Abacus Group · ASX:ABG
Abacus — Shareholder Meeting (November 2022)
31 slides from Abacus's shareholder meeting presentation, Nov 23, 2022
Slide 1: 2022 Annual General Meeting
23 November 2022 2022 Annual General Meeting Abacus Property Group (ASX: ABP) advises that the Annual General Meeting will be held today, Wednesday, 23 November 2022 at 10:00am AEDT at Level 13, 77 Castlereagh Street, Sydney NSW 2000. Attached are the Chair and Managing Director Addresses and Presen
Slide 2: Chair Address
ABACUS PROPERTY GROUP 2022 AGM CHAIR ADDRESS – Myra Salkinder Sydney, 23 November 2022 Good morning and welcome to the 2022 Abacus Property Group Annual General Meeting. My name is Myra Salkinder, and I am the Chair of the Group. On behalf of the Board, I’d like to acknowledge the Gadigal peop
Slide 3: Strategic objectives update
This meeting comprises the annual general meetings of the members of: – Abacus Group Holdings Limited, – Abacus Group Projects Limited, and – Abacus Storage Operations Limited. in conjunction with the meetings of the members of: – Abacus Trust, – Abacus Income Trust, and – Abacus Storage Property
Slide 4: FY22 Financial Performance
FY22 FINANCIAL PERFORMANCE Turning now to our FY22 financial results. We achieved a statutory profit of $517.2 million, an increase of 40% on FY21. This solid performance was largely driven by the deployment of capital into accretive acquisitions and strong value uplift in the storage portfolio.
Slide 5: Implementation of our Modern Slavery Action Plan
Implementation of our Modern Slavey Action Plan is ongoing in collaboration with the Property Council Modern Slavery working group. Work in this area has included the strengthening of supplier due diligence and understanding of supply chains and operations. Over the last year we have also embedd
Slide 6: Self Storage
SELF STORAGE Abacus has been investing in the Self Storage sector since 2005 and has been able to accumulate a $2.6 billion portfolio consisting of 124 assets including 18 development sites, intentionally constructed with 64% of stores located in Top 3 Significant Urban Areas 2 and a $435 million
Slide 7: Our $0.5 billion Retail Portfolio
Our $0.5 billion Retail Portfolio now comprises of two non-discretionary, grocery anchored shopping centres and two further sites underpinned by mixed use fundamentals including our 33.3% interest in Myer Bourke Street, Melbourne, acquired early in FY22. Despite the challenging COVID-19 conditio
Slide 8: Customer engagement remains a key focus for us in our Office portfolio
Customer engagement remains a key focus for us in our Office portfolio. In response to our customers and the changing nature of work, our flex office solution has been a key focus at Abacus. These renovated, modern spaces complete with sophisticated technology, breakout and kitchen facilities are
Slide 9: We feel this solution highlights our unique position in the marketplace
We feel this solution highlights our unique position in the marketplace and reflects who we are, what we want to become and how we are going to achieve our goals. We will also be changing our ASX code to ABG and referring to our business as Abacus Group, reflecting the ongoing integration of our
Slide 10: Abacus Group 2022 Annual General Meeting
Abacus Group 2022 Annual General Meeting 23 November 2022
Slide 11: Chair Address
Chair Address Myra Salkinder
Slide 12: Abacus Business Model
Abacus Business Model 3 Abacus Property Group | 2022 Annual General Meeting
Slide 13: Commercial capital deployment
Commercial capital deployment 77 Castlereagh Street, Sydney NSW 324 Queen Street, Brisbane QLD 4 Abacus Property Group | 2022 Annual General Meeting
Slide 14: Self Storage capital deployment
Self Storage capital deployment Artist’s impression of Storage King Mascot, NSW Storage King Pymble, NSW 5 Abacus Property Group | 2022 Annual General Meeting
Slide 15: Platform metrics FY22
Platform metrics FY22 WEIGHTED NET TOTAL AVERAGE GEARING TANGIBLE ASSETS CAP RATE ASSETS A$5.4bn 5.39%1,2 28.7% $3.85ps 33.2% on FY21 26bps on FY21 620bps on FY21 12.2% on FY21 STATUTORY FFO FFO DPS PROFIT PER SECURITY $517.2m $160.9m 19.0c 18.0c 40.0% on FY21 18.0% on FY21 3.3% on FY21 2.9%
Slide 16: Abacus Sustainability Strategy
Abacus Sustainability Strategy Deliver long-term sustainable outcomes for our stakeholders Increase efficiencies The engagement, wellbeing and reduce our and development of our impact by investing in people to enable them to smart solutions reach their true potential Develop strong Everything we do
Slide 17: Sustainability – tracking our progress
Sustainability – tracking our progress Public Target Progress 15 % 0.080 Scope 1+2 emissions ENERGY intensity (t/sqm) 0.069 0.061 0.059 BY FY25 (From FY19 base year) Scope 1 & 2 GHG emissions intensity 5.0 4.6 4.7 NABERS Energy ENERGY NABERS (including Green 4.3 4.1 NABERS Energy by FY25 Power) Offi
Slide 18: Managing Director Address
Managing Director Address Steven Sewell
Slide 19: Proforma balance sheet allocation
Proforma1 balance sheet allocation 30 JUNE 2022 30 JUNE 2021 $5.5 billion of Total Assets2 $4.1 billion of Total Assets2 Commercial Self storage Commercial Self storage 50% 50% 52% 45% $2.6 billion $2.6 billion $2.0 billion $1.8 billion Office $1,997m Established3 $1,314m Office $1,646m Established3
Slide 20: Self Storage – FY22 snapshot
Self Storage – FY22 snapshot SELF STORAGE $2.6 billion (51% of total assets1) Established portfolio2 of $1.3 billion yielding 5.5% on an annualised basis Established Acquisitions3 Stabilising portfolio2 portfolio4 Assets 62 295 335 Value $1,314m $489m5 $504m5 Net Lettable Area 323,000 sqm 148,000
Slide 21: Office portfolio takes shape
Office portfolio takes shape Material portfolio transformation with $2 billion1 now deployed across 18 office assets PORTFOLIO ATTRIBUTES 4.7 Market profile: Geography NABERS Brisbane Energy Sydney CBD & Fringe Melbourne CBD & Other CBD & Fringe Fringe Asset profile: Grade A B+ B Asset profile: Life
Slide 22: Commercial – FY22 office snapshot
Commercial – FY22 office snapshot Portfolio comprising of 18 assets diversified by market, asset grade, asset life cycle, customer industries and customer profile OFFICE $1.9 billion (37% of total assets1) 94.7% 8.2% Occupancy2 LFL income growth2,3 3.8 yrs 5.15% WALE2 WACR4 69 356 Leasing deals Cust
Slide 23: 1Q23 Operational Update
1Q23 Operational Update Established Portfolio RevPAM growth of 7.6%(1Q23 avg vs FY22 avg) SELF STORAGE COMMERCIAL 1Q23 FY22 30 September 30 June Established Portfolio1 metric Key metric Average1 Average1 2022 2022 Occupancy by area 92.2% 92.7% Office occupancy2 (by area) 93.0% 94.7% Office weighted
Slide 24: Brand refresh – phases of Abacus Group
Brand refresh – phases of Abacus Group 15 Abacus Property Group | 2022 Annual General Meeting
Slide 25: Brand refresh
Brand refresh 16 Abacus Property Group | 2022 Annual General Meeting
Slide 26: Brand refresh
Brand refresh 17 Abacus Property Group | 2022 Annual General Meeting
Slide 27: Business of the Meetings
Business of the Meetings
Slide 28: Resolutions
Resolutions Item 1: To receive and consider the Annual Financial Report, Directors’ Report and Auditor’s Report of Annual Financial Report Abacus Property Group and its controlled entities for the year ended 30 June 2022. Item 2: To adopt the Remuneration Report for the year ended 30 June 2022. Remu
Slide 29: Questions
Questions
Slide 30: Thank you
Thank you
Slide 31: Important information
Important information The information provided in this document is general, and may not be suitable for the specific purposes of any user of this document. It is not financial advice or a recommendation to acquire Abacus Property Group securities (ASX: ABP). Abacus Property Group believes that the i