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Suntec Real Estate Investment Trust Annual Report 2014

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Suntec Real Estate Investment Trust Annual Report 2014 CELEBRATING TEN YEARS OF SUCCESS OUR MISSION Forging ahead to create, provide and deliver premium value to all stakeholders of Suntec REIT. The world’s preeminent sparkling wine, Champagne is the result of a unique process of cultivation perfected over centuries. The essence of its value and exclusivity lies in the premium grapes grown only amid the terroirs of the Champagne region of France, a secondary fermentation process that gives rise to its distinctive bubbles, and a combination of grape varieties that is unique to each Champagne house. Suntec REIT is equally meticulous in cultivating its portfolio, from selecting quality and well located assets to solid fundamentals with growth potential. The result is a legacy of stable and sustainable return to our stakeholders. CONTENTS About Suntec REIT 1 Manager’s Report 21 Year In Review 8 Property Portfolio 26 Chairman’s Report 10 Independent Market Report 45 Financial Highlights 12 Investor Communications 48 Unit Performance 13 Corporate Governance 50 Board Of Directors 14 Financial Contents 63 Management Team 18 ABOUT SUNTEC REIT Listed on 9 December 2004 on the Main Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”), Suntec Real Estate Investment Trust (“Suntec REIT”) is the first composite REIT in Singapore, owning income-producing real estate that is primarily used for retail and/or office purposes. As at 31 December 2014, Suntec REIT’s portfolio comprises office and retail properties in Suntec City, Park Mall, a one-third interest in One Raffles Quay and a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall, all strategically located in the growth corridors of Marina Bay and the Civic and Cultural District within Singapore’s Central Business District. Suntec REIT also owns a 60.8 percent interest in Suntec Singapore Convention & Exhibition Centre. Suntec REIT holds a 100.0 percent interest in a commercial building located at 177 Pacific Highway, North Sydney Australia which is currently under development. Suntec REIT is managed by an external manager, ARA Trust Management (Suntec) Limited (the “Manager”). The Manager is focused on delivering regular and stable distributions to Suntec REIT’s unitholders, and to achieve long-term growth in the asset value of Suntec REIT, so as to provide unitholders with a competitive rate of return on their investment. ABOUT ARA TRUST MANAGEMENT (SUNTEC) LIMITED Suntec REIT is managed by ARA Trust Management (Suntec) Limited, a wholly-owned subsidiary of ARA Asset Management Limited (“ARA”), Asia’s premier integrated real estate fund manager which is listed on the Main Board of the SGX-ST since November 2007. ARA currently manages real estate investment trusts (“REITs”) and private real estate funds that are invested in the office, retail, logistics/industrial, hospitality and residential sectors in the Asia Pacific region, complemented by its in-house real estate management services and advisory services. Established in 2002, to date it has over 1,100 professionals in 15 cities managing total assets in excess of S$26 billion. The Manager is responsible for the management and administration of Suntec REIT, as well as the implementation of Suntec REIT’s strategic long-term growth. 1 Nurturing optimal GROWTH Creating the finest Champagne begins with the quality of the grapes and hand-picking them at the peak moment of ripeness when acidity and sugar are in balance. At Suntec REIT, we apply the same degree of precision and knowledge to the acquisition and management of premium assets, creating a strong foundation for stable and sustainable growth. Crafting maximum VALUE A seasoned Champagne master crafts cuvées from a skilful blend of three dominant grape varieties to create wines of consistent quality. Through proactive asset management, asset enhancement, prudent capital management and seeking growth opportunities, Suntec REIT has refined its strategy of creating value. Delivering premium RESULTS It takes careful nurturing, professional care and diligent effort to create a fine vintage Champagne. The resulting golden bubbles is akin to the team’s passion and dedication to deliver premium value to our unitholders in the first decade of our journey. YEAR IN REVIEW Assets Under Management S$8.8 BILLION Distributable Income S$230.3 MILLION Office Committed Occupancy 100% Retail Committed Occupancy 99.7% 8 Suntec REIT Annual Report 2014 CELEBRATING TEN YEARS OF SUCCESS JANUARY 2014 APRIL 2014 • Appointment of Ms Chew Gek Khim as Non-Executive • Achieved distributable income of S$50.9 million for the Director. period 1 January 2014 to 31 March 2014. DPU for the quarter amounted to 2.229 cents. • Achieved distributable income of S$58.2 million for the period 1 October 2013 to 31 December 2013. Distribution • Entered into a S$800 million 5-year unsecured facility per unit (“DPU”) for the quarter amounted to 2.562 cents. agreement. • Issue of S$200 million medium term notes under the S$1.5 billion Euro Medium Term Note (“EMTN”) Programme. JUNE 2014 FEBRUARY 2014 • Opening of Suntec City Phase 2. JULY 2014 • Achieved distributable income of S$56.6 million for the period 1 April 2014 to 30 June 2014. DPU for the quarter amounted to 2.266 cents. • Awarded “Best Asian REIT Manager, 2014” in the REIW Asia Awards for Excellence. OCTOBER 2014 • Achieved distributable income of S$58.3 million for the period 1 July 2014 to 30 September 2014. DPU for the • Groundbreaking ceremony of 177 Pacific Highway. quarter amounted to 2.328 cents. MARCH 2014 NOVEMBER 2014 • Issued S$110 million medium term notes under the • Harmony Convention Holding Pte. Ltd., a subsidiary of S$1.5 billion EMTN Programme which was consolidated Suntec REIT secured a S$368 million term loan facility to into a single series with the existing S$200 million refinance Suntec Singapore’s existing loans. notes which were issued in February 2014. • Launched a private placement of new units in Suntec REIT to raise gross proceeds of no less than S$350 million. DECEMBER 2014 • Close of Placement of 218,069,000 new units in Suntec REIT. APRIL 2014 • Advanced distribution of 2.105 cents pursuant to the private placement of 218,069,000 new units in Suntec REIT at an issue price of S$1.605 per new unit. • Unitholders approved all resolutions tabled at Suntec REIT’s annual general meeting held on 17 April 2014. • Ms Chew Gek Khim was appointed as Non-Executive Chairman on 17 April 2014. • Suntec REIT celebrates its 10th anniversary. • Mr Chen Wei Ching, Vincent assumed the role as Lead Independent Director and Chairman of the audit committee from Mr Tan Kian Chew on 17 April 2014. 9 CHAIRMAN’S REPORT Dear Unitholders, On behalf of the Board of ARA Trust Management (Suntec) Limited, the manager of Suntec REIT (the “Manager”), it is my pleasure to present to you the annual report of Suntec REIT for the financial year ended 31 December 2014 (“FY 2014”). CELEBRATING A DECADE OF ACHIEVEMENTS 2014 marked a significant milestone for Suntec REIT as we commemorated our 10th anniversary. The first ten years has been an exciting and rewarding journey for our stakeholders. Suntec REIT’s portfolio grew from a single property asset to five properties with our Assets Under Management (“AUM”) growing from S$2.2 billion in 2004 to S$8.8 billion as at end December 2014, making us the second largest REIT by AUM on the Singapore Stock Exchange. With our mission of “Forging ahead to create, provide and deliver premium value to all stakeholders”, we have remained disciplined and steadfast in our focus. In June 2012, we embarked on a major asset enhancement initiative (“AEI”) to reposition and revitalise the Suntec City retail mall (“Suntec City”) and upgrade Suntec Singapore Convention & Exhibition Centre (“Suntec Singapore”) to a world class, state-of-the-art convention and exhibition centre. The remaking of Suntec City entailed extensive closure of parts of Suntec City in phases. This resulted in a temporary decline in our retail revenue the last two and a half years. Phases 1 and 2 of the AEI were completed in June 2013 and June 2014 respectively and we are nearing completion of the final phase. Notwithstanding this major AEI, Suntec REIT delivered a total distribution per unit (“DPU”) of 93.5 cents and a total return of 189.5% to our unitholders in the first ten years of our journey. On the capital management front, we have raised a total of S$9 billion of financing since our initial public offering. Driven by management’s strategy of prudent and proactive capital management, our strong track record in raising finance is a testament to the strong fundamentals of our underlying assets. ROBUST FINANCIAL AND OPERATING PERFORMANCE FOR FY 2014 For the year ended 2014, I am pleased to report that Suntec REIT’s gross revenue and net property income of S$282.4 million and S$191.6 million were 20.6% and 28.9% higher year-on-year respectively. This was due to the opening of Suntec City Phase 1 and Suntec Singapore in the second half of 2013. In FY 2014, we achieved a distributable income of S$230.3 million which was 9.1% higher year-on-year. This was mainly due to the higher net property income attained following the completion of Phases 1 and 2 of the AEI, increased contribution from Suntec Singapore and income received from 177 Pacific Highway in North Sydney, the latter which is currently under development. Amidst the on-going AEI, we continued to deliver a stable DPU of 9.4 cents for 2014 which was a slight increase of 0.8% year-on-year.
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