Offic e Portfolio Drove Re nta l Inc ome Growth Br e akdown of - - PowerPoint PPT Presentation
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$mm 2,778 2,481 2,481 2,405 3.8% Y/ Y
2
Distr ibutable Inc ome HK$mm
Distr ibution per Unit HK$
T
ental Inc ome HK$mm
Net Pr
ty Inc ome HK$mm
Ne t Pr
ty Inc ome (HK$mm) Distr ibution pe r Unit (HK$)
2,405 2,481
F Y 18 F Y 19
0.2614 0.2666
F Y 18 F Y 19 +3.1% +2.0%
F Y 19 F ina nc ia l Hig hlig hts
3
937 891 350 375 1,390 1,512
F Y 18 F Y 19
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
2,677 2,778
Br e akdown of Re ntal Inc ome by Pr
ty (HK$mm) Br e akdown of F Y 19 Re ntal Inc ome by Inc ome T ype (% )
Ba se Re nt 94% T urno ve r Re nt 4% Ca rpa rk Inc o me 2%
+3.8%
4
T hre e Ga rd e n Ro a d 60% L a ng ha m Pla c e 40%
Pr
ty Valuation: HK$81.2 bn T hr ee Gar den R
L angham Plac e
Unit a s a t 31 De c 2019: $11.04
Note: All figures are stated in HK Dollars.
Valuation: $48.5 bn Value psf (gr
Cap R ate:
(No c hange fr
Valuation: $32.6 bn
Value psf (gr
Cap R ate:
(No c hange fr
5
De bt Matur ity Pr
(HK $mm)
3,685 5,814 200 643 2,998 200 1,225 275
2020 2021 2022 2023 2024 2025 2026 2027 2028 Ba nk L
Ba nk L
MT N Inte re st ra te swa ps o f HK $1,500mm e nte re d in 2H 19
(1)
Y 19 e ffe c tive inte re st ra te : 3.0%
(2018: 54.2%)
e nte ring into ne w c o mmitte d a nd unc o mmitte d lo a n fa c ilitie s
6.0 6.0
Jun- 2019 De c - 2019
17.1 18.0
Jun- 2019 De c - 2019
Ne t De bt / E BIT DA (x) Ge ar ing Ratio (% )
Note (1): Including HK$850 million committed revolver with final maturity in June 2024
Ba nking 33% Co rpo ra te 7% F le xib le Wo rkspa c e 6% Me d ia 5% L e g a l 3% Me d ic a l 2% Co nsulta nc y 2% Othe rs 4% Va c a nt 7%
7
Offic e T e nant Pr
as at 31 De c 2019
95.8% 93.0%
Jun- 2019 De c - 2019
Oc c upanc y Rate as at 31 De c 2019
Asse t Ma na g e me nt 31%
8
105.4 107.8
Jun- 2019 De c - 2019
Passing Re nts as at 31 De c 2019
E ffe c tive Re nt pe r sq . ft. (L e tta b le ) (HK $)
+2.3% 7.0%
19.6% 16.2% 15.5% 4.1% 13.7% 2.8% 10.9% 10.2%
Vac ant 2020 2021 2022 2023
Va c a nt L e a se s E xp iring Re nt Re vie w
L e ase E xpir y as at 31 De c 2019
Co rpo ra te & Sa le s Se rvic e s 30% He a lthc a re & Me d ic a l 27% Be a uty 22% F itne ss Ce ntre 10% F le xib le Wo rkspa c e 7% Othe rs 2% Va c a nt 2%
10
Offic e T e nant Pr
as at 31 De c 2019
98.8% 97.7%
Jun- 2019 De c - 2019
Oc c upanc y Rate as at 31 De c 2019
L ife style -re la te d te na nts: 59%
11
44.7 46.5
Jun- 2019 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 $)
+3.9%
2.3% 18.8% 11.8% 17.7% 29.1% 17.8% 2.5%
Vac ant 2020 2021 2022 2023 2024
Va c a nt L e a se s E xp iring Re nt Re vie w
L e ase E xpir y as at 31 De c 2019
13
Br e akdown of Base Re nt and T ur nove r Re nt
(HK $mm)
691 720 187 114
F Y 18 F Y 19
Ba se Re nt T urno ve r Re nt 86%
879 833
14% 79% 21%
turno ve r re nt po rtio n
c a se -b y-c a se b a sis
14
100% 100%
Jun- 2019 De c - 2019
Oc c upanc y Rate as at 31 De c 2019
11.8% 26.0% 29.2% 9.2% 23.8%
2020 2021 2022 2023 2024
L e a se s E xp iring
L e ase E xpir y as at 31 De c 2019
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Continuous E ffor ts in Br inging Ne w T e nants F &B and Confe c tionar y He alth & Be auty Othe r s
F a shio n & Ac c e sso rie s 39% F
Be ve ra g e 22% He a lth & Be a uty 11% Othe rs 13% E nte rta inme nt 15%
Re tail T e nant Pr
16
So me o f the sho e s & b a g s te na nts b e ing re lo c a te d o r re pla c e d Ne w b e a uty / skinc a re sto re s e xte nde d
to c a te r stro ng ma rke t de ma nd
17
T he Cha mb e r o f Ho ng K
iste d Co mpa nie s
xc e lle nc e BE AM Plus Platinum fo r L a ng ha m Pla c e Ma ll
WE L L Platinum fo r T hre e Ga rde n Ro a d
irst “e xisting ” b uilding in HK to a c hie ve the hig he st ra ting Ho ng K
Susta ina b ility I nitia tive s (So c ia l & E nviro nme nta l Dime nsio ns)
18
ner gy and c ar bon emissions:
40%
: 25%
ac king syste m
Re silie nc e Po lic y and mitigatio n plan
een buildings: attain highe st
r ating o f gr e e n building c e r tific atio ns
AQ E xc e lle nc e Class e ve r y ye ar
r aining and development: 50%
ave r age tr aining ho ur s
k injur ie s
engagement: 50%
r e so ur c e s de vo te d
vo lunte e r se r vic e ho ur s
sity and inc lusion:
awar e ne ss tr ainings and shar ing
d: fo r
mally se t up No minatio n Co mmitte e
SG Polic y: e stablish
inte gr ate d E SG F r ame wo r k and Po lic ie s
de ve lo p gr e e n pr
e me nt syste m
19
ra il run e ve nt – a dvo c a ting he a lthy life style
c o -fa rm to ur – pro mo ting g re e n living
unde rprivile g e d c hildre n
sta b lish a n inte g ra te d E SG F ra me wo rk
SG po lic ie s
20
Pr udently L
Oppor tunities Globally
e ase war c he st by e nte r ing into ne w c o mmitte d and unc o mmitte d lo an fac ilities
mar ke t mo ve me nts and aim to impr
e dit pr
bo th Ce ntr al and Mo ngko k
ahe ad due to c o nc e r ns o n glo bal e c o no mic slo wdo wn and unc e r tain lo c al se ntime nt
mpac t fr
e ak o f COVI D-19 will le ad to lo we r DPU
Por tfolio Outlook L iabilities Management
e ac c r e tive inve stme nts glo bally
21
T his pre se nta tio n ma y c o nta in info rma tio n whic h is pro prie ta ry, c o nfide ntia l a nd/ o r le g a lly privile g e d a nd ha s b e e n pre pa re d b y E a g le Asse t Ma na g e me nt (CP) L imite d, in its c a pa c ity a s the ma na g e r (the “RE I T Ma na g e r”) o f Cha mpio n Re a l E sta te I nve stme nt T rust (the “T rust”). T his pre se nta tio n is b e ing c o mmunic a te d fo r info rma tio n purp o se s o nly a nd its inte nde d re c ipie nts a re pro fe ssio na l inve sto rs in Ho ng K
b y Pa rt 1 o f Sc he d ule 1 to the Se c uritie s a nd F uture s Ordina nc e (Ca p .571)) a nd pro fe ssio na l inve sto rs o utside o f Ho ng K
c o mmunic a te the pre se nta tio n. Any o the r pe rso ns sho uld no t re ly o r a c t upo n this pre se nta tio n o r a ny o f its c o nte nts. T he info rma tio n c o nta ine d in this do c ume nt, inc luding a ny o b ta ine d fro m e xte rna l da ta so urc e s, ha s no t b e e n ve rifie d . T he info rma tio n a nd
I T Ma na g e r is unde r no o b lig a tio n to upda te o r ke e p c urre nt the info rma tio n c o nta ine d in this pre se nta tio n. No re pre se nta tio n o r wa rra nty, e xpre ss o r implie d is ma de a s to , a nd no re lia nc e sho uld b e pla c e d o n, the fa irne ss, a c c ura c y, c o mple te ne ss o r c o rre c tne ss o f the info rma tio n o r o pinio ns c o nta ine d he re in. I t is no t the inte ntio n to pro vide , a nd yo u ma y no t re ly o n this do c ume nt a s pro viding , a c o mple te o r c o mpre he nsive a na lysis o f the T rust’ s fina nc ia l o r o pe ra tio na l po sitio n. Furthe rmo re , this pre se nta tio n sho uld no t b e c o nstrue d a s le g a l, ta x, inve stme nt, o r o the r a dvic e . No ne o f the RE I T Ma na g e r, the T rust, no r a ny o f the ir re spe c tive a ffilia te s, a dviso rs o r re pre se nta tive s sha ll b e he ld lia b le fo r a ny d a ma g e s, lo sse s o r e xpe nse s o f a ny kind, whe the r dire c t, indire c t, spe c ia l, c o nse q ue ntia l o r inc ide nta l, a rising o ut o f o r in c o nne c tio n with the pre se nta tio n. I n this re g a rd , a ll wa rra ntie s o r re pre se nta tio ns o f a ny kind, whe the r e xpre sse d o r implie d b y la w, e q uity o r sta tute s, a re e xc lude d to the e xte nt pe rmissib le und e r the a pplic a b le la w. All lia b ilitie s wha tso e ve r a rising fro m o r inc ide nta l to the do c ume nt a re he re b y e xpre ssly disc la ime d. Ce rta in info rma tio n a nd sta te me nts ma de in this pre se nta tio n c o nta in fo rwa rd-lo o king sta te me nts. All fo rwa rd-lo o king sta te me nts a re b a se d o n c urre nt e xpe c ta tio n o f future e ve nts a nd a re sub je c t to a numb e r o f fa c to rs tha t c o uld c a use a c tua l re sults to diffe r ma te ria lly fro m tho se de sc rib e d in the fo rwa rd-lo o king sta te me nts. Ca utio n sho uld b e ta ke n with re spe c t to suc h sta te me nts a nd yo u sho uld no t pla c e und ue re lia nc e
T his do c ume nt do e s no t c o nstitute a pro spe c tus, no tic e , c irc ula r, b ro c hure o r a dve rtise me nt o ffe ring to se ll o r inviting o ffe rs to a c q uire , p urc ha se
he va lue o f Units a nd the inc o me fro m the m, if a ny, ma y fa ll a s we ll a s rise fro m time to time . Units a re no t o b lig a tio ns o f, d e po sits in, o r g ua ra nte e d b y the RE I T Ma na g e r, the T rust, no r a ny o f the ir re spe c tive a ffilia te s, a dviso rs o r re pre se nta tive s. An inve stme nt in Units o r o the r se c uritie s o f the T rust is sub je c t to inve stme nt risks, inc luding the po ssib le lo ss o f the princ ipa l a mo unt inve ste d. I t is inte nde d tha t ho lde rs o f Units ma y o nly d e a l in the ir Units thro ug h tra ding o n the Sto c k E xc ha ng e o f Ho ng K
a nd inve sto rs ha ve no rig ht to re q ue st the RE I T Ma na g e r to re de e m the ir Units. L isting sta tus do e s no t g ua ra nte e a liq uid ma rke t fo r the Units. All c o p yrig ht, pa te nt, inte lle c tua l a nd o the r pro pe rty rig hts in info rma tio n c o nta ine d he re in is o wne d b y the RE I T Ma na g e r o r o the r third pa rtie s. No rig hts o f a ny kind a re lic e nse d o r a ssig ne d o r sha ll o the rwise pa ss to pe rso ns a c c e ssing suc h info rma tio n. Witho ut the e xpre sse d writte n pe rmissio n o f the RE I T Ma na g e r unde r no c irc umsta nc e s sho uld info rma tio n c o nta ine d he re in o r a ny pa rt o f it b e q uo te d , re pro d uc e d , re distrib ute d o r tra nsmitte d in a ny fo rm, b y a ny me a ns, e le c tro nic o r o the rwise .