Mapletree Logistics Trust · SGX:M44U

Mapletree Logistics Trust — Q1 FY12/13 Earnings Presentation

35 slides from Mapletree Logistics Trust's earnings presentation, Jul 19, 2012

  1. Slide 1: 1Q FY12/13 Financial Results

    1Q FY12/13 Financial Results 19 Jul 2012

  2. Slide 2: Disclaimer

    Disclaimer This Presentation is focused on comparing results for the three months ended 30 Jun 2012 versus results achieved in the three months ended 30 Jun 2011 and versus results achieved in the previous quarter ended 31 Mar 2012. This shall be read in conjunction with Mapletree Logistics Trust’s

  3. Slide 3: Agenda

    Agenda  Key Highlights  Financial Review  Capital Management  Business Review  Outlook 2

  4. Slide 4: Key Highlights

    Key Highlights

  5. Slide 5: 1Q FY12/13 Key Highlights

    1Q FY12/13 Key Highlights  Growth in financial results driven by contributions from 11 acquisitions and improved operational performance  NPI increased by 18% y-o-y and 10% q-o-q to S$67.5 million  DPU grew by 6% y-o-y to 1.70 cents  On a sequential basis, DPU increased by 2% compared with 5Q FY

  6. Slide 6: Financial Review

    Financial Review

  7. Slide 7: Statement of Total Return: 1Q FY12/13 vs 2Q FY11/12

    Statement of Total Return: 1Q FY12/13 vs 2Q FY11/12 2Q FY11/12 1Q FY12/13 In S$ thousands (3 mths ended (3 mths ended Variance 30 Jun 2011) 30 Jun 2012) Gross Revenue 65,825 77,099 17.1% Property Expenses (8,777) (9,560) 8.9% Net Property Income ("NPI") 57,048 67,539 18.4% Amount Distributable 38,84

  8. Slide 8: Statement of Total Return: 1Q FY12/13 vs 5Q FY11/12

    Statement of Total Return: 1Q FY12/13 vs 5Q FY11/12 5Q FY11/12 1Q FY12/13 In S$ thousands (3 mths ended (3 mths ended Variance 31 Mar 2012) 30 Jun 2012) Gross Revenue 71,235 77,099 8.2% Property Expenses (9,852) (9,560) (3.0)% Net Property Income ("NPI") 61,383 67,539 10.0% Amount Distributable 42,0

  9. Slide 9: MLT Performance Since IPO

    MLT Performance Since IPO Amt Distributable (S$ mil) DPU (cents) 65.0 2.50 Amount Distributable (S$ mil) (LHS) 60.0 DPU (cents) (RHS) 55.0 2.04 1.90 2.00 50.0 1.84 1.78 4 1.72 4 1.70 1.704 1.70 45.0 1.69 1.59 1.59 1.60 1.54 1.55 1.55 41.3 41.3 41.1 1.50 1.50 40.9 40.0 1.48 3 1.48 1.48 1.45 1.46 1.47

  10. Slide 10: Balance Sheet

    Balance Sheet 31 Mar 2012 In S$ thousands 30 Jun 2012 (Restated) Investment Properties 4,058,274 4,203,114 Total Assets 4,272,516 4,412,335 Total Liabilities 1,725,479 1,868,296 Net Assets Attributable to 2,195,677 2,187,820 Unitholders NAV Per Unit $0.90 $0.90 Footnotes: 1) Restated due to implemen

  11. Slide 11: Capital Management

    Capital Management

  12. Slide 12: Capital Management

    Capital Management 31 Mar 2012 30 Jun 2012 Aggregate Leverage Ratio 35.2% 37.0% Total Debt S$ 1,495 million S$ 1,620 million Weighted Average Annualised 2.4% 2.4% Interest Rate 1 Average Debt Duration 4.2 years 4.4 years Interest Cover Ratio 2 6.0 times 5.8 times Footnotes: 1) For the quarter ended.

  13. Slide 13: Debt Profile By Currency

    Debt Profile By Currency Debt as at 31 Mar 2012 Debt as at 30 Jun 2012 S$ mil S$ mil Average Debt Duration ~ 4.2 years Average Debt Duration ~ 4.4 years 400 400 24% 23% 300 20% 300 18% 16% 15% 13% 12% 200 200 9% 9% 9% 8% 8% 7% 100 100 5% 2% 2% 0 0 FY12/13 FY12 FY13/14 FY13 FY14/15 FY14 FY15/16 FY15

  14. Slide 14: Forex Risk Management

    Forex Risk Management  About 85% of amount distributable in FY12/13 is hedged / derived in SGD FY12/13 Unhedged 15% SGD 49% Hedged (HKD, JPY, CNY, MYR, KRW) 36% 13

  15. Slide 15: Prudent Capital Management

    Prudent Capital Management  Strong balance sheet with low refinancing risk  Refinanced JPY 7 billion (~S$113 million) due in Apr 2012 with a new 4-year term loan  Reduced debt maturing in FY12/13 from 16% to about 8% (~S$138 million)  Aggregate leverage ratio increased to 37%  Average debt dura

  16. Slide 16: Business Review

    Business Review

  17. Slide 17: Business Review

    Business Review  Disciplined investment approach  Completed acquisition of 4 properties in 1Q FY12/13 – 2 in South Korea and 2 in Malaysia  NPI yields ranging from 8.7% to 9.9%  Active leasing market  Positive overall rental reversions of 10% for leases renewed / replaced in 1Q FY12/13 (Singapo

  18. Slide 18: High Occupancy Levels Sustained

    High Occupancy Levels Sustained Portfolio occupancy by country - comparison with previous quarter Country breakdown of occupancy levels (as at 30 Jun 2012) 98.8% 99.6% 98.4% 98.3% 100% 100% 96.7% 100% 100% 100% 100% 98.7%99.0% 100.0% 96.7% 96.3% 95.0% 80.0% 60.0% 40.0% 20.0% 0.0% Singapore Hong Kong

  19. Slide 19: Successful Lease Renewals in FY12/13

    Successful Lease Renewals in FY12/13  12.7% of leases (by NLA) are due to expire in FY12/13 Total renewable in FY12/13 (%) Renewed to date  Approximately 42% have been successfully 120% renewed/replaced to-date Balance to be renewed 120% NLA renewed/replaced in FY12/13 (in ’000 sqm) 100% 100% Spac

  20. Slide 20: Top 10 Customer Profile

    Top 10 Customer Profile  354 customers; none accounts for >5% of total revenue  Top 10 customers ~ 26% of total gross revenue Top 10 customer profile (as at 30 Jun 2012) % of gross revenue 105 properties as at 31 Mar 12 109 properties as at 30 Jun 12 5% 3.8% 4% 3.7% 3.3% 3.2% 2.7% 3% 2.6% 2.6% 2.5

  21. Slide 21: Diversified Customer Mix Provides Portfolio Stability

    Diversified Customer Mix Provides Portfolio Stability 1Q FY12/13 revenue contribution by distribution 1Q FY12/13 revenue contribution by industry channel Banking and Finance 2% Energy & Marine Telecommunication 1% 2% Air Document Storage 6% 2% Others Sea 5% Chemicals 10% 3% F&B Commercial printing 2

  22. Slide 22: Geographical Diversification

    Geographical Diversification 5Q FY11/12 revenue contribution by country 1Q FY12/13 revenue contribution by3 country (105 properties as at 31 Mar 2012)1 2Q (109 properties as at 30 2011 Jun 2012)2 Vietnam Malaysia Vietnam Malaysia < 1% China 4% < 1% China 4% 5% 5% South Korea South Korea 5% 7% Singap

  23. Slide 23: Multi-tenanted vs Single-user Assets

    Multi-tenanted vs Single-user Assets MTB Revenue by Country SUA Revenue by Country 1Q FY12/13 1Q FY12/13 Malaysia Malaysia Vietnam China 1% 5% 1% 2% South Hong Kong Korea 1% China 2% Multi- South Korea 10% tenanted 10% 36% Single-user Singapore tenanted 39% 64% Singapore 55% Hong Kong Japan 31% 43%

  24. Slide 24: Long Leases Provide Portfolio Stability

    Long Leases Provide Portfolio Stability  Weighted average lease term to expiry ~ 6 years  <15% of MLT’s portfolio (by NLA) to expire in any single year Lease expiry profile (by NLA) 50% 105 properties as at 31 Mar 12 109 properties as at 30 Jun 12 % of total portfolio NLA 40% 38.8% 38.8% 30% 20% 1

  25. Slide 25: Long Leases Provide Portfolio Stability

    Long Leases Provide Portfolio Stability Country breakdown of lease expiry profile (by NLA) 30% Singapore Hong Kong China Malaysia Japan S. Korea Vietnam 24.2% 25% 20% % of total portfolio NLA 15% 11.6% 10% 8.2% 6.0% 5.4% 5.0% 4.5% 3.7% 3.6% 3.4% 5% 3.0% 2.6% 2.6% 1.8% 1.7% 1.4% 1.2% 1.2% 1.4% 1.0% 1

  26. Slide 26: Long Leases Provide Portfolio Stability

    Long Leases Provide Portfolio Stability  Weighted average lease term to expiry of underlying leasehold land (excluding freehold land): 46 years Remaining years to expiry of underlying land lease (by NLA) 30% ≤30 yrs 10.4% 26.6% 31-60 yrs 58.1% 25.2% >60 yrs 4.9% Area Freehold 26.6% 20.3% 19.7% 19.8

  27. Slide 27: Portfolio at a Glance

    Portfolio at a Glance As at 31 Mar 2012 As at 30 Jun 2012 Book Value S$4.1 billion S$4.2 billion WALE ~ 6 years ~ 6 years Lettable Area 2.7 million sqm 2.8 million sqm Occupancy Rate 98.7% 99.0% No. of Tenants 343 354 No. of Properties 105 109 No. of Properties - By Country Singapore 53 53 Japan 22

  28. Slide 28: Outlook

    Outlook

  29. Slide 29: Outlook

    Outlook  Market sentiments remain cautious  Economic growth in Asia has slowed in recent months  Concerns over spillover impact from a tepid U.S. economy and Eurozone debt crisis  Stable and resilient portfolio to provide sustained returns  Demand for logistics properties in the Asian markets w

  30. Slide 30: Yield + Growth Strategy

    Yield + Growth Strategy  Active leasing & marketing efforts  Prudent expense management Yield optimisation  Proactive portfolio management on existing portfolio  Asset rejuvenation initiatives  Retrofitting and/or enhancement  Redevelopment efforts  Disposal Competitive  Discipline approach

  31. Slide 31: Distribution Details

    Distribution Details Distribution per unit Counter Name Distribution Period Payment Date (SGD) 1 Apr 2012 – MapletreeLog 1.70 cents 29 Aug 2012 30 Jun 2012 Distribution Time Table Last day of trading on “cum” basis 24 Jul 2012, 5:00 pm Ex-date 25 Jul 2012, 9:00 am Books closure date 27 Jul 2012, 5:0

  32. Slide 32: Important Notice

    Important Notice The information contained in this presentation is for information purposes only and does not constitute an offer to sell or any solicitation of an offer or invitation to purchase or subscribe for units in Mapletree Logistics Trust (“MLT”, and units in MLT, “Units”) in Singapore or a

  33. Slide 33: Thank You

    Thank You

  34. Slide 34: Appendix

    Appendix

  35. Slide 35: MIPL's Development Project Pipeline

    MIPL’s Development Project Pipeline GFA No Country Project name Status (sqm) 1 China Mapletree Yangshan Bonded Logistics Park (Shanghai) 45,900 Completed/Leased: 25% of NLA 2 China Mapletree Wuxi Logistics Park (Wuxi) 45,400 Completed/Leased: 100% of NLA 3 China Mapletree Beijing FTZ Park (Beijing)

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