Kiwi Property Group Ltd. · NZX:KPG
Kiwi Property — FY2018 Earnings Presentation
73 slides from Kiwi Property's earnings presentation, May 21, 2018
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Slide 2: Annual result
annual result FOR THE YEAR ENDED 31 MARCH 2018 Kiwi Property kiwi 1-23 positioning for growth 3-5 realising our town centre vision for Sylvia Park 6-7 creating exceptional places to shop and work 8-9 building long-term investment opportunities 10 financial, property and sales result 11-16 continuing
Slide 3: Strategy positioned for growth
strategy positioned for growth our investment strategy we invest in a diversified portfolio of retail and office assets that are expected to outperform by consistently attracting high levels of tenant demand our core portfolio Auckland — we have a strong bias to Auckland given its superior prospects
Slide 4: Recycling capital from non-core assets
recycling capital from non-core assets through our asset sales, we have strengthened our portfolio by reducing exposure to regions and sectors identified as ‘non-core’ The Majestic Centre - sold in Dec-17 for $123.2 million - retained building management on behalf of the new owner, Investec on settl
Slide 5: Capital management initiatives executed to fund growth
capital management initiatives executed to fund growth equity raise raised $157 million (net) through a 1 for 11 pro-rata entitlement offer debt diversification further diversified our debt facilities with the addition of China Construction Bank and HSBC to our pool of banking lenders we have furthe
Slide 6: Realising our town centre vision for Sylvia Park: The Grove and No.1 Sylvia Park
realising our town centre vision for Sylvia Park 2.04 The Grove Dining District The Grove Dining District - opened fully leased in Dec-17 - operators report pleasing trading performance - ontrack to exceed targeted investment returns * 7.8% initial yield + 10.0% IRR 2.05 No.1 Sylvia Park 2.06-2.07 c
Slide 7: Sylvia Park galleria and south carpark
realising our town centre vision for Sylvia Park 2.08-2.09 Sylvia Park galleria and south carpark galleria in proGREss south carpark in pRoGRESS - $223 million expansion (incl. south carpark) - anew multi-deck carpark - ~60 new retailers over ~18,000 sqm, including - provides ~900 carparks * atwo-le
Slide 8: Creating exceptional places to shop
creating exceptional places to shop ; mae x Langdons Quarter, Northlands In procress - new dining and entertainment precinct * 13 food operators including two external restaurants * HOYTS cinemas refurbishment (will continue to trade) - progressing on budget - on programme to open Nov-18 completion
Slide 9: Creating exceptional places to work
creating exceptional places to work » Suncorp New Zealand, Vero Centre tenant focus - facilitated transformation of Suncorp’s workplace to - we're supporting our tenants with promote greater collaboration, productivity and + opportunities for wellness and connectivity collaboration * flexible workin
Slide 10: Building long-term investment opportunities
building long-term investment opportunities Drury land - total land controlled 51.3 hectares - Auckland Council-led structure plan for Drury East/West due to be released for consultation in 2018 _ - subject to outcome, zoning changes could be sought from 2019 - Auckland Transport Alignment Project (
Slide 11: Strategy execution drives strong results
strategy execution drives strong results $192.1m rental income +$9.6m +5.2% $120.1m profit after tax -$22.9m -16.0% $111.3m +$8.5m +8.2% a record rental income and operating result (FFO) driven by contributions from acquisitions and recently completed developments our profit after tax result reflect
Slide 12: FFO and AFFO
FFO and AFFO 6.67 cps AFFO +0.63 cps +10.4% 7.84 cps -0.11 cps -1.4% 6.85 cps FY18 cash dividend +0.10 cps +1.5% 103” AFFO payout ratio 87” FFO payout ratio full-year dividend in line with guidance intention is to transition over time to a dividend policy based on AFFO 4.04 FFO 4.05 dividends 4.06 A
Slide 13: Balance sheet strengthened to fund future growth
balance sheet strengthened to fund future growth $3.1b property assets +$82.6m +2.8% 29.7” gearing! -480 bps $1.40 net asset backing per share FY17: $1.39 our asset base has grown due to a favourable investment market together with value-added expenditure across our portfolio, predominantly at Sylvi
Slide 14: We're delivering on our capital management strategy
we're delivering on our capital management strategy 4.99” weighted average cost of debt FY17: 4.61% 3.6 years weighted average term to maturity of debt FY17: 3.5 years credit ratings B B B* B B B (stable) we've diversified our sources of debt funding, secured a credit rating and maintained a low cos
Slide 15: We've created a stronger property portfolio
we've created a stronger property portfolio 3 5% portfolio strength has been enhanced O through intensive asset management rental growth from new and strategy execution leasing and rent reviews FY17: +3.3% - rental growth was provided through rental reviews (+3.4%) and new leasing activity (+3.7*) °
Slide 16: Positive retail sales trend
positive retail sales trend retail portfolio shoppingcentres shopping centres (all large format and (excl. large format (excl. large format shopping centres) centres) centres and North City) total sales $1.77b $1.60b $1.49b total sales growth +3.4% +3.9% +4,5% like-for-like sales +0.9% +1.3” +1.8% g
Slide 17: Continuing to lead in sustainability
continuing to lead in sustainability solar - Kiwi Property set to become New Zealand’s largest p commercial solar power user after signing a non- binding agreement with Meridian Energy to install solar arrays at four more of our shopping centres (in addition to Sylvia Park) EV chargers - expanded ou
Slide 18: Continuing to lead in sustainability
continuing to lead in sustainability carbon - achieved an A- rating in the Carbon Disclosure Project * the highest rating of any NZX-listed entity - retained our FTSE4Good rating * one of only five New Zealand entities included in this index - retained the highest level of carbon certification - Car
Slide 19: We will continue to deliver on our strategy
we will continue to deliver on our strategy our priorities for 2019 advance our town centre vision Sylvia Park - complete No.1 Sylvia Park and the central carpark projects - advance construction of the galleria and south carpark development Drury - progress structure planning process with Auckland C
Slide 20: Outlook and dividend guidance
outlook and dividend guidance growth 6.95 - clear strategy cents per share! - high-quality portfolio - strong balance sheet cash dividend (cents per share) - pipeline of development opportunities 7.00 - exceptional team of committed people 6.95 6.90 6.80 6.85 6.70 675 6.60 6.60 6.50 6.50 6.40 6.40 6
Slide 21: The future of retail
the future of retail instore sales are forecast to grow annual New Zealand retail sales ($b) 80 64.6 60 19.8 eles 38.2 41.9 40 20 1.4 0.8 2.5 4.0 Sl een CS mS ie) 2008 2013 2017 2022 2027 —— instore (actual) === instore (forecast) —— online (actual) === online (forecast) CAGR% proportion of total sa
Slide 22: The future of retail
the future of retail floorspace supply retail floorspace per capita Auckland shopping centre supply/demand (sqm) (000 sqm) 25 1,200 2.0 1,000 800 15 600 10 400 05 200 7 jos | | USA Australia New Zealand 2017 2022 2027 k— Bcourrent supply known new development Ounfulfilled demand =—=— x | ‘ New Zeala
Slide 23: The future of retail
the future of retail Kiwi Property's performance has been resilient our long run average occupancy is 99” occupancy (by NLA) our sales and productivity continue to improve annual sales ($b) and specialty sales ($/sqm) (excl. LFR) 100% 2.0 11,000 9 98% <7 99% | 145 10,000 96% 1.0 9,000 94% 92% 0.5 8,
Slide 24: Property
property
Slide 25: Property appendices: index
property appendices: index property portfolio review development update G market update 1.01 our portfolio 26 2.01 development pipeline 4) 3.01 New Zealand economic overview 51 1.02 property portfolio summary 27 2.02 Sylvia Park ground floor 42 3.02 Auckland CBD office market 52 1.03 portfolio stati
Slide 26: Our portfolio
our portfolio G 1.01 sylvia Park | [| aN SAS eas aT an ze ee retail portfolio [Westgate Lifestyle The Base (50%) , North City 6 a i | Vero Centre sold post balance date a ? F office portfolio *-44 The Terrace Se Kiwi Property 2018 annual result presentation | 21May 2018 | 26
Slide 27: Property portfolio summary
property portfolio summary G 1.02 31-Mar-18 31-Mar-17 retail office total retail office total number of assets G@ 1.03 9 4 13 9 5 14 value ($000)! G 1.03 2,080.6 831.2 2,911.8 2,019.4 879.1 2,898.5 proportion of total portfolio by value @ 1.07 68% 27% 95% 68% 30% 98% weighted average capitalisation
Slide 28: Portfolio statistics
portfolio statistics G 1.03 adopted value $m capitalisation rate % NLA sqm occupancy % WALT years as at 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 Sylvia Park 835.0 755.0 5.38 5.88 74,843 73,852 100.0 100.0 37 3.6 Sylvia Park Lifestyle 74.0 70
Slide 29: Rental income
rental income 31-Mar-18 31-Mar-17 variance like-for-like variance year ended $m $m $m % $m % Sylvia Park 44.2 40.8 43.4 +8.2 +1.8 +47 Sylvia Park Lifestyle 49 48 +0.1 +2.2 +0.1 42.2 LynnMall 18.6 18.3 +0.3 +14 +0.3 +14 Westgate Lifestyle 5.8 44 +14 433.4 The Base 12.0 9.8 +2.2 +22.3 Centre Place - N
Slide 30: Capitalisation rate history
capitalisation rate history G1.05 9.00% 8.48% 8.50% 7.99% 8.00% 750% 7.74% 7.00% 6.50% 6.25% 6.11% 6.00% 5.76% 5.50% = foe) Q fo) = Q o st ite} © nb feo) 2 9 8 cl s Z “ % L a Z a key: ec Jpotice J nvestmentportfotio Kiwi Property 2018 annual result presentation | 21May 2018 | 30
Slide 31: Geographic diversification
geographic diversification ($1.9b) Auckland.. ge: r ) 2 x shopping centres 2x large format retail centres 2x office buildings ($262m) Hamilton N, 33.4% of NZ) . 00 2.x shopping centres 2.x 3" party management mandates ($2071 ton North Manav C ) % of NZ 1x shopping centr e Wellington ($301m) G1.06 ge
Slide 32: Sector and income diversification
sector and income diversification sector diversification by portfolio value © retail 68% Bl office 27% 0) other 5% G1.07 income diversification by investment portfolio gross income f™ i BB government 6* [majors 14% BB banking 6% — mini-majors 12% BB legal 4% specialty 49% Of insurance 3% §§) financi
Slide 33: Retail portfolio diversification
retail portfolio diversification G1.08 property type geographic diversification tenant diversification by retail portfolio value by retail portfolio value by retail portfolio gross income ao a fr {regional centres 89% BB Auckland 61% BB specialty 65% BB large format centres 8% BE damilton 13% BB min
Slide 34: Office portfolio diversification
office portfolio diversification G1.09 property type geographic diversification tenant diversification by office portfolio value by office portfolio value by office portfolio gross income +) C) BE Premium 51% BE Auckland 76% BE government 26% BE A-grade 18% Bf Wellington 24% BB banking 25% A-grade c
Slide 35: New leasing and rent reviews
new leasing and rent reviews rent reviews retail office total no. 605 27 632 NLA (sqm) 161,500 26,00 187,600 % investment portfolio NLA 36 6 42 rental movement (%) 43.4 43.3 43.4 compound annual growth (%) 43.3 +3.0 43.2 structured increases (% portfolio) 93 79 89 new leases and renewals no. 176 7 1
Slide 36: Lease expiry profile
lease expiry profile lease expiry profile % of investment portfolio gross income 60% 51% 50% 40% 30% 20% 13% 14% 10% 10% 1% - im >», vacant or Fvig FY20 FY21 FY22 FY23+ holdover key: ec Jotice Gi retail - anincrease in vacant or holdover tenancies relates primarily to Northlands which is currently u
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● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Slide 38: Retail sales by centre
° retail sales by centre G 1.13 shopping centre pedestrian count MAT $m % var. from Mar-17 specialty sales! millions per annum year ended 31-Mar-18 total like-for-like $/saqm GOC% 31-Mar-18 total sales growth by centre Sylvia Park fl hoppi shopping centres LynnMall = Sylvia Park 550.8 +9.0 42.8 13,4
Slide 39: Retail sales by category
retail sales by category G 1.14 MAT $m % var. from Mar-17 year ended 31-Mar-18 total like-for-like total sales growth by category supermarkets __| shopping centres department stores / DDS. i | © supermarkets 315.5 +17 +17 § department stores / DDS 211.0 12 12 cinemas F 7 | BI cinemas 37.8 +0.6 +0.6
Slide 40: Pro-forma statistics excluding North City
pro-forma statistics excluding North City G 1.15 as at 31-Mar-18 retail office total number of assets 8 4 12 value ($000) 1,981.5 831.2 2,812.7 proportion of total portfolio by value 67* 28% 95% weighted average capitalisation rates 6.15% 5.76% 6.03% over/(under) renting +0.3% 0.0% +0.2% net lettabl
Slide 41: Development pipeline
development pipeline G 2.01 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 beyond rts Sylvia Park The Grove Dining District ($8.9m) Fo The Base outlet centre ($2.1m) fs Sylvia Park No.1 Sylvia Park office building ($80.2m) ae $370 million of ; ti ststsisSCzY Northlands Langdons Quarter ($18.8m) de
Slide 42: Sylvia Park
Sylvia Park G 2.02 ground floor redevelopment - completed or underway tn Shi) central carpark \ H&M and Zara The Grove Dining District No.1 Sylvia Park = central carpark COMPLETED OCT-16 y COMPLETED DEC-17 NEARING COMPLETION IN PROGRESS the first ever NZ contemporary, landscaped 11,400 sqm of office
Slide 43: Sylvia Park
Sylvia Park G2.03 first floor - galleria expansion om__ __uee pre een TT i galleria and south carpark IN PROGRESS anew galleria level providing a Farmers department store, a next generation casual dining experience, an expanded retail offer including international brands new to New Zealand along wit
Slide 44: The Grove Dining District
The Grove Dining District dining lane and pavilion project overview - acontemporary alfresco dining experience - 100% leased to a range of restaurants ¢ Better Burger * Hawker & Roll! + Birdie’s Bar and Deli + Mexico + Casablanca + The Coffee Club * Cleaver & Co! * The Little District! * Garrison Pu
Slide 45: No.1 Sylvia Park
No.1 Sylvia Park office building project overview - new 10-level building nine levels of offices (11,370 sqm) ground floor food and beverage (800 sqm) leasing status - 90% leased by income 8 of 9 office floors leased to IAG (3,320 sqm) and ANZ (6,740 sqm) ground floor retail tenancies fully leased f
Slide 46: Sylvia Park central carpark
Syivia Park central carpark project overview - new five-level carpark building * ~600 carparks * vehicle management system * welllocated between Zara and H&M * enhanced customer amenity financial metrics total project cost $36.3m timetable construction commenced Apr-17 construction completion Nov-18
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Slide 48: Sylvia Park galleria and south carpark
Sylvia Park galleria and southtearpark project overview - new galleria retail level * =18,000 sqm with ~60 new retailers * two-level Farmers department store * next generation casual dining experience * new international brands and concept stores, including selected retailers from our waiting list o
Slide 49: Sylvia Park galleria and south carpark
Sylvia Park galleria and south carpark existing other galleria galleria completed centre projects! (lost) (new) centre net lettable area (sqm) majors 30,600 - - 8,100 38,700 mini-majors 17,600 2,200 19,800 specialty/other 26,800 - (400) 7,100 34,100 offices 11,400 11,400 total centre 75,000 11,400 (
Slide 50: Langdons Quarter, Northlands
Langdons Quarter, Northlands a vibrant food and entertainment precinct project overview - active response to customer demand - new food and entertainment precinct below the existing cinema complex + 13 tenancies including two new external restaurant structures * undertaking required seismic strength
Slide 51: New Zealand economic overview
New Zealand economic overview gross domestic product (GDP)! GDP trend - 400 4% GDP growth pa (Mar-8 estimate) = ——— 3.0% . e 300 aoe ee = | 3% GDP (2018 estimate) $284 billion 200 1% GDP per capita (2018 estimate) $59,053 1% 0% inflation? Be2eezeeegeegeeg -100 XS s§ § 8 & F& & & R QP % annual inflat
Slide 52: Auckland CBD office market
Auckland CBD office market G 3.02 outlook key points (Premium and A-grade accommodation) our Auckland office exposure > supply - nochange to Premium-grade stock until the 2019 completion of the 39,000 sqm PwC Tower ~50,000 sqm of new A-grade space added over 2017, including 17,000 sqm at the refurbi
Slide 53: Wellington CBD office market
Wellington CBD office market outlook key points (A-grade and B-grade accommodation) G 3.03 our Wellington office exposure A supply absorption vacancy rents ($/sqm/net effective) yield in 2018 and 2019, over 50,000 sqm of A-grade space is expected to re-enter supply, predominantly the return of build
Slide 54: Group
group
Slide 55: Group appendices: index
group appendices: index G financial review G other information 4.01 profit after tax 56 5.01 glossary 69 4.02 interest and finance charges 57 5.02 calendar of key dates 71 4.03 management expense ratio (MER) 58 5.03 disclaimer 72 4.04 FFO 59 4.05 dividends 60 4.06 AFFO 61 4.07 balance sheet 62 4.08
Slide 56: Profit after tax
profit after tax 31-Mar-18 31-Mar-17 variance year ended $m $m $m % property revenue Gi.04 249.3 238.1 411.2 +47 property management income 17 15 +0.2 413.3 interest and other income 0.3 0.3 net fair value gain on investment properties 26.5 41.0 14.5 -35.4 net fair value gain on interest rate deriva
Slide 57: Interest and finance charges
interest and finance charges GA.O2 31-Mar-18 31-Mar-17 variance year ended $m $m $m % interest on bank debt -31.6 -35.1 43.5 +10.0 interest on bonds 14.8 10.8 -4.0 -37.0 interest expense incurred -46.4 -45.9 -0.5 -1.1 interest capitalised to Sylvia Park 2.0 05 +15 +300.0 Westgate Lifestyle 1.3 13 -1
Slide 58: Management expense ratio (MER)
management expense ratio (MER) 31-Mar-18 31-Mar-17 year ended $m $m employment and administration expenses G4 20.5 18.0 less recovered through property management fees -8.1 79 net expenses 12.4 10.1 weighted average assets 3,011.8 2,848.0 management expense ratio! (non-GAAP measure) Al bps 35 bps No
Slide 59: FFO
FFO G 4.04 31-Mar-18 31-Mar-17 variance year ended $m $m $m % profit after tax G4 120.1 143.0 -22.9 -16.0 adjusted for net fair value gain on investment properties G40 -26.5 -41.0 14.5 +35.4 loss on disposal of investment properties G40 71 1.3 +5.8 +446.2 net fair value loss/(gain) on interest rate
Slide 60: Dividends
dividends G4.05 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 year ended $m $m cps? cps” funds from operations (FFO)' GA04 111.3 102.8 7.84 7.95 amount retained 141 15.5 -0.99 -1.20 cash dividend 97.2 87.3 6.85 6.75 imputation credits 26.8 24.8 1.89 1.92 gross dividend 124.0 112.1 8.74 8.67 cash dividend
Slide 61: AFFO
AFFO G4.06 31-Mar-18 31-Mar-17 variance year ended $m $m $m % - FY18 payout ratio funds from operations (FFO)! GA04 111.3 102.8 +8.5 +8.2 assisted by low adjusted for maintenance maintenance capital expenditure -47 -8.6 +3.9 +45.3 capital expenditure in FY18 tenant incentives and leasing fees 19 -16
Slide 62: Balance sheet
balance sheet 31-Mar-18 31-Mar-17 movement as at $m $m $m % investment properties GA.08 3,052.0 2,969.4 +82.6 42.8 cash GA09 10.7 98 +0.9 +9.2 deferred tax assets Al 42 -0.1 -2.4 other assets 18.7 16.5 +2.2 413.3 total assets 3,085.5 2,999.9 +85.6 +2.9 finance debt G409 9135 1,030.4 116.9 1.3 deferr
Slide 63: Investment properties movement
investment properties movement ¢:,) 3,100 4 3,000 4 2,900 4 2,800 4 q 2,700 4 +$2,969.4 2,600 4 2,500 4 acquisitions disposal velopment 2,400 + = 2 x Lo x g = @ 3 2 2 E =e é ege & é 8 BE £ ae = > g Fad 2 o s =& 6 sg 3 = = 2° = = 3 Q a (7) oa Zz 8 G 4.07 balance sheet Kiwi Property 2018 annual result
Slide 64: Net finance debt movement
net finance debt movement (7) G 4.09 as at 31-Mar-18 31-Mar-17 bank debt 540.0 782.5 bonds 373.5 247.9 cash on deposit 10.7 -9.8 net finance debt 902.8 1,020.6 1,200 4 1100 4 +$112.6 1000 | os i $421 +18) +9885 #8297 900 - Es — ~~ i 800 -$189.5 veeie| $1,020.6 -$157.0 =$902.8 600 500 400 w 2 2 2 2 2
Slide 65: Finance debt facilities
finance debt facilities ¢) debt maturity profile as at 31-Mar-18 $m % FY19 FY20 [EER EE EC 258.0 20 Fv21 EES Ee 292.0 23 ‘2 TRE 200 | 2 FY23 [RS 33.0 2 Fv24 C m0 7 FY. Ss 125.0 10 total facilities 1,292 100 facilities drawn 915 71 undrawn facilities 377 29 key: | ANZ | BNZ | CBA | CCB | HSBC Westpac
Slide 66: Capital management metrics
capital management metrics finance debt metrics G4 as at 31-Mar-18 31-Mar-17 gearing weighted average term to maturity 3.6 years 3.5 years - decreased following repayment weighted average interest rate 4.99% Aer of debt from the proceeds of (incl. of bonds, active interest rate derivatives, margins
Slide 67: Fixed-rate debt profile
fixed-rate debt profile GAaAA2 fixed-rate profile (inclusive of bonds on issue (Mar-18: $375 million, Mar-17: $250 million) 31-Mar-18 31-Mar-17 percentage of drawn finance debt at fixed rates 83% 65% weighted average interest rate of active fixed-rate debt (excl. fees and margins) 3.55% 3.76% weight
Slide 68: Pro-forma gearing
pro-forma gearing G A413 45% 7 40% + 35% 4 +4.5% 30% 7 +0.8% +0.4% +0.4% 5% 4 “ $31.4m $16.3m $15.6m $206.2m 20% + 15% 4 10% 4 5% 4 0% + © > = 2 = " 2 2 g : : 5 5 & = = z < a g 3 5 gg : 2 - 3 a 2 2 et Seo 2g a = 2 22 z Su @ S 5 8 “ a S ges é g 2 & a 2 3 i 2 & = 3s g 5 . 3 5 3 G 4.07 balance sheet Ki
Slide 69: Glossary
glossary G 5.01 adjusted funds from operations (AFFO) AFFO is an alternative non-GAAP performance measure used by Kiwi Property. AFFO is a measure commonly used by real estate entities to describe their underlying and recurring cash flows from operations. Broadly, AFFO adjusts FFO by deducting the c
Slide 70: Glossary (continued)
glossary continued G 5.01 gross occupancy cost (Goc) total gross occupancy costs expressed as a percentage of moving annual turnover (excluding GST). like-for-like rental income excludes rental income from assets or portions of assets purchased, disposed of or undergoing development in either year o
Slide 71: Calendar of key dates
calendar of key dates G 5.02 annual meeting of shareholders 7 June 2018 * 10.00am, Eden Park, Auckland final dividend payment (for the six months ended 31 March 2018) + exdate 5 June 2018 * record date 6 June 2018 * payment date 21 June 2018 KPGO30 bond interest payment (2024 maturity) 19 June 2018
Slide 72: Disclaimer
disclaimer G 5.03 Kiwi Property Group Limited (‘Kiwi Property’) has prepared this presentation (the ‘Presentation’) and the information contained in it is intended to provide general information only and does not take into account your individual objectives, financial situation or needs. It is not i
Slide 73: Kiwi Property
Kiwi Property kp.co.nz