Ste a dy Growth Ac hie ve d Amid Ma rke t Cha lle ng e s F Y 19 F ina nc ia l Hig hlig hts Ne t Pr ope r ty Inc ome (HK$mm) T otal R ental Inc ome Net Pr oper ty Inc ome +3.1% HK$mm HK$mm 2,778 2,481 2,481 2,405 ↑ 3.8% Y/ Y ↑ 3.1% Y/ Y F Y 18 F Y 19 Distr ibution pe r Unit (HK$) Distr ibutable Inc ome Distr ibution per Unit +2.0% HK$mm HK$ 1,648 0.2666 0.2666 0.2614 ↑ 2.3% Y/ Y ↑ 2.0% Y/ Y F Y 18 F Y 19 2
Offic e Portfolio Drove Re nta l Inc ome Growth Br e akdown of Re ntal Inc ome by Pr ope r ty Br e akdown of F Y 19 Re ntal Inc ome by Inc ome T ype (HK$mm) (% ) L a ng ha m Pla c e Ma ll L a ng ha m Pla c e Offic e T hre e Ga rde n Ro a d Ba se Re nt +3.8% 94% 2,778 2,677 1,512 1,390 350 375 T urno ve r Re nt 4% 937 891 Ca rpa rk Inc o me 2% F Y 18 F Y 19 3
Re silie nt a nd Conse rva tive Va lua tion Unit a s a t 31 De c 2019: $11.04 • Ne t Asse t Value pe r T hr ee Gar den R oad L angham Plac e Valuation: $48.5 bn Valuation: $32.6 bn • Offic e : $10.4 bn oss): • Re tail: $21.5 bn Value psf (gr • Offic e : $29,679 T hre e L a ng ha m Value psf (gr oss): Pr ope r ty Ga rd e n Pla c e • Offic e : $14,835 Cap R ate: Ro a d Valuation: 40% 60% HK$81.2 bn • Offic e : 3.60% • Re tail: $36,532 (No c hange fr o m June 2019) Cap R ate: • Offic e : 4.00% • Re tail: 3.75% (No c hange fr o m June 2019) Note: All figures are stated in HK Dollars. 4
Prude nt Ba la nc e She e t De bt Matur ity Pr ofile as at 31 De c 2019 • F Y 19 e ffe c tive inte re st ra te : 3.0% (HK $mm) • Curre nt fixe d-ra te po rtio n a t 64.2% Ba nk L o a n (Se c ure d) Ba nk L o a n (Unse c ure d ) MT N (2018: 54.2%) 200 Pla n to inc re a se wa r c he st b y (1) • 5,814 e nte ring into ne w c o mmitte d a nd 3,685 Inte re st ra te swa ps o f 2,998 unc o mmitte d lo a n fa c ilitie s HK $1,500mm e nte re d in 2H 19 1,225 643 200 275 2020 2021 2022 2023 2024 2025 2026 2027 2028 Ge ar ing Ratio (% ) Ne t De bt / E BIT DA (x) 18.0 6.0 6.0 17.1 Jun- 2019 De c - 2019 Jun- 2019 De c - 2019 Note (1): Including HK$850 million committed revolver with final maturity in June 2024 5
T hre e Ga rde n Ro a d Offic e Oc c upa nc y Affe c te d by Prude nt Approa c h of T e na nt E xpa nsion Oc c upanc y Rate as at 31 De c 2019 Asse t Ba nking Ma na g e me nt 33% 31% Offic e T e nant Pr ofile as at 31 De c 2019 95.8% 93.0% Co rpo ra te 7% Va c a nt 7% Othe rs F le xib le 4% Wo rkspa c e Co nsulta nc y Me d ic a l L e g a l Me d ia 6% 2% 2% 3% 5% Jun- 2019 De c - 2019 7
T hre e Ga rde n Ro a d Offic e Positive Re nta l Re ve rsion Ac hie ve d Passing Re nts as at 31 De c 2019 L e ase E xpir y as at 31 De c 2019 E ffe c tive Re nt pe r sq . ft. (L e tta b le ) (HK $) Va c a nt L e a se s E xp iring Re nt Re vie w +2.3% 13.7% 10.9% 2.8% 107.8 105.4 19.6% 10.2% 16.2% 15.5% 7.0% 4.1% Vac ant 2020 2021 2022 2023 Jun- 2019 De c - 2019 8
L a ng ha m Pla c e Offic e Ma inta ine d Hig h Oc c upa nc y L ife style -re la te d Oc c upanc y Rate as at 31 De c 2019 te na nts: 59% He a lthc a re Co rpo ra te & & Me d ic a l Sa le s 27% Se rvic e s 30% Offic e T e nant Pr ofile 98.8% 97.7% as at 31 De c 2019 Va c a nt 2% Be a uty Othe rs 22% 2% F itne ss Ce ntre F le xib le 10% Wo rkspa c e 7% Jun- 2019 De c - 2019 10
L a ng ha m Pla c e Offic e L ife style T e na nts Drove Positive Re nta l Re ve rsion L e ase E xpir y as at 31 De c 2019 Passing Re nts as at 31 De c 2019 E ffe c tive Re nt pe r sq . ft. (Gro ss) (HK $) Va c a nt L e a se s E xp iring Re nt Re vie w +3.9% 2.5% 46.5 29.1% 44.7 18.8% 17.7% 17.8% 11.8% 2.3% Vac ant 2020 2021 2022 2023 2024 Jun- 2019 De c - 2019 11
L a ng ha m Pla c e Ma ll L owe r Re nta l Inc ome on De te riora te d Re ta il Ma rke t Br e akdown of Base Re nt and T ur nove r Re nt (HK $mm) • Re nt-to -sa le s inc re a se d to ~22% Ba se Re nt T urno ve r Re nt 879 - 5.2% • Ma ll sa le s do wn 19.4% in 2019, da mpe ne d the 833 turno ve r re nt po rtio n 21% 187 114 14% • Re nta l c o nc e ssio ns we re g ra nte d to te na nts o n a c a se -b y-c a se b a sis 720 86% 691 79% F Y 18 F Y 19 13
L a ng ha m Pla c e Ma ll F ully- Oc c upie d Ma ll De spite Slug g ish Ma rke t Conditions Oc c upanc y Rate as at 31 De c 2019 L e ase E xpir y as at 31 De c 2019 L e a se s E xp iring 100% 100% 29.2% 26.0% 23.8% 11.8% 9.2% 2020 2021 2022 2023 2024 Jun- 2019 De c - 2019 14
L a ng ha m Pla c e Ma ll e na nt Ma na g e me nt Ong oing Ac tive T Continuous E ffor ts in Br inging Ne w T e nants Re tail T e nant Pr ofile as at 31 De c 2019 F &B and Confe c tionar y Othe rs 13% He a lth & F a shio n & Be a uty Ac c e sso rie s 11% 39% He alth & Be auty E nte rta inme nt 15% F o o d & Be ve ra g e 22% Othe r s 15
L a ng ha m Pla c e Ma ll Optimiza tion of T e na nt Mix for L ow Zone • Be a uty te na nts inc re a se d fro m 10% to 11% in De c 2019, a nd will re a c h 12% in 2020 Be for e Afte r So me o f the sho e s & b a g s te na nts Ne w b e a uty / skinc a re sto re s e xte nde d b e ing re lo c a te d o r re pla c e d o n B1/ F to c a te r stro ng ma rke t de ma nd 16
Susta ina bility Ac hie ve me nts Re nowne d Sustainability Awar ds Gr e e n Buildings T he Cha mb e r o f Ho ng K o ng L iste d Co mpa nie s WE L L Platinum fo r T hre e Ga rde n Ro a d • Awa rd fo r Susta ina b ility E • F xc e lle nc e irst “e xisting ” b uilding in HK to a c hie ve the hig he st ra ting Ho ng K o ng Ma na g e me nt Asso c ia tio n BE AM Plus Platinum fo r L a ng ha m Pla c e Ma ll • Ho ng K o ng Susta ina b ility Gra nd Awa rd • Spe c ia l Re c o g nitio n fo r Outsta nding Susta ina b ility I nitia tive s (So c ia l & E nviro nme nta l Dime nsio ns) 17
2030 E SG T a rg e ts Environment Social Gover nanc e Well-being : maintain I AQ d : fo r mally se t up Boar bon emissions : E ner gy and c ar • • • No minatio n Co mmitte e E xc e lle nc e Class e ve r y ye ar 40% SG Polic y : e stablish aining and development : 50% E T r Water : 25% • • • inte gr ate d E SG F r ame wo r k ave r age tr aining ho ur s Waste : de ve lo p a waste tr ac king • and Po lic ie s Health and safety : maintain ze r o syste m • fatality and wo r k injur ie s Supply c hain management : • Climate c hange : de ve lo p • de ve lo p gr e e n pr o c ur e me nt engagement : 50% Stakeholder Re silie nc e Po lic y and mitigatio n • syste m r e so ur c e s de vo te d plan Community investment : 25% een buildings : attain highe st Gr • • vo lunte e r se r vic e ho ur s r ating o f gr e e n building c e r tific atio ns Diver sity and inc lusion : • awar e ne ss tr ainings and shar ing 18
Susta ina bility Initia tive s Champion Our We llne ss Sta irc a se a rt – Wa lk a Mile fo r a Smile • Mindful e a ting e xpe rie nc e – re duc ing stre ss a nd a nxie ty • • T ra il run e ve nt – a dvo c a ting he a lthy life style • E c o -fa rm to ur – pro mo ting g re e n living • Christma s g ift ma tc hing – b e ne fiting the unde rprivile g e d c hildre n Gove r nanc e F r ame wor k and Polic ie s E sta b lish a n inte g ra te d E SG F ra me wo rk • • Re fre she d E SG po lic ie s 19
Guida nc e Por tfolio Outlook L iabilities Management Pr udently L ook at Investment Oppor tunities Globally • Offic e – Cautio us o utlo o k fo r bo th • Will inc r e ase war c he st by • Co ntinuo usly e xplo r e Ce ntr al and Mo ngko k e nte r ing into ne w c o mmitte d ac c r e tive inve stme nts and unc o mmitte d lo an fac ilities glo bally • Re tail – Challe nging ye ar ahe ad due to c o nc e r ns o n glo bal • Ac tive ly mo nito r mar ke t e c o no mic slo wdo wn and unc e r tain mo ve me nts and aim to lo c al se ntime nt impr o ve c r e dit pr o file ho listic ally • I mpac t fr o m o utbr e ak o f COVI D-19 will le ad to lo we r DPU 20
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