Asset Management Report

Transcription

1 Asset Management Report Feb 2013 Fiscal Period 2nd Fiscal Period (from July 1, 2012 to February 28, 2013) 1-5-2, Higashi-Shimbashi, Minato-ku, Tokyo , Japan

2 Dividend per unit (actual) Dividend per unit (estimated) 531 2,160 of 84 yen) of 260 yen) yen (including optimal payable distribution (including optimal payable distribution Total asset size 2,213 yen Occupancy bn yen 99.9 % Contents Topics 02 Portfolio Map 08 Financial Highlights Portfolio Data 05 Overview of Portfolio in Tokyo Metropolitan Area Debt Information 07 Overview of Portfolio in Greater Osaka Area 12 Overview of Portfolio in Other Area 13 Overview GLP J-REIT 14 Investor s Information 15

3 To Our Valued Investors Thanks to your support and that of our business partners, the GLP J-REIT ( GLP J-REIT ) was listed on the Real Estate Investment Trust Market of the Tokyo Stock Exchange on December 21, 2012, as a real estate investment corporation specializing in logistics facilities the largest of its kind in Japan. Cooperating with Global Logistic Properties Limited ( GLP ) as its sponsor one of the world s largest providers of modern logistics facilities GLP J-REIT aims to earn stable income and achieve steady growth in its assets under management over the medium and long term. It aims to do this by investing in large-scale, highly functional modern logistics facilities that are expected to be in high demand due to the scarcity of these facilities in Japan. I hereby report the results of the second fiscal term (ended February 2013), which is the first fiscal term end since our IPO. GLP J-REIT acquired its assets and started its asset management on January 4, 2013, and has managed these assets for about two months (irregular fiscal term). As a result, the second period ended with operating revenues of 2,236 million yen, ordinary income of 910 million yen, and net income of 907 million yen. The total dividend is now 531 yen per unit, including a dividend of 447 yen per unit and optimal payable distribution per unit of 84 yen. GLP J-REIT is determined to maximize investor value through its best-in-class asset management services, recognized both in Japan and around the world, harnessing GLP s extensive experience in operating logistics facilities. I respectfully ask for your continued support and encouragement in the years to come. GLP J-REIT Executive Director GLP Japan Advisors Inc. President & CEO Masato Miki 01

4 Topics Acquired 30 properties for its initial portfolio on January 4, 2013 (acquisition price: bn yen) and 3 properties on February 1, 2013 (acquisition price: 12.5 bn yen) by exercising a purchase option earlier than initially scheduled Enjoyed a smooth launch, with a stable portfolio (33 properties with 99.9% occupancy), and achieved upward revisions in rent Built up a solid bank formation with major Japanese banks, and realized low-cost borrowing and maturity diversification Established a market presence by being included in indices and winning deal awards Achieved a 100% retention rate after June 30, , and realized 0.4% rental growth 100% retention No rent decrease Renewed contracts (121,914 sqm) Flat (35,426 sqm) Others (1,055,639 sqm) Upward (86,488 sqm) 1. Data in Offering Circular 02

5 Keep strengthening tenant satisfaction GLP Tokyo renovation Before Common area renovation (top-floor cafeteria) A f t e r Inclusion in indices Included in a number of indices that are widely used as a benchmark Index Date of inclusion TSE REIT Index 1/31/2013 FTSE EPRA / NA-REIT Global Real Estate Index 3/18/2013 S&P Global BMI Index 3/18/2013 UBS Global Real Estate Index 3/22/2013 Russell Global Index 3/29/2013 Deal awards Equity Division IPO of the Year, Innovative Equity Deal of the Year Reason for winning the award: (IPO of the Year) Listed as a foreign-capital fund that specializes in logistics facilities, sponsored by SWF. Through its excellent portfolio and the introduction of Japan s first incentive reward to the management of the managing company, it was viewed as a sign of the reinvigoration not only of J-REIT but the entire IPO. (Innovative Equity Deal of the Year) Introduced Japan s first optimal payable distribution. Utilizing the characteristic of a logistics facility fund that does not incur repair costs as much as office buildings, it has decided to distribute approx. 30% of depreciation cost generated during the calculation period. It offered sufficient explanation to domestic investors, which led to high penetration of the fund. Real Estate Investment Trust Division Special Award Reason for winning the award: It has made various endeavors to create a second generation of REIT. At the top of the list is the introduction of REIT s first optimal payable distribution system. It is an innovative deal that takes advantage of a logistics REIT. Being a new listing before the market gained momentum, it carefully prepared measures for the deal to succeed and also devised purchase options and other measures. 03

6 Financial Highlights Financials results February 2013 (mm yen) Feb 2013 (from July 1, 2012 to February 28, 2013) Aug 2013 (forecast) (from March 1, 2013 to August 31, 2013) Operating revenue 2,236 7,233 Operating income 1,328 4,264 Ordinary income 910 3,494 Net income 907 3,493 Dividend per unit (yen) Feb 2013 (from July 1, 2012 to February 28, 2013) Aug 2013 (forecast) (from March 1, 2013 to August 31, 2013) Dividend per unit (total) 531 2,160 Dividend per unit 447 1,900 Dividend per unit (excl. OPD)

7 Portfolio Data Portfolio Data Acquisition price 221,311 mm yen No. of properties 33 assets Occupancy 99.9 % Average monthly rent 3,290 yen / tsubo Occupancy and rent level by area (33 asset base) (yen / tsubo) 4, (%) 100 4,000 Average rent (total) Average rent 3,278 yen (total) 3,290 yen 98 3,500 3,000 3,517 3,546 3,136 3,136 2,792 2, Rent level (Tokyo) Rent level (Osaka) Rent level (Other) 2, Occupancy (Total) 2,000 6/30/2012 (Offering circular) 2/28/2013 (Feb-end) 90 Lease expiry profile (%) % 10 9% 10% 9% 9% 8 7% 7% 6 6% 6% 5% 4 3% 4% 3% 4% 3% 2 2% 1% 1% 0 0% Aug Feb Aug Feb Aug Feb Aug Feb Aug Feb Aug Feb Aug Feb Aug Feb Aug Feb Aug Feb Feb 2027 Feb

8 Portfolio Data Location Building scale Others 18% 10,000 30,000 sqm: 22% 100,000 sqm or more: 29% Greater Osaka Area 29% Tokyo Metropolitan Area 53% 30,000 50,000 sqm: 28% 50, ,000 sqm: 21% Lease expiry Tenant industry Less than 3 years: 35% 7 years or more: 19% Others: 6% Retailers: 8% WALE: 4.5 years 5 7 years: 13% Manufacturers: 15% 3 5 years: 33% 3PL: 71% End-user industry Top 10 tenants Others: 3% Auto & Parts: 4% General Logistics Services: 8% Retail/Fast-Food Chains: 8% Pharmaceuticals/ Medical Instruments: 11% Electronics/Electrical/ High-tech: 13% FMCG: 55% Others 30.1% Koizumi Sangyo Corporation 2.9% Kirin Logistics Co., Ltd. 3.1% SRI Logistics Ltd. 3.3% NIPPON EXPRESS CO., LTD. 3.4% Collaboworks Co., Ltd. 4.4% ASKUL Corporation 5.9% Hitachi Transport System, Ltd. 15.0% Hitachi Collabonext Transport System Co., Ltd. 9.0% Hitachi Transport System (Group) 24.0% Renown Incorporated 8.8% MITSUI-SOKO LOGISTICS Co., Ltd. 7.9% Yamato Logistics Co., Ltd. 6.3% 1. As of February 28, Location and building scale are based on gross floor area. Lease expiry and Weighted Average Lease Expiry (WALE) are based on the leased area, excluding vacant area. 06

9 Debt Information Loan details Average interest rate % LTV (Total Loan/Total Assets) 49.4 % Average remaining period 3.8 years 1. Interest paid only (excludes amortization of loan-related costs) Long-term loan ratio 83.9 % Debt maturity ladder (mm yen) 25,000 23,800 24,300 24,050 20,000 18,400 20,600 15,000 10,000 5,000 3,250 0 Feb 2014 Feb 2015 Feb 2016 Feb 2017 Feb 2018 Feb 2019 Feb 2020 Feb 2021 Credit Ratings Credit Rating Agency Subject Rating Outlook JCR (Japan Credit Rating Agency, Ltd.) Long-term issuer rating AA- Stable 07

10 Portfolio Map 8 GLP Fukaya Saitama GLP Kazo 7 9 GLP Sugito II Ibaraki GLP Iwatsuki GLP Kasukabe GLP Koshigaya II GLP Misato II 3 GLP Akishima 6 GLP Funabashi 4 GLP Tomisato GLP Tatsumi 14 Tokyo GLP Tokyo 1 5 GLP Narashino II 2 Kanagawa GLP Higashi-Ogishima Tokyo Metropolitan Area Chiba Other Area GLP Morioka GLP Tomiya GLP Sendai GLP Hayashima GLP Hayashima II 3 4 GLP Koriyama III GLP Koriyama I GLP Kiyama GLP Tokai GLP Tosu III 9 8 Hyogo 1 GLP Hirakata 2 GLP Amagasaki GLP Hirakata II GLP Rokko GLP Amagasaki II 3 GLP Maishima II 4 GLP Tsumori Osaka 9 GLP Sakai 8 GLP Nara Nara Greater Osaka Area 08

11 Overview of Portfolio in Metropolitan Area Tokyo 1 GLP Tokyo 2 GLP Higashi-Ogishima 3 GLP Akishima Ota, Tokyo Kawasaki, Kanagawa Akishima, Tokyo 4 5 GLP Tomisato Tomisato, Chiba GLP Narashino II Narashino, Chiba 09

12 Overview of Portfolio in Metropolitan Area Tokyo 6 GLP Funabashi Funabashi, Chiba 7 GLP Kazo Kazo, Saitama 9 12 GLP Sugito II GLP Koshigaya II Koshigaya, Saitama Kita-Katsushika, Saitama GLP Misato II Misato, Saitama

13 8 GLP Fukaya 10 GLP Iwatsuki Fukaya, Saitama 11 Saitama, Saitama 14 GLP Kasukabe GLP Tatsumi Kasukabe, Saitama Koto, Tokyo 11

14 Overview of Portfolio in Greater Area Osaka 1 3 GLP Maishima II 8 GLP Nara Osaka, Osaka Yamatokoriyama, Nara 7 GLP Amagasaki II Amagasaki, Hyogo GLP Sakai Sakai, Osaka GLP Amagasaki Amagasaki, Hyogo GLP Hirakata Hirakata, Osaka 2 GLP Hirakata II 4 GLP Tsumori 5 GLP Rokko Hirakata, Osaka Osaka, Osaka Kobe, Hyogo

15 Overview of Portfolio in Area Other 1 GLP Morioka Shiwa, Iwate 5 GLP Tokai 6 GLP Hayashima 8 GLP Kiyama 2 GLP Tomiya Kurokawa, Miyagi Tokai, Aichi 7 Tsukubo, Okayama Miyaki, Saga 9 GLP Tosu III 3 GLP Koriyama I 4 GLP Koriyama III GLP Hayashima II Tosu, Saga 10 Koriyama, Fukushima Koriyama, Fukushima Tsukubo, Okayama GLP Sendai Sendai, Miyagi 13

16 Overview GLP J-REIT Structure of GLP J-REIT Sponsor Parent GLP J-REIT Asset Management Agreement Global Logistic Properties Limited Asset Custody Agreement / General Administration Agreement / Transfer Agency Agreement Right-of-First-Look Agreement Asset Manager GLP Japan Advisors General Meeting of Unitholders Board of Directors Sponsor Support Agreement (support in market research, acquisition of assets, operations, leasing and managing properties) Custodian, General Administrator and Transfer Agent for Investment Units Mitsubishi UFJ Trust and Banking Corporation Executive Director: Masato Miki Supervisory Director: Auditor Sponsor Toraki Inoue Supervisory Director: KPMG AZSA Kota Yamaguchi Global Logistic Properties Inc. 14

17 Investor's Information Historical investment unit price (closing price) (yen) 110,000 GLP J-REIT unit price (left axis) Trading volume (right axis) (unit) 500, ,000 90,000 60,500 yen (IPO price) 400, ,000 80,000 70,000 4/16 : 94,900 yen 200, ,000 60, /21 1/4 1/15 2/1 2/15 3/1 3/15 4/1 0 4/16 Unitholder composition Domestic corporations 290 (1.9%) Financial institutions 69 (0.4%) Number of unitholders: 14,586 Foreign corporations & individuals 159 (1.0%) Foreign corporations & individuals 788,566 (42.9%) Number of J-REIT units: 1,837,700 Domestic individuals & others 322,891 (17.5%) Domestic individuals & others 14,068 (96.4%) Domestic corporations 105,997 (5.7%) Financial institutions 620,246 (33.7%) 15