Property for Industry Limited · NZX:PFI
Property for Industry — FY2011 Earnings Presentation
20 slides from Property for Industry's earnings presentation, Feb 20, 2012
Slide 1: 2011 Results & Briefing
I GREG REIDY - DIRECTOR NICK COBHAM - GENERAL MANAGER CRAIG PEIRCE - CHIEF FINANCIAL OFFICER & COMPANY SECRETARY 20 FEBRUARY 2012
Slide 2: Agenda
03 Highlights 04 2011 Results 09 Portfolio 15 Strategy & Outlook AGENDA 17 Board & Management Team 19 Questions
Slide 3: Highlights
HIGHLIGHTS - Net dividend of 7.175 cps; . Investment property revaluation uplift of $3.65m, ~1%; . 32 new leases and retentions during 2011, 20 FEB 2012 significant progress on leasing current vacancy and 2012 expiries; . Strong balance sheet ready to be deployed into accretive industrial opportunit
Slide 4: Results
DHL: 7-9 Niall Burgess Rd, Mt Wellington
Slide 5: Statement of Comprehensive Income
STATEMENT OF COMPREHENSIVE INCOME
Slide 6: Statement of Comprehensive Income – Commentary
STATEMENT OF COMPREHENSIVE INCOME – COMMENTARY REVENUE 2010 Revenue Sales Vacancy Developments Completed Rent Reviews Other 2011 Revenue
Slide 7: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION
Slide 8: Borrowings
20 FEB 2012 BORROWINGS Facility December 2011 December 2010 Drawn (excl. overdraft, $m) $102.50 $111.20 Facility limit ($m) $150.00 $150.00 Headroom ($m) $47.50 $38.80 Facility term 31-Jan-16 31-Jan-16 Facility banks ANZ, ASB ANZ, ASB Gearing (policy < 35%, covenant < 45%) 28.6% 30.9% ICR (covenant
Slide 9: Portfolio
Stryker: 515 Mt Wellington Highway, Mt Wellington
Slide 10: Revaluations – Investment Properties
REVALUATIONS 2010 Investment properties Disposals Capital expenditure Capitalised lease incentives INVESTMENT PROPERTIES Revaluation gain 2011 Investment properties
Slide 11: Vacancy and Lease Expiries – Lease Expiry Profile
VACANCY AND LEASE EXPIRIES LEASE EXPIRY PROFILE (BY CONTRACT RENTAL)
Slide 12: Vacancy and Lease Expiries
VACANCY AND LEASE EXPIRIES 15 COPSEY PLACE 54 CARBINE & 6A DONNOR PLACE AVONDALE MT WELLINGTON 1 RON DRIVER PLACE 322 ROSEDALE ROAD EAST TAMAKI NORTH HARBOUR 29 OMEGA STREET 127 WATERLOO ROAD NORTH HARBOUR CHRISTCHURCH
Slide 13: Rent Reviews | 2011 Leasing and Retentions
RENT REVIEWS | 2011 LEASING AND RETENTIONS
Slide 14: Portfolio Metrics – As at December 2011
PORTFOLIO METRICS – AS AT 31 DECEMBER 2011 49 PROPERTIES 99 TENANTS PORTFOLIO VALUE $355.9m CONTRACT RENT $30.2m EQUIVALENT YIELD 8.5% WEIGHTED (excludes non-income OCCUPANCY AVERAGE LEASE producing land) 95.6% EXPIRY INITIAL YIELD 4.17 YEARS 8.5%
Slide 15: Strategy & Outlook
DHL: 7-9 Niall Burgess Rd, Mt Wellington
Slide 16: Strategy and Outlook
STRATEGY AND OUTLOOK -Property for Industry - . . ° Large medium to high stud dedicated industrial fund warehouses -Focus on cash returns to Office / warehouse ratio shareholders Yard / circulation -Work closely with existing Site coverage and new tenants to meet Low capital expenditure their needs
Slide 17: Board & Management Team
MANAGEMENT TEAM Stryker: 515 Mt WellingtonHighway, Mt Wellington 20 FEB 2012 2011 RESULTS AND BRIEFING | PROPERTY FOR INDUSTRY 17
Slide 18: Board and Management Team
BOARD PETER MASFEN HUMPHRY ROLLESTON ANTHONY BEVERLEY MANAGEMENT TEAM GREG REIDY NICK COBHAM CRAIG PEIRCE
Slide 19: Questions
Stryker: 515 Mt Wellington Highway, Mt Wellington 20 FEB 2012 2011 RESULTS AND BRIEFING | PROPERTY FOR INDUSTRY 19
Slide 20: Disclaimer
DISCLAIMER The information included in this presentation is provided as at 20 February 2012 Neither Property For Industry Limited (PFI) nor PFIM Limited (PFIM), the manager of PFI, guarantee the repayment of capital or the performance referred to in this presentation. Past performance is not a relia