Dexus Convenience Retail Reit · ASX:DXC
Dexus Convenience Retail Reit — APN Property Plus Portfolio — Shareholder Meeting (July 2017)
21 slides from Dexus Convenience Retail Reit's shareholder meeting presentation, Jul 25, 2017
Slide 1: APN Property Plus Portfolio Extraordinary General Meeting
APN PROPERTY PLUS PORTFOLIO ARSN 101 227 614 EXTRAORDINARY GENERAL MEETING 25 JULY 2017
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation has been prepared by APN Property Group Limited (ACN 109 846 068 APD.ASX) (APN) and APN Funds Management Limited (APNFM) (ACN 080 674 479, AFSL No. 237500). APNFM is a wholly owned subsidiary of APN Property Group Limited and the responsible entity a
Slide 3: Meeting outline
Meeting outline Notice of meeting of members Fund presentation Convenience Retail REIT Formal business of meeting Questions Meeting close Geoff Brunsdon Tim Slattery Chairman Chief Executive Officer APN Funds Management Limited APN Property Group Limited
Slide 4: Notice of meeting of members
Notice of meeting of members This meeting has been called by APN Funds Management Limited as responsible entity for the APN Property Plus Portfolio. The purpose of the meeting is to vote on the following resolutions: Special Resolution 1 – Amendments to the Constitution “For the purposes of subsecti
Slide 5: Fund Presentation
FUND PRESENTATION APN | Property Group 5
Slide 6: Fund history
Fund history 2002 Established, with a view to future listing 2007 Unitholders approved continuation of Fund; withdrawal offer 2007 Debt facility renewed for 5 years with 0.65% margin 2012 Debt facility renewed for 3 years with 2.35% margin 2013 Sold 2 properties above book value 2014 7-E
Slide 7: Fund Returns
Fund Returns Total annual return of 14.6% per annum since inception Outperformed the S&P/ASX 300 AREIT and S&P/ASX 300 indices during the same period PPP Total Return versus market1 33.8% Capital growth Income 10.8% 26.1% 11.0% 14.6% 23.0% 9.2% 9.4% 6.2% 15.1% 4.7% 5.2% 6.5% 4.5% PPP PPP PPP ASX
Slide 8: Options considered and recommendation
Options considered and recommendation Combining with Maintain current Sale of part or all Fund ASX Listing of Option larger portfolio and structure of portfolio recapitalisation PPP listing on ASX Combining with larger Provide liquidity to Raise additional equity Sale of individual assets List PPP o
Slide 9: Convenience Retail REIT
CONVENIENCE RETAIL REIT APN | Property Group 9
Slide 10: Investment highlights
Investment highlights Stable and secure portfolio with strong growth potential 1 Portfolio of 66 assets with a high quality tenant base 2 Attractive, defensive forecast yield backed by long term, high quality leases Significant growth opportunity via annual contracted rent increases, Puma Energy’s n
Slide 11: Investment objectives and key offer metrics
Investment objectives and key offer metrics Attractive, defensive forecast yield backed by long term, high quality leases Investment objective and approach Key offer metrics Consistent with APN’s “property for income” investment Offer Price $3.00 philosophy, Convenience Retail REIT’s objective is
Slide 12: Portfolio overview
Portfolio overview Well diversified and defensive long lease portfolio Quality national portfolio of scale Portfolio metrics – Comprises 66 service station sites predominantly located on the Eastern Seaboard States of Australia Independent portfolio valuation $307.6 million – Is a combination of p
Slide 13: Leading convenience retail tenants
Leading convenience retail tenants Portfolio income supported by a strong, high quality tenant base Service station tenants account for Major tenants (97% of portfolio income) 97% of the initial portfolio income Complementary retail services account for the balance of portfolio National Global d
Slide 14: Proposal
Proposal “To combine the assets of PPP with a larger portfolio of properties through stapling PPP units to CRR2 units and CRR3 units to form Convenience Retail REIT, which is intended to be listed on the ASX and operate as a stapled group”. 14
Slide 15: Proposal
Proposal Provides unitholders an option to sell all of their PPP units or continue their investment in the larger, more liquid ASX listed fund (Convenience Retail REIT (CRR)) Realising a net asset value per unit NAV of approximately $2.04 which is based on the average of two independent valuatio
Slide 16: Formal business of the meeting
FORMAL BUSINESS OF THE MEETING 16
Slide 17: Admission cards
Admission cards White cards have been issued to unitholders and proxyholders (or their representatives) entitled to speak and vote at this meeting Blue cards have been issued to non-voting unitholders (or their representatives), for example where a unitholder has appointed a proxy Green cards
Slide 18: Resolution 1 – Special resolution
Resolution 1 – Special resolution Special resolution – Amendment to the Constitution “For the purposes of subsection 601GC(1) of the Corporations Act and all other purposes, the Constitution dated 31 May 2002 (as amended from that date) be amended in accordance with the supplemental deed tabled at t
Slide 19: Resolution 2 – Ordinary resolution
Resolution 2 – Ordinary resolution Ordinary resolution – Approval of the Proposal “That, for all purposes, subject to and conditional upon the approval of Resolution 1, the Proposal (as described in the Explanatory Memorandum accompanying the Notice of Meeting) be approved and the Responsible Entity
Slide 20: Questions
QUESTIONS APN | Property Group 20
Slide 21: Thank you
THANK YOU APN | Property Group 21
APN Property Plus Portfolio — Shareholder Meeting (July 2017) on 6ix