Slide 1: Results by Mirvac
results by mirvac 22 february 2011 tower 8, yarra’s edge, Docklands, VIC
Slide 2: Agenda
agenda mirvac GROUP AND STRATEGY 2 KEY 1H11 ACHIEVEMENTS 5 financial RESULTS 8 INVESTMENT – MPT 10 DEVELOPMENT 16 CAPITAL MANAGEMENT 25 CORPORATE RESPONSIBILITY AND SUSTAINABILITY 28 Queensland update 30 SUMMARY and Guidance 33 MIRVAC half year results presentation 22 february 2011 page 1
Slide 3: Mirvac Group and Strategy
MIRVAC GROUP AND STRATEGY woolworths distribution centre, hoxton park, Sydney, NSW MIRVAC half year results presentation 22 february 2011 page 2
Slide 4: Mirvac Group
MIRVAC GROUP 80% Office – 57.2% 2 Mirvac Property Trust – MPT retail – 30.6% 2 Invested capital – $5,805m 1 other – 12.2% 3 target Operating NPAT — through 20% cycle Residential apartments – 41.7% $1,463.2m masterplanned communities – 39.8% development 81.0% integrated housing – 18.5% Invested capi
Slide 5: Mirvac strategy
MIRVAC strategy Investment — MPT drivers outcome Optimise asset performance Actively weight sector Market leading Australian Divest non aligned assets positions to maximise diversified property trust total returns Development drivers outcome Redeploying capital from Maximise commercial Market leadin
Slide 6: Key 1H11 achievements
key 1h11 achievements river homes, yarra’s edge, Docklands, VIC MIRVAC half year results presentation 22 february 2011 page 5
Slide 7: Key 1H11 achievements – Group
key 1H11 achievements > progression of strategy > Quality portfolio outperformance > Growth on track Group > Increased weighted average debt maturity to 4.2 from 2.6 years 1 via $1.85bn debt refinance > Maintained conservative balance sheet gearing at 27.3% 2 > Continued diversification of debt sour
Slide 8: Key 1H11 achievements – Investment and Development
key 1H11 achievements Investment Division – MPT > Achieved 4.2% like-for-like net operating income growth > Increased occupancy from 96.7% (1H10) to 98.2% 1 > Increased development pipeline to $1,408.3m > Confirmed asset valuations via disposal of $149.9m of MPT assets at a 1.3% premium to carrying
Slide 9: Financial Results
FINANCIAL RESULTS 8 chifley square, sydney, nsw MIRVAC half year results presentation 22 february 2011 page 8
Slide 10: Financial results
financial RESULTS 1 1H11 ($m) 1H10 ($m) % change Divisional operating EBIT Investment 203.1 136.0 49.3 Development 37.8 13.1 188.5 Other 14.2 10.3 37.9 Unallocated (30.0) (24.4) (23.0) Elimination 2.8 (5.5) Total operating EBIT 227.9 129.5 76.0 Less interest 32.9 2.2 Add tax benefit 5.4 3.9 Operatin
Slide 11: Investment – MPT
investment – MPT artist’s impression, 10-20 bond street, sydney, nsw MIRVAC half year results presentation 22 february 2011 page 10
Slide 12: Investment division
investment division Office – 57.2% 2 Mirvac Property Trust – MPT retail – 30.6% 2 Invested capital – $5,805m 1 other – 12.2% 3 Achievements 1H11 MPT outperformance MPT total return vs IPD benchmark > Achieved 4.2% like-for-like net operating 12 MPT outperformance (Sep 10) IPD (Sep 10) 11.3% income g
Slide 13: Portfolio highlights – office
portfolio highlights – office > Strong 1H11 like-for-like net operating income growth of 4.0% > Increased occupancy from 96.8% (1H10) to 98.0% 1 > Repositioned and upgraded portfolio quality with 88.8% of MPT now Premium or A Grade 2 > Achieved 32.6% 3 occupancy at 10-20 Bond Street, Sydney > Office
Slide 14: Portfolio highlights – retail
portfolio highlights – RETAIL > Strong 1H11 like-for-like net operating income growth of 5.4% > Increased occupancy from 96.9% (1H10) to 98.9% 1 > Sustainable occupancy cost of 13.4% > 83.3% 1 of portfolio weighted to centres driven by non discretionary spend 2 > 56.9% reduction in 2H11 lease expiry
Slide 15: Commercial development
COMMERCIAL DEVELOPMENT $1,408.3m pipeline of Australian investment grade real estate, undertaken in-house by Mirvac Development 1 Active Project (Ownership) Type Status Dec 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 10-20 Bond Street ✔ 2 32.6% $16.1m, 7.5% 3 Sydney, NSW (50% with ING) Office Preleased Fe
Slide 16: Case study – overweight office portfolio strategy
case study – overweight office portfolio strategy Mirvac has made the strategic decision to overweight office > 57.2% of portfolio weighted to office > $993.5m office development pipeline Demand cycle well underway Cyclical low point in valuation cycle Net absorption as a % of Australian CBD stock R
Slide 17: Development
DEVELOPMENT laureate, port melbourne, vic MIRVAC half year results presentation 22 february 2011 page 16
Slide 18: Mirvac's Development Division
MIRVAC’S DEVELOPMENT DIVISION apartments – 41.7% Residential $1,463.2m masterplanned communities – 39.8% development 1 81.0% integrated housing – 18.5% Invested capital – industrial – 68.8% $1,806m 1 Commercial $342.3m Office – 21.1% 19.0% retail – 10.1% Achievements 1H11 > Recovery commenced — impr
Slide 19: 1H11 activity
1H11 ACTIVITY 1H11 highlights 721 lot settlements consisting of: 100% Mirvac inventory: 63.1% > 721 lots settled MWRDP: 13.9% > Gross margin 17.1% 1 excluding zero margin PDA: 16.4% JVs: 2.9% settlements (1H10: 16.2%) Development Funds: 3.7% > Gross margin 14.7% 1 including zero margin settlements (
Slide 20: On track for FY11
ON TRACK FOR FY11 77.6% of total forecast 2H11 development revenue secured by exchanged contracts Mirvac’s position as Australia’s pre-eminent residential developer is evidenced by $841.0m 1 ($703.7m as at FY10) of exchanged residential pre-sales contracts FY11 major contributors Mirvac’s % 2H11 EBI
Slide 21: Current and near term projects
current and near term projects Settlement Lots Net revenue 1 Released State Project Stage Status Interest year Lots presold $m 4 VIC Harcrest Stage 1 Under construction 20% FY12 91 92% 10.2 4 NSW Rhodes Water’s Edge Under construction 20% FY12 111 62% 15.8 4 NSW Rhodes Elinya Under construction 20%
Slide 22: Development earnings visibility
DEVELOPMENT earnings VISIBILITY Profit contributing development projects Profit recognition profile 1 Project Stage Ownership Type Status Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Commercial Projects Currently marketing part share of commercial projects Woolworths Distribution Centre Hoxton Park, NSW — 100
Slide 23: Return to normalised divisional performance
RETURN TO NORMALISED DIVISIONAL PERFORMANCE Forecast provision release 1 Reinvestment of capital in accordance with strategy 350 $m $480m forecast proceeds from provisioned workout and sale projects 300 $170m of proceeds received from 250 provisioned sale projects $650m of forecast cash proceeds 200
Slide 24: Return to normalised divisional performance – acquisitions
RETURN TO NORMALISED DIVISIONAL PERFORMANCE New residential acquisitions: Forecast revenue ($m) Lots Type Hamilton 324.7 582 Apartments Harold Park 1,098.0 1,213 Apartments Hoxton Park 78.2 223 House Middleton Grange 126.7 474 Land New Brighton Golf Course 104.8 257 House Total 1,732.4 2,749 5 year
Slide 25: Case study – Harold Park development acquisition
CASE STUDY – Harold park development acquisition Mirvac’s core competency over almost 40 years is leveraging its internal delivery model and brand recognition to deliver innovative high quality apartments and integrated housing in inner city locations Acquisition rationale > Structured $187m payment
Slide 26: Capital management
capital management justin mitchell, CFO 23 furzer Street, phillip, act MIRVAC half year results presentation 22 february 2011 page 25
Slide 27: Capital management
capital management 1H11 Achievements > Increased weighted average debt maturity to 4.2 from 2.6 years 1 > Refinanced $1.85bn syndicated facility > Issued $200m 6 year MTN at 250 basis point spread > No more than 20.0% of exposure expiring in one year > Maintained diversified sources of funding 1H11
Slide 28: Case study – group overhead costs
case study – group overhead costs > Overhead cost reduction is a continued focus for management > MPT — cost base scaleable as trust developments complete > Development Division — cost base scaleable as inventory expands Overhead calculation 1H11 ($m) 1H10($m) % change Employee benefit expenses 1 36
Slide 29: Corporate Responsibility and Sustainability
Corporate Responsibility and Sustainability broadway shopping centre, sydney, nsw MIRVAC half year results presentation 22 february 2011 page 28
Slide 30: Future proofing group's success
future proofing group’s success Mirvac’s strong commitment to its environmental, social and economic responsibilities delivers tangible results Workplace health and safety: NABERS: > The average cost of employee injury > Current average office and industrial claims has reduced by 46.0% 1 and the por
Slide 31: Queensland update
QUEENSLAND UPDATE mariner’s peninsular, Name townsville, of property qld MIRVAC half year results presentation 22 february 2011 page 30
Slide 32: Queensland update – residential development
QUEENSLAND UPDATE The Group continues to monitor project impacts Residential development: Mirvac experienced limited impact to its residential development projects in Brisbane: Tennyson Reach: Pier, Newstead (MWRDP): > Flooding to basement, 9 ground floor apartments and landscaped areas > Minor wate
Slide 33: Queensland update – MPT portfolio and hotels
QUEENSLAND UPDATE MPT portfolio: Managed hotels: All affected MPT assets are fully covered by insurance Sebel Suites Brisbane: 12 Cribb Street: > Flooding to basement > Flooding to basement 339 Coronation Drive: > Flooding to basement Hinkler Central, Bundaberg: > Flooding to basement City Centre Pl
Slide 34: Summary and guidance
SUMMARY and guidance rhodes residential, sydney, nsw MIRVAC half year results presentation 22 february 2011 page 33
Slide 35: Summary
SUMMARY > progression of Strategy > Quality Portfolio Outperformance > Growth on Track MIRVAC half year results presentation 22 february 2011 page 34
Slide 36: Guidance
GUIDANCE Guidance FY11 Forecast Group operating NPAT $356 – $365m Forecast implied EPS growth 11.8 – 14.0% Forecast operating EPS 10.4 – 10.6cpss Forecast DPS 8.0 – 9.0cpss Forecast weighted average securities 3,423m MIRVAC half year results presentation 22 february 2011 page 35
Slide 37: Additional information
ADDITIONAL INFORMATION half year results tower 8, yarra’s edge, Docklands, VIC
Slide 38: Contents
contents Financial Results Development 2 1H11 statutory to operating NPAT RECONCILATION 25 residential market outlook 3 1H10 statutory to operating NPAT RECONCILATION 26 our markets 4 1H11 operating segment 27 Diversification of residential lots/revenue 5 1H10 operating segment 28 mirvac buyer profi
Slide 39: 1H11 statutory to operating NPAT reconciliation
1H11 statutory to operating NPAT RECONCILATION Hotel Investment Investment Management Management Development Unallocated Elimination Tax Total Half year ended 31 December 2010 $m $m $m $m $m $m $m $m Profit/(loss) for the half year after tax before NCI 234.7 4.8 1.7 (199.4) (52.7) (5.9) 4.4 (12.4) L
Slide 40: 1H10 statutory to operating NPAT reconciliation
1H10 statutory to operating NPAT RECONCILATION Hotel Investment Investment Management Management Development Unallocated Elimination Tax Total Half year ended 31 December 2009 $m $m $m $m $m $m $m $m Profit/(loss) for the half year after tax before NCI 51.5 5.9 (2.7) 5.1 (16.1) 6.0 (0.7) 49.0 Less:
Slide 41: 1H11 operating segment
1H11 operating segment Hotel Investment Investment Management Management Development Unallocated Elimination Totals Half year ended 31 December 2010 $m $m $m $m $m $m $m Revenue from continuing operations Investment properties rental revenue 258.8 — 2.3 — — (1.6) 259.5 Hotel operating revenue — 83.1
Slide 42: 1H10 operating segment
1H10 operating segment Hotel Investment Investment Management Management Development Unallocated Elimination Totals Half year ended 31 December 2009 $m $m $m $m $m $m $m Revenue from continuing operations Investment properties rental revenue 179.4 — 4.8 — — (3.5) 180.7 Hotel operating revenue — 76.3
Slide 43: Finance costs – note 5 statutory financial statement
finance costs – note 5 statutory financial statement 31 December 2010 ($m) 31 December 2009 ($m) Interest and finance charges paid/payable, net of provision release 79.7 58.3 Amount capitalised (45.6) (39.4) Interest capitalised in current and prior periods expensed in this period net of provision r
Slide 44: MPT operating profit
MPT operating profit 1H11 1H10 Detailed breakdown of MPT operating EBIT $m $m Net property income 1 Office 109.0 57.3 Retail 65.3 55.3 Industrial 15.3 10.5 Hotels 1.0 1.1 Carparks 3.3 3.4 MPT operating portfolio EBIT 193.9 127.6 Investment income 2 14.3 10.0 Other income Net loss on sale of investme
Slide 45: 1H11 contributions to growth
1H11 CONTRIBUTIONS TO GROWTH 1H10 to 1H11 segmented operating EBIT growth $24.7m ($5.6m) $8.3m $227.9m $67.1m ($0.7m) $4.6m $129.5m 1H10 Investment Hotel Investment Development Unallocated Elimination 1H11 Management Management 1H10 to 1H11 segmented operating NPAT growth $8.7m $1.5m $200.1m $10.5m
Slide 46: Liquidity profile
liquidity profile Post refinance facility limits 1 Drawn amount Available liquidity As at 31 December 2010 $m $m $m March 2011 — Non recourse fund debt 32.5 32.5 0.0 June 2011 — Bank 50.0 0.0 50.0 November 2011 — CMBS 505.0 505.0 0.0 Facilities rolling post December 2011 2,865.5 2,271.6 593.9 Total
Slide 47: Debt and hedging profile
DEBT AND HEDGING PROFILE Hedging profile post January 2011 refinancing 1 Debt sources post January 2011 refinancing 2 Bank Facilities 62.0% 2,000 $m USPP 22.6% MTN 15.4% 6.29% 6.06% 1,500 5.79% 5.79% 5.81% 5.86% 5.93% 5.81% 5.79% 1,000 500 0 31 Dec 10 30 Jun 11 30 Jun 12 30 Jun 13 30 Jun 14 30 Jun 1
Slide 48: Commercial market update
commercial Market update Mirvac’s integrated model development leasing & property facilities investment ACQUISITION capability marketing management management management Office Weighting Forecast The CBD national office vacancy rate peaked at 8.2% in mid-2010. Currently vacancy is 7.9% and a steady
Slide 49: Sector and geographic diversification
sector and geographic diversification Sector diversification 1 42.5% Office 57.2% 40.9% Retail 30.6% 9.3% Industrial 6.5% Indirect property 5.3% investments 4.1% Other – 2.0% 1H10 hotel, carparks 1.7% 1H11 0% 10% 20% 30% 40% 50% 60% 70% Geographic diversification 2 55.7% NSW 61.3% 19.6% VIC 15.3% 18
Slide 50: MPT portfolio snapshot
MPT portfolio snapshot 1H11 1H10 Properties owned 1 70 74 NLA 1,337,501 sqm 1,329,423 sqm Book value 2 $5,805.1m $4,371.8m Net operating income 3 $208.2m $137.6m Like-for-like net operating income growth 4.2% 2.7% Maintenance capex $9.4m Cash tenant incentives $5.8m Occupancy 4 98.2% 96.7% NLA lease
Slide 51: Top ten tenants by gross income
TOP TEN TENANTS BY GROSS INCOME Rank Tenant Percentage 1 Westpac – St George 13.3% 2 Government 9.9% 3 Woolworths 7.5% 4 Wesfarmers – Coles 4.3% 5 Fairfax Media 2.4% 6 IBM Australia 2.0% 7 GM Holden 1.5% 8 United Group 1.5% 9 Wilson Parking Australia 1.4% 10 Alcatel – Lucent Australia 1.1% Total 44.
Slide 52: Improved MPT portfolio quality
improved MPT portfolio quality Weighted average cap rate of MPT 9 8 7.88% 7.74% 7.67% 7.56% 7.55% 7 7.01% 6.55% 6.40% 6 Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Jun 10 Dec 10 Post WOP MIRVAC half year results additional information 22 february 2011 page 15
Slide 53: Office snapshot
office snapshot 1H11 1H10 Office portfolio breakdown by book value Properties owned 29 24 Premium Grade 5.1% NLA 603,648 sqm 436,595 sqm A Grade 83.7% B Grade 10.4% Book value $3,211.2m $1,834.5m C Grade 0.8% Net operating income $109.0m $57.3m Like-for-like net operating income growth 4.0% 5.2% Mai
Slide 54: Office metrics
office metrics Book value December 2010 Occupancy Average passing No of assets $m December 2010 1 gross rent per sqm NSW 13 $2,120.1 99.0% $570.2 North Sydney 2 $260.7 98.9% $658.2 Sydney Fringe 2 $285.0 100.0% $539.5 Sydney CBD 5 $1,037.1 98.2% $709.2 Homebush/Rhodes 2 $188.3 99.0% $377.5 Parramatt
Slide 55: Retail snapshot
retail snapshot 1H11 1H10 Retail portfolio breakdown by book value Properties owned 23 28 Sub Regional 76.3% NLA 474,035 sqm 558,799 sqm Bulky Goods Centres 7.8% Book value $1,716.5m $1,767.7m CBD Retail 8.9% Net operating income $65.3m $55.3m Neighbourhood 7.0% Like-for-like net operating income gr
Slide 56: Industrial snapshot
industrial snapshot 1H11 1H10 Properties owned 14 18 NLA 259,818 sqm 334,029 sqm Book value $363.9m $400.8m Net operating income $15.3m $10.5m Like-for-like net operating income growth 3.2% (5.0%) Maintenance capex $0.4m Cash tenant incentives $0.1m Occupancy 1 97.4% 96.0% NLA leased 0 sqm 41,919 sq
Slide 57: Schedule of disposals
schedule of disposals 1H11 Disposals Gross Previous Proceeds sale price book value above book Settlement Property State Type $m $m $m value date James Ruse Business Park, Northmead NSW Industrial $28.2m $28.2m $0.0m Jul 10 Network, Eastern Creek NSW Industrial $6.0m $6.3m ($0.3m) Dec 10 Lake Haven M
Slide 58: CBD office snapshot
CBD office snapshot Total Net supply 10-year Vacancy increase Current average Q4/2010 2010-2012 Total stock Prime yield Incentives risk premium risk premium Total stock % sqm % % % bps bps sqm 1 Sydney CBD 7.8% 243,614 5% 6.9% 27% 409 376 4,827,402 Melbourne CBD 6.3% 209,236 5% 7.4% 17% 459 437 4,24
Slide 59: CBD office stock increases
CBD office stock increases 2010 2011 2012-2015 Total stock as at Net Net Net Net Net Net % increase at Q4/2010 increase increase increase increase increase increase from Q4/ State sqm sqm % of stock sqm % of stock sqm % of stock 2009 stock Sydney CBD 4,827,402 128,684 2.7% 97,425 2.0% 267,134 5.1% 1
Slide 60: Retail markets
Retail Markets Vacancies by market 10 % of shops vacant CBD Regionals Sub regionals Neighourhood 8 6 4 2 0 Jun 00 Jun 01 Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Dec 10 Source: Jones Lang LaSalle Research Note: Arithmetic average of all major cities. CBD and Sub-regional vacanc
Slide 61: Commercial property spread
commercial property spread Spread to inflation indexed bonds 700 Prime office Retail (regional) Prime industrial 600 500 400 300 200 100 0 Mar 97 Mar 98 Mar 99 Mar 00 Mar 01 Mar 02 Mar 03 Mar 04 Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 Mar 10 Dec 10 Source: PCA/IPD, RBA > Yield spreads are returning to lo
Slide 62: Residential market outlook
residential market outlook Mirvac’s competitive advantage in integrated model sales & ACQUISITION design development construction marketing Fundamental mismatch between rising demand and low levels of completions will support price and rental growth through 2011. Rising interest rates have limited h
Slide 63: Our markets
our markets Sector Description Sub-market Example developments Residential Masterplanned Communities > First home buyers > Land subdivision > 2nd/3rd home buyers > Completed housing 1 > Investor > Packaged housing 2 > Typical price range: > Land $170K — $300K > Housing $350K — $600K Gainsborough gre
Slide 64: Diversification of residential lots/revenue
Diversification of residential lots/revenue 21,644 lots under control Lots by state Mirvac share of revenue by type Lots by structure NSW 21.7% Apartment 60.1% 100% on balance sheet 42.9% QLD 20.5% Land 22.8% JV 28.7% VIC 38.2% House 17.1% MWRDP 10.7% WA 19.6% PDA 15.7% Development fund 2.0% 1) Tota
Slide 65: Mirvac buyer profile
mirvac buyer profile Mirvac’s 1H11 settlements Mirvac’s FY10 settlements > 77% upgraders/empty nesters and investors > 74% upgraders/empty nesters and investors > Mirvac average price: > Mirvac average price: — House $462,000 1 — House $594,000 4 — Land $241,000 2 — Land $253,000 5 — Apartment $1,26
Slide 66: Gross residential margin
gross residential margin Cost of property Gross Gross Development and development development development construction revenue and construction margin margin $m $m $m % 1H11 Adjusted for zero margin settlements 299.9 (248.7) 51.2 17.1 Provision projects 50.0 (49.6) Adjusted 349.9 (298.3) 51.6 14.7 C
Slide 67: Segment information gross margin calculation
segment information gross margin calculation Sources of Development Elimination Totals development revenue $m $m $m Revenue Development and construction revenue 100% owned & PDAs 453.7 1.2 454.9 A Development management fee revenue MWRDP & PDAs 9.3 0.7 10.0 B Share of net profit/(losses) of associat
Slide 68: Development historical information 1–5 yrs
development historical information 1–5 yrs 1H11 FY10 FY09 FY08 FY07 FY06 Development & construction revenue ($m) 454.9 862.2 1,090.8 1,180.5 1,262.0 1,111.7 Gross margin 14.7% 11.4% 16.5% 21.9% 21.3% 22.4% Gross margin (excluding zero margin) 17.1% 17.6% 20.5% 21.9% 21.3% 22.4% EBIT ($m) 37.8 45.3 7
Slide 69: Affordability – not yet back to 2008 levels
Affordability – not yet back to 2008 levels Proportion of family income to meet loan repayments 5,000 $ Forecast Period Proportion 4,000 March 1989 36.0% 3,000 June 2008 39.8% Current 34.8% 2,000 Source: REIA 1,000 Dec 01 Dec 03 Dec 05 Dec 07 Dec 09 Dec 11 H/Hold Earnings less mortgage repayments So
Slide 70: Affordability – house price to income ratio
affordability – house price to income ratio Average variable mortgage rate Average variable mortgage rate 1990–1998 12.3% 1998–current 7.2% 5 4 3 2 1 0 Dec 90 Dec 94 Dec 98 Dec 02 Dec 06 Dec 10 Source: ABS, RBA, Mirvac Research > Lower interest rates have been capitalised into house prices > Assumin
Slide 71: Market recovery broadening beyond FHB
market recovery broadening beyond fhb Housing finance (excl. re-finance) – percentage of FHB Housing finance – FHB vs Upgraders vs Investors 50% 10,000 $ Millions (s.a.) 40% 7,500 30% Australia 5,000 20% Non-FHB/Upgraders Investors FHB 2,500 10% 0 0 Dec 96 Dec 98 Dec 00 Dec 02 Dec 04 Dec 06 Dec 08 D
Slide 72: Hotel management update
hotel management update > Hotels under management increased to 47, bringing the total number of rooms to 5,908 > The outlook for the remainder of the financial year remains positive for gateway cities of Brisbane, Sydney, Melbourne, Adelaide and Perth Hotel Management 1H11 1H10 % Average room rate $
Slide 73: Hotel management definitions
hotel management definitions Managed and Managed/Strata Strata/Managed Lot Owned Franchise Mirvac manages hotels on Mirvac operates the hotel Mirvac owns the land, building The hotel is owned and Definition behalf of third party hotel under a lease agreement with and hotel business. operated by a th
Slide 74: Hotel management brand portfolio
hotel management brand portfolio 25 hotels 1 hotel Future Openings 3,168 rooms 107 rooms 6 hotels 1 hotel Leighton BEACH 1,187 rooms 94 rooms 7 hotels 1 hotel 632 rooms 65 rooms 1 hotel 1 hotel 241 rooms 59 rooms 2 hotels 1 hotel 226 rooms 55 rooms 1 hotel 74 rooms MIRVAC half year results additiona
Slide 75: 2H11 Calendar
2H11 Calendar 1 Upcoming conference attendance: Event Location Date Daiwa Investment Conference Tokyo 9-11 March 2011 GSJBW Annual Australasian Investment Forum New York 10-11 March 2011 Citi’s Global Property Conference Florida 13-16 March 2011 Macquarie Australia Conference Sydney 4-6 May 2011 Ann
Slide 76: Glossary
glossary Term Meaning Term Meaning ABS Australian Bureau of Statistics MPT Mirvac Property Trust AFFO Adjusted Funds From Operations MTN Medium Term Note ASFI Australian Sustainable Forestry Investors MWRDP Mirvac Wholesale Residential Development Partnership CCIR Cross Currency Interest Rates NABER
Slide 77: Disclaimer and important notice
DISCLAIMER AND IMPORTANT NOTICE Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac This Presentation contains certain “forward looking” statements. The words Property Trust ARSN 086 780 645. This presentation and the annexures thereto “anticipated”, “expected”, “projections”, “forec
Slide 78: by Mirvac
by Mirvac WWW.MIrvaC.cOomM