Unpre c e de nte d Cha lle ng e s Impa c ting Busine ss Pe rforma nc e 1H 20 F ina nc ia l Hig hlig hts • Po sitive re nta l re ve rsio n fo r o ffic e po rtfo lio T otal R ental Inc ome Net Pr oper ty Inc ome • F o o tfa ll a nd re ta il sa le s pe rfo rma nc e s a t HK$mm HK$mm L a ng ha m Pla c e dro ppe d sig nific a ntly due to so c ia l dista nc ing me a sure s 1,342 1,194 ↓ 4.1% Y/ Y ↓ 5.4% Y/ Y • Re nta l re lie f g ra nte d to te na nts o n a c a se -b y-c a se b a sis • L a unc he d o nline e Sto re pla tfo rm to se ll c o upo ns o f o ur te na nts to b o o st sa le s Distr ibutable Inc ome Distr ibution per Unit HK$mm HK$ 804 0.1229 ↓ 7.5% Y/ Y ↓ 7.7% Y/ Y 2
Re nta l Inc ome Dra g g e d by Sha rp De c line in T urnove r Re nt Re ntal Inc ome by Pr ope r ty Re ntal Inc ome by Inc ome T ype (HK$mm) (HK$mm) Ba se Re nt T urno ve r Re nt T hre e Ga rde n Ro a d L a ng ha m Pla c e Offic e Ca rpa rk a nd Othe rs L a ng ha m Pla c e Ma ll T otal: - 4.1% T otal: - 4.1% 1,400 1,400 1,342 - 15.8% 1,342 51 - 20.6% 43 - 90.2% 90 477 378 9 +4.8% 194 185 +2.6% 1,290 1,258 +4.3% 770 738 1H 2019 1H 2020 1H 2019 1H 2020 3
T hre e Ga rde n Ro a d Offic e Positive Re nta l Re ve rsion Ac hie ve d with L ong e r L e a se E xpirie s Passing Re nt as at 30 Jun 2020 L e ase E xpir y as at 30 Jun 2020 E ffe c tive Re nt pe r sq . ft. (L e tta b le ) (HK $) • WAUL T o f 3.4 ye a rs +1.6% Va c a nt L e a se s E xp iring Re nt Re vie w 28.7% 9.5% 109.5 2.8% 107.8 16.2% 16.3% 9.8% 8.0% 4.7% 3.9% Vac ant 2020 2021 2022 2023 2024 and De c - 2019 Jun- 2020 afte r 5
T hre e Ga rde n Ro a d Offic e Slig ht Drop in Oc c upa nc y on We a k Offic e De ma nd Oc c upanc y Rate as at 30 Jun 2020 Asse t Ba nking Ma na g e me nt 33% 29% Offic e T e nant Pr ofile as at 30 Jun 2020 Co rpo ra te 6% 93.0% 90.2% Va c a nt 10% F le xib le Wo rkspa c e 6% Othe rs 3% Me d ia Co nsulta nc y L e g a l Me d ic a l 6% 2% 3% 2% T hr e e Gar de n Road Offic e Valuation Cap Rate HK$42.3bn (~HK $26,772 pe r sq . ft.) 3.70% • • De c - 2019 Jun- 2020 6
L a ng ha m Pla c e Offic e E xte nde d L e a se Profile with Slig ht Inc re a se in Re nta l L e ve l L e ase E xpir y as at 30 Jun 2020 Passing Re nt as at 30 Jun 2020 E ffe c tive Re nt pe r sq . ft. (Gro ss) (HK $) • WAUL T o f 2.4 ye a rs +1.3% Va c a nt L e a se s E xp iring Re nt Re vie w 47.1 2.5% 46.5 34.0% 18.9% 17.7% 12.6% 12.2% 2.2% Vac ant 2020 2021 2022 2023 2024 and De c - 2019 Jun- 2020 afte r 8
L a ng ha m Pla c e Offic e Hig h Oc c upa nc y Ma inta ine d with Upc oming He a dwind Oc c upanc y Rate as at 30 Jun 2020 L ife style -re la te d te na nts: 60% 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 97.7% 97.8% Pr ofile as at 30 Jun 2020 Va c a nt 2% Be a uty Othe rs 23% F itne ss 2% De c - 2019 Jun- 2020 Ce ntre F le xib le 10% Wo rkspa c e 6% • F o rme d stra te g ic pa rtne rship with o ur ma jo r te na nt, Unio n Me dic a l He a lthc a re L angham Plac e Offic e Valuation Cap Rate • Pro vide d pro mo tio n suppo rt fo r life style te na nts HK$9.6bn (~HK $13,623 pe r sq . ft.) 4.10% • • 9
L a ng ha m Pla c e Ma ll Soc ia l Dista nc ing a nd Borde r Control Se ve re ly Impa c te d F ootfa ll a nd Sa le s Pe rforma nc e s • T he impro ve d fo o tfa ll a nd sa le s pe rfo rma nc e s to wa rds e nd o f se c o nd q ua rte r wa s sub se q ue ntly impa c te d b y ne w wa ve o f COVI D-19 in July L angham Plac e Mall F ootfall Unde r pe r for me d Hong Kong Re tail Sale s Jan F e b Mar Apr May Jun 1H Jul Re tail sale s y/ y Hong Kong L angham Plac e by se gme nt Re tail Me d ic ine s & -55% -72% Co sme tic s (20%) (25%) Clo thing & (29%) -51% -58% F o o twe a r (35%) (40%) (40%) (44%) F &B -29% -40% (55%) Supe rma rke ts +11% -22% 11
L a ng ha m Pla c e Ma ll Re nta l Inc ome Droppe d Sha rply with Minima l T urnove r Re nt Passing Re nt as at 30 Jun 2020 Br e akdown of Base Re nt and T ur nove r Re nt Ba se Re nt pe r sq . ft. (L e tta b le ) (HK $) (HK $mm) • L o we r pa ssing b a se re nt due to ne g a tive • Minima l turno ve r re nt re c e ive d in 1H 2020, a nd re ve rsio n, le a se re struc turing a nd re nta l e xpe c te d to sta y lo w in 2H 2020 c o nc e ssio n g ra nte d • Ba se re nt will c o ntinue to de c line in 2H 2020 - 6.1% Ba se Re nt T urno ve r Re nt 447 - 20.4% 90 356 20% 9 2% 190.5 178.9 80% 356 98% 347 De c - 2019 Jun- 2020 1H 2019 1H 2020 12
L a ng ha m Pla c e Ma ll Ma inta ine d F ull Oc c upa nc y by E nte ring into Short- te rm L e a se s • E nte re d into sho rt-te rm le a se s in o rde r to ma inta in 100% o c c upa nc y fo r the ma ll • Ma jo rity o f the re ma ining 7.2% le a se s due in 2H 2020 will b e re ne we d o n sho rt-te rm b a sis 6.0% o f le a se s we re re struc ture d to turno ve r re nt o nly, a c c o unting fo r 6.9% o f a re a • L e ase E xpir y as at 31 De c 2019 Oc c upanc y Rate as at 30 Jun 2020 29.2% 26.0% 23.8% 11.8% 9.2% 2020 2021 2022 2023 2024 100% 100% L e ase E xpir y as at 30 Jun 2020 30.0% 28.4% 24.6% 9.8% 7.2% 2H 2020 2021 2022 2023 2024 De c - 2019 Jun- 2020 13
L a ng ha m Pla c e Ma ll Ong oing Ac tive T e na nt Ma na g e me nt Continuous E ffor ts in Br inging Ne w T e nants Re tail T e nant Pr ofile as at 30 Jun 2020 He alth & Be auty Othe rs 13% He a lth & F a shio n & Be a uty Ac c e sso rie s 12% 38% E nte rta inme nt 15% F &B and Confe c tionar y F o o d & Be ve ra g e 22% L angham Plac e Mall Valuation Cap Rate • HK$18.0bn (~HK $30,539 pe r sq . ft.) • 4.00% 14
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 to 12% fro m 10% in June 2019 • Ne w b e a uty / skinc a re sto re s e xte nde d to b a se me nt flo o rs 15
L a ng ha m Pla c e Ma ll Ne w T e na nts a nd Ne w Offe ring s by T e na nts Attra c te d F ootfa ll L 4 Isaac T oast & Soul F ood T r uc k L 12 L e go Stor e L o ng line s q ue ue ing o utside the ne w L o ng q ue ue s o utside L E GO Sto re a t • • K o re a n re sta ura nt a t fo o d c o urt the la unc h o f L E GO Gra nd Pia no Se t a nd Supe r Ma rio Se rie s 16
L a ng ha m Pla c e Ma ll Ma rke ting E fforts to Comba t with Cha lle ng ing Se ntime nt Sale s- dr ive n Pr omotion Offe r s to Attr ac t Shoppe r s Pop Up E - stor e for Coupon Se lling F r e e Par king Offe r s • E njo y up to 5 ho urs fre e pa rking upo n de sig na te d spe nding Cr oss- se lling Offe r s • Cro sso ve r-se lling o f ma ll c o upo ns to c usto me rs a t o ffic e b e a uty te na nts upo n F irst O2O e Sto re pla tfo rm la unc he d in July • de sig na te d spe nding • Se lling c a sh c o upo ns o f o ve r 50 me rc ha nts o f L a ng ha m Pla c e Ma ll a nd Offic e 17
Re sponse s to COVID- 19 – Susta ina bility Ope r ation Soc ial Giving bac k to the Community Hygie nic and Disinfe c tion Me asur e s • Do na tio n o f ha nd sa nitise rs to kinde rg a rte n • Auto ma tic disinfe c tio n fo r e sc a la to rs E ntre pre ne ur summe r pro g ra mme to pro vide • • Ha nds-fre e fo o tste p tha t a llo ws pe o ple to te rtia ry stude nts pra c tic a l le a rning e xpe rie nc e o pe n do o rs using fo o t inste a d o f ha nds F oste r We ll- be ing among our E mploye e s Digital Solution – Offic e Vir tual T our • Ha ndma de Alc o ho l Sa nitise r a nd • Pio ne e ring 360 de g re e s with live c ha t func tio n Ze nta ng le Wo rksho p • Addre ss te na nts’ ne e ds a mid so c ia l-dista nc ing 18
Ma inta ining Prude nt F ina nc ia l Position De bt Matur ity Pr ofile as at 30 Jun 2020 T o ta l de b t o f HK $17,365mm • (HK $mm) I ssue d a USD300mm MT N 10-ye a r b o nd • Ba nk L o a n (Se c ure d) Ba nk L o a n (Unse c ure d ) MT N a t a c o upo n ra te o f 2.95% 200 • 1H 20 e ffe c tive inte re st ra te : 2.9% (1) 5,814 3,685 • Curre nt fixe d-ra te po rtio n a t 77.0% 2,998 (De c -2019: 64.2%) 2,325 1,225 L e ng the ne d a ve ra g e de b t ma turity • 643 275 pro file to 3.8 ye a rs 200 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 • Ne t Asse t Va lue pe r Unit a t HK $9.44 Ge ar ing Ratio (% ) Ne t De bt / E BIT DA (x) 22.7 6.5 6.0 18.0 De c - 2019 Jun- 2020 De c - 2019 Jun- 2020 No te (1): I nc luding HK$850 millio n c o mmitte d re vo lve r with final maturity in June 2024 19
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