Dexus Convenience Retail REIT · ASX:DXC

Dexus Convenience Retail REIT — APN Property Group — H1 FY2013 Earnings Presentation

20 slides from Dexus Convenience Retail REIT's earnings presentation, Feb 26, 2013

  1. Slide 1: Financial Results – Six months to 31 December 2012

    Financial Results Six months to 31 December 2012 26 February 2013

  2. Slide 2: Contents

    Contents  Results summary  Key achievements  Funds under management  Business structure  Strategy  P&L statement  Balance sheet  Business segment analysis 2

  3. Slide 3: Results summary – six months to 31 December 2012

    Results summary – six months to 31 December 2012 Profit and loss Financial highlights 31 Dec 12 30 Jun 12 31 Dec 11  Operating profit after tax & MI of $1.2 million Revenue total ($’000) 9,582 8,514 11,098  Statutory profit after tax & MI of $1.6 million Operating profit after tax ($’000) 1,211 1,

  4. Slide 4: Key achievements

    Key achievements  Generation Healthcare REIT (GHC) - Acquired management rights to $200 million (now $209 million) ING Real Estate Healthcare Fund in August 2011 - Rebranded to Generation Healthcare REIT - Strong half year to Dec ‘12 financial results – underlying Net Operating Income up 31% to $3.

  5. Slide 5: Funds under management

    Funds under management  FuM as at 31 December 2012 of $1.6 billion  FuM reduction reflects PFIFs clearing of pent up redemption demand and completion of AEZ asset sales  AREIT FuM growth of $91 million  APN’s core funds/businesses continue to perform well  APN has $13.1 million co-invested in i

  6. Slide 6: Business structure

    Business structure  FuM $1,624m APN Property Group  18 Funds Private Funds Real Estate Securities Healthcare Direct Funds Europe Support  Fixed term Australia  ASX listed  Fixed term  Open ended and Corporate (inc.  Institutional/  Institutional and  Institutional and fixed term funds Opera

  7. Slide 7: Corporate strategy

    Corporate strategy  Investment management landscape remains challenging – but also provides significant opportunity for growth  APN is well positioned – legacy issues addressed, sound balance sheet and reputation, access to capital  Our approach to real estate investment management remains highly

  8. Slide 8: Group strategy

    Group strategy Actively grow Manage Real Estate  Continue/accelerate AREIT Fund growth Securities - Private Funds  Expand distribution channels Direct retail funds Private Australia Real Funds Estate Securities  Fully relieve redemption pressure in PFIFs Convert terminating funds to longer term o

  9. Slide 9: Profit and loss statement for 6-months to 31 December 2012

    Profit and loss statement for 6-months to 31 December 2012 31 Dec 12 30 Jun 12 31 Dec 11 $000s $000s $000s Revenue Management and recurring fees 7,394 8,100 9,125 Transaction and performance fees 1,939 138 1,842 Other revenue 249 276 131 Revenue Total 9,582 8,514 11,098 Direct costs (933) (1,077) (9

  10. Slide 10: Reconciliation of operating profit to cash flow

    Reconciliation of operating profit to cash flow Movement in net cash 2,400 476 (257) 2,200 2,000 (323) 1,800 175 1,731 (130) 1,600 1,556 (30) 1,467 1,400 1,200 1,000 Net profit after tax Add back non-cash Net cash from Proceeds from sale Payments for Payments for Dividend paid Other Movements Moveme

  11. Slide 11: Balance sheet as at 31 December 2012

    Balance sheet as at 31 December 2012 31 Dec 12 30 Jun 12 $'000 $'000 NTA backing per share December 2012 Cash and cash equivalents 12,019 10,552 30.0 Trade and other receivables 6,717 6,185 Other financial assets 13,065 11,625 25.8 (1.5) (5.2) Other assets 778 913 25.0 Total current assets 32,579 29

  12. Slide 12: Business segment analysis

    Business segment analysis 12

  13. Slide 13: Real Estate Securities – Australia

    Real Estate Securities – Australia FUM 1500 APN AREIT Fund  Net inflows averaging >$11 million per month  Net inflows since inception (January 2009) in 1000 $millions excess of $310 million 500  Performance since inception 17.30% pa (versus index of 11.46% pa)1 0 Jun-10 Jun-11 Jun-12 Dec-12  Low

  14. Slide 14: Generation Healthcare REIT

    Generation Healthcare REIT  Only listed Australian healthcare property entity  $209 million in funds under management  Occupancy (by income) 98.8%  WALE 10.8 years  Management team has significant co-investment in the management vehicle Key stats AREIT listed on ASX under code ‘GHC’  Attractiv

  15. Slide 15: Private Funds

    Private Funds FUM APN  Fully invested 180 Development  Australian institutional investors 160 Fund No 1  Business Technology Park: completed income 140 producing buildings and pipeline in business 120 technology park development in Queensland $millions 100 80 APN  Fully invested 60 Development 

  16. Slide 16: Direct Real Estate Funds

    Direct Real Estate Funds FUM 500 400 APN National  Exit strategy update communicated to Storage Property unitholders $millions 300 200 Trust  FY13 distribution increased to 7.22 100 cpu 0 APN Property Plus  Fund debt extended to June 2015 Jun-10 Jun-11 Jun-12 Dec-12 Portfolio  Asset sale to furt

  17. Slide 17: Real Estate Securities – Asia

    Real Estate Securities – Asia AAAIF performance and volatility comparison relative  ARA Asian Asset Income Fund to selected indexes (December 2012)  Institutional / High Net Worth product 50%  Total return of 16% pa over last 3 years to December 45% 2012 40%  100% liquid 35% 30%  FuM steady sin

  18. Slide 18: European Real Estate Funds

    European Real Estate Funds FUM APN European  Asset sale program complete 1200 Retail Property  Focus on winding up the structure 1000 Group (AEZ) 800  De-listed 3 September 2012 $millions 600 APN Vienna  Shopping Centre Nord continuing to 400 Retail Fund perform relatively well 200  Asset being

  19. Slide 19: Contact details

    Contact details David Blight John Freemantle Group Managing Director & CEO Chief Financial Officer Ph: (03) 8656 1050 Ph: (03) 8656 1025  dblight@apngroup.com.au  jfreemantle@apngroup.com.au APN Property Group Level 30,101 Collins Street, Melbourne, Vic 3000 apngroup.com.au 19

  20. Slide 20: Disclaimer

    Disclaimer The financial information included in this presentation is based on APN Property Group’s financial results that have been prepared in accordance with the Corporations Act 2001, Accounting Standards and Interpretations and complies with other requirements of the law including International

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