Keppel REIT · SGX:K71U
Keppel REIT — Q1 2013 Earnings Presentation
17 slides from Keppel REIT's earnings presentation, Apr 15, 2013
Slide 1: First Quarter 2013 Financial Results
First Quarter 2013 Financial Results 15 April 2013 1 Important Notice The past performance of Keppel REIT is not necessarily indicative of its future performance. Certain statements made in this presentation may not be based on historical information or facts and may be “forward‐looking” statements
Slide 2: Growing from strength to strength / Growth History
Growing from strength to strength Portfolio of nine quality commercial Grade A office assets which are tenanted by established corporate tenants well‐diversified across various business sectors Total portfolio value of more than $6.6 billion Total NLA of approximately 2.8m sf as at 31 March 2013 Mar
Slide 3: Sterling Property Portfolio
Sterling Property Portfolio Nine premium Grade A office assets valued at more than $6.6 billion Young portfolio, average age of approximately 5 years Approximately 92% of Singapore Portfolio by AUM located in the Raffles Place and Marina Bay precincts Assets in Singapore and Australia, two of the ha
Slide 4: 1Q 2013 Highlights
1Q 2013 Highlights 7 1Q 2013 Highlights Net property income Ï 20.7% y‐o‐y to $34.4 million Share of results of associates Ï 26.4% y‐o‐y to $14.2 million Distributable income Ï 7.6% 7 6% y‐o‐y to $52.2 $52 2 million Distribution per Unit (DPU) Ï 3.7% y‐o‐y to 1.97 cents Annualised DPU Ï 4.6% y‐o‐y to
Slide 5: Ocean Financial Centre
Ocean Financial Centre Retail and car park annex on track for completion in 3Q 2013 Raffles Place MRT Clifford Clifford Centre Pier The Arcade Republic Retail and car park annex l Plaza II The Fullerton Republic Ocean Bay Equity Plaza I Financial OUE Plaza Bayfront Centre Customs House Retail and ca
Slide 6: Acquired income-accretive asset in Perth
Acquired Income‐accretive asset in Perth Acquired 50% interest in new office tower to be built on the Old Treasury Building site in Perth 98% pre‐committed by the Government of Western Australia Long‐term g lease of 25 yyears with options p for another 25 yyears Will extend Keppel REIT’s weighted av
Slide 7: Distributable income up 7.6% y-o-y to $52.2m
Distributable income Ï 7.6% y‐o‐y to $52.2m 1Q 2013 1Q 2012 Change Property Income $41.4m $36.6m $4.8m 13.2% Net Property Income $34.4m $28.5m $5.9m 20.7% Share of Results of Associates $14.2m $11.2m $3.0m 26.4% Distributable Income to Unitholders(1) ( ) $52.2m $48.5m $3.7m 7.6% Distribution Per Uni
Slide 8: Healthy Balance Sheet
Healthy Balance Sheet As at 31 Mar 2013 As at 31 Dec 2012 Non‐current Assets $6,107 m $6,002 m T t lA Total Assets t $6 254 m $6,254 $6 139 m $6,139 Borrowings(1) $2,878 m $2,801 m Total Liabilities $2,734 m $2,674 m Unitholders’ Funds $3,518 m $3,464 m Net Asset Value (NAV) Per Unit $1.31 $1.32 j A
Slide 9: Proactive Capital Management
Proactive Capital Management Completed all refinancing for FY2013 2013 refinancing quantum termed out to 2018 Well‐staggered debt maturity profile Low all‐in average cost of borrowing at 2.17% p.a. Further diversified number of lenders from 12 to 14 Interest coverage ratio of 4.8 times(1) Weighted a
Slide 10: Strong Portfolio Occupancy at 99%
Portfolio Analysis 19 Strong Portfolio Occupancy at 99% Four out of seven completed properties are 100% occupied Portfolio average occupancy has increased steadily since end‐2011, post‐acquisition of the 87.5% interest in Ocean Financial Centre Ocean Financial Centre is ~97% occupied 100.0% 100.0% 9
Slide 11: Stable Lease Portfolio
Stable Lease Portfolio Top ten tenants have long WALE of 6.9 years(1) Weighted Average Lease Expiry (WALE) Top Ten Tenants WALE 6.9 years(1) Portfolio WALE 5.7 years(2) Portfolio with Long‐Term Leases(3) by NLA 41.6% LLong‐term t 58.4% leases Short‐term leases (1) Including the acquisition of the Ol
Slide 12: Tenants Diversified Across Various Business Sectors
Tenants Diversified Across Various Business Sectors Retail (Excludes F&B & services), 1.0% Accounting & Telecommunications consultancy & multi‐media, 8.2% services, 1.7% Legal, 7.7% 222 (1) tenants from a F&B, 1.1% diversified range of business sectors Energy & natural resources, 9.3% (1) Tenants wi
Slide 13: Market Review and Outlook: Singapore Office Market
Market Review and Outlook 25 Singapore Office Market Occupier demand has been diversified across the insurance, commodities, multi‐media, business services and the legal sectors. Leasing activity in 1Q 2013 was mainly driven by the Grade A market. Grade A office rentals remained relatively stable in
Slide 14: Economic and Office Market Outlook
Economic and Office Market Outlook Singapore Fitch Ratings reaffirms Singapore’s AAA sovereign ratings, citing Singapore’s strong economic fundamentals and stable political landscape as the main reasons for f the h reaffirmation ffi i Rental rates for Grade A office space remained relatively sta
Slide 15: Additional Information: Vision and Mission
Vision Keppel REIT aims to be a successful commercial real estate investment trust with a sterling portfolio of assets pan‐Asia. Mission To deliver stable and sustainable returns to Unitholders by continually enhancing our assets and expanding our portfolio. 29 Additional Information 30 15
Slide 16: Portfolio Information
Portfolio Information Approximately 92% of the Singapore portfolio by AUM is located in the Raffles Place and Marina Bay precincts. Singapore Portfolio Ocean Financial Bugis Junction MBFC One Raffles Quay Prudential Tower Centre Towers Interest (3) Interest(3) Property Interest A pair of 33 and 50 4
Slide 17: For enquiries, please contact
http://www.keppelreit.com For enquiries, please contact Mr Dale Lai Investor Relations & Research Email: dale.lai@keppelreit.com Tel: 6433 7695 Fax: 6835 7747 33 17