Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Mapletree North Asia Commercial Trust — YTD FY20/21 Earnings Presentation
31 slides from Singapore Exchange's earnings presentation, Jan 28, 2021
Slide 1: Mapletree North Asia Commercial Trust
Mapletree North Asia Commercial Trust Business Update for the Period from 1 April 2020 to 31 December 2020 (YTD FY20/21) 28 January 2021
Slide 2: Disclaimer
Disclaimer This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in MNACT (“Units”). The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed b
Slide 3: Agenda
Agenda YTD FY20/21 Financial Summary YTD FY20/21 Operational Update Outlook Appendix Omori Prime Building, Tokyo
Slide 4: YTD FY20/21 Financial Summary
YTD FY20/21 Financial Summary 4 Sandhill Plaza, Shanghai
Slide 5: YTD FY20/21 Financial Summary
YTD FY20/21 Financial Summary Gross Revenue1,2 YTD FY20/21 NPI declined by 2.3%. In view of COVID-19, NPI for 3Q FY20/21 was higher rental reliefs were granted to support tenants at FW higher by 6.2% as a S$290.8m mall. Average rental rates at FW mall and GW were also lower quantum of rental 4.
Slide 6: YTD FY20/21 Portfolio Contribution
YTD FY20/21 Portfolio Contribution (Including contribution from The Pinnacle Gangnam) S$292.7m S$216.9m Contribution to FW 47% Contribution FW 47% Gross Revenue1 GW 20% to NPI1 GW 21% (YTD FY20/21) SP 6% (YTD FY20/21) SP 8% JP 26% JP 23% TPG2 1% TPG2 1% 1. For presentation purpose, the Gross Revenue
Slide 7: YTD FY20/21 Portfolio Gross Revenue and NPI by Asset
YTD FY20/21 Portfolio Gross Revenue and NPI by Asset Gross Revenue by Asset (S$m) NPI by Asset (S$m) 1.8 1.5 37.1 76.6 FW 14.2% 28.7 FW 18.5% 17.5 49.8 18.9 62.4 19.0 GW 6.0% 50.2 17.7 GW 7.0% 58.6 46.7 SP 0.8% SP 1.0% 159.3 136.6 JP 106.1% 124.2 101.2 JP 73.9% TPG N/A TPG N/A YTD FY19/20 YT
Slide 8: Balance Sheet and Capital Management Metrics
Balance Sheet and Capital Management Metrics Assets under Total Net Asset Value Balance Sheet Management1 Gross Debt2 per Unit Metrics S$8,134.6m S$3,489m S$1.306 30 September 2020: 30 September 2020: 30 September 2020: S$7,948.3m S$3,322m S$1.337 Aggregate Interest Cover Ratio on Annualised Effecti
Slide 9: Prudent Capital Management
Prudent Capital Management Debt Maturity Profile (as of 31 December 2020) ~25% Total Gross Debt1: S$3,489m Bank Debt Floating- (Denomination: ~59% HKD, ~32% JPY,~5% KRW, ~3% SGD,~ 1% RMB) Fixed Rate Notes Rate (S$m) Interest Rate ~75% 1,000 829 842 Borrowings 800 814 Risk Fixed-Rate 564 224 41 41 60
Slide 10: YTD FY20/21 Operational Update
YTD FY20/21 Operational Update mBAY POINT Makuhari, Chiba
Slide 11: Portfolio of Commercial Properties in North Asia Providing Income and Geographical Diversification
Portfolio of Commercial Properties in North Asia Providing Income and Geographical Diversification As of 31 December 2020, 12 Properties Festival Walk The Pinnacle Gangnam, Seoul in Beijing, Hong Kong SAR1, (50% effective interest) Japan, Seoul and Shanghai Tokyo Tokyo Tokyo Tokyo Gateway Plaza, Bei
Slide 12: Portfolio Tenant Mix and Top 10 Tenants
Portfolio Tenant Mix and Top 10 Tenants (As of 31 December 2020) Top 10 Tenants by Monthly GRI (For the Month of December 2020) Machinery / Equipment / Manufacturing 15.1% Tenant Building Apparel & Fashion Accessories 12.8% Financial Institution / Insurance / Banking / Real Estate 12.7% 1. BMW GW Fo
Slide 13: Well-Staggered Lease Expiry Profile
Well-Staggered Lease Expiry Profile Portfolio Lease Expiry Profile by Percentage of Monthly GRI (As of 31 December 2020) 29.0% ~3.6% already 24.0% renewed or re-let 20.0% 21.6% 13.3% 12.7% 13.8% 11.1% 9.7% 9.3% 5.4% 5.7% 2.7% 2.4%0.9%1.9%1.5% 2.3%2.5% 2.1%1.8% 1.5%0.7% 0.7%0.5%1.3%0.2% 0.4% 0.6% 0.4
Slide 14: Update on Festival Walk, Hong Kong SAR
Update on Festival Walk, Hong Kong SAR Festival Walk Hong Kong SAR Retail Market In Hong Kong SAR, retail sales Occupancy 98.9% Retail from October 2020 to November (As of 31 December 2020) Compared to 99.0% as of Lower spending by the locals 2020 declined by 6.4%1, an 30 September 2020 amidst t
Slide 15: Update on Festival Walk, Hong Kong SAR
Update on Festival Walk, Hong Kong SAR On account of the estimated insurance claims for property damage and revenue loss (“Business Interruption Insurance Amount”) during Festival Walk’s closure, the insurers have made an additional interim payment of HK$59 million (approximately S$10.5 million) d
Slide 16: Festival Walk Mall – Retail Sales and Footfall
Festival Walk Mall – YTD FY20/21 Retail Sales and Footfall Retail sales and footfall continued to improve during 3Q FY20/21. Comparing 3Q FY20/21 vs 2Q FY20/21, retail sales increased by 19.8% while footfall improved by 24.0%, due to the festive season and progressive easing of the restrictive COV
Slide 17: Enhancing Festival Walk Mall as a Lifestyle Hub
Enhancing Festival Walk Mall as a Lifestyle Hub Continuously refresh tenant mix and bring in trades that are resilient, including 01 F&B, lifestyle and services Recruit young and fast moving/trendy/service Introduced a wide range of new F&B concepts trades into MTR level to capture impulse purchases
Slide 18: Enhancing Festival Walk Mall as a Lifestyle Hub
Enhancing Festival Walk Mall as a Lifestyle Hub Continuously refresh tenant mix and bring in trades that are resilient, including 01 F&B, lifestyle and services Conversion of apparel shops to introduce Continued to bring in fresh yet complementary retail experiential/service offerings concepts inclu
Slide 19: Enhancing Festival Walk Mall as a Lifestyle Hub
Enhancing Festival Walk Mall as a Lifestyle Hub 02 Support retailers to boost sales 03 Digital transformation to enrich via alternative platforms shopping experience and increase digital touchpoints ‘MyFestival’ Loyalty Programme Partnership with Integrated into an enhanced Festival Walk mobile app
Slide 20: Update on China, Japan and Korea Properties
Update on China, Japan and Korea Properties Gateway Plaza, Beijing Sandhill Plaza, Shanghai Japan Properties The Pinnacle Gangnam, Seoul Occupancy 92.9% 97.4% 97.9%1 97.5% (As of 31 December 2020) Compared to 92.2% Compared to 96.9% Compared to 97.8% Compared to 89.6% as of 31 July as of 30 Septembe
Slide 21: Opportunities to Capture Demand for Office Space
Opportunities to Capture Demand for Office Space CHINA JAPAN SOUTH KOREA Continue to ride on China’s economic recovery and growth Key trends Key trends Promotion of the dual circulation strategy: to boost domestic consumption • Increased usage of • High-growth industries and domestic market, while
Slide 22: Safety of our Shoppers and Tenants Remains a Key Priority
Safety of our Shoppers and Tenants Remains a Key Priority FW SP JP Other precautionary measures continue to be in place: Hand sanitizers are placed at common areas for use by shoppers and tenants. UV disinfection devices on the Antimicrobial layers applied on high- handrails of escalators located Cl
Slide 23: Outlook
Outlook 23 Gateway Plaza, Beijing
Slide 24: Outlook
Outlook There are green shoots of economic recovery in 2021. However, new waves of COVID-19 and uncertainties around vaccination rates may pose risks to the onset or pace of recovery. Hong Kong SAR Leasing momentum is forecasted to remain weak as retailers are expected to remain cautious towards t
Slide 25: Outlook
Outlook Greater Tokyo, Japan State of emergency was declared for Tokyo, Saitama, Kanagawa and Chiba in January 2021 amidst the resurgence of COVID-19 cases. Office vacancy rates in Tokyo are likely to inch up while average rental rates are expected to remain flattish due to subdued demand for of
Slide 26: Thank You
26 Thank You mapletree north asia commercial
Slide 27: Appendix
mBAY POINT Makuhari SII Makuhari Building Fujitsu Makuhari Building Appendix MNACT’s properties in Chiba, Japan
Slide 28: Overview of Mapletree North Asia Commercial Trust (MNACT)
Overview of Mapletree North Asia Commercial Trust (“MNACT”) Singapore’s first commercial REIT with properties in China, in Hong Kong SAR and in Japan (listed since 7 March 2013) Trust Structure Investment Mandate Sponsor Public To invest in a diversified portfolio of Mapletree Investments Unithold
Slide 29: Diversified Portfolio of Quality Commercial Assets
Diversified Portfolio of Quality Commercial Assets Festival Walk, Gateway Plaza, Sandhill Plaza, Japan Properties, The Pinnacle Gangnam, Hong Kong SAR Beijing, China Shanghai, China Greater Tokyo Seoul One of the largest malls in A premier Grade-A office A premium business park Eight Freehold Proper
Slide 30: Continue to Pursue Diversification of Portfolio to Reduce Geographical and Income Concentration
Continue to Pursue Diversification of Portfolio to Reduce Geographical and Income Concentration Investing in assets across diversified markets in China, Hong Kong SAR, Japan and South Korea enhances 31 Dec 2020: our ability to deliver sustainable returns. S$8.1 billion 7 March 2013 (IPO) FY15/16 Ass
Slide 31: Strong Alignment with Unitholders
Strong Alignment with Unitholders Management is incentivised to deliver sustainable and quality DPU growth. • First S-REIT with no AUM-based fee structure • Performance-based feature incentivises the Manager to grow DPU Management Fee Structure REIT Base Fee: 10.0% of Distributable Income1 Managem
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