LDR Capital Property Fund · ASX:LED
LDR Capital Property Fund — Elanor Investors Group — H1 2017 Earnings Presentation
30 slides from LDR Capital Property Fund's earnings presentation, Feb 23, 2017
Slide 1: 1HFY17 Results Presentation
ELANOR INVESTORS GROUP 1HFY17 Results Presentation 23 February 2017
Slide 2: Contents
Contents Section Page no. 1 1HFY17 Results Overview 3 2 Business Overview 7 3 Financial Results 10 4 Segment Performance 14 5 Strategy and Outlook 22 6 Appendices 24 [2]
Slide 3: 1HFY17 Results Overview
Nanot® 1HFY17 Results Overview
Slide 4: 1HFY17 Results Highlights
1HFY17 Results Highlights • 90% increase in Funds Management earnings to $7.8m Core Earnings $7.70m • • Distributions from co-investments of $2.0m up from $0.5m EBITDA from Hotels, Tourism and Leisure assets showing material 34.3% increase on 1HFY16 year on year growth Distributions Per 7.77c • Stap
Slide 5: Total Security Holder Return
Total Security Holder Return • Since its listing in July 2014, ENN has achieved materially greater returns to security holders than the S&P/ASX300 A-REIT Accumulation Index TOTAL SECURITY HOLDER RETURN SINCE IPO 220 106.7% 200 180 160 41.3% 140 25.3% 120 19.9% 100 80 Jul-14 Oct-14 Jan-15 Apr-15 Jul-
Slide 6: Growth In Funds Management
Growth In Funds Management • ENN’s key strategic objective is to grow its funds management business by identifying and originating investments that deliver strong performance for both ENN and its capital partners • Since 31 December 2015, ENN has increased funds under management by $256m to $646m •
Slide 7: Business Overview
Nanot® Business Overview
Slide 8: Business Overview
Business Overview Elanor Investors Group Funds Management ($646m FUM) Investments ($128m) Managed Funds Investment Portfolio and Co-investments • 193 Clarence Hotel Syndicate • John Cootes Diversified • Featherdale Wildlife Park • Co-investments in 193 Property Syndicate Clarence Hotel, Bell City an
Slide 9: Investments and Funds Under Management
Investments and Funds Under Management MANAGED FUNDS INVESTMENTS Elanor Commercial Super A-Mart Elanor Hospitality Property Fund 193 Clarence Hotel Auburn Syndicate and Accommodation Limestone Street Syndicate Centre Syndicate Elanor Commercial Fund Featherdale Wildlife Property Fund Park John Coote
Slide 10: Financial Results
Nanot® Financial Results
Slide 11: Adjusted Profit and Loss
Adjusted Profit and Loss1 1HFY17 1HFY17 • Net profit after tax of $4.8m on the basis that the co-investment Segment Revenue and EBITDA Revenue EBITDA in Elanor Hospitality and Accommodation Fund is equity $000 $000 accounted, not consolidated Funds Management 9,326 7,844 Hotels, Tourism and Leisure
Slide 12: Adjusted Balance Sheet
Adjusted Balance Sheet1 Balance Sheet as at 31 December 2016 $’000 • Net asset value per security of $1.46 at 31 December 2016, up from $1.37 at 30 June 2016 . This primarily reflects the capital Assets raising in July/August 2016 which was completed at $1.85 per stapled security Cash 11,385 Receiva
Slide 13: Property Valuations
Property Valuations • ENN’s Board of Directors determined that the valuations for the Hotels, Tourism and Leisure properties as at 31 December 2016 were appropriate • ENN’s only other directly held investment property, Merrylands Property, is held at cost of $16.6m1 31 December 2016 30 June 2016 Car
Slide 14: Segment Performance
Nanot® Segment Performance
Slide 15: Segment Performance
Segment Performance • The Group measures the performance of its co-investments based on distributions received/receivable from these co-investments, consistent with the treatment within Core Earnings. Adjusted EBITDA, adjusted to show distributions received/receivable from co-investments rather than
Slide 16: Funds Management
Funds Management Performance 1HFY17 1HFY16 Variance Gross asset ($m) ($m) (%) Managed Funds value ($m) Revenue 9.3 5.1 82.5 193 Clarence Hotel Syndicate 24.6 Bell City Fund (4) 157.8 Elanor Commercial Property Fund 41.1 Expenses 1.5 1.0 48.9 Elanor Hospitality and Accommodation Fund 98.3 Elanor Reta
Slide 17: Hotels, Tourism and Leisure
Hotels, Tourism and Leisure Performance 1HFY17 1HFY16 Variance Carrying Value ($m) ($m) (%) Assets ($m) Revenue 12.3 18.0 (31.7) Featherdale Wildlife Park 16.1 Expenses 8.6 12.9 (33.3) EBITDA 3.7 5.1 (27.9) Hotel Ibis Styles Canberra Eaglehawk 17.7 Margin (%) 30.2% 28.5% 5.7 Hotel Ibis Styles Albany
Slide 18: Hotels, Tourism and Leisure Co-Investments
Hotels, Tourism and Leisure Co-Investments Performance 1HFY17 1HFY16 Variance Carrying Value ($m) ($m) (%) Assets ($m) Equity accounted 193 Clarence Hotel Syndicate 1.2 0.9 0.1 780.4 result Bell City Fund (4) 12.3 Distributions 1.4 0.5 176.6 received / receivable Elanor Hospitality and Accommodation
Slide 19: Real Estate
Real Estate Performance 1HFY17 1HFY16 Variance Carrying Value ($m) ($m) (%) Assets ($m) Revenue ($m) (1.3) 0.0 - Elanor Commercial Property Fund 0.6 Expenses ($m) (0.2) 0.0 - Elanor Retail Property Fund 25.9 EBITDA ($m) (1.5) - - Limestone Street Centre Syndicate 1.4 EBITDA contribution to 0.3 0.0 -
Slide 20: Special Situations Investments
Special Situations Investments Performance 1HFY17 1HFY16 Variance Carrying Value ($m) ($m) (%) Assets ($m) Revenue 15.8 14.7 7.1 John Cootes Furniture 11.2 Expenses 15.3 12.5 21.9 Merrylands Property 16.6 EBITDA 0.5 2.2 (75.7) Margin (%) 3.4% 15.2% (77.3) Total 27.8 EBITDA contribution to 0.5 0.7 (2
Slide 21: Merrylands Property - update
Merrylands Property - update • In June 2016 the NSW Department of Planning and Environment issued its Gateway Determination on ENN’s planning proposal in respect of its 26,135 square metre property on Woodville Road, Merrylands. The Gateway Determination confirmed: − rezoning the site to B4 mixed us
Slide 22: Strategy and Outlook
Nanot® Strategy and Outlook
Slide 23: Strategy and Outlook
Strategy and Outlook STRATEGIC OBJECTIVES Growing funds management business • Increase income from funds management • Seed new managed funds with ENN owned investments • Co-invest with external capital partners Actively managing investment portfolio • Realise earnings and capital growth potential fr
Slide 24: Appendices
Nanot® Appendices
Slide 25: Hotels, Tourism and Leisure – Balance Sheet Investments
Hotels, Tourism and Leisure – Balance Sheet Investments Featherdale Wildlife Park, Ibis Styles Eaglehawk Ibis Styles Albany Doonside, Sydney NSW Sutton, Canberra, ACT Orana, WA 3.1 hectare site, parking facilities for 60 vehicles, 151 rooms, restaurant and 310 square metres of 50 rooms, bar and rest
Slide 26: Managed Funds Summary
Managed Funds Summary 193 Clarence Street Hotel Syndicate Elanor Hospitality & Accommodation Fund Bell City Fund (4) Peppers Cradle Mountain featured Auburn Central featured 193-195 Clarence Street, Sydney NSW (4), TAS (1) and ACT (1) 215 Bell Street, Preston Victoria Asset Type: Hotel Asset Type: H
Slide 27: Managed Funds Summary
Managed Funds Summary Elanor Commercial Property Fund Elanor Retail Property Fund John Cootes Diversified Property Syndicate 34 Corporate Drive, Cannon Hill featured Tweed Mall featured Tuggerah store featured 34 Corporate Drive, Cannon Hill NSW (3), TAS (1) and QLD (1) Penrith and Tuggerah, NSW Ass
Slide 28: Managed Funds Summary
Managed Funds Summary Limestone Street Centre Syndicate Super A-Mart Auburn Syndicate 38 Limestone Street, Ipswich, QLD Cnr Harrow Road and Queen Street, Auburn NSW Asset Type: Commercial Building Asset Type: Retail warehouse Description: − Multi-storey commercial Description: − Recently refurbished
Slide 29: Special Situations and Managed Fund Co-Investments
Special Situations and Managed Fund Co-Investments Special Situations Investments Asset Location Type of business Carrying Value ($m) John Cootes Furniture Operates from 12 sites; Merrylands, Furniture retailer 11.2 Penrith, Tuggerah, Campbelltown, Bathurst, Taree, Fyshwick, Warners Bay, Wagga Wagga
Slide 30: Disclaimer
Disclaimer This presentation has been prepared by Elanor Investors Limited (ACN 169 308 187) and Elanor Funds Management Limited (ACN 125 903 031, AFSL 398196), as responsible entity of Elanor Investment Fund, and their controlled entities (collectively, ‘Elanor Investors Group’, ‘the Group’ or ‘ENN
Elanor Investors Group — H1 2017 Earnings Presentation on 6ix