Dexus · ASX:DXS

Dexus — DEXUS Property Group — Investor Presentation (December 2008)

24 slides from Dexus's investor presentation, Dec 3, 2008

  1. Slide 1: DEXUS Property Group Institutional placement

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS DEXUS Property Group Institutional placement 3 December 2008 391.7m securities at $0.73 to $0.84 raising $286m - $329m DEXUS Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Number 238163

  2. Slide 2: Important information

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Important information  This presentation is issued by DEXUS Funds Management Limited (DXFM) in its capacity as responsible entity of DEXUS Property Group (ASX:DXS). It is not an offer of securities for subscription or sale and

  3. Slide 3: Contents

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Contents  Executive summary  Capital raising  Debt refinancing / Additional headroom  DEXUS at a glance  Summary  Additional information 3

  4. Slide 4: Executive summary

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Executive summary

  5. Slide 5: Executive summary

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Executive summary1  DEXUS is committed to a prudent, pro-active approach to maintaining its sound financial position – Debt facilities recently secured to refinance all maturities to February 20102 – Additional debt facility of

  6. Slide 6: Executive summary cont.

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Executive summary cont.  Pro forma gearing of 34% post the institutional placement – Significant headroom within 55% gearing covenant1 – No market capitalisation covenant – No off balance sheet debt – BBB+ / Stable S&P credit r

  7. Slide 7: Capital raising

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Capital raising

  8. Slide 8: Capital raising

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Capital raising  Institutional placement to raise approximately $286m - $329m and a Security Purchase Plan  Institutional placement – Is proposed to be conducted today – 391.7m securities1 – Bookbuild price range $0.73 – $0.84

  9. Slide 9: Valuation metrics

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Valuation metrics  At $0.73 per new security Earnings yield1,2 Discount to: 16% 12.9% 14.8% 11.7% − Last price of 13.1% 10.2% 10.8% 7.8% − 1 month VWAP of ($0.84) of 13.2% 8% 5.9% − 3 month VWAP of ($1.13) of 35.6% 0% CFX CPA D

  10. Slide 10: Positions DEXUS for the future

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Positions DEXUS for the future  One of the largest, highest quality diversified property groups in Australia  Strong balance sheet – Reduces pro forma gearing1 from 37% to 34% – All maturities until February 2010 fully funded

  11. Slide 11: Indicative placement timetable

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Indicative placement timetable Activity Timing Institutional bookbuild opens 10.00am Wednesday 3 December 2008 Institutional bookbuild closes 2.30pm Wednesday 3 December 2008 Settlement of placement securities Tuesday 9 December

  12. Slide 12: Debt refinancing / Additional headroom

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Debt refinancing / Additional headroom

  13. Slide 13: Refinancing CY09 expiries

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Refinancing CY09 expiries  DEXUS maintains strong relationships with Debt maturity profile1 its lenders  Refinanced $500m CMBS due April 2009 1,600 Post capital raising – $250m announced in August 2008 1,410  Debt duration –

  14. Slide 14: DEXUS at a glance

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS DEXUS at a glance

  15. Slide 15: DEXUS at a glance

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS DEXUS at a glance  One of the largest owner, manager and developers of high quality property in Australia and selected international markets  96%1 of operating earnings derived from net property income  Properties continuing

  16. Slide 16: Office portfolio highlights – Australia and New Zealand

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Office portfolio highlights – Australia and New Zealand  High quality, strategically located office portfolio – 95%1 premium or A grade assets – 71%1 located in Sydney market, of which 85%1 in Sydney CBD – 18,000 sqm of leases2

  17. Slide 17: Australian industrial portfolio

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Australian industrial portfolio  Strategically located and diversified portfolio of quality industrial properties with high exposure to the key Sydney and Melbourne markets1 − Over 66,700 sqm of leases negotiated in Q1 FY09 rep

  18. Slide 18: International industrial portfolio

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS International industrial portfolio North America1  Assets strategically located in key sub-markets  Occupancy 92%  Tenant retention 74% as at 30 June 2008 Geographical allocation by market2  Weighted average lease expiry 4.1

  19. Slide 19: Committed developments and acquisitions

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Committed developments and acquisitions 1 Bligh Street, 123 Albert Street, 60 Miller Street, Whirlpool Sydney1 Brisbane Sydney  Premium grade 28 level,  Premium grade 24 level,  Redevelopment A grade office  Whirlpool indust

  20. Slide 20: Third party funds management business – stable and significant

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Third party funds management business – stable and significant  One of the largest third party platforms in Australia  In FY08, third party funds increased by 39% to $6.4bn1  DEXUS has no equity interest or contingent exposur

  21. Slide 21: Summary

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Summary

  22. Slide 22: DEXUS is well positioned for the future

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS DEXUS is well positioned for the future  Clear vision and strategy  High quality portfolio  Stable and sustainable property earnings  Quality developments adding value  Strong balance sheet with low gearing  Experienced ma

  23. Slide 23: Additional information

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Additional information

  24. Slide 24: Gearing post capital raising

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Gearing post capital raising1 Pro Forma Pro Forma Actual Incl FX + MTM adj Post Capital Raising Consolidated, $ million Jun-08 Jun-08 Jun-08 Total Assets2 9,349 10,150 10,150 Payables, Provisions and Other3 507 810 803 Interest

DEXUS Property Group — Investor Presentation (December 2008) on 6ix