Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Soilbuild Business Space REIT — Q1 2014 Earnings Presentation
25 slides from Singapore Exchange's earnings presentation, Apr 29, 2014
Slide 1: 1Q FY2014 Results Presentation
1Q FY2014 Results Presentation 29 April 2014 1
Slide 2: Disclaimer
Disclaimer This presentation should be read in conjunction with the financial statements of Soilbuild Business Space REIT for the period from 1 January 2014 to 31 March 2014 (hereinafter referred to 1Q FY2014). This presentation is for information only and does not constitute an offer or solicitatio
Slide 3: Content
Content Key Highlights 4 1Q FY2014 Financial Performance 6 Financial Position / Capital Management 10 Portfolio Update 13 Market Update and Outlook 22 3
Slide 4: Key Highlights
Key Highlights 4
Slide 5: Key Highlights of 1Q FY2014
Key Highlights of 1Q FY2014 •Distribution per Unit for 1Q FY2014 at SGD 1.562 cents – 6.1% above the Forecast (1). 1Q FY2014 Results •Portfolio Gross Revenue and Net Property Income for 1Q FY2014 outperformed the Forecast (1) by 3.9% and 5.3% respectively. •100.0% of debt hedged. Average all-in inte
Slide 6: 1Q FY2014 Financial Performance
1Q FY2014 Financial Performance 6
Slide 7: Distribution per Unit
Distribution per Unit 1Q FY2014 For the period from Variance 1 January 2014 to 31 March 2014 Actual Forecast (%) Distributable Income (S$’000) 12,606 11,876 6.1% Distribution per Unit (“DPU”)(1) (cents) 1.562 1.472 6.1% Adjusted Annualised DPU (cents) (2) 6.028 Adjusted Annualised Distribution Yield
Slide 8: 1Q FY2014 Financial Results – P&L
1Q FY2014 Financial Results – P&L For the period from 1 January 2014 to 31 March 2014 Variance Actual Forecast (%) (S$’000) Gross Revenue 16,839 16,209 3.9% Less Property Expenses (2,644) (2,723) 2.9% Net Property Income 14,195 13,486 5.3% Manager’s Fees (1,261) (1,188) (6.1%) Trustee’s Fees (42) (3
Slide 9: 1Q FY2014 Distribution
1Q FY2014 Distribution Distribution Details 1Q FY2014 Distribution Period 1 January 2014 – 31 March 2014 Distribution Amount 1.562 cent per unit Distribution Timetable 1Q FY2014 Last Day of Trading on “cum” Basis Monday, 5 May 2014 Ex-Date Tuesday, 6 May 2014 Books Closure Date Thursday, 8 May 2014
Slide 10: Financial Position/ Capital Management
Financial Position/ Capital Management 10
Slide 11: 1Q FY2014 Financial Results – Balance Sheet
1Q FY2014 Financial Results – Balance Sheet All figures S$’000 unless otherwise stated Unaudited Actual Audited Actual as at as at 31 March 2014 31 Dec 2013 Investment Properties 935,012 935,000 Other Assets 26,380 20,292 Total Assets 961,392 955,292 Current Liabilities 11,929 9,149 Bank Borrowings
Slide 12: Proactive Capital Management
Proactive Capital Management Borrowing Details 100.0% of Debt already hedged Total Debt Facility S$285 million 75.0% of the initial debt drawn down at IPO Total Debt Drawn Down S$280 million fixed with 2, 3 and 4 year interest rate swaps Aggregate Leverage(1) 29.1% The remaining 25.0% of the initial
Slide 13: Portfolio Update
Portfolio Update 13
Slide 14: Portfolio Overview
Portfolio Overview Soilbuild REIT Properties are located in key technology, media and back office hubs and logistics clusters, which are near air and sea transportation ports such as Changi Airport, Jurong Port and the planned mega container port at Tuas expected to be operational around 2022. Portf
Slide 15: Portfolio Summary
Portfolio Summary Achieved 100% portfolio occupancy as at 31 March 2014 due to new take up at Eightrium @ Changi Business Park Property Remaining Occupancy Occupancy Purchase Lease Age (1) Land Lease Rate(2) Rate as at Price Property Type Arrangement (Years) (Years) as at 31 Mar 14 IPO (S$ Million)
Slide 16: Key Portfolio Metrics
Key Portfolio Metrics 1 2 Portfolio Income by Property Well Spread Trade Sectors(1) Marine Offshore, Oil & Gas Solaris NK 20.1% 21.3% 24.7% Ingredients COS Precision Engineering, Electrical 7.0% Printers and Machinery Products 1.3% Supply Chain Management, 3rd Beng Kuang Party Logistics, Freight For
Slide 17: Leasing Update
Leasing Update Renewals / Re-leased space 1Q FY2014 Gross Rent Gross Rent No. of Leases Area (sqft) before Renewal / Re-let after Renewal / Re-let Rental Reversion ($ psf) ($ psf) Renewed 1 34,741 1.70 1.70 0% Re-let 2 73,581 2.32 2.53 9.10% 3 108,322 2.12 2.26 6.60% For the three lease expiries in
Slide 18: Lease Expiry Profile
Lease Expiry Profile Lease Expiry Profile Post renewals / re-let / forward renewals (% of NLA) 40% Forward renewals 35% 2.8% 2.8% 1.5% 30% 2.5% of total NLA 25% re-let with new tenancies 20% 2.5% 15% 30.8% 1.0% 30.7% 10% 14.4% 12.4% 5% 6.4% 0% 2014 2015 2016 2017 >2017 Leases due for renewal 1Q FY20
Slide 19: Well Staggered Lease Expiry Profile
Well Staggered Lease Expiry Profile Portfolio Lease Expiry Profile as at 31 Mar 2014 (% of NLA & Gross Rental Income) WALE 3.6 years (by NLA) 50% WALE 3.7 years (by Gross Rental Income) 44.7% 45% 40% 35.0% 35% 30.8% 30% 24.2% 25% 20% 14.4% 15% 13.4% 13.0% 10.4% 10% 7.7% 6.4% 5% 0% 2014 2015 2016 201
Slide 20: Quality and Established Tenant Base
Quality and Established Tenant Base Top 10 Tenants (By Gross Rental Income) (1) Huawei International Pte Ltd 1.4% C.O.S Printers Pte Ltd 1.5% Knowledge Universe Singapore Pte Ltd 1.5% PICCO Enterprise Pte Ltd 1.7% Dyson Operations Pte Ltd 1.8% DBS Bank Ltd 2.1% Nestle Singapore (Pte) Ltd 4.4% Schenk
Slide 21: First Acquisition since Listing
First Acquisition since Listing PROPERTY DESCRIPTION An existing four-storey industrial building (“Phase 1”) and a proposed single storey workshop to be constructed (“Phase 2”), located at the northern tip of Woodlands, along Senoko Way and adjacent to the nearby shipyards. The property is accessibl
Slide 22: Market Update and Outlook
Market Update and Outlook 22
Slide 23: Median Rents of Business Space
Median Rents of Business Space 1 2 Median Rents for Private Business Park Median Rents for Private Single-user Factory 5.00 2.40 2.20 4.50 2.12 2.00 $ psf per month $ psf per month 4.20 4.00 1.80 3.82 1.67 1.60 3.50 1.40 3.00 1.20 1.00 2.50 0.80 2.00 0.60 2007 2008 2009 2010 2011 2012 2013 2007 2008
Slide 24: Market Update and Outlook
Market Update and Outlook •Singapore’s economy grew by 5.1% on a year-on-year basis in 1Q FY2014, lower than the 5.5% growth in the previous quarter. On a quarter-on-quarter basis, the economy grew by 0.1%, Singapore’s moderating from the 6.1% expansion in the preceding quarter. Economy •The Singapo
Slide 25: Thank You
Thank You Key Contacts: Shane Hagan Roy Teo Chief Executive Officer Chief Operating Officer Tel: (65) 6415 5980 Tel: (65) 6415 5983 Email: shane.hagan@soilbuild.com Email: roy.teo@soilbuild.com 25
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