Acquisition of Portfolio of five properties in Japan 22 March 2007 506002si_2 Jul.ppt Agenda
Details of the properties:
¾ Atsugi Centre, 6491-1 Nakatsuazaotsuka Aikawa-cho Kanagawa, Japan
¾ Ayase Centre, 2 Yoshioka Higashi Ayase-shi Kanagawa, Japan
¾ Funabashi Centre, 488-1 Suzumi-cho Funabashi-shi Chiba, Japan
¾ Zama Centre, 2 Hironodai Zama-shi Kanagawa, Japan
¾ Kyoto Centre, 1 Shouryuuji Nagaokakyo-shi Kyoto, Japan
Impact on MapletreeLog
¾ Acquisitions are DPU-accretive
¾ Tenant concentration
¾ Asset mix
¾ Average lease duration
¾ Unexpired lease of underlying land
¾ Geographical allocation of portfolio
1 1 Summary information on portfolio of 5 Japan 506002si_2 Jul.ppt properties
Total Consideration : JPY 27.8 billion (approx. S$350.8 million1)
Total Land Area : 108,968 sqm (approx.)
Land Tenure : Freehold
Total GFA : 103,864 sqm (approx.)
Lease Terms : Ranges from 7 years to 18 years
Tenants : Leading Japanese 3PL service providers and major supermarket suppliers
1 Based on exchange rate of S$1.00 : JPY 79.26
2 2 506002si_2 Jul.ppt 1 Atsugi Centre
Land tenure: Freehold
Land area : 16,362 sqm (approx.) GFA : 17,262 sqm (approx.) Lettable area : 17,262 sqm (approx.)
Lease terms : Vendor : Yugen Kaisha Hawkeye Lessee : A leading 3PL service provider in Japan Lease term expiry : September 2020 The property is a two-storey temperature- controlled warehouse/distribution centre with an Outgoings: Landlord pays property tax. ancillary office and is currently used as a Property maintenance expenses borne construction material distribution centre. by tenant. It is located within the Kanagawa Prefecture and is easily accessible by two major expressways, Tomei and Chuo Expressways and main roads.
3 3 506002si_2 Jul.ppt 2 Ayase Centre
Land tenure: Freehold
Land area : 7,633 sqm (approx.) GFA : 3,903 sqm (approx.) Lettable area : 3,903 sqm (approx.)
Lease terms : Vendor : Yugen Kaisha Hawkeye Lessee : A 3PL service provider for food companies. Lease term expiry : November 2014 The property is a single-storey cold storage facility with an ancillary office and is currently Outgoings: Landlord pays property tax. used as a food handling/packaging and Property maintenance expenses borne distribution centre. by tenant. It is located within the Kanagawa Prefecture and is easily accessible by two major expressways, Tomei and Chuo Expressways and main roads.
4 4 506002si_2 Jul.ppt 3 Funabashi Centre
Land tenure: Freehold
Land area : 32,584 sqm (approx.) GFA : 19,018 sqm (approx.) Lettable area : 19,018 sqm (approx.)
Lease terms : Vendor : Yugen Kaisha Hawkeye Lessees : 3PL service providers for food companies The property consists of two blocks of two-storey Lease term expiry : September 2021 logistics/distribution centres with ancillary office and is currently used as a food handling/ packaging and distribution centre. Outgoings: Landlord pays property tax. It is located in the Chiba Prefecture and is easily Property maintenance expenses borne accessible by the Higashincanto Expressway. It by tenants. is also located between Narita Airport and Tokyo city and is close to major roads such as road 357.
5 5 506002si_2 Jul.ppt 4 Zama Centre
Land tenure: Freehold
Land area : 21,128 sqm (approx.) GFA : 41,171 sqm (approx.) Lettable area : 41,171 sqm (approx.)
Lease terms : Vendor : Yugen Kaisha Hawkeye Lessee : The logistics arm of a major Japanese manufacturer of communications and information technology equipment Lease term expiry : January 2017
The property is a four-storey logistics/ distribution centre with ancillary office and is Outgoings: Landlord pays property tax. currently used for the storage and distribution of Property maintenance expenses borne by communication and information technology tenant. equipment. It is located within the Kanagawa Prefecture and is easily accessible by two major expressways, Tomei and Chuo Expressways and main roads.
6 6 506002si_2 Jul.ppt 5 Kyoto Centre
Land tenure: Freehold
Land area : 31,260 sqm (approx.) GFA : 22,510 sqm (approx.) Lettable area : 22,510 sqm (approx.)
Lease terms : Vendor : Yugen Kaisha Hawkeye Lessee : A 3PL service provider for food companies Lease term expiry : February 2025 The property is a single-storey cold storage /distribution centre with ancillary office and is Outgoings: Landlord pays property tax. currently used for the packaging and distribution of frozen and fresh foodstuff as well as meat Property maintenance expenses borne products. by tenant. It is located in the Kyoto Prefecture and is about five minutes drive from the nearest Japan Railways station, the Nagaokakyo Station.
7 7 506002si_2 Jul.ppt Acquisitions are DPU-accretive
Portfolio of 5 properties in Japan
Total Return (over 10 years) 6.09%
DPU impact1 0.56 Singapore cents (proforma annualised impact)
1. Assuming MapletreeLog had purchased, held and operated the properties for the whole of the financial year ended 31 December 2006 (based on 41 properties) and that the acquisitions are fully funded by debt
8 8 506002si_2 Jul.ppt Tenant concentration
Top 10 Tenants of the Entire Portfolio by Gross Revenue for the Month of December 2006
6% Pre-Acquisitions Post-Acquisitions 5.6%
4.9% 5% 4.5% 4.4%
4% 3.9% 3.9% 3.3%
3% 2.9% 2.8% 2.4% 2.0% 2.0% 1.8% 1.9% 2% 1.7% 1.7% 1.6%
1%
0.0% 0.0% 0.0% 0% Ev er Gain Zama Centre Kyoto Centre Teck Wah Vopak Fu Yu Crescendas Taiun Atsugi Centre DG Logistik Group tenant tenant Industrial Terminals Cor por ation Dis tr ibution tenant Corporation
Pre-Acquisitions (portfolio of 57 properties, including announced acquisitions) Post-Acquisitions (portfolio of 62 properties, including announced acquisitions and portfolio of 5 Japan properties)
9 9 506002si_2 Jul.ppt Asset mix
Before the acquisitions After the acquisitions
Gross Revenue Contribution by Trade (Pre-Acquisitions) Gross Revenue Contribution by Trade (Post-Acquisitions)
Oil & Chemical Oil & Chemical FTZ 3PL Logistics Logistics FTZ 3PL 5.2% 7.0% Industrial 4.5% 6.1% Industrial Warehousing Warehousing 12.5% 14.3%
Distribution Centre Distribution Centre 19.2% 24.8% Non-FTZ 3PL 45.4% Non-FTZ 3PL Food & Cold Storage 51.9% 2.4% Food & Cold Storage 6.7%
(1) Pre-Acquisitions (portfolio of 57 properties, including announced acquisitions); Post-Acquisitions (portfolio of 62 properties, including announced acquisitions and portfolio of 5 Japan properties) (2) Atsugi Centre, Funabashi Centre and Zama Centre have been classified under the “Distribution Centre” category, Ayase Centre and Kyoto Centre are under the “Food & Cold Storage” category (3) The charts’ Gross Revenue figures are computed for the month of December 2006, assuming that all new acquisitions announced after December 2006 have contributed to the total gross revenue for the month
10 10 506002si_2 Jul.ppt Average lease duration
Lease Expiry Profile by Gross Revenue (for the Month of December 2006)
45% Pre-Acquisitions Post-Acquisitions 40.6% 40%
35% 32.1% 30%
25%
20% 17.6% 15.0% 15.4% 15% 12.2% 13.1% 10.7% 10.5% 9.2% 10% 6.8% 6.0% 5.2% 4.6% 5%
0% Expiring in Expiring in Expiring in Expiring in Expiring in Expiring in Expiring after 2007 2008 2009 2010 2011 2012 2012
Pre-Acquisitions Post-Acquisitions (57 properties) (62 properties including portfolio of 5 Japan properties) Weighted average lease term to expiry 4.8 years 5.9 years
Note: ‘Remaining years to expiry of underlying land lease’ reflects year to expiry from 31 December 2006
11 11 506002si_2 Jul.ppt Unexpired lease of underlying land
Remaining Years to Expiry of Underlying Land Lease
Pre-A cquisitions Post-Acquisitions 50% 44.9% 45% 40.5% 41.4% 40% 38.1% a
35% 30%
25%
20%
15% 9.6%
% of Total Lettable Are 9.0% 10%
5% 3.9% 3.6% 3.7%3.5% 0.8%0.8% 0% 0 - 20 yrs 21 - 30 yrs 31 - 40 yrs 41 - 50 yrs 51 - 60 yrs > 60 yrs
Pre-Acquisitions Post-Acquisitions (57 properties) (62 properties including portfolio of 5 Japan properties) Weighted average of unexpired lease term of 80.7 years 135.1 years* underlying land
* Land tenure for all the freehold properties is 999 years
12 12 506002si_2 Jul.ppt Geographical allocation of portfolio
Before the acquisitions After the acquisitions
Country Allocation - By Gross Revenue Country Allocation - By Gross Revenue (Pre-Acquisitions) (Post-Acquisitions) Japan Malaysia Japan 14% 6% 1% China Malaysia 7% 5%
Singapore China 55% Singapore 6% Hong Kong 63% 23%
Hong Kong 20%
(1) Pre-Acquisitions (portfolio of 57 properties, including announced acquisitions); Post-Acquisitions (portfolio of 62 properties, including announced acquisitions and portfolio of 5 Japan properties) (2) The charts’ Gross Revenue figures are computed for the month of December 2006, assuming that all new acquisitions announced after December 2006 have contributed to the total gross revenue for the month
13 13 506002si_2 Jul.ppt Disclaimer
The value of units in MapletreeLog (“Units”) and the income from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of MapletreeLog is not necessarily indicative of its future performance.
This release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representatives examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events.
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