Singapore Exchange Ltd. · SGX:S68

Singapore Exchange — Frasers Commercial Trust — 1QFY09/10 Earnings Presentation

21 slides from Singapore Exchange's earnings presentation, Jan 26, 2010

  1. Slide 1: Frasers Commercial Trust 1QFY09/10 Financial Results

    Frasers Commercial Trust 1QFY09/10 Financial Results 26 January 2010

  2. 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

  3. Slide 3: Contents

    Contents 3  1QFY09/10 Results  Quarter in review  Market conditions  Financial highlights  Portfolio review  Valuations  Occupancy and WALE  Lease expiry profile  Stability of income and Key tenants of the Portfolio  Mid-term rent reviews  Trade sector mix  Asset updates  Capital manage

  4. Slide 4: 1QFY09/10 Results

    Z FRASERS — COMMERCIAL TRUST

  5. Slide 5: 1QFY09/10 Results – Quarter in review

     1QFY09/10 Results – Quarter in review 5 1QFY09/10: Successful completion of refinancing Key highlights:  Successful completion of refinancing 3 November: S$500.0 million SGD Facility has been drawn down in full to repay balance of loan note facility under the Loan Note Subscription Agreement 15 D

  6. Slide 6: 1QFY09/10 Results – Market conditions

     1QFY09/10 Results – Market conditions 6 Improved economic outlook and stabilisation of rentals in Singapore, increased demand for Perth CBD office space in Australia  Australia – Economic conditions have improved, a return of demand and confidence has seen vacancy stabilise – Market optimism incr

  7. Slide 7: 1QFY09/10 Results – Financial highlights

     1QFY09/10 Results – Financial highlights 7 1QFY09/10: Improved results – DPU increased by 20% Q-o-Q, with DPU of 0.24 cents 1/10/09-31/12/09 Year-on-Year Quarter-on-Quarter Contributing factors (1QFY09/10 ) Change Change (S$’000) (%) (%) 1/10/08- 1/7/09- 31/12/08 30/9/09  Full quarter contributio

  8. Slide 8: Portfolio review

    Portfolio review

  9. Slide 9: Portfolio review – Valuations

     Portfolio review – Valuations 9 Fair values: Marginal decline in portfolio with revaluation of Cosmo Plaza, NTA of S$0.27 per Unit (ex-distribution) Variance from 30 September 2009 Local currency Translation as at Date of Value 31 December 2009 Valuation impact FX translation impact Asset valuatio

  10. Slide 10: Portfolio review – Occupancy Rates & WALE

     Portfolio review – Occupancy Rates & WALE 10 Occupancy Rates: Singapore and Australia occupancy rates > 95.5% and contribute 91% of Net Property Income (“NPI”) As at As at Geographical Occupancy and % of NPI Contribution Key portfolio 31 December 30 September statistics 2009 2009 Ave Occupancy Rat

  11. Slide 11: Portfolio review – Lease expiry profile

     Portfolio review – Lease expiry profile 11 11 Lease expiry profile: Solid lease expiry profile, over 86% of gross rental income is secure for the current financial year, and only 10% has renewal risk for the next year >76% gross rental income will expire post FY10/11 By Gross Rental Income 50% 43.

  12. Slide 12: Portfolio review – Lease expiry profile (upcoming expiries)

     Portfolio review – Lease expiry profile 12 Upcoming lease expiries: limited upcoming expiries in terms of the Portfolio’s gross rental income, <14% expiring during the current FY FY09/10 key lease expiries GROSS RENTAL INCOME NET LETTABLE AREA(NLA) Leasing factors Property Leases Average passing r

  13. Slide 13: Stability of income and key tenants of the portfolio

     Portfolio review – Stability of income and key tenants of the portfolio 13 Cash flow base: Master lessees/ blue chip tenants with long leases contribute over 62% of total gross rental income and long term stability of income Master Leases Other Tenants, % (Gross Rental Master Leases, Tenant Lease

  14. Slide 14: Mid-term rent reviews

     Portfolio review – Mid-term rent reviews 14 14 Fixed rent step-ups: almost 24% of the portfolio’s gross rental income has built-in average organic growth of approximately 4.0% for FY09/10 FY09/10 - Fixed % mid-term lease rent reviews FY09/10 - 12/13 - Portfolio Fixed % reviews GROSS RENTAL INCOME

  15. Slide 15: Trade Sector Mix

     Portfolio review – Trade Sector Mix 15 Trade Sector Mix: Diverse trade sector mix with no single trade sector contributing > 22% of gross rental income IT Products & Services 21.8% Banking, Insurance & Financial Services 14.6% Government and Government Linked 10.4% Mining/Resources 8.6% Multimedia

  16. Slide 16: Portfolio review – Asset updates: KeyPoint

     Portfolio review – Asset updates 16 KeyPoint  Tenancy activity: – A new retail tenant commenced and existing office tenants leased new space for expansion in 1QFY09/10 – Non-renewals of 2,596 sqft were completely offset by new leases in 1QFY09/10 with net take up of 14,655 sqft – Occupancy grew f

  17. Slide 17: Portfolio review – Asset updates

     Portfolio review – Asset updates 17 55 Market Street  New retail tenant: – Provides amenities to office tenants  Property management: – In-house property management team assuming direct control from 1 Jan 10, from third party property manager Australian Wholesale Property Fund (AWPF) Cosmo Plaza

  18. Slide 18: Capital management

    Capital management

  19. Slide 19: Capital management – Snapshot & debt statistics

     Capital management – Snapshot & debt statistics 19 Recapitalisation & refinance: All refinance and recapitalisation activities were completed 15 December 2009, with full impact of the transactions to be seen in quarters 2-4 FY09/10 Snapshot Debt statistics As at 31 December 2009 As at 31 December

  20. Slide 20: Capital Management – Debt refinance complete

    20  Capital Management – Debt refinance complete 20 Refinance: Restructured borrowings to create natural hedge for non-S$ properties, lengthened debt maturities Borrowings and assets by currency • New 3-year transferable term loan facilities of S$500.0 million (DBS, OCBC, Standard Chartered All deb

  21. Slide 21: 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

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