Frasers Centrepoint Trust · SGX:J69U
Frasers Centrepoint Trust — Frasers Day Bangkok 2021
21 slides from Frasers Centrepoint Trust's conference presentation, Nov 18, 2021
Slide 1: Frasers Centrepoint Trust
Frasers Centrepoint Trust Presentation for Frasers Day Bangkok on 18 November 2021
Slide 2: Forward-looking statements disclaimer
• 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 results, performanc
Slide 3: FCT overview: market capitalisation and portfolio at a glance
◆ Market capitalisation of approximately S$4 billion1, among the top-10 largest SREITs by market capitalisation ◆ Retail portfolio comprises dominant malls with large catchment and connectivity to public transport ◆ All malls are well-located on/next to MRT stations; enjoy healthy occupancy and high
Slide 4: Retail malls portfolio with NLA and Green Mark ratings
Causeway Point Waterway Point (40%-owned)1 Tampines 1 Northpoint City North Wing2 ◆ NLA: 419,391 sq ft ◆ NLA: 389,371 sq ft ◆ NLA: 268,577 sq ft ◆ NLA: 241,189 sq ft ◆ BCA Green Mark Platinum ◆ BCA Green Mark GoldPlus ◆ BCA Green Mark GoldPlus ◆ BCA Green Mark Gold Tiong Bahru Plaza Century Square C
Slide 5: Essential services trade mix
Essential services 54.4% (by GRI) ◆ FCT’s retail portfolio comprises 54.4% of Essential services (by GRI) ◆ Essential services comprise necessity F&B Non-essential trades like F&B, grocery and services Services, patronised by shoppers regularly 45.6% FCT retail portfolio ◆ Suburban malls generally h
Slide 6: FY2021 Results highlights
FY2021 Results highlights (based on Financial results announced on 27 October 2021)
Slide 7: Gross revenue and net property income
Gross Revenue S$ million ▲ 107.5% ◆ FY2021 financial performance mainly boosted by ARF Acquisition (approximately 11 months of 341.15 ▲ 73.8% ▲ 159.9% contribution) 173.62 167.53 164.38 ◆ The performance in 2H2021 was lower than 99.92 1H2021 due to: 64.46 a) the rental rebates provided under the Gov
Slide 8: Distributable income and distribution per unit
Distributable Income S$ million ▲ 102.4% ◆ FY2021 Distributable Income grew 102.3% to 204.67 ▲ 42.3% ▲ 243.9% S$204.7 million due to the enlarged portfolio 101.10 103.57 after ARF Acquisition 101.15 71.03 30.12 ◆ On a full year basis, the DPU of 12.085 S cents is 33.7% higher than the DPU of 9.042 S
Slide 9: Credit rating and debt maturity profile
30 Sep 21 31 Mar 21 Debt maturity profile as at 30 September 2021 Average debt maturity (years) 2.47 2.64 Gearing level1 33.3% 35.2% S$512.0m S$511.0m YTD Interest Cover (times) 5.11 5.04 (28.2% of total (28.2% of total borrowing) borrowing) % of debt hedged to fixed rate interest 56% 54% S$391.0m 7
Slide 10: Portfolio occupancy by property
◆ Portfolio occupancy increased with pick up in leasing activities as Singapore continues to work towards normalisation. However, retailers remain cautious with the increase in community cases and tightening of safe management measures. FCT Retail Portfolio1 Causeway Point Northpoint City North Wing
Slide 11: Shopper traffic and tenants' sales trend
• P2HA weighed on shopper traffic as permitted mall capacity was reduced to 1 person per 16 sqm from 10 sqm of GFA, social group size was reduced from 5 to 2 pax and dining-in was disallowed • Shopper traffic was 50% to 60% of pre-COVID levels FCT Portfolio Shopper Traffic Trend FCT Portfolio Tenant
Slide 12: Tracking the national retail sales trend
Tracking the national retail sales trend YoY Change y-o-y Retail Sales Value (excluding motor vehicles)1 versus FCT portfolio tenants' sales FCT’s portfolio tenants’ sales were change Retail sales value FCT Portfolio tenants' sales more heavily affected by the P2HA 150.0% measures between 22 Jul and
Slide 13: WALE and lease expiry profile
• WALE @ 30 Sep 2021 stands at 1.64 years by NLA (3Q21: 1.62 years) and 1.64 years by GRI (3Q21: 1.63 years) Lease expiry profile as at 30 September 2021 ■ Expiries as % of total leased area ■ Expiries as % of GRI Lease expiry1,2 as at FY2027 FY2022 FY2023 FY2024 FY2025 FY2026 Total 30 September 202
Slide 14: Rental reversion by property
Period: 1 October 2020 to 30 September 2021 Number of NLA Year-to-date rental Year-to-date rental Property Renewals / New reversion reversion as percentage of Leases Area (sq ft) (incoming vs outgoing) (average vs average) property Causeway Point 54 46,743 11.1% 0.6% 3.5% Northpoint City North Wing
Slide 15: Other new additions
Other New Additions Don Don Donki – Leading Japanese Retailer in SG at Tampines 1 and Waterway Point SK Gold – One of SG’s largest jewellery retail chain store at Causeway Point Poulet – Restaurant that specialises in French Roast Chicken at White Sands Adidas – Popular sportswear brand at Waterway
Slide 16: Frasers eStore and Makan Master
Frasers eStore Makan Master between January 2021 (launch) and August 2021 between April 2020 (launch) and August 2021 3X 7X Avg Order Sales growth Sales growth Size ▲ 2X ~900k 953,000 87% FRX membership App traffic per month in Makan Master orders are FY2021 from repeat shoppers 16
Slide 17: Summary
Tampines 1 Summary
Slide 18: FCT is well-positioned to ride the re-opening of the economy
FCT is well-positioned to ride the re-opening of the economy FY2021 Performance Strategy: Consolidate, Adapt & Grow in the “New Normal” ◆ Strong financial performance; DPU at 12.085 cents ◆ Proactive lease management ◆ NPI margin recovery to 72%-level ◆ Continue transition to omnichannel retailing ◆
Slide 19: Appendix
2 GH Rint TRUST Appendix
Slide 20: Definition of terms used in this presentation
Definition of terms used in this presentation • 1H2020: First Half 2020 ended 31 March 2020 • Moody’s: Moody’s Investors Service (credit rating agency) • 1H2021: First Half 2021 ended 31 March 2021 • MTN: Medium Term Notes under FCT’s S$1 billion multi-currency MTN program • 2H2020: Second Half 2020
Slide 21: Inspiring experiences, creating places for good.
Inspiring experiences, creating places for good.