Axis Real Estate Investment Trust · MYX:AXREIT
Axis Real Estate Investment Trust — Q4 2011 Earnings Presentation
85 slides from Axis Real Estate Investment Trust's earnings presentation, Jan 17, 2012
Slide 1: Presentation of 4Q 2011 Results
Presentation of 4Q 2011 Results January 17, 2012
Slide 2: Highlights
Amis REAL ES "ATE INWESTRAENT TRUST Highlights
Slide 3: A Quick Snapshot
A Quick Snapshot Total Net Income (RM' 000) 81,051 Income Available for Distribution ("Realised") (RM' 000)# 65,875 Earnings per Unit ("EPU") ("Realised") (Sen) 17.28 Income Distribution* (RM'000) 65,746 Distribution per Unit* ("DPU") (Sen) 17.20 Number of Investment Properties 27 Units in Circulati
Slide 4: Highlights 4Q 2011
Highlights 4Q 2011 Placement of 75,180,200 Units received an overwhelming demand and were placed out at a fine discount of 3.92% to VWAMP Building Enhancement Program SPA for 2 logistics warehouse saw the completion of the signed 3Q 2011 are expected to extensive makeover of Crystal complete by end
Slide 5: Total Return to Unitholders for 2011
Total Return to Unitholders for 2011 Year 2011 Distribution Yield * 6.56% Total return for 2011 ** 18.00% Average total return (last 3 years) 43.00% Average total return (last 5 years) 24.00% * Based on closing market price as at 31 Dec. 2011 of RM2.62 ** Based on movement in Unit Price (opening and
Slide 6: Capital Return and Dividend Return 2011
Capital Return and Dividend Return 2011 200% 186% 160% 76% 120% 81% 81% 80% 23% 35% 110% 44% 40% 11% 58% 46% 33% 7% 1% 0% 6% IPO @ RM1.25 Placement '08 @ RM1.80 Placement '09 @ RM1.66 Placement '10 @ RM1.97 Placement '11 @ RM2.45 Capital Return Distribution Return 6
Slide 7: Income Distribution Reinvestment Plan (“IDRP”)
Income Distribution Reinvestment Plan (“IDRP”) Axis‐REIT has completed it’s 1st implementation of IDRP in conjunction with the payment of the 3rd interim income distribution on 12 December 2011. 18% 15% ¾ A total of 2,732,896 new units were issued under the IDRP. 1% ¾ The units were issued at RM2.30
Slide 8: Unit Price Performance continues to improve
Unit Price Performance continues to improve Month End Closing Prices Dec 2010 ‐ Dec 2011 2.8 2.7 2.7 2.6 2.61 2.63 2.59 2.62 2.5 2.45 2.45 RM 2.4 2.37 2.4 2.37 2.32 2.33 2.36 2.35 2.3 2.2 2.1 2 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 13‐Jan 2010 2011 2012 8
Slide 9: Out Performed the KLSE in 2011
Out Performed the KLSE in 2011 AXIS vs KLCI (12 month) Price & Volume Statistic 115% Current Price : RM2.70 110% 52 Week Hi : RM2.68 105% 52 Week Lo : RM2.30 100% Average Monthly : 4,158,652 95% KLCI Volume 2011 AXREIT 90% Highest Monthly Volume : 6,629,000 85% March 2011 80% Lowest Monthly : 1,197,
Slide 10: Tops In Corporate Governance
Tops In Corporate Governance Recently won the Asia Pacific Real Estate Association’s (APREA) Best Practices Award 2011 (Emerging Markets Category) and six sub categories. This is the second year Axis REIT Managers Bhd have won the award. 10
Slide 11: Financial Results – Income Statement
Financial Results – Income Statement Net Property Income exceeds 4Q2010 by 7.43% Changes / 4Q2011 4Q2010 Movement No. of Properties 27 26 +1 Property Income (RM’000) 29,526 26,435 + 11.69% Net Property Income (RM’000) 24,929 23,204 + 7.43% Profit Before Taxation (RM’000) 16,802 16,180 + 3.84% Earnin
Slide 12: Financial Results – Balance Sheet
Financial Results – Balance Sheet Trading at premium to NAV of 25.94% 31 DEC 2011 31 DEC 2010 (RM ‘000) (RM’000) Total Assets 1,298,431 1,208,897 Investment Properties 1,276,180 1,178,682 Borrowings 311,338 416,609 Net Asset Value 944,097 755,230 Unitholders’ Capital 728,217 540,281 Gearing 23.98% 3
Slide 13: Increase in Units in Circulation
Increase in Units in Circulation Axis-REIT’s fund size has increased from 375,901,000 units to 453,814,096through the implementation of the Placement of new units and the Income Distribution Reinvestment Plan (“IDRP”). The Placement of 75,180,200 new Units was successfully completed in November and
Slide 14: Strengthening Management
Strengthening Management Axis-REIT Managers Bhd is pleased to announce the appointment of two new key staff to strengthen the Management team Julian Candiah – Head of Strategy and Capital Markets •He graduated in 1991 with a First Class degree. He continued at Cambridge to read a Masters in Manufac
Slide 15: Strengthening Management
Strengthening Management Rajesh Kumar Tharmalingam – Head of Special Projects •Graduated in 1993 with a Bachelor of Commerce University of NSW Australia •1993-1997 – Manager , Audit and Business Advisory Arthur Anderson •1997-2005 –GM – Chain Cycle – a waste Management Company •2005-2006 Project Ma
Slide 16: Strategy‐ Acquisitions
Strategy‐ Acquisitions The focus will continue to be on Shariah‐compliant properties – mainly industrial and selective commercial assets We will be relooking at IT‐based properties in Cyberjaya Primary location focus will be Petaling Jaya and Klang Valley , Penang and Johor Repositioning of
Slide 17: Fourth Quarter 2011 Results
Amis REAL ES"ATE INVESTMENT TRUST Fourth Quarter 2011 Results
Slide 18: Financial Results – Income Statement
Financial Results – Income Statement 4Q 2011 4Q 2010 Changes / (RM ‘000) (RM’000) Movement No. of Properties 27 26 +1 Property Income 29,526 26,435 + 11.69% Property Expenses (4,597) (3,231) + 42.28% Net Property Income 24,929 23,204 + 7.43% Interest Income 279 158 Non‐Property Expenses (2,523) (2,2
Slide 19: Financial Results – Income Statement
Financial Results – Income Statement 2011 2010 Changes / (RM ‘000) (RM’000) Movement No. of Properties 27 26 +1 Property Income – Note 1 114,311 89,213 + 28.13% Property Expenses – Note 2 (17,359) (12,961) + 33.93% Net Property Income 96,952 76,252 + 27.15% Accounting Loss On Disposal – Note 3 (258)
Slide 20: Notes to Financial Results – Income Statement
Notes to Financial Results – Income Statement Note 1 – Property Income Increase in property income as compared to last preceding year are due to:‐ a) Contribution of rental proceeds from new property acquisitions. b) Positive rental reversion during the full financial year. c) Increase in occupancy
Slide 21: Notes to Financial Results – Income Statement
Notes to Financial Results – Income Statement Note 3 – Accounting loss on disposal and Realisation of revaluation gain on disposal The disposal of Axis North Port LC 1 on 18 April 2011 (“the Disposal”), has resulted in a net gain of RM785,000 which can be calculated as follow: Simple mathematical co
Slide 22: Notes to Financial Results – Income Statement
Notes to Financial Results – Income Statement Note 3 – Accounting loss on disposal and Realisation of revaluation gain on disposal (cont’d) Due to the compliance requirement with the FRS 140 accounting standard, the Accounting loss on disposal of (RM258,000) needs to be offset against the Realisatio
Slide 23: Notes to Financial Results – Income Statement
Notes to Financial Results – Income Statement Note 4 – Non‐Property Expenses The increase in non‐property expenses is due to the increase in the Net Asset Value (“NAV”) of the Fund driven mainly from the equity placement exercise. The Management Expenses Ratio (‘MER”) for the full financial year is
Slide 24: Notes to Financial Results – Adjusted Income Before Taxation
Notes to Financial Results – Income Statement Note 6 – Adjusted Income Before Taxation/ Income Available For Distribution Breakdown of earnings available for distribution from the 4 quarters of 2011: 17.00 16.80 16.80 16.60 16.60 16.40 16.20 16.20 RM(million) 16.20 1 Qtr 16.00 2nd Qtr 15.80 3rd Qtr
Slide 25: Balance Sheet Highlights (RM’000)
Balance Sheet Highlights (RM’000) 31/12/11 31/12/10 Changes Investment Properties 1,276,180 1,178,682 + 97,498 Fixed Assets 102 ‐ + 102 Other Assets 22,149 30,215 ‐ 8,066 TOTAL ASSETS 1,298,431 1,208,897 + 89,534 Borrowings 311,338 416,609 ‐ 105,271 Other Payables 42,996 37,058 + 5,938 TOTAL LIABILI
Slide 26: Summary of EPU (Realised) and DPU
Summary of EPU (Realised) and DPU 20.00 Increasing DPU y-o-y 18.00 17.28 17.20 since listing 15.77 15.80 16.01 16.00 16.00 15.46 15.27 14.00 13.60 13.63 12.82 12.95 12.00 10.00 8.00 6.00 4.87 4.70 4.00 2.00 - 2005 2006 2007 2008 2009 2010 2011 EPU (realised) DPU 26
Slide 27: Detailed Property Performance Analysis (RM’000)
Detailed Property Performance Analysis (RM’000) Book Value Fair Value Acq Cost + Annualised Gross Yield (a) Adjust (b) Enhancement (c) Revenue(d) (d) / (c) 1 ABP 108,000 22,033 85,967 11,165 12.99% 2 Axis Plaza 31,000 8,403 22,597 2,904 12.85% 3 Crystal Plaza 101,000 39,540 61,460 10,299 16.76% 4 In
Slide 28: Borrowings
Borrowings 2006 2007 2008 2009 2010 2011 Total Borrowings (RM’000) 88,089 209,816 230,456 308,932 416,609 311,338 Total Assets (RM’000) 411,781 581,857 726,371 907,745 1,208,897 1,298,431 Gearings 21.39% 36.06% 31.73% 34.03% 34.46% 23.98% Effective Interest Rate 4.38% 4.39% 4.28% 4.11% 4.48% 4.66% P
Slide 29: Gearing Levels
Gearing Levels Placements Undertaken 45.0% 40.0% 38.2% 37.5% 36.1% 35.4%36.0% 36.0% 34.0% 34.5% 35.0% 33.0%33.1% 31.2% 31.8%31.7% 31.3% 30.0% 29.1% 26.8% 27.3% 25.0% 25.0% 23.7% 23.5% 24.0% 22.4% 21.4% 20.0% 15.0% 14.0% 11.8% 10.0% 5.0% 0.0% 29
Slide 30: Management Expense Ratio (“MER”)
Management Expense Ratio (“MER”) MER= Total administrative expenses incl. Manager and Trustee’s fees Average net asset value of the Fund. 1,298 1,300 1,267 10.00 1,209 1,200 1,100 1,000 953 908 900 Total Assets (RM'000) 800 % of NAV 726 733 700 658 582 600 500 417 400 300 1.47 200 1.38 1.37 1.35 1.2
Slide 31: Total Assets and Unitholders’ Funds
Total Assets and Unitholders’ Funds 1,400.0 1,298.4 1,267.2 1,208.9 1,200.0 1,000.0 952.6 944.1 907.7 800.0 732.9 755.2 752.5 726.4 RM mil 658.2 581.8 565.2 600.0 550.0 447.9 450.3 402.3 411.8 416.8 423.2 400.0 339.6 334.7 277.9 286.5 294.1 294.2 200.0 - 31-Dec- 30-Jun- 31-Dec- 30-Jun- 31-Dec- 30-Ju
Slide 32: Asset Enhancement & Appreciation of Values
Asset Enhancement & Appreciation of Values • As at 31 December 2011, asset values have appreciated by approximately 18% for the entire portfolio through enhancement efforts • The Portfolio has recorded a favorable gain in fair value of RM203.9 million; with RM16.0 million recognised in 2011. 120,000
Slide 33: Strategy Capital Management
Strategy Capital Management Keep our gearing down to an average 35% To continue to move more short term borrowings into medium – long term fixed rate loans Add Sukuk as part of our debt funding model To achieve an average cost of funds at 4.5% for 2012 Model of raising equity to pare down
Slide 34: Investor Relations
Investor Relations
Slide 35: > 1 Million Unitholders – Key Points
> 1 Million Unitholders – Key Points Top 10 Unitholders 1 EMPLOYEES PROVIDENT FUND BOARD 2 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 3 TEW PENG HWEE @ TEOH PENG HWEE AMANAH RAYA TRUSTEES BERHAD 4 SKIM AMANAH SAHAM BUMIPUTERA 5 ALEX LEE LAO 6 ABAS CARL GUNNAR BIN ABDULLAH CITIGROUP NOMINEES (TEMPATAN)
Slide 36: > 1 Million Unitholders – Key Points
> 1 Million Unitholders – Key Points Notable mentions of changes in shareholdings 1. EPF Board has added 14.17 million units retaining its top spot 2. Kumpulan Wang Persaraan has added 9.96 million units to move up from 6th to 2nd place 3. Skim Amanah Saham Bumiputera has added 6.71 million units to
Slide 37: > 1 Million Unitholders – Key Points
> 1 Million Unitholders – Key Points 60 57 EPF* 50 KUMPULAN WANG PERSARAAN 42 (DIPERBADANKAN) 40 40 41 40 AMANAH RAYA TRUSTEES BERHAD Million 30 SKIM AMANAH SAHAM BUMIPUTERA 28 25 22 22 20 21 20 CITIGROUP NOMINEES (TEMPATAN) 18 18 SDN BHD 16 16 16 16 16 14 EXEMPT AN FOR AMERICAN 14 14 13 13 INTERNAT
Slide 38: Improving Investor Visibility and Liquidity
Improving Investor Visibility and Liquidity No. of Unitholders 3000 2702 2597 2420 2500 2230 2109 1959 2000 1652 1500 1370 1166 941 1000 500 0 Dec-06 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Liquidity of the stock remains at June 2011 levels 4Q2011 – 8.02 million units tran
Slide 39: Volume Performance
Volume Performance Monthly Volume Traded 7.00 6.63 6.46 6.42 5.90 6.00 5.16 5.27 5.00 Million 4.00 3.15 3.00 2.51 2.59 2.34 2.28 2.00 1.63 1.73 1.20 1.00 ‐ Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 13 Jan 2010 2011 39
Slide 40: Bursa Market Chat
Bursa Market Chat 9 Bursa Market Chat was held in a number of venues at different dates in 2011, e.g. on the 17th of December 2011 in Segamat, Johor, whereby approximately 47 attendees were present. Axis REIT is supportive of the ‘Market Chat’ roadshows held by Bursa Malaysia throughout 2011. Axis R
Slide 41: Interviews at BFM 89.9 – the Business Station
Interviews at BFM 89.9 – the Business Station Our CEO, Mr. Stewart LaBrooy has been interviewed on BFM on the following two shows: • The “Ringgit & Sense” show on Oct 20th, 2011 (Thurs). The topic discussed was “What is a REIT” • “The Property Show” on Jan 6th, 2012 (Fri). Topics discussed was “REIT
Slide 42: Business Development
Business Development
Slide 43: Logistics Warehouse at Bayan Lepas, Penang
Logistics Warehouse at Bayan Lepas, Penang Land Area : 7.61 acres (331,709 sq ft) Gross Built Up : 205,150 sq ft Land Tenure : Leasehold Occupancy : 100% Tenancy/lease period : 5+5 years Tenants : MNC Purchase Price : RM48.5 million Valuation : RM 48.5 million Projected Net Yield : 8.0% 43
Slide 44: Logistics Warehouse Bukit Tengah, Seberang Prai
Logistics Warehouse Bukit Tengah, Seberang Prai Land Area : 13.7 acres (596,800 sq ft) Gross Built Up : 380,000 sq ft Land Tenure : Leasehold Occupancy : 100% Tenancy/lease period : 3+2 years Tenants : DB Schenker Purchase Price : RM59.0 million Valuation : RM 62 million Projected Net Yield : 10.2%
Slide 45: Total Size of Pipeline for 2012
Total Size of Pipeline for 2012 ¾1 Logistics DC in Bayan Lepas (Value RM48,500,000) ¾1 Logistics DC in Prai (Value, RM59,000,000) ¾1 Retail hypermarkets in the Klang Valley Value (Value RM 57,800,000 ) ¾An Industrial Facility in Nilai (Value RM 27,000,000) ¾An Office/Industrial Facility in Petaling
Slide 46: Property Report
Property Report
Slide 47: Income Growth – Rental Reversions in Q4 2011
Income Growth – Rental Reversions in Q4 2011 Space Renegotiated Properties (sq. ft.) % Movement Menara Axis 29,313 +1.32% Crystal Plaza 9,262 +10.0% Axis Business Park 256,785 ‐2.99% Infinite Centre 38,933 +4.83% Wisma Kemajuan 28,055 +4.66% Kayangan Depot 19,465 No Change Axis Plaza 57,439 No Chang
Slide 48: Income Growth‐ Increasing Occupancy Rates for 2011
Income Growth‐ Increasing Occupancy Rates for 2011 As at 31st Dec, 2010 95.73% As at 31st Dec 2011 97.22% A Comparison to the Market Selangor Office Occupancy Rates Q2. 2011 76.00% Axis Multi‐tenanted Buildings Q2. 2011 95.98%
Slide 49: Occupancy Rates
Occupancy Rates – 31st Oct 2011 Vacant 2.78% As at 31st Dec 2011 we have only 4 of our 27 buildings that carry vacancy below 90%. This is only 2.78% of NLA Occupied 97.22%
Slide 50: Occupancy Rates
Occupancy Rates Occupancy rates ( as of 31st December 2011) Kayangan Depot 69.39 Wisma Kemajuan 78.93 Axis Plaza 89.25 Quattro West 89.45 Occupancy %
Slide 51: Weighted Average Lease Expiry (“WALE”)
Weighted Average Lease Expiry (“WALE”) The Weighted Average Lease Expiry For the Portfolio is: By Net lettable Area = 5.64 years By Rental = 5.19 years
Slide 52: Risk management ‐Top Ten Tenants ‐Strong Rental Covenants
Risk management ‐Top Ten Tenants ‐Strong Rental Covenants 1. Konsortium Logistik Bhd 2. IDS Logistics Services (M) Sdn Bhd 3. Tesco Stores (M) Sdn Bhd 4. Fuji Xerox Asia Pacific Pte Ltd 5. Tenaga Nasional Bhd 6. Strateq Data Center Sdn Bhd (formerly Kompakar CRC Sdn Bhd) 7. BMW Asia Technology Centr
Slide 53: Risk Management‐ Keeping Occupancy Levels High
Risk Management‐ Keeping Occupancy Levels High
Slide 54: Risk Management‐ Keeping a Diverse Portfolio
Risk Management‐ Keeping a Diverse Portfolio Portfolio Diversification by Type and NLA Portfolio Diversification by Geographical and NLA Kedah Prai Cyberjaya 3% 3% 3% 3% 14% Petaling 40% Johor Jaya 22% 39% 35% Klang 8% 10% Shah Alam 20% Ofiice Office/Industrial Warehouse Retail Warehouse Logistic Li
Slide 55: Risk Profile – Manageable Lease Expiry Profiles
Risk Profile – Manageable Lease Expiry Profiles Year % of % of Rental Year % of % of Rental Year % of % of Rental Income/m Income/m Income/m Property 2012 Total NLA onth 2013 Total NLA onth 2014 Total NLA onth Menara Axis ‐ ‐ 0.04 72,739 1.63 2.98 46,548 1.05 2.03 Crystal Plaza 12,433 0.28 0.51 181,
Slide 56: Own + Maintain + Manage + Enhance
Own +Maintain+ Manage + Enhance Axis Facilities Management Sdn Bhd ‐Creating a world class asset management team
Slide 57: A team of 32 Real Estate Professionals
The Real Estate Team A team of 32 Real Estate Professionals takes excellent care of the Axis Portfolio
Slide 58: Asset Enhancements Creating Value
Asset Enhancements Creating Value
Slide 59: Asset Enhancements‐ Crystal Plaza Upgrade
Asset Enhancements‐ Crystal Plaza Upgrade
Slide 60: Crystal Plaza Enhancement
Crystal Plaza Enhancement New Drop off and Canopy
Slide 61: Crystal Plaza Enhancement
Crystal Plaza Enhancement New Lobby 2 with Directory New Dining Area Guard House with smoking area Basement Lift Lobby 2 DHL New Glass Door Lobby 1
Slide 62: Subang Hi‐Tech – Existing Site
Subang Hi‐Tech – Existing Site
Slide 63: Subang Hi‐Tech – Built to Suit for Fonterra
Subang Hi‐Tech – Built to Suit for Fonterra The concept follows Fonterra requirement to have a new headquarters built to suit their expansion. The additional investment of RM 2.6 million will enhance yields to 11% p.a. Fonterra will be signed 10 year lease with 3 year step ups in rent
Slide 64: Subang Hi‐Tech – Work in Progress
Subang Hi‐Tech – Work in Progress Main Lobby Construction External Window Element External View – Facing Car Park New Car Park – crusher run completed
Slide 65: Axis Business Park – Block B Toilets and Lift Lobbies Refurbishment
Axis Business Park – Block B Toilets and Lift Lobbies Refurbishment Basement 1 – New lift Lobby Basement 2 – New Lift Lobby New Male Toilet New Female Toilet New Ground Floor Lobby
Slide 66: Infinite Centre – existing site
Infinite Centre – existing site
Slide 67: Infinite Centre – New Proposed Enhancement
Infinite Centre – New Proposed Enhancement Perspective View:
Slide 68: Infinite Centre – New Proposed Enhancement
Infinite Centre – New Proposed Enhancement Perspective View:
Slide 69: Wisma Bintang –Existing Site
Wisma Bintang –Existing Site Current Building Complex
Slide 70: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement Scope of Work: Construction of 4‐Storey Office oNew 4‐storey structure with piling and steel structure oNew cladding oNew glazing works Existing oNew painting for façade oNew louvers oNew ceilings oNew roof (clip lock type – similar to Axis Vista) oNew drop off wit
Slide 71: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement Scope of Work: Construction of 4‐Storey Office oNew 4‐storey structure with piling and steel structure oNew cladding oNew glazing works Existing oNew painting for façade oNew louvers oNew ceilings oNew roof (clip lock type – similar to Axis Vista) oNew drop off wit
Slide 72: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement Scope of Work: Refurbishment on façade for Lot 13A – TNB building oNew cladding oNew glazing works oNew painting for façade Existing oNew louvers oNew toilet (concealed type ‐ similar to Crystal) oNew drop off with canopy oNew lift lobbies oNew 2 units passenger li
Slide 73: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement Scope of Work: Refurbishment on façade for Lot 13B – C&C and Cherry Alado oNew cladding oNew glazing works oNew painting for façade oNew louvers Existing oNew 1 unit goods lift at the back of building oNew 2 passenger lifts oCovered roof oNew drop off with canopy o
Slide 74: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement New Building Complex
Slide 75: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement Perspective View:
Slide 76: Wisma Bintang Proposed Enhancement
Wisma Bintang Proposed Enhancement Layout View – Overall site plan:
Slide 77: Asset Enhancement ‐ NIRO Warehouse Upgrade
Asset Enhancement ‐ NIRO Warehouse Upgrade Before Repainting completed
Slide 78: Asset Enhancement ‐ NIRO Warehouse Upgrade
Asset Enhancement ‐ NIRO Warehouse Upgrade New resurfaced driveway. New protective mild steel plate installed for the Loading Bay
Slide 79: Asset Enhancements‐ Axis Eureka Proposal
Asset Enhancements‐ Axis Eureka Proposal Present Building Complex
Slide 80: Asset Enhancements‐ Axis Eureka Proposal
Asset Enhancements‐ Axis Eureka Proposal New Building Proposal
Slide 81: Asset Enhancements‐ Axis Eureka Proposal
Asset Enhancements‐ Axis Eureka Proposal New Building Proposal – top view
Slide 82: Asset Enhancements‐ Axis Eureka Proposal
Asset Enhancements‐ Axis Eureka Proposal New Main Lobby
Slide 83: Asset Enhancements‐ Axis Eureka Proposal
Asset Enhancements‐ Axis Eureka Proposal Top floor office concept
Slide 84: Asset Enhancements‐ Axis Eureka Proposal
Asset Enhancements‐ Axis Eureka Proposal New F&B layout
Slide 85: Thank You
Thank You
Axis Real Estate Investment Trust — Q4 2011 Earnings Presentation on 6ix