Suntec Real Estate Investment Trust · SGX:T82U
Suntec Real Estate Investment Trust — Q4 2014 Earnings Presentation
17 slides from Suntec Real Estate Investment Trust's earnings presentation, January 2015
Slide 1: Financial Results for Fourth Quarter and Financial Year ended 31 Dec 2014
FINANCIAL RESULTS For Fourth Quarter and Financial Year ended 31 Dec 2014 AGENDA Q4 Highlights FY14 Highlights Financial Performance Portfolio Performance AEI Updates Looking Ahead Unit Performance 2
Slide 2: Q4 Highlights
HIGHLIGHTS Q4 HIGHLIGHTS FINANCIAL HIGHLIGHTS Distributable income of S$64.6 mil, +11.0% y‐o‐y DPU of 2.577 ¢, +0.6% y‐o‐y PORTFOLIO MANAGEMENT Portfolio occupancy o Office – 100% o Retail – 99.7% Suntec City AEI Updates o Overall committed occupancy to‐date: 91.3% CAPITAL MANAGEMENT Avera
Slide 3: FY14 Highlights
FY14 HIGHLIGHTS FINANCIAL HIGHLIGHTS CAPITAL MANAGEMENT Distributable income of S$230.3 mil, +9.1% Raised S$1.5 billion of financing in 2014 y‐o‐y No re‐financing requirements till 2016 DPU of 9.400 ¢, +0.8% y‐o‐y Average all‐in financing cost of 2.50% ASSETS UNDER MANAGEMENT REMAKING OF S
Slide 4: Financial Performance: 4Q FY14 and FY14
FINANCIAL PERFORMANCE: 4Q FY14 Achieved DPU of 2.577 cents 1 October – 31 December 2014 4Q FY14 4Q FY13 Change Gross Revenue S$76.8 mil S$71.6 mil 7.3% Net Property Income S$53.0 mil S$49.8 mil 6.5% Distributable Income S$64.6 mil S$58.2 mil 11.0% ‐ from operations S$60.1 mil S$54.2 mil 10.8% ‐ from
Slide 5: Portfolio Revenue and NPI Contribution; Debt-to-Asset Ratio
PORTFOLIO REVENUE AND NPI CONTRIBUTION 4Q FY14 Composition of Office, Retail and Convention Revenue and NPI Asset Revenue NPI Suntec City • Office S$31.7 mil S$25.1 mil • Retail S$19.0 mil S$14.0 mil Park Mall • Office S$2.4 mil S$1.7 mil • Retail S$3.7 mil S$2.7 mil Suntec Singapore • Convention S$
Slide 6: Debt Maturity Profile; Financing Since April 2009
DEBT MATURITY PROFILE AS AT 31 DECEMBER 2014 Debt Maturity Profile (REIT) S$ 'mil S$100 mil loan facility 1,000 S$150 mil medium term note 900 S$120 mil term loan 800 700 S$200 mil loan facility 600 S$280 mil convertible bonds 500 400 S$500 mil loan facility 300 S$500 mil loan facility1 200 No refin
Slide 7: NAV per Unit of S$2.117; Distribution Timetable
NAV PER UNIT OF S$2.117 AS AT 31 DECEMBER 2014 Consolidated Balance Sheet 31 Dec 2014 Total Assets S$8,602 mil Total Liabilities S$3,184 mil Net Assets Attributable to Unitholders S$5,305 mil NAV Per Unit1 S$2.117 Adjusted NAV Per Unit2 S$2.091 Notes: 1. Based on 2,502,245,610 units in issue as at 3
Slide 8: Portfolio Performance: Committed Occupancy
PORTFOLIO PERFORMANCE STRONG PORTFOLIO COMMITTED OCCUPANCY Property As at As at As at As at As at Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Suntec City: ‐ Office 99.2% 98.9% 99.4% 100% 100% ‐ Retail 91.3% 100%1 97.6%2 98.9%2 99.6%2 Park Mall: ‐ Office 100% 100% 100% 100% 100% ‐ Retail 100% 100% 100% 100% 1
Slide 9: Suntec City Office Occupancy; Office Lease Expiry
SUNTEC CITY OFFICE ACHIEVED 100% COMMITTED OCCUPANCY 100.0%100.0%100.0% 100.0%100.0% 100% 99.1% 99.5% 99.5% 99.2% 99.5% 99.4% 99.4% 99.7% 99.2% 99.4% 98.9% 98.1% 98.0% 98% 96.6% 96% 95.3% 95.5% 94.7% 94% 92% 90% 88% 86% 84% 82% 80% Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 1
Slide 10: Retail Portfolio Lease Expiry Profile; Park Mall Passing Rent
RETAIL PORTFOLIO LEASE EXPIRY PROFILE Lease Expiry as % of Total Retail NLA1 (sq ft) 40.0% Expiry Profile Net Lettable Area1 35.9% 35.0% 33.1% As at 31 Dec 2014 Sq ft % of Total 30.0% FY 2015 41,728 5.3% 25.0% FY 2016 279,928 35.9% 20.0% 16.6% 15.0% FY 2017 258,392 33.1% 10.0% 8.7% FY 2018 67,710 8.
Slide 11: Remaking of Suntec City – AEI Updates
REMAKING OF SUNTEC CITY – AEI UPDATES REMAKING OF SUNTEC CITY S$410m AEI Higher Yielding NLA • Suntec City mall $230m • Unlocking value of low yielding upper • Suntec Singapore $180m floors and prime anchor spaces • L1/L2 of convention centre converted to retail use • Overall stabilised rents projec
Slide 12: Looking Ahead: Suntec City AEI Committed Occupancy
REMAKING OF SUNTEC CITY ACHIEVED 91.3% COMMITTED OCCUPANCY TO‐DATE PHASE 3 – Opening soon PHASE 2 – Opened in June 2014 PHASE 1 – Overall committed passing rent1 Opened in June stands at $12.27 psf/mth 2013 currently Notes: 1. On a stabilised basis 23 LOOKING AHEAD
Slide 13: AUM Increased to S$8.8 Billion; Well Positioned in S-REIT Sector
AUM INCREASED TO S$8.8 BILLION* 10 AUM (S$b) ASSETS UNDER MANAGEMENT 8.6 8.8* 8.0 8.1 8 7.7 SINGAPORE: 7.0 6 5.4 5.2 S$ bil 4.6 4 3.2 2.2 2.3 2 0 Dec 04 Sep 05 Sep 06 Sep 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Jun 13 Dec 13 Dec 14 Source: ARATMS Singapore’s 2nd largest REIT by AUM with a strong por
Slide 14: Unit Performance
UNIT PERFORMANCE UNIT PERFORMANCE FY2014 DPU of 9.400 cents Trading yield of 4.8%1 Market Capitalisation of S$4.9 billion 1 as at 31 December 2014 38th largest company2 on the SGX 2.30 25 2.10 Volume (Daily, Millions) 1.90 20 Unit Price (S$) 1.70 15 1.50 1.30 10 1.10 0.90 5 0.70 0.50 0 Dec‐0
Slide 15: Stable Sustainable DPU; 10-Year Track Record
STABLE SUSTAINABLE DPU 3.0 2.532 2.533 2.562 2.577 2.513 2.528 2.502 2.479 2.453 2.5 2.388 2.361 2.316 2.350 2.326 2.328 2.249 2.289 2.266 2.228 2.229 2.0 1.5 1.0 0.5 0.0 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1
Slide 16: Thank You
CONTACT ARA Trust Management (Suntec) Limited Yeo See Kiat Chief Executive Officer seekiatyeo@ara.com.hk Susan Sim Deputy Chief Executive Officer susansim@ara.com.hk Low Poh Choo Senior Director, Finance pohchoolow@ara.com.hk Melissa Chow Manager, Investor Relations melissachow@ara.com.hk #16‐02 Sun
Slide 17: Disclaimer
DISCLAIMER This presentation is focused on the comparison of actual results for the quarter ended 31 December 2014 versus results achieved for the quarter ended 31 December 2013. It should be read in conjunction with Paragraph 8 of Suntec REIT’s financial results for the quarter ended 31 December 20
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