Capitaland India Trust · SGX:CY6U
Capitaland India Trust — Ascendas India Trust — Shareholder Meeting (June 2013)
45 slides from Capitaland India Trust's shareholder meeting presentation, Jun 25, 2013
Slide 1: Ascendas India Trust 3Q FY12/13 6th Annual General Meeting Investor Presentation
Ascendas India Trust 3Q FY12/13 6th Annual General Meeting Investor Presentation 25th June 2013 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 FY12/13 • 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 2012 FIABCI Prix d’Excellence Award Gold Winner, Industrial Category Site area 68.5 acres 27.9 ha Operating 2.8m sq ft buildings1 Park population 30,950 25 acres or Land available for 2.5m sq ft of development1 1. Only includes floor area owned by a-iTrust building
Slide 6: International Tech Park Chennai
International Tech Park Chennai 2013 FIABCI Prix d’Excellence Award Gold Winner, Industrial Category 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 4,500 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 11,000 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
REIT-like characteristics Permissible Adherence to safeguarding provisions Investment on allowable investments Distributable Minimum 90% to be distributed income Tax-exempt Distribution exempt from Singapore tax distributions Retains upside potential through 20% development limit 10
Slide 11: "Ascendas Advantage"
“Ascendas Advantage” • Quality space • Reliable solutions • International business lifestyle: Park Square Retail Mall • Recreational activities • Retail mall • Fitness centre • Restaurants & food courts • Clinics • Banks Gym at Pinnacle 11
Slide 12: "Ascendas Advantage"
“Ascendas Advantage” 12
Slide 13: "Ascendas Advantage"
“Ascendas Advantage” ali Us!
Slide 14: "Ascendas Advantage"
“Ascendas Advantage” 14
Slide 15: Attractive Indian fundamentals
Attractive Indian fundamentals Salary for IT/software engineer, • India is world’s third largest economy by developer or programmer3 purchasing power parity. Countries US$ (p.a.) • RBI forecast India GDP growth of 5.5% in India 7,376 FY12/131. China 15,518 • Rapid IT-BPO export revenues growth Malay
Slide 16: Agenda
Agenda • Overview • Milestones • Review of FY12/13 • Strategy 16
Slide 17: Awards & accolades
Awards & accolades • ITPB won the FIABCI Prix d' Excellence Award (Industrial Category). • a-iTrust awarded Merit winner under Singapore Corporate Governance Award (REIT category), at the SIAS Investors' Choice Awards 2012. • The Crest building at ITPC was awarded the LEED Gold certification under t
Slide 18: Agenda
Agenda • Overview • Milestones • Review of FY12/13 • Strategy 18
Slide 19: Review of FY12/13 results
Review of FY12/13 results FY12/13 FY11/12 Variance INR/SGD FX rate1 43.9 38.4 14% INR 5,540m INR 4,899m 13% Total Property Income S$126.3m S$127.5m (1%) INR 3,165m INR 2,805m 13% Net Property Income S$72.1m S$73.0m (1%) INR 1,896m INR 1,768m 7% Income available for distribution S$43.3m S$46.1m (6%)
Slide 20: Growth track record
Growth track record Floor area (million square feet) 12% CAGR 6.9 6.9 0.4 5.9 0.5 1.2 4.8 4.7 4.8 0.1 1.2 3.6 6.9 6.0 4.8 4.8 4.8 3.6 3.6 AtAug-07 listing Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 (IPO) Portfolio Development Acquisition 20
Slide 21: Revenue growth
Revenue growth Total Property Income (INR) Total Property Income (SGD) INR million 15% S$ million 4% CAGR CAGR 5,540 127.5 126.3 120.9 121.5 4,899 118.1 102.7 4,182 4,007 3,783 2,801 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 (IPO) (IPO) 21
Slide 22: Income growth
Income growth Net Property Income (INR) Net Property Income (SGD) INR million 14% 4% CAGR S$ million CAGR 3,165 73.8 73.0 70.6 72.1 2,805 66.2 60.5 2,448 2,425 2,117 1,651 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 (IPO) (IPO) 22
Slide 23: SGD DPU moderated by weak Indian Rupee
SGD DPU moderated by weak Indian Rupee INR/SGD exchange rate2 S¢ 110 2.02 2.05 2.06 100 1.82 1.85 1.85 1.79 1.72 1.64 1.65 1.66 1.70 90 1.50 1 1.48 1.481 1.50 1.50 1.54 1.50 1.46 3 1.33 1.34 1.34 80 1.15 70 60 50 40 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Slide 24: Strong portfolio occupancy
Strong portfolio occupancy 99% 100% 96% 97% 96% 96% 96% 96% 94% 4% 86% 93% 86% 75% PORTFOLIO Portfolio ITPB ITPC The V CyberPearl aVance a-iTrust occupancy Committed occupancy Market occupancy of peripheral area1 All information as at 31 March 2013 1. Jones Lang LaSalle Meghraj market report as at 3
Slide 25: Spread-out lease expiry profile
Spread-out lease expiry profile Portfolio lease expiry profile Sq ft expiring Weighted average 2,000,000 30.0% lease term: 4.8 years 24% 25.0% 1,500,000 19% 20.0% 16% 17% 1,000,000 15.0% 12% 11% 10.0% 500,000 5.0% 1% - 0.0% FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 & beyond All informa
Slide 26: Healthy leasing momentum
Healthy leasing momentum Leasing activities from 1 April 2012 to 31 March 2013 Area (Sq ft) 1,400,000 Retention rate: 77% 551,507 1,242,678 1,200,000 1,000,000 902,586 800,000 691,171 600,000 400,000 200,000 0 Expired / Terminated Lease Renewed/Extended Leases New Leases Total Leases concluded 26
Slide 27: Diversified portfolio
Diversified portfolio Portfolio breakdown Customer Base Total number of tenants 337 Average space per tenant 19,334 sq ft Bangalore Hyderabad 40% 31% 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 2013 27
Slide 28: 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 Bally Technologies India Pvt Ltd Bally Technologies 5 Cogn
Slide 29: Diversified tenant base
Diversified tenant base Tenant core business & activity by base rental Telecommunication & Network, 4% Retail, 5% Automobile, 3% ITES Healthcare & 12% Pharmaceutical, 2% Banking and Finance, Others, 1% 19% Retail & F&B 7% R&D 3% Corporate and Professional Others Services, 1% 1% Design, Gaming & IT M
Slide 30: Diversified tenant base
Diversified tenant base Tenant country of origin & company structure by base rental Indian Co 2 12% 1 MNC 3 88% All information as at 31 March 2013 1. Comprises Indian companies with local and overseas operations. 2. Comprises Indian companies with local operations only. 3. Multinational corporation
Slide 31: Conservative capital structure
Conservative capital structure Indicator As at 31 Mar 2013 Interest service coverage 5.3 times (EBITDA1 / Interest expenses2) (FY12/13) Gearing: 22%4 Percentage of fixed rate debt 100% Secured borrowings / Asset value 3.0%3 Effective weighted average cost of debt 5.9% (Net of tax shield benefits) 1.
Slide 32: Significant debt headroom
Significant debt headroom S$ Million 1,400 60% Cap S$784m debt 1,200 headroom1 1,000 800 600 40% Cap S$235m debt 400 headroom1 200 Current gearing 22% 0 Assets2 Total debt Available debt headroom All information as at 31 March 2013 1. Calculation of debt headroom assumes further gearing capacity on
Slide 33: Spread out debt expiry profile
Spread out debt expiry profile Debt maturity profile S$ Million 66.0 65.0 50.0 35.0 41.0 22.5 25.0 27.5 30.0 25.0 25.0 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 INR-Denominated debt SGD-Denominated debt Information as at 31 March 2013 33
Slide 34: a-iTrust unit price versus market indices
a-iTrust unit price versus market indices (Indexed) 250 225 a-iTrust 200 FTSE STI Index FTSE ST REIT Index 175 Sensex Index 150 Bombay SE Realty Index 125 100 75 50 25 0 1 IPO Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Source: Bloomberg 1. Calculated up to 15
Slide 35: a-iTrust unit price versus Indian peers
a-iTrust unit price versus Indian peers (Indexed) 250 225 a-iTrust 200 DLF Ltd 175 Unitech Ltd 150 HDIL 125 Indiabulls Properties Investment Trust 100 75 50 25 0 Jun 13 1 IPO Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Source: Bloomberg 1. Calculated up to 15 June 20
Slide 36: Agenda
Agenda • Overview • Milestones • Review of FY12/13 • Strategy 36
Slide 37: Clear growth strategy
Clear growth strategy • 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 Ltd
Slide 38: Completions added 1.7m sq ft
Completions added 1.7m sq ft Zenith Voyager Park Square Name Zenith Voyager Park Square Property ITPC ITPB ITPB Size (sq ft) 737,000 537,300 450,000 Multi-tenanted Multi-tenanted Type Retail mall office building office building Completion Dec 2010 Jun 2011 Dec 2010 Occupancy 100% 100% 81% 38
Slide 39: 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 (“Aviator”) Existing income- • 601,360 sq ft development producing space Future Development Potential • Balance 1.9 million sq ft of
Slide 40: Aviator – new multi-tenanted office building
Aviator – new multi-tenanted office building • 601,360 sq ft development in ITPB • Construction started in May 2012 • 43% of construction completed as at Mar 2013 • Expected completion by Dec 2013 Artist’s impression of the building 26% of space pre-committed 40
Slide 41: Right of first refusal ("ROFR") from sponsor
Right of first refusal (“ROFR”) from sponsor Ascendas Land International Pte Ltd • CyberVale: • 0.5m sq ft of completed space • Vacant land with development potential of 0.3m sq ft • International Tech Park Pune: Cybervale, Chennai • Development potential of 2.5m sq ft • First phase of 0.6m sq ft wa
Slide 42: 3rd party acquisitions
3rd party acquisitions • Target cities: • Bangalore • Chennai • Hyderabad • Mumbai • Delhi • Gurgaon • Pune • Investment criteria: • Location • Tenancy profile • Design • Clean land title and land tenure • Rental and capital growth prospects • Opportunity to add value 42
Slide 43: aVance Business Hub
aVance Business Hub (3) • aVance 1 & 2: • Acquired in February 2012. (2) (7) (4) (6) (1) (5) (8) • aVance 3: • Invested INR 1,750m (S$40m) (9) in March 2013. • Building to be acquired when completed and let out. • aVance 4 & 5: Legend: a-iTrust assets: marked in green • Rights to acquire 2 future bu
Slide 44: Strong growth outlook
Strong growth outlook Floor area (million square feet) +19% 8.2 0.7 6.9 6.9 0.6 0.4 5.9 0.5 4.8 4.8 1.2 4.7 0.1 3.6 1.2 6.9 6.9 6.0 4.8 4.8 4.8 3.6 3.6 Aug-07 At listing Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 (IPO) (Forecast)1 Portfolio Development Acquisition 1. Assumes that the construct
Slide 45: Ascendas India Trust 3Q FY12/13 6th Annual General Meeting Investor Presentation
Ascendas India Trust 3Q FY12/13 6th Annual General Meeting Investor Presentation 25th June 2013 ASEAN Stars Conference 2012 1 March 2012 Asia’s First Listed Indian Property Trust Asia’s First Listed Indian Property Trust
Ascendas India Trust — Shareholder Meeting (June 2013) on 6ix