Frasers Centrepoint Trust · SGX:J69U
Frasers Centrepoint Trust — 1Q FY2023 Earnings Presentation
22 slides from Frasers Centrepoint Trust's earnings presentation, Jan 26, 2023
Slide 1: Frasers Centrepoint Trust Business Updates 1Q FY2023
Frasers Centrepoint Trust Business Updates for the first quarter ended 31 December 2022 26 January 2023 Northpoint City, Singapore
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 re
Slide 3: Contents
Contents Sections 1. 1Q23 highlights page 4 2. Financial position page 6 3. Portfolio performance page 8 4. Summary page 15 5. Appendix page 17 We are Frasers Property 3
Slide 4: 1Q23 highlights
1Q23 highlights Improved occupancy on firm leasing demand Prudent hedging strategies in place ▪ Retail portfolio committed occupancy ▪ 73% of total borrowings are on fixed interest improved 0.9%-pt q-o-q and 1.2%-pt y-o-y to rates (4Q22: 71%). 98.4% on healthy leasing demand. ▪ Substantial portion o
Slide 5: Recovering market environment
Recovering market environment Overall retail rent expected to continue recovering in 2023 (CBRE) ▪ Singapore’s economy grew by 3.8% in 20221. Singapore’s core Prime retail rents by submarkets (CBRE) inflation was 5.1% on y-o-y basis in November 2022, unchanged from October 20222. S$ psf per month ▪
Slide 6: Financial position
Financial position
Slide 7: Credit rating and debt maturity profile
▪ 31 Dec 30 Sep Debt Maturity Profile as at 31 December 2022 2022 2022 Total borrowing: S$1,864 million4 Aggregate leverage2 33.9% 33.0% Figures in parentheses denote the debt amount of that MTN FY as a percentage of total borrowings Secured bank borrowings Adjusted ICR /ICR (times)3 4.73 5.19 Unsec
Slide 8: Portfolio performance
Portfolio performance Causeway Point, Singapore
Slide 9: Retail portfolio committed occupancy improved to 98.4%
Retail portfolio committed occupancy improved to 98.4% Focus remains on proactive asset and property management to drive performance ▪ Retail portfolio committed occupancy improved 0.9%-pt q-o-q and 1.2%-pt y-o-y as leasing demand remains firm. ▪ Occupancy at Changi City Point improved 4.1%-pt with
Slide 10: Trend reflects more purposeful visitation to the malls
Trend reflects more purposeful visitation to the malls ▪ Despite shopper traffic in 2022 averaging around 80% of pre-COVID level, tenants’ sales in same period is 12% above pre-COVID level. This shift to the future of work also reflects the trend of mall visitations becoming more purposeful. We are
Slide 11: Well-spread lease maturity profile
Well-spread lease maturity profile No significant concentration risk Lease expiry profile as % of Total GRI WALE @ 31 Dec 2022 ▪ 1.87 years by NLA (4Q22: 1.87 years) 35.0%35.3% ▪ 1.77 years by GRI (4Q22: 1.78 years) 27.6% 25.2%25.6% 20.1% Expiries as at 30 Sep 2022 Expiries as at 31 Dec 2022 13.1% 7
Slide 12: A string of new-to-portfolio offerings in 1Q23
A string of new-to-portfolio offerings in 1Q23 Continuous leasing effort to curate and refresh retail offerings Foodies’ Garden – Hougang Mall Kaleido – Tampines 1 ROYALE by Mobot – Century Square The Salt Clinic by Premier Dead Sea – Tampines 1 The Tree Cafe – Century Square Love, Bonito – Waterway
Slide 13: Bringing the experience closer to the community
Bringing the experience closer to the community Multiple initiatives and programs to reach out to the community Merry Making with Miffy Frasers Property staff in collaboration with Food Outdoor picnic and movie Bank to distribute bundles of food to the community screening at Causeway Point Miffy-the
Slide 14: Tampines 1 AEI to elevate retail experience and unlock asset value
Tampines 1 AEI to elevate retail experience and unlock asset value S$38 million in rejuvenation and enhancement capex ▪ Additional circa 8,000 sq ft NLA from various bonus GFA schemes1. Notable pre-committed tenants include: ▪ NLA transferred from M&E spaces and lower yielding floors to B1, ▪ Homegr
Slide 15: Summary
Summary 15
Slide 16: FCT is well-positioned to grow in the new normal post-COVID
FCT is well-positioned to grow in the new normal post-COVID ▪ Riding on the momentum of recovering retail market environment. ▪ 1Q23 operational performance continued to improve on healthy leasing demand. ▪ Despite the challenges from rising costs, suburban retail sector remains an attractive asset
Slide 17: Appendix
2 GH Rint TRUST Appendix
Slide 18: Definition of terms used in this presentation
Definition of terms used in this presentation ▪ %-pt: percentage-point ▪ 1Q22: 1st quarter ended 31 December 2021 ▪ MSCI: Morgan Stanley Capital International ▪ 1Q23: 1st quarter ended 31 December 2022 ▪ MTI: Ministry of Trade and Industry, Singapore ▪ 4Q22: 4th quarter ended 30 September 2022 ▪ NLA
Slide 19: FCT Retail Portfolio top tenants excluding CSFS
FCT Retail Portfolio excluding CSFS No. Tenants As % of total NLA As % of total GRI 1 NTUC Fairprice1 5.7% 4.0% 2 2 Breadtalk Group 1.9% 2.3% 3 3 Kopitiam 2.0% 1.8% 4 Dairy Farm Group4 1.4% 1.7% 5 5 Metro (Private) Limited 2.8% 1.7% 6 6 Hanbaobao Pte. Ltd. 1.0% 1.6% 7 Courts (Singapore) Pte. Ltd. 1.
Slide 20: FCT Retail Portfolio trade categories
FCT Retail Portfolio Trade Categories As % of total NLA As % of total GRI (by order of decreasing % of Total GRI) Food & Beverage 30.5% 37.9% Beauty & Healthcare 12.1% 15.2% Fashion & Accessories 11.6% 11.5% Sundry & Services 6.0% 8.4% Supermarket & Grocers 10.0% 6.3% Homeware & Furnishing 4.1% 3
Slide 21: Lease expiry by property
Lease expiry by property 20.1% of leases (by GRI) expiring in FY23 Lease Expiries1,2 in FY2023 Number of expiring Leased area of expiring as % of leased area of as % of total GRI of (As at 31 Dec 2022) leases leases (sq ft) property property Causeway Point 48 54,824 13.1% 20.4% Waterway Point 41 44,
Slide 22: Inspiring experiences, creating places for good.
Inspiring experiences, creating places for good.
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