Mapletree Industrial Trust · SGX:ME8U
Mapletree Industrial Trust — FY2012/13 Earnings Presentation
30 slides from Mapletree Industrial Trust's earnings presentation, Apr 23, 2013
Slide 1: 4Q & FY12/13 Financial Results
4Q & FY12/13 Financial Results 23 April 2013
Slide 2: Agenda
AGENDA 1 Key Highlights 2 4QFY12/13 & FY12/13 Financial Performance 3 Portfolio Update 4 Asset Enhancement & Development Updates 5 Outlook & Strategy
Slide 3: Key Highlights
KEY HIGHLIGHTS Strong performance for FY12/13 driven by increased rental revenue and higher occupancies FY12/13 Distributable Income rose by 14.6% y-o-y to S$151.0 million DPU for FY12/13 increased by 9.9% y-o-y to 9.24 cents with DPU for 4QFY12/13 at 2.37 cents Higher 4QFY12/13 average rent
Slide 4: Scorecard Since IPO
SCORECARD SINCE IPO 60 3.00 50 2.32 2.37 2.50 2.26 2.29 2.22 2.16 Distributable Income (S$ million) 2.05 1.93 1.98 40 38.9 2.00 36.9 37.5 37.7 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 1QFY11/12 2QFY11/12 3QFY11/12 4QFY11/12 1QFY12/13 2QFY12/1
Slide 5: 4QFY12/13 & FY12/13 Financial Performance
4QFY12/13 & FY12/13 Financial Performance
Slide 6: Statement of Total Returns (Year-on-Year) 4Q
STATEMENT OF TOTAL RETURNS (YEAR-ON-YEAR) 4QFY12/13 4QFY11/12 / () (S$’000) (S$’000) Gross revenue 72,121 66,292 8.8% Property operating expenses (22,543) (20,316) 11.0% Net Property Income 49,578 45,976 7.8% Interest on borrowings (6,586) (6,652) (1.0)% Trust expenses (5,796) (5,546) 4.5% Net in
Slide 7: Statement of Total Returns (Year-on-Year) FY
STATEMENT OF TOTAL RETURNS (YEAR-ON-YEAR) FY12/13 FY11/12 / () (S$’000) (S$’000) Gross revenue 276,433 246,371 12.2% Property operating expenses (80,997) (75,051) 7.9% Net Property Income 195,436 171,320 14.1% Interest on borrowings (27,129) (23,573) 15.1% Trust expenses (22,747) (21,410) 6.2% Ne
Slide 8: Statement of Total Returns (Qtr-on-Qtr)
STATEMENT OF TOTAL RETURNS (QTR-ON-QTR) 4QFY12/13 3QFY12/13 / () (S$’000) (S$’000) Gross revenue 72,121 69,230 4.2% Property operating expenses (22,543) (20,130) 12.0% Net Property Income 49,578 49,100 1.0% Interest on borrowings (6,586) (6,773) (2.8%) Trust expenses (5,660) (5,660) (1.3%) Net in
Slide 9: Healthy Balance Sheet
HEALTHY BALANCE SHEET 31 Mar 2013 31 Dec 2012 Total Assets (S$’000) 2,967,608 2,818,486 Total Liabilities (S$’000) 1,163,918 1,163,475 Net Assets Attributable to Unitholders 1,803,690 1,655,011 (S$’000) Net Asset Value per Unit (S$) 1.10 1.02 8
Slide 10: Stronger Balance Sheet
STRONGER BALANCE SHEET As at 31 As at 31 Stronger balance sheet to pursue Mar 2013 Dec 2012 growth opportunities Total Debt S$1,035.0 S$1,048.5 Lower aggregate leverage ratio due to million million revaluation gain higher headroom for Aggregate Leverage Ratio 34.8% 37.1% acquisitions/BTS opportu
Slide 11: Debt Maturity Profile
DEBT MATURITY PROFILE 400 Weighted average debt tenor of 2.7 years 350 300 Gross Debt (S$ million) 250 200 344 150 100 206 139 126 125 50 50 45 20% 33% 12% 14% 5% 12% 4% 0 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 Financial Year Bank Borrowings MTN 10 As at 31 March 2013
Slide 12: Distribution Details
DISTRIBUTION DETAILS Distribution Period Distribution per Unit (cents) 1 January 2013 to 31 March 2013 2.37 Distribution Timetable Dates Last day of trading on “cum” basis 26 April 2013, 5:00pm Ex-date 29 April 2013, 9:00am Book closure date 2 May 2013, 5:00pm Distribution payment date/ Credit of DR
Slide 13: Portfolio Update
Portfolio Update
Slide 14: 83 Properties Across 4 Key Property Types
83 PROPERTIES ACROSS 4 KEY PROPERTY TYPES One of the largest industrial landlords in Singapore Total property assets of approx. S$2.9 billion Total GFA of approx. 19.1 million sq ft Total NLA of approx. 14.2 million sq ft Tenant base of more than 2,000 MNCs, listed companies & local enterp
Slide 15: Resilient Portfolio Performance
RESILIENT PORTFOLIO PERFORMANCE Gross Rental Rate Occupancy S$ psf/mth 100% $2.00 94.3% 94.5% 95.1% 94.9% 94.9% 95.0% 95.2% 95.4% 91.0% 91.0% 90.7% 90.3% 91.2% 92.3% 93.2% 89.0% 89.0% 89.7% 90.3% $1.68 $1.80 $1.59 $1.61 $1.55 $1.56 80% $1.52 $1.54 $1.53 $1.60 $1.49 $1.44 $1.45 $1.40 $1.35 $1.29 $1.3
Slide 16: Stable Occupancy Levels
STABLE OCCUPANCY LEVELS Breakdown of Occupancy Levels by Property Segments 98.5% 98.8% 100.0% 100.0% 95.2% 95.4% 94.5% 94.6% 92.1% 92.5% 85.3% 80.8% Flatted Factories Business Park Stack-Up/Ramp-Up Light Industrial Warehouse MIT Buildings Buildings Buildings Portfolio Left Bar Right Bar (3QFY12/13)
Slide 17: Positive Rental Revisions
POSITIVE RENTAL REVISIONS Gross Rental Rate S$ psf/mth $4.50 $4.00 $3.99 $3.86 $3.56 $3.50 $3.16 $3.00 $2.50 $2.00 $1.78 $1.68 $1.57 $1.37 $1.42 $1.50 $1.29 $1.29 $1.01 $1.09 $1.00 $0.50 N.A. N.A. N.A. $- Flatted Factories Business Park Stack-Up / Ramp-Up Warehouse Buildings Buildings Before Renewal
Slide 18: Strong Tenant Retention
STRONG TENANT RETENTION Long Staying Tenants Retention Rate for 4QFY12/13 >10 yrs Up to 1 yr, Average Retention Rate 11.0% 11.7% 100% 83.9% 80% 75.6% >1 to 2 yrs 14.2% 60.8% 60% 47.6% >5 to 10 yrs 42.6% 28.5% 40% 20% > 2 to 3 yrs 17.4% 0.0% N.A. 0% Flatted Business Stack-Up / Light Warehouse Portfol
Slide 19: Stable Rental Revenue
STABLE RENTAL REVENUE 27.7% of Leases Remain Due for Renewal in FY13/14 30% 27.7% 26.8% 25% 21.9% by Gross Rental Income % Expiring Leases 20% 18.2% 15% 10% 5.4% 5% 0% FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 & Beyond Flatted Factories Business Park Stack-up / Ramp-up Light Industrial Warehouse Build
Slide 20: Large and Diverse Tenant Base
LARGE AND DIVERSE TENANT BASE Percentage of Gross Rental Income 5% • Over 2,000 tenants 4.5% • Largest tenant contributes <5% of Portfolio’s Gross Rental Income • Top 10 Tenants forms only 19.6% of Portfolio’s Gross Rental Income 4% 3.5% 3% 2.2% 2% 1.8% 1.7% 1.5% 1.3% 1.2% 1.0% 0.9% 1% 0% By Gross R
Slide 21: Diversity of Tenant Trade Sector
DIVERSITY OF TENANT TRADE SECTOR By Revenue As at 31 March 13 20
Slide 22: Asset Enhancement and Development Updates
Asset Enhancement and Development Updates
Slide 23: Build-to-Suit – Equinix
BUILD-TO-SUIT – EQUINIX 2nd data centre development after Tata Communications Exchange 2nd BTS project in FY12/13 Quality tenant in a growing industry Groundbreaking ceremony on 18 April Artist’s Impression of completed development New 7-storey data center for Equinix. 100% of space comm
Slide 24: Build-to-Suit – Kulicke & Soffa
BUILD-TO-SUIT – KULICKE & SOFFA Construction on track for completion New 5-storey high-tech industrial building for Kulicke and Soffa (K&S) 69% of space committed by K&S 10-year lease with the option to renew additional 10 + 10 years 5th storey structural works in-progress Land lease of 30
Slide 25: AEI – Woodlands Central
AEI – WOODLANDS CENTRAL Asset enhancement initiative (AEI) on track for completion Reposition cluster as a high-tech industrial space for biomedical and medical technology companies Extension of 6-storey wing, multi-storey car park and canteen Secured additional 10% commitment for Completed
Slide 26: AEI – Toa Payoh North 1
AEI – TOA PAYOH NORTH 1 Construction on track for completion Development of new high-tech industrial building and amenity block with canteen, multi-storey car park and showrooms Central location with convenient access to various amenities Formwork and rebar installation on level 2 Well-conne
Slide 27: Outlook & Strategy
Outlook & Strategy
Slide 28: Market Outlook
MARKET OUTLOOK The economy contracted by 0.6% for the quarter ended 31 March 2013 on a quarter-on-quarter seasonally-adjusted annualised basis, as compared to the 1.5% expansion in the preceding quarter1 Average rents for industrial real estate for 4QFY12/132 : Business Park Space : S$4.04 psf
Slide 29: Resilient and Well-Positioned for Growth
RESILIENT AND WELL-POSITIONED FOR GROWTH Higher Portfolio occupancy and rental rates Achieved positive rental revisions across key RESILIENT AND segments STABLE PORTFOLIO Lower aggregate leverage ratio ENHANCED FINANCIAL Ready access to diverse sources of funding FLEXIBILITY Application of
Slide 30: Thank You
Thank You
Mapletree Industrial Trust — FY2012/13 Earnings Presentation on 6ix