Bwp Trust · ASX:BWP
Bwp Trust — Bunnings Warehouse Property Trust — H1 2004 Earnings Presentation
22 slides from Bwp Trust's earnings presentation, Feb 24, 2004
Slide 1: Bunnings Warehouse Property Trust Investor Presentations - February 2004
BUNNINGS WAREHOUSE PROPERTY TRUST _ i UTM a an Investor Presentations - February 2004 www.bunningspropertytrust.com.au
Slide 2: Presentation format
Presentation format >» Presenters ~ Outlook
Slide 3: Structure
Structure » Manager: Bunnings Property - subsidiary of WES - independent board - independent § » Tenant: Bunni - subsidiary of » Register - WES 22% - “institutions” approx retail approx. 44% agement (BPML) Bill Cairns Robert M Peter M Gene Till rman); AVR, ex GPT, FAL, WAN
Slide 4: Events - highlights
Events - highlights — i distributi > 15% Market > Revaluation of 1S book value HESSD ey: Cae gs /
Slide 5: Results - highlights
Results - highlights > Interim distributior , “op 4 7.0% on pcp > Property asse 4 29.8% on pcp 5.4% on pcp 35% on pcp 4 26.6% on pcp Note: all as at 31 Dec 2003
Slide 6: Results — reconciliation against estimate
Results — reconciliation against estimate A Income 217 Expenses Management § | ) 10 Borrowing cd (71) Other 10 Total (51) Operating profit 268 Units eligible 271 - DPU cpu 5.41 5.51 0.10
Slide 7: The Tenant — a strong performer with Warehouses
The Tenant — a strong performer with 122 Warehouses Sales from Warehouses drive Bunnings Revenue 3,500 5 _ - 400 3,000 4 P 350 & 2,500 4 p 300 Ss + 250 — S 2,000 4 E 8 F 200 om 1,500 4 Fy £ t 150 WH = 1,000 4 2 ’ 7 100 (o) 500 4 L 50 0 0 F995 F96 FO? F98 F99 FOO FO1 FO02 F03 mum Revenue —— EBIT (pre
Slide 8: The Tenant — recent activity and outlook
The Tenant — recent activity and outlook > H2004 Trading - $2.0b revenue; ft 12% on pcp resto store cash Se % - $212m EBITA; tT 8% on pcp ’ L000 Warehouse - Ongoing Inventory management Series 50600 Ware ~ Openings 8 to 12 pa (AUS & NZ) ~ Upgrade/conversion programme outlook 10 to 15 pa a PIVOD Ware
Slide 9: The Tenant — 100% occupancy; 11.3 yr ave. lease expiry
The Tenant — 100% occupancy; 11.3 yr ave. lease expiry 244 20 5 16 4 12 7 Number of leases - 5 year market revie ~ Some ratchet clauses WES covenant
Slide 10: Acquisition/Development Process - greenfields
Acquisition /Development Process - greenfields
Slide 11: Acquisition/Development Process - other
Acquisition/Development Process - other A ine TEE wh sah 7
Slide 12: Portfolio - properties; geographic spread improving
Portfolio -— 49 properties; geographic spread improving Jun O02 Jan od VIC 17 19 QLp 6! 102 WA 9 9 NSW/ACT 3 9 SA 2 2 TOTAL 37 49 1 Includes distribution centres
Slide 13: Portfolio — value now exceeds $500m
Portfolio — value now exceeds $500m $m 500 7 400 + 300 | 200 5 " Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 MAtcost & Revaluations
Slide 14: Portfolio — yearly valuation cycle (minimum)
Portfolio — 3 yearly valuation cycle (minimum) Reval BV increment +8.8% 2000/01 +9.9% +7.4% +24.9%
Slide 15: Portfolio - rent review task and process
Portfolio - rent review task and process > Task rent pa i : i in same State # market i ment rent » Process
Slide 16: Portfolio — rent review status
Portfolio — rent review status i
Slide 17: Portfolio — 15% uplift from rent reviews to date
Portfolio — 15% uplift from rent reviews to date Passing Rent ($ pa) Market Review ($ pa) Uplift Effective Date QLD Burleigh Heads +9.5% 22 Oct 03 Southport +9,.3% 10 Nov 03 Underwood +7.4% 22 Oct 03 +8.8% vic a Altona 3 i y ] +19.9% 24 Sep 03 Fountain Gat yy 15.8% 24 Sep 03 Nunawading ° | 14.6% 24
Slide 18: Capital Management - overview
Capital Management - overview yht rights iss - $23.9m place - $44.0m one » Distribution reinvest - Uptake Feb 04 : 44% unithold ‘ nitholdings) - 2.5% market discount (Feb 04 : $1.53 per unit)
Slide 19: Capital Management - gearing on target
Capital Management - gearing on target 50% 4 40% 30% | 20% 10% | Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 0% + i
Slide 20: Capital Management - debt actively managed
Capital Management - debt actively managed % Debt hedged! Swap Rates (%) ~ Maximum ~ Minimum 1 Interest bearing debt » 31 Dec 03: Jun Dec 2003 2003 86 98 6.62 6.62 5.08 4.97
Slide 21: Financial Performance — consistent DPU growth
Financial Performance — consistent DPU growth 5.51 | | Dec-98 Jun-99 Dec-99 ia Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 cPuU End of concessional 6.00 management fee 5.00 4.00 3.00 2.00 4 1.00 0.00 4
Slide 22: Outlook
Outlook » Acquisition opportunities - ex BBS rollout (8 to 12 pa) >» Rentreviews - 2006/07 | 2007/08 7 7 25 7 Rent reviews Revaluations 1. likely
Bunnings Warehouse Property Trust — H1 2004 Earnings Presentation on 6ix