Investor Presentation November 2012
DISCLAIMER This presentation may contain forward-looking statements that involve risks and uncertainties. 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 assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies and venues for the sale/ distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employees wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management of future events. 1
AGENDA Overview of Mapletree Industrial Trust 1 Portfolio Highlights 2 2QFY12/13 Financial Performance 3 Strategy & Outlook 4 2
Overview of Mapletree Industrial Trust
OVERVIEW OF MAPLETREE INDUSTRIAL TRUST Public & Inst Mapletree Investments Pte Ltd Sponsor MIPL (“MIPL”) Unitholders Owns 30% of MIT 70% 30% Trustee Focused on income producing real Investment estate in Singapore primarily used for mandate industrial purposes, excluding Manager properties primarily used for logistics purposes 81 properties valued at S$2.7 billion Portfolio Property Portfolio Manager 19.1 million sq ft GFA • 3 Business Park Buildings 13.2 million sq ft NLA • 64 Flatted Factories Mapletree Industrial Trust Manager (Grouped into 27 clusters 1 ) Management Ltd. • 7 Stack-up / Ramp-up Buildings 100% owned by the Sponsor (Grouped into 1 cluster 1 ) Mapletree Facilities Services Pte. Ltd. Property • 6 Light Industrial Buildings 2 Manager 100% owned by the Sponsor • 1 Warehouse DBS Trustee Limited Trustee 1 A property “cluster” consists of one or more individual buildings situated on the same land lot or adjoining land lots 2 Includes 26 Woodlands Loop, which is a property comprising 3 individual buildings 4
SCORECARD SINCE IPO 60 3.00 50 2.50 2.29 2.26 2.22 2.16 Distributable Income (S$ million) 2.05 1.98 1.93 40 2.00 37.5 36.9 35.8 35.2 DPU (cents) 31.6 1.52 29.0 28.3 30 1.50 22.3 20 1.00 10 0.50 0 0.00 21 Oct 10* 4QFY10/11 1QFY11/12 2QFY11/12 3QFY11/12 4QFY11/12 1QFY12/13 2QFY12/13 to 31 Dec 10 Distributable Income (S$ million) DPU (cents) *MIT was listed on 21 Oct 10 5
81 PROPERTIES ACROSS 4 KEY PROPERTY TYPES • One of the largest industrial landlords in Singapore • Total property assets of approx. S$2.7 billion • Total GFA of approx. 19.1 million sq ft • Total NLA of approx. 13.2 million sq ft • Tenant base of more than 2,000 MNCs, listed Light Industrial Warehouse Buildings companies & local enterprises 1.0% Largest tenant base among industrial S-REITs Stack-up/ 6.9% Flatted Ramp-up Factories Buildings 13.6% By Valuation 60.0% 18.5% Business Park Buildings Flatted Factories Business Park Buildings As at 31 March 2012 Stack-up / Ramp-up Buildings Light Industrial Buildings 6
STRATEGICALLY LOCATED ACROSS SINGAPORE 7
DIVERSE OFFERING OF INDUSTRIAL SPACE Kampong Ubi Telok Blangah Redhill 1 Kolam Ayer 5 Kampong Ampat Kallang Basin 3 The Signature The Synergy The Strategy Woodlands Spectrum 1 & 2 19 Tai Seng Drive Tata Communications Exchange LEGEND Flatted Factories Business Park Buildings Stack-up/Ramp-Up Buildings Light Industrial Buildings 8
KEY MILESTONES July 2011 - Won Tranche 2 of JTC Corporation‟s Second Phase Divestment Exercise Portfolio at S$400.3 million October 2010 April 2011 - Successfully launched a S$176.9 million Equity Fund Raising Exercise - S$1.188 billion raised DPU for FY10/11 of via Initial Public Offering 3.45 cents August 2011 on SGX Mainboard exceeded Forecast Established a S$1.0 billion Multi-Currency Medium Term Note - Institutional Subscription by 11.3% Programme of 39.6 times - Public Offer Subscription of 27.7 March 2012 times Maiden issuance of S$125 million 7-year Fixed Rate Notes was well-received from a diverse base of debt investors April 2012 DPU of 8.41 cents for FY11/12 exceeded Forecast by 12.7% September 2012 October 2012 May 2012 - Fitch Ratings affirmed Achieved DPU of Groundbreaking MIT‟s „BBB+‟ Rating of MIT‟s latest 4.55 cents for with a Stable Outlook 1HFY12/13, build-to-suit - Successful issuance of 12.9% higher development for Year-on-Year S$45.0 million 10-year Kulicke & Soffa unsecured Fixed Rate Artist’s impression of the completed development for K&S Notes 9
Portfolio Highlights
R OBUST, R ESILIENT, R ELEVANT & R EPUTABLE Embedded Organic Growth Potential Large, Diversified and Resilient Portfolio with Market Presence Growth Opportunity from Asset Enhancements and Acquisitions Experienced Manager and Committed Sponsor 11
EMBEDDED ORGANIC GROWTH Gross Rental Rate S$ psf/mth $4.50 $4.02 $4.00 $3.80 $3.71 $3.50 $3.47 $3.00 $2.50 $2.00 $1.87 $1.75 $1.58 $1.50 $1.52 $1.31 $1.28 $1.29 $1.11 $1.10 $1.19 $0.92 $1.04 $1.00 $0.50 $- Flatted Factories Business Park Stack-Up / Ramp-Up Warehouse For period 2QFY12/13 Buildings Buildings 12 Before Renewal After Renewal New Leases Passing Rent
RESILIENT PORTFOLIO PERFORMANCE Gross Rental Rate Occupancy S$ psf/mth 100% $2.00 91.0% 91.0% 90.7% 90.3% 89.0% 89.0% 89.7% 90.3% 91.2% 92.3% 93.2% 94.3% 94.5% 95.1% 94.9% 94.9% 95.0% $1.80 $1.59 $1.56 $1.55 $1.54 $1.53 $1.52 80% $1.60 $1.49 $1.45 $1.44 $1.40 $1.35 $1.40 $1.31 $1.31 $1.29 $1.26 $1.23 $1.21 60% $1.20 $1.00 40% $0.80 $0.60 20% $0.40 $0.20 0% $- 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY08/09 FY10/11 FY11/12 FY12/13 FY09/10 Occupancy (LHS) Rental Rate (RHS) 13
STABLE OCCUPANCY LEVELS 100.0% 100.0% 98.3% 97.8% 94.9% 95.0% 94.5% 94.0% 92.4% 91.0% 89.6% 72.6% Flatted Factories Business Park Stack-Up/Ramp-Up Light Industrial Warehouse MIT Buildings Buildings Buildings Portfolio Left Bar Right Bar (1QFY12/13) (2QFY12/13) 14
STRONG TENANT RETENTION Retention Rate for 2QFY12/13 Long Staying Tenants >10 yrs Up to 1 yr Average Retention Rate 11.2% 10.3% 100.0% 100.0% 100.0% 85.1% 82.8% 80.0% >1 to 2 yrs 19.2% 61.4% 60.0% >5 to 10 yrs 46.9% 26.3% 40.0% 20.0% N.M. > 2 to 3 yrs 0.0% 14.1% Flatted Business Stack-Up / Light Warehouse Portfolio >4 to 5 yrs >3 to 4 yrs Factories Park Ramp-Up Industrial 9.4% Buildings Buildings Buildings 9.4% By number of tenants Based on NLA. As at 30 Sep 2012 Not meaningful for Light Industrial Buildings as no leases were due for renewal • 46.9% of the tenants have leased the properties for more than 4 years • Tenant retention rate of 85.1% in 2QFY12/13 15
STABLE RENTAL REVENUE Only 9.1% of Leases Remain Due for Renewal in FY12/13 35.0% 31.9% 31.5% 30.0% 27.5% by Gross Rental Income 25.0% % Expiring Leases 20.0% 15.0% 9.1% 10.0% 5.0% 0.0% FY12/13 FY13/14 FY14/15 FY15/16 & beyond Flatted Factories Business Park Stack-up / Ramp-up Light Industrial Warehouse Buildings Buildings Buildings Portfolio WALE by Gross Rental Income = 2.4 years 16 As at 30 September 2012
LARGE AND DIVERSE TENANT BASE Percentage of Portfolio‟s Gross Rental Income 4% • Over 2,000 tenants 3.6% • Largest tenant contributes <4.0% of Portfolio‟s Gross Rental Income • Top 10 Tenants forms only 17.9% of Portfolio‟s Gross Rental Income 3% 2.6% 2.3% 2% 1.8% 1.7% 1.3% 1.3% 1.3% 1.0% 1.0% 1% 0% By Gross Rental Income 17 As at 30 September 2012
DIVERSITY OF TENANT TRADE SECTOR By Revenue As at 30 September 2012 18
TENANT PROFILE REFLECTS KEY ECONOMIC SECTORS Manufacturing Remains a Pillar of Singapore’s Economy Manufacturing sector remains Real GDP relevant and continues to be the (S$ billion) largest contributor to Singapore‟s 350 GDP ¹ 300 Our tenant profile tracks 5 major 27% sectors 250 26% Manufacturing 24% 23% 3% 4% 200 Information & 11% 4% 4% 11% Communications 11% 12% 12% 12% 150 Business Services 12% 12% Financial Services 17% 17% 17% 100 17% Wholesale & Retail Trade 50 31% 31% 32% 33% which together make up more Singapore‟s than two-thirds of 0 2008 2009 2010 2011 GDP Manufacturing Info & Comm Business Services Financial Services Wholesale & Retail Trade Others 1 Real GDP based on 2005 prices 19
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