Business & Light Industrial Warehouse Science Park Retail Facilities Logistics and Hi-Tech Industrial Distribution Review of FY11/12 Performance Annual General Meeting 2012 Agenda • Key Highlights for FY11/12 • Financial Highlights • Investment Highlights • Capital & Risk Management • Proactive Asset Management • Outlook Managed by Ascendas Funds Management (S) Ltd.. 2
Key Highlights for FY11/12 • Financial Performance � Gross revenue � 12.4% y-o-y to S$503.3 million. � NPI � 8.5% y-o-y to S$368.3 million � Total amount available for distribution � 13.6% y-o-y to S$281.7 million � DPU of 13.56 cents, � 2.5% y-o-y despite 11.2% increase in number of units outstanding � Net revaluation gain of about S$224.5 million. Total assets of about S$6.6 billion and NAV of S$1.878 per unit • Yield accretive investments � Total investment volume of S$946.4 million � S$545.4 million in acquisitions of income producing properties � S$248.2 million in development projects � S$152.8 million in asset enhancement projects � Maiden investment in Beijing, China Managed by Ascendas Funds Management (S) Ltd.. 3 Key Highlights • Proactive Capital Management � Strong balance sheet: 32.1% aggregate leverage after equity fund raising in May 2012 to fund committed investments � Extended tenure of debt to 4.6 years through issuance of 10-year and 12-year medium term note in 4QFY11/12 � Continue to diversify sources of debt through issuance of Yen denominated notes but no FX risk exposure • Positive Portfolio Performance � Diversified portfolio with 101 properties in Singapore and 1 business park property in China � Healthy portfolio performance: Positive rental revision of between 5.2% and 15.7% across all segments of portfolio � � occupancy y-o-y on a same store basis: about 0.4% pt and 0.7% pt to 92.8% and 96.4% for multi-tenanted buildings and portfolio respectively Managed by Ascendas Funds Management (S) Ltd.. 4
Agenda • Key Highlights • Financial Highlights • Investment Highlights • Capital & Risk Management • Proactive Asset Management • Outlook Managed by Ascendas Funds Management (S) Ltd.. 5 A-REIT’s Steady Growth since 2002 Portfolio : 8 properties at listing � 102 properties as at 31 Mar 2012 • AUM from $0.6 bn � $6.6 bn • • Steady increase in income available for distribution while maintaining aggregate leverage at a healthy level S$’m No. of Properties Managed by Ascendas Funds Management (S) Ltd.. 6
DPU Performance since listing DPU achieved a 6.6% CAGR despite the unit base grew 383% from 545,000 units at IPO to 2,085 m units as at 31 Mar 2012 S$’000 cents 15.18 16.00 2,500.0 14.13 13.56 13.23 14.00 13.10 12.75 2,000.0 11.68 12.00 9.56 10.00 1,500.0 8.16 7.63 8.00 2,085.1 1,871.2 1874.3 1,683.5 1,000.0 6.00 1,321.6 1,325.6 1,227.2 1,160.6 4.00 500.0 702.2 545.0 2.00 - 0.0 Units in issue ('m) Distribution per Unit (cents) Managed by Ascendas Funds Management (S) Ltd.. 7 FY11/12 vs FY10/11 FY11/12 (1) FY10/11 (1) (S$’000) % inc/(dec) Gross revenue (2) 503,304 447,634 12.4 Less: Property operating expenses (3) (134,967) (108,208) 24.7 Net property income 368,337 339,426 8.5 Income available for distribution 277,750 243,185 14.2 Distribution from capital (4) 3,993 4,768 (16.3) Total amount available for distribution 281,743 247,953 13.6 No. of units in issue (m) 2,085.1 1,874.3 11.2 Distribution Per Unit (cents) 13.56 13.23 2.5 Notes: (1) Based on 102 properties as at 31 Mar 2012 and 93 properties as at 31 Mar 2011. (2) Gross revenue increase mainly due to completion of development projects and acquisitions since Mar 2011. (3) Property operating expenses are higher in FY11/12 due to increased number of properties from the completion of development projects and new acquisitions since Mar 2011, higher electricity charges and land rent. (4) This relates to a distribution which is classified as capital distribution from a tax perspective, equivalent to the amount of interest income (net of tax) from a finance lease with a tenant. Such distribution is not taxable in the hands of Unitholders, save for Unitholders who are holding the units as trading assets Managed by Ascendas Funds Management (S) Ltd.. 8
Agenda • Key Highlights • Financial Highlights • Investment Highlights • Capital & Risk Management • Proactive Asset Management • Outlook Managed by Ascendas Funds Management (S) Ltd.. 9 Investment Highlights • Disciplined & Yield-accretive Investments � Total FY11/12 committed investments of S$946.4 million � S$545.4 million in acquisitions of seven income producing properties � S$248.2 million in three development projects � S$152.8 million in five asset enhancement projects facility in Zhongguncun ( 中关村 ) ， within the Haidian district � Maiden investment in Beijing, China: Acquisition of a business park Managed by Ascendas Funds Management (S) Ltd.. 10
Investment Highlights Acquisition of income producing properties • 7 properties totalling S$545.4 million Segment Acquisitions Value Status (S$m) Business Park Nordic European Centre 121.6 Completed in Jul 2011 Business Park Ascendas Z-Link in Beijing, China 61.8 Completed in Oct 2011 Business Park 3 Changi Business Park Vista 80.0 Completed in Dec 2011 Hi-Tech Corporation Place 99.0 Completed in Dec 2011 Industrial Business Park Cintech I to IV (3 properties) 183.0 Completed in Mar 2012 Total (Acquisitions) 545.4 Managed by Ascendas Funds Management (S) Ltd.. 11 Acquisition Highlights - Business Parks Name Nordic European Centre Segment Business Park Address 3 International Business Park Description 7- storey business park building which is easily accessible via major expressways. Sited within the Jurong Lake District Masterplan area, this is A- REIT’s 6 th property in the International Business Park Purchase Price S$121.6 million Revaluation S$122.0 million (as at 31 Mar 2012) Name 3 Changi Business Park Vista Segment Business Park Address 3 Changi Business Park Vista Description Easily accessible via major expressways, a 6- storey business park building with a 2-level basement carpark. This is A-REIT’s 6th property in Changi Business Park Purchase Price S$80.0 million Revaluation S$80.0 million (as at 31 Mar 2012) Managed by Ascendas Funds Management (S) Ltd.. 12
Acquisition Highlights Name Corporation Place Segment Hi-tech Industrial Address 2 Corporation Road Description Easily accessible via the Ayer Rajah Expressway. Located at the junction of Jalan Ahmad Ibrahim, Corporation Place is a 7-storey multi-tenanted hi- spec industrial building with amenities and a basement car park Purchase Price S$99.0 million Revaluation S$110.0 million Name Ascendas Z-Link Segment Business Park (China) Address Block 17, No 8 Dongbeiwang West Road, Zhongguancun, Beijing Description A-REIT’s first property in China. 3-storey multi- tenanted business park building (27,450 sqm) with 4 inter-connecting blocks and one level basement car park. 100% occupied by prominent tenants such as Baidu.com and Raisecom Purchase Price RMB300 million (approx S$61.8 million) Revaluation RMB308.6 million (Approx. S$61.8 million) Managed by Ascendas Funds Management (S) Ltd.. 13 Acquisition Highlights: Cintech I - IV • Portfolio of four multi-tenanted properties on three land titles for a purchase price of S$183.0 million • Further strengthen A-REIT’s market position in the Science Park segment • Opportunity for greater efficiency and economies of scale in operations Cintech III Cintech IV • NPI yield of 7.3% • Completed on 29 March 2012 Cintech II A-REIT’s properties within Singapore Science Park 1 Cintech II Managed by Ascendas Funds Management (S) Ltd.. 14
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