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Changing Landscape Sustaining Value SHANGHAI Annual Report 2016/2017 Changing Landscape Sustaining Value HONG KONG BEIJING Corporate Profi le CONTENTS Listed on the Singapore Exchange OVERVIEW 01 Changing Landscape Securities Trading Limited (“SGX-ST”) Sustaining Value on 7 March 2013, Mapletree Greater 02 Financial Highlights China Commercial Trust (“MGCCT”) is the fi rst real estate investment 04 Letter to Unitholders trust (“REIT”) that offers investors the 10 Year in Brief FY16/17 opportunity to invest in best-in-class 12 Strategy commercial properties situated in prime locations in both Hong Kong1 and China. MGCCT is also the fourth REIT PERFORMANCE 20 Property Portfolio sponsored by Mapletree Investments 32 Unit Price Performance Pte Ltd (“MIPL” or the “Sponsor”), 33 Financial Review and a leading real estate development, Capital Management investment and capital management 38 Operations Review company headquartered in Singapore. 42 Independent Market Research As at 31 March 2017, MGCCT has a portfolio of three commercial assets, Festival Walk, GOVERNANCE & 53 Trust Structure Gateway Plaza and Sandhill Plaza, with SUSTAINABILITY 54 Organisation Structure a total lettable area of approximately 2.6 million square feet and combined 56 Board of Directors valuation of S$6,226.3 million2. Festival Walk 60 Management Team (Corporate) is a landmark territorial retail mall with an 63 Property Management Team offi ce component located in Hong Kong. (Overseas) Gateway Plaza is a premier Grade-A offi ce 64 Risk Management building with a podium area in Beijing, 67 Investor Relations China. Sandhill Plaza is a premium quality 69 Corporate Governance Report business park development situated in 81 Sustainability Report Zhangjiang Hi-tech Park, Pudong, Shanghai. MGCCT is managed by Mapletree Greater FINANCIALS & 101 Financial Statements China Commercial Trust Management Ltd. OTHERS (“MGCCTM” or the “Manager”), a wholly- 152 Statistics of Unitholdings owned subsidiary of MIPL. To better align 154 Interested Person with investors’ interest, MGCCT is also the Transactions fi rst Singapore-listed REIT to introduce a 155 Notice of Annual management fee structure that is based General Meeting on distributable income and distribution 159 Proxy Form per unit (“DPU”) growth, rather than assets Corporate Directory under management (“AUM”) and net property income (“NPI”). 1 Hong Kong refers to the Hong Kong SAR (Special Administrative Region). 2 Valuation on each property was carried out by Colliers International (Hong Kong) Limited as of 31 March 2017. Any discrepancies in the fi gures and percentages within the tables and charts are due to rounding. Where applicable, these are rounded to one decimal place. GATEWAY PLAZA BEIJING FESTIVAL WALK 3 HONG KONG ASIAN GATEWAY CITIES 3 SANDHILL PLAZA BEST-IN-CLASS SHANGHAI COMMERCIAL Changing PROPERTIES Landscape Sustaining 2.6 m sq ft Value TOTAL LETTABLE AREA The business landscape for S$6.2b MGCCT continued to evolve PORTFOLIO VALUATION1 Hong Kong’s retail sector remained challenging amid the strong Hong Kong Dollar, changing consumption patterns and a subdued consumer sentiment. In China, there was a change in the basis of assessing property tax which resulted S$2.9b MARKET in higher property tax payable for Gateway Plaza in Beijing, CAPITALISATION (Based on closing and generally weaker leasing demand due to a moderating unit price of S$1.020 on 31 March 2017) economic growth. Growing global macroeconomic uncertainties led to volatility in the capital markets. Through our strategy of investing in strategically-located and high quality income-generating assets, coupled with proactive asset management and disciplined capital management, we continued to adapt to the changing 1 Valuation on each property demands of the new landscape. We believe this will underpin was carried out by Colliers International (Hong Kong) Limited our future growth and sustain value for our Unitholders. as of 31 March 2017. 2 MAPLETREE GREATER CHINA COMMERCIAL TRUST Overview Financial Highlights GROSS REVENUE NET PROPERTY INCOME FY16/17 FY16/17 S$ 350.6 m S$ 285.6 m 336.6 350.6 277.5 285.6 281.1 229.3 252.5 204.3 FY13/141 FY14/15 FY15/16 FY16/17 FY13/141 FY14/15 FY15/16 FY16/17 (S$ million) (S$ million) DISTRIBUTABLE INCOME DISTRIBUTION PER UNIT (PAID)2 FY16/17 FY16/17 1 For a more meaningful comparison, the stub S$ 204.6 m 7.341 cents period from 7 to 31 March 2013 has been excluded. 2 Full-year DPU is the 204.6 sum of the fi rst-half and 199.9 7.270 7.341 second-half DPU paid to the 178.0 6.560 Unitholders for the fi nancial 5.944 year based on the number 159.2 of issued units as at the end of the respective half-year periods. Full-year DPU, as shown in the full-year results announcements (FY16/17: 7.320 cents, FY15/16: 7.248 cents, FY14/15: 6.543 cents, FY13/14: 5.929 cents), was calculated based on the income available for 1 1 distribution for the year over FY13/14 FY14/15 FY15/16 FY16/17 FY13/14 FY14/15 FY15/16 FY16/17 the number of issued units as at the end of the year. (S$ million) (cents) ANNUAL REPORT 2016/2017 3 DISTRIBUTABLE INCOME (“DI”) AND DPU1 SINCE IPO 1.959 1.923 1.854 1.850 1 DPU (cents) 1.808 1.778 The DPU per quarter is 1.765 calculated based on the income 1.742 1.696 1.662 available for distribution for 1.606 1.587 1.560 the quarter over the number 1.518 of issued units as at the end 1.455 1.394 of the quarter. 54.8 2 Quarter results for 1Q FY13/14 53.0 excludes the stub period from 49.5 51.0 51.3 49.5 DI (S$ million) 47.4 49.1 7 to 31 March 2013. Distributable 45.1 46.3 42.6 43.5 income for the period from 40.6 42.1 37.1 38.8 7 March to 30 June 2013 = S$46.1 million. Total DPU for the period from 7 March to 30 June 2013 = 1.7337 cents. 3 Sum of unit price appreciation and total distribution yield for FY16/17. Unit price appreciation is based on the opening unit price of S$0.955 on 1 April 2016 1Q2 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q and the closing unit price of S$1.020 on 31 March 2017, FY13/14 FY14/15 FY15/16 FY16/17 and total distribution yield is Note (a): The reported Number of Units in Issue as at the end of the fi rst quarter and the third quarter does not include the payment based on the sum of fi rst-half of Fees (“Manager’s Base Fee and the Property Manager’s Management Fees”) in units for the quarter. The payment of Fees in units and second-half DPU paid for are issued in the months of August and February for the fi rst quarter and the third quarter respectively. These units issued in August FY16/17 of 7.341 cents over and February are included in the computation of the DPU payable (on a semi-annual basis) for the fi rst-half and second-half of the the opening unit price. fi nancial year respectively. 4 Sum of unit price appreciation and total distribution yield for the DELIVERED HEALTHY RETURNS TO UNITHOLDERS period. Unit price appreciation is based on the opening unit price of S$0.815 on 1 April 2014 and 1 April 2016 to 1 April 2014 to Listing on 7 March 2013 the closing unit price of S$1.020 31 March 2017 (1-Year) 31 March 2017 (3-Year) to 31 March 2017 on 31 March 2017, and total 3 4 5 distribution yield is based on the Total Return (%) 14.5 51.2 38.9 sum of fi rst-half and second-half Unit Price Appreciation (%) 6.8 25.2 9.7 DPU paid for the period from FY14/15 to FY16/17 of 21.171 Total Distribution Yield (%) 7.7 26.0 29.2 cents over the opening unit price. 5 Sum of unit price appreciation and total distribution yield for the PROACTIVE CAPITAL & RISK MANAGEMENT period. Unit price appreciation is (As of 31 March 2017) based on the opening IPO price of S$0.930 on 7 March 2013 and the closing unit price of S$1.020 Average Term Effective Percentage of Expected on 31 March 2017, and total to Maturity Interest Rate Debt with Fixed 1H FY17/18 6 distribution yield is based on the for Debt for FY16/17 Interest Cost DI Hedged into SGD sum of fi rst-half and second-half DPU paid for the period from FY13/14 (excluding the stub period) to FY16/17 of 27.115 cents 3.73 yrs 2.72% p.a. 71% 65% over the opening IPO price. 6 For the period from 1 April 2017 to 30 September 2017. 4 MAPLETREE GREATER CHINA COMMERCIAL TRUST Overview Letter to Unitholders MR PAUL MA KAH WOH Non-Executive Chairman and Director MS CINDY CHOW PEI PEI Executive Director and Chief Executive Offi cer Since MGCCT’s public listing on 7 March 2013, we have delivered a cumulative DPU of 27.115 cents paid to Unitholders and a total return of 38.9%. DEAR UNITHOLDERS, On behalf of the Board of Directors of cautious on costs and space requirements. the Manager, we are pleased to present In Beijing, the change in the property tax 7.341 cents MGCCT’s Annual Report to Unitholders regime with effect from 1 July 2016 added for the fi nancial year from 1 April 2016 to to the business costs for Gateway Plaza.
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