Cambridge Industrial Trust - ESR-REITesr-reit.listedcompany.com/misc/201210181606194_en.pdf · Full...
Transcript of Cambridge Industrial Trust - ESR-REITesr-reit.listedcompany.com/misc/201210181606194_en.pdf · Full...
Cambridge Industrial TrustFull Year 2007 Results Full Year 2007 Results
29 Jan 2008
FY2007 Results Presentation Outline
4Q2007 Financial Results4Q2007 Financial Results
FY 2007 MilestonesFY 2007 Milestones
Capital Management StrategyCapital Management Strategy
2
Pipeline and OutlookPipeline and Outlook
Acquisition HighlightsAcquisition Highlights
Portfolio StrengthsPortfolio Strengths
2007 Milestone Achievements
35.7
43.2
53.0
45.8
35.7
FY 2007 Results
35
40
45
50
55
S$ m
28.3%
30.8% 31.7%
22.7%
3
Forecast Actual
27.1
24.0
35.7
31.4
35.7
15
20
25
30
35
Gross Revenue Net PropertyIncome
Net Income DistributableIncome
2007 Milestone Achievements
$0.70
$0.72
$0.74
$0.76
$0.78
NAV per unit
13.4%
Portfolio Valuation
500
600
700
800
900
1000
$m
928
74.8%
5.00
6.00
7.00
Annualised DPU
6.262
22.3%
4
$0.62
$0.64
$0.66
$0.68
$0.70
Dec 2006 Dec 2007
0.67
0.76
0
100
200
300
400
500
Dec 2006 Dec 2007
531
928
0
1.00
2.00
3.00
4.00
Forecast Actual
5.120
6.262
Continued strong acquisition performance
$100
$150
$200
$250
$m
7100.4
194.4
125.6
Va
lue
of P
rop
ert
ies a
cqu
ire
d(1
)
5
$0
$50
$100
1Q07 2Q07 3Q07 4Q07 1Q08 MOU
2
31
7100.4
44.8
6.42
21.7Va
lue
of P
rop
ert
ies a
cqu
ire
d
_________(1) Value as at 31 December 2007
4Q2007 Financial Results4Q2007 Financial Results
FY 2007 MilestonesFY 2007 Milestones
Capital Management StrategyCapital Management Strategy
6
Pipeline and OutlookPipeline and Outlook
Acquisition HighlightsAcquisition Highlights
Portfolio StrengthsPortfolio Strengths
Continued Revenue Growth Driven By Acquisitions
• Top line driven by:
– Acquisition of 7 properties after EFR
– Full quarter impact of Increased rent on YCH Distripark after asset
13.9
11.611.0
9.49.5
16.1
13.5
12.5
11.010.8
8
10
12
14
16
18
S$m
7
Distripark after asset enhancement
– Full quarter impact of 3Q07 acquisition
0
2
4
6
8
4Q06 1Q07 2Q07 3Q07 4Q07
Net Property Income Gross Revenue
Continuing To Deliver Growth To Unit Holders
• Bottom line driven by:
– Yield-accretive acquisitions
– Lower cost of debt
– Debt-funded acquisitions going
11.6
1.5681.560
1.4341.422
1.700
9
10
11
12
13
Dis
trib
uta
ble
incom
e S
$m
0.8
1.0
1.2
1.4
1.6
1.8
DPU
(cents
)
8
acquisitions going forward will be strongly accretive
• Accretion from 1Q08 Acquisitions is 0.03 cents per unit per quarter on a pro-forma basis
7.47.38.0
8.8
5
6
7
8
4Q06 1Q07 2Q07 3Q07 4Q07
Dis
trib
uta
ble
incom
e S
$m
0.0
0.2
0.4
0.6
DPU
(cents
)Distributable Income (LHS) DPU (RHS)
4Q2007 Financial Results4Q2007 Financial Results
FY 2007 MilestonesFY 2007 Milestones
Capital Management StrategyCapital Management Strategy
9
Pipeline and OutlookPipeline and Outlook
Acquisition HighlightsAcquisition Highlights
Portfolio StrengthsPortfolio Strengths
Capital Management Milestones 2007/2008
Target 1Q 2008
Lock in low interest rates
Target 2Q 2008:
Long Term Refinance
10
Feb 2007:
Bridge Loan Refinanced
Oct 2007 : Successful follow-on
equity offering
Jan 2008 :
Additional Short Term Liquidity
Milestone Equity Fund Raising Completed
• Equity Fund Raising completed October 18, 2007
– S$193.9m raised from 51 institutions
– First Rule 144A placement to US investors for a Singapore REIT
– CIT’s investor base broadened in
Geographic split of equity placement
USA
27%
Other
Asia
7%Middle
East
9%
EU
5%
11
– CIT’s investor base broadened in Europe, Asia, USA, Australia
– Substantial placement : 54% of market capitalisation
– Placement 1.6x subscribed despite difficult market conditions
• Critical Factor – we have our equity
Hong
Kong
25%
Singapore
17%
Australia
10%
Additional short term funding facility
• Revolving Credit Facility (“RCF”) closed 14 Jan, 2008
– S$100m provided by HSBC
– Bilateral term loan
– Priced at 1,2,3 or 6 month SOR plus a margin
– 2 year term
Debt facilities and utilisation
as at 28 Jan 2008
337
53
150
200
250
300
350
400
450
S$m
12
– 2 year term
• Emphasizes CIT’s debt strategy
– Diversity of sources
– Market-appropriate structures
– Extend maturity profile
– Plan ahead
– Always have a “Plan B”
S$131 million in available liquidity at 28 Jan 2008
22
78
0
50
100
VFN RCF
Drawn Undrawn
Interest Rate Risk ManagementSGD interest rates
2.5%
3.0%
3.5%
4.0%
% p
er
an
nu
m
4.5% 4.4%4.3%
4.0%3.8%
3.5%
Continued decline in cost of CITborrowing• CIT cost of borrowing has
declined as SGD base rates have declined
•CIT’s debt margins are stable and locked in
• Window of opportunity to
13
5 year swap (1)1 month interbank (2)
1.0%
1.5%
2.0%
2.5%
Jan
-07
Mar-
07
May-0
7
Ju
l-07
Sep
-07
No
v-0
7
Jan
-08
% p
er
an
nu
m
Dec 0
6
___________(1)Source : Bloomberg Screen SDSW5
(2)Source : MAS Website
• Window of opportunity to lock-in long term base rates
Clear Path To Long Term (Debt / Refinance)
VFN1 year
Refinance Option
RCF2 years
14
Club loanCMBS
De-gearing from EFR provides room for further growth
Capital Structure Gearing Levels and Additional Acquisition Capacity
193 282 322 330
604
337
300
400
500
600
700
800
900
1000
S$
mil
lio
n
549(1)
44.7%47.7% 48.4%
35.1%35.5%
250
500
750
1,000
S$
mil
lio
n
20%
40%
60%
Geari
ng
%
1515
_________(1) Based on acquiring additional properties at the maximum statutory gearing level for Singapore REITs of 60%
(1)
345 344 344 346
604
0
100
200
300
4Q06 1Q07 2Q07 3Q07 4Q07
S$
mil
lio
n
Equity Debt
0 0
549(1)
0
250
0%
20%
Additional debt capacity Gearing Ratio
Attractive, Secure Yield
656bps
382bps
2.50% 2.26%
8.82%
4.00%
6.00%
8.00%
10.00%
12.00%
2.94%
5.00%
16
___________
(1) Bank savings deposits as at end of Dec 2007. Source: MAS website
(2) Bank FD rate (12 months) as at end of Dec 2007. Source: MAS website
(3) Interest paid on Central Provident Fund ordinary account from Jan – Mar 2008. Source: CPF website
(4) Singapore Government Securities 10-year bond yield as at 22 January 2008. Source: SGS website
(5) 2007 All Market equity yield. Source Bloomberg Screen DYSGTOTL
(6) Weighted average 2007 forecast yield by market capitalization. Source: J P Morgan Asia Real Estate Summary 24 Jan 2008
(7) Based on CIT’s closing price of S$0.71 per unit as at 31 Dec 2007 and 2007 DPU of 6.262 cents
0.29%0.83%
0.00%
2.00%
BanksSaving
Deposits (1)
Bank fixeddeposit
(2)
CPF Ordinary Account
(3)
10 yeargovernment
bond (4)
STI Index dividend
Yield (5)
S-Reit Yield (6)
CIT's Annualised
Yield (7)
4Q2007 Financial Results4Q2007 Financial Results
FY 2007 MilestonesFY 2007 Milestones
Capital Management StrategyCapital Management Strategy
1
Pipeline and OutlookPipeline and Outlook
Acquisition HighlightsAcquisition Highlights
Portfolio StrengthsPortfolio Strengths
Completed Properties in 4Q2007
23 Woodlands Terrace
Sector: Industrial & Warehouse
Purchase Price: S$15.4m
Enterprise Hub (120 out of 602 Strata units)
Sector: Light Industrial
Purchase Price: S$71.0m
9 Bukit Batok Street 22
Sector: Light Industrial
Purchase Price: S$18.3 m
120 Pioneer Road
Sector: Industrial & Warehouse
Purchase Price: S$26.5m
2
Natural Cool Building
Sector: Light Industrial
Purchase Price: S$5.0 m
1 Tuas Avenue 3 (with proposed
A&A)
Sector: Logistics & Warehouse
Purchase Price: S$32.5m
7 Ubi Close
Sector: Car Showroom
Purchase Price: S$20.5m
Total Appraised Value of approximately S$194.4m as
at 31 Dec 2007
The property is a 4 storey detached Industrial and Warehouse building with a mezzanine floor
6 Tuas Bay Walk6 Tuas Bay Walk
Properties completed in January 2008
The property is a 4 storey Industrial and Warehouse building with annex block
21B Senoko Loop21B Senoko Loop
Awaiting prettier photo
3
Warehouse building with a mezzanine floor
Purchase price: S$7.0 million
Lease terms: 10 years with 7% rental escalations on the commencement of the fourth and seventh year
DPU Accretion : + 0.0477 cents p.a.
building with annex block
Purchase price: S$14.7 million
Lease terms: 7 years with an option to renew for a further 7 years with 5% rental escalations on the commencement of the third and fifth year
DPU Accretion : + 0.0740 cents p.a.
1510
16
17-19
22-25
9
8
7 2-311-12
29
283031
3213
34
37
35
38
40
36
Strategically Located New Acquisitions
42
4
1
14
1620-21
22-25
26-27
11-124-633
Existing PropertiesExisting PropertiesExisting PropertiesExisting PropertiesExisting PropertiesExisting PropertiesExisting PropertiesExisting Properties New PropertiesNew PropertiesNew PropertiesNew PropertiesNew PropertiesNew PropertiesNew PropertiesNew Properties37
39
40
4
41
S$927.8m40
S$733.4m33
Continued Strong Portfolio Growth
Lettable Area (sq m)Value and Number of Properties
S$581.8m27 3Q 2007 Portfolio
Initial Portfolio
5
4Q 2007 Portfolio
3Q 2007 Portfolio628,303
4Q 2007 Portfolio
5
S$581.8m
Initial Portfolio
27 3Q 2007 Portfolio
512,505
426,725
4Q2007 Financial Results4Q2007 Financial Results
FY 2007 MilestonesFY 2007 Milestones
Capital Management StrategyCapital Management Strategy
6
Pipeline and OutlookPipeline and Outlook
Acquisition HighlightsAcquisition Highlights
Portfolio StrengthsPortfolio Strengths
% of Forecast Gross Revenue (1)
Initial Portfolio of 27 Properties:
Weighted Remaining Lease Term: 6.3 years
Enlarged Portfolio of 40 Properties:
Weighted Remaining Lease Term: 6.7 years
30%
40%
50%
Enhanced Lease Expiry Profile
7
_________(1) Based on gross revenue for the month of December 2007.
0%
10%
20%
30%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
7
Leases Provide Fixed And Stable Rental Growth (for 40 properties)
5, 7 & 8 Year Leases 10 & 15 Year Leases
30%
7%
15 - year leases
7%8 - year leases
7 - year leases
20%
5%
8
Baserate
7%
7%
0%1 2 3 4 5 6 7 8 9 10 11 12 13
7%
10 - year leases
Base
rate
5%
0%
1 2 3 4 5 6 7
7 - year leases
5 - year leases
5%
814 15
YearYear
14.2
16.5
14
15
16
17
Mo
nth
s
High Security Deposit And Full Occupancyfor Cashflow Stability
16% CIT
Market
90%
92%
94%
96%
98%
100%
Pe
rce
nta
ge
100.0%
9
12
13
Security Deposit Level (months)
- 27 Properties
Security Deposit Level (months)
- 40 Properties
CIT's Occupancy Rate
Market's Occupancy Rate
82%
84%
86%
88%
90%
Total IndustrialP
erc
en
tag
e
91.7%
_________
(1) Source: URA (as at 4Q2007)
13.5%
7.3%
4.5%
3.0%
Diversified Tenant Mix
Tenant Contribution by Trade Sectors(1)
Enlarged PortfolioInitial Portfolio
35.7%
8.5%
11.8%
2.8%
5.3%
10
51.8%
19.9%
Diversified trade sectors reduce financial susceptibility to economic downturns in the industries of its tenantsDiversified trade sectors reduce financial susceptibility to economic downturns in the industries of its tenants
_________(1) In terms of CIT’s gross revenue for the month of December 2007
Logistics & Warehousing Light Industrial Industrial Industrial & Warehouse Self Storage Car Showroom
10
8.5%
35.9%
Diversified Portfolio Of Quality Tenants
Top Ten Tenants
7.3%
7.4%
9.7%
14.0%
0% 2% 4% 6% 8% 10% 12% 14% 16%
CWT
YCH
Soon Lee
Lam Soon
% of Gross Rent, Dec 2007 - 40 properties
11
_____________
(1) Jurong Districentre Pte Ltd, a 70%-owned subsidiary of CWT Limited
5.1%
2.8%
2.8%
4.7%
5.3%
5.5%Brilliant
Exklusiv
Jurong Districentre (1)
ODC Logistics
Comapct Metal
StorHub
4Q2007 Financial Results4Q2007 Financial Results
FY 2007 MilestonesFY 2007 Milestones
Capital Management StrategyCapital Management Strategy
12
Pipeline and OutlookPipeline and Outlook
Acquisition HighlightsAcquisition Highlights
Portfolio StrengthsPortfolio Strengths
Acquisition Growth Potential In Singapore
Retail, 7.5%
Office, 15.1%
Other Investment
Grade Industrial 26.5%
Other Industrial Stock, 65%Owned by I-REITS,
Total Industrial Space : 369.4 m sq ft
13
Industrial
13
Source : Colliers International Report commissioned by CIT for inclusion the Offering Circular dated 27 September 2007
Industrial 77.5%
Stock, 65%Owned by I-REITS,
8.5%
Growth In Logistics And Industrial Sectors
Industrial Production Index vs Net New Demand of Factory Space
Annual Net Formation of Transport and Storage and Manufacturing Firms
500
600
700
800
900
6,000
8,000
10,000
12,000
100
120
140
160
180
1414
_________Source: Singstat Timeseries Online, Singapore Department of Statistics
_________Source: Economic Development Board / Urban Redevelopment Authority
0
100
200
300
400
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Transport and Storage Manufacturing
0
2,000
4,000
6,000
2000
2001
2002
2003
2004
2005
2006
2007
0
20
40
60
80
Net New Demand Industrial Production Index
Increasing Occupancy for Industrial Properties…
84%
86%
88%
90%
92%
94%
96%
98%
15
Source: Real Estate Information System, URA/Colliers International Singapore Branch
Source: Colliers International Singapore Research
15
Occupancy Rates of Islandwide Warehouse Space
Occupancy Rates of Islandwide Factory Space
78%
80%
82%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008(F
)
…Driving Rental Rates higher…
$0.90
$1.10
$1.30
$1.50
$1.70
$1.90
$2.10
$2.30
$2.50
S$
pe
r s
q f
t p
er
mo
nth
16
Source: Colliers International Singapore Research
16
$0.50
$0.70
$0.90
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
(F)
Gross Rent of Prime Factory Space (Upper Floor)
Gross Rent of Prime Warehouse Space (Upper Floor)
… Driving capital values higher
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
S$
pe
r s
q f
t
17
Source: Colliers International Singapore Research
17
$0.00
$100.00
$200.00
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008(F
)
Capital Value for Leasehold Prime Factory Space (Upper Floor)
Capital Value for Freehold Prime Warehouse Space (Upper Floor)
Two more acquisitions in
1Q08 – S$21.7m
Good acquisition
S$125.6 million of MOUs signed as at January 28,
2008
Significant Acquisition Potential in 2008
18
Good acquisition potential in Singapore
Offshore acquisitions•Malaysia & China•Tenant is key •Possible within 2008
SGD 549 million dry powder
Key Value Propositions
Quality PortfolioPrudent Capital
Management
19
Flowing Pipeline
Strong Track Record of
Accretive Growth
19
The information contained in this presentation is for information purposes only and does not constitute an offer to sell or anysolicitation of an offer or invitation to purchase or subscribe for units in Cambridge Industrial Trust (“CIT”, and units in CIT,“Units”) in Singapore or any other jurisdiction, nor should it or any part of it form the basis of, or be relied upon in anyconnection with, any contract or commitment whatsoever.
The past performance of the Units and Cambridge Industrial Trust Management Limited (the “Manager”) is not indicative ofthe future performance of CIT and the Manager. Predictions, projections or forecasts of the economy or economic trends ofthe markets which are targeted by CIT are not necessarily indicative of the future or likely performance of CIT.
The value of units in CIT (“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 RBC Dexia Trust Services Singapore Limited (in its capacity as trustee of CIT),or any of their respective affiliates. An investment in Units is subject to investment risks, including the possible loss of theprincipal amount invested. Investors have no right to request that the Manager redeem or purchase their Units while the Unitsare listed. It is intended that holders of Units (“Unitholders”) may only deal in their Units through trading on SingaporeExchange Securities Trading Limited (the “SGX-ST”). Listing of the Units on the SGX-ST does not guarantee a liquid marketfor the Units.
Important Notice
20
for the Units.
This release may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual futureperformance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of anumber of risks, uncertainties and assumptions. You are cautioned not to place undue reliance on these forward-lookingstatements, which are based on the current view of management on future events.
This presentation 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 ofrisks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industryand economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments,shifts in expected levels of property rental income and occupancy, changes in operating expenses, including employeewages, benefits and training, property expenses and governmental and public policy changes and the continued availabilityof financing in the amounts and the terms necessary to support future business. You are cautioned not to place unduereliance on these forward-looking statements, which are based on the Manager's current view of future events.
This presentation has been prepared by the Manager. The information in this presentation has not been independentlyverified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness,accuracy, completeness or correctness of the information and opinions in this presentation. None of the Manager or any of itsagents or advisers, or any of their respective affiliates, advisers or representatives, shall have any liability (in negligence orotherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connectionwith this presentation.
Neither this presentation, nor any copy or portion of it, may be sent, taken, transmitted or distributed, directly or indirectly, inor into the United States, Japan or Canada, or to any U.S. person (as such term is defined in Regulation S under theSecurities Act of 1933, as amended). It is not an offer of securities for sale into the United States. The Units may not beoffered or sold into the United States, Canada or Japan or to, or for the account or benefit of, U.S. persons unless they areregistered or exempt from registration. The Units have not been and will not be registered under the Securities Act or thesecurities laws of any state of the United States. There will be no public offer of securities in the United States.
Important Notice
21
securities laws of any state of the United States. There will be no public offer of securities in the United States.
Thank You
22
CAMBRIDGE INDUSTRIAL TRUST MANAGEMENT LIMITED61 ROBINSON ROAD, #12-01 ROBINSON CENTRE, SINGAPORE 068893
TEL: (65) 6222 3339 FAX: (65) 6827 9339 WWW.CAMBRIDGEINDUSTRIALTRUST.COM
Anthony White SVP, Corporate Finance & DID: (65) 6827 9352 [email protected]
Investor Relations
Appendices
23
Appendices
3Q2007
Actual Actual Forecast (1) Change %
Gross Revenue $13.5 m S$16.1 m S$10.8 m +49.1%
Net Property Income (NPI) S$11.6 m S$13.9 m S$8.9 m +56.2%
Net Income S$7.6 m S$10.4 m S$6.0 m +73.3%
Distributable Income S$8.8 m S$10.0 m S$6.8 m +47.1%
Distribution Per Unit (DPU) 2.010 cents (2) 1.258 cents (2)
Actual Actual Forecast Change %
1 Oct to 31 Dec 2007
Financial Results 4Q2007
24
Actual Actual Forecast Change %
Annualised DPU 6.745 cents 6.122 cents (3) 5.120 cents (4) +19.6%
Annualised Distribution Yield:
IPO price (S$0.68) 9.92% 9.22% 7.53% (4)
Current price (S$0.71) (5) 9.50% 8.83% 7.21%_____________
(1) Forecast means prorated forecast figures derived from the Projection Year 2007 (from 1 Jan to 31 Dec 2007) based on exercising the Over-allotment Units in full as disclosed in the Prospectus, for the quarter ended 31 Dec 2007.
(2) 0.31 cents DPU from period 1 Oct 07 to 17 Oct 07 was paid concurrent with 3Q distribution and is included in 3Q2007 results in this table
(3) Annualised DPU computed by annualising 1.258 cents based on 75 days from 18 Oct 2007 to 31 Dec 2007
(4) As stated in Prospectus for Projection Year 2007 based on 530,325,500 units (inclusive of 29 million over-allotment units).
(5) Computed based on closing price of S$0.71 as at 31 Dec 2007.
Net Income 4Q2007 (1)
higher than Forecast by 74.0%
S$'000 Actual Forecast Variance %
Gross Revenue 16,053 10,800 +48.6%
Property expenses (2,146) (1,867) +14.9%
Net Property Income (NPI) 13,907 8,933 +55.7%
Borrowing costs (2,559) (2,143) +19.4%
25
Borrowing costs (2,559) (2,143) +19.4%
Other non-property expenses (910) (791) +15.0%
Net income 10,438 5,999 +74.0%
Balance Sheet
S$'000 31-Dec-07 31 Dec 2006
Investment Properties 927,800 531,000
Current Assets 33,250 12,926
Total Assets 961,050 543,926
Borrowings (336,483) (192,850)
26
Other Current Liabilities (19,973) (5,722)
Total Liabilities (356,456) (198,572)
Net Assets Attributable to Unitholders 604,594 345,354
Applicable number of Units ('000) 794,008 512,153
NAV Per Unit $0.76 S$0.67
Distribution Timetable
Period 18 Oct 2007 to 31 Dec 2007
DPU 1.258 cents
Last day of trading on "cum" basis 4 Feb 2008
Ex-date 5 Feb 2008
27
Ex-date 5 Feb 2008
Books closure date 11 Feb 2008, 5:00pm
Distribution payment date 29 Feb 2008
Capital Management at end 2007
31 Dec 07
Total term loan and overdraft facilities S$400.0 m
Total debt S$337.0 m
Gearing ratio 35.1%
Weighted average effective interest rate FY2007 3.5%
28
Interest cover FY2007 4.3 times
VFN Facility term to expiry 13 Months
Net Asset Value Per Unit 0.76$ __________
(1) Variable Funding Note (“VFN”) Facility expires in February 2009
Properties Completed In Q4 20071 Tuas Ave 31 Tuas Ave 3
Purchase price (with proposed A&A):S$32.5 million (1)
Lease terms: 8 years with an option to extend for a further term of 5 years with 7% rental escalations on the commencement of the fourth and seventh year
Outgoings:
29
The Property is a new 2-storey Warehouse building, a single-storey Warehouse complex, a two-storey
Office building and a nine-storey Warehouse with a Warehouse annex, which will be entirely replaced
with a proposed two-storey Warehouse.
Outgoings: Tenant pays land rent, property tax and property maintenance
(1) Upon acquisition before A&A is completed, S$26.5 million is payable and first year rental of S$2.10 million is receivable. Completion of A&A works is expected within 1 year after acquisition.
Properties Completed In Q4 2007
The Property is a 5-storey Light Industrial building
Purchase Price: $18.3 million
9 Bukit Batok Street 229 Bukit Batok Street 22
The Property is a 4-storey Industrial and Warehouse building.
23 Woodlands Terrace23 Woodlands Terrace
30
Purchase Price: $18.3 million
Lease terms: 7 years with an option to renew for a further term of 7 years, with 5% rental escalations on the commencement of the third and fifth year
Outgoings: Tenant pays property maintenance while the landlord pays for the land rent and property tax
building.
Purchase price: S$15.4 million
Lease terms: 7 years with an option to renew for a further term of 7 years with 5% rental escalations on the commencement of the third, fifth and seventh year
Outgoings: Tenant pays land rent, property tax and property maintenance
The Property is a part two- and a part four-storey Industrial and Warehouse building
120 Pioneer Road120 Pioneer Road
Properties Completed in Q4 2007
The Property is a nine-storey Light Industrial building.
Enterprise Hub Enterprise Hub
31
Industrial and Warehouse building
Purchase price: S$26.5 million
Lease terms: 7 years with 5% rental escalations on the commencement of the third and fifth year
Outgoings: Tenants pays for land rent, property tax and property maintenance
building.
Purchase price: S$71.0 million
Lease terms: 7 years with 5% rental escalations on the commencement of the third and fifth year
Outgoings: Tenants pays for property tax and property maintenance
The Property is a 3-storey Detached factory and a proposed 4-storey block extension.
Natural Cool BuildingNatural Cool Building
Properties completed in Q4 2007
The Property is a Car showroom and Workshops
7 Ubi Close7 Ubi Close
32
proposed 4-storey block extension.
Purchase price: S$5.0 million
Lease terms: 7 years with an option to renew for a further term of 3 years with 5% rental escalations on the commencement of the third and fifth year
Outgoings: Tenant pays land rent,property tax and propertymaintenance
The Property is a Car showroom and Workshops building
Purchase price: S$20.5 million
Lease terms: 7 years with 5% rental escalations on the commencement of the third and fifth year
Outgoings: Tenant pays property maintenance while the landlord pays for property tax
2007 Milestone achievements
• Net property income higher than Forecast(1) by 28%
• Distributable income higher than Forecast(1) by 49%
• Annual DPU of 6.262 cents higher than Forecast of 5.120 cents(2) by 22%
• Acquisition of 13 properties valued at $ 346.0 million
• Year end portfolio of 40 properties worth $927.8million – an
33
• Year end portfolio of 40 properties worth $927.8million – an increase of 75 % year-on year
• Successful equity fund raising of $193.9 million
_____________(1) Forecast means prorated forecast figures derived from the Projection Year 2007 (from 1 Jan to 31 Dec 2007) based on exercising the Over-allotment
Units in full as disclosed in the Prospectus, for the year ended 31 Dec 2007.
(2) As stated in Prospectus for Projection Year 2007 based on 530,325,500 units (inclusive of 29 million over-allotment units).