CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaLand Mall Trust — Q1 2018 Earnings Presentation
35 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Apr 20, 2018
Slide 1: CapitaLand Mall Trust First Quarter 2018 Financial Results
CAPITALAND MALL TRUST Singapore’s First & Largest Retail REIT First Quarter 2018 Financial Results 20 April 2018 1
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumpti
Slide 3: Contents
Contents ▪ Review of 1Q 2018 ▪ Key Financial Highlights ▪ Portfolio Updates ▪ Asset Enhancement Initiatives (‘AEI’) ▪ Divestment of Sembawang Shopping Centre (‘SSC’) ▪ Looking Forward 3 CapitaLand Mall Trust First Quarter 2018 Financial Results *April 2018*
Slide 4: Review of 1Q 2018
Review of 1Q 2018 Operational Performance , , , , 0.8% 98.9% . 2.1% . 0.2% 5 as at end-Mar 2018 Y-o-Y Y-o-Y . . . Rental reversion Portfolio Shopper traffic Tenants’ sales occupancy rate per square foot 1 1 Asset Enhancement Initiatives Proactive Capital Management 1 Refinanced US$400.0 million (S$5
Slide 5: Key Financial Highlights
Key Financial Highlights Junction 8
Slide 6: 1Q 2018 Distributable Income Up 2.1% Y-o-Y
1Q 2018 Distributable Income Up 2.1% Y-o-Y Distributable Income Distribution Per Unit (DPU) (1) (2) (1) S$99.0 2.78 million cents 2.1% Y-o-Y 1.8% Y-o-Y Annualised DPU Annualised Distribution Yield 11.27 5.37 cents % (Based on closing unit price of 1.8% Y-o-Y S$2.10 on 20 April 2018) (1) For 1Q 2018,
Slide 7: Attractive Yield versus Other Investments
Attractive Yield versus Other Investments As at 31 March 2018 Net Yield for: Individual: 5.4% (0% tax) 6 Corporate Overseas: 4.9% (10% tax) 5.4 Corporate Local: 4.5% (17% tax) 4.2 4 310 bps yield spread 3.1 Yield % 2.5 2.3 2.1 2 0.3 0 CMT 10Y Govt Bond 5Y Govt Bond CPF Ordinary 12-mth (S$) Straits T
Slide 8: 1Q 2018 Financial Performance
1Q 2018 Financial Performance Gross Revenue Net Property Income Distributable Income S$175.2 S$125.7 S$99.0 (1) million million million 1.8% Y-o-Y 4.7% Y-o-Y 2.1% Y-o-Y S$ million 175.2 172.0 1Q 2018 1Q 2017 125.7 120.1 (1) (2) 99.0 97.0 Gross Revenue Net Property Income Distributable Income (1) For
Slide 9: 1Q 2018 Gross Revenue increased by 1.8% versus 1Q 2017
1Q 2018 Gross Revenue increased by 1.8% versus 1Q 2017 On Comparable Mall Basis(1), 1Q 2018 Gross Revenue Up 1.8% Y-o-Y CMT Portfolio 175.2 172.0 20.3 Tampines Mall 20.1 1.8% Junction 8 15.2 15.0 21.9 IMM Building 21.0 23.0 Plaza Singapura 22.6 21.5 Bugis Junction 21.4 Mainly due to higher occupancy
Slide 10: 1Q 2018 Operating Expenses decreased by 4.7% versus 1Q 2017
1Q 2018 Operating Expenses decreased by 4.7% versus 1Q 2017 On Comparable Mall Basis(1), 1Q 2018 OPEX Down 1.9% Y-o-Y CMT Portfolio 49.5 51.9 Tampines Mall 5.1 2.0% 5.3 4.7% Junction 8 4.0 4.1 6.3 IMM Building 6.5 5.5 Plaza Singapura 5.7 5.8 Bugis Junction 5.9 Mainly due to lower marketing and utili
Slide 11: 1Q 2018 Net Property Income increased by 4.7% versus 1Q 2017
1Q 2018 Net Property Income increased by 4.7% versus 1Q 2017 On Comparable Mall Basis(1), 1Q 2018 NPI Up 3.4% Y-o-Y CMT Portfolio 125.7 120.1 15.2 Tampines Mall 14.8 4.7% 11.2 Junction 8 10.9 15.6 IMM Building 14.5 17.5 Plaza Singapura 16.9 15.7 Bugis Junction 15.5 8.0 Lot One Shoppers' Mall 8.0 9.7
Slide 12: 1Q 2018 Performance of Joint Ventures
1Q 2018 Performance of Joint Ventures (1) 1Q 2018 Net Property Income Up 1.1% Y-o-Y Gross Revenue (S$ million) 28.6 Total 28.4 Total 23.4 0.8% Raffles City Singapore 22.7 5.2 Westgate 5.7 Operating Expenses (S$ million) 7.0 Total Total 0.2% (2) 7.0 5.6 Raffles City Singapore 5.4 1.4 Westgate 1.6 Net
Slide 13: Debt Maturity Profile as at 31 March 2018
Debt Maturity Profile1 as at 31 March 2018 700 - 619.6 600 (2) 100.0 500 484.0 392.5 460.0 (3) (2) (2) 450.0 162.0 162.0 418.7 72.0 2.4 (2) 400 48.0 (2) 120.0 S$ million 100.0 (7) 292.8 300 (4) 190.1 100.0 300.0 157.6 350.0 218.3 100.0 (5) 199.0 200 126.0 100.0 (8) (2) (11) 110.0 99.0 (12) 100 192.8
Slide 14: Key Financial Indicators
Key Financial Indicators As at As at 31 March 2018 31 December 2017 Unencumbered Assets as % of Total Assets 100.0% 100.0% Aggregate Leverage(1) 33.5% 34.2% Net Debt / EBITDA(2) 5.8x 6.4x Interest Coverage(3) 5.4x 4.8x Average Term to Maturity (years) 5.2 4.9 Average Cost of Debt(4) 3.2% 3.2% CMT’s
Slide 15: Healthy Balance Sheet
Healthy Balance Sheet As at 31 March 2018 S$’000 Non-current Assets 9,834,106 Net Asset Value/Unit S$1.96 (as at 31 March 2018) Current Assets 497,208 Adjusted Net Asset Value/Unit Total Assets 10,331,314 S$1.93 (excluding distributable income) Current Liabilities 185,549 Non-current Liabilities 3,2
Slide 16: Distribution Details
Distribution Details Distribution Period 1 January to 31 March 2018 Sub-point Distribution Per Unit 2.78 cents Notice of Books Closure Date 20 April 2018 Last Day of Trading on ‘cum’ Basis 25 April 2018, 5.00 pm Ex-Date 26 April 2018, 9.00 am Books Closure Date 30 April 2018 Distribution Payment Dat
Slide 17: Portfolio Updates
Portfolio Updates JCube
Slide 18: Shopper Traffic
(1) Shopper Traffic 1Q 2018 decreased by 2.1% Y-o-Y 100 Shopper Traffic (million) 50 0 1Q 2018 1Q 2017 (1) For comparable basis, CMT portfolio excludes Funan which was closed in July 2016 for redevelopment. 18 CapitaLand Mall Trust First Quarter 2018 Financial Results *April 2018*
Slide 19: Tenants' Sales Psf Per Month
(1) Tenants’ Sales Psf Per Month 1Q 2018 decreased by 0.2% Y-o-Y 100 Tenants’ Sales ($ psf/mth) 75 50 1Q 2018 1Q 2017 (1) For comparable basis, CMT portfolio excludes Funan which was closed in July 2016 for redevelopment. 19 CapitaLand Mall Trust First Quarter 2018 Financial Results *April 2018*
Slide 20: Tenants' Sales by Trade Categories in 1Q 2018
Tenants’ Sales by Trade Categories in 1Q 2018 Cautious Consumer Sentiment 30 26.2 Y-o-Y Variance of Tenants’ Sales $ psf/mth (%) 20 14.9 13.7 10 8.0 6.4 5.5 4.1 2.8 1.1 0 (0.1) (0.2) (0.3) (1.0) (1.2) -10 (8.4) (11.3) -20 -30 (25.2) (2) (1) Books & Stationery Sporting Goods Beauty & Health Home Furn
Slide 21: Rental Reversions
Rental Reversions From 1 January to 31 March 2018 (Excluding Newly Created and Reconfigured Units) Net Lettable Area Increase/(decrease) in Current Rental Number of Retention Rates vs Preceding Percentage Property Renewals / Rate Area Rental Rates of Property New Leases (%) (sq ft) (typically commit
Slide 22: Portfolio Lease Expiry Profile
Portfolio Lease Expiry Profile(1) as at 31 March 2018 Weighted Average Expiry by Gross Rental Income 1.9 Years Gross Rental Income per Month(2) Number of Leases S$’000 % of Total 2018 766(3) 11,579 20.2 2019 940 17,798 31.1 2020 802 14,999 26.2 2021 316 7,881 13.7 2022 48 4,379 7.6 2023 and beyond 1
Slide 23: Portfolio Lease Expiry Profile for 2018
Portfolio Lease Expiry Profile for 2018 (1) Net Lettable Area Gross Rental Income Number of As at 31 March 2018 Leases % of Property NLA(2) % of Property Income(3) Tampines Mall 42 13.4 19.3 Junction 8 37 10.7 17.0 IMM Building(4) 205 26.4 38.1 Plaza Singapura 68 17.8 21.7 Bugis Junction 41 13.1 14.
Slide 24: High Occupancy Maintained
High Occupancy Maintained 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Mar (%, As at) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Tampines Mall 100.0 100.0 100.0 100.0 100.0 99.5 100.0 99.2 100.0 99.9 Junction 8 100.0 100.0 100.0 99.6 99.4 100.0 100.0 99.9 100.0 100.0 (1)
Slide 25: Asset Enhancement Initiative – Raffles City Singapore
Asset Enhancement Initiative – Raffles City Singapore 25 CapitaLand Mall Trust First Quarter 2018 Financial Results *April 2018* Raffles City Singapore
Slide 26: AEI at Raffles City Singapore
AEI at Raffles City Singapore Completed Mall Interior Rejuvenation Works New Bridges for Improved Enhanced Ceiling and Flooring Circulation on Level 3 26 CapitaLand Mall Trust First Quarter 2018 Financial Results *April 2018*
Slide 27: AEI at Raffles City Singapore
AEI at Raffles City Singapore Space Reconfiguration for Efficiency Reconfiguration of Momentum PS.Cafe Court at Basement 1 27 CapitaLand Mall Trust First Quarter 2018 Financial Results *April 2018*
Slide 28: Asset Enhancement Initiative – Tampines Mall
Asset Enhancement Initiative – Tampines Mall *Artist’s impression Tampines Mall
Slide 29: Rejuvenation of Tampines Mall
Rejuvenation of Tampines Mall Rejuvenation Works Amounting S$8.2 Million to be Completed by 4Q 2018 Works include – • Demolition of existing pavilion and construction of new duplex • Enhancement of the mall facade • New flooring for the external walkway To refresh and reinforce Tampines Mall as one
Slide 30: Rejuvenation of Tampines Mall
Rejuvenation of Tampines Mall The New Duplex Enhancement of the Mall Facade New Flooring for the External Walkway * Artist’s impression 30 CapitaLand Mall Trust First Quarter 2018 Financial Results *April 2018*
Slide 31: Divestment of Sembawang Shopping Centre ('SSC')
Divestment of Sembawang Shopping Centre (‘SSC’) 31 Sembawang Shopping Centre
Slide 32: Divestment of Sembawang Shopping Centre ('SSC')
Divestment of Sembawang Shopping Centre (‘SSC’) • Sale of SSC to a joint venture between Lian Beng Group Ltd and Apricot Capital Pte. Ltd. for S$248.0 million. • Net proceeds of approximately S$245.6 million. • Completion date is expected to be on or about 18 June 2018. Sembawang Shopping Centre 32
Slide 33: Looking Forward
Looking Forward *Artist’s impression Funan
Slide 34: Looking Forward
Looking Forward • The Singapore economy grew by 4.3% (1) on a year-on-year basis in 1Q 2018, higher than the 3.6% growth in the previous quarter • Focus on the active lease management for the 766 leases due for renewal in 2018 and operational excellence • Unlock value through asset enhancement initi
Slide 35: Thank you
Thank you For enquiries, please contact: Ms Audrey Tan, Investor Relations, Direct: (65) 6713 1507 Email: audrey.tan@capitaland.com CapitaLand Mall Trust Management Limited (http://www.cmt.com.sg) 168 Robinson Road, #30-01 Capital Tower, Singapore 068912 35 Tel: (65) 6713 2888; Fax: (65) 6713 2999
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