Singapore Exchange Ltd. · SGX:S68

Singapore Exchange — AIMS AMP Capital Industrial REIT — 3QFY2010 Earnings Presentation

31 slides from Singapore Exchange's earnings presentation, Feb 5, 2010

  1. Slide 1: AIMS AMP Capital Industrial REIT 3QFY2010 Results Presentation

    AIMS AMP CAPITAL INDUSTRIAL REIT AIMS AMP CAPITAL (formerly known as MacarthurCook Industrial REIT) INDUSTRIAL REIT (formerly known as MacarthurCook Industrial REIT) 3QFY2010 Results Presentation 5 February 2010

  2. Slide 2: Important note

    Important note Disclaimer This Presentation is focused on comparing actual results for the financial period from 1 October 2009 to 31 December 2009 (“3QFY2010”) versus actual results quarter-on-quarter (“q-o-q”). This Presentation shall be read in conjunction with AIMS AMP Capital Industrial REIT’s

  3. Slide 3: Agenda

    Agenda 1. 3QFY2010 – Financial Results 2. Transformation of AIMS AMPCI REIT in 3QFY2010 3. Portfolio Management 4. Management Strategy 5. Outlook 3 AIMS AMP CAPITAL INDUSTRIAL REIT

  4. Slide 4: 3QFY2010 – Financial Results

    3QFY2010 – Financial Results 4 AIMS AMP CAPITAL INDUSTRIAL REIT

  5. Slide 5: 3QFY2010 Financial Results Summary

    3QFY2010 Financial Results Summary 3QFY2010 3QFY2009 Variance 2QFY2010 Variance S$’000 S$’000 S$’000 Actual Actual (%) Actual (%) Gross Revenue1 12,560 12,948 (3.0) 11,825 6.2 Net Property Income 9,881 9,311 6.1 9,053 9.1 Total return after income tax and 5,271 (4,642) >(100) (32,738) >(100) minorit

  6. Slide 6: Distribution Details

    Distribution Details Stock Counter The Distribution for 3QFY2010 is comprised of the following: AIMSAMPIReit ƒ Special Distribution per Unit of 0.95 cents for the period from 1 October 2009 to 23 November 20091 - Distribution Payment Date: 23 March 2010 ƒ Distribution of 0.1868 cents per Unit for th

  7. Slide 7: Balance Sheet

    Balance Sheet 31 December 2009 30 September 2009 Total Assets (S$’M) 658.2 505.2 Comprising (S$’M): - Investment Properties1 562.1 490.6 - Cash and Cash Equivalents2 89.9 8.7 - Trade and Other Receivables 6.2 5.9 Total Liabilities (S$’M) 203.4 255.5 Net Assets (S$’M) 454.8 249.7 NAV per unit S$0.31

  8. Slide 8: Summary of 3QFY2010 Financial Results

    Summary of 3QFY2010 Financial Results ƒ Gearing: 28.9% as at 31 December 2009 ƒ Net asset value as at 31 December 2009: S$0.31 per unit ƒ Property portfolio*: - As at 31 December 2009: 22 properties with a total carrying value of S$562.1 million - As at 11 February 2010, 26 properties with a total a

  9. Slide 9: Transformation of AIMS AMPCI REIT in 3QFY2010

    Transformation of AIMS AMPCI REIT in 3QFY2010 9 AIMS AMP CAPITAL INDUSTRIAL REIT

  10. Slide 10: 3QFY2010 - Transformation of AIMS AMPCI REIT

    3QFY2010 - Transformation of AIMS AMPCI REIT AIMS AMPCI REIT MI-REIT (pre-Transaction(1) ) (post Completion of Transaction on 24 December 2009) Market cap(2) (S$m) 109.2 Market cap(6) (S$m) 330.0 (3)(4) Gearing 44.7% Gearing(3)(7) 28.9% Net Assets (S$m)(4) 249.7 Net Assets (S$m)(7) 454.8 NAV per uni

  11. Slide 11: 3QFY2010 – Summary of the Quarter in Review

    3QFY2010 – Summary of the Quarter in Review — Acquisition of 50% of the Trust’s Manager and Property Manager by AMP Capital Investors (“AMP Capital”) Rebranding of MI-REIT to 1 AIMS AMPCI REIT — Joint Sponsorship of the Manager between AMP Capital and AIMS Financial Group (“AIMS”) — Refinanced/parti

  12. Slide 12: Equity Raising and Debt Refinance: Sources and Uses of Proceeds

    3QFY2010 - Equity Raising and Debt Refinance: Sources and Uses of Proceeds Sources of Funds S$ million Uses of Proceeds S$ million EQUITY Payment of the Total Acquisition Cost of 1A 91.6 IBP and associated advisory fees Proceeds from - Placement to AMP Capital Investors 22.0 Repayment of bridge loan

  13. Slide 13: Quality Register of Unitholders

    Quality Register of Unitholders Number of Placement units Investment in allocated Placement (S$) Rights Units Rights S$ AMP Capital 78,571,429 22,000,000 157,142,858 24,985,714.4 Cornerstone Investment in Placement units Cornerstone Cornerstone Investor allocated Placement (S$) Rights Units Rights S

  14. Slide 14: Substantial Unitholders

    Substantial Unitholders Substantial Unitholders and their interest in Units as at 31 December 2009 % of total Units Name of Substantial Unitholder No. of Units Outstanding AMP Capital Investors (Luxembourg No. 4) S.a.r.l. 235,714,287 16.11 Universities Superannuation Scheme Ltd. 120,861,498 8.26 Geo

  15. Slide 15: Debt Refinance – Key Terms

    Debt Refinance – Key Terms S$ Refinancing Facility JPY Refinancing Facility Amount ƒ S$175.0 million ƒ JPY1.0 billion (S$15.8 million) ƒ Facility extended to 26 February 2010 Term ƒ 3 year term loan facility ƒ Documentation in progress for a new 2-year term loan. ƒ 1.905% per annum on S$100.0 millio

  16. Slide 16: Repositioning of the Trust

    Repositioning of the Trust 1 2 Removal of Support and Financing Risk and Commitment of an Removal of Strengthening of Internationally Financing Risk and Balance Sheet Recognised Sponsor Strengthening of Balance Sheet Enhanced Portfolio Enhanced Diversification Tenant Base and Increased Economies of

  17. Slide 17: Repositioning of the Trust

    Repositioning of the Trust 1 Removal RemovalofofFinancing FinancingRisk Riskand andStrengthening StrengtheningofofBalance BalanceSheet Sheet 9 S$ debt refinanced until 2012 50.0% 44.7% 9 Gearing of 28.9% as at 31 December 2009 40.0% 28.9% 9 Strengthen AIMS AMPCI REIT’s balance sheet and enhance 30.0

  18. Slide 18: Repositioning of the Trust

    Repositioning of the Trust 3 Enhanced EnhancedPortfolio PortfolioDiversification* Diversification* Max Contribution to Rental Income Weighted Average Lease Expiry Profile Portfolio Occupancy Rate by Any Single Property 25.0% 5.0 100.0% 20.2% 4.7 years 20.0% 99.0% 15.3% 4.5 98.8% 99.0% 15.0% Quarter

  19. Slide 19: Portfolio Management

    Portfolio Management 19 AIMS AMP CAPITAL INDUSTRIAL REIT

  20. Slide 20: A Resilient Portfolio

    A Resilient Portfolio* As at 31 December 2009, the Trust’s rental income continued to be supported by the following factors: ƒ 56.5% of rental income is derived from companies that are publicly listed or are subsidiaries of publicly listed companies. ƒ Improved tenant diversification - no head tenan

  21. Slide 21: The Trust's Portfolio as at 31 December 2009

    The Trust’s Portfolio as at 31 December 2009 Property / Address Fair Value as at 31 Property / Address Fair Value as at 31 December 2009 December 2009 (S$’m)1 (S$’m)1 Warehouse and Logistics Manufacturing 8 & 10 Pandan Crescent 122.9 1 Bukit Batok Street 22 20.0 31 Admiralty Road 15.0 20 Gul Way 41.

  22. Slide 22: The Trust's Portfolio as at 31 December 2009

    The Trust’s Portfolio as at 31 December 2009 1) Head Lease Arrangements ƒ 20 properties in the portfolio under head lease arrangements ƒ 19 of the properties were acquired in sale and lease-back transactions, which allow a greater degree of financial due diligence to be conducted on the tenants and

  23. Slide 23: Lease Expiry Profile and Top Ten Tenants

    Portfolio Profile as at 31 December 2009 Lease Expiry Profile by Rental Income Expiries as a % of rental income 50% 45% 39.0% 40% 35% ƒ Weighted average 30% lease expiry is 4.7 25% years 20% 16.1% 15% 15.8% 16.0% ƒ Portfolio occupancy 10% 7.4% rate is 99.2% 3.6% 2.1% 5% 0.0% 0.0% 0.0% 0% FY2011 FY20

  24. Slide 24: Additions to the Portfolio: The 4 AMP Capital Properties

    Additions to the Portfolio on 11 January 2010 The 4 AMP Capital Properties 23 Tai Seng Drive 3 Toh Tuck Link Land Area ƒ 3,813.6 sq m ƒ 10,724.4 sq m Net Lettable Area ƒ 8,561.0 sq m ƒ 11,446.0 sq m Tenure ƒ JTC lease 30 + 30 years from 1 August 1990 ƒ JTC Lease 30 + 30 years from 16 November 1996 P

  25. Slide 25: Additions to Portfolio post-transactions (Cont'd)

    Additions to Portfolio post-transactions (Cont’d) 56 Serangoon 30 / 32 Tuas North Avenue 4 West Road Land Area ƒ 4,999.1 sq m ƒ 12,894.9 sq m Net Lettable Area ƒ 10,424.0 sq m ƒ 14,081.0 sq m Tenure ƒ JTC lease 30 + 30 years from 16 May 1995 ƒ JTC lease 30 + 30 years from 15 January 1996 Purchase Pr

  26. Slide 26: Management Strategy

    Management Strategy 26 AIMS AMP CAPITAL INDUSTRIAL REIT

  27. Slide 27: Management Strategy

    AIMS AMP Capital Industrial REIT Æ Management Strategy 9 Sale-and-leaseback arrangements with owner occupied industrial 9 Actively manage assets to maintain facilities high tenant retention levels, a fully leased profile and maximise rental 9 Direct multi-tenant assets, reversions and minimise prope

  28. Slide 28: Sponsors' Value-Add

    Clear Growth Strategy With jointly managed platform and pan-Asia coverage, AIMS AMPCI REIT has a strong and clear growth roadmap, while also benefiting from AMP Capital’s robust risk and compliance framework in asset acquisitions Sound Risk and Organic Growth Growth from Acquisition Compliance Frame

  29. Slide 29: Outlook

    Outlook 29 AIMS AMP CAPITAL INDUSTRIAL REIT

  30. Slide 30: Economic Growth in Singapore

    Economic Growth in Singapore Global economic conditions appear to have improved in the fourth quarter of 2009 ƒ This is largely a result of synchronised actions by governments to support their respective economies and the global financial markets. ƒ In Singapore, the Ministry of Trade and Industry (

  31. Slide 31: Outlook for the financial year ended 31 March 2010

    Outlook for the financial year ended 31 March 2010 ƒAbout 98.9% of the Trust’s portfolio as at 31 December 2009 is committed with a weighted average lease to expiry of 4.7 years. ƒThis, together with the diversified nature of the Trust’s portfolio will support the stability of earnings for the balan

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