CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaLand Mall Trust — Q3 2018 Earnings Presentation
34 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Oct 25, 2018
Slide 1: CapitaLand Mall Trust Third Quarter 2018 Financial Results
CAPITALAND MALL TRUST Singapore’s First & Largest Retail REIT Third Quarter 2018 Financial Results 25 October 2018
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements that involve assumptions, 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 assumpti
Slide 3: Contents
Contents ▪ Review of 3Q 2018 ▪ Key Financial Highlights ▪ Portfolio Updates ▪ Striving for Excellence ▪ Looking Forward 3 CapitaLand Mall Trust Third Quarter 2018 Financial Results *October 2018*
Slide 4: Review of 3Q 2018
Review of 3Q 2018 Operational Performance , , , , 0.6% 98.5% . 1.8% . 0.5% YTD Sep 20185 as at end-Sep 2018 Y-o-Y Y-o-Y . . . Rental reversion Portfolio Shopper traffic Tenants’ sales occupancy rate per square foot 1 1 Portfolio Updates Proactive Capital Management 1 Issued 7-year S$150.0 million fi
Slide 5: Key Financial Highlights
Key Financial Highlights Plaza Singapura
Slide 6: 3Q 2018 Distributable Income Up 4.9% Y-o-Y
3Q 2018 Distributable Income Up 4.9% Y-o-Y Distributable Income Distribution Per Unit (DPU) (1) (2) S$103.5 2.92 (1) million cents 4.9% Y-o-Y 5.0% Y-o-Y Annualised DPU Annualised Distribution Yield 11.58 5.41 cents % (Based on closing unit price of 5.0% Y-o-Y S$2.140 on 24 October 2018) (1) In 3Q 20
Slide 7: YTD Sep 2018 Distributable Income Up 3.3% Y-o-Y
YTD Sep 2018 Distributable Income Up 3.3% Y-o-Y Distributable Income Distribution Per Unit (DPU) (1) (2) S$302.5 8.51 (1) million cents 3.3% Y-o-Y 3.0% Y-o-Y Annualised DPU Annualised Distribution Yield 11.38 5.32 cents % (Based on closing unit price of 3.0% Y-o-Y S$2.140 on 24 October 2018) (1) For
Slide 8: Attractive Yield versus Other Investments
Attractive Yield versus Other Investments As at 30 September 2018 Net Yield for: Individual: 5.1% (0% tax) 6 Corporate Overseas: 4.6% (10% tax) 5.1 Corporate Local: 4.3% (17% tax) 4.6 4.3 4 260 bps yield spread Yield % 2.5 2.5 2.2 2 0.4 0 CMT 10Y Govt Bond 5Y Govt Bond CPF Ordinary 12-mth (S$) Strai
Slide 9: 3Q 2018 Financial Performance
3Q 2018 Financial Performance Gross Revenue Net Property Income Distributable Income S$170.5 S$122.7 S$103.5 (1) million million million 0.7% Y-o-Y 1.1% Y-o-Y 4.9% Y-o-Y S$ million (1) (2) (1) In 3Q 2018, CMT had released S$4.0 million of its taxable income available for distribution retained in 1H
Slide 10: YTD Sep 2018 Financial Performance
YTD Sep 2018 Financial Performance Gross Revenue Net Property Income Distributable Income S$517.0 S$369.1 S$302.5 (1) million million million 1.4% Y-o-Y 2.8% Y-o-Y 3.3% Y-o-Y S$ million (1) (2) (1) For YTD Sep 2018, CMT had retained S$9.7 million of its taxable income available for distribution to U
Slide 11: YTD Sep 2018 Gross Revenue increased by 1.4%
YTD Sep 2018 Gross Revenue increased by 1.4% versus YTD Sep 2017 On Comparable Mall Basis(1), YTD Sep 2018 Gross Revenue Up 2.2% Y-o-Y 1.4% (2) (1) Excludes Funan which was closed in July 2016 for redevelopment and Sembawang Shopping Centre which was sold in June 2018. (2) Includes Bukit Panjang Pla
Slide 12: YTD Sep 2018 Operating Expenses decreased by 2.1%
YTD Sep 2018 Operating Expenses decreased by 2.1% versus YTD Sep 2017 On Comparable Mall Basis(1), YTD Sep 2018 OPEX Up 0.7% Y-o-Y 2.0% 2.1% Mainly due to divestment of Sembawang Shopping Centre and lower utilities and marketing expenses (2) (1) Excludes Funan which was closed in July 2016 for redev
Slide 13: YTD Sep 2018 Net Property Income increased by 2.8%
YTD Sep 2018 Net Property Income increased by 2.8% versus YTD Sep 2017 On Comparable Mall Basis(1), YTD Sep 2018 NPI Up 2.8% Y-o-Y 2.8% (2) (1) Excludes Funan which was closed in July 2016 for redevelopment and Sembawang Shopping Centre which was sold in June 2018. (2) Includes Bukit Panjang Plaza,
Slide 14: YTD Sep 2018 Performance of Joint Ventures
(1) YTD Sep 2018 Performance of Joint Ventures YTD Sep 2018 Net Property Income Up 0.9% Y-o-Y Gross Revenue (S$ million) 84.7 Total 84.6 Total 69.1 0.2% Raffles City Singapore 68.8 15.6 Westgate 15.8 Operating Expenses (S$ million) 20.4 Total 20.9 Total 2.1% 16.8 Raffles City Singapore 16.2 3.6 West
Slide 15: Debt Maturity Profile as at 30 September 2018
Debt Maturity Profile1 as at 30 September 2018 700 600 590.0 550.0 (2) (2) 120.0 40.0 500 484.0 (2) (2) 60.0 72.0 400 130.0 276.4 368.3 S$ million 292.0 319.6 (2) 18.0 8.4 (2) 110.0 292.8 300 (2) 100.0 300.0 (3) 48.0 162.0 350.0 100.0 77.9 199.0 200 (8) 100.0 150.0 100.0 (11) 99.0 (7) (12) 100 (4) 1
Slide 16: Key Financial Indicators
Key Financial Indicators As at As at 30 September 2018 30 June 2018 Unencumbered Assets as % of Total Assets 100.0% 100.0% Aggregate Leverage(1) 31.7% 31.5% Net Debt / EBITDA(2) 5.7x 5.6x Interest Coverage(3) 5.3x 5.3x Average Term to Maturity (years) 5.2 5.2 Average Cost of Debt(4) 3.1% 3.1% CMT’s
Slide 17: Healthy Balance Sheet
Healthy Balance Sheet As at 30 September 2018 S$’000 Non-current Assets 10,091,315 Net Asset Value/Unit S$2.03 (as at 30 September 2018) Current Assets 375,713 Adjusted Net Asset Value/Unit Total Assets 10,467,028 S$2.00 (excluding distributable income) Current Liabilities 208,061 Non-current Liabil
Slide 18: Distribution Details
Distribution Details Distribution Period 1 July to 30 September 2018 Sub-point Distribution Per Unit 2.92 cents Notice of Books Closure Date 25 October 2018 Last Day of Trading on ‘cum’ Basis 1 November 2018, 5.00 pm Ex-Date 2 November 2018, 9.00 am Books Closure Date 7 November 2018 Distribution Pa
Slide 19: Portfolio Updates
Portfolio Updates Funan *Artist’s impression of proposed integrated development *Artist’s impression
Slide 20: Shopper Traffic
(1) Shopper Traffic YTD Sep 2018 Decreased by 1.8% Y-o-Y 300 Shopper Traffic (million) 250 200 150 100 50 0 YTD Sep 2018 YTD Sep 2017 (1) For comparable basis, CMT portfolio excludes Funan which was closed in July 2016 for redevelopment and Sembawang Shopping Centre which was sold in June 2018. 20 C
Slide 21: Tenants' Sales Psf Per Month
(1) Tenants’ Sales Psf Per Month YTD Sep 2018 Increased by 0.5% Y-o-Y 100 Tenants’ Sales ($ psf/mth) 75 50 YTD Sep 2018 YTD Sep 2017 (1) For comparable basis, CMT portfolio excludes Funan which was closed in July 2016 for redevelopment and Sembawang Shopping Centre which was sold in June 2018. 21 Ca
Slide 22: Tenants' Sales by Trade Categories in YTD Sep 2018
Tenants’ Sales by Trade Categories in YTD Sep 2018 Cautious Consumer Spending 15 10.6 9.9 10 Y-o-Y Variance of Tenants’ Sales $ psf/mth (%) 6.0 5.7 5.6 4.9 5 3.8 2.6 2.2 1.5 1.3 0.1 0 0.0 (1.2) -5 (4.5) (6.6) -10 (10.6) -15 (1) (2) Gifts & Souvenirs Toys & Hobbies Leisure & Entertainment Fashion IT
Slide 23: Rental Reversions
Rental Reversions From 1 January to 30 September 2018 (Excluding Newly Created and Reconfigured Units) Net Lettable Area Increase/(decrease) in Current Rental Number of Retention Rates vs Preceding Percentage Property Renewals / Rate Area Rental Rates of Property New Leases (%) (sq ft) (typically co
Slide 24: Portfolio Lease Expiry Profile as at 30 September 2018
(1) Portfolio Lease Expiry Profile as at 30 September 2018 Weighted Average Expiry by Gross Rental Income 1.9 Years Gross Rental Income per Month(2) Number of Leases S$’000 % of Total (3) 2018 169 2,598 4.6 2019 978 17,883 31.6 2020 822 14,895 26.4 2021 722 15,217 26.9 2022 73 4,927 8.7 2023 and bey
Slide 25: Portfolio Lease Expiry Profile for 2018
Portfolio Lease Expiry Profile for 2018 (1) Net Lettable Area Gross Rental Income Number of As at 30 September 2018 Leases % of Property NLA(2) % of Property Income(3) Tampines Mall 3 0.9 1.9 Junction 8 4 1.9 2.3 IMM Building(4) 82 12.3 19.6 Plaza Singapura 15 3.1 5.4 Bugis Junction 3 0.7 0.7 Raffle
Slide 26: High Occupancy Maintained
High Occupancy Maintained 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 30 Sep (%, As at) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Tampines Mall 100.0 100.0 100.0 100.0 100.0 99.5 100.0 99.2 100.0 100.0 Junction 8 100.0 100.0 100.0 99.6 99.4 100.0 100.0 99.9 100.0 100.0 (1)
Slide 27: Striving for Excellence
Striving for Excellence 27 Westgate
Slide 28: Engaging Shoppers with New Offerings
Engaging Shoppers with New Offerings ABC Cooking Studio at Westgate Mr D.I.Y. at Westgate Sandro at Raffles City Singapore Maje at Raffles City Singapore 28 CapitaLand Mall Trust Third Quarter 2018 Financial Results *October 2018*
Slide 29: Enhancing Retail Experience
Enhancing Retail Experience Mickey Go Local at Shadowverse World Circuit 2018, E-sports Raffles City Shopping Centre Tournament and Roadshow at Bugis+ H:CONNECT – Meet Yoona In Singapore at Bugis Junction 29 CapitaLand Mall Trust Third Quarter 2018 Financial Results *October 2018*
Slide 30: Refurbishment Works at Swissôtel and Fairmont
Refurbishment Works at Swissôtel and Fairmont Ongoing phased works by RC Hotel to complete in 2019 Swissôtel self check-in registration area TWG café at Swissôtel’s lobby Premier Harbour View room at Swissôtel The new Swiss Signature room Photo credits: AccorInvest/AccorHotel 30 CapitaLand Mall Trus
Slide 31: 2018 Awards & Accolades Achieved To-date
2018 Awards & Accolades Achieved To-date January 2018 May 2018 August 2018 GoldPLUS (Funan) Green Mark Certification Patron of Heritage Awards 2017 Winner - Singapore Governance and BCA Awards (Raffles City Shopping Centre) Transparency Index 2018 National Heritage Board (REIT and Business Trust) Pl
Slide 32: Looking Forward
Looking Forward IMM
Slide 33: Looking Forward
Looking Forward Acquisition of balance interest in Westgate ✓ EGM to be held on 25 Oct 2018 at 10.00 a.m. ✓ Transaction expected to complete on 1 Nov 2018 (or such other date as may be agreed between the Trustee and the Vendors), assuming Unitholders’ approval obtained Redevelopment of Funan ✓ Openi
Slide 34: Thank you
Thank you For enquiries, please contact: Ms Lo Mun Wah, Investor Relations, Direct: (65) 6713 3667 Email: lo.munwah@capitaland.com CapitaLand Mall Trust Management Limited (http://www.cmt.com.sg) 168 Robinson Road, #30-01 Capital Tower, Singapore 068912 Tel: (65) 6713 2888; Fax: (65) 6713 2999
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