CapitaLand Integrated Commercial Trust · SGX:C38U

CapitaLand Integrated Commercial Trust — CapitaCommercial Trust — Q3 2006 Earnings Presentation

34 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Oct 18, 2006

  1. Slide 1: CapitaCommercial Trust 3Q 2006 Financial Results

    CapitaCommercial Trust 3Q 2006 Financial Results 18 October 2006

  2. Slide 2: Important Notice

    Important Notice This presentation is focused on comparing actual results versus forecasts stated in the CCT’s Circular dated 15 August 2006. This shall be read in conjunction with paragraph 9 of CCT’s 2006 Third Quarter Unaudited Financial Statement Announcement. This presentation may contain forwa

  3. Slide 3: Content

    Content ‹ 3Q 2006 Financial Results ‰ Financial Results ‰ Portfolio Update ‹ Market Street Car Park Update ‹ Singapore Office Market Uptrend Continues ‹ CCT Strategies ‹ Additional Information ‰ Portfolio ‰ Raffles City 3

  4. Slide 4: Financial Results

    Financial Results Cap/taCommercial P Trust

  5. Slide 5: Distributable Income Growing Steadily

    Distributable Income Growing Steadily 3Q 2006 vs 3Q 2005 And YTD 2006 vs YTD 2005 60,000 14.9% 50,637 50,000 44,064 40,000 S$'000 30,000 19.2% 19,388 20,000 16,267 10,000 0 3Q YTD 2005 2006 5

  6. Slide 6: Delivers YTD DPU of 5.29 cents

    Delivers YTD DPU of 5.29 cents Year to-date DPU of 5.29¢ Exceeds Prior Corresponding Period by 4.8% YTD Sep 2006 Sep 2005 Var. S$'000 S$'000 % Gross Revenue 97,124 85,360 13.8% Net Property Income 72,355 63,550 13.9% Distributable Income 50,637 44,064 14.9% Distribution Per Unit (¢) 5.29¢ 5.05¢ 4.8%

  7. Slide 7: Actual DPU Exceeds Forecast By 6.5%

    Actual DPU Exceeds Forecast By 6.5% DPU For the month of September 2006 1 Sep 2006 to 30 Sep 2006 1 Actual Forecast Var. S$'000 S$'000 % Gross Revenue 17,496 17,245 1.5% Net Property Income 12,787 12,543 1.9% Distributable Income 9,105 8,601 5.9% Distribution Per Unit 0.66¢ 0.62¢ 6.5% Annualised DPU

  8. Slide 8: Balance Sheet Summary

    Balance Sheet Summary CCT has total assets of $3.6 billion and adjusted NAV of S$1.70 per unit As at 30 September 2006 30 Sep 06 31 Dec 05 NAV S$'000 S$'000 1 Non-current assets 3,570,923 2,076,394 30 September 2006 $ 1.70 2 Current assets 37,692 66,959 31 December 2005 $ 1.62 Total assets 3,608,615

  9. Slide 9: Strong and Steady DPU Growth

    1 Strong and Steady DPU Growth 8.00 Past Performance Projection 3 7.60 7.39 6.88 6.95 7.00 6.65 6.32 6.00 5.68 5.00 Forecast in 15 May 2004 to 1 Jan 2005 to 29 Apr 2005 to 1 Jan 2006 to 1 Sep 2006 to 1 Jan 2007 to Introductory 31 Dec 2004 28 Apr 2005 31 Dec 2005 31 Aug 2006 31 Dec 2006 31 Dec 2007 D

  10. Slide 10: Total Return – Sterling Outperformance

    Total Return – Sterling Outperformance Price performance 14,000 100 SESPROP +144% since May 04 90 12,000 80 70 10,000 60 8,000 50 CCT +120% since listing 40 6,000 30 4,000 20 STI +46% since May 04 2,000 10 0 - 05 06 M 5 M 6 05 06 05 5 6 5 6 5 6 05 06 M 5 5 05 05 M 6 6 06 0 0 -0 -0 l-0 l-0 -0 -0 0 -0

  11. Slide 11: Portfolio Update

    Portfolio Update Cap/taCommercial P Trust

  12. Slide 12: Lease Expiries – Significant Potential

    Lease Expiries – Significant Potential Leases up for Renewal1 as a % of Portfolio’s Gross Rent @ 30 Sep 2006 33 20.3% 17.7% 14.1% 10.0% 10.0% 8.3% 7.1% 6.0% 4.8% 1.5% 0.4% 2006 2007 2008 2009 2010 and Beyond 2 Office Retail Hotels and Convention Centre Notes: 1. Excludes the retail space of Golden S

  13. Slide 13: Office Lease Expiry Profile

    Office Lease Expiry Profile Office Leases up for Renewal1 as a % of Gross Rent @ 30 Sep 2006 34.3%3 23.8%2 17.0% 16.9% 8.0% 2006 2007 2008 2009 2010 and Beyond Notes: 1. Excludes the retail space of Golden Shoe Car Park and Market Street Car Park which are undergoing asset enhancement work 2. 4.4% o

  14. Slide 14: Expiry Profile – Growth Opportunities

    Expiry Profile1 – Growth Opportunities Average Gross Rent of Expiring Leases vs Micro-Market Rent2 Capital Tower 6 Battery Road 50.0% $10.00 70.0% $7.00 $9.00 60.0% Shenton Way/Tanjong Pagar Micro-Market Rent: S$5.20 $6.00 40.0% Raffles Place Micro-Market Rent: S$7.40 33.1% $8.00 50.0% $5.00 $7.00 4

  15. Slide 15: Strong Positive Reversions

    Strong Positive Reversions Renewed / Increase Increase Retention New Leases (1) vs vs Ratio 1 Jan 06 to 31 Dec 2006 as at 30 Sep 06 Forecast Preceding as at (% of portfolio) Rent Rent 30 Sep 06 (Sq m) 1, 2 Renewals 22,869 13.9% 11.5% 84.9% (12.4%) 1, 2 New Leases 8,929 10.2% NA NA (4.8%) Weighted Av

  16. Slide 16: Consistently Strong Occupancy Rates

    Consistently Strong Occupancy Rates Property 31 Dec 05 (%) 30 Jun 06 (%) 30 Sep 06 (%) Capital Tower 100.0 100.0 100.0 6 Battery Road 99.5 100.0 100.0 Starhub Centre 100.0 100.0 100.0 Robinson Point 99.1 100.0 100.0 Bugis Village 92.1 93.0 94.4 Golden Shoe Car Park1 85.4 - - Market Street Car Park1

  17. Slide 17: Low Interest Rate Exposure

    Low Interest Rate Exposure 92% of CCT’s interest expense is fixed until March 2009 Total Debt (S$ mil) 1,175.6 Interest Coverage1 3.8 times 100% 94% 92% 92% Gearing ratio 77% 77% 80% - CCT 32.8% - RCS Trust 39.6% 60% Average cost of debt 40% 31% 31% - CCT 3.5% 20% - CCT + 60% interest in 3.8% RCS Tr

  18. Slide 18: Market Street Car Park

    Market Street Car Park Cap/taCommercial P Trust

  19. Slide 19: Market Street Car Park – Shops In Ops

    Market Street Car Park – Shops In Ops Committed occupancy : 94% as at 30 September 2006 19

  20. Slide 20: Singapore Office Market Uptrend Continues

    Singapore Office Market Uptrend Continues

  21. Slide 21: Capitalising On Tightening Supply

    Capitalising On Tightening Supply Singapore Private Office Space (Central Area1) -- Demand & Supply One Raffles Quay BFC Phase 1 (c. 1.3m sq ft) (c. 1.5m sq ft) 3.5 3.0 Ave. annual demand (’96-’05): 0.8m sq ft 2.5 Office Space Supply and Demand (m sq ft) 2.07 1.97 2.0 Expected withdrawal of 1.5 some

  22. Slide 22: Rents Continue To Trend Upwards

    Rents Continue To Trend Upwards CBRE projecting Prime Office Rents to hit S$7.30 per sq ft per month by end-2006 12.0 Singapore Average Prime Office Rents 10 year Historical Avg (96-05): S$6.3 per sq ft per mth Rents (S$ per sq ft per mth) 10.0 9.9 9.1 8.0 7.5 7.3 6.3 6.0 6.1 5.5 5.0 5.2 4.4 Average

  23. Slide 23: Singapore Office Market

    Singapore Office Market ‹ 18 Sept 2006 - Ms Tay Huey Ying, Director for Research and Consultancy at Colliers International comments, “If this blistering pace continues, average monthly gross rents of Grade A office space in Raffles Place will surpass the Year 2001’s peak of $7.77 per sq ft by the mi

  24. Slide 24: CCT Strategies

    CCT Strategies Cap/taCommercial P Trust

  25. Slide 25: CCT’s Strategies To Deliver Growth

    CCT’s Strategies To Deliver Growth ‹ Accretive acquisitions with long term sustainable growth ‹ Focus on premier quality buildings ‹ Singapore and overseas (Malaysia, China) ‹ Drive increase in rental and occupancy rate ‹ Focus on continuous improvement to buildings and tenant relations ‹ Drive on n

  26. Slide 26: CapitaCommercial Trust Management Limited contact

    CapitaCommercial Trust Management Limited 39 Robinson Road #18-01 Robinson Point Singapore 068911 Tel: (65) 6536 1188 Fax: (65) 6533 6133 http://www.cct.com.sg Investor & Analyst Contact: Ho Mei Peng, (65) 6826 5586 Heng Hui Lin, (65) 6826 5841 26

  27. Slide 27: Raffles City Acquisition Additional Information

    Raffles City Acquisition Additional Information

  28. Slide 28: Gross Revenue – By Asset

    Gross Revenue – By Asset YTD 3Q 2006 2Q 2006 1Q 2006 1 Sep 06 to 30 Sep 06 1 Actual Actual Actual Actual Actual Forecast Var. S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 Capital Tower 31,901 10,477 10,787 10,637 3,523 3,499 0.7% 6 Battery Road 23,990 8,237 7,977 7,776 2,775 2,729 1.7% 2 HSBC Building

  29. Slide 29: Net Property Income – By Asset

    Net Property Income – By Asset YTD 3Q 2006 2Q 2006 1Q 2006 1 Sep 06 to 30 Sep 06 1 Actual Actual Actual Actual Actual Forecast Var. S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 Capital Tower 22,565 7,486 7,599 7,480 2,672 2,492 7.2% 6 Battery Road 17,637 6,006 5,941 5,690 1,957 1,951 0.3% HSBC Building

  30. Slide 30: Stable Portfolio Diversification

    Stable Portfolio Diversification 1 Portfolio by Gross Revenue Capital Tower 20% Raffles City (60% interest) 42% 6 Battery Road 16% HSBC Building Market Street 4% Car Park Starhub Centre 1% Golden Shoe 6% Car Park Bugis Village Robinson Point 4% 4% 3% Note: 1. Based on Gross Revenue for the month of

  31. Slide 31: Raffles City Acquisition: Raffles City

    Raffles City Acquisition Raffles City

  32. Slide 32: RCS Trust – Performance

    RCS Trust – Performance 1 Sep 2006 to 30 Sep 2006 CCT's 60% Interest RCS Trust 1 Actual Forecast Var. Actual S$'000 S$'000 % S$'000 Gross Revenue 7,305 7,301 0.1% 12,176 - Office 1,180 1,151 2.5% 1,967 2 - Retail 3,013 3,078 (2.1%) 5,021 - Hotel 2,839 2,825 0.5% 4,733 - Others 273 247 10.5% 455 Net

  33. Slide 33: Lease Expiry Profile – Raffles City Tower

    Lease Expiry Profile – Raffles City Tower Office Leases up for Renewal as a % of Gross Rent @ 30 Sep 2006 50.0% 45.0% 40.0% 37.9% 35.0% 29.4% 30.0% 25.0% 22.9% 20.0% 15.0% 9.8% 10.0% 5.0% 0.0% 2006 2007 2008 2009 Weighted Average Expiry (By Gross Rent) 1.5 years Office Committed Occupancy 99.8% 33

  34. Slide 34: Lease Expiry Profile – RC Shopping Centre

    Lease Expiry Profile – RC Shopping Centre Retail Leases up for Renewal as a % of Gross Rent at 30 Sep 2006 50.0% 45.0% 40.0% 37.5% 35.0% 29.1% 30.0% 26.2% 25.0% 20.0% 15.0% 10.0% 5.1% 5.0% 2.1% 0.0% 2006 2007 2008 2009 2010 and Beyond Weighted Average Expiry (By Gross Rent) 1.5 years Retail Committe

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