1Q FY 2024/25 Business Updates
29 October 2024
ContentsPage
❑ Overview and Key Highlights | 4 |
❑ Portfolio Updates | 10 |
❑ Market Outlook | 20 |
3
Overview and Key Highlights
Ngee Ann City, Singapore
Overview
Quality Assets
- Portfolio of ~S$2.8 billion
- 9 mid- to high-endpredominantly retail properties in six key Asia Pacific cities
Strong Sponsor
- YTL Group owns ~38.0% of SGREIT
- Has a combined market capitalisation of US$21 billion(1)
Strategic Locations
- Landmark assets at prime locations
- Excellent connectivity to transportation hubs
- Appeal to both local and international brands
Income Visibility
- Master/anchor leases with periodic rental reviews make up 53.0% of gross rent(2)
- Committed portfolio occupancy of 97.6%(2)
Diversified Portfolio
- Core markets: Singapore, Australia, Malaysia
-
Contribution to 1Q FY24/25 revenue:
Retail (~85%) & Office (~15%)
Healthy Financials
❑ | "BBB" credit rating |
with stable outlook by | |
Fitch Ratings | |
❑ Gearing of 37.2%(2) and | |
weighted average debt | |
maturity of 2.8 years(2) | |
❑ | Component stock of |
FTSE EPRA NAREIT | |
Global Developed Index |
Notes:
- Market capitalisation of YTL Corporation Berhad and its listed entities in Malaysia, as at 30 June 2024.
- As at 30 September 2024.
5
Key Highlights
Financial | Resilient | Prudent | ||
Performance | Operational Performance | Capital Management | ||
Gross Revenue
S$48.0 million
1.9% y-o-y
Net Property Income
S$37.9 million
1.4% y-o-y
Notes:
Committed Portfolio Occupancy
97.6%(1)
Portfolio WALE (by NLA)
7.6 years(2)
Expiring leases by gross rent in FY24/25
7.8%(1)
Gearing
(as at 30 Sep 2024)
37.2%
Fixed/hedged debt
(as at 30 Sep 2024)
81%
Sufficient undrawn long-term committed RCF lines to cover the remaining debts maturing in FY24/25
- Based on committed leases as at 30 September 2024.
- Based on committed leases as at 30 September 2024, including leases commencing after 30 September 2024. Based on the date of commencement of leases, portfolio WALE was 5.7 years by NLA.
6
1Q FY24/25 Financial Performance
Gross Revenue | Net Property Income (NPI) |
❑ Revenue was up |
$ million
50
40
30
20
10
1.9% y-o-y
47.1(1)48.0
0.70.7
6.97.2
10.210.3
12.913.3
16.316.5
$ million
40
30
20
10
1.4% y-o-y
37.4(1)37.9(1)
0.60.5
6.77.0
6.86.5
9.910.4
13.313.6
mainly due to higher |
contributions from the |
Singapore and Perth |
Properties, as well as |
appreciation of RM |
against S$ |
❑ NPI rose in line with |
higher revenue, |
partially offset by |
higher operating |
expenses mainly for |
Myer Centre Adelaide |
0 | 0 | |||||||||||||
1Q FY23/24 | 1Q FY24/25 | |||||||||||||
1Q FY23/24 | 1Q FY24/25 | |||||||||||||
Ngee Ann City Property | Wisma Atria Property | Australia Properties | ||||||||||||
Malaysia Properties | Others | |||||||||||||
Note:
1. Total does not add up due to rounding.
7
Staggered Debt Maturity Profile Averaging 2.8 years
$ million | Debt maturity profile | |||
250 | As at 30 September 2024 | * Peak maturity 21% | ||
* | of total debt and 8% | |||
4 | of total assets |
200 | ||||||
89 | 18 | |||||
150 | ||||||
56 | 125 | |||||
100 | 215(1) | |||||
70 | 50 | 156(1) | ||||
50 | 100 | 75 | ||||
50 | 60 | |||||
0 | FY25/26(2) | |||||
FY24/25 | FY26/27 | FY27/28 | FY28/29 | FY29/30 | ||
S$215m term loan | S$60m term loan | S$50m term loan | S$50m term loan | S$75m term loan | ||
S$70m MTN | S$100m MTN | S$125m MTN | A$100m term loan | A$63m term loan | ||
RM500m MTN | JPY2b term loan | JPY0.5b bond |
- Issued new five-year RM500 million secured MTN in September 2024 at lower coupon to refinance existing debts
- Sufficient undrawn long-term committed RCF lines to cover the remaining debts maturing in FY24/25
Notes:
- The Group issued five-yearfixed-rate RM500 million secured MTN (maturing in September 2029) in September 2024 at lower coupon of 5.25% (existing coupon at 5.5%) per annum mainly to finance the redemption of its existing RM330 million MTN upon maturity and prepayment of $35 million term loan.
- Excludes $100 million perpetual securities (classified as equity instruments) issued in December 2020 at fixed rate of 3.85% per annum with the first distribution rate reset falling on 15 December 2025 and subsequent resets occurring every five years thereafter.
8
Financial Ratios
Financial Ratios | 30 Sep 2024 |
Total debt | $1,068 million |
Gearing | 37.2% |
Interest cover(1) | 3.1x |
Adjusted interest cover(2) | 2.9x |
Average interest rate p.a.(3) | 3.80% |
Unencumbered assets ratio | 85% |
Fixed/hedged debt ratio(4) | 81% |
Weighted average debt maturity | 2.8 years |
Notes:
- Interest cover ratio computed based on trailing 12 months interest expenses as at 30 September 2024.
- The adjusted interest cover ratio takes into account the distribution on perpetual securities as at 30 September 2024.
- Includes interest rate derivatives and benchmark rates but excludes upfront costs.
- Includes interest rate swaps.
9
Portfolio Updates
Wisma Atria, Singapore
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