Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Croesus Retail Trust — Q3 FY2014 Earnings Presentation
25 slides from Singapore Exchange's earnings presentation, May 15, 2014
Slide 1: Croesus Retail Trust Financial Results 10 May 2013 to 31 March 2014
The financial results presented in this Presentation are for the period from 10 May 2013 (being the official listing date (the “Listing Date”) of Croesus Retail Trust (“CRT”)) to 31 March 2014. However, the financial statements and results as presented in the announcement of results dated 15 May 201
Slide 2: Important Notice
Important Notice Certain statements in this presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual res
Slide 3: About Croesus Retail Trust
About Croesus Retail Trust Aeon Town Moriya Aeon Town Suzuka A suburban shopping centre A suburban shopping centre located in Moriya city, Ibaraki located in Suzuka city, Mie Prefecture, a growing Prefecture residential area Luz Shinsaibashi Mallage Shobu A prime retail property located A suburban s
Slide 4: Key Highlights
Key Highlights Financial Highlights Portfolio Performance Outlook
Slide 5: Key Highlights
Key Highlights • CRT’s first distribution per unit of 5.24(1) Singapore cents was paid on 31 March 2014 • Q3 FY2014 Available Distribution Per Unit of 1.76(2) Singapore cents exceeds the forecast figures(4) by 8.0%. Year-to-date Available Distribution Per Unit of 7.00(3) Singapore cents also exceeds
Slide 6: Financial Highlights
Key Highlights Financial Highlights Portfolio Performance Outlook
Slide 7: Financial Highlights – 10 May to 31 March 2014
Financial Highlights – 10 May to 31 March 2014 10 May to 31 March 2014 (1) 1 Jan to 31 March 2014 Actual Forecast (2) Variance % Actual Forecast (2) Variance % Income Available for 2,472,314 2,301,859 7.4% 619,785 576,946 7.4% Distribution (¥‘000) Available Distribution 7.00 6.50 7.7% 1.76 1.63 8.0%
Slide 8: Income Available for Distribution Exceeds Forecast by 7.4%
Income Available for Distribution Exceeds Forecast by 7.4% YTD – 10 May to 31 March 2014 Q3 – 1 Jan to 31 March 2014 (JPY”000) Actual Forecast (5) Variance % Actual Forecast (5) Variance % Gross Revenue 4,676,803 4,603,929 1.6% 1,391,654 1,341,658 3.7% Less: Property Operating Expenses (1,667,754) (
Slide 9: Healthy Balance Sheet
Healthy Balance Sheet (JPY”000) Actual as of Actual as of 31 December 2013 31 March 2014 Investment Properties 52,954,221 67,917,027 Other Non-current Assets 1,577,990 2,285,771 Current Assets 5,996,587 5,534,720 Total Assets 60,528,798 75,737,518 Loans and Borrowings (long-term) 24,012,719 40,152,4
Slide 10: Key Financial Indicators
Key Financial Indicators Actual as of 31 Actual as of 31 December 2013 March 2014 Gearing Ratio 41.8% 53.5% Interest Coverage Ratio 5.9 times 5.2 times % of Debt Hedged 100% 100% Average All-In Cost of Debt(1) 1.59% 2.15% Debt Maturity 4.4 years 4.0 years Additional Debt Headroom(2) JPY27.5 billion
Slide 11: Portfolio Performance
Key Highlights Financial Highlights Portfolio Performance Outlook
Slide 12: Portfolio Overview
Portfolio Overview Sponsor has locked in attractive purchase prices (4.7% discount to valuation(2)) for the recent acquisition of Luz Omori and NIS Wave I, at a time when real estate prices in Japan are escalating. Enlarged Portfolio is geographically diversified across Japan, located near major tra
Slide 13: Portfolio Gross Revenue and NPI — above Forecast
Portfolio Gross Revenue and NPI — above Forecast Gross Revenue (1) (JPY mm) Net Property Income (1) (JPY mm) +1.6% 4,604 4,677 +5.6% 2,850 3,009 Forecast (2) Actual Forecast (2) Actual (1) For the period from Listing Date of 10 May 2013 to 31 March 2014. (2) The forecast figures are extracted from t
Slide 14: Key Information on the Enlarged Portfolio
Key Information on the Enlarged Portfolio (2) Forecast Year Age of Building Leasehold / Valuation (3) Purchase Price Annualised NPI City Number of Tenants (1) 2014 NPI (4) (yrs) Freehold (JPY mm) (JPY mm) Yield (JPY mm) 1 master lessee, Aeon Town Moriya Ibaraki 6.8 Freehold 12,800 820.0 12,154 6.7%
Slide 15: Balanced Portfolio Ensures Stable Income and Sustainable Growth
Balanced Portfolio Ensures Stable Income and Sustainable Growth Each of the properties is strategically located within its submarket, being directly connected via major transportation nodes Lease Expiry Profile Connectivity Forecast WALE by 31 Mar 2014 Year 2014 Occupancy NLA (3) to 30 Jun Projectio
Slide 16: Favorable Lease Profile
Favorable Lease Profile A substantial portion of CRT’s Gross Rental Income is derived from leases structured as Fixed Term Leases, giving it greater flexibility to adjust rentals / tenant composition, or variable rent, allowing it to share any income upside with its tenants. % of Gross Rental Income
Slide 17: Top Ten Tenants of CRT
Top Ten Tenants of CRT Diversification of CRT’s tenant base achieved post recent acquisitions with additions of new anchor tenants Top 10 Tenants by NLA (As at 31 March 2014) 56.3% 3.5% 2.5% 1.5% 1.5% 1.3% 1.3% 1.3% 1.2% 1.0% Aeon Town Nafco 109 Himaraya York Mart Nojima Ota Ward Nexus Academia Sank
Slide 18: Mallage Shobu – New Shop Openings in Q3 FY2014
Mallage Shobu – New Shop Openings in Q3 FY2014 EMODA Arnold Palmer 18 NEW STYLE SUUMO Service Counter
Slide 19: Mallage Shobu – Marketing & Tenant Replacements
Mallage Shobu – Marketing & Promotional Activities 22 February ~ 13 April 2014 Pop Circus 15 March 2014 EXILE Makidai’s Talk Show Mallage Shobu – Tenant Replacements Significant movement in the tenant composition, with 148 of 242 leases expiring in Nov-14 – Rental reversion upon lease expiry, since
Slide 20: Outlook
Key Highlights Financial Highlights Portfolio Performance Outlook
Slide 21: Outlook: Promising Macro-Environment
Outlook: Promising Macro-Environment • Promising GDP and Tankan data • 4Q 2013 annualised GDP growth of +0.7% (quarter-on-quarter) to mark fifth straight quarter of expansion. • Quarterly Tankan index released in March 2014 rose to +17 from -8 in March 2013, reaching its highest level in the post-bu
Slide 22: Retail Cap Rate Trends
Retail Cap Rate Trends Suburban Retail Cap Rate Trends Prime Retail Cap Rate Trends 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% Ginza (Downtown High-End retail property) Omotesando (Downtown High-End retail property) Yokohama Nagoya Osaka Fukuoka 2007.4 2007.10 2008.4 2008.10 2009.4 2009.10 2010.4
Slide 23: Significant Retail deals across Japan
Significant Retail deals across Japan Property Name Town/ City Purchaser Vendor Price NOI Cap Closing Date (JPY Rate (%) Billion) Yodobashi Camera Kichijoji, Tokyo United Urban Kichijoji 28.0 5.2 Mar 2013 Multimedia Kichijoji Investment YCM (REIT) Funding Kawasaki Lefront Kawasaki, Japan Retail MJ R
Slide 24: Japan News
Japan News Japan may see another property price boom ‘Asset inflation’ in Ia Wilk eed cote easy ene eda stock prices has Then Ie an m Fetummed, property si ns woh prices my fol suit meme Means Sj Taanc dsr a years une ha 7s tien ouG nil Gemtate af pane cog) Cnagh teeramed sis moi nee ds Japa's expre
Slide 25: Thank You
Thank You Key Contact: Ms. Hanako Tokunaga Investor Relations & Financial Controller Tel: +65 6622 5531 Email: htokunaga@croesusgroup.com
Croesus Retail Trust — Q3 FY2014 Earnings Presentation on 6ix