Prosperity Real Estate Investment Trust · HKEX:808
Prosperity Real Estate Investment Trust — Debt Investor Presentation (November 2014)
8 slides from Prosperity Real Estate Investment Trust's debt investor presentation, Nov 14, 2014
Slide 1: Refinancing Presentation
Refinancing Presentation 14 November 2014 1
Slide 2: Disclaimer
Disclaimer The information contained in this document is not intended to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of Prosperity REIT’s financial or trading position or prospects. The past performance of Prosperity REIT is not necessarily indic
Slide 3: Key Updates
Key Updates Extended maturity of existing facilities till 2019 New facilities @ HIBOR + 135 bps for 5 years Release of certain pledged properties provides growth opportunities Enlarged term loan from HK$1,770m to HK$2,070m mainly to turn the drawdown of RCF for the acquisition of 9 Chong Yip
Slide 4: Comparison of the Facilities
Comparison of the Facilities Old Facilities New Facilities HK$2,200m comprising HK$2,500m comprising - HK$1,770m secured term loan - HK$2,070m secured term loan - HK$430m secured RCF - HK$430m secured RCF 5 years due Aug 2015 5 years due Nov 2019 HIBOR + 81 bps HIBOR + 135 bps HK$8,471m of pledged a
Slide 5: PREIT's Debt Profile Before and After Refinancing
PREIT’s Debt Profile Before and After Refinancing Before refinancing After refinancing Total debt Term loans HK$2,554m Term loans HK$2,854m RCF HK$430m RCF HK$430m HK$2,984m HK$3,284m Hedging ratio of term loans ~55% ~50% Gearing ratio* 28.9% 33.9% (assuming full drawdown of HK$3,284m) * As at 30 Ju
Slide 6: Maturity Profile
Maturity Profile Extended maturity profile – no major refinancing needs until 2019 3,000 2,500 430 2,000 430 HK$ million 1,500 1,000 2,070 1,770 500 380 404 0 2014 Aug 2015 2016 Jan 2017 2018 Jan 2019 Nov 2019 Unsecured 3-yr term loan @ HIBOR+150 bps Secured 5-yr term loan @ HIBOR+135 bps Secured 5-
Slide 7: Historical DPU and NPI
Historical DPU and NPI Without financial engineering and Lehman Brothers incident, DPU picks up as NPI increases Financial engineering Rental reversion Finance cost remained very stable adversely affected during these 4 years 0.1800 during Lehman Brothers 350.0 incident 0.1630* 0.1600 0.1495 0.1354
Slide 8: Contact
Contact ARA Asset Management (Prosperity) Limited (as manager of Prosperity REIT) Ms. Mavis Wong Units 5508-10, 55/F, The Center Chief Executive Officer 99 Queen’s Road Central maviswong@ara.com.hk Hong Kong Tel: +852 2169 0928 Ms. Carey Kwan Fax: +852 2169 0968 Manager, Investor Relations careykwan
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