Growthpoint Properties Australia · ASX:GOZ
Growthpoint Properties Australia — H1 FY2012 Earnings Presentation
17 slides from Growthpoint Properties Australia's earnings presentation, Feb 20, 2012
Slide 1: Half Year Results Presentation Six Months Ended 31 December 2011
Growthpoint Properties Australia (ASX Code: GOZ) Half Year Results Presentation Six Months Ended 31 December 2011 20 February 2012 Growthpoint Properties Australia Trust ARSN 120 121 002 Growthpoint Properties Australia Limited ABN 33 124 093 901 AFSL 316409 CB2, 42 Merivale St, South Brisbane, QLD
Slide 2: Contents
Contents Slide No. 1 Glossary & Disclaimer 2 Overview 3 Financial Results 4 Distributable Income 5 Financial Position 6 Debt & Capital Management 8 Comparative Returns CB2, 42 Merivale St, South Brisbane, QLD 9 Rights Offer Overview 10 Growth in Market Capitalisation & Free Float 11 Property Portfol
Slide 3: Glossary & Disclaimer
Glossary & Disclaimer A-IFRS Australian International Financial Reporting Standards A-REIT Australian Real Estate Investment Trust Balance Sheet Gearing borrowings divided by total assets cps cents per stapled security dps distributions per stapled security Distributable Income net profit excluding
Slide 4: Overview
Overview Statutory profit: $26.9 million, an 8.2% increase from HY2011 HY2012 results in line with Distributable profit: $24.9 million, a 57.5% increase from HY2011 guidance 8.7cps distribution, 3.6% above HY2011 (7.5 cps for GOZN) 32 Cordelia St, South Brisbane, QLD PP 3-5 9.1% total return for cal
Slide 5: Financial Results
Financial Results HY 2012 HY 2011 CHANGE % CHANGE Statuatory accounting profit ($'000) 26,881 24,847 2,034 8.2% Distributable income ($'000) 24,944 15,837 9,107 57.5% Distributions paid / payable ($'000) 24,748 15,811 8,937 56.5% Distributions per stapled security (cents) 8.7 8.4 0.3 3.6% Payout rat
Slide 6: Distributable Income
Distributable Income HY2012 HY2011 CHANGE CHANGE ($'000) ($'000) ($'000) % Property income 56,915 40,985 15,930 38.9% Property expenses (6,830) (4,131) (2,699) 65.3% Net property income 50,085 36,854 13,231 35.9% 1 Interest income 1,332 413 919 222.5% Total operating income 51,417 37,267 14,150 38.0
Slide 7: Financial Position
Financial Position AS AT 31 DEC 2011 AS AT 30 JUN 2011 ASSETS ($'000) ($'000) Cash and cash equivalents 24,321 24,144 1 Investment properties 1,422,709 1,157,703 Other assets 3,061 8,263 Total assets 1,450,091 1,190,110 LIABILITIES Borrowings 606,288 667,242 Distributions payable 24,748 20,669 Liabi
Slide 8: Debt & Capital Management
Debt & Capital Management Debt Maturity Profile • Weighted average maturity of debt is 4.0 years as at 31 Dec 2011 (with revised SFA and Worldpark, 33-39 Richmond Road, Keswick, SA BILAT in place) Syndicated facility agreement (SFA) • Increased facility by $105 million to $765 million, effective 1 F
Slide 9: Debt & Capital Management
Debt & Capital Management 81 Derby Street, Silverwater, NSW • Swaps restructured to better match debt maturity and take advantage of low swap rates • Two new 5 year $50 million forward start swaps at 4.15% per annum and 4.13% per annum respectively, were entered to maintain high level of hedging wit
Slide 10: Comparative Returns
Comparative Returns • GOZ has outperformed A-REIT benchmarks over the last 6 and 12 months • GOZ’s high distribution yield provides much of the total return Growthpoint Properties Australia Half Year Results – Six Months Ended 31 December 2011 | Page 8
Slide 11: Rights Offer Overview
Rights Offer Overview • Raised $166.4 million by a fully taken-up1 rights offer that closed in Jan 2012 • Coronation Asset Management increased its stake to 8%, GRT increased to 64.5% (due to underwriting) • 86% take-up before GRT underwrite • Significant take-up by most investors • Issued 87.6 mill
Slide 12: Growth in Market Capitalisation & Free Float
Growth in Market Capitalisation & Free Float1 5 Aug 2009 stapling of Trust and Company, market capitalisation $104 million, GRT holding 50.1%, free float $52 million 24 Sep 2009 allotment of 90 million rights offer securities at $1.60, market capitalisation $256 million, GRT holding 76.2%, free floa
Slide 13: Property Portfolio
Property Portfolio1 120 Northcorp Blvd, Broadmeadows, VIC 22 Cordelia St, South Brisbane, QLD INDUSTRIAL OFFICE TOTAL No. of properties 27 13 40 Total / average value $824.4 million $30.5 million $729.3 million $56.1 million $1,553.7 million $38.8 million % of portfolio value 53% 47% 100% Total / av
Slide 14: Development Assets & Analysis
Development Assets & Analysis Redevelopment / Expansion Potential Office Fox Sports, Gore Hill, NSW (artist’s impression) • GE, Richmond. Scope for Energex, Nundah, QLD (artist’s impression) additional building at site 10,000m2 to 12,000m2 of NLA Industrial • Portfolio site coverage ratio = 36% • Wo
Slide 15: Property Markets
Property Markets OFFICE INDUSTRIAL RETAIL Investment Yields Investment Yields Investment Yields Rent Growth Rent Growth Rent Growth Vacancy Rates Tenant Demand Retail Turnover Interest Rates / Net Absorption New Supply Unemployment Over the past 6 months, conditions across the office Tenant demand s
Slide 16: Summary
Summary • Since August 2009, GOZ has built and diversified its property portfolio to in excess of $1.5 billion1 Raised equity of $619 million via a placement, four rights issues and a scrip-for-scrip takeover Twenty properties purchased for $835 million • Key characteristics of the property port
Slide 17: Thank you
Thank you For more information contact us at: Growthpoint Properties Australia Level 10, 379 Collins Street Melbourne VIC 3000 P: +61 3 8681 2900 F: +61 3 8681 2910 E: info@growthpoint.com.au Investor services line: 1800 260 453 www.growthpoint.com.au
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