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Annual Reports and Related Documents:: Page 1 of 1 Annual Reports and Related Documents:: Page 1 of 1 Annual Reports and Related Documents:: Issuer & Securities Issuer/ Manager SPH REIT MANAGEMENT PTE. LTD. Securities SPH REIT - SG2G02994595 - SK6U Stapled Security No Announcement Details Announcement Title Annual Reports and Related Documents Date & Time of Broadcast 11-Nov-2015 08:30:08 Status New Report Type Annual Report Announcement Reference SG151111OTHRTN3S Submitted By (Co./ Ind. Name) Lim Wai Pun Designation Company Secretary Description (Please provide a detailed description of the event in the box below - The SPH REIT Annual Report 2015 is attached. Refer to the Online help for the format) Additional Details Period Ended 31/08/2015 Attachments SPH REIT- Annual Report 2015.pdf Total size =4235K Like 0 Tweet 0 0 http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announce... 11/11/2015 PERFORMING WELL WELL-POSITIONED ANNUAL REPORT 2015 Visit us or download the Annual Report at www.sphreit.com.sg VISION SPH REIT aims to be a premier retail real estate investment trust in Singapore and Asia Pacifi c, 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. CONTENTS 02 Financial Highlights 24 Operations Review 65 Corporate Governance 06 Chairman & CEO Statement 32 Financial Review 77 Financial Statements 10 Year In Review 36 Unit Price Performance 117 Statistics of Unitholdings 12 Trust Structure 40 Portfolio Overview 119 Interested Person Transactions 13 Organisation Structure 48 Market Overview 120 Notice of Annual General Meeting 14 Board of Directors 56 Corporate Social Responsibility Proxy Form 19 Management Team 60 Investor Relations Corporate Directory 21 Property Management Team 62 Risk Management CORPORATE PROFILE SPH REIT is a Singapore-based Real Estate Investment Trust (“REIT”) 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. SPH REIT was listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 24 July 2013 and is sponsored by Singapore Press Holdings Limited (“SPHL” or the “Sponsor”), Asia’s leading media organisation, with publications across multiple languages and platforms. As at 31 August 2015, SPH REIT comprises two high quality and well located commercial properties in Singapore totalling 906,797 sq ft Net Lettable Area (“NLA”) with an aggregate appraised value of S$3.21 billion. The portfolio consists of: Paragon, a premier upscale retail mall and The Clementi Mall, a mid-market suburban medical suite/office property located in the heart mall located in the centre of Clementi town, of Orchard Road, Singapore’s most famous an established residential estate in the west of shopping and tourist precinct. Paragon consists of Singapore. The retail mall, which also houses a a six-storey retail podium and one basement level public library, is part of an integrated mixed-use with 488,856 sq ft of retail NLA (“Paragon Mall”) development that includes Housing & Development with a 14-storey tower and another three-storey Board (“HDB”) residential blocks and a bus tower sitting on top of the retail podium with a interchange. The property is connected to the total 225,443 sq ft of medical suite/office NLA Clementi Mass Rapid Transit (“MRT”) station. (“Paragon Medical”). The Clementi Mall consists of a five-storey retail podium and one basement level with approximately 192,498 sq ft of retail NLA. SPH REIT is managed by SPH REIT Management Pte. Ltd. (the “Manager”), a wholly-owned subsidiary of SPHL. SPH REIT Annual Report 2015 1 FINANCIAL HIGHLIGHTS For the Financial Year Ended 31 August 2015 2015 2014(1) Change S$ million S$ million % Gross Revenue 205.1 202.2 1.4 Net Property Income 155.6 150.7 3.3 Income Available for Distribution 138.5 136.4 1.6 Distribution per Unit (cents) 5.47 5.43 0.7 As at 31 August 2015 2014 Change S$ million S$ million % Total Assets 3,309.6 3,269.0 1.2 Total Liabilities 911.8 916.0 (0.5) Borrowings 844.9 843.1 0.2 Net Assets Attributable to Unitholders 2,397.8 2,353.1 1.9 Number of Units in Issue (million) 2,529.3 2,514.3 0.6 Net Asset Value per Unit (S$) 0.95 0.93 2.2 Financial Ratios 2015 2014(1) Annualised Distribution Yield (%) • Based on closing price(2) 5.70 5.10 • Based on IPO price(3) 6.08 6.03 Gearing Ratio (%) 25.7 26.0 Interest Cover Ratio (times) 6.4 6.8 Average All-in-Cost of Debt (% per annum) 2.55 2.33 Average Term to Maturity for Debt (years) 2.9 4.0 Notes: (1) The first audited financial statement for SPH REIT was from 9 July 2013 (constitution date) to 31 August 2014. Although SPH REIT was constituted on 9 July 2013, the acquisition of the properties was completed and listed on Singapore Exchange Securities Trading Limited on 24 July 2013. The results of SPH REIT during its private trust period from 9 July 2013 to 23 July 2013 were insignificant. The comparative figures for the financial year from 1 September 2013 to 31 August 2014 (“2014”) were extracted from the audited financial statements. (2) Based on closing price of S$0.96 per unit on 31 August 2015 (29 August 2014: S$1.065). (3) Based on Initial Public Offering (“IPO”) price of S$0.90 per unit on 24 July 2013. 2 SPH REIT Annual Report 2015 5.47 cents 5.7% DISTRIBUTION PER UNIT DISTRIBUTION YIELD UP 0.7% COMPARED TO 2014 BASED ON CLOSING PRICE OF S$0.96 ON 31 AUGUST 2015 S$155.6 million 25.7% NET PROPERTY INCOME GEARING UP 3.3% COMPARED TO 2014 HEALTHY BALANCE SHEET S$3.21 billion 100.0% VALUATION OF INVESTMENT PROPERTIES COMMITTED OCCUPANCY UP 1.7% COMPARED TO 31 AUGUST 2014 SOLID TRACK RECORD SPH REIT Annual Report 2015 3 4 SPH REIT Annual Report 2015 MOVING FORWARD FORWARD THINKING SPH REIT has shown again it is adept at staying ahead of the market in the face of ever-escalating competition both locally and regionally. Its unswerving commitment to maximising the potential of its properties while managing risks ensures the Trust maintains an excellent footing amidst the ups and downs of a challenging environment. SPHSPH REIT REIT Annual Annual Report Report 2015 2015 5 CHAIRMAN & CEO Statement Total income available for distribution to Unitholders was S$138.5 million for FY2015, an increase of S$2.1 million (1.6%) compared to last year. Dear Unitholders, The resilience can be attributed to Distribution Per Unit On behalf of the Board of Directors of the strategic positioning of both SPH REIT Management Pte. Ltd., the properties in our portfolio, proactive Manager of SPH REIT (the “Manager”), leasing strategies, active asset we are delighted to present SPH management and firm partnership 5.47¢ REIT’s Annual Report to Unitholders with our tenants. for the period from 1 September 2014 to 31 August 2015 (“FY2015”). The portfolio comprises two high Committed Occupancy quality properties – Paragon, Performing well, well-positioned a premier upscale retail mall on We are pleased that SPH REIT has Orchard Road, Singapore’s foremost 100.0% delivered another year of steady shopping and tourist precinct and performance in FY2015, amid the The Clementi Mall, a mid-market challenging retail environment. suburban mall in an established Gearing Total income available for distribution residential estate in the west of to Unitholders was S$138.5 million, Singapore, with excellent connectivity an increase of S$2.1 million (1.6%) to the Clementi Bus Interchange and compared to last financial year. MRT station. 25.7% The aggregate distribution per unit (“DPU”) of 5.47 cents for FY2015 Paragon Medical, which sits on top translated to the distribution yield of of the retail podium, is positioned 5.70%, based on the closing price as a multi-disciplinary destination of S$0.96 as at 31 August 2015. offering about 70 specialists. Together with Mount Elizabeth Net property income was up S$4.9 Hospital and Mount Elizabeth Medical million (3.3%) to S$155.6 million for Centre, it has created a medical FY2015, with higher contribution from cluster which is well-recognised both Paragon and The Clementi Mall. in the region. 6 SPH REIT Annual Report 2015 From left: Susan Leng Mee Yin, Dr Leong Horn Kee SPH REIT Annual Report 2015 7 CHAIRMAN & CEO Statement Paragon and The Clementi Mall continued to attract high visitorship of 18.8 million and 30.8 million respectively. Higher value, value creation and Cortina Watch have taken up in FY2015. For The Clementi Mall, The Manager’s strategy is to manage more space and expanded their which opened in 2011, the focus its properties for sustainable presence in Paragon. There were was to fine-tune certain tenancies financial returns by working in close also several changes and new to strengthen the offering to a wider partnership with tenants to strengthen additions to strengthen Paragon base of shoppers. It recorded a business relationships and continually Junior’s offering, including the new negative rental reversion of 5.6% refresh the properties. Nicholas & Bears store and expanded on 5.0% of total net lettable area. product variety from existing tenants In line with our continual asset such as Little Colette, Stride Ride, Paragon and The Clementi Mall enhancement strategy, the chiller ELM Tree and Lemmi Fashion.
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