Growthpoint Properties Australia · ASX:GOZ
Growthpoint Properties Australia — H1 FY2013 Earnings Presentation
21 slides from Growthpoint Properties Australia's earnings presentation, Feb 18, 2013
Slide 1: Half Year Results Presentation Six Months Ended 31 December 2012
Growthpoint Properties Australia (ASX Code: GOZ) Half Year Results Presentation Six Months Ended 31 December 2012 18 February 2013 Growthpoint Properties Australia Trust ARSN 120 121 002 Growthpoint Properties Australia Limited ABN 33 124 093 901 AFSL 316409 27-49 Lenore Drive, Erskine Park, NSW (to
Slide 2: Contents
Contents Slide No. 3 Glossary & Disclaimer 4 Overview 5 Financial Results 6 Movements in Net Tangible Assets per Stapled Security 7 Debt & Capital Management 9 Distribution Reinvestment Plan 10 Comparative Returns 11 Growth in Security Price, Distributions, Market Capitalisation & Free Float 12 Prop
Slide 3: Glossary & Disclaimer
Glossary & Disclaimer A-REIT Australian Real Estate Investment Trust Balance Sheet Gearing borrowings divided by total assets BILAT means the loan facility agreement with National Australia Bank dated 17 February 2012 (as amended) cps cents per stapled security dps distributions per stapled security
Slide 4: Overview
Overview HY2013 results • Distributable profit: $36.8 million; a 47.6% increase from HY2012 in line with • 9.0 cps distribution; 3.4% above HY2012 guidance • 24.1% total return for calendar year to 31 December 2012 • 9.3 cps distribution forecast for 6 months to 30 June 2013 taking total FY2013 dist
Slide 5: Financial Results
Financial Results Growthpoint Properties Australia Half Year Results – Six Months Ended 31 December 2012 | Page 5
Slide 6: Movements in Net Tangible Assets per Stapled Security
Movements in Net Tangible Assets per Stapled Security • NTA per stapled security fell due to minor decreases in unrealised property revaluations and minor unrealised loss on interest rate swaps • NTA increased per stapled security due to raising capital via the June 2012 DRP above NTA with very low
Slide 7: Debt & Capital Management
Debt & Capital Management Debt Maturity Profile 28 Bilston Drive, Wodonga, VIC • Weighted average maturity of debt is 3.1 years as at 31 Dec 2012 1 ICR is not calculated for the BILAT until the Fox Sports, Gore Hill property has reached practical completion (as defined in the BILAT). This occurred i
Slide 8: Debt & Capital Management (continued)
Debt & Capital Management (continued) 18 Derby Street, Silverwater, NSW As at 31 Dec 2012 • Amount of debt hedged 91% • Weighted average interest rate on hedged debt 4.61% per annum1 • Weighted average duration of hedged debt 3.8 years • Weighted average cost of debt is approximately 6.95% per annum
Slide 9: Distribution Reinvestment Plan
Distribution Reinvestment Plan * Estimated • Equity has been raised via the DRPs at a premium to NTA with minimal raising costs • Funds raised have been used to fund property acquisitions • Expected to continue to utilise DRPs while raising above NTA 13 Business Street, Yatala, QLD Growthpoint Prope
Slide 10: Comparative Returns
Comparative Returns • GOZ has outperformed the above benchmarks over the last 3 years • GOZ’s fixed annual rent increases and stable cost base contribute to a projected growing distribution yield 33-39 Richmond Road, Keswick, SA • At $2.366, GOZ provides a 7.8% distribution yield in FY2013 (based on
Slide 11: Growth in Security Price, Distributions, Market Capitalisation & Free Float
Growth in Security Price, Distributions, Market Capitalisation & Free Float1 1. In these figures, “GOZN” and “GOZNA” securities are valued at their issue price of $1.90 2. Date of transaction announcement 3. Source: ASX filings and tracing notices 120 Northcorp Blvd, Broadmeadows, VIC Growthpoint Pr
Slide 12: Property Portfolio
Property Portfolio1 1 Assumes completion of property under development at Erskine Park. Percentages may not sum to 100% due to rounding. 2 Assumes CPI of 2.5% Growthpoint Properties Australia Half Year Results – Six Months Ended 31 December 2012 | Page 12
Slide 13: Portfolio Overview
Portfolio Overview1 40 Annandale Road, Tullamarine, VIC 1. Excludes GOZ’s former property Goulburn (the sale of which completed on 31 January 2013) and includes the acquisition of three properties in Erskine Park, NSW which are expected to complete in late February 2013. Growthpoint Properties Austr
Slide 14: Properties Acquired during HY2013
Properties Acquired during HY2013 Sale of Goulburn: • Strategic sale of Coles, Goulburn for $72.25m (above book value) and reinvestment into Linfox, Erskine Park improves the quality of the portfolio. 1. On completion. 2. The independent valuation for the truck facility and warehouse was prepared as
Slide 15: Market
Market1 1. Sources of information: Jones Lang LaSalle, Real Estate Investment Service; Property Council of Australia; GOZ Growthpoint Properties Australia Half Year Results – Six Months Ended 31 December 2012 | Page 15
Slide 16: Summary/Investment case for GOZ
Summary/Investment case for GOZ • Excellent property portfolio fundamentals – quality tenants, diversified across office and industrial sectors, located in every Australian State and the ACT, 7 year WALE , negligible vacancies (2% vacancy) and limited lease expiry risk in the short term • Robust, si
Slide 17: Appendix I - Growthpoint Properties Limited (GRT) – South Africa
Appendix I - Growthpoint Properties Limited (GRT) – South Africa1 • GRT owns 65.3% of the securities of GOZ (at 31 December 2012) and is its major securityholder • GRT first invested in GOZ in September 2009 and has a holding valued at approximately $520 million. GRT has no other offshore investment
Slide 18: Appendix II - Distributable Income
Appendix II - Distributable Income Growthpoint Properties Australia Half Year Results – Six Months Ended 31 December 2012 | Page 18
Slide 19: Appendix II - Distributable Income (continued)
Appendix II - Distributable Income (continued) 1 Includes coupon interest received on the developments of Energex, Nundah and Fox Sports Growthpoint Properties Australia Half Year Results – Six Months Ended 31 December 2012 | Page 19
Slide 20: Appendix III - Financial Position
Appendix III - Financial Position Growthpoint Properties Australia Half Year Results – Six Months Ended 31 December 2012 | Page 20
Slide 21: Thank you
Thank you 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 Australia — H1 FY2013 Earnings Presentation on 6ix