Singapore Exchange Ltd. · SGX:S68

Singapore Exchange — Mapletree Commercial Trust — FY2020/21 Earnings Presentation

36 slides from Singapore Exchange's earnings presentation, Apr 27, 2021

  1. Slide 1: 2H and FY20/21 Financial Results

    Mapletree Commercial Trust 2H and FY20/21 Financial Results 27 April 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 the units in MCT, the “Units”). The past performance of MCT and Mapletree Comm

  3. Slide 3: Content

    Content  Key Highlights Page 3  Financial Performance Page 6  Portfolio Updates Page 17  Rising Above COVID-19 Page 26  Outlook Page 31 2

  4. Slide 4: Key Highlights

    Key Highlights VivoCity

  5. Slide 5: Key Highlights: Financial Performance

    Key Highlights Financial Performance  2H FY20/21 net property income (“NPI”) rose 1.8% year-on-year mostly due to Mapletree Business City (“MBC”) II’s full period contribution and tapering of COVID-19 rental rebates  2H FY20/21 distribution per unit (“DPU”) up 57.9% to 5.32 Singapore cents, includ

  6. Slide 6: Key Highlights: Portfolio Performance and Capital Management

    Key Highlights Portfolio Performance  Full year shopper traffic and tenant sales impacted by COVID-19 but progressive recovery in tandem with phased easing of health and safety measures  VivoCity’s existing tenant, adidas, further expanded and launched its second flagship store  Portfolio achieve

  7. Slide 7: Financial Performance

    Financial Performance VivoCity

  8. Slide 8: 2H FY20/21 Financial Performance

    2H FY20/21 Financial Performance 2H FY20/21 NPI rose 1.8% year-on-year mostly due to MBC II’s full period contribution and tapering of COVID-19 rental rebates S$’000 unless otherwise stated 2H FY20/21 2H FY19/20 Variance Gross revenue before government grant 257,582 261,400 1.5% Net government grant

  9. Slide 9: FY20/21 Financial Performance

    FY20/21 Financial Performance Impacted mainly by COVID-19 rental rebates but MBC II’s full year contribution provided cushion Including part release of the retained cash, FY20/21 DPU up 18.6% to 9.49 Singapore cents 1 S$’000 unless otherwise stated FY20/21 FY19/20 Variance Gross revenue before gover

  10. Slide 10: Portfolio Valuation

    Portfolio Valuation Slight growth in portfolio valuation as compared to 30 September 2020 mostly driven by compression in capitalisation rates for MBC and MLHF due to market transactions Valuation as at Valuation as at Valuation as at 31 March 20211 30 September 20201 31 March 20201 S$ million S$ pe

  11. Slide 11: Balance Sheet

    Balance Sheet NAV per Unit eased to S$1.72 mainly driven by year-on-year change in valuation of investment properties due to COVID-19 As at As at S$’000 unless otherwise stated 31 March 2021 31 March 2020 Investment Properties 8,737,000 8,920,000 Other Assets 213,584 87,071 Total Assets 8,950,584 9,

  12. Slide 12: 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 March 2021 31 December 2020 31 March 2020 Total Debt Outstanding S$3,032.9 mil S$3,002.9 mil S$3,003.2 mil Gearing Ratio 33.9%1 34.0% 33.3%

  13. Slide 13: Debt Maturity Profile

    Debt Maturity Profile (as at 31 March 2021) Financial flexibility from more than S$600 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$3,032.9 mil  Subsequent to the reporting year, S$70.

  14. Slide 14: FY20/21 – Performance In A Glance

    FY20/21 – Performance In A Glance VivoCity MBC mTower Mapletree Anson MLHF As at or for As at or for Key Indicators Financial Year ended Financial Year ended 31 March 2020 31 March 2021 Gross Revenue (S$ million) 482.8 0.8% 479.0 NPI (S$ million) 377.9 0.2% 377.0 Amount Available for Distribution (S

  15. Slide 15: MCT Unit Price Performance

    MCT Unit Price Performance (Relative Price Performance from MCT’s Listing on 27 April 2011 to 31 March 2021) Unit Price on 300.0% 31 March 2021 S$2.12 250.0% MCT +140.9% 200.0% 150.0% STI REIT +29.0% STI RE +15.2% 100.0% STI -0.5% 50.0% Unit Price at IPO S$0.88 0.0% Jul-11 Jan-12 Jul-12 Jan-13 Jul-1

  16. Slide 16: Total Returns to Unitholders

    Total Returns to Unitholders Focusing on delivering long-term sustainable returns Unit Price of S$2.12 Since IPO For FY20/21 as at 31 March 2021 Capital Appreciation 140.9%1 15.8%2 Total Distributions Paid Out / Payable3 90.4% 5.2% Total Returns 231.3% 21.0% 1. Based on closing unit price of S$2.12

  17. Slide 17: Distribution Details

    Distribution Details 2H FY20/21 distribution of 5.32 Singapore cents Includes part release of the retained cash carried forward from 4Q FY19/20 Distribution Period 1 October 2020 – 31 March 2021 Distribution Amount 5.32 Singapore cents per unit Distribution Timetable Notice of Record Date Tuesday, 2

  18. Slide 18: Portfolio Updates

    Portfolio Updates Mapletree Business City

  19. Slide 19: FY20/21 Segmental Results

    FY20/21 Segmental Results Full year earnings largely impacted by COVID-19 Cushioned by full year contribution from MBC II and higher income from Mapletree Anson Gross Revenue Property Expenses Net Property Income 0.8% 2.8% 0.2% 600.0 500.0 482.81 479.01 400.0 377.9 377.01 20.0 19.8 16.2 16.2 31.8 34

  20. Slide 20: Portfolio Occupancy

    Portfolio Occupancy Mutual agreement to terminate a lease at mTower ahead of commencement Compensation provides more than 16 months of lead time for backfilling March 2021 March 2020 December 2020 Actual Committed1 VivoCity 99.6% 96.9% 97.1% 99.1% MBC I 96.4% 95.2% 90.2% 94.6% MBC II 99.4% 99.9% 100

  21. Slide 21: FY20/21 Leasing Update

    FY20/21 Leasing Update Portfolio rental reversion impacted by uncertainties associated with COVID-19 Number of Leases Retention Rate % Change in 1 Committed (by NLA) Fixed Rents Retail 105 80.8% -9.6%2 Office/Business Park 31 75.4% 0.4%3 MCT Portfolio 136 76.4% -3.1%3 1. On committed basis and calcu

  22. Slide 22: Lease Expiry Profile

    Lease Expiry Profile (as at 31 March 2021) Portfolio resilience supported by manageable lease expiries Weighted Average Lease Expiry (“WALE”) Committed Basis Portfolio 2.4 years1,2 Retail 2.1 years Office/Business Park 2.7 years2 3 16.1% As % of Gross Rental Income 12.5% 13.1% 11.4% 11.9% 9.6% 7.7%

  23. Slide 23: Overall Top Tenants

    Overall Top 10 Tenants (as at 31 March 2021) Top tenants contributed 28.5%1 of gross rental income Tenant % of Gross Rental Income 1 Google Asia Pacific Pte. Ltd. 10.7% 2 Merrill Lynch Global Services Pte. Ltd. 3.2% 3 (Undisclosed tenant) - 4 The Hongkong and Shanghai Banking Corporation Limited 2.8

  24. Slide 24: Portfolio Tenant Trade Mix

    Portfolio Tenant Trade Mix (as at 31 March 2021) Trade Mix % of Gross Rental Income 1 IT Services & Consultancy 19.3% 2 F&B 14.1% 3 Banking & Financial Services 10.5% 4 Fashion 7.2% 5 Government Related 6.6% 6 Fashion Related 4.0% 7 Hypermarket / Departmental Store 3.8% 8 Shipping Transport 3.8% 9 R

  25. Slide 25: VivoCity – Further Expansion by Existing Tenant

    VivoCity – Further Expansion by Existing Tenant Following adidas Originals’ flagship store that was opened in December 2020, adidas launched another flagship store for its Performance line on Level 1  Spanning over 13,000 square feet, this Performance store is more than three times its previous foo

  26. Slide 26: VivoCity – Continuous Effort in Refreshing Tenant Mix

    VivoCity – Continuous Effort in Refreshing Tenant Mix New and exciting concepts to inject novelty Tamago-EN – Casual egg specialty restaurant, and uses only imported eggs from Okinawa in its dishes Mango – Leading fashion brand with timeless yet fashion-forward pieces The Antecedent Store – Homegrow

  27. Slide 27: Rising Above COVID-19

    Rising Above COVID-19

  28. Slide 28: VivoCity – Shopper Traffic and Tenant Sales

    VivoCity – Shopper Traffic and Tenant Sales FY20/21 sales and traffic impacted by COVID-19 and associated health protocols1 Progressive recovery since Phase Two re-opening which continued through 4Q FY20/21 Shopper Traffic (mil) Tenant Sales (S$ mil)2 50.1% 23.3% 1000.0 55.0 51.5 907.13 900.0 45.0 1

  29. Slide 29: 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 Monthly tenant sales in 4Q FY20/21 have recovered to more than 86% of pre-COVID levels Monthly Shopper Traffic and Tenant Sales (rebased against the previous year1) More e

  30. Slide 30: Assisting Our Tenants to Weather the COVID-19 Headwinds

    Assisting Our Tenants to Weather the COVID-19 Headwinds Rendered more than 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 Marc

  31. Slide 31: Rising Above COVID-19

    Rising Above COVID-19 Focused on long-term resilience and sustainable returns  Timely boost of resilience from MBC II acquired on 1 November 2019  Diversification of income streams from a best-in-class asset Long-term  Well-diversified portfolio expected to continue to derive stable cashflows fro

  32. Slide 32: Outlook

    Outlook Bank of America Merrill Lynch HarbourFront

  33. Slide 33: Outlook: Economy and Retail

    Outlook Singapore Economy  Based on the Ministry of Trade and Industry’s (“MTI”) advanced estimates, the Singapore economy grew by 0.2% on a year-on-year basis in the first quarter of 2021, a turnaround from the 2.4% contraction recorded in the previous quarter. On a quarter-on-quarter seasonally-a

  34. Slide 34: Outlook: Office and Business Park

    Outlook Office  CBRE noted an uptick in upward office leasing momentum over the past six months as occupiers capitalised on declining rents and moved to prime office buildings. Demand came from the technology and financial services industries such as asset management firms, and to a smaller extent,

  35. Slide 35: Outlook: Overall

    Outlook Overall  Notwithstanding Singapore’s progress in managing the COVID-19 pandemic, there are still persisting uncertainties. Downside risks to the economy could materialise if a resurgence in worldwide COVID- 19 infections lead to more shutdowns and prolonged border closures, as well as exten

  36. Slide 36: Thank You

    Thank You For enquiries, please contact: Teng Li Yeng Investor Relations Tel: +65 6377 6836 Email: teng.liyeng@mapletree.com.sg 35

Mapletree Commercial Trust — FY2020/21 Earnings Presentation on 6ix