Prosperity Real Estate Investment Trust · HKEX:808
Prosperity Real Estate Investment Trust — H1 2012 Earnings Presentation
21 slides from Prosperity Real Estate Investment Trust's earnings presentation, 2012
Slide 1: Interim Results for the six months ended 30 June 2012
Interim Results for the six months ended 30 June 2012
Slide 2: Disclaimer
Disclaimer This document has been prepared by ARA Asset Management (Prosperity) Limited, in its capacity as the manager (“REIT Manager”) of Prosperity Real Estate Investment Trust (“Prosperity REIT”) solely for use at the presentation to analysts in relation to the announcement of the results of Pro
Slide 3: Portfolio at a glance
Portfolio at a glance - Portfolio Map Pg. 4 - The Metropolis Tower Pg. 5 - Prosperity Millennia Plaza Pg. 6 - Prosperity Place Pg. 7 - Trendy Centre Pg. 8 - NPI & Valuation Pg. 9 - Trade Mix Pg. 10 Results Highlights Pg. 11 Financial Review - Consolidated Statement of Comprehensive Income Pg. 12 - D
Slide 4: Portfolio Map
The Metropolis Prosperity Tower 1 Center 5 6 GRA: 271,418 sq. ft GRA: 149,253 sq. ft. 7 Harbourfront Trendy Landmark 2 Centre 6 GRA: 77,021 sq. ft. GRA: 173,764 sq. ft. Prosperity 3 New Treasure 7 5 Millennia Plaza Centre GRA: 217,955 sq. ft. GRA: 86,168 sq. ft. 2 4 1 Prosperity Place 4 GRA: 240,000
Slide 5: The Metropolis Tower
Major Tenants Year of Completion 2001 Appraised Value (HK$ million) 2,637 Percentage of NPI 33.1% |5
Slide 6: Prosperity Millennia Plaza
Major Tenants Year of Completion 1999 Appraised Value (HK$ million) 1,539 Percentage of NPI 21.3% |6
Slide 7: Prosperity Place
Major Tenants Year of Completion 1996 Appraised Value (HK$ million) 1,056 Percentage of NPI 13.3% |7
Slide 8: Trendy Centre
Major Tenants CEH Textiles Year of Completion 1998 Appraised Value (HK$ million) 759 Percentage of NPI 12.1% |8
Slide 9: Net Property Income and Valuation
Net Property Income Valuation Six months ended 30 June 2012 As at 30 June 2012 Property Name NPI Percentage of Property Name Valuation Percentage of HK$’000 NPI HK$ million Valuation The Metropolis Tower 38,572 33.1% The Metropolis Tower 2,637 36.1% Prosperity Millennia Plaza 24,824 21.3% Prosperity
Slide 10: Trade Mix by Gross Rentable Area
Trade Mix by Gross Rentable Area Size of tenant premises on gross rentable area As at 31 December 2011 Percentage (as at 31 December 2011) Above 10,000 sq.ft. 21.6% 5,001 sq.ft. - 10,000 sq.ft. 12.5% 2,001 sq.ft. - 5,000 sq.ft. 26.6% 1,001 sq.ft. - 2,000 sq.ft. 25.5% 1,000 sq.ft. and below 13.8% 30.
Slide 11: Results Highlights: DPU rose 10.9% year-on-year
Six months ended 30 June 2012 – Unaudited DPU rose year-on-year by 10.9% to (Y-o-Y Comparison) HK$0.0660 Distribution Per Unit HK$0.0660 10.9% Revenue HK$149.3 mil 10.8% Net Property Income HK$116.5 mil 11.4% Average Effective Unit Rent HK$16.22 psf 9.8% Strong topline revenue contributed Occupancy
Slide 12: Consolidated Statement of Comprehensive Income
2011 For the six months ended 30 June 2012 (HK$’000) (HK$’000) (unaudited) (unaudited) (restated) Revenue 149,317 134,736 Total property operating expenses (32,830) (30,132) Net property income 116,487 104,604 Interest income 44 338 Manager’s fee (17,759) (15,615) Trust and other expenses (3,722) (3
Slide 13: Loan Facilities as at 30 June 2012
Loan Facilities as at 30 June 2012 Total Debt HK$2,200 million Tenure 5 years ¹ Term Loan 2 HK$1,770 million Revolving Loan 3 HK$430 million Floating Interest Rate (per annum) HIBOR + 0.81% Notes: 1. The facilities will mature and become payable on 16 August 2015 2. As at 30 June 2012, $1,416 millio
Slide 14: Unit Price increased by 18.0% in 1H12
Unit Price increased by 18.0% in 1H12 25.0% 22.4% 20.0% 17.6% 18.0% 15.0% 9.9% 10.7% 10.0% 8.5% 5.0% 3.1% 0.6% 0.0% Regal REIT Hui Xian REIT Yue Xiu REIT Champion REIT The Link REIT Sunlight REIT Prosperity REIT Fortune REIT Absolute Relative As at As at Price Performance Percentage Change Change to
Slide 15: Portfolio Occupancy Rate
GRA Occupancy Rate Occupancy Rate Property Name as at as at (sq.ft.) 30 June 2012 31 Dec 2011 1. The Metropolis Tower 271,418 99.2% 98.5% 2. Prosperity Millennia Plaza 217,955 100.0% 100.0% 3. Harbourfront Landmark1 77,021 100.0% 100.0% 4. Prosperity Place 240,000 97.7% 98.8% 5. Trendy Centre 173,76
Slide 16: AEIs completed in 1H2012
AEIs completed in 1H2012 2 1. The concrete parapet wall at the roof garden of Prosperity Place was replaced with a tempered glass wall for tenants to enjoy unobstructed views of the Victoria Harbour as well as the Kai Tak Cruise Terminal. 2. A vertical green wall was installed at the carpark entranc
Slide 17: Trendy Centre Common Washroom Renovation
Trendy Centre Estimated Target Expected Common Washroom Renovation CAPEX Commencement Completion ~HK$5 M September 2012 July 2013 Before After | 17
Slide 18: Trendy Centre Cargo Lift Lobbies Renovation
Trendy Centre Estimated Target Expected Cargo Lift Lobbies Renovation CAPEX Commencement Completion ~HK$3 M September 2012 July 2013 Before After | 18
Slide 19: Excellent Tenant Relations
Excellent Tenant Relations The courteous and professional property management staff of Goodwell-Prosperity Property Services Limited create a friendly and caring atmosphere for the tenants, thereby strengthen our tenant relationships. In 1H12, Prosperity REIT maintained a close-to- zero rent delinqu
Slide 20: Key Facts as at 30 June 2012
Key Facts as at 30 June 2012 IPO 16 December 2005 7.5% (based on the closing unit price of HK$1.77 Indicative Yield as at 29 June 2012 and DPU of HK$0.0660 for 1H12) Total number of units 1,370,991,728 Market Capitalization HK$2.43 billion Average daily trading volume 1.3 million units Free Float 79
Slide 21: ARA Asset Management (Prosperity) Limited
ARA Asset Management (Prosperity) Limited (as manager of Prosperity REIT) Ms. Mavis Wong Acting Chief Executive Officer maviswong@ara.com.hk Ms. Carey Kwan Manager, Investor Relations careykwan@ara.com.hk Mr. Vicho Chung Assistant Finance Manager vichochung@ara.com.hk Units 5508-10, 55/F, The Center
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