Frasers Centrepoint Trust · SGX:J69U
Frasers Centrepoint Trust — Non-Deal Roadshow (November 2021)
29 slides from Frasers Centrepoint Trust's roadshow presentation, Nov 10, 2021
Slide 1: Frasers Centrepoint Trust
Frasers Centrepoint Trust Presentation for Non-Deal Roadshow (Virtual) on 10 November 2021
Slide 2: Forward-looking statements disclaimer
• Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statement and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performanc
Slide 3: Portfolio overview: market capitalisation, NLA by property, occupancy
◆ Market capitalisation of approximately S$4 billion1, among the top-10 largest SREITs by market capitalisation ◆ Retail portfolio comprises dominant malls with large catchment and connectivity to public transport ◆ All malls are well-located on/next to MRT stations; enjoy healthy occupancy and high
Slide 4: Portfolio malls and NLA
Causeway Point Waterway Point (40%-owned)1 Tampines 1 Northpoint City North Wing2 ◆ NLA: 419,391 sq ft ◆ NLA: 389,371 sq ft ◆ NLA: 268,577 sq ft ◆ NLA: 241,189 sq ft ◆ BCA Green Mark Platinum ◆ BCA Green Mark GoldPlus ◆ BCA Green Mark GoldPlus ◆ BCA Green Mark Gold Tiong Bahru Plaza Century Square C
Slide 5: Essential services trade mix
Essential services3 54.4% (by GRI) ◆ FCT’s retail portfolio comprises 54.4% of Essential services (by GRI) ◆ Essential services comprise necessity F&B Non-essential trades like F&B, grocery and services Services, patronised by shoppers regularly 45.6% FCT retail portfolio ◆ Suburban malls generally
Slide 6: Distribution per Unit and Net asset value per Unit
Distribution per Unit (S cents) Net asset value per Unit (S$) as at Financial Year (FY) ending 30 September Impacted by COVID-19 11.900 12.015 12.070 12.085 11.608 11.764 10.930 11.187 10.010 9.402 8.200 8.320 7.510 2.27 2.30 7.290 2.21 6.550 2.08 2.02 1.91 1.93 1.85 1.77 1.53 1.40 1.29 1.23 1.22 1.
Slide 7: Update on COVID-19
Update on COVID-19 Resilient demand for retail spaces within well-located and dominant suburban malls Timeline of key events1,2 ◆ The various tightened measures due to the rising daily COVID-19 infection cases have weighed on our retail and F&B tenants’ businesses amidst soft retail sales market ◆ D
Slide 8: Tracking the national retail sales trend
Tracking the national retail sales trend YoY Change y-o-y Retail Sales Value (excluding motor vehicles)1 versus FCT portfolio tenants' sales FCT’s portfolio tenants’ sales were change Retail sales value FCT Portfolio tenants' sales more heavily affected by the P2HA 150.0% measures between 22 Jul and
Slide 9: FY2021 Results highlights
FY2021 Results highlights (based on Financial results announced on 27 October 2021) Northpoint City, Singapore
Slide 10: Financial highlights
Financial highlights Tampines 1, Singapore
Slide 11: Gross Revenue and Net Property Income
Gross Revenue S$ million ▲ 107.5% ◆ FY2021 financial performance mainly boosted by ARF Acquisition (approximately 11 months of 341.15 ▲ 73.8% ▲ 159.9% contribution) 173.62 167.53 164.38 ◆ The performance in 2H2021 was lower than 99.92 1H2021 due to: 64.46 a) the rental rebates provided under the Gov
Slide 12: Distributable Income and Distribution per Unit
Distributable Income S$ million ▲ 102.4% ◆ FY2021 Distributable Income grew 102.3% to 204.67 ▲ 42.3% ▲ 243.9% S$204.7 million due to the enlarged portfolio 101.10 103.57 after ARF Acquisition 101.15 71.03 30.12 ◆ On a full year basis, the DPU of 12.085 S cents is 33.7% higher than the DPU of 9.042 S
Slide 13: Capital management and debt maturity profile
30 Sep 21 31 Mar 21 Debt maturity profile as at 30 September 2021 Average debt maturity (years) 2.47 2.64 Gearing level1 33.3% 35.2% S$512.0m S$511.0m YTD Interest Cover (times) 5.11 5.04 (28.2% of total (28.2% of total borrowing) borrowing) % of debt hedged to fixed rate interest 56% 54% S$391.0m 7
Slide 14: Operation highlights
Operation highlights Tampines 1, Singapore
Slide 15: Portfolio occupancy by property
◆ Portfolio occupancy increased with pick up in leasing activities as Singapore continues to work towards normalisation. However, retailers remain cautious with the increase in community cases and tightening of safe management measures. FCT Retail Portfolio1 Causeway Point Northpoint City North Wing
Slide 16: Shopper traffic and tenants' sales trend
◆ P2HA weighed on shopper traffic as permitted mall capacity was reduced to 1 person per 16 sqm from 10 sqm of GFA, social group size was reduced from 5 to 2 pax and dining-in was disallowed ◆ Shopper traffic was 50% to 60% of pre-COVID levels FCT Portfolio Shopper Traffic Trend FCT Portfolio Tenant
Slide 17: Lease expiry profile and WALE
◆ WALE @ 30 Sep 2021 stands at 1.64 years by NLA (3Q21: 1.62 years) and 1.64 years by GRI (3Q21: 1.63 years) Lease expiry profile as at 30 September 2021 ■ Expiries as % of total leased area ■ Expiries as % of GRI Lease expiry1,2 as at FY2027 FY2022 FY2023 FY2024 FY2025 FY2026 Total 30 September 202
Slide 18: Rental reversion by property
Period: 1 October 2020 to 30 September 2021 Number of NLA Year-to-date rental Year-to-date rental Property Renewals / New reversion reversion as percentage of Leases Area (sq ft) (incoming vs outgoing) (average vs average) property Causeway Point 54 46,743 11.1% 0.6% 3.5% Northpoint City North Wing
Slide 19: Other New Additions
Other New Additions Don Don Donki – Leading Japanese Retailer in SG at Tampines 1 and Waterway Point SK Gold – One of SG’s largest jewellery retail chain store at Causeway Point Poulet – Restaurant that specialises in French Roast Chicken at White Sands Adidas – Popular sportswear brand at Waterway
Slide 20: Frasers eStore and Makan Master
Frasers eStore Makan Master between January 2021 (launch) and August 2021 between April 2020 (launch) and August 2021 3X 7X Avg Order Sales growth Sales growth Size ▲ 2X ~900k 953,000 87% FRX membership App traffic per month in Makan Master orders are FY2021 from repeat shoppers 20
Slide 21: Summary
Summary Northpoint City, Singapore
Slide 22: FCT is well-positioned to ride the re-opening of the economy
FCT is well-positioned to ride the re-opening of the economy FY2021 Performance Strategy: Consolidate, Adapt & Grow in the “New Normal” ◆ Strong financial performance; DPU at 12.085 cents ◆ Proactive lease management ◆ NPI margin recovery to 72%-level ◆ Continue transition to omnichannel retailing ◆
Slide 23: Appendix
Appendix 23
Slide 24: Definition of terms used in this presentation
Definition of terms used in this presentation ◆ 1H2020: First Half 2020 ended 31 March 2020 ◆ Moody’s: Moody’s Investors Service (credit rating agency) ◆ 1H2021: First Half 2021 ended 31 March 2021 ◆ MTN: Medium Term Notes under FCT’s S$1 billion multi-currency MTN program ◆ 2H2020: Second Half 2020
Slide 25: Trade Classifications
Trade Classifications As % of total NLA1 As % of total GRI1 Food & Beverage 29.1% 37.8% Beauty & Healthcare 10.8% 14.6% Fashion & Accessories 11.3% 12.1% Sundry & Services 5.7% 8.5% Supermarket & Grocers 8.2% 5.6% Homeware & Furnishing 4.5% 3.0% Information & Technology 2.6% 3.0% Leisure & Entertain
Slide 26: Top 10 tenants
Tenants As % of total NLA7 As % of total GRI7 1 NTUC Fairprice1 4.3% 3.3% 2 2 Dairy Farm Group 3.0% 2.8% 3 Kopitiam3 3.1% 2.7% 4 4 Breadtalk Group 1.8% 2.3% 5 5 Metro 2.6% 1.7% 6 Mcdonald’s 0.9% 1.6% 7 Courts 1.5% 1.4% 8 OCBC 0.7% 1.3% 9 Yum!6 0.9% 1.3% 10 UOB 0.6% 1.2% Total for Top 10 19.5% 19.5%
Slide 27: Property valuations
30 September 2021 15 September 2020 Variance in appraised i) Properties Appraised value Appraised value Appraised value Appraised value Cap Rate value (S$ million) (S$ psf NLA1) (S$ million) (S$ psf NLA1) Causeway Point 1,312.0 3,127 4.75% 1,305.0 3,108 ▲0.5% Northpoint City North Wing 771.5 3,517 4
Slide 28: FCT retail portfolio occupancy cost
FCT retail portfolio occupancy cost1 2 19.2% 16.6% 16.6% 17.0% 17.5% 15.7% FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 1. Occupancy cost refers to the ratio of gross rental (including turnover rent) paid by the tenants to the tenant’s sales turnover (excluding Goods & Services Tax). 2. The spike in po
Slide 29: Experience matters.
Experience matters.
Frasers Centrepoint Trust — Non-Deal Roadshow (November 2021) on 6ix