Suntec Real Estate Investment Trust · SGX:T82U
Suntec Real Estate Investment Trust — Q4 2009 Earnings Presentation
32 slides from Suntec Real Estate Investment Trust's earnings presentation, January 2010
Slide 1: Financial Results for the Quarter and Financial Year ended 31 December 2009
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Financial Results for the Quarter and Financial Year ended 31 DDecember b 2009 Trust Management (Suntec) Limited
Slide 2: Agenda
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Agenda Financial Highlights Update on Portfolio Performance Update on Asset Enhancement Acquisition Strategy & Update Unit Performance 2
Slide 3: 4Q FY09 Distribution Income up 8.4% y-o-y
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 4Q FY09 Distribution Income up 8.4% 8 4% y‐o‐y Period: 1 October – 31 December 4Q FY09 4Q FY08 Change Distribution income S$47.83 mil S$44.15 mil +8.4% Distribution per unit1 2.886¢ 2.858¢ +1.0% Annualised distribution pe
Slide 4: FY09 Distribution Income up 13.1% y-o-y
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 FY09 Distribution Income up 13.1% 13 1% y‐o‐y Period: 1 January – 31 December FY09 FY08 Change Distribution income S$189.62 mil S$167.66 mil +13.1% Distribution per unit1 11.703¢ 11.024¢ +6.2% Annualised distribution yiel
Slide 5: DPU for FY09 up 6.2% y-o-y
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 DPU for FY09 up 6.2% 6 2% y‐o‐y (cents) (cents) 2.89 2.886 11.90 11.703 11.70 2.88 11 50 11.50 2.87 11.30 2.86 2.858 11.10 11.024 2.85 10.90 2.84 10.70 2.83 10.50 Oct - Dec FY08 Oct - Dec FY09 FY08 FY09 4Q FY09 DPU of 2
Slide 6: Consistently Strong DPU Performance Since Listing
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Consistently Strong DPU Performance Since Listing Strong DPU Performance 13 00 13.00 12.00 11.70 11.02 11.00 cents) 10.00 Actual DPU (c 9.00 8.47 8.00 7.56 7.00 6.74 6.00 5.00 4.00 3 00 3.00 FY 2005 FY 2006 FY 2007 FY 200
Slide 7: 4Q FY09: Quarterly Distribution Income up 8.4% y-o-y
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 4Q FY09: Quarterly Distribution Income up 8.4% 8 4% y‐o‐y For the period 4Q FY09 4Q FY08 Change (S$’000) (S$’000) (%) 1 October – 31 December 2009 Revenue 61,752 63,485 (2.7) Revenue dipped by 2.7% Less property expense
Slide 8: FY09: Distribution Income up 13.1% y-o-y
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 FY09: Distribution Income up 13.1% 13 1% y‐o‐y For the period FY09 FY08 Change (S$’000) (S$’000) (%) 1 Januaryy – 31 December 2009 Revenue 253,138 240,128 5.4 Revenue grew by 5.4% Less property expenses 60,903 58,019 (5
Slide 9: Portfolio Revenue and NPI Distribution
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Portfolio Revenue and NPI Distribution For the Period 1 Oct '09 - 31 Dec '09 For the Year 1 Jan '09 - 31 Dec '09 60,000 250 000 250,000 219,264 53,291 50,000 200,000 41,177 167,899 40,000 $'000 $'000 150,000 30 000 30,000
Slide 10: Debt-to-Assets Ratio 33.3%
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Debt‐to‐Assets Ratio 33 33.3% 3% As at 31 December 2009 Total Debt Outstanding S$1.752 bil Debt-to-Assets Ratio 33.3% Average All-in All in Financing Cost 3.47% Interest Coverage Ratio 5.2x • Corporate Family Rating “Baa1
Slide 11: Debt Maturity Profile
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Debt‐to‐Assets Ratio 33 33.3% 3% Debt Maturity Profile 1,000 2011 – S$132.5m MTN 900 25 2011 – S$400m Club loan 800 50 700 2012 – S$50m Bi-lateral loan 200 S$ Millions s 600 2012 – S$25m MTN 500 132.5 400 2012 – S$200m Te
Slide 12: Total Group AUM stood at S$5.2 billion as at end FY09
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Total Group AUM stood at S$5 S$5.2 2 billion as at end FY09 Group Balance G B l Sheet Sh t as att 31 December D b 2009 (S$’000) Relevant Per Unit Statistics (Group) Investment properties 4,202,000 Net asset value (NAV) pe
Slide 13: Distribution Timetable
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Distribution Timetable Distribution Payment (for the period 1 October to 31 December 2009) Distribution Period 1 Oct – 21 Dec 2009 22 Dec – 31 Dec 2009 Amount (cents/unit) 2 568 (paid 20 Jan 2010) 2.568 0 318 0.318 Ex dat
Slide 14: Update on Portfolio Performance
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Update on Portfolio Performance Office Focus on Our Acquisition Core Strategies Retail and Goals Asset Enhancement 14
Slide 15: Update on Office Portfolio Performance
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Update on Office Portfolio Performance Office Focus on Our Core Acquisition Strategies and Retail Goals Asset Enhancement 15
Slide 16: Office Portfolio Committed Occupancy of 96.8%
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Office Portfolio Committed Occupancy of 96 96.8% 8% Property As at As at As at As at As at Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Suntec City Office 93.0% 98.8% 99.9% 98.2% 95.3% Park Mall Office 85 1% 85.1% 96 1% 96.1% 97 4%
Slide 17: Suntec City Office Occupancy Above Market Average
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Suntec City Office Occupancy Above Market Average 99.9 100 98.8 98.2 95.3 95 93.0 91.21 Core CBD Occupancy 90 Suntec City Office % 85 0 85.0 (C (Committed) itt d) 85 80 75 70 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Su
Slide 18: Office Portfolio Lease Expiry
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Office Portfolio Lease Expiry Lease Expiry as % of Total Office NLA1 (sq ft) As at 31 Net Lettable Area December 2009 30% 28.1% Sq ft % of Total 25% FY10 371,758 19.9 21.9% 19.9% 19.1% 20% FY11 409,010 21.9 15% FY12 355 5
Slide 19: Update on Retail Portfolio Performance
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Update on Retail Portfolio Performance Office Focus on Our Core Acquisition Strategies and Retail Goals Asset Enhancement 19
Slide 20: Strong Retail Portfolio Occupancy
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Strong Retail Portfolio Occupancy Property As at As at As at As at As at Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Suntec City Mall 99.0% 96.0% 99.6% 98.9% 97.6% Park Mall 98 4% 98.4% 100% 99 9% 99.9% 100% 100% Chijmes 100% 100%
Slide 21: Steady Committed Retail Passing Rents
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Steady Committed Retail Passing Rents 12 10.76 10.92 11 11.02 10 61 10.61 10 81 10.81 10 75 10.75 10.33 9.97 10 9.59 8.98 9 Park Mall pm 8 7 63 7.63 S$ psf p 7 46 7.46 Chijmes 7.04 7 Suntec City Mall 6.43 6.07 6 5 4 3 Dec
Slide 22: Stable Contribution From Other Income Initiatives
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Stable Contribution From Other Income Initiatives Total A&P Income 8,000 6,964 7,000 6,532 5 977 5,977 6 163 6,163 6,000 S$'000 5,000 4,000 3,042 3,000 2,000 1,000 0 FY05 FY06 FY07 FY08 FY09 Source: ARATMS Total Other I
Slide 23: Retail Portfolio Lease Expiry Profile
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Retail Portfolio Lease Expiry Profile Net Lettable Area As at 31 December 2009 Sq ft % of Total FY10 244,213 23.4 FY11 261,150 25.0 FY12 284,825 27.3 FY13 112,244 10.8 FY14 & Beyond 121,543 11.6 23.4% of retail portfoli
Slide 24: Update on Asset Enhancement
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Update on Asset Management Office Focus on Our Core Acquisition g and Strategies Retail Goals Asset E h Enhancement t 24
Slide 25: Asset Enhancement Works for Suntec City
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Asset Enhancement Works for Suntec City Construction in progress for glass external facade and covered walkway linking entrance of Promenade MRT station to Suntec City Mall Creation of new retail units along the ESPLA
Slide 26: Acquisition Strategy & Update
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Acquisition Strategy & Update Office Focus on Our Core Acquisition Strategies and Retail Goals Asset Enhancement 26
Slide 27: Assets Under Management
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Assets Under Management Asset Size (S$ billion) 5.4 5.2 4.6 3.2 2.2 2.3 IPO Dec 04 Sep-05 Sep-06 Sep-07 Dec-08 Dec-09 Total assets of S$5.2 billion as at 31 ONE RAFFLES December 2009 QUAY Continue to focus on our core
Slide 28: Unit Performance
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 U it P Unit Performance f Dividend for FY09 of 11.703 cents Liquidity Statistics as at 31 December 2009 20-day volume as Annualised dividend yield of 13.7%1 since listing percentage of free float 11.2% Constituent M
Slide 29: Contact
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Contact ARA Trust Management (Suntec) Limited Yeo See Kiat Chi f E Chief Executive ti Offi Officer seekiatyeo@ara.com.hk KT Yipp Chief Operating Officer kamthaiyip@ara.com.hk Richard Tan Finance Director richardtan@ara.co
Slide 30: Thank You
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Thank You 30
Slide 31: Disclaimer
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Disclaimer This presentation is focused on the comparison of actual results for the three months ended 31 December 2009 versus results achieved in the three months ended 31 December 2008. It should be read in conjunction
Slide 32: Disclaimer: Pro Forma Impact of Deferred Units Issuance
Financial results for Fourth Quarter and Financial Year ended 31 December 2009 Disclaimer Pro Forma Impact of Deferred Units Issuance Suntec City Development Pte Ltd, the vendor of Suntec City Mall and Suntec City Office Towers (both as defined in the prospectus dated 29 November 2004 (the “Prospect
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