Frasers Property Ltd. · SGX:TQ5

Frasers Property — Frasers Commercial Trust — 3Q2009 Earnings Presentation

21 slides from Frasers Property's earnings presentation, Oct 22, 2009

  1. Slide 1: Frasers Commercial Trust 3Q2009 and FP2009 Financial Results

    Frasers Commercial Trust 3Q2009 and FP2009 Financial Results 22 October 2009

  2. Slide 2: Important notice

    Important notice 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 resu

  3. Slide 3: Contents

    Contents 3  3Q2009 and FP2009 Results  Quarter in review  Market conditions  Financial highlights  Special distribution payment  Portfolio review  Valuations  Lease expiry profile  Stability of income and Key tenants of the Portfolio  Mid-term rent reviews  Asset updates  Capital managem

  4. Slide 4: 3Q2009 and FP2009 Results

    3Q2009 and FP2009 Results

  5. Slide 5: 3Q2009 Results – Quarter in review

     3Q2009 Results – Quarter in review 5 3Q2009: unitholder approval and completion of recapitalisation measures, DPU holding from previous quarter Central Park, Perth Management’s focus:  Refinancing of maturing loans 22 September: announced that facility agreement for S$500.0 million transferable t

  6. Slide 6: 3Q2009 Results – Market conditions

     3Q2009 Results – Market conditions 6 Brighter signs continued to show across commercial sectors, with clouds clearing over Australia’s central city office market and stabilisation of rentals in Singapore  Australia – With unemployment declining, companies have moved from a consolidation mode to p

  7. Slide 7: 3Q2009 Results – Financial highlights

     3Q2009 Results – Financial highlights 7 3Q2009 v 2Q2009: >10% increase on 2Q2009 numbers, special distribution for 3Q2009 of 0.20 cents to be paid in November 3Q2009 2Q2009 Change Contributing factors (S$’000) (S$’000) (%)  Five weeks contribution from Alexandra Technopark, more Gross Revenue 25,

  8. Slide 8: 3Q2009 Results – Financial highlights for financial period ended 30 September

     3Q2009 Results – Financial highlights for financial period ended 30 September 8 FP2009 v YTD 3Q2008: financial year end one quarter early, comparison to the same 9- mth period, past capital structure and debt levels/costs main impact on DPU FP2009 YTD 3Q2008 Change Contributing factors (S$’000) (S

  9. Slide 9: 3Q2009 Results – Special distribution payment

     3Q2009 Results – Special distribution payment 9 3Q2009 DPU: 0.20 cents per Unit to be paid on Thursday, 26 November 2009, special quarterly payment to align half year distribution periods to a September FY end Distribution Period 1 July 2009 to 30 September 2009 Distribution of 0.20 cents per Unit

  10. Slide 10: Portfolio review

    FRASERS COMMERCIAL TRUST

  11. Slide 11: Portfolio review – Valuations

     Portfolio review – Valuations 11 Fair values: marginal decline in Singapore values, Australian properties constant, Japan weakened, NTA of S$0.27 per Unit (ex-distribution) Variance from 30 June 2009 Local currency Translation as at Date of Value 30 September 2009 Valuation impact FX translation i

  12. Slide 12: Portfolio review – Lease expiry profile

     Portfolio review – Lease expiry profile 12 12 Lease expiry profile: Australian properties and Master Leases will anchor the long weighted average lease expiry, enhancing the secure long-term income stream By Gross Rental Income >74% gross rental income will expire post FY10/11 Key portfolio Proper

  13. Slide 13: Portfolio review – Lease expiry profile: upcoming expiries

     Portfolio review – Lease expiry profile 13 Upcoming lease expiries: limited upcoming expiries in terms of the Portfolio’s gross rental income, <25% expiring during the next 2 years FY09/10 key lease expiries GROSS RENTAL INCOME NET LETTABLE AREA(NLA) Leasing factors Property Leases Average passing

  14. Slide 14: Portfolio review – Stability of income and key tenants of the portfolio

     Portfolio review – Stability of income and key tenants of the portfolio 14 Cash flow base: Master lessees/ blue chip tenants with long leases contribute over 60% of total gross rental income and long term stability of income Master Leases % (Gross Rental Tenant Lease Expiry Income) Other Tenants,

  15. Slide 15: Portfolio review – Mid-term rent reviews

     Portfolio review – Mid-term rent reviews 15 15 Fixed rent step-ups: almost 24% of the portfolio’s gross rental income has built-in average organic growth of approximately 4% for FY09/10 FY09/10 - Fixed % mid-lease term rent reviews FY09/10 - 12/13 - Portfolio Fixed % reviews GROSS RENTAL INCOME *

  16. Slide 16: Portfolio review – Asset updates: KeyPoint

     Portfolio review – Asset updates 16 KeyPoint  Tenancy activity: – New retail tenants commenced in 3Q2009 included a child care centre, fast food sandwich shop, fruit & grocery store, Korean supermarket – Non-renewals in 3Q2009 of 8,056 sqft were completely offset by committed leases and renewals

  17. Slide 17: Portfolio review – Asset updates: Cosmo Plaza and AWPF

     Portfolio review – Asset updates 17 Cosmo Plaza, Osaka AWPF’s Ernst & Young Tower  Divestment strategy: – Working with agent for specific target campaign  Tenancy management: – the Manager continues to work with the local asset manager to market the space, whilst pursuing the divestment strategy

  18. Slide 18: Capital management

    Capital management

  19. Slide 19: Capital management – Snapshot & debt statistics

     Capital management – Snapshot & debt statistics 19 Recapitalisation & refinance: Rights Issue, Acquisition and issue of Convertible Perpetual Preferred Units (CPPUs) completed 26 August, refinance on track for December quarter Snapshot Debt statistics As at As at As at 30 September 31 December 30

  20. Slide 20: Capital management – Refinancing structure and debt maturity profile

    20  Capital management – Refinancing structure and debt maturity profile 20 Refinance: Restructuring borrowings to create natural hedge for non-S$ investments • Executed on 22 September, the 3-year Debt maturity profile – before and after refinancing transferable term loan facilities of S$500.0 mil

  21. Slide 21: Thank you

    Thank you Frasers Centrepoint Asset Management (Commercial) Limited Level 21 | 438 Alexandra Road | Alexandra Point | Singapore 119958 Tel: +65 6276 4882| Fax: +65 6276 8942| Email: fcot@fraserscentrepoint.com www. fraserscommercialtrust.com

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