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To Steady and Sustainable Growth

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To Steady and Sustainable Growth IN 2013, WE 5 STEPS DELIVERED ANOTHER TO STEADY AND YEAR OF SUSTAINABLE GROWTH. GROWTH THE APPROACH ANNUAL REPORT 2013 SABANA REAL ESTATE INVESTMENT MANAGEMENT PTE. LTD. Contents Vision and Mission 8 Core Values 9 Letter to Unitholders 10 01 Trust Structure 13 Understanding Sabana REIT 16 What makes Sabana REIT 18 unique? 02 Investment Highlights 20 Our Strategy 21 Financial Highlights 22 Financial Review 24 Investor Relations 26 Unit Performance 28 Awards and Recognition 31 Operations Review 34 Property Portfolio 41 03 Independent Market Study 54 Board of Directors 70 Present Directorships 74 Management Team 76 04 The Manager 78 The Property Manager 80 Growth & Responsibility 82 Corporate Governance 86 Financial Contents 101 Additional Information 160 05 Statistics of Unitholdings 161 Notice of Annual General 164 Meeting Proxy Form Corporate Information 5 STEPS TO STEADY AND SUSTAINABLE GROWTH The Sabana REIT Approach Annual Report 2013 The 2013 Annual Report of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT” or the “Trust”) is dedicated to our stakeholders: Unitholders; tenants; strategic partners and lenders; HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”); the board of directors and employees of Sabana Real Estate Investment Management Pte. Ltd. (the “Manager”); and Sabana Property Management Pte. Ltd. We are grateful for your continued support. Preface “Five Steps to Steady and Sustainable Growth – The Sabana REIT Approach” is our report card for 2013. During the year, we continued to build on our strengths, growing our portfolio with good quality properties. We remained guided by our values and actively managed our portfolio. Above all, we continued to deliver what we said we would. To us, that’s the most important value of all. Sabana Real Estate Investment Management Pte. Ltd. (As Manager of Sabana REIT) 21 March 2014 THE YEAR AT A GLANCE SIGNIFICANT EVENTS • Delivered distribution per Unit (“DPU”) of 9.28 cents for FY 2012, a 7.0% increase compared to 8.67 cents per Unit achieved in FY 2011. • Participated in the • Awarded “Equity Deal of the 4th World Islamic Year” and “Real Estate Deal Banking Conference of the Year” by the Islamic which was attended Finance News for its S$80.0 by close to 500 million Convertible Sukuk Al international Ijarah (“Convertible Sukuk”), industry leaders and which was the first in the supported by the world to be convertible Monetary Authority into units in a real estate of Singapore investment trust. (“MAS”). 2013 JAN APR JUN • Held second Annual General Meeting (“AGM”) on 11 April 2013. • Established a S$500.0 million Multi-currency Islamic Trust Certificates Issuance Programme. • 1Q 2013 DPU rose by 6.6% y-o-y to 2.41 cents, from 2.26 cents in 1Q 2012. +6.6% +5.7% • 2Q 2013 • Entered into DPU was at a refinancing 2.40 cents, arrangement for 5.7% higher a new three- compared to year revolving 2.27 cents Commodity achieved in Murabaha 2Q 2012. Facility (“CMF”) of up to S$48.0 • Successfully closed a S$40.0 million. million private placement on 13 September 2013. • Successfully renewed one • Completed the acquisition of 508 master lease Chai Chee Lane at a total cost of and converted $68.0 million. This acquisition the remaining brought Sabana REIT’s total asset four master- size past the S$1.2 billion mark. tenanted properties with • Awarded “Most Outstanding Islamic leases expired Real Estate Product” at the 10th on 25 November Kuala Lumpur Islamic Finance 2013, into Forum, to recognise its successful multi-tenanted issuance of the Convertible Sukuk. properties. JUL AUG SEP OCT NOV • Standard & Poor’s (“S&P”) reaffirmed investment grade rating (‘BBB-‘ long-term corporate credit rating with a stable outlook) on • DPU of 2.38 cents Sabana REIT. announced for 3Q 2013. • Passed annual Shari’ah audit on 28 October 2013. CRAFTING ARTISANAL WATCHES The most precious timepieces are made by master artisans who favour quality and endlessly hone their skills to create watches that can be treasured for many generations to come. STEP 1 BEGIN WITH A VISION Creating long-lasting value propositions starts with a single-minded vision. For Sabana REIT, the determination to be one of the region’s prominent Shari’ah compliant real estate investment trusts underpins our strategies and investment decisions. SABANA REIT | ANNUAL REPORT 2013 VISION To be a prominent Shari’ah compliant industrial real estate investment trust (“REIT”) with an outstanding portfolio of assets in Asia. MISSION To seek yield-accretive initiatives to strengthen and grow Sabana REIT’s portfolio and to satisfy our Unitholders by delivering attractive DPU. 8 SABANA REIT | ANNUAL REPORT 2013 CORE VALUES Since our inception, Sabana REIT has been guided by our core values. They define our culture and shape our personality and decision-making process. FAIRNESS AND EQUALITY. We ensure that our business activities are consistent with the principles of fairness, partnerships and equality. FOCUS ON VALUE CREATION. We promise to create value for Unitholders by creating success factors and direction for the future. UNITHOLDERS’ INTEREST FIRST. We strive to build a portfolio of quality assets for our Unitholders. INTEGRITY. We are committed to the values of responsibility, transparency and professionalism. PEOPLE. We recognise that our people are our greatest assets. By creating and maintaining an attractive working environment, our people will grow professionally and make a positive impact to both the organisation and society. 9 SABANA REIT | ANNUAL REPORT 2013 LETTER TO UNITHOLDERS A CLEAR , A SOLID PERFORMANCE Mr Kevin Xayaraj Co-founder, Chief Executive Officer (“CEO”) and Executive Director Mr Steven Lim Kok Hoong Chairman and Independent Non-executive Director 10 SABANA REIT | ANNUAL REPORT 2013 LETTER TO UNITHOLDERS With a quality asset portfolio, a prudent capital structure and investment approach, and a highly-focused management team, Sabana REIT is poised for steady and sustainable growth. Dear Unitholders: increased land rent, property tax acquisition pipeline remained and maintenance, which were robust, we chose to focus our We are pleased to report that previously borne by the master resources on acquiring 508 in FY 2013, Sabana REIT’s tenants. Chai Chee Lane, which we third year since listing, the believe fits our growth strategy. Trust was able to continue its For the year under review, the In addition to its strategic upward trajectory. During the Trust registered an annual location which enjoys close year, we increased Sabana growth of S$7.7 million in its proximity to the Pan Island REIT’s gross revenue and net gross revenue, a 9.4% increase Expressway and the Bedok and property income (“NPI”) over from S$81.8 million in FY 2012. Kembangan MRT stations, the the previous year. We expanded Sabana REIT’s NPI for FY 2013 property is equipped with high the Trust’s portfolio size. We increased by 4.6% to S$80.4 technical building specifications delivered higher returns to our million, compared to S$76.9 which are very attractive to Unitholders. And we managed million in FY 2012. high-tech manufacturing and our business well. logistics industrial tenants. We were able to generate a total This is demonstrated by its The last point is what this letter of S$61.8 million of distributable seller Advance Micro Devices and annual report are about. income for Sabana REIT’s (Singapore) Pte Ltd., signing We hope by the time you finish Unitholders, 4.0% higher than a 10-year lease to continue reading, you will be as excited that of FY 2012. DPU for FY 2013 occupying half of the property. about Sabana REIT’s future as was at 9.38 cents for a Unit This has enabled the Trust to we are. base of 692.0 million Units in secure an initial income stream. issue and to be issued as at 31 ANOTHER GROWTH YEAR, YET December 2013. This compared The acquisition of 508 Chai Chee NOT WITHOUT CHALLENGES to 9.28 cents in FY 2012. FY 2013 Lane expanded Sabana REIT’s We continued to grow Sabana distribution yield increased gross floor area (“GFA”) by 7.9% REIT’s NPI in 2013 despite slightly by 1.2% to 8.69%, from or 327,575 square feet (“sq ft”), weaker occupancy levels and 8.59% in FY 2012. from approximately 4.2 million higher property expenses sq ft in FY 2012. Additionally, towards the end of the year. PRUDENT PORTFOLIO GROWTH total asset size in FY 2013 also On 25 November 2013, four out Our approach to growth has crossed S$1.2 billion, from of five master leases signed always been to focus on quality approximately S$1.1 billion in at the time of Sabana REIT’s rather than quantity. Our FY 2012. We will continue to listing expired. As a result, we thinking is long-term, as that’s grow our portfolio selectively, faced higher vacancy and higher the nature of the REIT business. with quality acquisitions, while property expenses arising from In 2013, we continued to grow keeping our leverage, which is at Mr Steven the portfolio in a measured and 36.9% as at 31 December 2013, Lim Kok Hoong sustainable manner. While our below our targeted leverage Chairman and Independent level of 40.0%. Non-executive Director 11 SABANA REIT | ANNUAL REPORT 2013 LETTER TO UNITHOLDERS BROADENING OUR Product (“GDP”) in 2013 was Last but not least, the FINANCING SOURCES 4.1% higher than that of 2012, in successful conversion of four To partially finance Sabana line with MTI’s growth forecast previously master-tenanted REIT’s purchase of 508 Chai for the year1. Expected growth properties and the renewal Chee Lane, Sabana REIT in manufacturing and externally of one master lease in 2013 successfully launched its first oriented industries and showed the ability of our equity fund raising in the form moderate supply of available management team to overcome of a S$40.0 million private space in 2014 will continue to various challenges and navigate placement on 13 September hold up Singapore’s industrial successfully through the ever- 2013.
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