Bwp Trust · ASX:BWP
Bwp Trust — Bunnings Warehouse Property Trust — H1 2003 Earnings Presentation
21 slides from Bwp Trust's earnings presentation, Feb 19, 2003
Slide 1: Bunnings Warehouse Property Trust Investor Presentations - February 2003
BUNNINGS WAREHOUSE PROPERTY TRUST | Aue Investor Presentations - February 2003 www. bunningspropertytrust.com.au
Slide 2: Presentation format
Presentation format >» Presenters > Outline Struct ~ Key ev ~ The te - Portfolic ~ Outlook
Slide 3: Structure
Structure » Manager: Bunnings Prope a > > > Peter > » Register ~ WES 22.6% _ ~ “institutions” approx. 33% retail approx. 45% ay Le yy
Slide 4: Events - highlights
Events - highlights > Acquisitions - 3 developmen
Slide 5: Results - highlights
Results - highlights Interim distributio t 7.3% on pcp Property asse £ 15.1% on pcp NTA 2.8% on pcp Gearing 7.6% on pcp MER ¥, 8.8% on pep Market capitalisatio ji 421.3% on pcp
Slide 6: Results - actual exceeded estimate
Results -— actual exceeded estimate DPU cpu 5.03 5.15 Income j ; _»,16,201 187 Expenses 2 Borrowing cq (116) Ly) Other 20 Total (94) Operating profit 281 Units eligible - 0.12
Slide 7: The tenant - blue chip performance
The tenant —- blue chip performance Sales from Wa s >75% of total 1995 1996 1997 mam Sales 1998 1999 2 — EBIT | 000 2001 pre Goodwill)
Slide 8: The tenant - average year lease expiry
The tenant - average 12 year lease expiry 24 5 Number of leases = — N ° ry eo N oO °o L L L L L 6 7 Term to lea 13 14 15 > Typical lease feabures ~ 5+5+ 5 (pl ~ 5 year market reviews ~ some ratchet clauses ~ WES covenant
Slide 9: Acquisition/development process - greenfields
Acquisition /development process - greenfields
Slide 10: Acquisition/development process - other
Acquisition/development process - other
Slide 11: Portfolio - recent acquisitions
Portfolio — recent acquisitions Site Retail area Purchase Passing (ha), (m7?) ($m) Yield (%) 6 months to 31 Dec 02 Dandenong 6.74 9.0 Hervey Bay 9.1 Rocklea tba Pt. Macquarie | _ 72.1 9.13 Fyshwick ( . 0.0 9.0 Post 31 Dec 02 Artarmon iS . 14.0 8.3 Belrose 4 . 4 17.2 8.4 Wollongong (NSW)q) . 12.0 8.5
Slide 12: Portfolio - properties; geographic spread improving
Portfolio — 46 properties; geographic spread improving BWP properties * Note: includes 5 properties acquired post 31 Dec 02
Slide 13: Portfolio - steady growth
Portfolio — steady growth 500 5 400 + 300 5 $m 200 5 100 - T T y Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Feb-03 Hf At cost Hi Revaluations
Slide 14: Portfolio - properties revalued every year
Portfolio — properties revalued every 3 years BV increment 2000/01 +8.8% 2001/02 +9.9% 2002/03 +6.6% Total +9.3% > Revaluation reserve Ly e Ly
Slide 15: Portfolio - rent reviews imminent
Portfolio - rent reviews imminent > Task in Qld, 3 in y y >» Process - market review y
Slide 16: Capital management - overview
Capital management - overview & NN i
Slide 17: Capital management - gearing on target
Capital management - gearing on target 50% + 40% 30% 7 20% 10% + 0% Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-O1 Jun-02 Dec-02 Feb-03
Slide 18: Capital management - debt actively managed
Capital management — debt actively managed % actual debt 9 ie) hedged : 90% 100% Swap rates - maximum 6.64% 6.62% - minimum % 5.46% 5.41% 31 Dec 02: 6.13% weigl ve margins/fees)
Slide 19: Financial performance - consistent DPU growth
Financial performance — consistent DPU growth CPU 6.00 5 5.00 + 4.00 5 3.00 5 2.00 + 1.00 4 0.00 + End of concessional] managementfee | 5.15 5.23 4.97 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Nov 02 Forecast NN i Yj, Lo L
Slide 20: Financial performance - solid total returns
Financial performance - solid total returns 4yr BWP | 11.0% Property Tr 3 15.2% 10.3% Equities? “— 1.6% 5.0% Calendar years ending 31 Dec 2All Ords Acc. Index Source; Bloomberg
Slide 21: Outlook
Outlook Revaluations 6! Rent reviews - 7 “2005/06 2006/07 15 4 1 7
Bunnings Warehouse Property Trust — H1 2003 Earnings Presentation on 6ix