Bwp Trust · ASX:BWP
Bwp Trust — Bunnings Warehouse Property Trust — H1 FY2006 Earnings Presentation
25 slides from Bwp Trust's earnings presentation, Feb 14, 2006
Slide 1: Bunnings Warehouse Property Trust
ZBUNNINGS WAREHOUSE PROPERTY TRUST AUNNINGS Wore Ole on De February 2006 www.bunningspropertytrust.com.au
Slide 2: Presentation Outline
Presentation Outline » Structure > Outlook
Slide 3: Structure
Structure ®» Manager: Bunnings Proper “ Management (BPML) ~ subsidiary of WESbut... | vu UY Oo Oo # peg: = 338 oscar no wo >» Tenant: Bunn ~ subsidiary > Register ~ WES 23% ~ “institutions” approximately ~ retail, other approximately 53%
Slide 4: Results — highlights at Dec 2005
Results — highlights at 31 Dec 2005 4 10.6% on pcp Revenue 7.3% on pcp » Distribution 7.4% on pcp > NTAt ~ $0.13 on pcp » Market capitali 4 7.3% on pcp tincludes IFRS adjustment to previously disclosed NTA
Slide 5: Events - highlights
Events - highlights SS oe Acquisition, developme / ex BBC HWH ~ Bayswate upgrade a vo y Market rent review completed for Rockingham; 17.2% uplift
Slide 6: Events — AIFRS
Events — AIFRS >» No issue with straightlining re d incentives » Revaluations resulte gain for half-year @Opening * Capex # Revaluations 750,000 7 --------onn nnn nnn 700,000 650,000 600,000 550,000 500,000 AGAAP AIFRS AIFRS 30-Jun-05 30-Jun-05 31-Dec-05
Slide 7: The Tenant - Warehouses across AUS & NZ
The Tenant -— 135 Warehouses across AUS & NZ Operating Revenue ($m) Sales from Warehouses drive Bunnings Revenue wy 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Gag Revenue —— EBITA EBITA ($m)
Slide 8: The Tenant — recent activity and outlook
The Tenant — recent activity and outlook > FYO5 trading performance nue;.7.5.89 £ BITA $447.9m#% ~ trading EBITA/sales 10.3%; vs 10.0% in pcp >
Slide 9: The Tenant - 100% occupancy; 9.4 yr ave. lease expiry
The Tenant - 100% occupancy; 9.4 yr ave. lease expiry 24 4-- N ° n Be io2) n Number of leases = ao on 1 1 ay n ° » Typical lease fea ~ 5S+5 +5 (plus: ~ annual CPI escalation ~ 5 year market reviews ~ WES covenant
Slide 10: BWP Portfolio — properties; geographic spread improving
BWP Portfolio — 52 properties; geographic spread improving Dec 05 vic 19 NSW/ACT 11 Qup 10 WA 10 SA 2 TOTAL 52: tincludes 2 distribution centres and 1 development site
Slide 11: Growth through acquisition and revaluation
Portfolio — growth through acquisition and revaluation $m 750 600 450 300 150 s e sy MAt cost @ Revaluations
Slide 12: Market rent review in FY06
Portfolio - 1 market rent review in FYO6 » Rockingham market rent independently determined in 1HO5 Uplift Effective % date Rockingha : ; 7.2% 16 Aug 05 >» Outlook FY10 FY1i1 Market rent reviews 12 4
Slide 13: Revaluation across portfolio
Portfolio — revaluation across portfolio > Property reval ent review will be independent
Slide 14: Acquisition and development
Portfolio — acquisition and development » Morley, WA ($11.1m) es -. 8km-north of Perth CBD, adjacent Centro Galleria = 1.8ha-site; 9,826m2 retail area ~ ---rent $860,000; 7.75% cap rate
Slide 15: Acquisition and development
Portfolio — acquisition and development >» Vermont South, Vic ~ 2ikm east of Melbourne CBD ~ largest BWH to date; total retail area 16,500m2 ~ §5.3ha site purchased by BWP May 03 ($10.0m) development fee $13.3m (net of sale-of 4,000m?2 surplus land
Slide 16: Bayswater showroom development
Portfolio —- Bayswater showroom development adjacent BWH on'Ca 8,200m?:site valued at SL. 2, 484m2 GLA
Slide 17: Overview of committed upgrades
Portfolio - overview of committed upgrades » Croydon, Vic ($5.6m ~ estimated completion
Slide 18: Overview of committed upgrades (cont'd)
Portfolio - overview of committed upgrades (cont'd) >» Lismore, NSW ($0.4 miscellaneous } 4“, >» Maribyrnong, acquisition pending completion of develop
Slide 19: Prospects for BWP
Portfolio - prospects for BWP
Slide 20: Capital Management
Capital Management 4 > Overview borrowings $19 gearing 27.9% Borrowings ~ preferred t to total assets) ~ current ge : ~ weighted i : gins) - bill facilities 90m), WBC ($50m)
Slide 21: Capital Management - gearing on target
Capital Management - gearing on target
Slide 22: Capital Management — debt actively managed
Capital Management — debt actively managed BWP Hedge k Overview Jun Dec 05 05 % Debt hedged* 100 90 Swap rates (%) - maximum 6.62 6.62 - minimum 4.97 4.97 ‘interest bearing debt > j » $177m hedged >» 5.7% weighted ave rate (éXc. margins/fees) » 4.1 yrs weighted ave maturity
Slide 23: Financial Performance — DPU growth
Financial Performance —DPU growth mB Interim DPU ig Final DPU 12.00 5 : 11:33"" 10.00 +- 8.00 4- 6.00 7- DPU (cents) 4.00 +- 2.00 4- 0.00 FY99* FYO0O FYO1 f FY03 FY04 FYO05 FY06 1Trust commenced trading Sep 98 > 7 . 4 % i ncrease on 1 H 0 5 Zend of concessional management fee
Slide 24: Outlook
Outlook > Acquisition opportunitie ings rollout (10 to 14 pa) y yo ae. eries rollaiit 4 pa (target) > Rent reviews afd revaluatio FY09 FYi0 Rent reviews 22 12 Revaluations 18 21
Slide 25: Disclaimer
Disclaimer To the maximum permitted b gs Property Management loss or damage that m@ I n through relying on anything contained
Bunnings Warehouse Property Trust — H1 FY2006 Earnings Presentation on 6ix