Charter Hall Retail Reit · ASX:CQR
Charter Hall Retail Reit — Shareholder Meeting (December 2011)
26 slides from Charter Hall Retail Reit's shareholder meeting presentation, Dec 7, 2011
Slide 1: Chairman's address transcript: 2011 Unitholder Meeting
CHARTER HALL RETAIL REIT 2011 UNITHOLDER MEETING Wednesday, 7 December 2011 Good afternoon and welcome everyone to the Charter Hall Retail REIT unitholder update. For personal use only My name is John Harkness and I am the Independent Chairman of Charter Hall Retail Management Ltd, the manager of th
Slide 2: Chairman's address (continued)
Also, I would like to advise that today’s meeting is being webcast live and will be available on our website. Charter Hall Retail REIT has substantially delivered on its strategy to reposition the REIT as a specialist Australian supermarket anchored shopping centre owner, delivering unitholders with
Slide 3: Chairman's address: governance and fee review
♦ The redevelopment of our existing Australian assets; and ♦ The buy-back of units. It is important to highlight that the REIT benefits from management by a fully vertically integrated property group in retail that is tailor made for supermarket anchored neighbourhood and sub-regional For personal u
Slide 4: Charter Hall Retail REIT Unitholder Briefing December 11
Charter Hall Retail REIT For personal use only Unitholder Briefing 7 December 2011
Slide 5: Board of Directors
Board of Directors For personal use only John Harkness Chairman and Independent Director Maurice Koop Alan Rattray-Wood David Southon David Harrison Steven Sewell Independent Independent Executive Director Executive Director Alternate Director Director Director & CEO Natalie Allen Acting Company Sec
Slide 6: Agenda
Agenda For personal use only 1 Chairman’s address: Mr John Harkness 2 CEO’s address: Mr Steven Sewell 3 Questions 3
Slide 7: Chairman's address
Charter Hall Retail REIT For personal use only 01 Chairman’s address Mr John Harkness
Slide 8: Charter Hall Retail REIT overview
Charter Hall Retail REIT For personal use only Specialist REIT that invests mostly in Australian supermarket anchored shopping centres Portfolio comprises 93 retail properties, CQR share valued at A$1.9 billion Australian properties are 86% of net tangible assets Woolworths and Coles businesse
Slide 9: REIT Business Objectives
REIT Business Objectives For personal use only REIT to be a specialist owner of Australian supermarket anchored neighbourhood and sub-regional shopping centres Leverage off Charter Hall’s fully integrated property services platform to maximise both income and capital returns for unitholders Co
Slide 10: Corporate Governance & Fee Review
Corporate Governance & Fee Review For personal use only As first announced in July 2011, the Independent Directors with the assistance of Ernst & Young have completed a review of the REIT’s corporate governance and fee arrangements Review conducted following extensive collaboration with major st
Slide 11: Corporate Governance & Fee Review
Corporate Governance & Fee Review For personal use only No change to existing fee structure Ernst & Young review found that fund management fee is at the low end of the range of fees for those externally managed REITs that have similar fee structures1 Ernst & Young suggestion Is this being Comme
Slide 12: CEO's address
Charter Hall Retail REIT For personal use only 02 CEO’s address Mr Steven Sewell
Slide 13: Full Year Operating Results
Full Year Operating Results For personal use only Results Summary Earnings 12 months to June 2011 Statutory profit $62.9m $85.2m Operating earnings 27.96 cpu $75.4m Distribution 24.80 cpu Payout ratio 88.7% Balance sheet As at June 2011 $1,070m Net tangible assets (NTA) $3.54 pu Portfolio valuation
Slide 14: Recent Highlights
Recent Highlights For personal use only Reweighting to Australia Acquired or contracted to acquire 14 properties valued at $534m1 since July 2010, predominantly funded using equity realised from sale of US and NZ non-core assets Disposal of remaining wholly owned US assets in progress Capita
Slide 15: Geographic Analysis
Geographic Analysis For personal use only Proportion of NTA New Zealand Europe Australia 1% 7% 86% Australia Europe 91% 7% United States 2% United States 6% 30 June 2011 Post announced transactions Australia now represents the majority of the REIT’s portfolio equalling 86% of NTA Europe represen
Slide 16: Portfolio Summary
Portfolio Summary For personal use only Domestic Offshore Total Portfolio September Australia Europe US and NZ June 2011 2011 Number of properties 71 7 14 92 93 Number of tenancies 1,597 422 222 2,241 2,140 Performance metrics Same property NOI growth1 3.6% 1.8% 0.8% 2.6% 3.1% Occupancy2 98.9% 97.8%
Slide 17: Australian Portfolio
Australian Portfolio For personal use only 71 properties 1,597 tenancies 437,215sqm GLA $1.4 billion value Woolworths + Coles businesses = 52.2% of ABR1 Portfolio value at 30 June 2011 adjusted for the completed disposals and acquisitions. All other calculations as at 30 September 2011 1. Annual bas
Slide 18: Investment Strategy
Investment Strategy For personal use only Strategy: Selectively acquire supermarket anchored shopping centres with strong capital and income growth potential Sector: Neighbourhood and sub-regional supermarket anchored Asset value: $20 million - $80 million per asset Financial metrics: Five yea
Slide 19: Acquisition Case Study: Woolworths portfolio
Acquisition Case Study Woolworths portfolio For personal use only $266 million high quality portfolio acquired in joint venture with Telstra Super Carnes Hill Marketplace, NSW Rutherford Marketplace, NSW High quality portfolio of eight shopping centres built by Woolworths Ltd Rutherford Marketplac
Slide 20: Australian Portfolio: Redevelopment pipeline
Australian Portfolio Redevelopment pipeline For personal use only FY10 FY11 FY12 FY13 FY14 FY15 Erindale, $30.0m Mackay Centre, $15.0m Lake Macquarie, $12.5m Carnes Hill, $7.5m South Hedland, $35.0m Singleton, $55.6m Albany, $10.0m Allenstown, $16.3m Jerrabomberra, $2.2m Carnarvon, $1.0m Esperance,
Slide 21: Debt Maturity Profile
Debt Maturity Profile For personal use only A$CMBS facility refinanced 12 months ahead of maturity, with substantial reduction in margin and earnings benefit Australian Multi-Currency facility extended to October 2016 and limit increased to $335 million1 Poland property level debt facility ext
Slide 22: Retail Sector and Outlook
Retail Sector and Outlook Supermarket anchored shopping centres For personal use only Australian macroeconomic factors remain positive – consistent high employment and positive GDP growth Consumer confidence soft overall but with limited impact on food and non-discretionary retail categories O
Slide 23: FY12 Earnings and Distributions
FY12 Earnings and Distributions For personal use only Guidance increased on strong fundamentals On execution of strategy and barring unforeseen events: FY12 operating earnings now forecast in a range of 28.75 – 29.25 cents per unit, following positive impacts of: ― Australian asset acquisitions, f
Slide 24: Questions
Charter Hall Retail REIT For personal use only Questions
Slide 25: Important Notice
Important Notice For personal use only Charter Hall Retail Management Limited ABN 46 069 709 468; AFSL 246996 (“CHRML”) is the responsible entity of Charter Hall Retail REIT ARSN 093 143 965 (“CQR”). This presentation has been prepared by CHRML for general information purposes only and is not an
Slide 26: charterhall.com.au/cqr
For personal use only charterhall.com.au/cqr
Charter Hall Retail REIT — Shareholder Meeting (December 2011) on 6ix