CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaMall Trust — Q1 2006 Earnings Presentation
30 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Apr 25, 2006
Slide 1: First Quarter 2006 Financial Results Presentation
FIRST QUARTER 2006 FINANCIAL RESULTS PRESENTATION 25 APRIL 2006
Slide 2: Disclaimers
Disclaimers This presentation is focused on comparing actual results versus forecasts stated in the CMT Circular to Unitholders dated 18 October 2005. This shall be read in conjunction with paragraph 9 of CMT 2006 First Quarter Unaudited Financial Statement and Distribution Announcement. This presen
Slide 3: Financial Highlights
Cap/taMall P Trust Financial Highlights
Slide 4: Financial Results: 1 Jan – 31 Mar 2006
Financial Results : 1 Jan – 31 Mar 2006 Taxable Income Per Unit of 3.02 cents Exceeds Forecast1 by 11.4%. Distribution Per Unit of 2.72 cents Exceeds Forecast1 by 0.3%. 1 Jan to 31 Mar 2006 Actual Forecast1 Variance Change% Taxable income S$41.76 m S$37.49 m + S$4.27 m + 11.4 Taxable Income per unit
Slide 5: Financial Results: Jan – Mar 2006 Lease Renewals
Financial Results : 1 Jan – 31 Mar 2006 Summary of renewals/new leases1: (1 January – 31 March 2006) Achieved vs preceding rental rates + 10.1% Achieved vs forecast rental rates2 + 9.0% 1. Only renewal of retail units not budgeted to be affected by asset enhancement works were taken into account
Slide 6: Financial Results
Financial Results Taxable Income Per Unit Increased by 22.5% over 1Q 20051 Distribution Per Unit Increased by 10.2% over 1Q 20051 1Q 2006 1Q 2005 Variance Change% Actual Annualised taxable income per unit 12.27¢ 10.02¢ + 2.25¢ + 22.5 Annualised distribution per unit 11.04¢2 10.02¢ + 1.02¢ + 10.2 Ann
Slide 7: Distributable Income for First Quarter 2006
Distributable Income for First Quarter1 2006 First Quarter1 distributable income is based on 90% of taxable income available for distribution to Unitholders. Rationale Rescheduling of asset enhancement initiative from 2005 to March 2006 at IMM, to encompass a larger scope of work, resulted in high
Slide 8: Attractive Yield With Growth Potential
Attractive Yield With Growth Potential 5 4.72 125 bps 4 spread 3.81 3.47 3.18 Yield (%) 3 2.50 2 0.88 1 0.48 0 CMT 2006 10yr Govt STI Dividend 5yr Govt Bond CPF Ordinary S$ 12mth DBS S$ 2 2 2 3 2 Annualized Bond Yield Yield Yield Account Fixed Deposit Savings Plus 1 4 Yield Account Source: Bloomberg
Slide 9: Distribution Details
Distribution Details Distribution Period 1 Jan to 31 March 2006 Distribution Rate 2.72 cents per unit Distribution Timetable Notice of Book Closure Date 25 April 2006 Last Day of Trading on “cum” Basis 2 May 2006, 5.00 pm Ex-Date 3 May 2006, 9.00 am Book Closure Date 5 May 2006, 5.00 pm Distribution
Slide 10: Financial Results
Cap/taMall P Trust Financial Results
Slide 11: Distribution Statement: Jan – Mar 2006
Distribution Statement : 1 Jan – 31 Mar 2006 Actual Forecast1 Variance 1 Jan to 31 Mar 2006 S$’000 S$’000 (%) Gross Revenue 76,682 72,614 5.6 Less property expenses (25,288) (25,036) 1.0 Net property income 51,394 47,578 8.0 Interest Income 1,449 1,173 23.5 Administrative expenses (5,197) (4,770) 9.
Slide 12: Property Gross Revenue: Jan – Mar 2006
Property Gross Revenue : 1 Jan – 31 Mar 2006 Gross Revenue Exceeded Forecast1 Across The Portfolio 1 Jan – 31 Mar 2006 CMT Portfolio 76.7 72.6 5.6% Tampines Mall 13.3 13.0 10.3 Junction 8 10.1 6.0 Funan DigitaLife Mall 6.0 13.4 IMM Building 11.7 16.1 Plaza Singapura 15.3 13.1 Bugis Junction 12.5 1 1
Slide 13: Property Operating Expenses: Jan – Mar 2006
Property Operating Expenses : 1 Jan – 31 Mar 2006 1 Jan – 31 Mar 2006 25.3 CMT Portfolio 25.0 Tampines Mall 3.7 1.0% 3.9 Junction 8 3.2 3.3 Funan 2.2 DigitaLife Mall 2.2 5.6 3 IMM Building 5.5 4.4 Plaza Singapura 4.4 3 Bugis Junction 4.3 1Q Actual 1Q Forecast 1 4.1 3 1.9 Other Assets2 1.6 0 5 10 15
Slide 14: Net Property Income: Jan – Mar 2006
Net Property Income : 1 Jan – 31 Mar 2006 Net Property Income Exceeded Forecast1 Across The Portfolio 1 Jan – 31 Mar 2006 CMT Portfolio 51.4 47.6 8.0% 9.6 Tampines Mall 9.1 7.0 Junction 8 6.8 3.8 Funan DigitaLife Mall 3.8 IMM Building 7.9 6.1 11.7 Plaza Singapura 11.0 8.8 Bugis Junction 8.4 1 1Q Act
Slide 15: Debt Capital Information as at Mar 2006
Debt Capital Information as at 31 Mar 06 Debt Maturity Profile Key Statistics 450 433 42.4% Gearing Ratio 31.7% 400 39.6% 350 335 Interest Cover 5.6 times 300 30.6% 250 S$ million Average Cost 3.1% 200 172 of Debt S$125mn 150 15.7% 125 100 11.5% Debt Rating “ AAA ” 50 28 2.6% 0 Revolving 2007 2009 2
Slide 16: Balance Sheet
Balance Sheet As at 31 Mar 2006 S$’000 Non Current Assets 3,424,928 Net Asset Value per unit S$1.66 Current Assets 69,619 (as at 31 Mar 2006) Total Assets 3,494,547 Adjusted Net Asset Value per unit S$1.63 (excluding distributable income) Current Liabilities 78,751 Unit Price as at 31 Mar 2006 S$2.3
Slide 17: Portfolio Update
Cap/taMall P Trust Portfolio Update
Slide 18: Summary of Renewals / New Leases
Summary of Renewals / New Leases Rental Improvements through Proactive Asset Planning & Leasing Strategy From 1 January to 31 March 2006 (Excluding Newly Created Units) Increase/(Decrease) in No. of Net Lettable Area Current Rental Rates VS. Property Renewals/ New Leases % Total Forecast Rental Prec
Slide 19: Gross Turnover Rent & Step-Up Leases
Gross Turnover Rent & Step-Up Leases % of Total Portfolio1 of Tenants No. of Tenants in Portfolio1 100% 1000 922 900 80% 75.6% 74.8% 800 72.0% 712 686 679 700 60% 55.6% 600 500 40% 400 300 20% 200 100 0% 0 Tenants with Step- Tenants Paying Tenats with Step-Up Tenants Paying GTO Up Rental GTO Rent Re
Slide 20: Portfolio Lease Expiry Profile By Year
Portfolio Lease Expiry Profile By Year As at 31 Mar 2006 Net Lettable Area Gross Rental Income No. of % of % of Leases Sq. ft. S$’000 total1 total2 2006 606 768,886 26.4% 6,556 28.8% 2007 571 844,570 29.0% 7,218 31.7% 2008 311 497,745 17.1% 5,109 22.4% 2009 126 275,009 9.5% 2,332 10.2% Weighted Aver
Slide 21: Portfolio Lease Expiry Profile for 2006 By Property
Portfolio Lease Expiry Profile for 2006 By Property Net Lettable Area Gross Rental Income As at 31 March 2006 No. of Leases % of % of Sq. ft. S$’000 total1 total2 Tampines Mall 21 35,689 11.0% 599 15.3% Junction 8 41 17,693 7.2% 451 14.9% Funan 45 50,466 18.6% 352 19.8% DigitaLife Mall IMM Building
Slide 22: High Committed Occupancy Rates at All Malls
High Committed Occupancy Rates at All Malls Occupancy Rates1 Close to 100% as at 31 Mar 2006 As at As at As at As at As at As at 31 Dec 04 31 Mar 05 30 Jun 05 30 Sept 05 31 Dec 05 31 Mar 06 Tampines Mall 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Junction 8 99.8% 100.0% 100.0% 100.0% 100.0% 100.0% Fu
Slide 23: Moody's Assigns "A2" Rating to CMT
Moody’s Assigns “A2” Rating to CMT Moody’s Investor Services (“Moody’s”) has for the first time assigned a corporate family rating of “A2” to CMT with a stable rating outlook. Highest rating ever assigned to a Singapore listed REIT CMT’s market position, portfolio diversity, asset quality, deb
Slide 24: Asset Enhancements Update
Cap/taMall P Trust Asset Enhancements Update
Slide 25: Update on Hougang Plaza
Update on Hougang Plaza Outline Planning Permission to Increase Plot Ratio from 1.4 to 3.0 Urban Redevelopment Authority has granted an Outline Planning Permission to increase the plot ratio from 1.4 to 3.0 for full residential or mixed development. Current Gross Floor Area of approximately 79,6
Slide 26: Update on IMM Asset Enhancement Initiative
Update on IMM Asset Enhancement Initiative Relocation of Open-Air Car Park From Ground Floor to Level 5 Electronic carpark guidance system will be installed. Expected to be completed by end-April 2006. Construction of the retail extension block is on schedule. Level 1 of the extension annex expe
Slide 27: CapitaRetail Singapore Update
CapitaRetail Singapore Update
Slide 28: Summary of Renewals / New Leases
Summary of Renewals / New Leases CRS Targeting to Deliver an Increased Coupon Rate of 8.5% in FY2006 From Acquisition to 31 March 2006 (Excluding Newly Created Units) Increase/(Decrease) in No. of Net Lettable Area Current Rental Rates VS. Renewals/ Property New % Total Forecast Preceding Leases Are
Slide 29: Thank You
Cap/taMall P Trust Thank You
Slide 30: Contact Information
Contact Information CapitaMall Trust Management Limited 39 Robinson Road, #18-01 Robinson Point Singapore 068911 Tel: (65)-6536 1188 Fax: (65)-6536 3884 http://www.capitamall.com 30