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AAREIT Annualreport2020.Pdf HEADING in the HEADING IN THE RIGHT RIGHTDIRECTION DIRECTION AnnualANNUAL Report REPORT 202020 20 On the Cover As the Manager of AIMS APAC REIT, we believe in the power of people and building strong partnerships that enable us to constantly chart the way forward in our growth journey. Working as one empowers us to stay the course, especially during a time when the global economy is experiencing the impact of the COVID-19 pandemic. Just like a fl ock of birds working in unison to create an optimal fl ight path, we will continue to navigate challenges and move in the right direction to deliver stable returns to our Unitholders. CONTENTS 4 Milestones Board of 8 Chairman’s 26 Statement Directors Chief Executive Senior Property 11 29 78 Offi cer’s Review Management Showcase Financial Trust Overview of the 16 31 92 Highlights Structure Singapore Economy Key Investor Overview of the 17 34 113 Highlights Relations Australia Economy Trading Corporate Manager’s 18 36 116 Performance Governance Report Signifi cant 19 Risk Management Financial Events 56 130 Report Statements Sustainability Statistics of 58 209 Report Unitholdings 211 Additional Information Corporate Directory ABOUT AIMS APAC REIT AIMS APAC REIT (“AA REIT”) is a real estate investment trust listed on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX-ST”) since 2007. The principal investment objective of AA REIT is to invest in a diversifi ed portfolio of income-producing industrial, logistics and business park real estate, located throughout the Asia Pacifi c region. The real estate assets are utilised for a variety of purposes, including but not limited to warehousing and distribution activities, business park activities and manufacturing activities. AA REIT’s portfolio consists of 27 properties, of which 25 properties are located throughout Singapore, a property located in Gold Coast, Queensland, Australia and a 49.0% interest in one business park property, Optus Centre, which is located in Macquarie Park, New South Wales, Australia. VISION To be a high-performing Asia Pacifi c industrial real estate solutions provider to our partners. MISSION To provide investors with sustainable long-term returns from an actively managed portfolio of high-quality industrial real estate located throughout Asia Pacifi c. THE TRUST THE MANAGER AIMS APAC REIT (“AA REIT”) is a AA REIT is managed by AIMS real estate investment trust listed on the APAC REIT Management Limited Mainboard of the Singapore Exchange (the “Manager”), wholly-owned by Securities Trading Limited (“SGX-ST”) with AIMS Financial Group (the “Sponsor” the investment mandate to invest in high or “AIMS”). quality income-producing industrial real estate throughout Asia Pacifi c. OUR SPONSOR AIMS is the sole sponsor of AA REIT. Established in 1991, AIMS is a diversifi ed fi nancial services and investment group, active in the areas of mortgage lending, securitisation, investment banking, funds management, property investment, stock broking and high-tech investment. AIMS is also a strategic investor in the Sydney Stock Exchange. AIMS has raised funds from capital markets and issued residential mortgage-backed securities, predominantly rated AAA by both Standard & Poor’s and Fitch Ratings. AIMS has also attracted a number of international investors into the Australian markets and is the investment manager for various funds. AIMS’ head offi ce is in Sydney and it has businesses across Australia, China, Hong Kong and Singapore. Its highly qualifi ed, professional and experienced cross- cultural teams enable AIMS to bridge the gap between Australia and Asia across various sectors. 4 AIMS APAC REIT MILESTONES A SUCCESSFUL TURN-AROUND STORY 2007 2009 2013 Since July 2009, through 19 April March the execution of AIMS’ MI-REIT (now: AA REIT) MI-REIT was in severe fi nancial distress during the Global prudent and conservative listed on SGX Mainboard Financial Crisis (GFC). As at 31 March 2009, market capitalisation investment strategy, AA REIT with an initial market was approx. S$60 million, total assets were approx. S$544 million, substantially grew its AUM capitalisation of approx. with huge debt refi nancing obligations of S$220.8 million, from S$658 million as at end S$313 million (IPO unit JPY1.5 billion fi xed rate term loan due in December 2009, and of FY2010 to S$1.1 billion as price of S$1.20). unfunded purchase of a S$90.2 million asset. As a result, unit at end of FY2013. price fell from a high of $1.47 since listing to as low as $0.20. Since 26 July 2011, AIMS April has implemented our AIMS became the largest shareholder (15.8%) of the ASX value-add strategy, which listed fund manager, MacarthurCook Limited (MCK), who has seen us redevelop six 100% owned management entities of MI-REIT. assets into high quality properties and attracting July premium tenants to our AIMS acquired MacathurCook Limited (MCK). portfolio, for the benefi t of all our Unitholders. In July September 2011, AA REIT commenced AIMS privatised MacarthurCook Limited which was the redevelopment of a delisted from the ASX on 4 September 2009. old asset, 20 Gul Way, Singapore, and built it to November suit for a master tenant. Under AIMS’ guidance as Sponsor, AA REIT was This increased value successfully recapitalised by securing adequate fi nance. from S$41.8 million to AIMS sold 50% stakes in MI-REIT management entities to S$306.4 million upon AMP Capital (“AMP”) and then renamed MI-REIT to AIMS completion in September AMP Capital Industrial REIT (“AA REIT”). 2014. Unit Price (S$) 1.60 Performance since Jan 2010 AA REIT: +164%(A) 1.40 STI: -3% FTSE REIT: +41% 1.20 1.00 0.80 0.60 0.40 0.20 0 Jan 10 Jun 11 Jan 13 Jun 14 Jan 16 Jun 17 Jan 19 Jun 20 AA REIT Adjusted FSTREI Index FSSTI Index Source: Bloomberg data as of 10 June 2020. Note: (A) Total Return, assuming distributions reinvested, with adjustments to reflect for Historical Equity Transactions. 5 ANNUAL REPORT 2020 A SUCCESSFUL TURN-AROUND STORY AND SUSTAINABLE GROWTH UNDER AIMS MANAGEMENT 2014 2019 2020 7 February 28 March 14 February AIMS opportunistically AIMS successfully acquired AMP’s 50% stake in the AA REIT has grown timed the property cycle management entities of AA REIT and became the 100% significantly since managed when AA REIT made its Sponsor. The Trust was then renamed to AIMS APAC REIT. by AIMS, having a market first acquisition in Australia. capitalisation of S$1.03 A few months later, AA REIT’s market capitalisation On 7 February 2014, AA billion (as at 14 Feb 2020) surpassed S$1 billion. REIT successfully acquired and S$1.6 billion total a 49% stake in the Optus assets, with a low aggregate Centre (Macquarie Park, 15 July leverage of 34.8% (as at AA REIT acquired its second Australian asset in Burleigh Australia) at a purchase 31 March 2020). Heads, Queensland, for AUD38.46 million (7.8% p.a. triple price of AUD184 million. net yield for an initial 12-year lease term), which further This was a pioneering enhanced AA REIT’s portfolio. 29 May entrance into the AA REIT was included in Australian market among the MSCI Singapore Small Singaporean REITs. AA 25 November Cap Index. AA REIT secured a new 12-year master lease with its REIT’s share of Optus largest tenant, Optus, achieving a 17% IRR on investment Centre is now worth since acquisition. AUD286 million (as at 31 March 2020). DPU (Cents) Total Assets (S$ billion) Capital Gain 1.80 12.00 11.35 11.07 11.05 1.65 10.45 10.72 10.53 0.30 10.30 10.25 1.60 9.922 10.00 10.42 9.50 1.40 8.00 1.20 1.00 CAGR of 9.97% 6.00 0.80 0.57 4.00 0.60 0.40 2.00 0.20 0 0.00 FY20111 FY20121 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 3Q FY2009 4Q FY2020 1 The number of Units used to calculate the Distribution per Unit has been adjusted for the effect of the Unit Consolidation to allow for comparison. The great blue heron is a symbol of determination and progress, key qualities that we strive to uphold at AA REIT. This is evident in the face of challenges, where we remain steadfast while adapting to changes and aligning our strategies to ensure that the portfolio continues to be resilient and is able to stand the test of time. ALIGNING OUR STRATEGIES Optimising opportunities to develop a higher quality portfolio GREAT BLUE HERON 8 AIMS APAC REIT CHAIRMAN’S STATEMENT Chairman’s Statement George Wang Chairman 9 ANNUAL REPORT 2020 “ While this period presents new obstacles to overcome, it also creates many opportunities for a well-prepared organisation…. We believe the quality of our assets and their location, along with our professional and prudent management team will be key factors in driving AA REIT’s long-term sustained performance. ” Dear Unitholders, In July 2009, AIMS Financial Group (AIMS) outstanding results for our Unitholders. AA REIT’s acquired the distressed ASX-listed fund manager, strategy has encompassed: MacarthurCook Limited (MCK) and two months later privatised the company, becoming the 100% 1. Yield Accretive Investments: owner. MacarthurCook Limited was the 100% owner a. Focus on successful delivery of build-to-suit and of the manager of MacarthurCook Industrial REIT development projects on time and within budget. (MI-REIT). At the time of the AIMS’ acquisition b. Continued execution and evaluation of yield of MacarthurCook in 2009, MI-REIT, now known accretive investment opportunities in Singapore as AIMS APAC REIT (AA REIT), was a vehicle and Australia.
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