Dexus · ASX:DXS
Dexus — DEXUS Property Group — FY2009 Earnings Presentation
85 slides from Dexus's earnings presentation, Aug 18, 2009
Slide 1: ASX cover letter: 2009 Annual Results release and presentation
18 August 2009 DEXUS Funds Management Limited ABN 24 060 920 783 AFSL: 238163 For personal use only Level 9, 343 George Street Sydney NSW 2000 PO Box R1822 The Manager Royal Exchange NSW 1225 Australian Securities Exchange Limited Telephone 02 9017 1100 20 Bridge Street Direct 03 8611 2930 Sydney NS
Slide 2: DEXUS Property Group 2009 Annual Results ASX release
DEXUS Property Group (ASX: DXS) ASX release 18th August 2009 DEXUS Property Group 2009 Annual Results For personal use only Key financial results: Earnings from operating activities up 5.7% to $526.3 m Net loss attributable to security holders $1.46 bn, driven by non-cash items FFO per securit
Slide 3: Office and industrial sector highlights
DEXUS Property Group (ASX: DXS) ASX release Office sector highlights: For personal use only Portfolio value $4 billion (2008: $4.6 bn) Like for like income growth 4.5% (2008: 4.4%) Occupancy (by area) 97.6% (2008: 97.7%) Lease duration (by income) 5.4 years (2008: 5.7 years) DEXUS’s high-qua
Slide 4: Retail and international industrial sector highlights
DEXUS Property Group (ASX: DXS) ASX release Retail sector highlights Portfolio value $270 million (2008: $280m) For personal use only Like for like income growth 4.5% (2008: 7.4%) Occupancy (by area) 99.9% (2008: 99.2%) Lease duration (by income) 4.5 years (2008: 4.5 years) Following the sal
Slide 5: Third party funds and delivering on strategy
DEXUS Property Group (ASX: DXS) ASX release Third Party Funds The Group’s third party funds under management total $5.6 billion. In 2010, it is expected that lower asset values, along with declining development and leasing fees will continue to adversely For personal use only impact fee income. Deli
Slide 6: Improved financial strength through active capital management; outlook
DEXUS Property Group (ASX: DXS) ASX release Improved financial strength through active capital management Refinanced and secured new debt facilities totalling $860 million For personal use only Revised our distribution policy to a payout ratio of 70% of FFO, with 30% being retained for operation
Slide 7: For personal use only
For personal use only DXS 2009 Annual Results — Slide 1
Slide 8: 2009 Annual Results
2009 Annual Results For personal use only Victor Hoog Antink Chief Executive Officer DXS 2009 Annual Results — Slide 2
Slide 9: 2009 Results highlights
2009 Results highlights For personal use only Financial results – Operating earnings $526m up 5.7% – FFO per security 10.43¢ – Devaluations $1.6bn – Total assets $8.4bn Operating results Australia International Group – Like for like income (%) 4.4 (4.9) 1.7 2008 3.8 7.2 4.5 – Occupancy1 (%) 97.2
Slide 10: Delivering on strategy
Delivering on strategy For personal use only Australia’s leading owner, manager, developer of superior quality office and industrial properties No. 1 in office and No.3 in industrial in Australia Quality portfolio delivering strong results Progressed selected non-core asset sales Repositioni
Slide 11: Financial performance
Financial performance For personal use only Craig Mitchell Chief Financial Officer DXS 2009 Annual Results — Slide 5
Slide 12: Financial results
Financial results For personal use only June 2009 June 2008 $’m $’m Operating earnings 526.3 498.0 Finance costs and other1 (185.8) (175.1) Profit after tax and minority interests, before non-cash items 340.5 322.9 Non-cash items (1,799.6) 115.4 Net profit/(loss) attributable to stapled security hol
Slide 13: High quality portfolio delivering sustainable results
High quality portfolio delivering sustainable results For personal use only Property assets represent 92% of Rental income represents 96% of total assets operating earnings DXS 2009 Annual Results — Slide 7
Slide 14: Rental income drives operating earnings
Rental income drives operating earnings For personal use only June 2009 June 2008 $’m $’m Office – Australia/New Zealand 246.8 242.6 Industrial – Australia 109.2 105.7 Industrial – International (at Constant currency) 130.0 131.9 Currency impact on Industrial – International 25.9 - Retail – Australi
Slide 15: Portfolio fundamentals drive valuations
Portfolio fundamentals drive valuations For personal use only Portfolio revaluation decrease of $1.6bn or 16.7% DEXUS weighted average capitalisation rates Average capitalisation rates have continued to soften across the portfolio – 130 bps in the last 12 months – 170 bps since the peak in Dec 2
Slide 16: Strong capital management
Strong capital management For personal use only Distribution policy Gearing at 30 June 2009 - 31.2% – Payout ratio 70% of FFO Equity raising of more than $1bn – Natural DRP participation continues Asset sales – JV with Cbus at 1 Bligh Street – Commenced $600m asset sale program over 2 years
Slide 17: Pro-active debt management
Pro-active debt management For personal use only Undrawn facilities of $1.45bn June 2009 Maturity profile1 Refinanced debt in FY09 of $860m Active negotiations of 2010 maturities 5 year MTN issue of $160m July 2009 Debt duration steady at 2.6 years1 All metrics well within key covenants2
Slide 18: Office portfolio
Office portfolio For personal use only Louise Martin Head of Office DXS 2009 Annual Results — Slide 12
Slide 19: Highlights – solid performance in difficult times
Highlights – solid performance in difficult times For personal use only Solid portfolio performance in times of difficult economic conditions Active management Substantial progress of developments Highest quality portfolio Quality integrated team GPT/GMT, 1 Farrer Place, Sydney, NSW DXS 20
Slide 20: Strong portfolio fundamentals
Strong portfolio fundamentals For personal use only Solid like on like growth NPI DXS office occupancy rate vs market Occupancy rates above market Limited market exposure Retention rates maintained Good lease duration Capitalisation rates have softened Sustainability initiatives delive
Slide 21: Office leasing – strong performance, active management
Office leasing – strong performance, active management For personal use only 52,475sqm leased (including Rent review profile 15,902sqm in developments)1 36,500sqm leased in investment portfolio – 103 transactions2 Average rental increase was 6.6%2 Average tenant incentive was 12.6%3 Major
Slide 22: Diversification delivering sustained income
Diversification delivering sustained income For personal use only 94% prime Market assets diversification Economic Smooth expiry diversity profile of tenants DXS 2009 Annual Results — Slide 16
Slide 23: Office developments and non-core asset sales
Office developments and non-core asset sales For personal use only 123 Albert Street, Brisbane – 38,000sqm – 68% leased, marketing underway – On schedule for completion Dec 2010 1 Bligh Street, Sydney – 42,000sqm – 55% leased, marketing underway – On schedule for completion May 2011 Non core s
Slide 24: Australian CBD office outlook
Australian CBD office outlook For personal use only Office demand is currently weak, Australian demand periodically weakens and recovers but expected to recover in FY11 Supply under construction for Sydney and Melbourne CBD’s well below average Brisbane and Perth are experiencing a deeper slow
Slide 25: 2010 office focus
2010 office focus For personal use only FY10 will continue to be challenging Quality portfolio to withstand difficult times Active management through integrated model – Property, asset and development management – Leasing focus – Tenant retention through service excellence – Operational effici
Slide 26: Industrial portfolio
Industrial portfolio For personal use only Andrew Whiteside Head of Industrial DXS 2009 Annual Results — Slide 20
Slide 27: Highlights – active management delivering results
Highlights – active management delivering results For personal use only Sound portfolio fundamentals – Stable income profile – Strong passing income Active management approach – Intensive leasing and management of leasing risk – Solid growth in NPI Driving value and positioned for growth – Rep
Slide 28: Portfolio fundamentals – relative outperformance
Portfolio fundamentals – relative outperformance For personal use only 4.1% like for like income growth Stable income profile – 3.6% growth from rent reviews – Limited market risk in FY10 High occupancy and tenant retention Book value supported by strong passing yield 8.9% Net Like- Occupancy
Slide 29: Industrial leasing – intensive activity
Industrial leasing – intensive activity For personal use only Strong leasing with 203,000sqm leased Lease expiry profile (by income) – 113 deals: 85% negotiated in-house – Average rents down 1%, incentives at 3% Major leasing deals: – Toll, DHL and Atlas Copco, Hagemeyer OO, BOC, Getronics, Tyco
Slide 30: Diversified portfolio – driving growth
Diversified portfolio – driving growth For personal use only Quality assets, strategically located in key markets Secure income diversified by sector Development capability, proven market appeal Geographic weighting Flexible product SEL, Greystanes Estate, Greystanes, NSW DXS 2009 Annual Resul
Slide 31: Industrial sector outlook
Industrial sector outlook For personal use only Limited supply with low vacancy Industrial drivers in prime space in key markets Current slowdown continues to affect leasing demand Weak rental growth expected in FY10 Business sentiment and pre-leasing enquiry starting to improve with economi
Slide 32: 2010 industrial focus
2010 industrial focus For personal use only Focus on the fundamentals – Experienced team, delivering results – Active management driving income – Expanding integrated platform Positioned for future growth – Quality, diversified portfolio with capacity – Repositioning portfolio via divestment of
Slide 33: International industrial portfolio
International industrial portfolio For personal use only Paul Say Head of International DXS 2009 Annual Results — Slide 27
Slide 34: Challenging market conditions but early signs of stabilisation
Challenging market conditions but early signs of stabilisation For personal use only Recession has reduced demand and US Business and Consumer Confidence increased supply Oversupply is now impacting rents Lower market rents the key factor in valuations Some early signs of improved confidence
Slide 35: International valuers adjusting quickly
International valuers adjusting quickly For personal use only 100% of the international portfolio externally valued Portfolio weighting – International valuations down by 27.1% from June 2008 – US portfolio value down by 29.6% from Dec 2007 Progressively declined over year – 1H impact of cap rat
Slide 36: Portfolio returns down, in line with expectations
Portfolio returns down, in line with expectations For personal use only Like on like earnings down 4.9% – North America down 4.6% – Germany up 5.8% – France down 31.8% Active management approach delivered – 88% occupancy, above market benchmarks – 68% tenant retention rate, in line with targets
Slide 37: Actively adding value through leasing
Actively adding value through leasing For personal use only Solid leasing activity: 382,300sqm leased – 343,300sqm in USA (114 deals) Summit Oaks 10 year lease Advanced Bionics – 30,300sqm in Germany – 8,700sqm in France Occupancy rates marginally down – North America down 4% – Europe up 3% Kent
Slide 38: Executing strategy remains key priority
Executing strategy remains key priority For personal use only Repositioning the international portfolio Asset sales on track – European campaign commenced – US in active negotiation International strategy implementation – Create critical mass in fewer markets – Improved quality and sustainabil
Slide 39: 2010 outlook
2010 outlook For personal use only Conditions to remain tough US demand periodically weakens and recovers Cautious approach to earnings forecast – Lower retention rates and occupancy – Increased downtime allowances and lower rents for vacant space Active management focus can deliver upside via
Slide 40: Third party funds management
Third party funds management For personal use only Victor Hoog Antink Chief Executive Officer DXS 2009 Annual Results — Slide 34
Slide 41: Third party funds management business
Third party funds management business For personal use only Funds under management as at 30 June 2009 of $5.6 billion Lower asset values, development and leasing fees will impact FY10 income Annuity style income stream – no reliance on performance fees Diversified investor base Fund breakdown
Slide 42: Summary and outlook
Summary and outlook For personal use only Victor Hoog Antink Chief Executive Officer DXS 2009 Annual Results — Slide 36
Slide 43: Summary and outlook
Summary and outlook For personal use only Well positioned to create value Focused strategy Highest quality portfolio Quality risk managed developments Active integrated property management Strong balance sheet Active capital management Experienced management team FY10 guidance, barri
Slide 44: Questions
Questions For personal use only DXS 2009 Annual Results — Slide 38
Slide 45: Disclaimer
Disclaimer For personal use only This presentation is issued by DEXUS Funds Management Limited (DXFM) in its capacity as responsible entity of DEXUS Property Group (ASX: DXS). It is not an offer of securities for subscription or sale and is not financial product advice. Information in this prese
Slide 46: For personal use only
For personal use only DXS 2009 Annual Results — Slide 40
Slide 47: Appendices
For personal use only DXS 2009 Annual Results Appendices — Slide 41
Slide 48: Index
Index For personal use only Page Balance Sheet 43-44 Income statement reconciliations 45-50 Valuations 51-53 FX rates 54 Key financial risk management measures 55 Debt profile 56-58 Hedging 59-60 Cross currency swap maturity 61 Portfolio composition 62 Acquisitions 63 Disposals 64 Developments 65-67
Slide 49: Balance sheet
Balance sheet For personal use only June 2009 June 2008 $’m $’m Cash & receivables 120 136 Property assets 7,743 8,738 Other (including derivative financial instruments & intangibles) 488 475 Total assets 8,351 9,349 Payables & provisions 290 323 Interest bearing liabilities 2,509 3,007 Other (inclu
Slide 50: Net asset value composition
Net asset value composition For personal use only Investment property devaluations of $1.52 billion or 38 cents of NTA Impairment of PP&E of $127 million or 4 cents of NTA Mark to market losses on derivatives of $244 million or 8 cents of NTA DXS 2009 Annual Results Appendices — Slide 44
Slide 51: Income statement reconciliation
Income statement reconciliation For personal use only June 2009 $’m Operating earnings 526.3 Other income and expenses (14.1) Operating EBIT 512.2 Net finance costs (158.5) Current income and withholding taxes (9.5) Minority interests (3.7) Profit after tax and minority interests, before non-cash it
Slide 52: Net property income reconciliation to P&L
Net property income reconciliation to P&L For personal use only June 2009 $’m Property revenue 708.5 Less: Property expenses (174.5) Plus: Net property income from equity a/c investments - Less: Amortisation, depreciation and eliminations (6.0) Total NPI 528.0 Represented by: Office Australia/New Ze
Slide 53: Interest reconciliation
Interest reconciliation For personal use only June 2009 $’m $’m Interest paid/payable 164.1 Other finance costs 5.6 Interest expense 169.7 Realised interest rate swaps 27.1 Unrealised interest rate swaps MTM 222.5 Net fair value loss (gain) of interest rate swaps 249.6 Total interest expense 419.3 L
Slide 54: Profit to funds from operations reconciliation
Profit to funds from operations reconciliation For personal use only Group Property Mgmt MTM Depr’n & Straight Deferred P/L on sale RENTS Other Distributable Consolidated revals/ rights derivs amort’n line rent tax of invest capital distn earnings impairmt impairmt & FX adjust prop Revenue from ordi
Slide 55: Operating cash flow retained reconciliation
Operating cash flow retained reconciliation For personal use only June 09 $’m Funds from operations, before cum-distribution adjustment 364.5 Funds from operations retained at 30% A 109.4 Distribution payable, after cum-distribution adjustment 296.7 Natural DRP take up at 30% (approx) B 89.0 FFO ret
Slide 56: Funds management contribution
Funds management contribution For personal use only June 2009 $’m Internal Responsible Entity fee revenue (at cost) 22.7 Third party management fees and other revenue 72.1 Compensation related expenses1 (59.3) Other expenses (14.5) Management EBIT 21.0 Net interest expense (8.2) Tax expense (3.9) Ne
Slide 57: Valuation metrics
Valuation metrics For personal use only Cap rate Cap rate Cap rate IRR IRR IRR Annual Jun 09 Jun 08 change Jun 09 Jun 08 change Devaluation % % bps % % bps Change1 % Australian office 7.7 6.4 130 9.0 8.5 50 (13.0%) Australian industrial 8.8 7.5 130 9.9 8.8 110 (13.1%) Australian retail 6.8 5.8 100 9
Slide 58: External revaluation summary
External revaluation summary For personal use only Property sector % of book value Valuation External Revaluation Previous Change in Portfolio externally valued Revaluation Impairment book value book value1 average cap rate2 ($’m) ($’m) ($’m) ($’m) % % Office Australia — NSW 58.4 1,571 (274) (15) 1,
Slide 59: Revaluation summary
Revaluation summary For personal use only Office Industrial Retail North America Europe Total $’m $’m $’m $’m $’m $’m P&L Revaluations — investment properties External valuations (320) (83) — (620) (104) (1,127) Internal valuations (269) (110) (11) — — (390) Sub total (589) (193) (11) (620) (104) (1
Slide 60: Exchange rates used in June accounts
Exchange rates used in 30 June accounts For personal use only June 2009 June 2008 Balance Sheet USD 0.8114 0.9626 EUR 0.5751 0.6096 NZD 1.2428 1.2609 CAD 0.9379 0.9715 P&L USD 0.7348 0.8962 EUR 0.5398 0.6071 NZD 1.2257 1.1636 CAD 0.8580 0.9282 DXS 2009 Annual Results Appendices — Slide 54
Slide 61: Key financial risk management measures
Key financial risk management measures For personal use only June 09 June 08 Gearing1 31.2% 33.2% Covenant gearing1 (covenant6 <55%) 32.0% 33.9% Headroom (approx) $1.45bn $500m Duration of debt2 2.6 yrs 3.0 yrs Interest hedge duration 6.2 yrs 6.2 yrs Weighted average cost of debt3 5.4% 5.4% Debt hed
Slide 62: Debt profile
Debt profile For personal use only Facility limit Drawn Maturity dates Security1 Currency A$’m A$’m Syndicated bank debt 300 131 Mar 10 Unsecured Multi-ccy, A$ limit1 259 259 Sept 10 Unsecured Multi-ccy, US$ limit2 Bilateral bank debt 360 222 Dec 10 Unsecured Multi-ccy, A$ limit1 145 — Sept 11 Unsec
Slide 63: Facility mix
Facility mix For personal use only Diversified funding sources June 2009 Facility mix – By type (MTN, USPP, bank debt) – Within type (syndicated, bilateral, secured) Transparent debt structure – No off balance sheet debt (no look through adjustments) – All unsecured facilities rank pari passu 1.
Slide 64: Debt profile by jurisdiction
Debt profile by jurisdiction For personal use only Weighted average Interest bearing Cross currency Total liabilities after Interest hedge cost of debt1 liabilities swaps2 cross ccy swaps2 duration millions millions millions years Australia/New Zealand 5.72% A$1,230 A$(560) A$670 4.5 USA 5.22% US$98
Slide 65: Interest rate hedging profile
Interest rate hedging profile For personal use only Interest rate hedging FY09 FY10 FY11 FY12 FY13 FY14 Avg FY15+4 A$m average hedged1 796 776 791 643 499 485 216 A$ hedge rate (ex margin)2 5.03% 5.02% 5.32% 4.97% 5.25% 5.74% 6.19% A$ blended rate (inc margin) 5.72% 6.17% 7.31% 8.19% 8.74% 9.02% 9.3
Slide 66: Foreign income hedging profile
Foreign income hedging profile For personal use only Foreign income hedging FY09 FY10 FY11 FY12 FY13 Combined hedging profile 93% 87% 92% 94% 98% US$ hedging profile1 99% 91% 97% 100% 105% Foreign exchange contracts (US$m) 9.5 7.3 5.6 4.4 2.7 Average A$/US$ rate 0.6844 0.6848 0.7084 0.7098 0.6657 NZ
Slide 67: Cross currency swap maturity profile
Cross currency swap maturity profile For personal use only Cross currency swaps FY10 FY11 FY12 US$ maturities (US$m)1 0 72 180 US$ average rate2 n/a 0.8639 0.8654 € maturities (€m) 100 0 0 € average rate2 0.5049 n/a n/a CAD maturities (C$m) 70 0 0 C$ average rate2 0.8677 n/a n/a 1. Excludes contract
Slide 68: Portfolio composition (income and lease expiry)
Portfolio composition (income and lease expiry) For personal use only Expiry year % of total FY10 FY11 FY12 FY13 FY14+ income Australian office 47% 4% 4% 4% 7% 28% Australian industrial 21% 2% 3% 5% 2% 9% Retail 3% 0% 1% 0% 0% 2% North America industrial 25% 4% 3% 3% 3% 12% Europe industrial 4% 1% 0
Slide 69: Acquisitions
Acquisitions For personal use only Property Interest % Acquisition Notes A$m Australia Greystanes, Western Sydney 100% 139 Staged acquisition with the remaining $27m to be paid 2H FY10 as infrastructure is completed North America Whirlpool Columbus 100% 79 Acquired Jul 2009 Total acquisitions 192 DX
Slide 70: Disposals
Disposals For personal use only Property Sector Date Interest Settlement Notes % A$m Pre 30 June 2009 Atlanta Industrial Drive, Atlanta, USA US Industrial Oct 08 100% 71 Settled 30 Oct 08 1 Bligh Street, Sydney, NSW Office Feb 09 33% 60 Settled 5 Feb 09 Woodpark Road, Smithfield, NSW AU Industrial M
Slide 71: Developments – completed
Developments – completed For personal use only Property Country Area Estimated Estimated sqm final cost yield on cost A$m % Industrial Best Bar – Laverton North, VIC Australia 12,950 11.9 7.4 Sperian - Redwood Gardens, Dingley, VIC Australia 3,400 4.0 7.3 Office 60 Miller Street, North Sydney, NSW A
Slide 72: Developments – underway
Developments – underway For personal use only Property Country Area Estimated Estimated Estimated yield Estimated total cost cost to on total cost completion completion date sqm A$m A$m % Office 123 Albert Street, Brisbane, QLD Australia 38,000 350 230 6.8 Dec 2010 1 Bligh Street, Sydney, NSW1 Austr
Slide 73: Developments – uncommitted pipeline
Developments – uncommitted pipeline For personal use only Property Country Building Project Project Projected yield area estimate estimated to on project completion estimate cost sqm A$m A$m % Office 105 Phillip Street, Parramatta, NSW Australia 20,380 100 80 8 144 Wicks Road, North Ryde, NSW Austra
Slide 74: Whirlpool - investment program update
Whirlpool - investment program update For personal use only The program’s overall blended yield is estimated to be 6.6% Location Acquisition / Area Acquisition / estimated date estimated cost ‘000 sqm $m Acquired to date Orlando, Florida, USA Jun 07 47 US$25.1 Toronto, Ontario, Canada Dec 07 70 C$
Slide 75: Australian major tenants by income
Australian major tenants by income For personal use only % of Sector % of Sector Australian Office Australian Industrial NPI NPI 1 Woodside Energy Ltd 8.4% 1 Wesfarmers Limited 6.6% 2 S&K CarPark Management Pty Ltd 7.9% 2 Elders Ltd 5.5% 3 State of NSW 5.3% 3 Visy Steel Products 3.8% 4 Commonwealth
Slide 76: International major tenants by income
International major tenants by income For personal use only % of Sector % of Sector North America Industrial Europe Industrial NPI NPI 1 Whirlpool Corporation 16.5% 1 Edeka Südwest 19.5% 2 AT&T Corporation 2.2% 2 Industriereifenkontor Lüdke 9.8% 3 Savvis Communication Corporation 1.9% 3 Karstadt Ver
Slide 77: Retail — Whitford City Shopping Centre, WA
Retail — Whitford City Shopping Centre, WA For personal use only Key statistics Book value $270m Capitalisation rate 6.75% Ownership interest 50% Centre MAT ($psm) 7,373 Specialty MAT ($psm) 9,077 Total centre MAT growth ($psm) (0.1%) Total centre MAT growth ($pa) (1.5%) Total specialty MAT growth (
Slide 78: Australia/New Zealand office — lease expiry
Australia/New Zealand office — lease expiry For personal use only 18.8% 20% 16.4% 18% 14.8% 16% 11.9% 11.8% 14% 10.9% 10.7% 10.1% 10.1% 12% 9.8% 9.7% 9.6% 9.6% 8.9% 10% 7.8% 7.2% 8% 5.7% 5.0% 6% 3.0% 2.6% 2.4% 2.4% 4% 0.5% 0.4% 2% 0% Vacant 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15
Slide 79: Australian industrial — lease expiry
Australian industrial — lease expiry For personal use only 30% 25.3% 22.4% 25% 20% 16.9% 16.3% 15.0% 15% 10.2% 9.2% 9.2% 7.7% 10% 7.3% 7.3% 6.7% 6.7% 6.2% 5.2% 4.4% 3.8% 3.6% 3.2% 3.3% 3.1% 3.0% 5% 2.1% 2.0% 0% Vacant 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16 30-Jun-17 30
Slide 80: North American industrial – lease expiry
North American industrial – lease expiry For personal use only 16.3% 16.1% 18% 14.5% 14.0% 16% 13.3% 12.9% 12.5% 12.0% 14% 11.6% 11.2% 12% 10% 7.8% 7.5% 7.4% 6.7% 8% 6.1% 5.1% 5.0% 4.7% 6% 4.3% 3.6% 4% 2.4% 2.1% 1.7% 1.4% 2% 0% Vacant 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15 30-Ju
Slide 81: European industrial – lease expiry
European industrial – lease expiry For personal use only Germany 32.7% 31.7% 35% 27.9% 30% 25% 19.5% 20% 14.8% 12.2% 10.5% 10.4% 15% 9.7% 8.9% 10% 5.1% 4.9% 4.0% 3.5% 3.1% 5% 1.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0% Vacant 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16
Slide 82: Glossary
Glossary For personal use only Constant currency: Items shown at Constant currency for FY09 have been restated using the June 08 average FX rates for comparative purposes. Distribution adjustments: Includes all distribution adjustments except for revaluations and impairments, unrealised MTM of d
Slide 83: Important Information
For personal use only Important Information DXS 2009 Annual Results Appendices — Slide 77
Slide 84: Important Information
Important Information For personal use only This presentation is issued by DEXUS Funds Management Limited (DXFM) in its capacity as responsible entity of DEXUS Property Group (ASX:DXS). It is not an offer of securities for subscription or sale and is not financial product advice. Information in
Slide 85: For personal use only
For personal use only DXS 2009 Annual Results Appendices — Slide 79