Frasers Property Ltd. · SGX:TQ5
Frasers Property — Frasers Commercial Trust — Shareholder Meeting (January 2013)
25 slides from Frasers Property's shareholder meeting presentation, Jan 25, 2013
Slide 1: Unlocking Value - Frasers Commercial Trust 4th Annual General Meeting
Unlocking Value Frasers Commercial Trust 4th Annual General Meeting 25 January 2013
Slide 2: Important notice
Important notice Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statement and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual resu
Slide 3: Contents
Contents 3 Year in review Solid fundamentals Looking ahead
Slide 4: Year in review
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Slide 5: FY2012 results highlights
Year in review 55 FY2012 results highlights Net Property Income S$102.5 million ↑ 6.8% Distributable Income Tokyo S$43.1 million ↑ 18.5% Attributable to Unitholders Osaka Distribution Per Unit 6.69 cents ↑ 16.3% Total Assets S$2.3 billion ↑ 14.6% Portfolio Weighted Average Singapore Lease Expiries 4
Slide 6: Portfolio will focus on Singapore and Australian properties
Year in review 6 Portfolio will focus on Singapore and Australian properties Azabu Aco , 1% Ebara Techno- Serve, 2% Galleria Otemae , 2% Caroline Chisholm Centre, 15% Caroline Chisholm Centre, 14% China Square China Square Central, 32% Central, 30% Post-sale of Japanese Central Park, properties * 24
Slide 7: Solid fundamentals - Stable Occupancy Rates & Long WALE
Solid fundamentals - Stable Occupancy Rates & Long WALE 7 Singapore & Australian portfolios contribute 93.3% of NPI income Healthy average occupancy rate of 94.9% Geographical occupancy and % of NPI contribution As at Key portfolio statistics 30 September 2012 WALE by gross rental income 4.7 years D
Slide 8: Portfolio reshaping – positive effects on DPU and NAV
8 Portfolio reshaping – positive effects on DPU and NAV 8 Recorded DPU growth for the third successive year since recapitalisation exercise Increase in NAV per Unit to S$1.53 1 Distribution Per Unit 8.00 6.69 5.60 5.75 6.00 4.00 2.80 2.00 0.00 2 FY2009 FY2010 FY2011 FY2012 NAV Per Unit 1.53 S$ 1.38
Slide 9: Portfolio reshaping – positive effects on Unit price and market capitalisation
9 Portfolio reshaping – positive effects on Unit price and market capitalisation 9 Portfolio reshaping strategy was well received, Unit price increased by 77.2%1 Market capitalisation increased by 80.7%1, creating shareholder value Unit Price Market Capitalisation S$ S$ million 1.400 1.320 900.0 853
Slide 10: FCOT outperformed indices in the last months
Year in review 10 FCOT outperformed indices in the last 12 months 180% Completed the FCOT, 170% divestment of 177.2% Completed Japanese the Announced properties divestment 160% the of KeyPoint Announced the refinancing of Announced S$500 million redemption of 163 Completed term loan mil CPPUs and 15
Slide 11: FCOT's portfolio reshaping strategy
FCOT’s portfolio reshaping strategy
Slide 12: Portfolio reshaping
Portfolio reshaping 12 A balanced portfolio of quality properties focusing on Singapore and Australia Singapore Australia Driven by both domestic Financial hub and open and international economy economies Longer leases and Shorter leases WALEs Balanced portfolio to optimise returns and distribution
Slide 13: Portfolio reshaping strategy has yielded positive results
Portfolio reshaping 13 Portfolio reshaping strategy has yielded positive results Remaining 50% interest in Caroline Chisholm Centre • Positive contribution to DPU April 2012 KeyPoint • Divestment proceeds redeployed for higher yield September 2012 Japanese properties * • Improve gearing to 33.7% fro
Slide 14: Unlocking values
Unlocking values
Slide 15: Redeployed KeyPoint divestment proceeds to generate higher yield
15 Unlocking values – Redeployed KeyPoint divestment proceeds to generate higher yield 15 S$160 million or 45% of the divestment proceeds from Keypoint utilised for part prepayment of SGD and AUD loans S$163 million or 46% of the divestment proceeds from Keypoint utilised for redemption of CPPUs 1 1
Slide 16: Effects of CPPU net redemption/conversion on DPU
16 Unlocking values– effects of CPPU net redemption/conversion on DPU 16 Redemption of CPPUs will be accretive to Unitholders 162.6 mil CPPUs S$8.9 mil savings in redeemed1 CPPU distribution2 S$9.3 mil savings in CPPU distribution translate to an increase in DPU by 1.43 cents 3 7.4 mil CPPUs S$0.4 m
Slide 17: Precinct Master Plan at China Square Central
Unlocking values – Precinct Master Plan at China Square Central 17 Unveiled Precinct Master Plan to transform, revitalise and rejuvenate the area Enhance traffic, connectivity and revenue generating ability of the property Covered linkway provides opportunities for alfresco dining Retail offering be
Slide 18: Solid fundamentals
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Slide 19: Healthy lease expiry profile with stable income
Solid fundamentals 19 Healthy lease expiry profile with stable income where more than 40% of lease expiry in FY2017 and beyond Post-sale of Japanese properties would increase level of income expiring in FY2017 & beyond 1 Portfolio lease expiry by gross rental income 50% 44.0% 40.8% 29.2%29.3% 30% 21
Slide 20: Quality tenants and master lease
Solid fundamentals - quality tenants and master lease 20 Master lessees/ blue chip tenants with long leases contribute 60% of total gross rental income Master Leases % (Gross Rental Tenant Lease Expiry Income) Alexandra Technopark – Orrick Investments Pte Ltd Aug 2014 20.5% Blue Chip Tenants with Lo
Slide 21: Solid fundamentals – organic growth
Solid fundamentals – organic growth 21 More than 35% of leases have built-in step-up rents FY13 - Fixed % and other fixed lease rent reviews FY13 – 16 - Portfolio fixed % reviews GROSS RENTAL INCOME Portfolio gross rental income Weighted average fixed step % Average Total Property Leases step-up ren
Slide 22: Enhanced debt maturity profile and improved gearing
22 2. Solid fundamentals – enhanced debt maturity profile and improved gearing 22 No debt maturing until FY2015 Debt maturity as at 30 September 20121 Proforma debt maturity 2 600 566 450 405 400 500 350 400 300 S$ million S$ million Post debt prepayment and divestment of Japanese 250 300 properties
Slide 23: Looking ahead
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Slide 24: Strategic initiatives to deliver growth to Unitholders
Looking ahead 24 24 Strategic initiatives to deliver growth to Unitholders Portfolio reshaping Grow portfolio in Singapore and Australia To be implemented strategy Precinct Master Plan at China Square Central Enhance asset, create value and capitalise on Proactive Asset Enhancement Initiatives at Ch
Slide 25: Thank you
Thank you Frasers Centrepoint Asset Management (Commercial) Limited Level 21 | 438 Alexandra Road | Alexandra Point | Singapore 119958 Tel: +65 6276 4882| Fax: +65 6276 8942| Email: fcot@fraserscentrepoint.com www. fraserscommercialtrust.com
Frasers Commercial Trust — Shareholder Meeting (January 2013) on 6ix