Growthpoint Properties Australia · ASX:GOZ
Growthpoint Properties Australia — Non-Deal Roadshow (December 2012)
26 slides from Growthpoint Properties Australia's roadshow presentation, Dec 5, 2012
Slide 1: Roadshow to New Zealand Investors
Growthpoint Properties Australia (ASX Code: GOZ) For personal use only Roadshow to New Zealand Investors 6-7 December 2012 Growthpoint Properties Australia Trust ARSN 120 121 002 Growthpoint Properties Australia Limited ABN 33 124 093 901 AFSL 316409 13 Business Street, Yatala, QLD
Slide 2: Contents
Contents Glossary & Disclaimer 1 For personal use only Overview 2 Property portfolio – key metrics 3 FY2012 Financial Results 4 Movements in Net Tangible Assets per Security over FY2012 5 Debt & Capital Management 6 Debt & Capital Management (continued) 7 Comparative Returns 8 Growth in Security Pri
Slide 3: Glossary & Disclaimer
Glossary & Disclaimer IFRS International Financial Reporting Standards A-REIT Australian Real Estate Investment Trust For personal use only Balance Sheet Gearing borrowings divided by total assets BILAT the Facility Agreement between GOZ and National Australia Bank dated 17 February 2012 cps cents p
Slide 4: Overview
Overview STRONG FY2012 • Statutory profit of $49.5 million; 13.5% above FY2011 OPERATING • Distributable income of $57.7 million; 17.7 cps; 58.5% above FY2011 For personal use only PERFORMANCE • Distributions paid and provided of $57.4 million; 17.6 cps - above guidance & 2.9% above FY2011 result •
Slide 5: Property portfolio – key metrics
Property portfolio – key metrics1 For personal use only 1 Figures include properties contracted to purchase at 30 June 2012 at their purchase price, properties in development at their independent value on completion and rental guarantees (as applicable) Growthpoint Properties Australia Roadshow to N
Slide 6: FY2012 Financial Results
FY2012 Financial Results For personal use only FY2012 FY2011 Change % Change Statutory accounting profit ($'000) 49,487 43,373 6,114 14% Distributable income ($'000) 57,713 36,407 21,306 59% Distributions paid / payable ($'000) 57,383 36,480 20,903 57% Distributions per security (cents) 17.6 17.1 0.
Slide 7: Movements in Net Tangible Assets per Security over FY2012
Movements in Net Tangible Assets per Security over FY2012 For personal use only • Property revaluations added 10 cents to NTA or 3.2% over the year to 30 June 2012 • Movement in interest rate swaps reduced NTA by 13 cents over the year to 30 June 2012. Yield curve for swap valuations reached histori
Slide 8: Debt & Capital Management
Debt & Capital Management Debt Maturity Profile Weighted average maturity of debt is 3.5 years as at 30 June 2012 Pro forma at For personal use only • 31 December Default 1 30 June 2012 2012 covenant Balance Sheet Gearing 45.6% 50.6% SFA LVR 51.0% 52.2% 65.0% BILAT LVR 28.1% 50.5% 65.0% SFA Annual I
Slide 9: Debt & Capital Management (continued)
Debt & Capital Management (continued) For personal use only • Swaps restructured to better match debt maturity and take advantage of low swap rates • During the year, the following hedge transactions occurred: — Effective 1 February 2012, two new 5 year $50 million swaps were executed at 4.15% per a
Slide 10: Comparative Returns
Comparative Returns For personal use only • GOZ has outperformed most benchmarks over the 6 months, 1 year and 3 year periods to 30 June 2012 33-39 Richmond Road, Keswick, SA • GOZ’s fixed annual rent increases (WARR: 3.2% per annum) and stable cost base contribute to a projected growing distributio
Slide 11: Growth in Security Price, Distributions, Market Capitalisation & Free Float
Growth in Security Price, Distributions, Market Capitalisation & Free Float1 For personal use only 38-40 Annandale Road, Tullamarine, VIC 1 In these figures, “GOZN” and “GOZNA” securities are valued at their issue price of $1.90 2 Date of transaction announcement Growthpoint Properties Australia Roa
Slide 12: Property portfolio – acquisitions and developments
Property portfolio – acquisitions and developments Acquisitions Developments For personal use only Energex, Nundah, QLD 333 Ann Street, Brisbane Purchase outlay: $77.9m before Price: $109.95m acquisitions costs Lettable area: 16,476m2 Lettable area: 12,910m2 Initial yield: 9.10% Initial yield: 8.25%
Slide 13: Growthpoint Properties Limited (GRT) – South Africa
Growthpoint Properties Limited (GRT) – South Africa1 For personal use only • GRT owns 65.3% of the securities of GOZ (at 30 November 2012) and is its major Key Facts securityholder Listing GRT is listed on the Johannesberg Stock Exchange (JSE) • GRT first invested in GOZ in September 2009 and has a
Slide 14: Outlook
Outlook Group − Strategy: Clear and simple strategy, own quality commercial properties in Australia for rental For personal use only income. 4 pillars: 100% investment in Australia, no funds management, internalised management and not a developer − Property portfolio: well placed, with long WALE, qu
Slide 15: i - Key Achievements
Appendix i - Key Achievements For personal use only Strong financial returns TSR of 21.6%1 for FY2012 versus 11.0%2 for the A-REIT sector TSR over a 3 year period to June 2012 is 19.7%1 per annum versus 12.2%2 for the A-REIT sector GOZ price has traded above NTA per security since January 2012
Slide 16: i - Key Achievements (continued)
Appendix i - Key Achievements (continued) For personal use only Successful equity raisings GOZ has raised/issued $640.4 million1 of equity in the last 3 years Successful $102.6 million rights issue completed in July 2011 on the back of Rabinov Property Trust Takeover and a $166.4 million rights
Slide 17: ii - Financial Position
Appendix ii - Financial Position For personal use only As at 30 Jun 2012 As at 30 Jun 2011 Assets ($'000) ($'000) Cash and cash equivalents 35,289 24,144 Investment properties 1 1,469,646 1,157,535 Other receivables 100,790 168 Other assets 1,357 8,263 Total assets 1,607,082 1,190,110 Liabilities Bo
Slide 18: iii - Distributable Income
Appendix iii - Distributable Income For personal use only FY2012 FY2011 Change Change ($'000) ($'000) ($'000) % Property income 124,005 88,419 35,586 40% Property expenses (15,063) (9,217) (5,846) 63% Net property income 108,942 79,202 29,740 38% Interest and other income 4,677 3,029 1,648 54% Total
Slide 19: iv - Office Property Market
Appendix iv - Office Property Market Office Supply – Capital City CBDs ('000 sqm) • National vacancy rate at 7.8% in Q2/2012 For personal use only 700 0.14 Forecast • Close to 500,000m2 to be supplied in 2012 600 0.12 3-year average forecast • Supply tapers off quickly in 2013 and 2014 (2012- 2014)
Slide 20: iv - Office Property Market (continued)
Appendix iv - Office Property Market (continued) For personal use only Office Sales Australia (≥AUD 5.0 million) Worldpark, 33-39 Richmond Road, Keswick, SA • Sales of office buildings have “cooled”. Only one sale above $100 million in Q2, 2012 • In 2012 $2.5 billion in sales YTD • Offshore investor
Slide 21: v - Industrial Property Market
Appendix v - Industrial Property Market National Industrial Take-up • Whilst the annual industrial take-up was below the 10 year average in For personal use only 2011 into 2012, supply of new stock has been limited • Pre-commitment lead demand with some limited “speculative development” coming into
Slide 22: v - Industrial Property Market (continued)
Appendix v - Industrial Property Market (continued) Average Prime Industrial Yields • Prime industrial yields stabilised in 2010 and have been maintained in For personal use only the 8.0% to 9.0% range • Spread between bond rates and yield has opened up as AUS bond rates have fallen • Prime yields t
Slide 23: v - Industrial Property Market (continued)
Appendix v - Industrial Property Market (continued) Forecast Rent Avg. Prime Net For personal use only Growth (p.a.) Rent ($/m2) 2011-2021 134 Lillkar Road, Goulburn, NSW Melbourne South East 80 2.50% Melbourne West 69 3.05% Sydney South 147 2.55% Sydney Outer West 108 2.62% Brisbane 114 3.15% Perth
Slide 24: vi - Office Portfolio
Appendix vi - Office Portfolio 30 Jun 20121 30 Jun 2011 For personal use only Office portfolio % 49% 35% Book value (million) $800.6 $431.8 33-39 Richmond Road, Keswick, SA Number of assets 14 8 WACR 8.3% 8.3% Weighted average discount rate 9.6% 9.6% Weighted average terminal yield 8.7% 8.7% WARR 3.
Slide 25: vii - Industrial Portfolio
Appendix vii - Industrial Portfolio 30 Jun 2012 30 Jun 2011 For personal use only Industrial portfolio % 51% 65% Book value (million) $834.2 $813.1 Number of assets 27 30 WACR 8.4% 8.6% Weighted average discount rate 9.8% 10.0% Weighted average terminal yield 8.7% 9.0% WARR 2.8% 2.8% WALE 8.5 yrs 8.
Slide 26: For more information contact us at:
For personal use only For more information contact us at: Growthpoint Properties Australia Level 10, 379 Collins Street Melbourne VIC 3000 81 Derby Street, Silverwater, NSW 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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