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1Q FY2021 Key Business and Operational Updates
Date: 13 January 2021
11
Disclaimer
This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or
subscribe for units in SPH REIT (“Units”). The value Units and the income derived from them may fall as well as
rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in
Units is subject to investment risks, including the possible loss of the principal amount invested. The past
performance of SPH REIT is not necessarily indicative of its future performance. This presentation may also
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.
22
Contents
Key highlights 3 – 5
Gross revenue 6 – 7
Capital management 8 – 9
Portfolio updates 10 – 16
Distribution details and timeline 17 – 18
Slide
33
1Q FY2021
Key
highlights
44
1Q FY2021 Key highlights
1Q FY2021 Revenue & Distribution
• Gross revenue was S$66.6 million, an increase of 10.8% year-on-year,
largely attributed to Westfield Marion’s contribution of S$12.8 million
• DPU of 1.20 cents in line with the gradual COVID-19 recovery in both
Singapore and Australia, this represents
• a decrease of 13% year-on-year. (1Q FY2020 was pre-COVID-19)
• an increase of 122% vis-à-vis Q4 FY2020 of which 0.13 cents was
from the release of FY2020 income deferred under COVID-19 relief
measures
Resilient Portfolio
• Portfolio occupancy rate of 97.9%
• WALE of 5.5 years by NLA
Strong Balance Sheet through Proactive & Prudent Capital Management
• Debt maturity is well staggered
• Refinancing of S$215 million loans maturing by July 2021, is in progress
• Revolving credit facility lines of S$225 million available
55
1Q FY2021 Key highlights – cont’d
Singapore
• 1Q FY2021 gross revenue decreased by 11.3% y-o-y to S$49.7m, largely attributed
to the rental relief granted to assist tenants which were significantly impacted by
COVID-19
• Footfall and tenant sales across the malls recovered during the year-end festive
period, though Paragon continue to be impacted by border restrictions and The
Clementi Mall being impacted by the work-from-home arrangements
Australia
• Gross revenue for 1Q FY2021 was S$16.9 million, an increase of S$12.8 million,
driven by the acquisition of Westfield Marion in 2Q FY2020
• Tenant sales for both assets are recovering steadily to near pre-COVID-19 levels
66
1Q FY2021
Gross
revenue
77
-
10
20
30
40
50
60
70
Portfolio Paragon The Clementi Mall The Rail Mall Figtree Grove Westfield Marion
60.1
44.2
10.6
1.2 4.1
-
66.6
38.5
9.9
1.3 4.1
12.8
S$'million Gross revenue (a)
Gross revenue
1Q FY20211Q FY2020
(b)
Gross revenue increase 10.8% y-o-y
Note:
(a) Based on unaudited figures
(b) Asset was acquired on 6 December 2019 and the related revenue was accounted for since 2Q FY2020
S$6.5m
(10.8%)
S$5.7m
(12.9%)
S$0.7m
(6.6%)
S$0.1m
(8.3%)
88
Capital
management
99
Capital management
Proactive & Prudent Capital Management
215 240
330
115
400
-
50
100
150
200
250
300
350
400
450
2021 2022 2023 2024 2025
Debt Maturity Profile (S$ million)Approx. S$1.3 billion as at 30 Nov 2020
Weighted Average
Term to Maturity
2.7 years
Average Cost of Debt
for 1Q FY2021
1.82% pa
Floating rate %
Fixed rate %
50.9%
49.1%
Available Facilities
(undrawn)
S$225m
1010
Portfolio
updates
1111
Portfolio updates
97.9%Portfolio occupancy
2.7mNet Lettable Area (“NLA”)
(sqft)
5.5 years WALE
by NLA
Singapore Australia
As of 30 November 2020 Paragon
The Clementi
Mall
The Rail
Mall
Westfield
Marion
Figtree
Grove
NLA (sqft) 717,855 195,229 49,767 1,472,125 236,678
Occupancy Rate 98.0% 99.6% 100.0% 97.3% 99.2%
2.6 years WALE
by Gross Rental income
1212
Expiry profile – portfolio
Australia assets
Expiries as a % of total NLA 23% 6% 11% 6% 3% 50%
Expiries as a % of Gross rental income 32% 10% 10% 12% 8% 28%
Lease expiry as at
30 November 2020FY21 FY22 FY24 FY24 FY25
FY26 &
beyond
SPH REIT Portfolio
Expiries as a % of total NLA 21% 12% 19% 11% 3% 34%
Expiries as a % of Gross rental income 29% 14% 15% 13% 7% 22%
Singapore assets
Expiries as a % of total NLA 16% 23% 33% 20% 2% 6%
Expiries as a % of Gross rental income 17% 28% 30% 17% 4% 4%
1313
Expiry profile - Singapore assets
Singapore Assets Expiry by NLA Expiry by Gross Rental Income
14% 16%
47%
18%
0%5%
FY21 FY22 FY23 FY24 FY25 FY26 &beyond
17%26% 27% 21%
2%7%
FY21 FY22 FY23 FY24 FY25 FY26 &beyond
0%
26%
53%
21%
0% 0%
FY21 FY22 FY23 FY24 FY25 FY26 &beyond
0%
22%
58%
20%
0% 0%
FY21 FY22 FY23 FY24 FY25 FY26 &beyond
14% 17%
46%
19%
0% 4%
FY21 FY22 FY23 FY24 FY25 FY26 &beyond
18%30% 26%
17%5% 4%
FY21 FY22 FY23 FY24 FY25 FY26 &beyond
1414
Expiry profile – Australia assets
Australia Assets Expiry by NLA Expiry by Gross Rental Income
25%
4%13%
6% 3%
49%
FY21 FY22 FY23 FY24 FY25 FY26 &beyond
36%
9% 11% 12%6%
26%
FY21 FY22 FY23 FY24 FY25 FY26 &beyond
12%16%
5% 6% 5%
56%
FY21 FY22 FY23 FY24 FY25 FY26 &beyond
17% 15%10% 10%
13%
35%
FY21 FY22 FY23 FY24 FY25 FY26 &beyond
1515
Visitor traffic and tenant sales
Singapore Assets Y-O-Y
-21%-31%
-70%-78% -60%
-40% -39%-41%
-36% -34%-31%
-40%
-75%-84%
-61%
-28% -34%-29% -28% -15%
Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Footfall yoy (%) Tenant’s sales yoy (%)
-4%
-18%
-65%-75%
-62%
-49%-54% -54% -52% -51%
1% -5%
-41%
-52%
-28% -15%-14% -16%
-13% -11%Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Footfall yoy (%) Tenant’s sales yoy (%)
• Being a strip mall comprising 43 shop units, The Rail Mall, unlike a shopping mall, does
not have footfall numbers.
• Progressively, tenant sales submissions are being integrated into the lease structure.
1616
Australia Assets Y-O-Y
-25%
-58%
-31%
-13%-11%
-15%-4%
-8%
-18%
-20%
-51%
-22%-17%
-2% -5% -3% -3% -8%
Mar Apr May Jun Jul Aug Sep Oct Nov
Footfall yoy (%) Tenant’s sales yoy (%)
4%
-15%
-6% -4%
-5%
-12%
-8%-6% -5%
11%
-10%
-7%
-21%
-2% -1% -1% -2% -2%
Mar Apr May Jun Jul Aug Sep Oct Nov
Footfall yoy (%) Tenant’s sales yoy (%)
Visitor traffic and tenant sales
1717
1Q FY2021
Distribution
details &
timeline
1818
Distribution details and timeline
Distribution periodQ1 FY2021
(1 September 2020 – 30 November 2020)
Distribution per unit (a) 1.20 cents per unit
Annualised distribution yield (b) 5.8%
Ex-date 20 January 2021
Record date 21 January 2021
Payment date 26 February 2021
(a) Distribution per unit includes 0.13 cents from the release of FY2020 income deferred as allowed under COVID-19
relief measures announced by IRAS
(b) Computed based on 1Q FY2021 distribution annualized and S$0.83 per unit closing price on 30 November 2020
19
Thank You
Please visit
www.sphreit.com.sg
for more information
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