CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaLand Mall Trust — Q3 2020 Earnings Presentation
36 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Oct 22, 2020
Slide 1: CapitaLand Mall Trust Third Quarter 2020 Financial Results
CAPITALAND MALL TRUST Third Quarter 2020 Financial Results 22 October 2020
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. 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. Representative examples of these factors incl
Slide 3: Contents
Contents • Business overview • Key financial highlights • Portfolio updates • Driving omnichannel retailing • Going forward CapitaLand Mall Trust Third Quarter 2020 Financial Results *October 2020* 3
Slide 4: Business overview
Business overview YTD Sep 2020 4.4% 40.4% 13.9% 98.0% Y-o-Y Y-o-Y as at end-Sep Operational 2020 Performance Rental Shopper Tenants’ Sales Portfolio Reversion Traffic Per Square Foot Occupancy Rate CapitaLand Mall Trust Third Quarter 2020 Financial Results *October 2020* 4
Slide 5: Business overview
Business overview • Merger of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) by way of a trust scheme of arrangement (Merger) Tuesday, 29 September 2020 Merger was approved by Unitholders at the Extraordinary General Meeting convened and held by way of electronic means Tuesday, 20
Slide 6: Key Financial Highlights
Key Financial Highlights IMM Building
Slide 7: 3Q 2020 distributable income up 1.2% Y-o-Y
3Q 2020 distributable income up 1.2% Y-o-Y Distributable Income (S$ mil) (1) (2) 114.3 113.0 Distributable Income Distribution Per Unit (DPU) S$114.3 (1) 3.10 3Q 2020 3Q 2019 million cents DPU (cents) 1.2% Y-o-Y 1.3% Y-o-Y 3.10 3.06 3Q 2020 3Q 2019 (1) In 3Q 2020, CMT released S$36.4 million, part o
Slide 8: YTD Sep 2020 distribution per unit at 6.06 cents
YTD Sep 2020 distribution per unit at 6.06 cents Distributable Income (S$ mil) 327.0 (2) Distributable Income Distribution Per Unit (DPU) 224.0 (1) S$224.0 6.06 (1) YTD Sep 2020 YTD Sep 2019 million cents DPU (cents) 8.86 31.5% Y-o-Y 31.6% Y-o-Y 6.06 YTD Sep 2020 YTD Sep 2019 (1) For YTD Sep 2020, i
Slide 9: 3Q 2020 financial performance
3Q 2020 financial performance Gross Revenue Net Property Income Distributable Income S$150.3 S$104.4 S$114.3 (1) million million million 25.3% Y-o-Y 27.6% Y-o-Y 1.2% Y-o-Y S$ million 3Q 2020 3Q 2019 201.1 150.3 144.2 (1) (2) 114.3 113.0 104.4 (1) Gross Revenue Net Property Income Distributable Incom
Slide 10: YTD Sep 2020 financial performance
YTD Sep 2020 financial performance Gross Revenue Net Property Income Distributable Income S$468.7 S$320.8 S$224.0 (1) million million million 19.7% Y-o-Y 23.2% Y-o-Y 31.5% Y-o-Y S$ million YTD Sep 2020 YTD Sep 2019 583.4 468.7 417.5 (2) 320.8 327.0 (1) 224.0 Gross Revenue Net Property Income Distrib
Slide 11: YTD Sep 2020 gross revenue
YTD Sep 2020 gross revenue - decreased by 19.7% versus YTD Sep 2019 S$ million 468.7 CMT Portfolio 583.4 46.6 Tampines Mall 62.3 35.9 Junction 8 45.9 19.7% Funan 40.3 13.4 52.2 Mainly due to: IMM Building 64.9 51.1 1) lower gross rental income arising from Plaza Singapura 69.3 rental waivers granted
Slide 12: YTD Sep 2020 operating expenses
YTD Sep 2020 operating expenses - decreased by 10.9% versus YTD Sep 2019 S$ million 147.9 CMT Portfolio 165.9 13.7 Tampines Mall 15.8 Junction 8 10.9 12.1 11.4 10.9% Funan 8.3 17.4 IMM Building 19.1 Mainly due to: 14.1 Plaza Singapura 16.8 1) lower property management fees as 14.9 a result of lower
Slide 13: YTD Sep 2020 net property income
YTD Sep 2020 net property income - decreased by 23.2% versus YTD Sep 2019 S$ million 320.8 CMT Portfolio 417.5 32.9 Tampines Mall 46.5 25.0 23.2% Junction 8 33.8 28.9 Funan 5.1 34.8 IMM Building 45.8 37.0 Plaza Singapura 52.5 32.7 Bugis Junction 46.8 15.2 Lot One Shoppers' Mall 23.3 24.7 The Atrium@
Slide 14: YTD Sep 2020 performance of joint venture
YTD Sep 2020 performance of joint venture(1) - NPI decreased by 16.9% versus YTD Sep 2019 Gross Revenue (S$ million) 58.6 16.1%(2) 69.9 Operating Expenses (S$ million) 13.8 13.5% 16.0 Net Property Income (S$ million) 44.8 16.9%(2) 53.9 YTD Sep 2020 YTD Sep 2019 (Charts are of different scales) (1) R
Slide 15: Debt maturity profile as at September 2020
Debt maturity profile(1) as at 30 September 2020 Bank facilities in place for refinancing of debt due in 2020 and 2021 688.2 700 650.0 (2) 120.0 40.0 (2) 600 (2) 60.0 547.1 484.0 98.2 (2) 500 100.0 80.0 (2) S$ million 72.0 (2) 399.0 130.0 110.0 400 100.0 (8) 292.8 300 300.0 98.8 195.3 100.0 226.0 10
Slide 16: Key financial indicators
Key financial indicators As at As at 30 September 2020 30 June 2020 Unencumbered Assets as % of Total Assets 100.0% 100.0% Aggregate Leverage(1) 34.4% 34.4% Net Debt / EBITDA(2) 7.6x 7.1x Interest Coverage(3) 4.0x 4.3x Average Term to Maturity (years) 4.3 4.5 Average Cost of Debt(4) 3.1% 3.1% CMT’s
Slide 17: Healthy balance sheet
Healthy balance sheet As at 30 September 2020 S$’000 Non-current Assets 11,158,970 Net Asset Value/Unit S$2.00 (as at 30 September 2020) Current Assets 145,069 Adjusted Net Asset Value/Unit Total Assets 11,304,039 S$1.97 (excluding distributable income) Current Liabilities 828,535 Non-current Liabil
Slide 18: Distribution details
Distribution details Distribution Period 1 July to 30 September 2020 Distribution Per Unit 3.10 cents Distribution Payment Date Thursday, 19 November 2020 CapitaLand Mall Trust Third Quarter 2020 Financial Results *October 2020* 18
Slide 19: Portfolio Updates
Portfolio Updates Plaza Singapura
Slide 20: YTD Sep 2020 portfolio shopper traffic and tenants' sales performance
YTD Sep 2020 portfolio shopper traffic and tenants’ sales performance(1) Tenants’ sales showed signs of recovery post circuit breaker amidst slower recovery in shopper traffic Shopper traffic: Tenants’ sales: decreased by 40.4% Y-o-Y decreased by 13.9% Y-o-Y ($ psf/mth) / month) 100 300 Shopper Traf
Slide 21: 3Q 2020 portfolio shopper traffic and tenants' sales performance
3Q 2020 portfolio shopper traffic and tenants’ sales performance(1) Tenants’ sales recovery gained momentum in 3Q 2020 amidst cautious consumer sentiments Shopper traffic: Tenants’ sales: decreased by 40.3% Y-o-Y decreased by 11.4% Y-o-Y ($ psf/mth) / month) 100 100 Shopper Traffic (million) Sales S
Slide 22: Shopper traffic performance (Jan – Sep 2020)
Shopper traffic performance (Jan – Sep 2020) Gradual recovery to about 60% (1st week of January vs last week of September) amidst safe management measures Weekly portfolio shopper traffic trend First COVID-19 case identified Dorscon level Circuit breaker raised to Orange measures started Phase 1 ope
Slide 23: YTD Sep 2020 tenants' sales by trade categories
YTD Sep 2020 tenants’ sales by trade categories Top five trade categories(1) YTD tenants’ sales $ psf / month(2) 13.8% Y-o-Y : (by gross rental income) Percentage of total gross rental income(3) > 70% 9.6% Y-o-Y Variance of Tenants’ Sales $ psf/month (%) -0.2% -3.7% -5.1% -8.4% -11.6% -13.2% -15.1%
Slide 24: 3Q 2020 tenants' sales by trade categories
3Q 2020 tenants’ sales by trade categories Top five trade categories(1) YTD tenants’ sales $ psf / month(2) 12.7% Y-o-Y : (by gross rental income) Percentage of total gross rental income(3) > 70% 16.3% Y-o-Y Variance of Tenants’ Sales $ psf/month (%) 4.2% 3.2% 2.6% -2.0% -3.3% -7.1% -10.3% -13.8% -1
Slide 25: YTD Sep 2020 rental reversions
YTD Sep 2020 rental reversions From 1 January to 30 September 2020 (Excluding Newly Created and Reconfigured Units) Net Lettable Area Increase in Current Rental No. of Renewals / Retention Rate Rates vs Preceding Rental Property Percentage of New Leases (%) Area (sq ft) Rates (typically committed Ma
Slide 26: Portfolio lease expiry profile
Portfolio lease expiry profile(1) Weighted Average Expiry by 2.0 Years Gross Rental Income Gross Rental Income per Month(2) Number of Leases S$’000 % of Total As at 30 September 2020 2020 92 1,029 1.6 2021 1,045 18,710 29.0 2022 1,018 21,647 33.6 2023 634 14,187 22.0 2024 98 5,381 8.3 2025 and beyon
Slide 27: Portfolio lease expiry profile for 2020
Portfolio lease expiry profile for 2020(1) Net Lettable Area Gross Rental Income No. of Leases As at 30 September 2020 % of Property NLA(2) % of Property Income(3) Tampines Mall 2 0.6 0.8 Junction 8 0 0.0 0.0 Funan(4) 3 0.3 0.2 IMM Building(5) 33 7.2 4.6 Plaza Singapura 6 0.8 1.4 Bugis Junction 3 0.
Slide 28: Stable Occupancy
Stable Occupancy (%, As at) 31 Dec 2011 31 Dec 2012 31 Dec 2013 31 Dec 2014 31 Dec 2015 31 Dec 2016 31 Dec 2017 31 Dec 2018 31 Dec 2019 30 Sep 2020 Tampines Mall 100.0 100.0 100.0 99.5 100.0 99.2 100.0 100.0 100.0 100.0 Junction 8 100.0 99.6 99.4 100.0 100.0 99.9 100.0 100.0 100.0 100.0 Funan(1) 100
Slide 29: Driving Omnichannel Retailing
Driving Omnichannel Retailing Funan
Slide 30: Partnering retailers looking to grow and expand footprint
Partnering retailers looking to grow and expand footprint Eccellente by HAO mart Joy Luck Teahouse at Bugis Junction Ippudo at Raffles City Singapore Tan Yu at Bugis Junction Sushiro at Bedok Mall Vans at Bugis Junction CapitaLand Mall Trust Third Quarter 2020 Financial Results *October 2020* 30
Slide 31: Capturing consumers and complementing tenants' sales via twin digital platforms
Capturing consumers and complementing tenants’ sales via twin digital platforms Tapping on CapitaLand’s CapitaStar platform and its membership base of around 1.1 million; on track to onboard 500 tenants by end of 2020 eCapitaMall Capita3eats CapitaLand Mall Trust Third Quarter 2020 Financial Results
Slide 32: Venturing beyond physical retail with new social retail experience
Venturing beyond physical retail with new social retail experience - Held first shoppertainment show “CapitaStar Live SG: Flight 24/7” with close to 90,000 views - Showcased more than 50 brands from CapitaLand malls during the three-day six-hour livestream extravaganza CapitaLand Mall Trust Third Qu
Slide 33: Going Forward
sell K&K = 3 , o* _ Going Forward
Slide 34: Pursue operational recovery and continue to stay vigilant in the next phase of reopening
Pursue operational recovery and continue to stay vigilant in the next phase of reopening Retail headwinds remain in FY 2020 contributed by several factors: Retail • Broad-based economic weakness; environment • Cautious consumer sentiment evidenced by the muted retail sales in August; • Online sales
Slide 35: Stay the course
Stay the course Future proof Key focus areas as the economy transitions into Phase Three of reopening: the retail • Ensuring stakeholder health, safety and well-being; ecosystem • Strengthening the retail ecosystem through omnichannel retailing; • Engaging tenants regularly and render more targeted
Slide 36: Thank you
Thank you For enquiries, please contact: Ms Lo Mun Wah, Vice President, Investor Relations Direct: (65) 6713 3667 Email: lo.munwah@capitaland.com CapitaLand Mall Trust Management Limited (http://www.cmt.com.sg) 168 Robinson Road, #30-01 Capital Tower, Singapore 068912 Tel: (65) 6713 2888; Fax: (65)
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