY11/12 results
Review of FY11/12 results FY11/12 FY10/11 Variance Explanation INR/SGD FX rate1 38.4 34.4 12% SGD strengthened by 12% against the INR INR 4,899m INR 4,182m 17% • INR terms: ↑ mainly due to higher income contribuNons Total Property from new buildings. Income S$127.5m S$121.5m 5% • SGD terms: ↑ modera
Slide 23: Portfolio floor area growth
Portfolio floor area growth Floor area (million square feet) 14% CAGR 6.9 0.4 5.9 0.5 4.8 4.8 1.2 4.7 0.1 3.6 1.2 6.0 4.8 4.8 4.8 3.6 3.6 1-Aug-07 At listing 31-Mar-08 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 Portfolio Development Acquisition 23
Slide 24: Revenue growth
Revenue growth Total Property Income (INR) Total Property Income (SGD) 15% CAGR S$ million 6% INR million 4,899 CAGR 127.5 4,182 120.9 121.5 4,007 118.1 3,783 102.7 2,801 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 (IPO) (IPO) 24
Slide 25: Income growth
Income growth Net Property Income (INR) Net Property Income (SGD) 14% INR million CAGR S$ million 5% 2,805 CAGR 2,425 73.8 73.0 2,448 70.6 66.2 2,117 60.5 1,651 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 (IPO) (IPO) 25
Slide 26: SGD DPU moderated by weak Indian Rupee
SGD DPU moderated by weak Indian Rupee SGD/INR exchange rate2 1 1 DPU SGD/INR exchange rate 1. DPU for first & second quarters of FY2007/08 were reported together post listing of a-iTrust. The reported DPU was split equally between the 2 quarters for illustrative purposes. 2. Relative SGD/INR exchan
Slide 27: 97% portfolio occupancy
97% portfolio occupancy1 97% 98% 98% 97% 100% 100% 98% 97% 97% 4%2 94% 80% 3 82% 79% 75% a-iTrust Occupancy Market Occupancy of Peripheral Area4 New Buildings ITPB ITPC The V CyberPearl aVance Zenith Park Square Voyager (excl. Park (excl. Zenith) (ITPC) (ITPB) (ITPB) Square & Voyager) All informatio
Slide 28: Strong leasing momentum
Strong leasing momentum Leasing activities from 1 April 2011 to 31 March 2012 Area (Sq ft) 3,000,000 2,524,260 2,500,000 Retention rate: 78% Committed 696,570 leases for new 2,000,000 buildings 537,560 65,780 1,573,050 1,500,000 1,224,350 234,000 1,000,000 1,827,690 500,000 0 Expired/ Renewed leases
Slide 29: Spread-out lease expiry profile
Spread-out lease expiry profile Portfolio lease expiry profile1 Sq ft expiring Weighted average 2,000,000 lease term: 4.8 years 24.5% 1,500,000 20.8% 1,000,000 14.1% 14.5% 14.0% 12.1% 500,000 - FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 & Beyond All information as at 31 March 2012 1. Includes l
Slide 30: Diversified portfolio
Diversified portfolio Portfolio breakdown Customer Base Total number of tenants 309 Average space per tenant 20,894 sq ft Hyderabad 31% Bangalore 40% Largest tenant accounts for Chennai 5% of the portfolio base rent 29% Total Owned SBA = 6.9 million sq ft All information as at 31 March 2012 Note: Th
Slide 31: Quality tenants
Quality tenants No. Top ten tenants (by alphabetical order) Parent company 1 Affiliated Computer Services of India Pvt. Ltd. Xerox 2 Applied Materials India Pvt. Ltd. Applied Materials 3 BA Continuum Pvt. Ltd. Bank of America Merrill Lynch 4 Cognizant Technology Solution (India) Pvt. Ltd. Cognizant
Slide 32: Diversified tenant base
Diversified tenant base Tenant core business & activity by base rental1 Retail Automobile F&B 2.0% 4.5% 3.4% Advertising IT/ITES Petrochemical 0.2% Engineering 1.1% 16.9% R&D 3.1% Pharma & Banking & Financial Healthcare 3.6% 19.4% ITES 11.4% Corporate Services 4.1% Others Electronic, 1.2% IT SemiCon
Slide 33: Diversified tenant base
Diversified tenant base Tenant country of origin & company structure by base rental1 Others India Based 2.1% France 8.3% Company 3 Singapore 2.1% 11.7% Netherland 0.6% Switerland 1.1% UK 4.4% Germany 2.9% India 2 US 15.3% 65.1% 4 MNC 88.3% All information as at 31 March 2012 1. Includes leases in Ze
Slide 34: Conservative capital structure
Conservative capital structure Indicator As at 31 Mar 2012 Interest service coverage 4.0 times (EBITDA1 / Interest expenses2) (FY11/12) Percentage of fixed rate debt 100% Gearing: 29%4 Secured borrowings / Asset value 5.8%3 Effective weighted average cost of debt 6.2% (Net of tax shield benefits) 1.
Slide 35: Spread-out debt expiry profile
Spread-out debt expiry profile Debt maturity profile S$ Million 115 60 25 25 25 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 INR-Denominated debt1 SGD-Denominated debt1 All information as at 31 March 2012 1. Excluding minority interests. 35
Slide 36: a-iTrust unit price versus market indices
a-iTrust unit price versus market indices (Indexed) Source: Bloomberg 36
Slide 37: a-iTrust unit price versus Indian peers
a-iTrust unit price versus Indian peers (Indexed) Source: Bloomberg 37
Slide 38: Agenda
Agenda • Overview • Milestones • Review of FY2011/12 • Strategy 38
Slide 39: Clear growth strategy
Clear growth strategy • New completions added 1.7 million sq ft to portfolio Development • Constructing 0.6 million sq ft with pipeline end Dec 2013 completion • Land for 1.9 million sq ft of space available for development Growth Sponsor • Right of first refusal from Ascendas Land International Pte
Slide 40: Substantial development pipeline
Substantial development pipeline Further development in ITPB – additional 2.5 million sq ft Park Square (Retail) Taj Vivanta New Multi-Tenanted Office (Hotel) Building Existing income- • 600,000 sq ft development producing space Future Development Potential • Balance 1.9 million sq ft of additional
Slide 41: New multi-tenanted office building
New multi-tenanted office building • 600,000 sq ft development located within the SEZ of ITPB • Secured governmental & regulatory approvals • Construction started in May 2012 • Expected completion by December 2013 Artist’s impression of the building 26% of space pre-committed 41
Slide 42: Right of first refusal (ROFR) from sponsor
Right of first refusal (“ROFR”) from sponsor Ascendas Land International Pte Ltd • CyberVale, an IT SEZ in Chennai, comprises 535,000 sq ft of income producing space & 4.4 acres of land (which can be developed into a 280,000 sq ft building) • International Tech Park Pune is a 2.5 million sq ft Cyber
Slide 43: 3rd party acquisitions
3rd party acquisitions • Target cities: • Bangalore • Chennai • Hyderabad • Mumbai • Dehli • Gurgaon • Pune • Investment criteria: • Location • Tenancy profile • Design • Clean land title and land tenure • Rental and capital growth prospects • Opportunity to add value 43
Slide 44: aVance Business Hub
aVance Business Hub (1) (3) (7) (4) (6) (2) Not part of (1) acquisition (5) (8) (9) (2) Park Statistics Site area: 25.7 acres / 10.4 ha (1) & (2) owned by a-iTrust: 0.43m sq ft Vendor assets: marked in black Conditional acquisitions of (3), (4) & (5): 1.75m sq ft Landowner assets: marked in white RO
Slide 45: aVance Building 3
aVance Building 3 • 660,000 sq ft development • Expected construction completion by early 2013 • Acquisition subject to required occupancy levels being met, amongst other conditions Artist’s impression of the building 45
Slide 46: Summary
Summary • Quality income assets & conservative capital structure • Customer diversification • Gearing of 29% • Portfolio occupancy of 97%1 • Weighted average lease term of 4.8 years • Clear growth strategy • Development pipeline • Acquisition of aVance future buildings • Acquisition of 3rd party/spo
Slide 47: Thank you!
india trust Thank you!
Slide 48: Structure of Ascendas India Trust
Structure of Ascendas India Trust Unitholders Holding of units Distributions Trustee’s fee & management fees Ascendas Property Fund Trustee Pte. Ltd. a-iTrust (the Trustee-Manager), a wholly-owned subsidiary of Acts on behalf of unitholders/ Ascendas Pte Ltd management services 100% ownership & Divi
Ascendas India Trust — Shareholder Meeting (July 2012) on 6ix