Bwp Trust · ASX:BWP
Bwp Trust — Bunnings Warehouse Property Trust — H1 FY2005 Earnings Presentation
25 slides from Bwp Trust's earnings presentation, Feb 23, 2005
Slide 1: Bunnings Warehouse Property Trust
BUNNINGS WAREHOUSE PROPERTY TRUST INNINGS ‘a February 2005 www.bunningspropertytrust.com.au
Slide 2: Presentation Outline
Presentation Outline > Structure > Outlook ee eee ee eT EAI
Slide 3: Structure
Structure SS wr =< 0) 3 ray ta oO ~y Q c 3 >. 35 co w a) a °o 3 © a « Gene Ti - Independent > Tenant: Bunn ~ Subsidiary o >» Register ~ WES 23% ~ “Institutions” approxima Retail, other approximately 53% gy a
Slide 4: Events - highlights
Events - highlights - , Tuggeranong , Northland - 23.4% uplift tr eraldton es served » 8 market rent revie
Slide 5: Results — highlights at Dec 2004
Results — highlights at 31 Dec 2004 > Revenue t 16.8% on pcp » Operating profi t 17.0% on pcp » Distribution 5.1% on pcp $0.18 on pcp > Market capitalis. t 25% on pcp men FI La TT
Slide 6: The Tenant — Warehouses across AUS & NZ
The Tenant — 127 Warehouses across AUS & NZ Sales from Warehouses drive Bunnings Revenue 4,000 5 3,500 + 3,000 + 2,500 + 2,000 1,500 Operating Revenue ($m) 0 T - T T T T T 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Mmm Revenue —— EBITA
Slide 7: The Tenant — recent activity and outlook
The Tenant — recent activity and outlook > 1HO5 trading performance - $2.1b revenue; 77.1% on pcp — trading EBITA $228m:; T 10.7% on pep ~ trading EBITA/sales 10.8%; vs 10.5% in pcp _progress on trade business strategy, pilot c HOS network ~ 4 openings ~ 9BWH upgrades/refurbs _2H05 etwork ‘outlook a
Slide 8: The Tenant — 100% occupancy; 10.3 yr ave. lease expiry
The Tenant — 100% occupancy; 10.3 yr ave. lease expiry 245 20 16 12 Number of leases - 5 year market reviews ~ WES covenant ee eee ee eT EAI
Slide 9: BWP Portfolio — properties; geographic spread improving
BWP Portfolio — 51 properties; geographic spread improving Dec 04 vic 19 NSW/ACT 11 QLD 101 WA 9 SA 2 TOTAL 51 Includes 2 distribution centres
Slide 10: Portfolio — growth through acquisition and revaluation
Portfolio — growth through acquisition and revaluation $m 600 450 300 150 mma Th I) TT
Slide 11: Portfolio — market rent review notices issued in 1H05
Portfolio — 8 market rent review notices issued in 1HO5 Passing Market Uplift Effective : review % Date Albany, WA, 2 Nov 04 Bibra Lake, 2 Nov 04 Mornington, 13 Dec 04 Sub-t 7 Cannon Hili DC 1 Nov 04 Hoppers Crossing, 22 Mar 05 Mile End, 22 Mar 05 Morayfield, Qld 22 Mar 05 Noarlunga, SA 1 Nov 04 Sub
Slide 12: Portfolio — 23.4% uplift from revaluations
Portfolio — 23.4% uplift from 2 revaluations Current Valuation Yield W Ww mma ee a) ae
Slide 13: Portfolio — acquisition and development
Portfolio — acquisition and development
Slide 14: Portfolio — property upgrade programme
Portfolio — property upgrade programme Capital Incremental Status Fountain Gate, VIC Mile End, SA Tuggeranong, AC] Nunawading, V1 Northland, VIC Lismore, NSW Sub-total 1,572,000 3,100,000 2,920,000 complete 1HO5 complete 1H05 complete 1H05 complete 11 Feb 05 WIP WIP
Slide 15: Portfolio — Bayswater tenancy development
Portfolio -— Bayswater tenancy development = adjacent BWH on Canterbury Rd — -8,200m? site valued at $1.8m (iricedey: ~-2,459m2.GLA- :
Slide 16: Portfolio — capital commitment outlook
Portfolio — capital commitment outlook penne Lo wpnuare
Slide 17: Portfolio - prospects for BWP
Portfolio - prospects for BWP
Slide 18: Capital Management - overview
Capital Management - overview ~ $33.7m place ~ $29.5m one - $23.9m pla - $44.0m one fi >» Distribution reinvestment pla mma Th I) TT
Slide 19: Capital Management - gearing on target
Capital Management - gearing on target 50% 40% 30% 20% 10% mma Th I) a 419 TT
Slide 20: Capital Management - debt actively managed
Capital Management - debt actively managed mma ee a) ae
Slide 21: Financial Performance — DPU growth
Financial Performance —DPU growth Rent review results timing End of concessional management fee 5.87 5.79 Ey ee a) ae
Slide 22: Financial Performance — DPU growth analysis
Financial Performance — DPU growth analysis > Late receival of market results (MRR) impact: 2H04 1HO5 DPU (cents) ~ Actual -~ “Smoothed”! 5.87 5.79 5.81 >5,.812 ‘hypothetical reallocation of MRR results ?tha when outstanding 2 MRR known Ey Th I) TT
Slide 23: Outlook
Outlook » Acquisition opportunities Bunnings rollout (8 to 12 pa) > Revaluations — e2 3 years 2004/0 2007/08 2008/09 Rent reviews 8 6 7 21 Revaluations 11 26 12 17 23
Slide 24: Financial performance - solid total returns
Financial performance - solid total returns BWP ASX300 Property iyr Source: UBS Warburg; years to 31 Dec mom Ly
Slide 25: Disclaimer
Disclaimer any direct or indire¢ be suffered by any person throu ed in or omitted from this presen mma ee a) ae
Bunnings Warehouse Property Trust — H1 FY2005 Earnings Presentation on 6ix