Centuria Industrial Reit · ASX:CIP
Centuria Industrial Reit — Investor Presentation (April 2020)
28 slides from Centuria Industrial Reit's investor presentation, Apr 9, 2020
Slide 1: Centuria Industrial REIT Equity Raising
EQUITY RAISING ASX: C IP 9 Apr 2020 Centuria Industrial REIT C E NT URIA IND US T RIAL RE IT AS X : C IP 1 69 STUDLEY COURT, DERRIMUT, VIC NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 2: Executive Summary
EXECUTIVE SUMMARY Equity raising overview • Centuria Property Funds No.2 Limited (CPF2L), as Responsible Entity of Centuria Industrial REIT (CIP), is undertaking an equity raising comprising: - A fully-underwritten institutional placement to raise $130.0 million (the Placement) - A non-underwritten
Slide 3: Investment highlights
HIGHLIGHTS Investment highlights • CIP’s portfolio is 96.4% occupied with portfolio WALE of 6.9 years • Over 67% of portfolio leases expire at or beyond FY24 1 Quality industrial portfolio with high occupancy and long WALE - Limited near term expiry with only 5.5% of the portfolio expiring over rema
Slide 4: Key metrics post Equity Raising
PORTFOLIO OVERVIEW Key metrics post Equity Raising PORTFOLIO FINANCIAL 49 $1.6bn $1.1bn 27.7% High quality assets Portfolio value1 Market capitalisation3 Gearing post Placement4,6 96.4% 6.9yrs $2.78 7.4% Portfolio occupancy2 Portfolio WALE2 Pro forma NTA5,6 FY20 distribution yield7 1. As at 31 Decem
Slide 5: Portfolio tenants weighted to defensive and resilient sectors
PORTFOLIO OVERVIEW Portfolio tenants weighted to defensive and resilient sectors • Diverse income streams from customers in defensive sectors WEIGHTED AVERAGE LEASE EXPIRY (% BY INCOME) across a portfolio of 49 high quality industrial and logistics assets 67.6 • 54% of portfolio income derived from
Slide 6: Prudent capital management
CAPITAL MANAGEMENT Prudent capital management DEBT MATURITY PROFILE ($M) DEBT HEADROOM ($M) 3 Current WADM of 3.6yrs with no maturities until FY22 65 189 $189m of debt headroom 585 295 461 225 Significant headroom to 100 lender covenants 30 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 DEC 19 DEC 19 PRO F
Slide 7: Centuria has a track record of creating unitholder value
PORTFOLIO OVERVIEW Centuria has a track record of creating unitholder value Market Included Australia’s Capitalisation in the S&P largest domestic Total unitholder return of 39.3% since January 2017 1 ASX300 pure-play $1.1bn2 Index Industrial REIT TOTAL UNITHOLDER RETURN PORTFOLIO VALUE ($BN) NTA ($
Slide 8: Sources and uses of proceeds
EQUITY RAISING OVERVIEW Sources and uses of proceeds USE OF PROCEEDS SOURCES OF PROCEEDS1 $m Placement proceeds 130.0 • The proceeds from the Equity Raising will strengthen CIP’s balance sheet and provide funding flexibility for it to continue to implement its strategy Total sources 130.0 - CIP’s st
Slide 9: Equity Raising details
EQUITY RAISING OVERVIEW Equity Raising details • Fully underwritten institutional placement to raise $130.0 million Equity Raising • Non-underwritten UPP to eligible unitholders in Australia and New Zealand to raise up to $10.0 million 1 - Eligible unitholders will be invited to subscribe for up to
Slide 10: Equity Raising indicative timetable
EQUITY RAISING OVERVIEW Equity Raising indicative timetable KEY EVENT DATE1 Record date for UPP Wednesday, 8 April 2020 Trading halt and announcement of the Equity Raising Thursday, 9 April 2020 Placement bookbuild Thursday, 9 April 2020 Trading halt lifted Tuesday, 14 April 2020 Settlement of units
Slide 11: Appendices
Insert image Appendices Appendix A – Pro forma balance sheet A S X : C IP Appendix B – Key risks Appendix C – International offer jurisdictions Appendix D – Summary of underwriting agreement C E NT URIA IND US T RIAL RE IT AS X : C IP 11 14ASHBURN 1 – 17 DANSU ROAD, BUNDAMBA, COURT, HALLAM,QLD VIC
Slide 12: Pro forma balance sheet
APPENDIX A Pro forma balance sheet A S X : C IP C E NT URIA IND US T RIAL RE IT AS X : C IP 12 1 INTERNATIONAL DRIVE, WEST MEADOWS, VIC
Slide 13: Pro forma balance sheet
Pro forma balance sheet POST-BALANCE DATE PRO FORMA $m 31 DECEMBER 2019 PLACEMENT ADJUSTMENTS1 31 DECEMBER 2019 Cash 23.0 23.0 Investment properties 1,552.3 22.0 1,574.3 Goodwill 10.5 10.5 Other assets 30.3 (23.6) 6.7 Total assets 1,616.1 (1.6) - 1,614.5 Interest bearing liabilities 582.8 (1.1) (122
Slide 14: Key risks
APPENDIX B Key risks A S X : C IP C E NT URIA IND US T RIAL RE IT AS X : C IP 14 6 MACDONALD ROAD, INGLEBURN, NSW
Slide 15: Key risks
Key risks CIP property investments and management operations are by their nature exposed to specific market risks and those of a general nature. Each of these risks may have some kind of impact on the financial performance of CIP and consequently the value of investments in CIP. Investors should car
Slide 16: Key risks
Key risks Funding Economic, political, capital and credit market conditions influence whether CIP will be able to raise funds on favourable terms, if at all, in order to proceed with future commercial activities. These conditions are in flux due to COVID-19. An inability to raise funds, or a limitat
Slide 17: Key risks
Key risks Market risks Investors should be aware that the market price of CIP units and the future distributions made to CIP unitholders may be influenced by a number of factors that are common to most listed investments, some of which are beyond CIP’s control. At any point in time, these may includ
Slide 18: Key risks
Key risks Counterparty/Credit risk CIP is exposed to the risk that third parties, such as tenants, developers, service providers and counterparties to other contracts may not be willing or able to perform their obligations. Fixed nature of costs Many costs associated with the ownership and managemen
Slide 19: International offer jurisdictions
APPENDIX C International offer jurisdictions A S X : C IP C E NT URIA IND US T RIAL RE IT AS X : C IP 19 30 CLAY PLACE, EASTERN CREEK, NSW
Slide 20: International offer restrictions
International offer restrictions This document does not constitute an offer of new units ("Units") of CIP in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the Units may not be offered or sold, in any country outside Australia e
Slide 21: International offer restrictions
International offer restrictions Section 138 of the Securities Act (Ontario) provides that no action shall be commenced to enforce these rights more than (a) in the case of any action for rescission, 180 days after the date of the transaction that gave rise to the cause of action or (b) in the case
Slide 22: International offer restrictions
International offer restrictions Singapore This document has not been registered as a prospectus with the Monetary Authority of Singapore ("MAS") and, accordingly, statutory liability under the Securities and Futures Act, Chapter 289 (the "SFA") in relation to the content of prospectuses does not ap
Slide 23: Summary of underwriting agreement
APPENDIX D Summary of underwriting agreement A S X : C IP C E NT URIA IND US T RIAL RE IT AS X : C IP 23 2 KEON PARADE, KEON PARK, VIC
Slide 24: Summary of underwriting agreement
Summary of underwriting agreement Centuria Property Funds No.2 Limited as responsible entity for the Centuria Industrial REIT has entered into an underwriting agreement with Moelis Australia Advisory Pty Ltd and J.P. Morgan Securities Australia Limited as underwriters, pursuant to which the Underwri
Slide 25: Summary of underwriting agreement
Summary of underwriting agreement s) any government agency commences, or announces that it intends to commence, any public action against an officer of CPF2L in their capacity as officer of CPF2L, or announces that it intends to take any such action or an officer of the CPF2L is charged with an indi
Slide 26: Disclaimer
Disclaimer This presentation has been prepared by Centuria Property Funds No. 2 Limited (ACN 133 363 185) (CPF2L) as employees, advisers, partners, affiliates and agents (together, the CPF2L Parties), and the Underwriters, their responsible entity of Centuria Industrial REIT (ARSN 099 680 252) (CIP)
Slide 27: Disclaimer
Disclaimer This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the completeness of information in this presentation. United States and may not be distributed or released in the United States or to any person acting for the account or bene
Slide 28: C E NT URIA IND US T RIAL RE IT AS X : C
C E NT URIA IND US T RIAL RE IT AS X : C IP 28
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