CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — Shareholder Meeting (April 2021)
26 slides from CapitaLand Integrated Commercial Trust's shareholder meeting presentation, Apr 14, 2021
Slide 1: CapitaLand Integrated Commercial Trust Annual General Meeting
CAPITALAND INTEGRATED COMMERCIAL TRUST Annual General Meeting 14 April 2021
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors incl
Slide 3: Contents
Contents Slide No. 1. Highlights 04 2. Capital Management 13 3. Value Creation 17 Note: Presentation should be read together with CICT Annual Report 2020. * Any discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding. 3
Slide 4: Highlights
Highlights The Work Project, Capital Tower
Slide 5: CapitaLand Integrated Commercial Trust
CapitaLand Integrated Commercial Trust Largest proxy for Singapore’s commercial real estate market Market Capitalisation S$14.0 billion (1) Portfolio Property Value S$22.3 billion (2) Total Net Lettable Area 10.4 million sq ft (3) NAV per Unit S$2.00 (4) Leading integrated commercial REIT underpinne
Slide 6: FY 2020 financial highlights
FY 2020(1) financial highlights Lower FY 2020 results largely due to rental waivers granted by landlord to tenants affected by COVID-19 (S$ million) 276.5 204.3 S$745.2 114.1 150.3 million Gross Revenue ▼5.3 % y-o-y 1Q 2020 2Q 2020 3Q 2020 4Q 2020 (S$ million) 191.9 S$512.7 148.3 114.3 68.1 million
Slide 7: FY 2020 distribution
FY 2020 distribution (S$ million) 145.4(5) 114.3(4) S$369.4 78.1(3) 31.6 (2) million(1) Distributable Income ▼16.4 % y-o-y 1Q 2020 2Q 2020 3Q 2020 4Q 2020 (S$ million) 3.10 2.63(6) 8.69 2.11 0.85 cents Distribution per Unit (DPU) ▼27.4 % y-o-y 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Note: 1. For FY 2020, RC
Slide 8: Operational highlights – Portfolio & Integrated Developments
Operational highlights – Portfolio & Integrated Developments(1) Portfolio 96.4% Portfolio WALE by Monthly 3.0 Years Occupancy as at 31 Dec 2020 Gross Rental Income (GRI) as at 31 Dec 2020 21.1% GRI for the month of Number of 3,092 Top 10 tenants’ December 2020(2) No single tenant Tenants as at 31 De
Slide 9: Operational highlights – Retail segment
Operational highlights – Retail segment(1) Retail 98.0% Retail WALE by 1.8 Years Occupancy as at 31 Dec 2020 Monthly GRI as at 31 Dec 2020 q 6.6% 84.5% Y-o-Y Y-o-Y Rental Reversion FY 2020 Retention Rate FY 2020 Recovered to Recovered to 67.9% Tenants’ Sales 94.5% of the level a year ago of the leve
Slide 10: Operational highlights – Office segment
Operational highlights – Office segment Singapore and Germany office assets 2.9 167,000 Office 94.9% Years Total New & 25% as at 31 Dec Office WALE by as at 31 Dec sq ft New Occupancy(1) 2020 Monthly GRI 2020 Renewal Leases 4Q 2020 Leases 4Q 2020 Singapore office assets 95.1% as at 31 Dec 2020 Singa
Slide 11: Valuation – Largely stable over a six-month period
Valuation – Largely stable over a six-month period S$22.3 billion S$22.4 billion(1) Value as at 30 Jun 2020 Value as at 31 Dec 2020 -0.4% Valuation Valuation(1) Range of Cap Rates Variance as at 31 Dec 20 as at 31 Dec 20 as at 30 Jun 20 S$ million S$ million S$ million % % Retail Assets 7,379.5 7,35
Slide 12: Business highlights
Business highlights • Issued HKD426.0 million fixed rate notes due 27 November 2030; swapped to S$75.2 million at 2.156% per annum. Capital • Issued S$250.0 million fixed rate notes due 7 December 2032 at 2.15% per annum. management • As at end-2020, 96% of CICT’s assets obtained green rating while
Slide 13: Capital Management
Capital Management Joe & Dough, Capital Tower
Slide 14: Debt maturity profile as at 31 December 2020
Debt maturity profile as at 31 December 2020 Facilities in place to refinance debt expiring in 2021 S$ million 1,800 16% 16% 1,600 1,558 1,503 14% 1,400 13% 1,344 13% 1,212 1,184 1,200 900 10% 265 870 1,000 389 916 832 8% 800 761 299 438 350 600 185 418 4% 400 212 290 658 3% 633 481 2% 200 432 407 1
Slide 15: Diversified sources of funding and certainty of interest expense
Diversified sources of funding and certainty of interest expense Borrowings on Floating Rate 17% Assuming +0.1% p.a. Unsecured Proforma impact on: Bank Loans increase in interest rate 32% Funding Sources Borrowings as at Estimated additional (2) (1) MTN & as at +S$1.6 million p.a. 31 December 2020 R
Slide 16: Key financial indicators
Key financial indicators As at As at 31 December 2020 30 September 2020 Unencumbered Assets as % of Total Assets 95.8% 100.0% Aggregate Leverage(1) 40.6% 34.4% Net Debt / EBITDA(2) N.M. 7.6x Interest Coverage(3) 3.8x 4.0x Average Term to Maturity (years) 4.1 4.3 Average Cost of Debt(4) 2.8% 3.1% CIC
Slide 17: Value Creation
Value Creation Edible Farm, Funan
Slide 18: Value creation strategy
Value creation strategy To deliver stable distributions and sustainable returns to unitholders AEIs and Prudent Cost and Organic Growth Acquisition Portfolio Reconstitution Redevelopment Capital Management • Driving occupancy • Achieving the • Investing through • Undertaking • Procuring services in
Slide 19: Creating value through asset enhancement and portfolio growth
Creating value through asset enhancement and portfolio growth Rejuvenation Works at Lot One Shoppers’ Mall Immediate term (0.5 to 1 year) • Complete ongoing AEIs and redevelopments • Proactive leasing and repositioning tenant mix • Explore AEI plans for selected existing assets Revitalising Six Batt
Slide 20: ESG highlights: Building portfolio resilience & resource efficiency
ESG highlights: Building portfolio resilience & resource efficiency CMT and CCT achieved 5-Star rating in Global Real Estate Sustainability Benchmark 2020 About 96% of CICT’s properties are at least 2020 Targets Met(2) 2021 – 2030 Targets(3) Green Mark or LEED certified Low Carbon Transition • Reduc
Slide 21: ESG highlights: Uphold high standards of corporate governance
ESG highlights: Uphold high standards of corporate governance CICT Manager • CCT(1) and CMT(1) ranked 11st and 2 respectively for the second consecutive year in the Singapore Governance & Transparency Index (SGTI) 2020 • CCT(1) and CMT(1) ranked 44th and 77th respectively in the Governance Index for
Slide 22: Enable thriving and future-adaptive communities
Enable thriving and future-adaptive communities Focus on health and safety of stakeholders, high performance culture for staff and delightful customer experiences Note: Photos of activities shown taken pre-COVID 19 22
Slide 23: 3-year trading performance
3-year trading performance Outperformed STI, FTSE ST REIT and FTSE ST Real Estate albeit being impacted by significant market volatility in 2020; total return from 2018 to 2020: 16.51% (1) 40% 30% 20% 10% 0% +1.4% Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 -0.5% -10% -9.8% -16.4% -20% -30% -40
Slide 24: Singapore market expects limited new supply
Singapore market expects limited new supply Future new retail supply averaged 0.3 mil sq ft Future new office supply averaged 1.13 mil sq ft (2021 to 2023) (2021 to 2023) Historical 3-Year Annual Average Supply (2018 – 2020): 0.86 mil sq ft Historical 3-Year Annual Average Supply (2018 – 2020): 1.19
Slide 25: CICT: proxy for Singapore's commercial real estate
CICT: proxy for Singapore’s commercial real estate 25
Slide 26: Thank you
Thank you For enquiries, please contact: Ms Ho Mei Peng , Head, Investor Relations, Direct: (65) 6713 3668 Email: ho.meipeng@capitaland.com CapitaLand Integrated Commercial Trust Management Limited (http://www.cict.com.sg) 168 Robinson Road, #25-00 Capital Tower, Singapore 068912 Tel: (65) 6713 2888
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