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Annual Report STAYING THE COURSE ANNUAL REPORT 2020 VISION SPH REIT aims to be a premier retail real estate investment trust in Singapore and Asia Pacific, with a portfolio of quality income-producing retail properties. MISSION To be the landlord of choice for our tenants and shoppers and be committed in our delivery of quality products and services. To provide Unitholders of SPH REIT with regular and stable distributions, and sustainable long-term growth in distribution per unit and net asset value per unit, while maintaining an appropriate capital structure. Corporate Financial CONTENTS 02 Profile 04 Highlights Statement by Year In 08 Chairman and CEO 12 Review Trust Organisation 14 Structure 15 Structure Board of Management 16 Directors 21 Team Property Operations 23 Management Team 26 Review Financial Unit Price 34 Review 40 Performance Portfolio Market 42 Overview 62 Overview Investor Sustainability 72 Relations 74 Report Risk Corporate 94 Management 97 Governance Financial Statistics of 117 Statements 196 Unitholdings Interested Person Notice of Annual 198 Transactions 199 General Meeting Proxy Form Corporate Directory 02 SPH REIT ANNUAL REPORT 2020 CORPORATE PROFILE SPH REIT is a Singapore- based real estate investment trust established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia Pacific, as well as real estate- related assets. SINGAPORE SPH REIT was listed on the Singapore Paragon, a premier upscale retail mall The Clementi Mall, a mid-market Exchange Securities Trading Limited and medical suite/ office property, suburban mall located in the centre of (“SGX-ST”) on 24 July 2013 and is is located in the heart of Orchard Clementi Town, with excellent frontage sponsored by Singapore Press Holdings Road, Singapore’s premier shopping to residential estates in the west of Limited (“SPH” or the “Sponsor”), and tourist precinct. Paragon consists Singapore and is well-connected to Asia’s leading media organisation with of a six-storey retail podium and one expressways and the rest of the island. publications across multiple languages basement level with 494,757 sq ft The retail mall with 195,229 sq ft of and platforms. As at 31 August 2020, of retail NLA (“Paragon Mall”), retail NLA also houses a public library, SPH REIT’s portfolio comprises five with a 14-storey tower and another and is part of an integrated mixed use quality and well-located commercial three-storey tower sitting on top of development that includes Housing & properties in Singapore and Australia. the retail podium with a total of Development Board (“HDB”) residential The three properties in Singapore 223,098 sq ft of medical suite/ offices blocks and a bus interchange. The total up to 962,851 sq ft Net Lettable NLA (“Paragon Medical”). It is a 99-year property is directly linked to the Area (“NLA”) with an aggregate leasehold interest that commenced on Clementi Mass Rapid Transit (“MRT”) value of S$3.3 billion as at 31 August 24 July 2013. station. It is a 99-year leasehold interest 2020, whereas the two properties in that commenced on 31 August 2010. Australia have an aggregate Gross Lettable Area (“GLA”) of 1,708,803 sq ft, with a value of A$836.5 million as at 31 August 2020. SPH REIT ANNUAL REPORT 2020 03 AUSTRALIA The Rail Mall, a retail strip with Westfield Marion Shopping Centre Figtree Grove Shopping Centre is 360-metre prominent road frontage to is a freehold shopping centre in an established freehold sub-regional Upper Bukit Timah Road, comprises Adelaide, South Australia in which shopping centre in Wollongong, a trade mix including a supermarket, SPH REIT has a 50.0% stake in New South Wales Australia, in which dining options and medical services to ownership. It is the largest and only SPH REIT has a 85.0% stake in serve the different needs of residents super regional shopping centre in ownership. Located approximately and visitors. It is well-served by the South Australia. Strategically located 3 km south-west of Wollongong and Hillview MRT station, which is about approximately 10 km south-west of approximately 85 km south-west of 250 metres from the mall, as well Adelaide’s Central Business District Sydney CBD, the property is situated as a network of public bus services. (“CBD”), it is in a highly accessible at the north-eastern corner of the Accessibility is further enhanced location which is bound by three Princes Highway and The Avenue – by its proximity to the Bukit Timah major thoroughfares and arterial major thoroughfares which carry traffic Expressway (“BKE”) and Pan Island roads in Diagonal Road, Sturt Road between Wollongong Central Business Expressway (“PIE”). It is a 99-year and Morphett Road, extending greater District and the wider Wollongong leasehold interest that commenced on access to shoppers beyond its usual area. The shopping centre houses two 18 March 1947. One of the key access catchment. The shopping centre offers major supermarkets, specialty stores, points to the Rail Corridor is located large and well segmented precincts of and a variety of services, F&B dining within a short walking distance from entertainment, fresh food, and dining; options and other retailers providing The Rail Mall. It has a NLA of 49,767 sq ft. supported by a high quality tenant convenience and necessity to residents. base of leading national retailers. The property has an aggregate GLA of The property has an aggregate GLA of 236,678 sq ft. 1,472,125 sq ft. 04 SPH REIT ANNUAL REPORT 2020 FINANCIAL HIGHLIGHTS Consolidated Statement of Total Return 2020 2019 Change For the Financial Year Ended 31 August S$ million S$ million % Gross Revenue 241.5 228.6 5.6 Net Property Income 181.9 179.8 1.2 Income Available for Distribution 92.2 145.0 (36.4) Distribution per Unit (cents) 2.72 5.60 (51.4) Consolidated Statement of 2020 2019 Change Financial Position as at 31 August S$ million S$ million % Total Assets 4,240.7 3,948.4 7.4 Total Liabilities 1,426.0 1,177.0 21.2 Borrowings 1,298.6 1,091.1 19.0 Net Assets Attributable to Unitholders 2,503.3 2,458.9 1.8 Number of Units in Issue (million) 2,763.1 2,588.7 6.7 Net Asset Value per Unit (S$) 0.91 0.95 (4.2) Financial Ratios 2020 2019 Annualised Distribution Yield (%) • Based on closing price1 3.13 5.14 Gearing Ratio (%) 30.5 27.5 Interest Cover Ratio (times) 4.7 5.3 Average All-in-Cost of Debt (% per annum) 2.66 2.91 Average Term to Maturity for Debt (years) 2.9 2.5 1. Based on closing price of S$0.87 per unit on 31 August 2020 (31 August 2019: S$1.09). SPH REIT ANNUAL REPORT 2020 05 2.72 3.13% cents DISTRIBUTION PER UNIT DISTRIBUTION YIELD Decreased 51.4% compared to 2019 Based on closing price of S$0.87 on 31 August 2020 S$181.9 30.5% million NET PROPERTY INCOME GEARING Increased 1.2% compared to 2019 Strong balance sheet S$4.1 97.7% billion VALUATION OF INVESTMENT PROPERTIES OCCUPANCY Included the recently acquired Solid track record Westfield Marion Shopping Centre STAYING VIGILANT ADAPTING TO A VOLATILE ENVIRONMENT 08 SPH REIT ANNUAL REPORT 2020 STATEMENT BY CHAIRMAN & CEO On behalf of the Board of Directors of SPH REIT Management Pte. Ltd., the Manager of SPH REIT (the “Manager”), we are pleased to present SPH REIT’s Annual Report for the period from 1 September 2019 to 31 August 2020 (“FY2020”). From left: DR LEONG HORN KEE MS SUSAN LENG MEE YIN SPH REIT ANNUAL REPORT 2020 09 DEAR UNITHOLDERS, The acquisition of Westfield Marion is On behalf of the Board of Directors of in line with our long-term strategy to SPH REIT Management Pte. Ltd., the diversify our asset base and income Manager of SPH REIT (the “Manager”), stream geographically. The new we are pleased to present SPH REIT’s Australian assets, Westfield Marion Annual Report for the period from and Figtree Grove Shopping Centre 1 September 2019 to 31 August 2020 (“Figtree Grove”), have contributed to (“FY2020”). our performance in FY2020. The first half of FY2020 commenced On the capital market front, we positively from September 2019 to successfully tapped the equity market February 2020. However, the COVID-19 and raised S$164.5 million in December virus which started in early 2020, rapidly 2019 from a private placement of Our Singapore assets are spread worldwide to a pandemic that 156.6 million new units to partially finance the Westfield Marion acquisition. expected to continue to be caused major lockdowns and travel restrictions globally. The resulting The placement was well-received and impacted by COVID-19, though economic downturn affected all drew strong participation from new and there are signs of gradual countries around the world, and our existing institutional investors. recovery. The retail sector in key markets of Singapore and Australia Singapore remained weak have not been spared. The COVID-19 FY2020 PERFORMANCE as most border restrictions pandemic posed unprecedented FY2020 was a tale of two halves. challenges to our business in FY2020, For the first half from September 2019 and work-from-home and have impacted our performance. to February 2020, SPH REIT performed arrangements are still in place. credibly. Our Singapore assets For Australia assets, with the Our Singapore assets are expected to recorded positive rental reversions of easing of COVID-19 restrictions continue to be impacted by COVID-19, an average of 6.4%. However, during and stronger domestic though there are signs of gradual the second half of the financial year, our performance was severely impacted consumption, footfall and recovery.
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