Blackwall Limited · ASX:BWF
Blackwall — WOTSO Property and BlackWall — Coffee Microcaps (September 2022)
17 slides from Blackwall's conference presentation, Sep 1, 2022
Slide 1: Coffee Microcaps
For personal use only ASX:WOT ASX:BWF Coffee Microcaps 1 September 2022
Slide 2: The WOTSO Property story
The WOTSO Property story For personal use only • Australia’s first listed flexible property security (listed Feb 2021) • Property owning REIT • WOTSO Flexspace op business (est 2014) • 15 properties and 20 WOTSOs • An enhanced return property investment 2
Slide 3: Structure
For personal use only Structure 3 3
Slide 4: The rise of flexible working
The rise of flexible working For personal use only • ‘Coworking’ burst onto the scene approx. 15 years ago and targeted at young start ups and entrepreneurs but it is more than that. • CBRE released a report finding flex space in the US in 2020 was 1.8% of the office market and predicted it to grow
Slide 5: The WOT strategy
The WOT strategy For personal use only • Own a portfolio of suburban and regional assets in ANZ with a focus (but not solely) on providing space for small to medium enterprises on flexible terms near to home • Source vacant properties for purchase with our flexspace business (WOTSO) as a ready made
Slide 6: The WOT point of difference
The WOT point of difference What does flexible property mean to us? For personal use only • Active and dynamic management of property • Providing easy and all inclusive space solutions for customers • Focus on a large number of smaller tenants vs a reliance on long lease expiry (WALE) • Leads to hig
Slide 7: Asset locations
For personal use only Asset locations 7 7
Slide 8: WOT 2022 Results - Highlights
WOT 2022 Results - Highlights For personal use only $457m $23.7m 6cps Annualised WOTSO Revenue Full FY22 distribution Gross assets (50% higher than pre-pandemic levels) $1.66 7 H: $1.44 Adjusted NAV per security L: $1.20 $1.56 Share price range Properties Acquired (past 2 years) Statutory NAV per se
Slide 9: WOTSO flexspace annualised turnover
For personal use only WOTSO flexspace annualised turnover 99
Slide 10: WOT enhanced return
WOT enhanced return For personal use only Gold Coast Enhanced Returns $3,000,000 $2,500,000 Property Income $2,000,000 + $1,500,000 $1,000,000 WOTSO Profit $500,000 = $0 Market Net Income Passing Net Income Enhanced Return Current Enhanced WOTSO Net Income Maturity Enhanced WOTSO Net Income 10 10
Slide 11: Case study – Gold Coast
Case study – Gold Coast For personal use only 11 11
Slide 12: Portfolio Summary
PORTFOLIO SUMMARY OWNED LEASED For personal use only Current Leased Net Current Additional Current Total Net Current WOTSO Net Income WOTSO Profit Net Income Lettable Area Profit Lettable Area Investment Property Portfolio $’000 $’000 $’000 m2 WOTSO Third Party Lease Portfolio $’000 m2 Start-Up Star
Slide 13: WOT's not to like?
WOT’s not to like? For personal use only • Security of a REIT with upside of op co valuation • Moderately valued portfolio trading at discount to NTA • Early adopter of a new property sector • Filling of vacancies = valuation and distribution uplift • Education of valuers / market = valuation uplift
Slide 14: BlackWall Limited (BWF) – What we do
BlackWall Limited (BWF) – What we do For personal use only • Listed property and fund manager • Manager of WOTSO Property and four other property syndicates and registered schemes • Experts in turnaround of distressed properties and portfolios: • Reed Property Trust, now WOTSO Property • 55 Pyrmont
Slide 15: BWF 2022 Results - Highlights
BWF 2022 Results - Highlights For personal use only $500m $6.4m 5.0cps Assets under management Total revenue Fully franked full year dividend $20m $5.7m 9.5% New fund launched Management fee income Grossed up dividend yield (on a share price of $0.70) All figures at 30 June 2022 15
Slide 16: Disclaimer
Disclaimer For personal use only This presentation has been prepared by BlackWall Limited (ASX:BWF) (ACN 146 935 131) and the entities comprising WOTSO Property (ASX:WOT) (WOT) being, BlackWall Fund Services Limited (ACN 079 608 825) as responsible entity for the BlackWall Property Trust (ARSN 109 6
Slide 17: Q&A
For personal use only Q&A ASX:WOT Tim Brown (Joint MD & CFO) ASX:BWF tbrown@blackwall.com.au +61 416 925 376 Jess Glew (Joint MD & COO) Coffee Microcaps jglew@blackwall.com.au +61 438 691 538 1 September 2022
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