Growthpoint Properties Australia · ASX:GOZ
Growthpoint Properties Australia — Shareholder Meeting (November 2014)
27 slides from Growthpoint Properties Australia's shareholder meeting presentation, Nov 26, 2014
Slide 1: Annual General Meeting 26 November 2014
OFFICE PORTFOLIO: 1 CHARLES STREET, PARRAMATTA, NSW GROWTHPOINT PROPERTIES AUSTRALIA (ASX CODE: GOZ) For personal use only ANNUAL GENERAL MEETING 26 November 2014 Growthpoint Properties Australia Trust ARSN 120 121 002 Growthpoint Properties Australia Limited ABN 33 124 093 901 AFSL 316409
Slide 2: Agenda
AGENDA For personal use only 1. Chairman’s Address 2. Managing Director’s Address 3. Item 1: Financial Statements & Reports - Company and Trust 4. Item 2: Remuneration Report - Company Only 5. Item 3: Re-Election of directors - Company only 6. Item 4: Approval of Issues to Timothy Collyer (Managing
Slide 3: Chairman's Address
For personal use only CHAIRMAN’S ADDRESS Geoff Tomlinson Independent Chairman INDUSTRIAL PORTFOLIO: 51-65 LENORE DRIVE, ERSKINE PARK, NSW
Slide 4: Managing Director's Address
For personal use only MANAGING DIRECTOR’S ADDRESS Timothy Collyer Managing Director INDUSTRIAL PORTFOLIO: 120-132 ATLANTIC DRIVE, KEYSBOROUGH, VIC
Slide 5: FY14 Highlights
FY14 HIGHLIGHTS For personal use only $117.3m STATUTORY 20.0cps DISTRIBUTABLE PROFIT INCOME up 24.8% from FY13 up 3.6% from FY13 $91.1m DISTRIBUTABLE 19.0cps SECURITYHOLDER PROFIT DISTRIBUTION up 19.2% from FY13 up 3.8% from FY13 1. Source: UBS Investment Research. INDUSTRIAL PORTFOLIO: 28 BILSTON D
Slide 6: FY14 Highlights: Key Achievements
FY14 HIGHLIGHTS For personal use only KEY ACHIEVEMENTS ›› Five year track record of outperformance ›› Largest year to date for property acquisitions ($345.1m) and equity raising ($331.5m) ›› Grown the quality investment grade property portfolio to a value of $2.1 billion ›› Strong leasing results ha
Slide 7: FY14 Highlights: Returns and Outlook
FY14 HIGHLIGHTS RETURNS AND OUTLOOK For personal use only ›› 22.6% per annum total return for five years to 31 October 20141 ›› 18.9% per annum total return for one year to 31 October 20141 ›› Current FY15 distribution yield of 7.1%2, attractive versus A-REIT sector average of 5.3%2 and other asset
Slide 8: Property Portfolio: Key Metrics as at October 2014
PROPERTY PORTFOLIO KEY METRICS AS AT 31 OCTOBER 2014 For personal use only INDUSTRIAL OFFICE TOTAL NO. OF PROPERTIES 34 16 50 TOTAL / AVERAGE VALUE $1,025.1m / $30.2m $1,049.8m / $65.6m $2,074.9m / $41.5m % OF PORTFOLIO VALUE 49% 51% 100% TOTAL / AVERAGE LETTABLE AREA 831,678m2 / 24,461m2 179,285m2
Slide 9: Property Portfolio Overview as at October 2014
PROPERTY PORTFOLIO OVERVIEW AS AT 31 OCTOBER 2014 For personal use only PORTFOLIO RENT EXPIRING TOP TEN TENANTS PER FINANCIAL YEAR BY PASSING RENT WALE 100% % (years) 80% WOOLWORTHS 24 7.8 60% NSW POLICE 10 9.6 40% 20% GE CAPITAL FINANCE AUSTRALASIA 6 3.4 0 LINFOX 5 8.6 COMMONWEALTH OF AUSTRALIA 4 2
Slide 10: Key Properties
KEY PROPERTIES For personal use only SW1 OFFICE COMPLEX WOOLWORTHS NATIONAL DISTRIBUTION SW1 OFFICE COMPLEX, SOUTH BRISBANE, QLD NSW POLICE HQ, PARRAMATTA, NSW CENTRE PORTFOLIO Four modern buildings contstructed between 2005 and 2009 An A-grade office building constucted in 2003, which is fully Six
Slide 11: Outlook: The Group
OUTLOOK THE GROUP For personal use only ›› Consistent and proven property investment strategy, backed by four pillars −−100% investment in Australia −−Not a developer −−No funds management −−Internalised management ›› Our philosophy is to be a pure landlord. With 100% of income derived from rent und
Slide 12: Outlook: Focus
OUTLOOK FOCUS For personal use only ASSET MANAGEMENT ›› Concentration on 2% vacancy and Brisbane office lease expiries over next 12 to 18 months ›› Maximising development opportunities within portfolio to enhance value ›› Selected divestments within portfolio, however, Group remains a net buyer CAPI
Slide 13: Outlook: Market Conditions
OUTLOOK MARKET CONDITIONS For personal use only PROPERTY MARKET ›› Capital values to remain strong with domestic and offshore investors bidding strongly for Australian commercial property ›› Tenancy demand improving, but still below trend. Office market vacancy rates to remain high, but incentives n
Slide 14: Outlook: Market Conditions continued
OUTLOOK MARKET CONDITIONS continued For personal use only GOZ POSITION IN MARKET ›› Very well leased, diversified property portfolio, with high occupancy and relatively low short-term lease expiries – mitigant against weaker tenancy demand, particularly in office market ›› GOZ’s lower cost of capita
Slide 15: Outlook: Conclusion
OUTLOOK CONCLUSION For personal use only GUIDANCE: ›› Distributable income 20.3 to 20.6cps – top end of range ›› Distribution of 19.7cps (+3.7% of FY2014) Thank you to Lyn Shaddock, Director and former Chairman for seven years INDUSTRIAL PORTFOLIO: 51-65 LENORE DRIVE, ERSKINE PARK, NSW GROWTHPOINT P
Slide 16: Items of Business
For personal use only ITEMS OF BUSINESS INDUSTRIAL PORTFOLIO: 27-49 LENORE DRIVE, ERSKINE PARK, NSW
Slide 17: Item 1: Financial Statements & Reports
ITEM 1: FINANCIAL STATEMENTS & REPORTS – COMPANY & TRUST For personal use only To receive and consider: a) The financial reports and the reports of the Directors and the auditors in respect of the Company for the financial year ended 30 June 2014; and b) The financial reports and the reports of the
Slide 18: Item 2: Remuneration Report
ITEM 2: REMUNERATION REPORT – COMPANY ONLY For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That the Remuneration Report of the Company (which forms part of the Directors’ Report) for the financial year ended 30 June 2014 be adopted.
Slide 19: Item 2: Remuneration Report Proxies Received
ITEM 2: REMUNERATION REPORT – COMPANY ONLY For personal use only PROXIES RECEIVED VOTE VOTES % For 421,951,587 99.73 Against 762,863 0.18 Open 367,694 0.09 Abstain 376,531 N/A GROWTHPOINT PROPERTIES AUSTRALIA ANNUAL GENERAL MEETING – 26 NOVEMBER 2014 19
Slide 20: Item 3: Re-Election of Directors
ITEM 3: RE-ELECTION OF DIRECTORS – COMPANY ONLY For personal use only To consider and, if thought fit, to pass the following as separate ordinary resolutions: “That Mr Grant Jackson, who retires under rule 11.1(d) of the Company’s Constitution and, being eligible, offers himself for re-election, be
Slide 21: Item 3: Re-Election of Directors Proxy Votes
ITEM 3: RE-ELECTION OF DIRECTORS – COMPANY ONLY For personal use only RE-ELECT GRANT JACKSON RE-ELECT NORBERT SASSE VOTE VOTES % VOTE VOTES % For 412,309,118 97.35 For 413,494,478 97.63 Against 10,884,040 2.57 Against 9,698,680 2.29 Open 361,529 0.08 Open 361,529 0.08 Abstain 440,939 N/A Abstain 440
Slide 22: Item 4: Approval of Issue to Timothy Collyer
ITEM 4: APPROVAL OF ISSUE TO TIMOTHY COLLYER (MANAGING DIRECTOR) – COMPANY ONLY For personal use only To consider and, if thought fit, to pass the following as an ordinary resolution: “That for the purposes of ASX Listing Rule 10.14 and all other purposes the issue of Performance Rights to Timothy C
Slide 23: Item 4: Proxies Received
ITEM 4: APPROVAL OF ISSUE TO TIMOTHY COLLYER (MANAGING DIRECTOR) – COMPANY ONLY For personal use only PROXIES RECEIVED VOTE VOTES % For 422,110,879 99.70 Against 835,630 0.20 Open 413,829 0.10 Abstain 153,674 N/A GROWTHPOINT PROPERTIES AUSTRALIA ANNUAL GENERAL MEETING – 26 NOVEMBER 2014 23
Slide 24: Voting on Resolutions
VOTING ON RESOLUTIONS For personal use only INDUSTRIAL PORTFOLIO: 120 NORTHCORP BOULEVARD, BROADMEADOWS, VIC GROWTHPOINT PROPERTIES AUSTRALIA ANNUAL GENERAL MEETING – 26 NOVEMBER 2014 24
Slide 25: Close of Meeting
CLOSE OF MEETING For personal use only Visit the Group’s website at www.growthpoint.com.au OFFICE PORTFOLIO: BUILDING 2, 572-576 SWAN STREET, RICHMOND, VIC GROWTHPOINT PROPERTIES AUSTRALIA ANNUAL GENERAL MEETING – 26 NOVEMBER 2014 25
Slide 26: Glossary and Important Notes
GLOSSARY IMPORTANT NOTES A-IFRS Australian International Financial Reporting Standards Every effort has been made to provide up-to-date, accurate and complete information in this presentation, however, neither the Group nor any of its A-REIT Australian Real Estate Investment Trust For personal use o
Slide 27: Thank You
INDUSTRIAL PORTFOLIO: 522-550 WELLINGTON ROAD, MULGRAVE, VIC For personal use only THANK YOU For more information contact us at: Email: info@growthpoint.com.au Investor services line: 1800 260 453 www.growthpoint.com.au Growthpoint Properties Australia Level 22, 357 Collins Street Melbourne VIC 3000
Growthpoint Properties Australia — Shareholder Meeting (November 2014) on 6ix