Results for the Third Quarter ended 30 September 2009 22 October 2009 0 0
Disclaimer This Presentation is focused on comparing results for the three months ended 30 September 2009 versus results achieved in the three months ended 30 September 2008 and versus results achieved in the previous quarter ended 30 June 2009. This shall be read in conjunction with Mapletree Logistics Trust’s financial results for the three months ended 30 September 2009 in the SGXNET announcement. This release may contain forward-looking statements that involve 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 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 similar developments, shifts in expected levels of property rental income, changes in operating expenses, including employee wages, benefits and training, property expenses and 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 on future events. 1 1
Agenda � Key highlights � Capital management � Resilient portfolio � Outlook � Summary � Appendix 2 2
Key highlights 3 3
Key highlights � Steady 3Q 2009 results � Amount Distributable of S$29 million is 13% higher than in 3Q 2008 � Improvement driven largely by 10% y-o-y increase in NPI to S$44 million � 3Q 2009 DPU of 1.48 cents maintained vs 1.48 cents in 2Q 2009 � Stable tenant base ensures portfolio resilience � Approximately 80% of leases expiring in 2009 have been renewed or replaced 1 � Sustained high portfolio occupancy above 97% � High quality tenancies, long leases and strong leasing covenants (e.g. ample security deposits, rental escalations, etc.) � Diversified tenant base � No balance sheet risk � No refinancing risk in 2009 � Aggregate leverage stable at below 40% 4 1: By gross revenue 4
Key highlights (cont’d) � “Yield + Growth” strategy intact � Focus on yield optimisation and balance sheet preservation � Evaluating acquisition opportunities in Singapore and rest of Asia � Fund raising – balancing equity & debt mix for acquisitions � Strong and committed Sponsor � Continues to incubate development pipelines � Approximately S$300 million of Sponsor’s development pipeline completed or nearing completion � The Manager is committed to maintain 100% distribution payout 5 5
Statement of total return – 3Q 2009 vs 3Q 2008 Y-o-Y IN S$ THOUSANDS 3Q 2009 3Q 2008 Variance GROSS REVENUE 50,767 46,046 10.3% PROPERTY EXPENSES 6,707 5,802 15.6% NET PROPERTY INCOME 44,060 40,244 9.5% AMOUNT DISTRIBUTABLE 28,793 25,432 13.2% 1 AVAILABLE DPU (CENTS) 1.48 1.84 -19.6% 2 PROFORMA DPU (CENTS) 1.31 13.0% PROPERTY EXPENSES / 13.2% 12.6% 0.6% GROSS REVENUE NPI / GROSS REVENUE 86.8% 87.4% -0.6% AMOUNT DISTRIBUTABLE / 56.7% 55.2% 1.5% GROSS REVENUE 1: Drop in DPU is due to increase in number of units following the rights issue in August 2008 which increased the number of units from 1,108 million to 1,939 million 6 2: Proforma DPU for 3Q 2008, taking into account the additional units issued arising from the rights issue in August 2008; DPU growth would be 13.0% year-on-year 6
Statement of total return – 3Q 2009 vs 2Q 2009 Q-o-Q IN S$ THOUSANDS 3Q 2009 2Q 2009 Variance 1 GROSS REVENUE 50,767 51,965 -2.3% PROPERTY EXPENSES 6,707 6,314 6.2% 44,060 45,651 -3.5% NET PROPERTY INCOME AMOUNT DISTRIBUTABLE 28,793 28,662 0.5% AVAILABLE DPU (CENTS) 1.48 1.48 0.0% PROPERTY EXPENSES / 13.2% 12.2% 1.1% GROSS REVENUE NPI / GROSS REVENUE 86.8% 87.8% -1.1% AMOUNT DISTRIBUTABLE / 56.7% 55.2% 1.6% GROSS REVENUE 1:The decrease in revenue was largely due to the depreciation of the Hong Kong Dollar and Renminbi, coupled with slight increase in Hong Kong and China vacancies, and the pre-termination of a lease in Singapore. 7 7
Scorecard since IPO (Amount Distributable) ������������ 2 ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ���� �������������� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��������� 28.6 28.7 28.8 28.3 90 30.0 25.4 22.6 80 27.0 21.0 Amount Distributable (S$m) 19.7 70 24.0 Number of properties 81 81 81 81 19.1 17.7 60 21.0 79 15.3 50 18.0 76 11.8 72 10.7 40 15.0 70 61 9.6 30 12.0 8.3 58 49 1 6.0 20 4.3 9.0 41 36 28 15 10 6.0 24 18 0 3.0 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 � �������!����"�������� � �������!����"�������� � �������!����"�������� � ��� #!�����!����"�������� CAGR = 60% 1: Period for 3Q05 is from 28 July 2005 (Listing Date) to 30 September 2005 8 2: Decline in portfolio asset value is due to currency movements 8
Scorecard since IPO (DPU) ������������ 3 ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ���� �������������� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��������� 90 2.04 2.10 1.90 1.84 80 1.78 1.90 1.72 70 Number of properties 1.59 1.70 2 Actual DPU (cents) 1.48 1.48 1.48 1.47 1.46 1.45 60 1.50 1.32 50 1.19 1.30 81 81 81 81 79 1.10 40 76 1.05 72 1.10 70 30 61 1 58 0.80 0.90 49 20 41 36 28 24 0.70 10 18 15 0 0.50 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 � ���!$%�"������&�'�� � ���!$%�"������&�'�� � ���!$%�"������&�'�� � ��� #!�!$%�"������&�'�� CAGR = 17% 1: Period for 3Q05 is from 28 July 2005 (Listing Date) to 30 September 2005 2: Drop in DPU in 4Q08 is due to increase in number of units following the rights issue in August 2008 which increased the number of units from 1,108 million to 1,939 million 9 3: Decline in portfolio asset value is due to currency movements 9
Attractive yield vs other investments 8.0% 1 7.4% Trading at 15% discount to NAV 5 7.0% 6.0% 4.8% yield spread over 10-Year Bond 5.0% Yield % 4.0% 3.0% 2 4 2.6% 2.5% 2.0% 2 1.5% 1.0% 3 0.5% 0.0% MapletreeLog 10-Year Singapore 5-Year Singapore Bank 12-month Fixed CPF Ordinary Annualised FY 2009 Government Bond Government Bond Deposit Rate Account Yield 1: Based on MapletreeLog's closing price of S$0.75 per unit as at 21 Oct 2009 and consensus FY 09 DPU estimate of 5.55 cents. Using annualised YTD DPU of 5.91 cents, the annualised DPU yield works out to 7.9% 2: Bloomberg 3: Average S$ 12-month fixed deposit savings rate as at 21 Oct 2009 4: Prevailing CPF Ordinary Account interest rate 10 5: Based on MapletreeLog's closing price of S$0.75 per unit as at 21 Oct 2009 and NAV per unit of S$0.88 as at 30 Sep 2009 10
Capital management 11 11
Prudent capital management � No refinancing risk – have sufficient resources to meet all 2009 debt obligations when they become due � Comfortable gearing ratio – 38.1% 1 in Sep 09 � Interest cover ratio maintained at 4.8x in Sep 09 � Hedges on borrowings increased to 67% from 65% in Jun 09 � All loans are unsecured; minimal financial covenants; no CMBS � Credit rating of Baa2 with stable outlook by Moody’s 1: Excludes S$40 million borrowings ear-marked for re-financing existing borrowings which was redeemed on 19 Oct 2009 If we include the S$40 million, the leverage ratio would be 39% (30 Sep 09) 12 12
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