Bwp Trust · ASX:BWP
Bwp Trust — Bunnings Warehouse Property Trust — FY2004 Earnings Presentation
25 slides from Bwp Trust's earnings presentation, Aug 12, 2004
Slide 1: Bunnings Warehouse Property Trust
ZBUNNINGS WAREHOUSE PROPERTY TRUST August 2004 www.bunningspropertytrust.com.au
Slide 2: Presentation Outline
Presentation Outline > Structure > Acquisit > Portfolio > Financial Pe > Outlook Ce De LA Ae Cae gs /
Slide 3: Structure Overview
Structure Overview » Manager: Bunnings Property J gement (BPML) « Peter Ma « Gene Til - Independent >» Tenant: Bunni Subsidiary of » Register - WES 22%
Slide 4: Events - highlights
Events - highlights » Acquisitions/develo > Plans for first tenan n Bunnings
Slide 5: Results — highlights at June 2004
Results — highlights at 30 June 2004 > Revenue t 23.8% on pcp > Distribution t 8.4% on pcp > Property ass 369 ) | 4° 22.0% on pep $0.20 on pcp # 15% on pcp NOMI ae: Q
Slide 6: The Tenant — a strong performer with Warehouses
The Tenant — a strong performer with 125 Warehouses Sales from BWH stores drive Bunnings revenue 4,000 5 , 450 3,500 4 ; 400 ~ | + 350 & 3,000 ® 300 3 2,500 + = ® + 250 #& ® 2,000 + a . + 200 t c 4 & 1,500 L agg a 4 500 7 r 50 0 T T T T T T r 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Mag R
Slide 7: The Tenant — recent activity and outlook
The Tenant — recent activity and outlook » 2004 Trading - $3.8b revenue; t 11.7% on pcp re cash sales.t.11%, trade sal — $375m EBITA; t 12.7% on pcp ~ margin & inventory management improvements Oo Warehouge Ipenings” : : - 6 BWH upgrades S 5000 Wa ~ 5 former BBC HWH refits 12 openings scheduled 005:
Slide 8: The Tenant — 100% occupancy; 10.8 yr ave. lease expiry
The Tenant — 100% occupancy; 10.8 yr ave. lease expiry Number of leases —_ = fee) no ao B ° >» Typical lease fea ~ Some ratchet clauses ~ WES covenant
Slide 9: Acquisition/Development Process - greenfields
Acquisition /Development Process - greenfields
Slide 10: Acquisition of developed properties
Acquisition of developed properties
Slide 11: Properties; geographic spread improving
Portfolio - 50 properties; geographic spread improving Jun jun Jun 02 93 04 vic 17 19 19 QLD 6t 101 10! NSW/ACT 3 8 10 WA SA TOTAL 37 4s 50 lincludes distribution centres
Slide 12: NZ and 3000 series opportunities
Portfolio — NZ and 3000 series opportunities > New Zealand - Bunnings rollout - 2 openings scheduled in 2005
Slide 13: Portfolio growth being maintained
Portfolio — growth being maintained $m 600 5 500 5 400 5 300 5 200 5 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 HM At cost H# Revaluations Ls, Cae gs /
Slide 14: 14.6% uplift from rent reviews
Portfolio — 14.6% uplift from 20 rent reviews Property | Passing Market Uplift Effective rent review % date $000 : Altona, VIC 24 Sep 03 Baicatta, WA 25 Sep 03 Broadmeadows, 24 Sep 03 Burleigh Heads, 22 Oct 03 18 Mar 04 24 Sep 03 Nunawading, ys . 24 Sep 03 Sandown, 24 Sep 03 Scoresby, VIC 4 24 Sep 0
Slide 15: Market rent review analysis
Portfolio — market rent review analysis > Process with BWP advice) ~ Ointment) > Results vari ~ range +1.9 ~ averages: V \ Yg)/ QLD (+11.2%) > Impact — . ~ $1.7m kicker to 2003/04 revenue (41% of revenue uplift) ~ $2.6m contribution on annualised basis 2
Slide 16: 20.8% uplift from revaluations
Portfolio — 20.8% uplift from 24 revaluations Property Book Current Change Current value market Yo valuation $000 yield % Altona, VIC 8.50 Balcatta, WA 8.50 Broadmeadows, VI 8.00 Burleigh Heads, 8.50 Cannon Hilly 7. 7. Oakleigh South, 8.00 Sandown, VIC 8.25 Scoresby, VIC 8.56 Southport, QLD 8.50 Sun
Slide 17: Thornleigh acquisition
Portfolio — Thornleigh acquisition
Slide 18: Bayswater tenancy development
Portfolio -— Bayswater tenancy development > Council approvals = maximum 2.tenancies, minimum retail
Slide 19: Capital commitments
Portfolio — capital commitments lincludes stamp duty ile wun y Co
Slide 20: Capital Management - overview
Capital Management - overview - $23.9m place - $44.0m one » Borrowings - Preferred rang - Weighted avera — NAB bill facility li - $13.7m interest fre > - Uptake Feb 04 : 44% unitholders (57% unitholdings) - 2.5% market discount (Aug 04 : $1.54 per unit) 2
Slide 21: Capital Management - gearing within range
Capital Management - gearing within range 50% 4 40% 30% | 20% 10% | 0% + Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Ls, Cae Ly ] Cy
Slide 22: Capital Management - debt actively managed
Capital Management - debt actively managed Jun Jun 03 04 % Debt hedged! 86 95 Swap Rates (%) ~ Maximum 6,62 6.62 ~ Minimum 5.08 4.97 linterest bearing debt >» 30 Jun 04: 5.75% weighted average (exc. margins/fees) 22
Slide 23: Financial Performance — DPU growth momentum
Financial Performance — DPU growth momentum CPU End of concessional 7.00 5 management fee 6.00 + 5.00 4 4.00 + 3.00 2.00 7 1.00 4 0.00 - Dec-98 Jun-99 Dec-99 Jun-00 Dec-06 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 >» FY 2004 DPU 11.38 cents (7 8.4% on pcp) 2
Slide 24: Financial Performance - solid total returns
Financial Performance -— solid total returns 7 BWP ASX200 Property sl Source: Bloomberg, UBS Warburg Ce Le i Cae Ly ] Cy
Slide 25: Outlook
Outlook > Acquisition opportunities - ex Bunnings rollout 68 Dd) ~ former BBC pro s (ex WES & rollout 3 >» Revaluations - 3 years 2004/0! 2007/08 | 2008/09 Rent reviews 7 7 7 22 Revaluations 7 17 26 7 17
Bunnings Warehouse Property Trust — FY2004 Earnings Presentation on 6ix