360 Capital Reit · ASX:TOT
360 Capital Reit — Shareholder Meeting (February 2020)
42 slides from 360 Capital Reit's shareholder meeting presentation, Feb 21, 2020
Slide 1: EGM Chairman's Address and Presentation
A. Level 8, 56 Pitt Street P. +61 2 8405 8860 Sydney NSW 2000 F. +61 2 9238 0354 W. 360capital.com.au E. investor.relations@360capital.com.au ASX Release For personal use only 360 Capital REIT (ASX: TOT) 21 February 2020 EGM Chairman’s Address and Presentation Page 1 of 8 Good Morning Ladies and Gen
Slide 2: Chairman's Address (continued)
A. Level 8, 56 Pitt Street P. +61 2 8405 8860 Sydney NSW 2000 F. +61 2 9238 0354 W. 360capital.com.au E. investor.relations@360capital.com.au ASX Release For personal use only The name change is in line with the Fund’s updated strategy and objectives. Namely, the Page 2 of 8 Fund’s objective of prov
Slide 3: Chairman's Address: voting procedures
A. Level 8, 56 Pitt Street P. +61 2 8405 8860 Sydney NSW 2000 F. +61 2 9238 0354 W. 360capital.com.au E. investor.relations@360capital.com.au ASX Release For personal use only Those holding an ORANGE card are not entitled to vote but are entitled to speak at the Page 3 of 8 Meeting. If you are holdi
Slide 4: Chairman's Address: amendment and Resolution 1
A. Level 8, 56 Pitt Street P. +61 2 8405 8860 Sydney NSW 2000 F. +61 2 9238 0354 W. 360capital.com.au E. investor.relations@360capital.com.au ASX Release For personal use only date on which the units contemplated in Resolution 1 were issued, as clearly described in the Page 4 of 8 Explanatory Memora
Slide 5: Chairman's Address: Resolution 1 effect
A. Level 8, 56 Pitt Street P. +61 2 8405 8860 Sydney NSW 2000 F. +61 2 9238 0354 W. 360capital.com.au E. investor.relations@360capital.com.au ASX Release For personal use only The effect of an approval of Resolution 1 would be that the Stapled Units issued under the Page 5 of 8 Institutional Placeme
Slide 6: Chairman's Address: Resolution 2
A. Level 8, 56 Pitt Street P. +61 2 8405 8860 Sydney NSW 2000 F. +61 2 9238 0354 W. 360capital.com.au E. investor.relations@360capital.com.au ASX Release For personal use only The Responsible Entity notes that as the investment strategy has evolved over time, key Page 6 of 8 differences between the
Slide 7: Chairman's Address: voting
A. Level 8, 56 Pitt Street P. +61 2 8405 8860 Sydney NSW 2000 F. +61 2 9238 0354 W. 360capital.com.au E. investor.relations@360capital.com.au ASX Release For personal use only Page 7 of 8 [Michael Mauricio hands back to the Chairman] Thank you, Michael. Please complete your voting card in relation t
Slide 8: Meeting close and contacts
A. Level 8, 56 Pitt Street P. +61 2 8405 8860 Sydney NSW 2000 F. +61 2 9238 0354 W. 360capital.com.au E. investor.relations@360capital.com.au ASX Release For personal use only Page 8 of 8 I thank you very much for your attendance here today. More information on TOT can be found on the ASX’s website
Slide 9: Unitholder Meeting 21 February 2020
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT For personal use only 360 Capital REIT (ASX: TOT) Unitholder Meeting 21 February 2020
Slide 10: Disclaimer
REAL ASSETS 360 Capital REIT PRIVATE EQUITY PUBLIC EQUITY Disclaimer CREDIT For personal use only This presentation has been prepared by 360 Capital FM Limited (ACN 090 360 Capital FM Limited and its related bodies corporate and other affiliates 664 396) as responsible entity for 360 Capital Active
Slide 11: Table of contents
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Table of contents CREDIT For personal use only 1 Welcome Pg. 4 2 Operational Update Pg. 7 3 Resolutions Pg. 24 4 Voting on resolutions Pg. 33 5 Meeting close Pg. 34
Slide 12: Welcome
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT For personal use only Welcome
Slide 13: David van Aanholt, Chairman
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT For personal use only David van Aanholt → Chairman
Slide 14: Name Change
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT Name Change For personal use only The 360 Capital Total Return Fund has been renamed 360 Capital REIT, the ASX ticker code TOT remains unchanged. P.6
Slide 15: Operational Update
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT For personal use only Operational Update
Slide 16: James Storey, Head of Real Assets
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT For personal use only James Storey → Head of Real Assets
Slide 17: HY20 Key Highlights
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT HY20 Key Highlights • Renamed 360 Capital Total Return Fund to 360 Capital REIT For personal use only (“TOT”) Consistent track record of recurring, • Completed merger with URB Investments (URB), increasing quarterly distributions the market capitalisat
Slide 18: 360 Capital REIT business structure
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY 360 Capital REIT CREDIT 360 Capital REIT is a diversified real estate business with investments in real For personal use only estate equity, debt and real estate operating companies 360 Capital Active REIT 360 Capital Passive REIT Operating Businesses Real Es
Slide 19: URB Scheme of Arrangement
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT URB Scheme of Arrangement For personal use only • Implemented on 20th December 2019 • All assets absorbed by the Fund Market capitalisation of S&P/ASX (ex300) A-REITs1,2 • The Fund has commenced the sale of the $m URB’s listed equities portfolio, havin
Slide 20: Real Estate Debt Track Record: recent repayments
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT Real Estate Debt Track Record: recent repayments For personal use only Progressively drawn senior Progressively drawn senior Cash advance senior Progressively drawn senior Mezzanine Development of 162 room 4-star Development of 2,396 sqm (GLA) Construc
Slide 21: Loan Portfolio
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT Loan Portfolio1 For personal use only Geography2,3 Investment Type2,3 $101m 100% QLD 2 loan investments $28.4m Senior Loan 28.0% of portfolio Property Type2,3 NSW 2 loan investments 22.9% $54.9m WA 54.4% of portfolio 1 loan investment $8.0m 7.9% of por
Slide 22: Real Estate Debt: Loan portfolio
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Real Estate Debt: Loan portfolio CREDIT For personal use only Progressively drawn senior Cash advance senior Cash advance senior Progressively drawn senior Cash advance senior Cash advance senior Development of 94 apartments Medium density complex Medium dens
Slide 23: Real Estate Equity: Gladesville Apartments
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT Real Estate Equity: Gladesville Apartments For personal use only • Project located in Gladesville, NSW approximately 10 kilometres north-west of the Sydney CBD 23 • Contracted September 2019, settled November 2019 Brand new apartments • Exchanged contr
Slide 24: Real Estate Equity: PURT 4: Penrith, NSW
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT Real Estate Equity: PURT 4: Penrith, NSW For personal use only 510 – 536 High St, Penrith NSW • Greater Western Sydney is Australia’s third-largest economy and has been identified by the NSW State Government as a key corridor for future 95% Occupancy e
Slide 25: Real Estate Equity: HomeHQ Artarmon
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT Real Estate Equity: HomeHQ Artarmon For personal use only 1 Frederick St, Artarmon NSW • Artarmon has become an inner-Sydney gentrifying area, characterised by low-density industrial and commercial uses, with further redevelopment 100% Occupancy1 poten
Slide 26: AMF Finance
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT AMF Finance For personal use only • Strong marketing campaign has resulted in continued market awareness of AMF Finance (AMF) Deals reviewed – • AMF originates all 360 Capital’s real estate debt 129 Over $2.2 Billion deals screened for the opportunitie
Slide 27: Velocity Property Group
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Velocity Property Group CREDIT For personal use only EQUITY TOT/TGP JV made 19.9% investment in VP7, equity investment INVESTMENT utilized to reduce corporate level debt and working capital Repositioned Velocity Property Group (ASX:VP7) to become a specialist
Slide 28: Active Capital Management
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT Active Capital Management Strong and secure balance sheet For personal use only • $33.1m of cash and $17.3m current receivables balance at 31 December 2019 – $16.9m sale of URB share portfolio, now cash • Debt of $8.25m on Gladesville asset – effective
Slide 29: Meet Management
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Meet Management CREDIT For personal use only • The Fund Manager and other 360 Capital Sydney 10am, Friday, 20 March Dexus Place, level 15, 1 Farrer Place, Sydney 2020 representatives will be presenting the results of the TOT and other 360 Capital Funds at the
Slide 30: Outlook and Guidance
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT Outlook and Guidance For personal use only Outlook and focus • Focus on deploying available balance sheet capacity • Greater focus on acquisitions / investments that provide recurring income • Continue to diversify balance sheet to include a portfolio
Slide 31: Questions
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT For personal use only Questions
Slide 32: Resolutions
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT For personal use only Resolutions
Slide 33: Procedural matters
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Procedural matters CREDIT • Those persons holding: For personal use only • a YELLOW card are entitled to both speak and vote on the Resolutions to be put to the meeting. Those who have been given a YELLOW card will notice that the resolutions and voting boxes
Slide 34: Amendment
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Amendment CREDIT Amendment For personal use only “I move an amendment to Resolution 1 that the reference to 14 October 2019, be changed to 21 October 2019, to correctly reflect the date on which the units contemplated in Resolution 1 were issued, as clearly d
Slide 35: Resolution 1: Ratification of Placement Capacity
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Resolution 1: Ratification of Placement Capacity CREDIT Resolution For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution of the Fund: “That the issue of 9,143,498 stapled units in the Fund at $1.18 p
Slide 36: Resolution 1: What is Proposed
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Resolution 1: What is Proposed CREDIT Members are requested to ratify the Institutional Placement to refresh the Fund’s capacity to issue new For personal use only Stapled Units for the purposes of ASX Listing Rule 7.4 and for all other purposes. Commentary T
Slide 37: Resolution 2: Approval of current Fund investment strategy
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Resolution 2: Approval of current Fund investment strategy CREDIT Resolution For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution of the Fund: “That the investment strategy set out in Annexure 2 to
Slide 38: Resolution 2: What is Proposed
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Resolution 2: What is Proposed CREDIT Members are requested to approve the current investment strategy of the Fund For personal use only Commentary The Responsible Entity notes that as the investment strategy has evolved over time, key differences between the
Slide 39: Questions
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT For personal use only Questions
Slide 40: Proxy votes
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY Proxy votes CREDIT For personal use only Resolution 1: Ratification of Placement Capacity For Against Open Total Exclusions Abstain Proxy Voting Type Votes Votes Votes % % % Votes (m) Votes (m) Votes (m) (m) (m) (m) Resolution Ordinary 55.9 96.38 1.1 2.01 0.9
Slide 41: Voting
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT For personal use only Voting
Slide 42: Meeting close
REAL ASSETS PRIVATE EQUITY PUBLIC EQUITY CREDIT For personal use only Meeting close
360 Capital REIT — Shareholder Meeting (February 2020) on 6ix