Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — AIMS AMP Capital Industrial REIT — Q2 FY2011 Earnings Presentation
29 slides from Singapore Exchange's earnings presentation, Oct 29, 2010
Slide 1: AIMS AMP Capital Industrial REIT 2Q FY2011 Results Presentation
AIMS AMP CAPITAL INDUSTRIAL REIT FY2011: Second Quarter Ended 30 September 2010 Results Presentation 29 October 2010
Slide 2: Important Notice
Important Notice Disclaimer This Presentation is focused on comparing actual results for the financial period from 1 July 2010 to 30 September 2010 (“2Q FY2011”) versus actual results year-on-year (“y-o-y”) and quarter-on-quarter (“q-o-q”). This Presentation shall be read in conjunction with AIMS AM
Slide 3: Contents
Contents Results for 2Q FY2011 Portfolio Review Execution on Strategy Substantial Unitholders 3 AIMS AMP CAPITAL INDUSTRIAL REIT
Slide 4: Results for 2Q FY2011
Results for 2Q FY2011 4 AIMS AMP CAPITAL INDUSTRIAL REIT
Slide 5: Distribution Details
Distribution Details Stock counter Distribution Period DPU (cents) AIMSAMPIReit 1 July 2010 to 30 September 2010 0.3968 Code: BU5U Distribution Timetable Ex-date 4 November 2010, 9.00am Books closure date 9 November 2010, 5.00pm Distribution payment date 17 December 2010 5 AIMS AMP CAPITAL INDUSTRIA
Slide 6: Financial Results for 2Q FY2011
Financial Results for 2Q FY2011 2Q FY2011 1Q FY2011 Q-o-Q 2Q FY2010 Y-o-Y S$ million S$ million Var % S$ million Var % Gross Revenue 16.8 16.0 4.7 11.8 42.1 Net Property Income 12.0 11.7 2.5 9.1 33.0 Amount available for 8.1 8.1 - 5.2 56.8 distribution1 Distribution per unit 0.3968 0.5376 NM 1.9390
Slide 7: Balance Sheet
Balance Sheet S$ million 30 September 2010 30 June 2010 Total Assets 659.9 660.4 Comprising: - Investment Properties 636.0 631.1 - Cash and Cash Equivalents 14.1 22.0 - Trade and Other Receivables 9.8 7.2 Total Liabilities 206.1 205.4 Net Assets 453.8 454.9 Total Debt1 190.7 190.4 Aggregate Leverage
Slide 8: Key Financial Metrics
Key Financial Metrics As at Post acquisition of 30 September 2010 27 Penjuru Lane DPU per quarter 0.3968 cents1 0.52 cents2 Appraised Value S$640.1 million S$803.9 million Market capitalisation3 S$447.1 million S$447.1 million NAV per unit S$0.31 S$0.264 Discount to NAV5 27.4% 13.4% Aggregate Levera
Slide 9: Portfolio Review
Portfolio Review 9 AIMS AMP CAPITAL INDUSTRIAL REIT
Slide 10: Key Portfolio Statistics
Key Portfolio Statistics As at As at Post acquisition of 19 April 2007 30 September 2010 27 Penjuru Lane (Listing) Number of Properties 12 26 27 Appraised Value (S$ million) 316.5 640.1 803.9 Net Lettable Area (sq m) 194,980.7 349,411.0 439,917.0 Number of Tenants 12 58 59 Occupancy (%) 100.0 98.0 9
Slide 11: Valuations
Valuations Property / Address Appraised Value1 as at Property / Address Appraised Value1 as at 30 September 2010 30 September 2010 (S$ million) (S$ million) Warehouse and Logistics Manufacturing 8 & 10 Pandan Crescent 125.9 20 Gul Way 41.8 31 Admiralty Road 15.1 3 Tuas Avenue 2 22.2 Appraised Value
Slide 12: Long Land Lease to Expiry
Long Land Lease to Expiry The weighted average unexpired land lease was 43.1 years as at 30 September 2010 % of Net Lettable Area 57.2% 23.6% 16.6% 2.6% Expiries in 2037- Expiries in 2047- Expiries in 2057 - Freehold 2046 2056 2068 The weighted average unexpired land lease was 42.3 years as at 30 Se
Slide 13: Strong and Stable Cashflows
Strong and Stable Cashflows As at 30 September 2010 Post acquisition of 27 Penjuru Lane Occupancy of 98.0% Occupancy of 98.4% Only 0.6% of 2Q FY2011 rental income is Only 0.6% of 2Q FY2011 rental income due for renewal in second half of FY2011 is due for renewal in second half of FY2011 Weighted ave
Slide 14: Quality Tenant Base as at 30 September 2010
Quality Tenant Base as at 30 September 2010 Top 10 Tenant Groups Major Usage Mix of the Portfolio by 2Q FY2011 Top Ten Tenant Groups by 2Q FY2011 Rental Income Rental Income Tenant Group % Office Park, 11.4% United Tech Park Pte Ltd 15.9% Eurochem Corporation Pt Ltd 11.4% Enviro-Metals Pte Ltd, Cime
Slide 15: Quality Tenant Base (Post acquisition of 27 Penjuru Lane)
Quality Tenant Base (Post acquisition of 27 Penjuru Lane) Top 10 Tenant Groups1 Top Ten Tenant Groups by 1Q FY2011 Pro Forma Major Usage Mix of the Portfolio by 1Q FY2011 Rental Income Pro Forma Rental Income1 Tenant Group % Office Park, C & P Holdings Pte Ltd 20.0% 9.1% United Tech Park Pte Ltd 12.
Slide 16: Diversification Reduces Risk
Diversification Reduces Risk No single sector contributing > 23% of rental income as at 30 September 2010 Tenant Base by Industry (By 2Q FY2011 Rental Income) Fashion/Textiles & 3PL, distributor/trading, Apparels, 4.8% storage, w arehousing, 11.4% Construction/Engineering /Building, 22.3% Diversifie
Slide 17: Expiries as a % of rental income
Focus on Positive Leasing Outcomes To Manage Lease Expiry Profile Risk Lease Expiry Profile as at 30 September 2010 (with the underlying subleases at 8 & 10 Pandan Crescent) Weighted average lease expiry is 4.1 years Expiries as a % of rental income 32.3% 20.2% 14.2% 13.8% 10.1% 6.4% 0.6% 0.5% 1.9%
Slide 18: Expiries as a % of rental income
Focus on Positive Leasing Outcomes To Manage Lease Expiry Profile Risk Lease Expiry Profile (post acquisition of 27 Penjuru Lane)1 (with the underlying subleases at 8 & 10 Pandan Crescent) Weighted average lease expiry is 3.9 years 45.1% Expiries as a % of rental income 16.1% 11.4% 11.1% 7.7% 2.8% 4
Slide 19: Comparisons to Singapore Industrial Average Occupancy Levels
Comparisons to Singapore Industrial Average Occupancy Levels High Occupancy Levels The Trust vs the Singapore industrial average 98.0% 92.5% 91.9% 91.3% The Trust Factory Space Warehouse Space URA Industrial Average Source: Based on URA 3rd quarter 2010 statistics. URA Industrial average is the aver
Slide 20: Execution on Strategy
Execution on Strategy 20 AIMS AMP CAPITAL INDUSTRIAL REIT
Slide 21: Execution on Strategy
Execution on Strategy Clear objective for the Trust is to increase Unitholders’ value and liquidity through repositioning and growth of the existing portfolio The acquisition of 27 Penjuru Lane (“Acquisition”), Rights Issue and Refinancing (the “Transactions”) all constitute execution by the Manager
Slide 22: Execution on Strategy: Highlights for 2Q FY2011
Execution on Strategy : Highlights for 2Q FY2011 Unitholder approval on 13 September 2010 for the acquisition of 27 Penjuru Lane Singapore for S$161 million (Acquisition) Launched a fully underwritten S$79.6 million renounceable rights issue to partially fund the Acquisition (Rights Issue) Accepted
Slide 23: Summary of Transactions
Summary of Transactions Purchase of 27 Penjuru Lane from sponsor, AMP Capital Holdings Limited, for a purchase consideration of S$161.0 million 1 Acquisition Acquisition funded through a combination of debt and equity Gross proceeds of S$79.6 million from the fully underwritten Rights Issue used as
Slide 24: The Acquisition
The Acquisition Address: 27 Penjuru Lane, Singapore 609195 Property Overview and Key Investment Highlights 5-storey ramp-up warehouse and logistic complex with a 9-storey annexed office block Strategically situated within the Jurong Industrial Estate, one of the largest and most established industri
Slide 25: Rights Issue and Refinancing
Rights Issue and Refinancing Refinancing Rights Issue Notional S$280.0 million Size S$79.6 million Rights Issue Price S$0.155 3 year S$100.0 million term loan facility Tranches 3 year S$80.0 million revolving credit facility Rights Units 513,309,781 5 year S$100.0 million term loan facility Rights R
Slide 26: Refinancing
Refinancing Substantially improved debt financing terms and debt maturity profile Lower margins on New Loan (2.16% weighted average) compared to Existing Loan (3.5%), thus Debt Maturity Profile lower interest cost S$ debt refinanced with longer maturities S$80 S$175 million Enhanced financing flexib
Slide 27: Substantial Unitholders
Substantial Unitholders 27 AIMS AMP CAPITAL INDUSTRIAL REIT
Slide 28: Substantial Unitholders
Substantial Unitholders Substantial Unitholders as at 30 September 2010 Name of Substantial Unitholder No. of Units % AMP Capital Investors (Luxembourg No. 4) S.a.r.l. 235,714,287 16.07 Dragon Pacific Assets Limited 168,000,000 11.46 APG Algemene Pensioen Groep N.V. 138,642,858 9.45 Universities Sup
Slide 29: Thank you
Thank you For enquiries, kindly contact: AIMS AMP Capital Industrial REIT Management Limited Nicholas McGrath Chief Executive Officer Tel: + 65 6309 1050 Email:nmcgrath@aimsampcapital.com 29 AIMS AMP CAPITAL INDUSTRIAL REIT
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