Altus Holdings Limited · HKEX:8149

Altus — Saizen Real Estate Investment Trust — Investor Presentation (May 2014)

15 slides from Altus's investor presentation, May 2014

  1. Slide 1: Presentation May 2014

    www.saizenreit.com.sg Presentation May 2014

  2. Slide 2: Disclaimer

    Disclaimer • The value of units (the “Units”) in Saizen Real Estate Investment Trust (“Saizen REIT”) and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or guaranteed by, Japan Residential Assets Manager Limited as manager of Saizen REIT (the “Manag

  3. Slide 3: Saizen REIT in Brief

    Saizen REIT in Brief  Listed on SGX Mainboard in November 2007  Only Singapore-listed REIT to offer access exclusively to Japanese residential properties  Properties targeted at mass market tenants in 14 cities  Size of portfolio: JPY 41.3 billion (S$505 million1)  Saizen REIT has a corporate f

  4. Slide 4: Well-diversified Portfolio

    Well-diversified Portfolio Portfolio Total number of properties: 139 Region City distribution by revenue (%) Kumamoto 17.2 Kitakyushu 10.2 Fukuoka 6.1 Kyushu Kagoshima 3.3 Oita 0.8 37.6 Sapporo 24.3 Hokkaido Hakodate 0.8 25.1 Sendai 11.3 Koriyama 2.7 Tohoku Morioka 1.5 15.5 Hiroshima 14.2 Chugoku Ku

  5. Slide 5: 3Q FY2014 Overview

    3Q FY2014 Overview  Year-on-year gross revenue (JPY989 million) and net property income (JPY661 million) increased by 3.1% and 2.5% respectively in 3Q FY2014, due mainly to the acquisitions of 4 properties between February 2013 and June 2013  Quarter-on-quarter gross revenue remained stable while

  6. Slide 6: 3Q FY2014 Overview

    3Q FY2014 Overview  Property operations remained stable  Average occupancy rate in 3Q FY2014 was 91.1% (3Q FY2013: 92.2%; 2Q FY2014: 90.6%)  Overall rental reversion of new contracts entered into in 3Q FY2014 was marginally lower by about 0.7% (3Q FY2013 and 2Q FY2014: lower by about 0.3% and 0.5

  7. Slide 7: Occupancy Rates

    80% 85% 90% 95% 100% Jun-08 Jun 08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Occupancy Rates Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14  Average occupancy rates remained stable above 90% since 7

  8. Slide 8: Stable Rental Rates

    Stable Rental Rates  Average rental rates maintained above JPY 1,500 / sqm (approx. S$20 / sqm) since Jun 08 2,000 Average rental rates of residential units (JPY / sqm) 1,500 1,000 500 0 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Sep-08 Dec-08 Sep-09 Dec-09 Sep-10 Dec-10 Sep-11 Dec-11 Sep-12 Dec-12

  9. Slide 9: Hedging of Distribution Payments

    Hedging of Distribution Payments  Saizen REIT’s upcoming distribution for the six-month financial period ending 30 June 2014 is expected to be paid in September 2014  As Saizen REIT’s distributable income from operations is generated in JPY, its S$-denominated distributions have been hedged as fol

  10. Slide 10: Debt Profile of TK Operators

    Debt Profile of TK Operators Prevailing Loan Property Annual loan TK operator Source of Debt Maturity Guarantor Loan-to- Interest Amount Value amortisation Date Fee (%) value (%) Rate (%) (JPY’mln) (JPY’mln) (JPY’mln) GK Gyotatsu Unencumbered 1,347.0 GK Gyosei Unencumbered 671.0 GK Chosei 643.0 YK J

  11. Slide 11: Debt Profile of TK Operators

    Debt Profile of TK Operators  All loans are:  non-recourse to Saizen REIT  not cross-collateralised  long-term in nature (5 to 30-year loans)  secured only by specific properties of the TK operator  Interest rates for 90% of loans outstanding are fixed 11

  12. Slide 12: Debt Profile of TK Operators

    Debt Profile of TK Operators 6.00% 8 5.00% 7 6 4.00% 5 WA loan interest 3.00% 4 rate 2.00% 3 2 Loan duration 1.00% (years) 1 0.00% 0 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 After FY2023 FY2022 to FY2023 Nearest loan maturity is in FY2020 to FY2021 F

  13. Slide 13: Upcoming Plans

    Upcoming Plans  Deloitte & Touche Corporate Finance Pte Ltd had been appointed in December 2013 as an independent financial adviser, to undertake strategic review of options for enhancing unitholders’ value  The strategic review has reached an advanced stage, and an announcement is expected to be

  14. Slide 14: Key Financial Information

    Key Financial Information Number of Units in issue as at 7 May 2014 283,611,720 NAV attributable to Unitholders as at 31 March 2014 1 S$331 million NAV per Unit as at 31 March 2014 1 S$1.17 Market capitalisation as at 31 March 2014 2 S$252 million 3Q FY2014 interest cover ratio 6.0 times Gearing 3 /

  15. Slide 15: Thank You

    SaizenREIT )r Thank You 15

Saizen Real Estate Investment Trust — Investor Presentation (May 2014) on 6ix