Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — First REIT — Q1 2022 Earnings Presentation
30 slides from Singapore Exchange's earnings presentation, May 6, 2022
Slide 1: 1Q 2022 Business Update
1Q 2022 BUSINESS UPDATE 6 May 2022
Slide 2: Disclosure
DISCLOSURE This presentation has been prepared by First REIT Management Limited, in its capacity as the manager of First Real Estate Investment Trust (“First REIT”, and the manager of First REIT, the “Manager”). Investors have no right to request the Manager to redeem their Units while the Units are
Slide 3: 1Q 2022 Financial Highlights
1Q 2022 FINANCIAL HIGHLIGHTS Orchard Kaichi West
Slide 4: First REIT at a Glance
FIRST REIT AT A GLANCE WELL-DEFINED ACQUISITION ASSET SIZE AND CLASS LEASING TENANCY 1 2 3 STRATEGY ARRANGEMENT • Distinct growth strategy by • 31 Assets: S$1,235.9 million • Long lease terms with acquiring yield-accretive • Indonesia: 12 hospitals, 2 reputable counterparties properties in the healt
Slide 5: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS % Change FINANCIAL HIGHLIGHTS 1Q 2022 1Q 2021 (Y-o-Y) RENTAL & OTHER INCOME (S$’M) 25.5(1) 19.3 32.0 NET PROPERTY & OTHER INCOME (S$’M) 25.2(1) 18.6 34.9 DISTRIBUTABLE INCOME (S$’M) 11.7 10.4 13.3 DPU (CENTS) 0.66 0.65 1.5 ANNUALISED DPU (CENTS) 2.64 2.61 1.1 _______________
Slide 6: Balance Sheet & Financial Position
BALANCE SHEET & FINANCIAL POSITION S$’000 As at 31 March 2022 As at 31 Dec 2021 ASSETS Non-current(1) 1,235,968 962,475 Current 86,682 87,060 Total 1,322,650 1,049,535 LIABILITIES Non-current 175,731 270,554 Current 379,316 127,161 Total(2) 555,047 397,715 Unitholders’ Funds 707,698 591,145 NAV/unit
Slide 7: Assets-Under-Management
ASSETS-UNDER-MANAGEMENT HISTORICAL AUM (S$’M) BREAKDOWN BY GEOGRAPHY (S$’M) 1,349.3 1,345.3 1,340.8 CAGR1 Singapore Indonesia 10.1% 1,235.9(3) S$33.2 million S$930.9 million 2.7% 75.3% 962.4 939.7(2) Japan 1Q 2022 S$271.8 million S$1,235.9 22.0% million 325.6 2007 … ... 2017 2018 2019 2020 2021 1Q 2
Slide 8: Operating Performance
OPERATING PERFORMANCE RENTAL AND OTHER INCOME NET PROPERTY AND OTHER INCOME DISTRIBUTABLE AMOUNT (S$’000) (S$’000) (S$’000) CAGR1 CAGR1 CAGR1 9.7% 9.6% 5.7% 116,198 115,297 114,391 112,894 67,681 68,463 102,346 (3) 100,216 (3) 79,619 (2) 77,465 (2) 42,120 (3) 33,413 (2) 19,277 28,056 25,545 27,819 2
Slide 9: WALE & Lease Expiry Profile
WALE & LEASE EXPIRY PROFILE Long WALE with stable revenue streams LEASE EXPIRY PROFILE AS % OF GFA Lease Expiry within 5 Years (AS AT 31 MARCH 2022) Property Expiry Imperial Aryaduta Hotel & Country Club(2) Dec 2022 77.4% 7.0% Siloam Hospitals Lippo Cikarang Dec 2025 WALE 13.3 Years(1) 15.6% Within
Slide 10: Cash Distribution Model
CASH DISTRIBUTION MODEL Payout Policy of 100% of Distributable Income Since Listing in Dec 2006 Before issuance of consideration units for After issuance of consideration units for Japan Nursing Homes Acquisition Japan Nursing Homes Acquisition Period 1 January 2022 to 28 February 2022 1 March 2022
Slide 11: Debt Maturity Profile & Capital Management
DEBT MATURITY PROFILE & CAPITAL MANAGEMENT As at 31 Mar 2022 As at 31 Dec 2021 As at 31 Dec 2021 on a pro forma basis(1) Total Debt(2) S$468.9 million S$349.2 million S$477.9 million Gearing Ratio(3) 35.7% 33.6% 36.0% Debt Maturity Profile (As at 31 Mar 2022) Commentary • On 7 April 2022, the Manage
Slide 12: First REIT 2.0 Growth Strategy
FIRST REIT 2.0 GROWTH STRATEGY Hikari Heights Varus Tsukisamu-Koen
Slide 13: Successful Execution of First REIT 2.0 Growth Strategy
SUCCESSFUL EXECUTION OF FIRST REIT 2.0 GROWTH STRATEGY RESTRUCTURED | REFRESHED | READY TO GROW 1 2 3 4 Diversify into Reshape Portfolio Strengthen Capital Pivoting to Developed For Capital Efficient Structure to Remain Megatrends Markets (1) Growth Resilient Reduce geographical and Recycle capital
Slide 14: Diversify into Developed Markets: Acquisition of Japan Nursing Homes
DIVERSIFY INTO DEVELOPED MARKETS Acquisition of Japan Nursing Homes Sapporo City, Hokkaido JAPAN NURSING (7 assets) HOMES PORTFOLIO JAPAN NURSING HOMES 211.1mn 12 BY PREFECTURE AGREED PURCHASE Properties PRICE (SGD)4 Portfolio of 12 67,393 90,989 sq m high quality freehold SQUARE METERS Gross Floor
Slide 15: Benefits of the Japan Nursing Homes Acquisition
DIVERSIFY INTO DEVELOPED MARKETS Benefits of the Japan Nursing Homes Acquisition Japan Nursing Key Geographical Deposited Properties GFA WALE(4) Homes Acquisition Markets(1)(2) Property(3) AUM – S$1,235.9mn ID – S$930.9mn / 75.3% Post-Acquisition 31 S$1,322.7mn 444,558 sqm 13.3 years JP – S$271.8mn
Slide 16: Reshape Portfolio for Capital Efficient Growth
RESHAPE PORTFOLIO FOR CAPITAL EFFICIENT GROWTH Settlement Agreements for Terminated Development Works Agreement • Entry into settlement agreements in December 2021 with PT Saputra Karya (“PT SK”), an indirect wholly owned subsidiary of Lippo Karawaci, to provide for the full and final settlement of
Slide 17: Strengthen Capital Structure to Remain Resilient
STRENGTHEN CAPITAL STRUCTURE TO REMAIN RESILIENT Priced Singapore’s First CGIF-Guaranteed Healthcare Social Bond • Priced first-ever healthcare social bond in Singapore in conjunction with launch of First REIT’s inaugural Social Finance Framework • S$100 million in aggregate principal amount five-ye
Slide 18: Other Updates
OTHER UPDATES Pacific Healthcare Hikari Nursing Orchard Heights Home Varus Kaichi @ Bukit West Merah Tsukisamu-Koen
Slide 19: Coronavirus (COVID-19) Update
CORONAVIRUS (COVID-19) UPDATE Country Situation in Country Update Indonesia • As at 21 April 2022, the improving COVID-19 situation has brought • Fifteen (15) Hospitals – Remain operational about easing of restrictions, with non-essential commercial • Two (2) Shopping Malls (integrated with activiti
Slide 20: Thank You
THANK YOU Siloam Hospitals Hikari Kebon Heights VarusJeruk Orchard Kaichi West Tsukisamu-Koen
Slide 21: Appendix: Property Details
APPENDIX Property Details Siloam HikariHospitals Kupang Orchard Heights Varus Kaichi West Tsukisamu-Koen
Slide 22: Property Details: Indonesia
PROPERTY DETAILS Indonesia Siloam Hospitals Siloam Hospitals Buton Siloam Hospitals Siloam Hospitals Kupang Yogyakarta & Lippo Plaza Buton Labuan Bajo & Lippo Plaza Kupang Integrated Integrated Type Hospital Hospital Hospital & Mall Hospital & Mall Emergency Medicine, Emergency & Trauma, Centre of E
Slide 23: Property Details: Indonesia
PROPERTY DETAILS Indonesia Siloam Sriwijaya Siloam Hospitals Siloam Hospitals Siloam Hospitals Purwakarta Bali TB Simatupang Type Hospital Hospital Hospital Hospital Cardiology, Emergency & Emergency & Trauma, Cardiology, Emergency & Centre of Excellence Emergency & Trauma Trauma, Neuroscience, Gast
Slide 24: Property Details: Indonesia
PROPERTY DETAILS Indonesia Siloam Hospitals Manado & Siloam Hospitals Mochtar Riady Siloam Hospitals Hotel Aryaduta Manado Makassar Comprehensive Cancer Centre Lippo Cikarang (“Manado Property”) Integrated Type Hospital Hospital Hospital Hospital & Hotel Emergency & Trauma Cardiology, Emergency & Em
Slide 25: Property Details: Indonesia
PROPERTY DETAILS Indonesia Siloam Hospitals Siloam Hospitals Siloam Hospitals Imperial Aryaduta Hotel Lippo Village Kebon Jeruk Surabaya & Country Club Type Hospital Hospital Hospital Hotel & Country Club Cardiology, Emergency & Cardiology, Emergency & Cardiology, Emergency & Centre of Excellence Tr
Slide 26: Property Details: Singapore
PROPERTY DETAILS Singapore Pacific Healthcare Nursing Pacific Healthcare Nursing Home @ Bukit Merah Home II @ Bukit Panjang The Lentor Residence Type Nursing Home Nursing Home Nursing Home Land Area 1,984 sqm 2,000 sqm 2,486 sqm Gross Floor Area 3,593 sqm 3,563 sqm 4,005 sqm Appraised Value (1) S$8.
Slide 27: Property Details: Japan
PROPERTY DETAILS Japan Hikari Heights Varus Hikari Heights Varus Hikari Heights Varus Hikari Heights Varus Ishiyama Tsukisamu-Koen Fujino Kotoni Type Nursing Home Nursing Home Nursing Home Nursing Home Land Area 4,413 sqm 2,249 sqm 7,230 sqm 11,033 sqm Gross Floor Area 8,747 sqm 4,362 sqm 9,782 sqm
Slide 28: Property Details: Japan
PROPERTY DETAILS Japan Hikari Heights Varus Varus Cuore Varus Cuore Sapporo- Elysion Gakuenmae Makomanai-Koen Yamanote Kita & Annex Type Nursing Home Nursing Home Nursing Home Nursing Home Land Area 6,653 sqm 1,668 sqm 5,269 sqm 1,898 sqm Gross Floor Area 13,301 sqm 2,808 sqm 7,637 sqm 3,790 sqm Agr
Slide 29: Property Details: Japan
PROPERTY DETAILS Japan Elysion Mamigaoka & Orchard Orchard Kaichi North Orchard Kaichi Elysion Mamigaoka Annex Amanohashidate West Type Nursing Home Nursing Home Nursing Home Nursing Home Land Area 6,997 sqm 2,694 sqm 2,833 sqm 797 sqm Gross Floor Area 10,259 sqm 2,927 sqm 5,058 sqm 1,561 sqm Agreed
Slide 30: Asia's Premier Healthcare Trust
EIT ASIA'S PREVIER HEALTHCARE TRUST