Frasers Property Ltd. · SGX:TQ5
Frasers Property — Frasers Centrepoint Trust — 2Q07 Earnings Presentation
26 slides from Frasers Property's earnings presentation, Apr 23, 2007
Slide 1: Frasers Centrepoint Trust 2Q07 Results Presentation
Frasers Centrepoint Trust 2Q07 Results Presentation 23 April 2007
Slide 2: Agenda
Agenda 2Q07 Financial Highlights Portfolio Update Going Forward Summary
Slide 3: 2Q07 Financial Highlights
BZ “a i RASERS TRUST 2Q07 Financial Highlights
Slide 4: Track Record of Strong Organic Growth Continues: Solid Operational Performance
Track Record of Strong Organic Growth Continues: Solid Operational Performance 2Q07 Distribution Per Unit Exceeds Forecast by 14.4% Exceeds Previous Distribution by 8.6% 4Q06 1Q07 2Q07 Distribution per Unit 1.45 cents 1.54 cents 1.67cents Forecast Distribution per Unit (1) 1.36 cents 1.46 cents 1.46
Slide 5: 2Q07 Distribution Statement
2Q07 Distribution Statement For the period 1 Jan – 31 Mar 07 Variance Actual Forecast (1) In S$ thousands (%) Gross Revenue 19,591 18,857 3.9% Less Property Expenses (6,182) (6,333) (2.4%) Net Property Income 13,409 12,524 7.1% Net Borrowing Costs (2,534) (2,728) (7.1%) Trust Expenses (511) (571) (1
Slide 6: 2Q07 Property Gross Revenue
2Q07 Property Gross Revenue Higher than forecast (1) by 3.9% Exceeds 2Q06 (2) by 5.5% 3.9% 5.5% S$M S$M 2Q07 Actual 19.6 19.6 20 18.9 20 18.6 2Q07 Forecast 18 18 2Q06 16 16 14 13.2 14 13.2 12.9 12.4 12 12 10 10 8 8 5.6 5.3 5.6 6 6 4.5 4 4 2 0.8 1.2 2 0.8 1.2 0 0 FCT CWP NP ACP FCT CWP NP ACP Note (1
Slide 7: 2Q07 Net Property Income
2Q07 Net Property Income Higher than forecast (1) by 7.1% Exceeds 2Q06 (2) by 1.9% 7.1% 1.9% 2Q07 Actual S$M S$M 14 13.4 14 13.4 13.2 2Q07 Forecast 12.5 2Q06 12 12 10 9.5 10 9.5 9.4 8.7 8 8 6 6 3.8 3.4 3.8 4 4 3.2 2 2 0.2 0.4 0.2 0.5 0 0 FCT CWP NP ACP FCT CWP NP ACP Note (1) Prorated forecast figur
Slide 8: Balance Sheet & Debt Capital Information
Balance Sheet & Debt Capital Information As at In S$ Millions Relevant Debt Statistics 31 Mar 07 Non Current Assets 936.7 Corporate Rating (3) A3 Current Assets 18.4 Total Assets 955.1 Gearing Ratio 27.1% Current Liabilities 23.6 Interest Cover 4.49 x Non Current Liabilities 258.8 Term Loan Facility
Slide 9: Distribution Details
Distribution Details FCT Units trade ex-distribution on 30 April 2007 Distribution for the period 1 January – 31 March 2007 Distribution of 1.67 cents per Unit Notice of Book Closure 23 April 2007 Ex-Date 30 April 2007 Book Closure Date 3 May 2007 at 5pm Distribution Payment Date 29 May 2007
Slide 10: Portfolio Update
BZ “a i RASERS TRUST Portfolio Update
Slide 11: High Occupancy Rates at Properties
High Occupancy Rates at Properties Occupancy Rates Continues to be High As at Occupancy (%) (1) FY2003 FY2004 FY2005 FY 2006 31 March 07 Causeway Point 99.9% 99.8% 99.7% 100.0% 99.9% Northpoint 99.6% 100.0% 99.6% 100.0% 100.0% Anchorpoint 84.1% 91.2% 95.9% 92.7% 42.9% (2) FCT Portfolio 98.1% 98.9% 9
Slide 12: 2Q07 Summary of Renewals / New Leases
2Q07 Summary of Renewals / New Leases ¾ Strong demand and a good pipeline of 10 9 tenants continues to provide for favourable 9 renewals / new leases which increased 10% Renewals / 8 New Leases 7 6 6 5 4 3 3 2 1 0 0 FCT Portfolio Causeway Northpoint Anchorpoint Point As a % Total NLA 0.4% 0.6% 0.3%
Slide 13: Portfolio Lease Expiry Profile by Property
Portfolio Lease Expiry Profile by Property The Next 18 Months (2H07 and FY08) ¾ Lease expiry profile positions malls well for positive rental reversions in a tight market Expiring 250 Leases 191 ¾ Anchorpoint expiry profile favourable for ACP 200 AEI program 150 115 100 55 50 21 0 FCT Portfolio Caus
Slide 14: Maximizing Common Areas: Atrium Leasing and Push Cart Leasing
Maximizing Common Areas Focus on Atrium Leasing and Push Cart Leasing Growing Sources of Revenue S$’000 S$’000 Atrium Leasing Push Cart 400 180 350 160 232 140 118 128 300 174 120 250 100 106 200 100 80 150 161 167 60 100 120 137 40 50 20 29 26 0 0 4Q05 4Q06 1Q07 2Q07 4Q05 4Q06 1Q07 2Q07 Notes: Caus
Slide 15: Maximizing Common Areas: PushCarts at Causeway Point
Maximizing Common Areas PushCarts at Causeway Point Old Version New Version ¾ New version introduced 16 Jan 2007 ¾ New design: self contained, increased lighting, lower maintenance and more durable ¾ In Jan 2007, the average rental rates for carts was increased by 10%
Slide 16: Update on Asset Enhancement Initiative: 7th Floor Reconfiguration at Causeway Point
Update on Asset Enhancement Initiative 7th Floor Reconfiguration at Causeway Point Gross Rent increase of 19% compared to target of 11% Asset Enhancement Initiative Reduce Cathay Cineplex from 55,699 sq ft to 32,102 sq ft Reconfigure freed-up area of 23,597 sq ft Enhance F&B offering and tenan
Slide 17: Going Forward
BZ “a i RASERS TRUST Going Forward
Slide 18: Going Forward: Clarity of Steady Growth for the Next 3 Years
Going Forward Clarity of Steady Growth for the Next 3 Years Clarity of Steady Growth Deliver Sustainable DPU growth Double Asset Size in 3 years Growth by Acquisitions Growth by Positive Growth through AEI Rental Reversions ¾ Northpoint 2 Lease Expiry Profile ¾ Anchorpoint Positions Positively for ¾
Slide 19: Growth Timetable
Growth Timetable Clarity of Steady Growth for the Next 3 Years Asset Enhancements Works NPI Increase Anchorpoint Works NPI Increase Northpoint Works Phase 1 Works Phase 2 Causeway Point Announced Acquisitions Construction Northpoint 2 Inject into FCT Construction YewTee Mall Inject into FCT Construc
Slide 20: Acquisition Pipeline Strengthened
Acquisition Pipeline Strengthened Identified Assets To Double Portfolio NLA On Injection Current Portfolio Year 2008/2009 Causeway Point 418,543 Northpoint 2 83,000 To be advised Increase Northpoint 149,243 Anchorpoint 71,000 + YewTee Point 80,000 + Centrepoint 390,000 = Portfolio Current NLA 638,78
Slide 21: Acquisition Pipeline Strengthened: Bedok Sites
Acquisition Pipeline Strengthened Bedok Sites FCL Acquisition of the Bedok and Changi Theatres Bedok Town Centre NTUC Bedok Regional Fairprice Library Shop n Save Bedok Bus Interchange HDB Flats (U/C) Bedok Stadium Bedok MRT Giant Station Subject Site Supermarket 5 ¾ Sites have the potential to be r
Slide 22: Acquisition Pipeline Strengthened: YewTee Point
Acquisition Pipeline Strengthened YewTee Point FCL Entered into Put & Call Option Agreement to Acquire YewTee Point Yew Tee Precinct in Sungei Kadut Choa Chu Kang Industrial Estate Subject Development ¾ YeeTee Point is a 2-storey mall within a 12- storey mixed development in Choa Chu Kang, Yew Tee M
Slide 23: Portfolio Lease Expiry Profile by Year
Portfolio Lease Expiry Profile by Year Well Positioned for Positive Rental Reversions Expiring Leases FCT Portfolio Weighted Average Lease Term 160 148 To Expiry (as at 31 Mar 07) By Gross Rent: 1.97 years 140 By NLA: 2.12 years 120 100 77 80 60 43 40 20 13 0 Financial Year 2H07 2008 2009 2010 Expir
Slide 24: In Summary
In Summary Strong Operational Performance ¾ 2Q07 results outperformed IPO forecast by 14.4% ¾ 2Q07 DPU of 1.67 cents exceeds previous quarter distribution by 8.6% ¾ Strong operating performance 9 High occupancy 9 Healthy rental reversions of 9% Acquisition Pipeline Strengthened ¾ Targeting to inject
Slide 25: 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 res
Slide 26: Frasers Centrepoint Trust
Frasers Centrepoint Trust www.fraserscentrepointtrust.com
Frasers Centrepoint Trust — 2Q07 Earnings Presentation on 6ix