Altus Holdings Limited · HKEX:8149
Altus — Saizen REIT — Investor Presentation (November 2015)
16 slides from Altus's investor presentation, November 2015
Slide 1: Presentation November 2015
Presentation November 2015 www.saizenreit.com.sg
Slide 2: Disclaimer
Disclaimer • The value of units (the “Units”) in Saizen Real Estate Investment Trust (“Saizen REIT”) and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or guaranteed by, Japan Residential Assets Manager Limited as manager of Saizen REIT (the “Manag
Slide 3: Saizen REIT in Brief
Saizen REIT in Brief Only Singapore-listed REIT to offer exclusive access to Japanese residential real estate Principal investment objective - Investing in diversified portfolio of income- producing real estate in Japan which is used primarily for residential and residential-related purposes, and re
Slide 4: Proposed Transaction
Proposed Transaction Acceptance of offer for the acquisition of all the real estate assets in Saizen REIT’s portfolio in Japan for cash in October 2015 On advice of the Joint Financial Advisers, and after negotiations by the Manager, Evaluation Committee has determined that among proposals received,
Slide 5: Proposed Transaction: Distribution of net proceeds
Proposed Transaction Distribution of net proceeds Manager intends to distribute net proceeds from Proposed Transaction to Unitholders as soon as practicable following completion via special distribution(s), after setting aside relevant transaction-related costs and expenses Timing and details concer
Slide 6: Portfolio Overview
Portfolio Overview Portfolio Region City distribution by revenue (%) Sapporo Kumamoto 17.5 Kitakyushu 10.3 Hakodate Fukuoka 6.8 Kyushu Kagoshima 3.3 Total number of Morioka Oita 0.9 properties: 136 38.8 Sendai Sapporo 24.9 Niigata Hokkaido Hakodate 0.7 Koriyama 25.6 Tokyo Sendai 9.1 Kurashiki Koriya
Slide 7: 1Q FY2016 Overview
1Q FY2016 Overview Revenue remained stable, while net property income was affected by repair and renovation costs and fluctuations in seasonal expenses Y-o-Y Revenue increased by 0.3%, driven by increase in occupancy rates and partially offset by divestment of 3 properties between July 2014 and Augu
Slide 8: 1Q FY2016 Overview
1Q FY2016 Overview Property operations remained stable Average occupancy rate in 1Q FY2016 at 91.6% (1Q FY2015 and 4Q FY2015: 90.1% and 90.4% respectively) Overall rental reversion of new contracts entered into in 1Q FY2016 lower by about 2.2% (1Q FY2015 and 4Q FY2015: lower by about 0.7% and 0.4% r
Slide 9: Proportion of rental reversions
1Q FY2016 Overview Rental reversions (residential units) in Jul – Sep 2015 100% Proportion of rental reversions 90% 18% 27% 80% 5% 70% 60% 50% 40% Rent increase 40% 77% Same rent 30% Rent decrease 20% 33% 10% 0% 2008 and before 2009 onwards Year in which previous contracts were entered into Where pr
Slide 10: Occupancy Rates
Occupancy Rates Average occupancy rates have remained stable at or above 90% since Jun 08 100.0% 95.0% 90.0% 85.0% 80.0% 10 10
Slide 11: Stable Rental Rates
Stable Rental Rates Average rental rates maintained above JPY 1,500 / sqm (approx. S$17 / sqm) since Jun 08 2,000 1,500 1,000 Average rental rates of 500 residential units (JPY / sqm) 0 11
Slide 12: Debt Profile of TK Operators
Debt Profile of TK Operators Prevailing Loan Property Annual loan TK operator Source of Debt Maturity Guarantor Loan-to- Interest Amount Value amortisation Date Fee (%) value (%) Rate (%) (JPY’mln) (JPY’mln) (JPY’mln) GK Choan Unencumbered 750.0 GK Chosei Unencumbered 470.0 YK Shinzan Bank of Fukuok
Slide 13: Debt Profile of TK Operators
Debt Profile of TK Operators All loans are: non-recourse to Saizen REIT not cross-collateralised long-term in nature (7 to 30-year loans) secured only by specific properties of the TK operator(s) Fixed interest rates for 87% of loans outstanding 13
Slide 14: Debt Profile of TK Operators
Debt Profile of TK Operators 6.00% 12 5.00% 10 4.00% 8 WA loan 3.00% 6 interest rate 2.00% 4 Loan duration 1.00% 2 (years) 0.00% 0 After FY2023 FY2023 Nearest loan maturity in FY2022 March 2020 FY2021 Value of maturing FY2020 loans (JPY' mln) FY2015 to FY2019 0 2,000 4,000 6,000 8,000 10,000 12,000
Slide 15: Key Financial Information
Key Financial Information Number of Units in issue as at 9 November 2015 287,024,902 NAV attributable to Unitholders as at 30 September 2015 (1) S$348 million NAV per Unit as at 30 September 2015 (1) S$1.21 Market capitalisation as at 30 September 2015 (2) S$231 million 1Q FY2016 interest cover rati
Slide 16: Thank You
SaizenREIT js Thank You