Bwp Trust · ASX:BWP
Bwp Trust — Bunnings Warehouse Property Trust — FY2005 Earnings Presentation
27 slides from Bwp Trust's earnings presentation, Aug 15, 2005
Slide 1: Bunnings Warehouse Property Trust
BUNNINGS WAREHOUSE PROPERTY TRUST Ly August 2005 www.bunningspropertytrust.com.au
Slide 2: Presentation Outline
Presentation Outline Structure W » Key Events/Re > Tenant Perfo (AIFRS) » Management Expen » Outlook
Slide 3: Structure
Structure » Manager: Bunnings Proper (BPML) - Subsidiary of wi « Gene Ti - Independent > Tenant: Bunni ~ Subsidiary of > Register ~ WES 22.6% ~ “Institutions” approximately 24% ~ Retail, other approximately 53% nagement
Slide 4: Key Events
Key Events
Slide 5: Key Results to June 2005
Key Results to 30 June 2005 > Revenue t 13.8% on pcp » Operating profi 1 ¢ 11.8% on pcp » Distribution 5.1% on pcp $0.10 on pcp > Market capitalise ’ © £24% on pcp
Slide 6: The Tenant — Warehouses across AUS & NZ
The Tenant — 131 Warehouses across AUS & NZ Sales from Warehouses drive Bunnings Revenue 4,500 5 4,000 + 3,500 5 3,000 + 2,500 + 2,000 a i—J i) EBITA ($m) = c=] i=] Q n Operating Revenue ($m) 0 T T T T : T T T 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Mmm Revenue —— EBITA
Slide 7: The Tenant — robust recent activity and positive outlook
The Tenant — robust recent activity and positive outlook >» FY05 Trading ~ $4.0b trading revenue; * 6.5% on pcp (cash sales 7 9.1%, trade “gtoré on Store cash Sales. - $408.3m trading EBITA; t 9.0% on pcp ~ merchandising, stock, supply chain improvements 0 Warehou ~ 10 BWH upgrades ~ 4 new trade Dis
Slide 8: The Tenant — 100% occupancy; 9.9 yr ave. lease expiry
The Tenant — 100% occupancy; 9.9 yr ave. lease expiry as at 30 Jun 0 a ee —s =m BO o J Number of leases o Bh OO Db Oo f » Typical lease featt ~ atleast 10 yrst in ¢ options) ~ 5 year market reviews ~ WES covenant
Slide 9: Portfolio — properties Australia-wide
Portfolio — 51 properties Australia-wide Jun 05 as at 30 June 05 vic 19 QLD 10 NSW/ACT a1 WA 9 SA 2 TOTAL 51! 4, includes 2 distribution centres and 2 », development sites
Slide 10: Portfolio — steady asset growth
Portfolio — steady asset growth
Slide 11: Portfolio — 14.8% uplift from market rent reviews
Portfolio — 14.8% uplift from 7 market rent reviews (MMRs) Property Uplift Effective date Albany, WA, 476,347 501,720 +5.3% 2 Nov 04 Bibra Lake, W 857 + 24.8% 2 Nov 04 Hoppers Crossing, V4 : g10) 22 Mar 05 Mile End, 8% 22 Mar 05 Morayfield, Q 873,076 22 Mar 05 Mornington, 1,021,639 17.5% 13 Dec 04 N
Slide 12: Portfolio — FY05 market rent review detail
Portfolio — FYO5 market rent review detail > Process > Result varia uplift +4. ~ consistent > Impact
Slide 13: Portfolio — 30.9% uplift from revaluations
Portfolio — 30.9% uplift from 11 revaluations Property Current Revaluation Capitalisation at valuc increment rate 8.75% 8.50% Coffs Harbour, J 2 8.25% Dandeno 72,0 7.73% 8.75% Hervey B 8.50% Hoppers Crossi 8.50% Mile Eni 7.50% Morayfield, Q 8.25% Mornington, VI 4,800 7.75% Noarlunga, SA 2t 3,253 8.0
Slide 14: Portfolio — capital commitments at June
Portfolio — capital commitments at 30 June 05 Capital Expenditure fincludes stamp duty 2net of sale of surpius land
Slide 15: Portfolio — Morley acquisition
Portfolio — Morley acquisition i@ : Contracts exchanged FYO5, settlement Jul 06 > 8km north of Perth CBD, adjacent Centro -Galleria
Slide 16: Portfolio — Vermont South development
Portfolio — Vermont South development > Scheduled to open mid Aug 05 » Largest BWH to date, total retail-area 16,500m?- wth > Built on $10ni'5.3ha.site purchased by BWP May 03 ve > Developme ee payable $13.3m
Slide 17: Portfolio — overview of committed upgrades
Portfolio — overview of committed upgrades >» Northland ($2.9m) ~ additional 2,482m2 retail a 06 car bays ~ BWP purcha additional 3 ~ incrementa >» Cairns ($0.7m ~ BWP purcha ~ additional 2,29 ~ incremental rent .2ha for $0.3 2 retail area » Lismore ($0.4m) ~ miscellaneous works - capital rentalised
Slide 18: Capital Management
Capital Management > Overview ~ borrowings $16 (pre Morley) » Borrowings ~ preferred
Slide 19: Capital Management - gearing within range but low
Capital Management -— gearing within range but low 50% 4 40% 30% 5 20% 10% 5
Slide 20: Capital Management - debt actively managed
Capital Management - debt actively managed Jun 05 % Debt hedged! 100 Swap Rates (%) - Maximum 6.62 - Minimum 4.97 linterest bearing debt
Slide 21: Financial Performance — solid DPU growth
Financial Performance — solid DPU growth Timing of rent review results End of concessional management fee >» FYO5 DPU 11.96 cents (7 5.1% on pcp)
Slide 22: AIFRS impact to be minimal
AIFRS impact to be minimal AIFRS issue «Straight lining of rent 4 i nnings leases given CPI «Amortisation of inc n Bunnings leases «Mark to market of hedge book ollovers «Debt vs equity ; stitution to be sought
Slide 23: Unitholder Meeting will address regulatory issues
Unitholder Meeting will address regulatory issues >» Perth, 14 Dec 05
Slide 24: MER now in line with industry practice
MER now in line with industry practice FY04 FYO5 MER previously disclosed | © 0 0.75% adjusted/actual 0.68% 0.67%
Slide 25: Outlook
Outlook » Portfolio upgr » Rent reviews Rent reviews Revaluations FY10 10 26
Slide 26: Financial Performance — consistent total returns
Financial Performance — consistent total returns BWP ASX200 Property Source: UBS Warburg
Slide 27: Disclaimer
Disclaimer any direct or indire be suffered by any person throug ed in or omitted
Bunnings Warehouse Property Trust — FY2005 Earnings Presentation on 6ix