CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaMall Trust — Q2 2007 Earnings Presentation
126 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Jul 27, 2007
Slide 1: CapitaMall Trust 2nd Quarter 2007 Financial Results
CAPITAMALL TRUST 2nd Quarter 2007 FINANCIAL RESULTS 27 July 2007
Slide 2: Disclaimers
Disclaimers This presentation is focused on comparing actual results versus forecasts stated in the CMT OIS to Unitholders dated 29 August 2006. This shall be read in conjunction with paragraph 9 of CMT’s 2007 Second Quarter Unaudited Financial Statement and Distribution Announcement. This presentat
Slide 3: Financial Highlights
Cap/taMall P Trust Financial Highlights
Slide 4: Financial Results 2Q 2007
Financial Results 2Q 2007 (1 Apr – 30 Jun 2007) Distribution Per Unit of 3.12 Cents Exceeds Forecast1 by 9.5% CMT is distributing 100% of its taxable income for 2Q 2007. CMT is committed to distribute 100% of its taxable income available for distribution for year ended 31 December 2007, including th
Slide 5: 2Q 2007 vs 2Q 2006 and 1H 2007 vs 1H 2006
2Q 2007 vs 2Q 2006 and 1H 2007 vs 1H 2006 2Q 2007 Distribution Per Unit Increased 12.6% over 2Q 2006 2Q 2007 2Q 2006 Variance Change% Annualised taxable income/distribution 12.51¢ 11.11¢ + 1.40¢ +12.6% per unit Annualised distribution yield 3.33% 2.95% +0.38% +12.6% (Based on unit price of S$3.76 on
Slide 6: Distribution Details
Distribution Details Distribution Period 1 April to 30 June 2007 Distribution Rate 3.12 cents per unit Distribution Timetable Notice of Book Closure Date 27 July 2007 Last Day of Trading on “cum” Basis 1 August 2007, 5.00 pm Ex-Date 2 August 2007, 9.00 am Book Closure Date 6 August 2007, 5.00 pm Dis
Slide 7: Steady DPU Growth Since Listing in July 2002
Steady DPU Growth Since Listing in July 2002 Multi-Pronged Strategy Delivers Continuous DPU Growth 14 +5.6% 12.342¢ 12 +14.3% 11.69 ¢ +7.9% 10.23 ¢ 10 +18.1% 9.48 ¢ +9.4% 1 8.03 ¢ 8 7.34 ¢ FY2007 FY2006 DPU2 6 FY2005 Actual FY2004 DPU Actual FY2003 Actual 4 FY2002 DPU Actual DPU DPU1 DPU 2 0 2002 20
Slide 8: Breakdown of DPU Growth Since IPO
Breakdown of DPU Growth Since IPO (Jul 2002) Acquisitions, Asset Enhancements & Active Leasing form Core Components of Growth 12.51 ¢2 Asset Enhancements / Reconfiguration & Others 33% Upfront Payment of IMM Land Premium 6% Acquisitions Active Leasing 42% 19% 6.78 ¢1 1. Annualised forecast based on
Slide 9: Potential for Growth in Singapore
Potential for Growth in Singapore Ownership of Private Retail Stock in Singapore (by NLA) Allco REIT 0.5% Private Fund CapitaCommercial Trust 5.7% CapitMall Trust 1.3% Strata owned 13.0% Prime REIT 7.0% 1.7% Capitaland Fraser's Centrepoint Trust 3.9% 2.8% Suntec REIT 4.6% Developers Fragmented owner
Slide 10: Acquisition of Remaining Stake in CapitaRetail Singapore
Acquisition of Remaining Stake in CapitaRetail Singapore Grows Asset Size to S$5.7 billion2 Revised target asset size in Singapore to S$8.0 billion by 2010 S$billion 10 8.0 8 7.0 2 6 5.7 1 4.8 4 2 0 As a t 31 Ma rch 2007 Curre nt 2009 2010 1. Consists of total non-current assets as at 31 March 2007.
Slide 11: CMT Unit Price Performance since IPO
CMT Unit Price Performance since IPO (Jul 2002) to 30 June 2007 9 340% Unit Price Appreciation 9 524% Growth in Total Asset Size 9 391% Total Return 9 831% Growth In Market Cap 9 85% Growth in Annualised DPU (2Q 20071 actual vs IPO 2002 forecast) 9 Outperformed STI & Property Stocks % change in unit
Slide 12: CMT Unit Price Performance January 2007 to June 2007
CMT Unit Price Performance 1 January 2007 to 30 June 2007 9 45% Unit Price Appreciation 9 45% Growth In Market Cap 9 49% Total Return % change in unit price/index value 1 9 Outperformed STI & Property Stocks 65 1 Jan 07 to 30 June 07 CMT + 45.0% STI + 18.8% 55 SESPROP + 39.0% CMT 45 35 25 SESPROP 15
Slide 13: Financial Results
Cap/taMall P Trust Financial Results
Slide 14: Distribution Statement 2Q 2007
Distribution Statement 2Q 2007 (1 Apr – 30 Jun 2007) Actual1 Forecast2 Variance S$’000 S$’000 (%) Gross Revenue 103,914 93,390 11.3 Less property operating expenses (36,841) (31,242) 17.9 Net property income 67,073 62,148 7.9 Interest Income 231 - N.M Administrative expenses (7,379) (6,242) 18.2 Int
Slide 15: Distribution Statement 1H 2007
Distribution Statement 1H 2007 (1 Jan – 30 Jun 2007) Actual1 Forecast2 Variance 1 Jan to 30 Jun 2007 S$’000 S$’000 (%) Gross Revenue 201,318 185,713 8.4 Less property expenses (67,726) (62,282) 8.7 Net property income 133,632 123,431 8.3 Interest Income 515 - N.M Administrative expenses (13,393) (12
Slide 16: Property Gross Revenue 2Q 2007
Property Gross Revenue 2Q 2007 (1 Apr – 30 Jun 2007) Portfolio Gross Revenue Outperformed Forecast1 by 11.3% CMT Portfolio 103.9 93.4 11.3% Tampines Mall 13.9 13.0 Junction 8 11.2 10.5 Funan 6.9 DigitaLife Mall 6.2 15.8 IMM Building 14.1 Plaza Singapura 17.1 16.2 Bugis Junction 15.0 13.4 Other Asset
Slide 17: Property Operating Expense 2Q 2007
Property Operating Expense 2Q 2007 (1 Apr – 30 Jun 2007) Portfolio Operating Expenses Exceeded Forecast1 by 17.9% 2 CMT Portfolio 36.8 31.2 4.4 17.9% Tampines Mall 4.1 4.1 Junction 8 3.4 Funan 2.6 DigitaLife Mall 2.5 6.8 IMM Building 5.9 5.4 Plaza Singapura 4.8 6.1 Bugis Junction 4.4 Other Assets3 1
Slide 18: Net Property Income 2Q 2007
Net Property Income 2Q 2007 (1 Apr – 30 Jun 2007) Portfolio Net Property Income Outperformed Forecast1 by 7.9% CMT Portfolio 67.1 62.2 7.9% Tampines Mall 9.5 8.9 7.1 Junction 8 7.1 Funan 4.3 DigitaLife Mall 3.7 IMM Building 9.0 8.2 11.7 Plaza Singapura 11.4 Bugis Junction 8.9 9.0 Other Assets2 1.7 2
Slide 19: Property Gross Revenue 2Q 2007 vs 2Q 2006
Property Gross Revenue 2Q 2007 vs 2Q 2006 Gross Revenue Outperformed 2Q 2006 by 8.4% 82.9 CMT Portfolio1 8.4% 76.5 Tampines Mall 13.9 13.4 Junction 8 11.2 10.6 Funan 6.9 DigitaLife Mall 6.0 IMM Building 15.8 13.2 Plaza Singapura 17.1 15.7 Bugis Junction 15.0 13.0 Other Assets2 3.0 2Q 2007 2Q 2006 4.
Slide 20: Property Operating Expense 2Q 2007 vs 2Q 2006
Property Operating Expense 2Q 2007 vs 2Q 2006 Operating Expenses Exceeded 2Q 2006 by 12.5% 2 CMT Portfolio1 30.7 27.3 12.5% Tampines Mall 4.4 4.2 Junction 8 4.1 3.7 Funan 2.6 DigitaLife Mall 2.2 IMM Building 6.8 6.5 Plaza Singapura 5.4 4.5 Bugis Junction 6.1 4.3 Other Assets3 1.3 2Q 2007 2Q 2006 1.9
Slide 21: Net Property Income 2Q 2007 vs 2Q 2006
Net Property Income 2Q 2007 vs 2Q 2006 Net Property Income Outperformed 2Q 2006 by 6.1% 52.2 CMT Portfolio1 6.1% 49.2 Tampines Mall 9.5 9.2 Junction 8 7.1 6.9 Funan 4.3 DigitaLife Mall 3.8 IMM Building 9.0 6.7 Plaza Singapura 11.7 11.2 8.9 Bugis Junction 8.7 1.7 2Q 2007 2Q 2006 Other Assets2 2.7 0 1
Slide 22: Property Gross Revenue 1H 2007 vs 1H 2006
Property Gross Revenue 1H 2007 vs 1H 2006 Gross Revenue Registered Strong Growth of 7.4% 1 164.5 CMT Portfolio 1 153.2 7.4% 27.6 Tampines Mall 26.6 22.2 Junction 8 20.9 Funan 13.2 DigitaLife Mall 12.0 31.5 IMM Building 26.7 33.9 Plaza Singapura 31.8 29.0 Bugis Junction 26.1 Others2 7.1 YTD Jun 07 YT
Slide 23: Property Operating Expenses 1H 2007 vs 1H 2006
Property Operating Expenses 1H 2007 vs 1H 2006 Property Operating Expenses increased by 8.9% 1 57.32 CMT Portfolio 52.6 8.9% 8.3 Tampines Mall 7.8 7.5 Junction 8 6.9 Funan 5.1 DigitaLife Mall 4.4 13.0 IMM Building 12.1 9.8 Plaza Singapura 9.0 10.7 Bugis Junction 8.7 2.9 Others3 3.7 YTD Jun 07 YTD Ju
Slide 24: Net Property Income 1H 2007 vs 1H 2006
Net Property Income 1H 2007 vs 1H 2006 Robust Net Property Income Growth of 6.6% CMT Portfolio1 107.2 100.6 6.6% Tampines Mall 19.3 18.8 14.7 Junction 82 14.0 Funan 8.1 DigitaLife Mall 7.6 18.5 IMM Building 14.6 24.1 Plaza Singapura 22.8 Bugis Junction3 18.3 17.4 Others4 4.2 YTD Jun 07 YTD Jun 06 5.
Slide 25: Debt Capital Information as at June 2007
Debt Capital Information as at 30 June 2007 (including 40% share in RCS Trust and 100% share in CRS) Debt Maturity Profile Key Statistics CMT (excluding 40% share in RCS Trust and Commercial Mortgage Back Security 100% share in CRS) Class A – D Bonds and RCF of (“CMBS”) under Silver Maple CRS 783.0
Slide 26: Valuation and Property Yield
Valuation and Property Yield CMT Portfolio (excluding CRS Portfolio) Previous As at 30 June 2007 Valuation 1 Valuation 2007 2 Variance Property Yield3 S$ million Tampines Mall 655.0 703.0 48.0 5.2% Junction 8 5.6% 489.0 510.0 21.0 Funan DigitaLife Mall 260.0 303.0 43.0 5.0% IMM Building 558.0 584.0
Slide 27: Valuation and Property Yield
Valuation and Property Yield CRS Portfolio As at 30 June 2007 Valuation 1 Property Yield 2 S$ million Bukit Panjang Plaza 249.0 5.1% Lot One Shoppers’ Mall 376.0 5.5% Rivervale Mall 85.0 5.6% Total 710.0 5.4% 1. Valuation as at 2 April 2007. 2. Property yield based on stabilised income. Revaluation
Slide 28: Balance Sheet
Balance Sheet As at 30 June 2007 1 S$’000 Non Current Assets 5,707,187 Net Asset Value per unit S$2.11 Current Assets 74,489 (as at 30 June 2007) Total Assets 5,781,676 Adjusted Net Asset Value per unit S$2.08 (excluding distributable income) Current Liabilities 531,841 Non-Current Liabilities 1,949
Slide 29: Year on Year Net Asset Value per Unit Growth
Year on Year Net Asset Value per Unit Growth Net Asset Value Per Unit Registered an Average Annual Growth of 19% Since 2003 3 S$ 2.08 2 +11% 2 +14% S$ 1.87 1 S$ 1.64 1.6 1 +25% S$ 1.31 +27% 1.2 S$ 1.03 0.8 0.4 0 2003 2004 2005 2006 2007 1. NAV computations were based on CMT and its associates’ resul
Slide 30: Portfolio Update
Cap/taMall P Trust Portfolio Update
Slide 31: Summary of Renewals / New Leases
Summary of Renewals / New Leases Strong Rental Rates Achieved vs Forecast & Preceding Rentals From 1 January to 30 June 2007 (Excluding Newly Created Units) No. of Increase/(Decrease) in Net Lettable Area Renewals/ Current Rental Rates VS Property New % Total % Forecast % Preceding Area (sq ft) Leas
Slide 32: Strong Renewals Achieved Year-on-Year
Strong Renewals Achieved Year-on-Year Net Lettable Area Increase/Decrease in Current Rental Rates Vs CMT Portfolio No. of (Year) Renewals/ Area % of Preceding New Leases (Sq Ft) Total Forecast Rental NLA1 Rental Rates Rates 20072 141 439,759 15.7 5.7% 3 11.2% 20064 299 505,857 17.8 4.7%5 8.3% 20056
Slide 33: Strong Retail Rental Renewals Achieved At Raffles City Shopping Centre
Strong Retail Rental Renewals Achieved At Raffles City Shopping Centre Since Acquisition to 30 June 2007 (Excluding Newly Created Units) Increase/(Decrease) in No. of Net Lettable Area Current Rental Rates VS Property Renewals/ % New Leases % Forecast % Preceding Area (sq ft) Total Rental Rates Rent
Slide 34: Asset Enhancements and Active Leasing Drive Average Rental Growth
Asset Enhancements, Active Leasing & Established Retail Real Estate Platform Drive Average Rental Growth Strong weighted average rental growth of 30.3% since the respective malls’ inclusion into the CMT portfolio 20 18 16 47.2% 62.0% 14 33.6% 16.6% 12.4% $ psf per month 12 16.3% 10 30.9% 8 6.6% 6 4
Slide 35: Gross Turnover Rent & Step-Up Leases
Gross Turnover Rent & Step-Up Leases % of Total Portfolio of Tenants1 No. of Tenants1 in the Portfolio 100% 1600 2 1,393 84.1% 2 1400 2 3 1,2692 80% 76.6% 73.2% 1200 3 3 57.9% 1000 938 60% 3 800 742 40% 600 400 20% 200 0% 0 Tenants with Step- Tenants Paying Tenants w ith Step- Tenants Paying GTO Up
Slide 36: Portfolio Lease Expiry Profile by Year
Portfolio Lease Expiry Profile by Year Gross Rental Income As at 30 Jun 20071 No. of Leases S$’000 % of Total2 2007 292 3,871 13.5 2008 490 6,904 24.0 2009 629 9,581 33.3 2010 and 413 8,389 29.2 Beyond Weighted Average Lease Term to Expiry by Rental & NLA CMT Portfolio As at 30 June 20071 By Gross R
Slide 37: Portfolio Lease Expiry Profile for 2007 By Property
Portfolio Lease Expiry Profile for 2007 By Property Net Lettable Area Gross Rental Income No. of Leases % of % of As at 30 Jun 2007 Sq. ft. S$’000 total1 total2 Tampines Mall 32 72,962 22.5% 898 21.8% Junction 8 53 44,345 18.0% 739 23.2% Funan 16 17,325 6.0% 164 8.1% DigitaLife Mall 101 133,003 16.8
Slide 38: High Committed Occupancy Rates at All Malls
High Committed Occupancy Rates at All Malls Achieved Close to 100% Occupancy Rate as at 30 Jun 2007 As at As at As at As at 31 As at As at 31 Mar 06 30 Jun 06 30 Sept 06 Dec 06 31 Mar 07 30 Jun 07 Tampines Mall 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Junction 8 100.0% 100.0% 100.0% 100.0% 100.0% 1
Slide 39: Top 10 Tenants
Top 10 Tenants 1. Ten Largest Tenants1 by Total Gross Rental Contribute 21.2% of Total Gross Rental 2. No One Tenant Contribute more than 3.4% of Total Gross Rental % of Gross % of Net Trade Expiry Area S/N Tenant Rental Lettable Sector Date 2 (sq ft) Income Area 1 BHG (Singapore) Pte. Ltd. 3 Depart
Slide 40: Well Diversified Trade Mix Across Portfolio
Well Diversified Trade Mix Across Portfolio By Net Lettable Area By Gross Rental Income 3.2% 11.4% 3. 3% 4. 1 15 % .4 23 3.3% % .0 % 4.8 % 11 21 .6 .7 % % 8. 9% 17 10 7. .3 0% .4 % % 6. 2% 7. 11 9% 5. 7. 5% 8. .1 6. 7% 2% % 1. 7% 3% Food & Beverage/Food Court Educational/Services Leisure and Enterta
Slide 41: Gross Turnover and Gross Rent Comparison
Gross Turnover and Gross Rent Comparison Tenants’ GTO Growth Outpaces Increase in Gross Rent1 Tampines Mall (Sample Size2: 95 ) GTO Gross Rent Increase Increase (in’000s) (in ‘000s) 2006 58,563 10,436 2007 61,792 5.5% 10,685 2.4% Plaza Singapura (Sample Size2 : 93 ) GTO Gross Rent Increase Increase
Slide 42: Occupancy Cost
Occupancy Cost Occupancy Cost Within Healthy Range & In Line with Market Norms Sales per sq. ft. Malls1 Occupancy Cost (S$) Tampines Mall 85.56 16.3% Junction 8 77.58 16.7% Plaza Singapura 77.83 16.6% Bugis Junction 93.42 15.4% 1 Includes only GTO paying tenants with complete Gross Turnover informat
Slide 43: Potential of Trade Remixing to Optimise Rental
Potential of Trade Remixing to Optimise Rental Average Rent1 psf per month1,2 % of Total Net Lettable Area 25 14.00% 12.00% 20 10.00% 15 Average Gross Rental 8.00% S$9.66 6.00% 10 4.00% 5 2.00% 0 0.00% Services Office Rental Toys Gifts and Supermarkets and Department store Fashion Home Furnishings E
Slide 44: Raffles City
Cap/taMall P Trust Raffles City
Slide 45: RCS Trust 1H 2007
RCS Trust 1H 2007 (1 Jan 2007 to 30 Jun 2007) 1 Jan 2007 to 30 Jun 2007 CMT’s 40% Interest RCS Trust Actual Forecast Var. Actual S$’000 S$’000 % S$’000 Gross Revenue 32,221 30,538 5.5% 80,553 - Retail 12,735 12,342 3.2% 31,837 - Office 5,055 4,401 14.8% 12,638 - Hotel 13,354 13,029 2.5% 33,386 - Oth
Slide 46: RCS Trust Occupancy and Renewals/New Leases
RCS Trust Occupancy and Renewals/New Leases Renewals and New Leases Committed (1 Jan to 30 Jun 2007) Renewed/New Increase in Rental Rates vs Leases as at Committed 30 Jun 2007 Occupancy as (% of Office and Forecast Preceding at Retail NLA) Rental Rates Rental Rates 30 Jun 2007 (sq ft) Raffles City S
Slide 47: Strong Rental Renewals for Raffles City
Strong Rental Renewals for Raffles City Strong Rental Rates Achieved for Raffles City Since Acquisition Since Acquisition to 30 June 2007 (Excluding Newly Created Units) Increase/(Decrease) in Net Lettable Area Current Rental Rates VS No. of Property Renewals/New % Area % Office Leases % Forecast Pr
Slide 48: Raffles City Lease Expiry Profile
Raffles City Lease Expiry Profile Leases up for Renewal (By Gross Rental Income) as at 30 Jun 2007 50% 40% 30% 20% 42.6% 9.5% 2.8% 1.6% 10% 3.4% 13.4% 12.0% 9.4% 5.3% 0% 2007 2008 2009 2010 2011 and Beyond 1 Retail Office Hotels and Convention Centre 2 1. Excluding turnover rent 2. The hotels and co
Slide 49: Raffles City Tower Lease Expiry Profile
Raffles City Tower Lease Expiry Profile Leases up for Renewal (By Gross Rental Income) as at 30 Jun 2007 70% 60% 55.0% 50% 40% 30% 19.9% 20% 16.0% 9.1% 10% 0% 2007 2008 2009 2010 2011 and Beyond Weighted Average Expiry 1.5 yrs 49
Slide 50: Raffles City Shopping Centre Lease Expiry Profile
Raffles City Shopping Centre Lease Expiry Profile Leases up for Renewal (By Gross Rental Income1) as at 30 Jun 2007 40% 33.3% 30.0% 30% 23.5% 20% 13.2% 10% 0% 2007 2008 2009 2010 2011 and Beyond Weighted Average Expiry 1.7 yrs 1. Excluding turnover rent. 50
Slide 51: CapitaRetail China Trust (CRCT)
CapitaRetail China Trust (CRCT)
Slide 52: Summary of CRCT Results 2Q 2007
Summary of CRCT Results 2Q 2007 (1 Apr – 30 Jun 2007) 2Q 2007: Distributable Income exceeds forecast1 by 9.6% 1 Apr – 30 Jun 07 1 Jan – 30 Jun 07 YTD 20072 Actual Forecast1 Change Actual Forecast Change Actual 1 % % Gross Revenue (S$’000) 17,857 19,233 (7.2) 34,922 37,464 (6.8) 41,262 Net Property I
Slide 53: CRCT Performance Since IPO
CRCT Performance Since IPO (Dec 2006) to 30 June 2007 9 Strategic long term Investment 9 222% Unit Price Appreciation since subscription 3 9 95.1 million units held by CMT 9 SGD 204.9 million net gain since subscription 4 % change in unit price/index value 185 IPO1 to 30 June 07 CRCT + 179.6%2 CRCT
Slide 54: Paper Gain from Investment in CRCT
Paper Gain from Investment in CRCT As at 30 June 2007 Number of units 95.1million (or 20% share of CRCT) Subscription price S$0.981 per CRCT unit Closing price of CRCT S$3.16 per CRCT unit (as at 30 June 2007) Net paper gain on CMT’s S$204.9 million 20% share, after interest cost Net paper gain on C
Slide 55: Asset Enhancements Update
Cap/taMall P Trust Asset Enhancements Update
Slide 56: AEI Timeline and Capital Expenditure Outlay
AEI Timeline1 and Capital Expenditure1 Outlay 2007 2008 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q S$ 48.8 million S$ 12.2 million IMM Building S$ 9.9 million Tampines Mall S$ 24.3 million S$ 44.0 million Sembawang Shopping Centre S$ 4.8 million Junction 8 S$ 0.7 million Plaza Singapura S$ 18.8 million S$ 12.6 million
Slide 57: Lot One Shoppers' Mall
Cap/taMall P Trust Lot One Shopper’s Mall
Slide 58: Lot One Shoppers' Mall Artist's Impression of New Facade
Lot One Shoppers’ Mall Artist’s Impression of New Facade 58
Slide 59: Lot One Shoppers' Mall Proposed Asset Enhancement Works
Lot One Shoppers’ Mall Proposed Asset Enhancement Works Decant space currently occupied by Chua Chu Kang branch of the National Library Board constituting approx. 15,500 sq ft in GFA. Library will occupy area classified for use by Civic and Community Institution, which is deemed non-GFA. Creat
Slide 60: Lot One Shoppers' Mall Proposed Asset Enhancement Works
Lot One Shoppers’ Mall Proposed Asset Enhancement Works Level 1 of retail extension block will seamlessly connect to the Chua Chu Kang MRT station via a covered linkway More than 50 new shops will be created on Levels 1, 2, 3, and 4 of the retail extension block Library on Level 3 will relocat
Slide 61: Lot One Shoppers' Mall Proposed Basement 1 Plan
Lot One Shoppers’ Mall Proposed Basement 1 Plan Reconfiguration of existing Supermarket space to F&B units / kiosks and specialty units SUPERMARKET New escalator from Level 1 Open Plaza F&B Retail New food street through reconfiguration of existing kiosks 61
Slide 62: Lot One Shoppers' Mall Proposed Level 1 Plan
Lot One Shoppers’ Mall Proposed Level 1 Plan Extension of retail floor plate towards Choa Chu Kang MRT Station New escalator for direct connection to Basement 1 New escalator to ease circulation from Levels 1 to 5 Fully covered 4 storey high Open Plaza Slabbing of voids to create a F&B larger atrium
Slide 63: Lot One Shoppers' Mall Proposed Level 2 Plan
Lot One Shoppers’ Mall Proposed Level 2 Plan New units created through extension of floor plate over the Open Plaza New escalator to ease circulation from Levels 1 to 5 F&B Retail Slabbing of voids to create 8 nos. of retail kiosks 63
Slide 64: Lot One Shoppers' Mall Proposed Level 3 Plan
Lot One Shoppers’ Mall Proposed Level 3 Plan New units created through extension of floor plate over the Open Plaza New escalator to ease circulation from Levels 1 to 5 F&B Retail Slabbing of voids to create 4 nos. of retail kiosks 64
Slide 65: Lot One Shoppers' Mall Proposed Level 4 Plan
Lot One Shoppers’ Mall Proposed Level 4 Plan Relocation of Food Court from Basement 1 to Level 4 Enlarged Community Library of over 25,000sf LIBRARY New escalator to ease circulation from Levels 1 to 5 FOOD COURT F&B Retail New void to enhance visibility of the upper levels 65
Slide 66: Lot One Shoppers' Mall Proposed Level 5 Plan
Lot One Shoppers’ Mall Proposed Level 5 Plan Stage Landscaped Roof Plaza TV incorporating Wet & Dry Room Play Area Playground and TV Room New escalator to ease circulation Event from Levels 1 to 5 Plaza Splash Zone F&B Retail Open Plaza with Amphitheatre for Community Events 66
Slide 67: Lot One Shoppers' Mall Proposed Rooftop Landscaped Garden
Lot One Shoppers’ Mall Proposed Rooftop Landscaped Garden on Level 5 67
Slide 68: Lot One Shoppers' Mall Proposed Wet Play Area
Lot One Shoppers’ Mall Proposed Wet Play Area 68
Slide 69: Lot One Shoppers' Mall Proposed Dry Play Area
Lot One Shoppers’ Mall Proposed Dry Play Area 69
Slide 70: Lot One Shoppers' Mall Indicative AEI Timeline
Lot One Shoppers’ Mall Indicative AEI Timeline Activity Target Completion Date1 Basement 1 Reconfiguration 4th Quarter 2007 Extension of Levels 1 to 3 1st Quarter 2008 Extension of Levels 4 and 5 2nd Quarter 2008 Rooftop Landscape Plaza 4th Quarter 2008 1. Based on Manager’s estimates 70
Slide 71: Lot One Shoppers' Mall Value Creation of Planned Initiatives
Lot One Shoppers’ Mall Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$51.7 mil 3rd Qtr 2007 4th Qtr 2008 AEI Budget1 Incremental Gross Revenue p.a. S$ 6.9 mil Incremental Net Property Income S$ 5.2 mil Total Capital Expenditure S$ 51.7 mil Return on Investment
Slide 72: Jurong Entertainment Centre
Jurong Entertainment Centre
Slide 73: Jurong Entertainment Centre AEI Following Increase in Plot Ratio
Jurong Entertainment Centre (JEC) AEI Following Increase in Plot Ratio Before Increase of GPR After Increase of GPR Variance Gross Plot Ratio (GPR) 1.85 3.0 62% Allowable GFA 170,000 sq ft 275,500 sq ft1 62% Net Lettable Area 111,000 sq ft 211,700 sq ft1 91% 1 Based on Manager's estimates Urban Re
Slide 74: Jurong Entertainment Centre Proposed AEI – Level 1
Jurong Entertainment Centre Proposed AEI – Level 1 F&B Retail Before After Current After AEI1 Variance Net Lettable Area 19,000 sq ft 38,300 sq ft + 19,300 sq ft 1. Based on Manager's estimates. 74
Slide 75: Jurong Entertainment Centre Proposed AEI – Level 2
Jurong Entertainment Centre Proposed AEI – Level 2 F&B Retail Before After Current After AEI1 Variance Net Lettable Area 41,900 sq ft 53,300 sq ft + 11,400 sq ft 1. Based on Manager's estimates. 75
Slide 76: Jurong Entertainment Centre Proposed AEI – Level 3
Jurong Entertainment Centre Proposed AEI – Level 3 Proposed new Olympic-sized ice skating rink F&B Retail Before After Current After AEI1 Variance Net Lettable Area 44,100 sq ft 59,700 sq ft + 15,600 sq ft 1. Based on Manager's estimates. 76
Slide 77: Jurong Entertainment Centre Proposed AEI – Level 4
Jurong Entertainment Centre Proposed AEI – Level 4 F&B Retail Before After Current After AEI1 Variance Net Lettable Area 6,000 sq ft 28,700 sq ft + 22,700 sq ft 1. Based on Manager's estimates. 77
Slide 78: Jurong Entertainment Centre Proposed AEI – Level 5
Jurong Entertainment Centre Proposed AEI – Level 5 F&B Retail Before After Current After AEI1 Variance Net Lettable Area 0 sq ft 31,700 sq ft + 31,700 sq ft 1. Based on Manager's estimates. 78
Slide 79: Jurong Entertainment Centre Value Creation of Planned Initiatives
Jurong Entertainment Centre Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$115.5 million 2nd Quarter 2008 2nd Quarter 2009 AEI Budget1 Incremental Gross Revenue S$ 14.6 million Incremental Net Property Income S$ 10.9 million Capital Expenditure (includes Diffe
Slide 80: Funan DigitaLife Mall
Cap/taMall P Trust Funan DigitaLife Mall
Slide 81: Funan DigitaLife Mall Exploring Options to Unlock & Maximise Value
Funan DigitaLife Mall Exploring Options to Unlock & Maximise Value Received URA’s provisional permission to maximise unutilised GFA of approx. 386,000 sq ft. Funan employed only 3.88 of its allowable plot ratio of 7.0. Differential Premium locked in at $63.7 million Funan’s effective land cost
Slide 82: Tampines Mall
Cap/taMall P Trust Tampines Mall
Slide 83: Tampines Mall Phase 1 AEI Completed on Schedule
Tampines Mall Phase 1 AEI (Courts Cluster) Completed on Schedule Level 1 - Reconfiguration and addition of prime retail space Phase 1 Courts Before Cluster After Planned Escalators 83
Slide 84: Tampines Mall Phase 1 New Tenants Have Commenced Operations
Tampines Mall Phase 1 New Tenants Have Commenced Operations New shops @ L1 Business commenced Mid May 07 Levi’s Signature New escalator opposite Tampines MRT linking L1 to L2 ness 84
Slide 85: Tampines Mall Phase 1 Revenue Grows by 75%
Tampines Mall Phase 1 Revenue Grows by 75% Business commenced end May 07 New shops: Joop My Room F.LY Hair mechanics Pazzion Blum StarHub 85
Slide 86: Tampines Mall Phase 1 100% Committed, Revenue Up 75%
Tampines Mall Phase 1 100% Committed, Revenue Up 75% Current After AEI1 Total Net Lettable Area of 9,312 sq ft 8,905 sq ft affected units Average Rent per sq ft S$10.53 S$19.74 Total Gross Rent p.a. S$1.2 million S$2.1 million Increase in Gross Revenue S$0.9 million (75%) p.a. Completion Date Mid-Ma
Slide 87: Tampines Mall Phase 2 (Isetan Cluster) – Over 50% Committed
Tampines Mall Phase 2 (Isetan Cluster) – Over 50% Committed 9 new shops at Isetan cluster Target completion: 30 Oct 07 Business starts : estimated 1 Dec 07 Proposed location of new escalator to new shops @ L2 Slab over works to increase the NLA at Isetan area 87
Slide 88: Tampines Mall Increase in Gross Rental Post-Full AEI
Tampines Mall Increase in Gross Rental Post-Full AEI Current After AEI1 Total Net Lettable Area of 47,507 sq ft 48,329 sq ft affected units Level 1 2,704 sq ft 4,094 sq ft Level 2 44,562 sq ft 42,489 sq ft Level 3 241 sq ft 1,746 sq ft Average Rent per sq ft S$8.43 S$10.85 ( 29%) (As at 31 March 200
Slide 89: Tampines Mall Value Creation of Planned Initiatives
Tampines Mall Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$9.85million 1st Quarter 2007 1st Quarter 2008 Old AEI Budget1 New AEI Budget2 Gross Revenue S$ 1.42 million S$1.80 million (net of rental loss) Net Property Income S$ 1.14 million S$1.35 million Capi
Slide 90: Tampines Mall Receives Plot Ratio Increase
Tampines Mall Receives Plot Ratio Increase • Urban Redevelopment Authority (URA) grants Tampines Mall plot ratio increase from 3.5 to 4.2. Additional plot ratio increase is approved for full office development. • Creates approx. 95,000 sq ft of office space • Appealing to URA to allow for the additi
Slide 91: Sembawang Shopping Centre
Cap/taMall P Trust Sembawang Shopping Centre
Slide 92: Sembawang Shopping Centre Redevelopment Work Commenced
Sembawang Shopping Centre Redevelopment Work Commenced New Facade Rooftop Landscaped Plaza Decant 42,610 sq ft of residential gross floor area to Basement 1, Levels 1 and 2 Shift less prime space 35,974 sq ft of gross floor area from Level 3 and 4 to Basement 1, Levels 1 and 2. Relocate car pa
Slide 93: Sembawang Shopping Centre Strong Leasing Commitment of over 60%
Sembawang Shopping Centre Strong Leasing Commitment of over 60% Old NLA Before AEI Additional NLA New NLA after AEI 97,130 sq ft 30,900 sq ft 128,030 sq ft Anchor Tenants Committed Are Giant Hypermarket Daiso Kopitiam 93
Slide 94: Sembawang Shopping Centre Value Creation of Planned Initiatives
Sembawang Shopping Centre Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$68.4 million 1st Quarter 2007 4th Quarter 2008 AEI Budget1 Gross Revenue S$6.8 million (net of rental loss from decanted retail space) Net Property Income S$5.5 million Capital Expenditur
Slide 95: Bugis Junction
Cap/taMall P Trust Bugis Junction
Slide 96: Bugis Junction Proposed AEI– Level 3, 100% Committed
Bugis Junction Proposed AEI– Level 3, 100% Committed Level 3 Before AEI After AEI Reconfigured Retail Area Food Junction relocated from Basement 1 to Level 3 96
Slide 97: Bugis Junction New Facade Along Hylam & Malay Streets
Bugis Junction New Facade Along Hylam & Malay Streets Create Open Concept for restaurant block through: Creation of balconies on Level 2 Converting opaque shop fronts on Level 3 to glass parapets Before After 97
Slide 98: Bugis Junction Proposed AEI– Basement 1
Bugis Junction Proposed AEI– Basement 1 Basement 1 Creation of a myriad of specialty shops and food concept outlets Before AEI Phases 1 and 2 AEI After AEI Reconfigured Retail Area • Basement 1 works will be completed over 3 phases • Phases 1 and 2, which are 100% committed, are expected to commence
Slide 99: Bugis Junction Indicative AEI Timeline
Bugis Junction Indicative AEI Timeline Completed on Schedule Activity Target Commencement Date Start of AEI works 4th Quarter 2006 Activity Target Completion Date1 New Foodcourt at Level 3 3rd Quarter 2007 New balconies at Level 2 of the 3rd Quarter 2007 restaurant block at Hylam street New façade f
Slide 100: Bugis Junction Value Creation of Planned Initiatives
Bugis Junction Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$31.4 million 4th Quarter 2006 2nd Quarter 2008 AEI Budget1 Incremental Gross Revenue S$5.4 million Incremental Net Property Income S$4.0 million Capital Expenditure S$31.4 million Return on Investme
Slide 101: Raffles City Singapore
Cap/taMall P Trust Raffles City Singapore
Slide 102: Raffles City Singapore Phase 1 AEI – Basement
Raffles City Singapore Phase 1 AEI Basement 1 - 90% Committed Food & Beverages Gifts & Novelties B1-06/07 B1-08/09/10 B1-44E 472.00 341.00 Lifestyle 1,347.89 Health & Personal Care/ Beauty & Cosmetics Supermarket B1-04/05 172.00 B1-11/12 Fashion & B1-13 2,110.85 265.00 Fashion Accessories B1-44I B1-
Slide 103: Raffles City Singapore Phase 1 AEI – Level 1
Raffles City Singapore Phase 1 AEI Level 1 - 50% of Reconfigured Area Committed International Brands (Fashion & Fashion Related) 01-17 Watches, Jewellery, Shoes 171.78 & Accessories 01-20/21 Department Store 523.86 01-16 Food & Beverages 01-19 145.48 01-30 01-18 225.98 01-22 213.00 01-32 51.09 100.6
Slide 104: Raffles City Singapore Phase 1 AEI – Level 2
Raffles City Singapore Phase 1 AEI Level 2 - 100% of Reconfigured Area Committed 02-26A/26B 503.69 High Street Fashion & Asian Designer Labels (Fashion & Fashion Related) Esprit & 02-20/20A Watches, Jewellery, Shoes 02-22/23 1,081.96 & Accessories 02-27A 102.00 Beauty, Spa & Wellness 02-24/25/26 637
Slide 105: IMM Building
Cap/taMall P Trust IMM Building
Slide 106: IMM Building Asset Enhancement Initiatives
IMM Building Asset Enhancement Initiatives Major works include: Construction of a two storey extension annex over the open-air car park space, plus an rooftop landscaped plaza Reconfiguration of Level 1 to Level 3 of the main building Before After New shops already trading at the 2-storey retail
Slide 107: IMM Building Level 3 Completed Seamless Furniture Mall
IMM Building Level 3 Completed Seamless Furniture Mall 107
Slide 108: IMM Building Level 3 First Rooftop Landscaped Plaza
IMM Building Level 3 First Rooftop Landscaped Plaza Teflon Roof and Mechanical Ventilation will be installed by Nov 07 108
Slide 109: IMM Building Level 1 Internal Reconfiguration – Food Kiosks
IMM Building Level 1 Internal Reconfiguration – Food Kiosks Before AEI Works Before AEI Works Seating Seating Kiosks to be completed by Jul 07. Tenants to commence business by Aug 07 109
Slide 110: IMM Building AEI Works Progressing on Schedule
IMM Building AEI Works Progressing on Schedule Completed on Schedule Activity Target Commencement Date Start of AEI Works 1st Quarter 2006 Activity Target Completion Date Relocation of Open-air Carpark to Level 5 1st Quarter 2006 Circular Carpark Ramp & Carpark Guidance 3rd Quarter 2006 System Level
Slide 111: IMM Building Strong Leasing Commitment of 98%
IMM Building Strong Leasing Commitment of 98% Forecast to achieve approximately 32% Higher Average Rental Average Rent S$ per sq ft per mth Commitment Before AEI After AEI1 Variance Occupancy + 20.6% Level 1 S$ 10.16 S$ 12.25 100% (+ S$9.7 mn p.a) + 36.1% Level 2 S$ 6.60 S$ 8.98 96.2% (+ S$3.3 mn p.
Slide 112: IMM Building Value Creation of Planned Initiatives
IMM Building Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$92.5 million 1st Quarter 2006 1st Quarter 2008 AEI Budget1 Gross Revenue S$12.1 million (net of rental loss from decanted retail space) Net Property Income S$9.3 million Capital Expenditure (includes
Slide 113: IMM Building Growth in Property Yield Since Acquisition
IMM Building Growth in Property Yield Since Acquisition Total Acquisition S$ 264.5 million Entry Property Yield 8.0% Total Acquisition S$ 264.5 million Upfront Premium S$ 55.7 million Asset Enhancement Initiatives S$ 92.5 million Total Cost S$ 412.7 million 1 Current Property Yield 10.4% 1. Current
Slide 114: Plaza Singapura
Cap/taMall P Trust Plaza Singapura
Slide 115: Plaza Singapura Basement Marketplace, 100% Committed
Plaza Singapura Basement 2 Marketplace, 100% Committed Before AEI Works After AEI Works Entrance to Dhoby Ghaut MRT Station 5653 151 sf 151 sf 151 sf 115 sf 233 sf 187 sf 225 sf 140 sf 344 sf Aquarium 593 sf 221 sf 803 sf 165 sf 262 sf 276 sf 147 sf 603 sf 675 sf 237 sf 160 sf 174 sf 291 sf 198 sf 2
Slide 116: Plaza Singapura Basement Kiosks - After AEI (Phase 1A)
Plaza Singapura Basement Kiosks - After AEI (Phase 1A) 116
Slide 117: Plaza Singapura Basement Kiosks - After AEI (Phase 1A)
Plaza Singapura Basement Kiosks - After AEI (Phase 1A) 117
Slide 118: Junction 8
Cap/taMall P Trust Junction 8
Slide 119: Junction 8 Basement 1 Market Place 100% Committed
Junction 8 Basement 1 Market Place 100% Committed, Revenue Grows Up 17% Before AEI Works After AEI Works Before AEI After AEI Variance 536 NLA (sqft) 1,623 2,159 (+33%) No. of Kiosks 11 13 2 $139,320 Total Gross Rent pa $830,004 $969,324 (+17%) $237,000 Total GTO/Ave. per month $176,000 $413,000 (+1
Slide 120: Junction 8 Basement Kiosks AEI
Junction 8 Basement Kiosks AEI Old Marketplace Revamped Marketplace 120
Slide 121: Junction 8 Value Creation of Completed Initiatives
Junction 8 Value Creation of Completed Initiatives Capital Expenditure Start Date Completion Date S$680,000 4th Quarter 06 2nd Quarter 07 AEI Budget1 Incremental Gross Revenue S$ 139,300 Incremental Net Property Income S$ 111,400 Capital Expenditure S$680,000 Return on Investment 16.4% Capital Value
Slide 122: Market Overview
Cap/taMall P Trust Market Overview
Slide 123: Potential Upside in Retail Rental Rates
Potential Upside in Retail Rental Rates Retail Rents have not increased to pre-crisis levels in comparison to Residential and Office Rentals $ psf for $ psf for Retail and Office Rent Residential rent 14 Forecast 50 S$ 11.16 12 Office rent1 goes 45 beyond its historical peak 10 S$ 40.50 40 Retail Re
Slide 124: Positive Sentiment in Singapore Retail Sector
Positive Sentiment in Singapore Retail Sector In Jan-Feb 2007, tourist arrivals registered a 5% increase over the same period in 2006 In addition, local consumer sentiment remains encouragingly strong as indicated by the recent MasterIndex of Consumer Confidence MasterIndex of Consumer Confidenc
Slide 125: Future Supply of Retail Space in Singapore
Future Supply of Retail Space in Singapore Demand, Supply and Vacancy Rate for Private Retail Space (Islandwide) 3.0 14 2.57 Supply 2.5 Forecast 12 10.4 10.8 10.3 1.96 2.0 10 1.5 7.5 Million sqft 8 Vacancy % 1.0 8.0 0.80 6 0.5 0.17 0.16 4 0.0 Orchard Turn site M o stly -0.5 (660,000 sq ft) 2 no n-ce
Slide 126: Contact Information
Contact Information For enquiries, please contact: TONG Ka-Pin (Ms) Investor Relations & Corporate Communications Tel : (65)-6536 1188 Fax : (65)-6536 3884 Email: tong.ka-pin@capitaland.com.sg http://www.capitamall.com 126