Charter Hall Retail Reit · ASX:CQR
Charter Hall Retail Reit — Shareholder Meeting (October 2012)
30 slides from Charter Hall Retail Reit's shareholder meeting presentation, Oct 22, 2012
Slide 1: Annual Meeting of Unitholders
CHARTER HALL RETAIL REIT ANNUAL MEETING OF UNITHOLDERS 22 October 2012 Good afternoon and welcome everyone to the Charter Hall Retail REIT’s (REIT) Meeting of Unitholders. It is now 3pm and as the necessary quorum is present, I declare this meeting properly For personal use only constituted and open
Slide 2: Chairman's Address: Charter Hall Retail REIT
meeting that have been directed to me as Chairman. There were no questions received for the Auditor. At the conclusion of the meeting we look forward to joining you for refreshments in the foyer. For personal use only Before I proceed, I would like to advise that today’s meeting is being webcast liv
Slide 3: Strategic objectives, acquisition and equity raising
Our strategic objectives are focused on: ♦ Firstly, maintaining and enhancing the REIT’s non-discretionary defensive Australian portfolio through focus on: — Enhancing property returns via the vertically integrated Charter Hall management platform, and For personal use only — The proactive managemen
Slide 4: Waste management and handover to Fund Manager
As highlighted in our annual report, this year we turned our focus to our waste management practices to identify opportunities to reduce the quantity of waste disposed in landfills. Waste inspections were undertaken at 26 retail centres to gain a better understanding of the waste generated and to id
Slide 5: Charter Hall Retail REIT Meeting of Unitholders October 2012
For personal use only Charter Hall Retail REIT Meeting of Unitholders 22 October 2012
Slide 6: Board of Directors
Board of Directors For personal use only John Harkness Chairman and Independent Director Maurice Koop Alan Rattray-Wood David Southon David Harrison Independent Director Independent Executive Director Executive Director Director 2
Slide 7: Agenda
For personal use only John Harkness Scott Dundas Chairman Fund Manager 1 Chairman’s Presentation 2 Fund Manager’s Presentation 3 Item of Business 4 Questions 3
Slide 8: Chairman's Presentation
For personal use only 01 Chairman’s Presentation
Slide 9: Charter Hall Retail REIT
Charter Hall Retail REIT As at 30 June 2012 For personal use only One of the largest owners of Australian high quality supermarket anchored shopping centres Portfolio comprises 91 retail properties, valued at A$2.0 billion Australian properties are 91% of net tangible assets — Predominantly neig
Slide 10: REIT Business Objectives
REIT Business Objectives For personal use only Maintain and enhance the REIT’s non-discretionary defensive Australian portfolio, utilising Charter Hall’s vertically integrated management platform Proactive equity and debt management including a recent $100 million institutional placement, comple
Slide 11: Portfolio Acquisition and Equity Raising
Portfolio Acquisition and Equity Raising For personal use only The REIT has successfully completed a $100 million placement to fund the acquisition of three high quality sub-regional shopping centres The issue price of $3.45 is a 2.1% premium to NTA1 and the new units are entitled to the Decembe
Slide 12: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) For personal use only Sustainability is a critical element of how we enhance financial, social and environmental value across our business Charter Hall Group focuses on three sustainability principles: — Sustainable business — Environment — Community
Slide 13: Fund Manager's Presentation
For personal use only 02 Fund Manager’s Presentation
Slide 14: Full Year Results
Full Year Results Financial results – year ended 30 June 2012 For personal use only Earnings Balance Sheet Statutory profit: $9.7m; 3.24cpu Net tangible assets: $1,013m; $3.38pu Operating earnings1: $86.3m; 28.81cpu Portfolio valuation: $1,978m; 8.31% cap rate Distribution: $78.3m; 26.10cp
Slide 15: FY12 Highlights
FY12 Highlights For personal use only Growing Australian Acquired four properties for $160m1 at average initial yield of 8.5% business Australian portfolio represents 91% of the REIT’s net tangible assets (NTA) Strong Australian Occupancy steady at 98.6% and same property NOI growth of 3.5% po
Slide 16: Australian Portfolio
Australian Portfolio At 30 June 2012 For personal use only 74 properties 1,597 tenancies 464,367sqm GLA1 $1.6 billion value 98.6% occupancy 1. Gross lettable area 12
Slide 17: Portfolio Acquisition and Equity Raising
Portfolio Acquisition and Equity Raising For personal use only The REIT has successfully completed an institutional placement to acquire three sub-regional supermarket anchored shopping centres with income and capital growth potential Combined acquisition price of $100.7 million1 reflects a 9.6%
Slide 18: Acquisition Portfolio
Acquisition Portfolio High yielding sub-regional shopping centres For personal use only Increasing NSW Footprint Portfolio Metrics PROPERTY PRICE INITIAL PROP. OCCUPANCY WARR1 FORECAST ($M) YIELD WALE (%) (%) SETTLEMENT (%) (yrs) Tamworth City 35.0 10.1% 3.8 99.6% 4.0% Oct 12 Plaza, NSW Dubbo Shoppi
Slide 19: Australian Portfolio: Redevelopment projects
Australian Portfolio Redevelopment projects For personal use only Projects underway Other Board approved projects PROJECT VALUE YEAR FORECAST ($M) ONE COMPLETION PROJECT VALUE YEAR FORECAST YIELD ($M) ONE COMPLETION YIELD Jerrabomberra, NSW 2.0 11.0% Dec-12 South Hedland, 15.2 11.3% Jul 13 WA Allens
Slide 20: European Strategy
European Strategy For personal use only Poland Strategy to exit Polish market has been accelerated Market conditions considered opportune to recycle equity into Australia Germany Stable German property (Jena) to be marketed for sale Redevelopment of Chemnitz is progressing with target to sel
Slide 21: Debt Maturity Profile
Debt Maturity Profile For personal use only No FY13 debt maturities Refinanced or restructured over $750 million of debt facilities in FY12 FY12 weighted average interest cost 6.3% with FY13 cost forecast to reduce further Debt Maturity Profile at 30 June 2012 350 326 316 300 260 250 200 150 1
Slide 22: Unit Purchase Plan
Unit Purchase Plan For personal use only A Unit Purchase Plan (UPP) will be offered to all eligible unitholders in Australia and New Zealand and will provide retail unitholders with an opportunity to purchase new units, up to a value of $15,000 The offer price of $3.45 is a 2.1% premium to NTA1
Slide 23: FY13 Outlook
FY13 Outlook For personal use only Charter Hall Retail REIT is well positioned with an Australian portfolio consisting of high quality neighbourhood and sub-regional shopping centres FY13 operating earnings barring unforeseen events is forecast to be 29.5 – 30.0 cents per unit1 Distribution payout
Slide 24: Item of Business
For personal use only 03 Item of Business
Slide 25: Procedural Matters
Procedural Matters For personal use only If there are any Unitholders who are eligible to vote who have not received their yellow voting card, please see a representative from Link Market Services at the registration desk Unitholders holding a red card are not eligible to vote but can speak at t
Slide 26: Item of Business
Item of Business For personal use only Voting on this resolution will take place on a show of hands, unless a poll is demanded in accordance with the REIT’s Constitution and the Corporations Act. This resolution is advisory only and is non-binding on Charter Hall Retail Management Limited (“CHRML”)
Slide 27: Resolution: Ratification of Re-appointment of Independent Director
Resolution For personal use only Ratification of Re-appointment of Independent Director To consider, and if thought fit, pass the following resolution, as an advisory, non-binding ordinary resolution of the Unitholders: “That the re-appointment of Alan Rattray-Wood as a Director of CHRML be ratified
Slide 28: Resolution – Proxies
Resolution – Proxies For personal use only Proxies FOR: 204,783,789 98.94% OPEN: 1,112,413 0.54% AGAINST: 1,071,601 0.52% ABSTAIN: 811,245 24
Slide 29: Questions
For personal use only 04 Questions
Slide 30: Important Notice
For personal use only Important Notice Charter Hall Retail Management Limited ABN 46 069 709 468; AFSL 246996 (“CHRML”) has issued this presentation in its capacity as the responsible entity of Charter Hall Retail REIT ARSN 093 143 965 (“CQR” or “the REIT”). This presentation has been prepared for g
Charter Hall Retail REIT — Shareholder Meeting (October 2012) on 6ix