Slide 1: 2Q & 1HFY20/21 Financial Results
2Q & 1HFY20/21 Financial Results 27 October 2020
Slide 2: Important Notice
Important Notice This presentation shall be read in conjunction with Mapletree Industrial Trust’s (“MIT”) financial results for Second Quarter Financial Year 2020/2021 in the SGXNET announcement dated 27 October 2020. This presentation is for information only and does not constitute an offer or soli
Slide 3: Contents
Contents 01 Key Highlights – 1 Jul 2020 to 30 Sep 2020 02 2Q & 1HFY20/21 Financial Performance 03 Portfolio Update 04 Investment Update 05 Outlook and Strategy 3
Slide 4: Key Highlights 1 Jul 2020 to 30 Sep 2020
KEY HIGHLIGHTS 1 JUL 2020 TO 30 SEP 2020 Hi-Tech Building, 18 Tai Seng
Slide 5: Key Highlights
Key Highlights Growth driven by new revenue contribution from 14 data centres in the United States of America (the “United States”) offset by rental reliefs extended to tenants and loss of revenue due to redevelopment of Kolam Ayer 2 Cluster • 2QFY20/21 Distributable Income: S$72.9 million ( 14.8%
Slide 6: Sustainable and Growing Returns
Sustainable and Growing Returns Distributable Income DPU (S$ million) (cents) 100 3.50 3.133.16 3.10 3.073.083.10 90 3.00 2.95 3.003.01 2.92 2.85 2.852.832.832.88 2.88 2.87 3.00 2.792.822.81 2.73 80 2.672.65 2.60 2.512.512.51 72.9 2.432.47 70.6 2.37 69.4 69.2 2.50 70 2.292.32 2.222.26 2.16 63.2 63.5
Slide 7: 2Q & 1HFY20/21 Financial Performance
2Q & 1HFY20/21 FINANCIAL PERFORMANCE Hi-Tech Buildings, build-to-suit project for HP
Slide 8: Statement of Profit or Loss (Year-on-Year)
Statement of Profit or Loss (Year-on-Year) 2QFY20/21 2QFY19/20 / () (S$’000) (S$’000) Gross revenue 103,350 101,872 1.5% Property operating expenses (21,748) (21,883) (0.6%) Net property income 81,602 79,989 2.0% Borrowing costs (12,015) (11,342) 5.9% Trust expenses (9,724) (9,053) 7.4% Share of
Slide 9: Statement of Profit or Loss (Year-on-Year), 1H
Statement of Profit or Loss (Year-on-Year) 1HFY20/21 1HFY19/20 / () (S$’000) (S$’000) Gross revenue 202,456 201,447 0.5% Property operating expenses (42,202) (43,539) (3.1%) Net property income 160,254 157,908 1.5% Borrowing costs (22,583) (21,918) 3.0% Trust expenses (19,061) (17,888) 6.6% Share
Slide 10: Statement of Profit or Loss (Qtr-on-Qtr)
Statement of Profit or Loss (Qtr-on-Qtr) 2QFY20/21 1QFY20/21 / () (S$’000) (S$’000) Gross revenue 103,350 99,106 4.3% Property operating expenses (21,748) (20,454) 6.3% Net property income 81,602 78,652 3.8% Borrowing costs (12,015) (10,568) 13.7% Trust expenses (9,724) (9,337) 4.1% Share of join
Slide 11: Statement of Financial Position
Statement of Financial Position 30 Sep 2020 30 Jun 2020 / () Total assets (S$’000) 6,255,220 5,297,002 18.1% Total liabilities (S$’000) 2,272,950 1,732,913 31.2% Net assets attributable to Unitholders 3,982,270 3,564,089 11.7% (S$’000) Net asset value per Unit (S$)1 1.69 1.62 4.3% 1 Net tangible
Slide 12: Strong Balance Sheet
Strong Balance Sheet 30 Sep 2020 30 Jun 2020 Total debt (MIT Group) S$2,026.3 million S$1,552.6 million Weighted average tenor of debt 3.2 years 3.9 years Aggregate 38.1% 38.8% leverage ratio1 Strong balance sheet to pursue growth opportunities USD onshore debt consolidated following acquisition o
Slide 13: Well Diversified Debt Maturity Profile
Well Diversified Debt Maturity Profile No debt maturing in FY20/21 USD onshore debt due in FY21/22 and FY22/23 consolidated in MIT Group’s balance sheet following acquisition of balance 60% interest in 14 data centres in the United States on 1 Sep 2020 More than S$400 million of committed faci
Slide 14: Risk Management
Risk Management 30 Sep 2020 30 Jun 2020 Fixed as a % of total debt 93.8% 86.3% Weighted average hedge tenor 3.2 years 4.0 years Weighted average all-in funding 2.7% 2.6% cost for the quarter Interest coverage ratio for the 7.0 times 7.9 times quarter Interest coverage ratio for the 7.3 times 7.2 tim
Slide 15: Portfolio Update
PORTFOLIO UPDATE Business Park Buildings, The Strategy and The Synergy
Slide 16: 111 Properties Across 6 Property Segments
111 Properties Across 6 Property Segments S$6.6 billion1 20.6 million2 >2,000 tenants AUM NLA (sq ft) Tenant Base Light Industrial Buildings 1.2% Data Centres: 38.7% Stack-up/Ramp-up Singapore: 6.5% Buildings North America: 32.2% 7.4% Data Centres Flatted Factories Flatted Factories 22.8% AUM1 S$6
Slide 17: Portfolio Overview
Portfolio Overview Singapore North American Overall Portfolio Portfolio Portfolio Number of properties 84 27 111 NLA (million sq ft) 16.3 4.31 20.61 Occupancy (%) 2QFY20/21 91.5 98.0 92.32 1QFY20/21 90.2 98.7 91.12 SEGMENTAL OCCUPANCY RATES1 99.2% 98.7% 98.2% 98.2% 93.7% 93.5% 91.1%2 92.3%2 85.9% 85
Slide 18: Lease Expiry Profile
Lease Expiry Profile EXPIRING LEASES BY GROSS RENTAL INCOME1 As at 30 September 2020 WALE based on date of commencement of leases (years)2 Singapore Portfolio 3.4 North American Portfolio 6.6 38.2% Overall Portfolio1 4.2 22.3% 17.6% 15.4% 6.5% FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 & Beyond Data Ce
Slide 19: Large and Diversified Tenant Base
Large and Diversified Tenant Base TOP 10 TENANTS BY GROSS RENTAL INCOME1 As at 30 September 2020 7.5% Over 2,000 tenants 6.6% Largest tenant contributes 7.5% of Portfolio’s Gross Rental Income Top 10 tenants forms about 32.6% of Portfolio’s Gross Rental Income Hi-Tech Buildings Data Centres 3.
Slide 20: Tenant Diversification Across Trade Sectors
Tenant Diversification Across Trade Sectors1 No single trade sector accounted >22% of Portfolio’s Gross Rental Income By Gross Rental Income As at 30 Sep 2020 1 Based on MIT’s 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres
Slide 21: Singapore Portfolio Performance
Singapore Portfolio Performance Occupancy Gross Rental Rate S$ psf/mth 100% $2.50 95.1%95.0% 94.9%95.0% 95.2% 95.4%95.5% 94.7%94.6% 94.3% 94.5% 93.9% 93.2% 93.5% 93.8% 93.0% 92.5% 93.1% 92.6% 92.3% 92.5% 92.1% 91.3% 90.7% 91.5% 90.8% 90.7% 90.2% 91.5% 90.2% 90.4% 90.1% 89.6% 89.8% 90.5% 90.2% 90.5%
Slide 22: Rental Revisions (Singapore)
Rental Revisions (Singapore) GROSS RENTAL RATE (S$ PSF/MTH)1 For Period 2QFY20/21 $3.82 $3.73 $3.64 Before Renewal After Renewal $2.96 $3.01 $3.57 New Leases Passing Rent $2.29 $2.29 $1.76 $1.72 $1.55 $1.37 $1.32 $1.30 $1.67 $1.28 $1.17 Hi-Tech Buildings Business Park Flatted Factories Stack-Up/Ramp
Slide 23: Healthy Tenant Retention (Singapore)
Healthy Tenant Retention (Singapore) LONG STAYING TENANTS RETENTION RATE FOR 2QFY20/21 Up to 1 yr 8.5% 100.0% >10 yrs 30.2% 87.9% >1 to 2 yrs 11.8% 80.2% 74.7% 77.2% 65.7% 4 yrs or less 35.2% More than > 2 to 3 yrs 4 yrs 8.3% 64.8% >3 to 4 yrs 6.6% N.A. >4 to 5 yrs Data Hi-Tech Business Flatted Stac
Slide 24: Investment Update
INVESTMENT UPDATE Data Centres, 44490 Chilum Place (ACC2), Northern Virginia
Slide 25: Proactive Portfolio Rebalancing
Proactive Portfolio Rebalancing Increases Exposure to Resilient Data Centre Sector 14 Data Centres in the United States Data Centre in Virginia, United States2 Proposed acquisition of a Description data centre and office in Virginia, United States Fully leased on a triple net basis with a balance le
Slide 26: Proposed Divestment – 26A Ayer Rajah Crescent
Proposed Divestment – 26A Ayer Rajah Crescent1 Sale Price GFA Completion S$125.0 million 384,802 sq ft 4Q2020 Exercise of option to purchase 26A Ayer Rajah Crescent by Equinix Singapore2 Seven-storey data centre developed by MIT for Equinix in Jan 2015 30-year land lease commenced on 22 May 20
Slide 27: Redevelopment – Kolam Ayer 2
Redevelopment – Kolam Ayer 2 Property GFA Plot Ratio Kolam Ayer 2 Cluster Two Flatted Factories and an amenity centre 506,720 sq ft 1.5 New Hi-Tech Buildings, including a After Redevelopment 865,600 sq ft 2.5 seven-storey BTS Facility for Anchor Tenant Redevelopment of Kolam Ayer 2 Flatted Factory
Slide 28: Outlook and Strategy
OUTLOOK AND Data Centres, 7337 Trade Street, San Diego STRATEGY
Slide 29: Outlook (Singapore)
Outlook Singapore Challenging operating environment in view of uncertainty over trajectory of economic recovery from COVID-19 pandemic • Singapore economy contracted by 7.0% y-o-y in the quarter ended 30 Sep 2020, an improvement from 13.3% contraction in the preceding quarter1 • While business sen
Slide 30: Outlook (North America)
Outlook North America Resilient asset class with growth opportunities • According to JLL3, demand for data centres remained strong in 1H2020, with top 14 markets in United States absorbing a total of 288.2 megawatts (“MW”) in 1H2020 compared to 171.2 MW in 1H2019 • The pandemic’s impact on public
Slide 31: Diversified and Resilient
Diversified and Resilient Anchored by large and diversified tenant base with low dependence on any single tenant or trade sector Stable and Long leases in MIT’s data centres in Singapore and North America as Resilient Portfolio well as build-to-suit projects to underpin portfolio resilience Fo
Slide 32: End of Presentation
End of Presentation For enquiries, please contact Ms Melissa Tan, Director, Investor Relations, DID: (65) 6377 6113, Email: melissa.tanhl@mapletree.com.sg