Mapletree Pan Asia Commercial Trust · SGX:N2IU

Mapletree Pan Asia Commercial Trust — Mapletree Commercial Trust — Q3 FY20/21 Earnings Presentation

24 slides from Mapletree Pan Asia Commercial Trust's earnings presentation, Jan 27, 2021

  1. Slide 1: Mapletree Commercial Trust 3Q & YTD FY20/21 Business Updates

    Mapletree Commercial Trust 3Q & YTD FY20/21 Business Updates 27 January 2021 0

  2. Slide 2: Important Notice

    Important Notice This presentation is for information only and does not constitute an offer or solicitation of an offer to sell or invitation to subscribe for or acquire any units in Mapletree Commercial Trust (“MCT” and units in MCT (“Units”)). The past performance of the Units and MCT is not indic

  3. Slide 3: Content

    Content  Key Highlights Page 3  Financial Performance Page 6  Portfolio Updates Page 10  Outlook Page 19 2

  4. Slide 4: Key Highlights

    Key Highlights VivoCity

  5. Slide 5: Key Highlights

    Key Highlights Financial Performance  YTD FY20/21 gross revenue and net property income (“NPI”) down 1.9% and 1.2% respectively mainly due to COVID-19 rental rebates for eligible tenants but offset by contribution from Mapletree Business City (“MBC”) II Portfolio Performance  Progressive recovery

  6. Slide 6: Key Highlights: Capital Management

    Key Highlights Capital Management  Proactive and prudent capital management continues to prioritise financial flexibility and liquidity  Facilities in place to refinance all borrowings due in FY21/22  Well-distributed debt maturity profile with no more than 24% of debt due for refinancing in any

  7. Slide 7: Financial Performance

    Financial Performance VivoCity

  8. Slide 8: YTD FY20/21 Financial Scorecard

    YTD FY20/21 Financial Scorecard YTD FY20/21 gross revenue and NPI down 1.9% and 1.2% respectively mainly due to COVID-19 rental rebates for eligible tenants but offset by contribution from MBC II Gross Revenue Property Expenses Net Property Income 1.9% 4.4% 1.2% 355.5 348.7 15.0 14.8 279.41 275.91 2

  9. Slide 9: Key Financial Indicators

    Key Financial Indicators Maintained robust balance sheet Every 25 bps change in Swap Offer Rate estimated to impact DPU by 0.06 cents p.a. As at As at As at 31 December 2020 30 September 2020 31 December 2019 Total Debt Outstanding S$3,002.9 mil S$2,998.9 mil S$3,014.2 mil Gearing Ratio 34.0%1 33.8%

  10. Slide 10: Debt Maturity Profile (as at December 2020)

    Debt Maturity Profile (as at 31 December 2020) Financial flexibility from more than S$500 mil of cash and undrawn committed facilities Well-distributed debt maturity profile with no more than 24% of debt due in any financial year Total gross debt: S$3,002.9 mil  Facilities in place to refinance all

  11. Slide 11: Portfolio Updates

    Portfolio Updates Mapletree Business City I

  12. Slide 12: Portfolio Occupancy

    Portfolio Occupancy Achieved healthy committed occupancy of 98.1% December 2020 December 2019 September 2020 Actual Committed1 VivoCity 99.2% 96.0% 96.9% 99.5% MBC I 99.7% 97.9% 95.2% 98.2% MBC II 99.4% 100% 99.9% 100% mTower 89.1% 69.7%2 71.1%2 88.4% Mapletree Anson 97.0% 100% 100% 100% MLHF 100% 1

  13. Slide 13: Lease Expiry Profile (as at December 2020)

    Lease Expiry Profile (as at 31 December 2020) Portfolio resilience supported by manageable lease expiries WALE Committed Basis Portfolio 2.5 years1 Retail 2.1 years Office/Business Park 2.8 years 21.9% As % of Gross Rental Income 13.5% 12.8% 12.5% 10.7% 8.6% 8.2% 7.2% 2.5% 2.1% FY20/21 FY21/22 FY22/

  14. Slide 14: VivoCity – Shopper Traffic and Tenant Sales

    VivoCity – Shopper Traffic and Tenant Sales 1Q FY20/21 impacted by ten weeks of mandatory business closures 1 Progressive recovery since Phase Two of re-opening from 19 June 2020 further boosted by festivities in 3Q FY20/21 Shopper Traffic (mil) Tenant Sales (S$ mil)2 56.1% 31.1% 800.0 714.13 50.0 7

  15. Slide 15: VivoCity – Progressive Recovery in Shopper Traffic and Tenant Sales

    VivoCity – Progressive Recovery in Shopper Traffic and Tenant Sales Rebound in tenant sales continued to outpace shopper traffic But COVID-19 protocols continue to be in place and pose disruptions Monthly Shopper Traffic and Tenant Sales (rebased against 2019) 100% Heightened safe distancing 90% mea

  16. Slide 16: Assisting Our Tenants to Weather the COVID-19 Headwinds

    Assisting Our Tenants to Weather the COVID-19 Headwinds Rendered approximately S$70 mil1 of rental assistance since the start of the pandemic To help eligible retail tenants offset on average more than 4 months of their fixed rents Average quantum of rental rebate/waiver Period for eligible tenants

  17. Slide 17: VivoCity – Revitalised F&B Cluster on Level 1

    VivoCity – Revitalised F&B Cluster on Level 1 Well-received by shoppers since its progressive opening from September 2020 Entire exercise to deliver ~30% ROI on stabilised basis1 Before Artisan Boulangerie Co Starbucks Jamie’s Italian Shake Shack – Widely popular American burger joint Green Common –

  18. Slide 18: VivoCity – Expansion by Existing Tenant

    VivoCity – Expansion by Existing Tenant Novel flagship stores by adidas further define VivoCity’s position as key destination mall  adidas Originals doubled its footprint to ~6,000 square feet on Basement 1, creating its largest flagship store in Southeast Asia  Carries the most extensive collecti

  19. Slide 19: VivoCity – Refreshing Tenant Mix

    VivoCity – Refreshing Tenant Mix Spicing up VivoCity with new and popular F&B concepts TamJai SamGor Mixian – Michelin Bib Gourmand Pizzakaya – Pizzeria and café offering HEYTEA – Bubble tea chain best-known for Noodle House specialising in Yunnan noodles Japanese-style and classic pizzas pioneering

  20. Slide 20: Outlook

    Outlook Bank of America Merrill Lynch HarbourFront

  21. Slide 21: Outlook

    Outlook Singapore Economy  Based on the Ministry of Trade and Industry’s (“MTI”) advance estimates, the Singapore economy contracted by 3.8% on a year-on-year basis in the fourth quarter of 2020, an improvement from the 5.6% contraction in the third quarter. On a quarter-on-quarter seasonally-adjus

  22. Slide 22: Outlook

    Outlook Office  Demand remained relatively weak towards the end of 2020. The lower occupancy of new developments and the impact from COVID-19 have led to higher vacancy rates in Q4 2020.  The impending rise in vacancy has led to continued downward pressure on office rents. In view of the pandemic,

  23. Slide 23: Outlook

    Outlook Overall  Notwithstanding the Phase Three easing of circuit breaker and the availability of COVID-19 vaccine, there are continued uncertainties posed by COVID-19 on the overall sector, including weaker economic sentiments, continued border closures, work-from-home directives and social dista

  24. Slide 24: Thank You

    Thank You For enquiries, please contact: Teng Li Yeng Investor Relations Tel: +65 6377 6836 Email: teng.liyeng@mapletree.com.sg 23

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