Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Suntec REIT — Q1 2012 Earnings Presentation
14 slides from Singapore Exchange's earnings presentation, April 2012
Slide 1: Financial Results for the First Quarter Ended 31 March 2012
FINANCIAL RESULTS For The First Quarter Ended 31 March 2012 AGENDA Q1 Highlights Financial Performance Portfolio Performance AEI Update Lookingg Ahead Unit Performance 2
Slide 2: Q1 Highlights
Q1 HIGHLIGHTS Q1 HIGHLIGHTS Distribution income 3.8% higher year‐on‐year DPU 2.7% 2 7% higher year‐on‐year Divestment of Chijmes completed on 20 January 2012 Suntec City AEI – Strong leasing pre‐commitments for ase 1 Phase 4
Slide 3: Financial Performance: 1Q FY12
FINANCIAL PERFORMANCE FINANCIAL PERFORMANCE: 1Q FY12 Distributable Income 3.8% higher year‐on‐year 1 January – 31 March 2012 1Q FY12 1Q FY11 Change Gross Revenue S$73.3 mil S$61.0 mil 20.1% Net Property Income S$49.0 mil S$46.7 mil 5.0% Distributable Income S$54.9 mil S$52.9 mil 3.8% Distribution pe
Slide 4: Debt-to-Asset Ratio Stood at 37.4% / Debt Maturity Profile
DEBT TO ASSET RATIO STOOD AT 37 DEBT‐TO‐ASSET 37.4% 4% Debt Metrics 31 Mar 2012 Total Debt Outstanding S$2 822 bil S$2.822 Debt‐to‐Asset Ratio1 37.4% Average All‐in Financing Cost 2.78% Interest Coverage Ratio 4.2 Corporate Family Rating “Baa2” Note: 1. Suntec REIT’s “Aggregate Leverage Ratio” as at
Slide 5: S$4 Billion of Financing Since June 2008 / NAV per Unit of S$1.987
S$4 35 BILLION OF FINANCING SINCE JUNE 2008 S$4.35 Financing Track Record 1,200 1 105 1,105 1,000 870 825 800 700 S$ mil 600 429 400 270 200 153 - Jun 2008 Apr 2009 Dec 2009 Oct 2010 Dec 2010 Aug 2011 Debt Equity Global Financial Crisis Raised S$3 S$3.77 77 bil of debt financing Raised S$582 mil
Slide 6: Distribution Timetable / Portfolio Performance
DISTRIBUTION TIMETABLE Distribution Payment Distribution Period 1 January – 31 March 2012 Amount (cents/unit) 2.453 Ex‐date 30 April 2012 Books closure date 3 May 2012 Payment date 29 May 2012 Source: ARATMS 11 PORTFOLIO PERFORMANCE
Slide 7: Strong Portfolio Committed Occupancy
STRONG PORTFOLIO COMMITTED OCCUPANCY Property As at As at As at As at As at Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Suntec City: ‐ Office 99.5% 99.5% 98.0% 99.2% 99.5% ‐ Retail 97.9% 97.1% 96.5% 96.7% 96.7% Park Mall: ‐ Office 100% 100% 100% 100% 100% ‐ Retail 100% 100% 100% 100% 100% One Raffles Quay 10
Slide 8: Office Leases Expiring in FY2012 Down to 7.5% / Retail Lease Expiry Profile
OFFICE LEASES EXPIRING IN FY 2012 DOWN TO 7 7.5% 5% Lease Expiry as % of Total Office NLA1 (sq ft) 40 0% 40.0% Expiry Profile Net Lettable Area1 35.9% 35.0% As at 31 Mar 2012 Sq ft % of Total 30.0% FY 2012 180,970 7.5% 25.0% 22.7% 20.9% FY 2013 548,809 22.7% 20.0% FY 2014 505,881 20.9% 15.0% 12.3% F
Slide 9: Committed Retail Passing Rents Remained Stable / Update on Phase 1
COMMITTED RETAIL PASSING RENTS REMAINED STABLE 12 10 89 10.89 10 7 10.7 10.67 10.48 10.27 10.16 10.10 10.09 10.12 10 8 7 70 7.70 7 72 7.72 7.45 7.44 7.44 7.45 7.47 7.48 7.51 $psf pm 6 Park Mall S Suntec Ci City 4 2 0 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Committed average
Slide 10: Remaking of Suntec City – Project Update / Leasing Pre-Commitments
REMAKING OF SUNTEC CITY – PROJECT UPDATE 4‐phased remaking of Suntec City Mall and Suntec Singapore into Singapore’s largest integrated retail, office and MICE destination Principal consultants team includes established global professionals: o Aedas ‐ Architects o Aecom ‐ Structural, Mechanical
Slide 11: Looking Ahead: AUM of S$7.6 Billion
LOOKING AHEAD AUM OF S$7.6 S$7 6 BILLION * AUM (S$b) 9.0 7.7 8.0 7.0 7.0 6.0 5.4 5.2 50 5.0 4.6 4.0 3.2 3.0 2.2 2.3 2.0 1.0 0.0 Dec 04 Sep-05 Sep-06 Sep-07 Dec-08 Dec-09 Dec-10 Dec-11 Singapore’s 2nd largest REIT by AUM with a strong portfolio of strategically‐located prime assets Office portfol
Slide 12: Well Positioned in Singapore
WELL POSITIONED IN SINGAPORE SINGAPORE‐REIT REIT SECTOR Cautiously optimistic on the economic outlook OUTLOOK Cautiously positive on 2012 office portfolio performance Proven track record in enhancing the performance of our property portfolio TRACK RECORD Strong credit standing and debt finan
Slide 13: Unit Performance
UNIT PERFORMANCE 1Q FY 2012 DPU of 2.453 cents Trading yield of 7.89 %1 Total DPU of 67.7 cents since IPO Market Capitalisation of S$2.8 billion 1 as at 31 Mar 2012 2.30 25 2.10 me (Daily, Millionss) 1.90 20 Unit Price (S$) 1.70 15 1.50 1.30 10 1.10 Volum 0.90 5 0.70 0.50 0 Dec‐04 Jun‐05 Dec
Slide 14: Thank You / Disclaimer
THANK YOU 27 DISCLAIMER This presentation is focused on the comparison of actual results for the three months ended 31 March 2012 versus results achieved in the three months ended 31 March 2011. It should be read in conjunction with Paragraph 8 of Suntec REIT’s financial results for the financial pe