Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Sabana Shari'ah Compliant Industrial REIT — FY2020 Earnings Presentation
29 slides from Singapore Exchange's earnings presentation, Jan 22, 2021
Slide 1: 2H 2020 and FY 2020 Financial Results Presentation
Sabana Shari’ah Compliant Industrial REIT Friday, 22 January 2021 2H 2020 and FY 2020 Financial 1Q 2020 Interim Business Updates Results Presentation
Slide 2: Agenda
Agenda 01 Key Updates and Highlights 02 Financial Performance 03 Capital Management 04 Portfolio Performance 05 Market Outlook & Strategy 2
Slide 3: Key Updates and Highlights
01 Key Updates and Highlights
Slide 4: Corporate Updates
Corporate Updates I. Board changes Additions on 1 January 2021 ▪ Mr Yeo Wee Kiong appointed as new Independent Non-Executive Director(1) • And as Chairman of the Nominating and Remuneration Committee and a member of the Audit and Risk Committee ▪ Mr Willy Shee appointed as new Independent Non-Execut
Slide 5: 2H 2020 at a Glance
2H 2020 AT A GLANCE For the period from 1 July 2020 to 31 December 2020 TOTAL AMOUNT AVAILABLE FOR GROSS REVENUE DISTRIBUTION $37.44m $18.03m(1) 2H 2019: $39.61m 2H 2019: $16.30m 1H 2020: $34.26m 1H 2020: $11.08m DISTRIBUTION AMOUNT DECLARED PER NET PROPERTY INCOME (“NPI”) UNIT (“DPU”) (2) $23.78m 2
Slide 6: FY 2020 at a Glance
FY 2020 AT A GLANCE For the year ended 31 December 2020 TOTAL AMOUNT AVAILABLE FOR GROSS REVENUE DISTRIBUTION (1) $71.70m $29.11m FY 2019: $76.34m FY 2019: $30.74m(2) DISTRIBUTION AMOUNT DECLARED PER NET PROPERTY INCOME (“NPI”) UNIT (“DPU”) (1) $44.64m 2.76 cents FY 2019: $51.61m FY 2019: 2.92 cents
Slide 7: Key Financial Highlights
Key Financial Highlights Financial Highlights ❖ 2H 2020 Results ▪ Year-on-year (“y-o-y”) gross revenue declined by 5.5% to $37.4 million. ▪ Y-o-y NPI was 11.7% lower, mainly due to the termination of master lease under 10 Changi South Street 2 in 2H 2019 and higher allowances of impairment loss on t
Slide 8: Key Property Highlights
Key Property Highlights Progress on AEI and Rejuvenation of Select Assets(*) ▪ Increased retail mall take-up at new NTP+ mall (~77.3% of Phase 1 as at 31 December 2020); in final round of negotiations for the lease of 100.0% of food court space (Phase 2) on level 2 • Completion on track for 1Q 2021
Slide 9: Financial Performance
Sasana 02 Financial Performance
Slide 10: Financial Performance
Financial Performance Underlying DPU growth for 2H 2020 excluding exceptional items – driven by business recovery post “Circuit Breaker” and proactive engagement by the Manager ▪ Stripping out the release of the previously withheld distribution Distributable Amount Available Per Unit (cents) amount
Slide 11: 2H 2020 and FY 2020 Results
2H 2020 and FY 2020 Results 2H 2020 2H 2019 Variance 1H 2020 Variance FY 2020 FY 2019 Variance ($’000) (%) (%) (%) Gross Revenue (1) 37,438 39,609 (5.5) 34,263 9.2 71,701 76,338 (6.1) NPI (1) 23,781 26,919 (11.7) 20,862 14.0 44,643 51,612 (13.5) Total Amount Available for Distribution 18,033 16,292
Slide 12: Balance Sheet
Balance Sheet As at As at ($’000) 31 December 2020 31 December 2019 Investment properties(1) 904,565 949,241 Investment property held for divestment(1) 13,794 14,888 Other assets 12,358 7,518 Total assets 930,717 971,647 Borrowings, at amortised cost(2) 284,019 275,184 Other liabilities 106,951 101,
Slide 13: Capital Management
Sasana 03 Capital Management
Slide 14: Capital Management
Capital Management As at As at 31 December 2020 31 December 2019 Total Borrowings ($ m) 284.8 276.5 - Term loans 226.3 220.0 - Revolving Facilities 58.5 56.5 Aggregate leverage(1) (%) 33.5 31.1 Proportion of total borrowings on fixed rates (%) 50.0 36.2 Average all-in financing cost (%) 3.1 3.9 Prof
Slide 15: Borrowings Maturity Profile
Borrowings Maturity Profile Maturities of total outstanding borrowings of $284.8 million As at 31 December 2020 200 $150.5m(1) 150 $113.3m(2) 50.5 7 $m 100 50 100 106.3 $21.0m(3) 1 20 0 2021 2022 2023 Term loans Revolving facilities (1) Excludes $2.5 million of undrawn revolving credit facility matu
Slide 16: Distribution Details
Distribution Details Sabana REIT Code: M1GU Distribution period DPU (cents) 1 July 2020 to 31 December 2020 2.29 Distribution Timetable Last date that the Units are quoted on a “cum”- distribution basis Thursday, 28 January 2021 Ex-date Friday, 29 January 2021 Books closure date Monday, 1 February 2
Slide 17: Portfolio Performance
04 Portfolio ~ Performance
Slide 18: Portfolio Overview
Portfolio Overview As at 31 December 2020 Our properties are diversified into four industrial segments across Singapore, close to expressways and public transportation. NUMBER OF PROPERTIES PORTFOLIO WALE 18 3.1 Years PORTFOLIO VALUE TOTAL GFA (SQ FT) $840.1m 4.1 million TENANT BASE TOTAL NLA (SQ FT
Slide 19: Overview of Portfolio Occupancy
Overview of Portfolio Occupancy Occupancy rates as at 31 December 2020 100% 80.6% 80.2% 78.8% 76.5% 80% 75.3% 76.8% 75.4% 77.0% 77.3% 76.8% 72.3% 72.7% 60% 40% 20% 0% 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Multi-tenanted Portfolio 19
Slide 20: Well-diversified Portfolio
Well-diversified Portfolio Breakdown of Asset Types Breakdown of Master-leased By Gross Rental Income and Multi-tenanted Properties By Gross Rental Income 6.2% 15.2% 24.5% 59.3% 10.0% 84.8% High-Tech Industrial Chemical Warehouse & Logistics Master Lease Multi-tenant Warehouse & Logistics General In
Slide 21: Breakdown of Occupancy Rates
Breakdown of Occupancy Rates As at As at 31 Dec 2020 30 Jun 2020 Portfolio GFA 4,127,767 sq ft 4,127,767 sq ft Portfolio occupancy 4 properties, master leases(1) 100.0% 100.0% 12 properties, multi-tenanted(2) 78.8%(3) 72.7% 18 properties, total portfolio(4) 76.5% 77.3% Weighted average master lease
Slide 22: Proactive Lease Management
Proactive Lease Management Lease Expiry by Gross Rental Income as at 31 December 2020 30.0% 25.0% 20.0% 15.0% 22.2% 15.2% 21.1% 10.0% 19.8% 5.0% 6.5% 6.4% 4.0% 3.6% 0.0% 1.2% 2020 2021 2022 2023 2024 Beyond 2024 Master Lease Multi-tenanted 22
Slide 23: Leasing Update
Leasing Update 68 new and renewed leases secured for FY 2020, totalling >1.3 million sq ft; Positive rental reversion for the year 1H 2020 2H 2020 FY 2020 Renewal (sq ft) 161,437 634,795 796,232 (No. of Leases) (10) (20) (30) New Leases (sq ft) 176,009 368,708 544,717 (No. of Leases) (15) (23) (38)
Slide 24: Diverse Base of Tenants
Diverse Base of Tenants Trade Sectors By Gross Rental Income as at 31 December 2020 Others, 10.5% Chemical, 2.6% Printing, 1.4% Fashion & Apparel, 2.8% Construction & Utilities, Electronics, 27.2% 2.2% Telecommunication & Data Warehousing, 12.1% 124 diverse tenants Storage, 3.4% Engineering, 3.6% Re
Slide 25: Long Weighted Average Leasehold For Underlying Land
Long Weighted Average Leasehold For Underlying Land Long underlying land leases, with an average of 30.4 years by GFA 47.6% 21.9% 13.4% 10.0% 7.1% - - 2032 - 2036 2037 - 2041 2042 -2046 2047 -2051 2052 - 2056 2057- 2061 Beyond 2061 Percentage of unexpired land lease term by GFA(1) (1) As at 31 Decem
Slide 26: Market Outlook & Strategy
05 Market Outlook & Strategy
Slide 27: Market Outlook & Strategy
Market Outlook & Strategy Singapore Economic Outlook Industrial Property Outlook Sabana REIT ▪ The Ministry of Trade and Industry (“MTI”) ▪ While the sector is expected to brighten gradually ▪ Macroeconomic landscape still Singapore’s latest advance estimates as the global manufacturing outlook impr
Slide 28: Contact Us
Sabana Real Estate Investment Management Pte. Ltd. (Company registration no: 201005493K, Capital markets services licence no: CMS100169) 151 Lorong Chuan #02-03 New Tech Park Singapore 556741 Tel: +65 6580 7750 Fax: +65 6280 4700 Contact Us www.sabana-reit.com For enquiries, please contact: Ms Diann
Slide 29: Annex: NTP+ and 23SNA5
Annex: NTP+ and 23SNA5 AEI: New Tech Park represents approximately Rejuvenation: one third of portfolio value 23SNA5 29
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