Mapletree Industrial Trust · SGX:ME8U
Mapletree Industrial Trust — Shareholder Meeting (July 2021)
29 slides from Mapletree Industrial Trust's shareholder meeting presentation, Jul 14, 2021
Slide 1: 11th Annual General Meeting | 14 July 2021
11th Annual General Meeting | 14 July 2021
Slide 2: Important Notice
IMPORTANT NOTICE This presentation shall be read in conjunction with Mapletree Industrial Trust’s (“MIT”) financial statements for the financial year ended 31 March 2021. This presentation is for information only and does not constitute an offer or solicitation of an offer to sell or invitation to s
Slide 3: Notice of Annual General Meeting
NOTICE OF ANNUAL GENERAL MEETING 3
Slide 4: Agenda of Annual General Meeting
AGENDA OF ANNUAL GENERAL MEETING 01 Key Highlights – 1 April 2020 to 31 March 2021 02 Financial and Capital Management Review 03 Portfolio Highlights 04 Investment Update 05 Outlook 4
Slide 5: Key Highlights April 2020 to March 2021
Key Highlights 1 April 2020 to 31 March 2021 Data Centre, 1001 Windward Concourse, Alpharetta, Georgia
Slide 6: Key Highlights: Delivering Stable Returns in FY20/21
KEY HIGHLIGHTS Delivering Stable Returns in FY20/21 • Distributable income: S$295.3 million (↑ 11.3% year-on-year) • DPU: 12.55 cents (↑ 2.5% year-on-year) Sharpening Our Financial Flexibility • Successfully raised gross proceeds of about S$410.0 million through a private placement to fund the acqui
Slide 7: ESG Highlights
ESG HIGHLIGHTS Building on Our Sustainability Commitments • First foray into renewable energy with the completion of installation of solar panels at the rooftops of Serangoon North Cluster and K&S Corporate Headquarters • Secured inaugural S$300.0 million sustainability-linked facility • Inaugural s
Slide 8: Response to COVID-19
RESPONSE TO COVID-19 8 Key Highlights Financial and Capital Management Review Portfolio Highlights Investment Update Outlook
Slide 9: Response to COVID-19
RESPONSE TO COVID-19 9 Key Highlights Financial and Capital Management Review Portfolio Highlights Investment Update Outlook
Slide 10: Healthy Returns in FY20/21
HEALTHY RETURNS IN FY20/21 1 MIT’s closing unit price of S$2.740 as at 31 March 2021 MIT’s Return on Investment Capital Appreciation Distribution Yield Total Return 1 April 2020 to 31 March 2021 12.8% 5.1% 17.9%2 • Added to the FTSE Straits Times Index on 22 June 2020 1 Rebased closing unit prices a
Slide 11: Financial and Capital Management Review
Financial and Capital Management Review Hi-Tech Buildings, build-to-suit facility for HP, 1 & 1A Depot Close
Slide 12: FY20/21 Financial Results
FY20/21 FINANCIAL RESULTS Distribution per Unit increased 2.5% year-on-year • Driven mainly by higher net property income from consolidation of revenue from the 14 data centres in the United States and full year income stream from 7 Tai Seng Drive, as well as higher cash distributions declared by jo
Slide 13: Strong Balance Sheet
STRONG BALANCE SHEET Total assets increased by 23.2% year-on-year • Primarily due to the acquisition of the remaining 60% interest in 14 data centres in the United States and 8011 Villa Park Drive, Richmond • Net asset value per Unit increased by 2.5% year-on-year to S$1.66 as at 31 March 2021 13 Ke
Slide 14: Strong Balance Sheet
STRONG BALANCE SHEET • Successfully raised gross proceeds of about S$410.0 million through a private placement to fund the US Portfolio Acquisition • Over S$600 million of committed facilities available for drawdown • Debt headroom of about S$588.0 million for investment growth activities (assuming
Slide 15: Prudent Capital Management
PRUDENT CAPITAL MANAGEMENT Weighted average tenor of debt at 3.6 years 15 Key Highlights Financial and Capital Management Review Portfolio Highlights Investment Update Outlook
Slide 16: Prudent Interest & Forex Rate Risk Management
PRUDENT INTEREST & FOREX RATE RISK MANAGEMENT • About 76.8% of total borrowings outstanding has been hedged • About S$418.0 million interest rate hedges expiring in FY21/22 • Proportion of total borrowings denominated in US$ increased to 59.4% as at 31 March 2021 (↑ 31.6% as at 31 March 2020) • 46.3
Slide 17: Portfolio Highlights
Portfolio Highlights Data Centre, 21745 Sir Timothy Drive (ACC9), Northern Virginia, Virginia
Slide 18: Portfolio Overview
PORTFOLIO OVERVIEW 1 1 2 2 1 Included MIT’s proportionate interests in joint ventures and right-of-use assets. 2 Excludes the parking decks (150 Carnegie Way and 171 Carnegie Way) at 180 Peachtree, Atlanta. 18 Key Highlights Financial and Capital Management Review Portfolio Highlights Investment Upd
Slide 19: Well-Distributed Lease Expiry Profile
WELL-DISTRIBUTED LEASE EXPIRY PROFILE 1 1 1 Based on MIT’s 50% interest of the joint venture with Mapletree Investments Pte Ltd (“MIPL”) in three fully fitted hyperscale data centres and 10 powered shell data centres in North America through Mapletree Rosewood Data Centre Trust (“MRODCT”). 19 Key Hi
Slide 20: Large and Well-Diversified Tenant Base
LARGE AND WELL-DIVERSIFIED TENANT BASE 1 2 3 3 3 • Large and well-diversified tenant base of 2,153 tenants • Top 10 tenants contributed about 33.3% of the portfolio’s monthly gross rental income as at 31 March 2021 1 Based on MIT’s 50% interest of the joint venture with MIPL in three fully fitted hy
Slide 21: Portfolio Stability from Extended Leases
PORTFOLIO STABILITY FROM EXTENDED LEASES 1,2 • Weighted average unexpired lease term for underlying leasehold land was 35.8 years as at 31 March 2021 • Upon completion of the US Portfolio Acquisition and the acquisition of 8011 Villa Park Drive, Richmond, 55.9% of MIT’s Overall Portfolio (by land ar
Slide 22: Diversified Portfolio of Data Centres in North America
DIVERSIFIED PORTFOLIO OF DATA CENTRES IN NORTH AMERICA 1 • Average North American Portfolio occupancy rate remained healthy at 97.9% in FY 20/21 • Long WALE of 6.2 years as at 31 March 2021 • About 55.2% of leases have expiries beyond five years 1 Based on MIT’s 50% interest of the joint venture wit
Slide 23: Investment Update
Investment Update Hi-Tech Building, 18 Tai Seng
Slide 24: Acquisition of Remaining 60% Interest in Data Centres in the US
ACQUISITION OF REMAINING 60% INTEREST IN 14 DATA CENTRES IN THE UNITED STATES Purchase Consideration US$215.3 million Agreed Property Value US$494.0 million (On a 60% basis) Net Lettable Area 2.3 million sq ft1 Tenants 96.7% leased to 15 established tenants, including Fortune 500 corporations and NY
Slide 25: Acquisition of 8011 Villa Park Drive, Richmond
ACQUISITION OF 8011 VILLA PARK DRIVE, RICHMOND Address 8011 Villa Park Drive, Richmond Tenant The Bank of America Corporation Land Area About 2.0 million sq ft Net Lettable Area 701,321 sq ft • Fully leased on a triple net basis with balance lease term of more Lease Term than five years • Initial le
Slide 26: Redevelopment at 161, 163 and 165 Kallang Way
REDEVELOPMENT AT 161, 163 AND 165 KALLANG WAY Project Cost S$300 million1 Gross Floor Area 865,600 sq ft Plot Ratio 2.5 (↑ from initial plot ratio of 1.5) • Secured pre-commitment from a global medical device company headquartered in Germany (the “Anchor Tenant”) for about 24.4% enlarged GFA (approx
Slide 27: Outlook
Outlook Business Park Building, The Strategy
Slide 28: Resilient During Challenging Times
RESILIENT DURING CHALLENGING TIMES Singapore – Resilient amidst Heightened Uncertainties • Rental arrears of more than one month improved from 1.4% of previous 12 months’ gross revenue as at 31 December 2020 to 1.2% as at 31 March 2021 • Singapore’s GDP growth forecast for 2021 to be “4.0% to 6.0%”1
Slide 29: End of Presentation
Resilience £ y i End of Presentation mapletree industrial Bree | 6CEM Nee , @
Mapletree Industrial Trust — Shareholder Meeting (July 2021) on 6ix