Growthpoint Properties Australia · ASX:GOZ
Growthpoint Properties Australia — FY2013 Earnings Presentation
24 slides from Growthpoint Properties Australia's earnings presentation, Aug 19, 2013
Slide 1: Annual Results Presentation Year Ended 30 June 2013
GROWTHPOINT PROPERTIES AUSTRALIA (ASX CODE: GOZ) For personal use only ANNUAL RESULTS PRESENTATION YEAR ENDED 30 JUNE 2013 19 August 2013 Growthpoint Properties Australia Trust ARSN 120 121 002 Growthpoint Properties Australia Limited ABN 33 124 093 901 AFSL 316409
Slide 2: Important information
Important information Disclaimer GAAP financial measures in the manner included in this Presentation would For personal use only This presentation and its appendices (“Presentation”) is dated 19 August not be permissible in a registration statement under the U.S. Securities Act Past Performance 2013
Slide 3: Contents
Contents Executive Management Team 4 Overview For personal use only 5 Financial Results 6 Movements in Net Tangible Assets per Security 7 Debt & Capital Management 8 Comparative Returns 9 Growth in Distributions, Market Capitalisation Free Float & Security Price 10 Growth in Distributions, Market Ca
Slide 4: Overview
Overview • $94.0 million statutory profit; up 90% from FY2012 For personal use only • $76.0 million distributable profit; up 32.0% from FY2012 Growing income • Distributable income per security 19.3 cps; up 8.6% from FY2012 • 18.3 cps distribution; up 4% from FY2012 • $160.7 million of property acqu
Slide 5: Financial Results
Financial Results For personal use only GROWTHPOINT PROPERTIES AUSTRALIA – Annual Results Presentation Year ended 30 June 2013 5
Slide 6: Movements in Net Tangible Assets per Security
Movements in Net Tangible Assets per Security For personal use only • A net movement of 0.8% in property valuations resulted in an increase to NTA of 3 cents per security • A reduction in the interest rate swap liability led to an increase in their fair value of $5.6 million over FY2013 adding 2 cen
Slide 7: Debt & Capital Management
Debt & Capital Management For personal use only • The Syndicated Facility Agreement (SFA) was re-priced and extended in June 2013. Combined with the $70 million bilateral facility maturing in April 2016, the weighted average maturity of debt increased to 4.3 years and the cost fell to 6.71% per annu
Slide 8: Comparative Returns
Comparative Returns For personal use only • GOZ remains focused on providing a growing income stream for investors • GOZ has a high total return compared to peers despite less risky income due to being a “pure landlord” *Source: UBS Investment Research GROWTHPOINT PROPERTIES AUSTRALIA – Annual Resul
Slide 9: Growth in Distributions, Market Capitalisation, Free Float & Security Price
Growth in Distributions, Market Capitalisation Free Float & Security Price For personal use only • Small increase in freefloat should take GOZ into S&P/ASX300 • GRT will seek to reduce its holding in GOZ over time but would like to increase total quantum investment. Dilution expected through future
Slide 10: Growth in Distributions, Market Capitalisation & Free Float (cont.)
Growth in Distributions, Market Capitalisation & Free Float (cont.) For personal use only • Raised nearly $700 million in new equity since September 2009 • New equity has been used to fund acquisitions and expand free float to $330 million • Movements in significant securityholders highlights underl
Slide 11: Growthpoint Properties Australia Portfolio
Growthpoint Properties Australia Portfolio For personal use only GROWTHPOINT PROPERTIES AUSTRALIA – Annual Results Presentation Year ended 30 June 2013 11
Slide 12: Office Portfolio
Office Portfolio The Office Portfolio is exemplified by: For personal use only • Long WALE (5.7 years) • Modern assets (average age of asset’s 4.7 years) • Quality tenant base • Well located assets within CBDs or major fringe markets • High levels of tenant retention • Minimal rental arrears In FY20
Slide 13: Office Portfolio
Office Portfolio¹ For personal use only TOP 10 OFFICE ASSETS HAVE AN AVERAGE VALUE OF $70.8M, WALE OF 5.4YRS AND REPRESENT 89% OF THE OFFICE PORTFOLIO WALE REVIEW ASSET STATE BOOK VALUE CAP RATE OCCUPANCY MAJOR TENANT (YRS) STRUCTURE 333 Ann Street, Brisbane QLD $110.0m 8.3% 93% 2.7 Runge Pincock Mi
Slide 14: Industrial Portfolio
Industrial Portfolio For personal use only The Industrial Portfolio is exemplified by: • 100% occupancy • One of the longest WALES in the sector (7.9 years) • Modern assets (average age of asset’s 8.3 years) • Quality tenant base • Well located assets within major transport and logistics precincts t
Slide 15: Industrial Portfolio
Industrial Portfolio² For personal use only TOP 10 INDUSTRIAL ASSETS HAVE AN AVERAGE VALUE OF $67.6M, WALE OF 9.0YRS AND REPRESENT 75% OF THE INDUSTRIAL PORTFOLIO REVIEW ASSET STATE BOOK VALUE CAP RATE OCCUPANCY WALE (YRS) MAJOR TENANT STRUCTURE 70 Distribution St, Larapinta QLD $165.0m 7.9% 100% 8.
Slide 16: Significant Acquisitions FY2013
Significant Acquisitions FY2013 For personal use only Growthpoint once again proved its ability to source and execute large transactions to the benefit of securityholders. Throughout FY13 these acquisitions have been smoothly transitioned into the GOZ portfolio. The assets are providing accretive in
Slide 17: Industrial Portfolio Acquisition July 2013
Industrial Portfolio Acquisition July 2013 For personal use only Acquisition of three industrial properties under development located in prime industrial markets in Melbourne, Victoria • Total acquisition cost of $60.2 million1, representing an initial portfolio yield of 8.0% • Upfront funding of la
Slide 18: Growthpoint Properties Limited (GRT) – South Africa
Growthpoint Properties Limited (GRT) – South Africa¹ For personal use only • GRT owns 65.8% of the securities of GOZ (at 19 August 2013) and is its major securityholder • GRT first invested in GOZ in August 2009 and has a holding valued at approximately $650 million by market capitalisation (after t
Slide 19: Outlook & Strategy
Outlook & Strategy For personal use only Attractive risk adjusted • Provide defensive and sustainable income returns returns • Sustainable growth in earnings and distributions • High occupancy (98%) and long WALE (6.8 years) Income security • High proportion of leases to government, investment grade
Slide 20: Appendix – Distributable Income
Appendix 1 – Distributable Income For personal use only GROWTHPOINT PROPERTIES AUSTRALIA – Annual Results Presentation Year ended 30 June 2013 20
Slide 21: Appendix – Distributable Income (cont)
Appendix 1 – Distributable Income (cont) Components of distributable income For personal use only GROWTHPOINT PROPERTIES AUSTRALIA – Annual Results Presentation Year ended 30 June 2013 21
Slide 22: Appendix – Financial Position
Appendix 2 – Financial Position For personal use only GROWTHPOINT PROPERTIES AUSTRALIA – Annual Results Presentation Year ended 30 June 2013 22
Slide 23: Glossary
Glossary A-REIT Australian Real Estate Investment Trust For personal use only cps cents per stapled security Distributable Income net profit excluding any adjustments for International Financial Reporting Standards (IFRS) or other accounting standards/requirements dps distributions per stapled secur
Slide 24: Thank you
Thank you For personal use only For more information contact us at: Growthpoint Properties Australia Level 22, 357 Collins Street Melbourne VIC 3000 P: +61 3 8681 2900 F: +61 3 8681 2910 E: info@growthpoint.com.au Investor services line: 1800 260 453 www.growthpoint.com.au GROWTHPOINT PROPERTIES AUS
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