AMP Limited · ASX:AMP
AMP — AMP Diversified Property Trust — H1 2001 Earnings Presentation
25 slides from AMP's earnings presentation, November 2000
Slide 1: AMP Diversified Property Trust Interim Result Presentation
November 2000 AMP Diversified Property Trust Interim Result Presentation
Slide 2: Highlights
Highlights Ÿ Distribution per unit increased to 9.55 cents (31 March 2000 - 9.35 cents) Ÿ Earnings per unit of 9.71 cents Ÿ Net Profit of $41.60 million Ÿ Retained earnings increased by $0.68 million to $5.13 million Ÿ Equity placement of 21.65 million units raising $50 million Ÿ Gearing reduced fro
Slide 3: Financial Results: Distribution Statement
Financial Results Distribution Statement 1 April to 30 September 2000 $000 Operating Result 41,597 Total available for distribution 46,045 Distributions paid or provided 40,914 UNDISTRIBUTED INCOME 5,131 AMP Diversified Property Trust
Slide 4: Financial Results: Operating Result
Financial Results Operating Result 1 April to 30 September 2000 30 Sep 2000 31 Mar 2000 $000 $000 Operating Revenue Gross property income 46,579 46,106 Less : Direct property related expenses 6,871 5,735 Net property income 39,708 40,371 Interest - cash & short term money market 685 373 Share of ass
Slide 5: Financial Results: Statement of Assets & Liabilities
Financial Results Statement of Assets & Liabilities as at 30 Sept 2000 30 Sep 2000 31 Mar 2000 $000 $000 Current Assets 51,486 37,156 Non Current Assets 1,402,296 1,397,105 Total Assets 1,453,782 1,434,261 Current Liabilities 123,963 255,578 Non Current Liabilities 300,000 198,981 Total Liabilities
Slide 6: Debt
Debt S&P Rating A/A1 September 2000 March-2000 Commercial Paper Short Term Bank Debt November 2000 Bonds March 2002 Bonds August 2003 Bonds 0 20 40 60 80 100 120 140 160 A$million AMP Diversified Property Trust
Slide 7: Hedge Portfolio
Hedge Portfolio as at September 2000 Notional Principal ($A † Million) 350 7.5% Fixed Rate Bonds ‡ Swaps (Notional Principal) ‡ Average Fixed Rate (excl. margin) †† 300 7.0% 250 6.5% 200 6.0% 150 5.5% 100 5.0% 50 4.5% 0 4.0% 2001 2002 2003 2004 2005 2006 2007 2008 † Total debt is $375m as at 30 Sept
Slide 8: Office Portfolio
Office Portfolio AMP Diversified Property Trust
Slide 9: Highlights
Highlights ŸOccupancy Rate - 96% Ÿ (99% excluding ASIC vacancy at 135 King St) ŸOver renting reduced ŸNew leases over 5% of NLA ($4.5 million in rent) ŸLease renewals over 3.5% over portfolio AMP Diversified Property Trust
Slide 10: Leasing Results: Macquarie Place
Leasing Results 7 Macquarie Place ŸMiddletons Moore Bevans ŸBooz Allen Hamilton ŸProfiles Ray ŸWinthrop Stimpson AMP Diversified Property Trust
Slide 11: Leasing Results: King Street
Leasing Results 135 King Street ŸInsolvency Trustee Services Australia Level 8 - new lease ŸTress Cocks Maddox Level 18 - five year lease ŸHenry Davis York Part Level 7 - two year lease AMP Diversified Property Trust
Slide 12: Leasing Results: Exchange Plaza
Leasing Results Exchange Plaza ŸANZ renewed ŸSalomon Smith Barney ŸPaterson Ord Minnett ŸDeutsche Group Services AMP Diversified Property Trust
Slide 13: Outlook
Outlook Short Term ŸRent growth through upcoming rent reviews ŸIncrease occupancy rates Medium Term ŸHigh occupancy and income growth ŸBTO development ŸActively manage 2004/2005 lease expiries AMP Diversified Property Trust
Slide 14: Retail Portfolio
Retail Portfolio AMP Diversified Property Trust
Slide 15: Highlights
Highlights Rockhampton Shopping Fair ŸNew leases averaging 10% rental growth Shellharbour Square ŸNet income growth of 5% Nowra Fair Ÿ100% occupied following nine new leasing deals in the last six months AMP Diversified Property Trust
Slide 16: Retail Portfolio
Retail Portfolio ŸTotal Sales $1.275 billion # ŸMAT growth - Specialty 5.1% - Total 2.7% ŸSpecialty Occupancy Cost 10.8% ŸOccupancy Rate 99.1% # net of WST & GST AMP Diversified Property Trust
Slide 17: MAT Performance
MAT Performance By Category at 30 September 2000 Snapshot 7% 6% 5% 4% 3% 2% 1% 0% Dept Stores DDS Supermarkets Specialty Total Like on Like 7% 6% 5% 4% 3% 2% 1% 0% Dept Stores DDS Supermarkets Specialty Total AMP Diversified Property Trust
Slide 18: Outlook
Outlook Short-term ŸSpecialty rental growth guaranteed in leases ŸSpecialty rental growth opportunity at lease expiries Medium-term ŸDemand driven development potential within the portfolio AMP Diversified Property Trust
Slide 19: Industrial Portfolio
Industrial Portfolio AMP Diversified Property Trust
Slide 20: Highlights
Highlights ŸOccupancy rate - 95% ŸRental levels at market ŸActive leasing period AMP Diversified Property Trust
Slide 21: Leasing Performance
Leasing Performance Brooklyn Estate Ÿ HAG Imports - Store G Ÿ Toyota - Part Store A Ÿ Melbourne Scouring Co. - Part Store A Bourke Road Ÿ CSR Century Estate Ÿ Volkswagon AMP Diversified Property Trust
Slide 22: Outlook
Outlook Short Term ŸIncrease occupancy ŸIncome Growth through new leases and rent reviews Medium Term ŸBrooklyn leases ŸFerndell Street AMP Diversified Property Trust
Slide 23: Outlook
Outlook
Slide 24: Outlook
Outlook ŸIncreasing DPU profile ŸExcellent lease expiry profile ŸStrong capital management approach ŸNext six months: Ÿ 135 King Street - Leasing Ÿ Rockhampton Shopping Fair - Planning Ÿ Shellharbour Square - Research AMP Diversified Property Trust
Slide 25: Forecast
Forecast Mar 00 Sep 00 Mar 01 DPU (cents) 9.35 9.55 9.55 Tax Free 16% 16% Tax Deferred 19% 21% Retained Earnings ($000) 4,448 5,131 AMP Diversified Property Trust
AMP Diversified Property Trust — H1 2001 Earnings Presentation on 6ix