Mapletree Industrial Trust · SGX:ME8U
Mapletree Industrial Trust — FY2011 Earnings Presentation
23 slides from Mapletree Industrial Trust's earnings presentation, Apr 24, 2012
Slide 1: 4Q & FY11/12 Financial Results
4Q & FY11/12 Financial Results 24 April 2012
Slide 2: Agenda
AGENDA 1 Key Highlights 2 4Q & FY11/12 Financial Performance 3 Portfolio Update 4 Outlook & Strategy 1
Slide 3: Key Highlights
KEY HIGHLIGHTS FY11/12 DPU of 8.41 cents exceeds Forecast by 12.7% with better operating performance and contributions from the Acquisition Portfolio Achieved DPU of 2.22 cents for 4QFY11/12 2.8% q-o-q increase & 15.0% y-o-y increase Strong performance driven by high rental revisions and por
Slide 4: MIT Distribution Scorecard
MIT DISTRIBUTION SCORECARD 21 Oct 10* to FY11/12 31 Mar 11 60 3.00 Amount Distributable 50.6 131.7 (S$ mil) 50 DPU (cents) 3.45 8.41 2.50 2.16 2.22 Amount Distributable (S$ mil) 2.05 1.93 1.98 40 2.00 35.2 35.8 DPU (cents) 1.52 31.6 28.3 29.0 30 1.50 22.3 20 1.00 10 0.50 0 0.00 21 Oct 10* 4QFY10/11
Slide 5: 4Q & FY11/12 Financial Performance
4Q & FY11/12 Financial Performance
Slide 6: 4QFY11/12 Actual versus Prospect Statement
4QFY11/12 ACTUAL VERSUS PROSPECT STATEMENT Actual Forecast1 Actual 4QFY11/12 4QFY11/12 / () 3QFY11/12 / () (S$’000) (S$’000) (S$’000) Gross revenue 66,292 54,896 20.8% 65,660 1.0% Property operating expenses (20,316) (17,574) 15.6% (20,088) 1.1% Net Property Income 45,976 37,322 23.2% 45,572 0
Slide 7: FY11/12 Actual versus Prospect Statement
FY11/12 ACTUAL VERSUS PROSPECT STATEMENT Actual Forecast1 FY11/12 FY11/12 / () (S$’000) (S$’000) Gross revenue 246,371 214,401 14.9% Property operating expenses (75,051) (67,810) 10.7% Net Property Income 171,320 146,591 16.9% Interest on borrowings (23,573) (21,282) 10.8% Trust expenses (21,410)
Slide 8: Healthy Balance Sheet
HEALTHY BALANCE SHEET Actual Actual Actual 31 Mar 2012 31 Dec 2011 31 Mar 2011 Total Assets (S$’000) 2,822,205 2,725,087 2,308,038 Total Liabilities (S$’000) 1,167,669 1,162,198 924,208 Net Assets Attributable to Unitholders 1,654,536 1,562,889 1,383,830 (S$’000) Net Asset Value per Unit (S$) 1.02 0
Slide 9: Robust Capital Structure
ROBUST CAPITAL STRUCTURE 400 As at 31 March 2012 350 Total Debt S$1,069.2 mil 300 Fixed as a % of Total Gross Debt (S$ mil) 85% 250 Debt Weighted Average All-in 200 2.3% Funding Cost 344 150 Weighted Average 3.0 years Tenure of Debt 251 100 Assets Unencumbered 100% 139 as % of Total Assets 126 125 5
Slide 10: Distribution Details
DISTRIBUTION DETAILS Distribution Period Distribution per Unit (cents) 1 Jan 2012 to 31 Mar 2012 2.22 Distribution timetable Dates Last day of trading on “cum” basis 27 April 2012, 5:00pm Ex-dividend date 30 April 2012, 9:00am Book closure date 3 May 2012, 5:00pm Distribution payment date By 29 May
Slide 11: Portfolio Update
Portfolio Update mapletree
Slide 12: 81 Properties Across 4 Key Property Types
81 PROPERTIES ACROSS 4 KEY PROPERTY TYPES • One of the largest industrial landlords in Singapore • Total assets of approx. S$2.7 billion • Total GFA of approx. 1.8 million sq m • Total NLA of approx. 1.3 million sq m • Tenant base of more than 2,000 MNCs, listed Light Industrial Warehouse Buildings
Slide 13: Robust Portfolio Performance
ROBUST PORTFOLIO PERFORMANCE Gross Rental Rate Occupancy S$ psf/mth 100% $1.70 94.3% 94.5% 95.1% 94.9% 91.0% 91.0% 90.7% 90.3% 91.2% 92.3% 93.2% 89.0% 89.0% 89.7% 90.3% 80% $1.60 $1.55 $1.54 $1.53 $1.52 $1.49 60% $1.50 $1.45 $1.44 $1.40 40% $1.40 $1.35 $1.31 $1.31 $1.29 20% $1.30 $1.26 $1.23 $1.21 0
Slide 14: Stable Occupancy Levels
STABLE OCCUPANCY LEVELS Breakdown of Occupancy Levels by Property Types 97.8 98.6 100 100 99.4 98.3 100 94.4 93.7 93.7 95.1 94.9 91.3 90 80 Occupancy rate (%) 70 60 50 40 30 20 10 0 Business Park Flatted Factories Stack-Up/Ramp-Up Light Industrial Warehouse Portfolio Buildings Buildings Buildings 3Q
Slide 15: Positive Rental Revisions
POSITIVE RENTAL REVISIONS Gross Rental Rate S$ psf/mth 4.50 $4.20 4.00 3.50 3.00 2.50 2.00 $1.75 $1.65 $1.49 1.50 $1.30 $1.16 $1.20 $1.04 1.00 $0.90 0.50 0.00 Business Park Flatted Factories Stack-Up / Ramp-Up Warehouse For period 4QFY11/12 Buildings Buildings Before Renewal After Renewal New Leases
Slide 16: Strong Tenant Retention
STRONG TENANT RETENTION Long Staying Tenants High Retention Rate for 4QFY11/12 >10 yrs Average Retention Rate 10.2% Up to 1 yr 15.7% 100.0% 100.0% 100.0% 79.8% 80.0% 76.1% >5 to 10 yrs 22.8% 60.0% >1 to 2 yrs 44.9% 19.2% 40.0% 20.0% 10.0% N.M. 0.0% >4 to 5 yrs 11.9% > 2 to 3 yrs Business Flatted Sta
Slide 17: Stable Rental Revenue
STABLE RENTAL REVENUE 35.0% 23.2% of Leases Due for Renewal in FY12/13 30.3% 30.0% 29.0% 25.0% by Gross Rental Income 23.2% % Expiring Leases 20.0% 17.5% 15.0% 10.0% 5.0% 0.0% FY12/13 FY13/14 FY14/15 FY15/16 & beyond Business Park Flatted Factories Stack-up / Ramp-up Light industrial Warehouse Build
Slide 18: Large and Diverse Tenant Base
LARGE AND DIVERSE TENANT BASE 4% 3.7% • Over 2,000 tenants • Largest tenant contributes <4% of Portfolio’s Gross Rental Income • Top 10 Tenants forms <19% of Portfolio’s Gross Rental Income 3% 2.8% 2.1% 2% 1.8% 1.8% 1.4% 1.4% 1.3% 1.1% 1.0% 1% 0% By Gross Rental Income 17 As at 31 March 12
Slide 19: Diversity of Tenant Trade Sector
DIVERSITY OF TENANT TRADE SECTOR By Revenue As at 31 March 2012 18
Slide 20: Outlook & Strategy
Outlook & Strategy mapletree
Slide 21: Market Outlook
MARKET OUTLOOK The economy grew by 9.9% for the quarter ended 31 March 2012 on a seasonally-adjusted quarter-on-quarter annualised basis, as compared to 2.5% contraction in the previous quarter1 Turnaround bolstered by 14.7% growth in the manufacturing sector Average rents for industrial real
Slide 22: Stable and Resilient Portfolio
STABLE AND RESILIENT PORTFOLIO Maintain stability amidst uncertain economic conditions Continued focus on organic growth through positive rental revisions Pursue advance renewal negotiations and longer lease packages Enhance financial flexibility and strengthen balance sheet Sufficient ban
Slide 23: Thank You
Thank You mapletree
Mapletree Industrial Trust — FY2011 Earnings Presentation on 6ix