ARA LOGOS
Logistics Trust
2H / Full Year FY2021 Financial Results Presentation
25 January 2022
Agenda
1 Key Highlights
2 Financials Snapshot and Portfolio Update
3 Update on Proposed Merger with ESR-REIT
4 | Market Outlook |
5 | Additional Information |
2
Key Highlights
41 - 51 Mills Road, Braeside, Victoria, AUS
Financial Highlights
Delivered Stable Performance; Underpinned by Defensive Fundamentals
2H FY2021 Financial Performance
Gross Revenue
S$68.7 mil
Net Property Income ("NPI")
S$53.5 mil
Distribution Declared
S$35.8 mil
DPU
2.464 cents(1)(2)
FY2021 Financial Performance | Prudent Capital Management | |
Gross Revenue | Aggregate Leverage(6) | |
S$135.2 mil | 39.5% | |
Net Property Income ("NPI") | All-in Financing Cost | |
S$104.9 mil | 2.77% | |
Distribution Declared | NAV(3) | |
S$70.4 mil | S$0.67 per unit | |
DPU | Interest Coverage Ratio(4)(6) | |
5.034 cents(2) | 4.7 times |
Total Debt(5)
S$745.8 mil
Average Debt to Maturity
2.9 years
Notes:
(1) | Based on number of units in issue as at 31 December 2021 of 1,452,179,433 units and 691,439 new units issued on 12 January 2022 as payment for the acquisition fee of S$0.61 million in relation to the acquisition of the development asset at Corner Heron Drive and Curlew Street, Port of Brisbane, | |
Queensland, which shall now be known as 21 Curlew Street, Port of Brisbane (the "Heron Property"). The acquisition of the Heron Property was completed on 11 January 2022. | ||
(2) | 2H FY2021 and FY2021 DPU of 2.464 cents and 5.034 cents respectively have taken into effect the Manager receiving 100% of the 4Q FY2021 base management fee and FY2021 performance fee in cash. | |
(3) | NAV is computed based on the net assets attributable to Unitholders, excluding Perpetual Securities. | |
(4) | ICR is computed based on trailing 12-month period ending on 31 December 2021. Includes margin and amortization of capitalised upfront fee, excluding non-recurring finance expenses and upfront fees written-off. | |
(5) | Excludes unamortised transaction costs and lease liabilities recognised pursuant to FRS116 leases. | 4 |
(6) | Aggregate Leverage and ICR have been computed in accordance with the MAS Circular dated 28 December 2021 where MAS clarified exclusion of land lease liabilities from computation of REITs' aggregate leverage and exclusion of interest expense on lease liabilities from computation of ICR and |
adjusted-ICR.
Portfolio Highlights
Resilient and Quality Portfolio
Portfolio Statistics
Portfolio Occupancy 99.0% committed
Total Portfolio Value
S$1.8 billion(1)
WALE (by GRI)
4.4 years
Well-Diversified and Quality Tenants
High Quality and Diverse Tenant Base
Proactive Portfolio Management Strategy
Successfully Maintained Healthy
Levels of Portfolio Occupancy and
WALE
Leasing Update | Key Milestones | |
Leases Secured | Execution of Portfolio Rebalancing & | |
> 203k sqm in FY2021 | Growth Strategy | |
Completed the Acquisition of Five | ||
FY2021 Rental Reversion | Logistics Assets and 49.5% and | |
3.1% | 40.0% stakes in Two Funds as well | |
as the Divestments of Kidman Park | ||
Top 10 Tenants as a % of ALOG's | in AUS and ALOG Changi | |
Gross Revenue | DistriCentre 2 in SIN(2) | |
51.1% |
Asset Enhancement Initiatives
S$5.1 mil Defensive AEI Works
Across Five SG Properties
Proposed Merger with ESR-REIT
Received Higher Scheme
Consideration from ESR-REIT;
Reiterates Confidence in the Long-
Term Merits of an Enlarged REIT(3)
Note: All information are as at 31 December 2021, unless otherwise stated.
(1) | Includes ALOG's 49.5% and 40.0% stakes in the New LAIVS Trust and Oxford Property Fund respectively. Excludes the Heron Property as the acquisition of the Heron Property was only completed on 11 January 2022. For more information on the completion, please refer to the SGX announcement dated | |
11 January 2022. | ||
(2) | Please refer to SGX announcements dated 16 April 2021, 21 April 2021, 31 May 2021 and 30 June 2021 for more information. The acquisition of the Heron Property was only completed on 11 January 2022. For more information on the completion, please refer to the SGX announcement dated 11 January | 5 |
2022. | ||
(3) | Please refer to SGX announcement dated 22 January 2022 for more information. |
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ARA LOGOS Logistics Trust published this content on 25 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2022 22:30:02 UTC.