Growthpoint Properties Limited · JSE:GRT

Growthpoint Properties — FY2012 Earnings Presentation

75 slides from Growthpoint Properties's earnings presentation, August 2012

  1. Slide 1: Growthpoint Properties Limited for the year ended 30 June 2012

    GROWTFEPOINT PROPERTIES GROWTHPOINT PROPERTIES LIMITED FOR THE YEAR ENDED 30 JUNE 2012 ~ 2 J il a io > oe oor : [os a al -dl_* er pe ra

  2. Slide 2: Agenda

    2 AGENDA  Introduction and Highlights  Financial Review  Operational Overview  RSA  GOZ  V&A  Acquisitions, Disposals, Developments and Commitments  Sustainability and CSI  Prospects  Annexures

  3. Slide 3: Introduction & Highlights

    GROWTFEPOINT PROPERTIES INTRODUCTION & HIGHLIGHTS a GRUNDFOS, Gauteng

  4. Slide 4: Introduction to Growthpoint

    4 INTRODUCTION TO GROWTHPOINT  The largest listed property company on the JSE with property assets valued at R53,1 billion including 100% of Growthpoint Properties Australia (“GOZ”) and 50% of the V&A Waterfront in Cape Town  Market capitalisation of R40,1 billion at 30 June 2012 (R23.00 per linke

  5. Slide 5: Highlights for the year under review

    5 HIGHLIGHTS FOR THE YEAR UNDER REVIEW 33.2% Return to investors for the Income yield Capital growth year 7.6% 25.6% Distribution per linked unit 139,0 cents 6.1% growth Repayment of CMBS Notes R2,0 billion New equity raised via placement R1,8 billion GOZ acquires office properties and AUD 346,2 mil

  6. Slide 6: Highlights for the year under review

    6 HIGHLIGHTS FOR THE YEAR UNDER REVIEW 37.1% Return on R3,1 billion Income yield Capital growth Australian investment for the year 11.7% 25.4% New equity raised via Distribution Re- Investment Plan (supported by 42.0% R959,9 million of unit holders on average) Jun 2012 Jun 2011 Vacancies 4.0% 5.0% F

  7. Slide 7: Highlights for the year under review

    7 HIGHLIGHTS FOR THE YEAR UNDER REVIEW Inclusion in JSE – Socially Responsible Investment Index (SRI) Honeycomb BEE rating Level 4 Best reporting and communication in Investment Analysts’ Award financial services sector

  8. Slide 8: Growth in distribution per linked unit

    8 GROWTH IN DISTRIBUTION PER LINKED UNIT Cents Final distribution Interim distribution 150 139,0 131,0 121,2 120 114,6 106,5 71,2 67,1 90 62,1 58,3 55,4 60 63,9 67,8 30 56,3 59,1 51,1 0 FY2008 FY2009 FY2010 FY2011 FY2012

  9. Slide 9: Growth in tangible assets and market capitalisation

    9 GROWTH IN TANGIBLE ASSETS AND MARKET CAPITALISATION Tangible assets (R’bn) Market cap (R’bn) R’bn Cents Unit price (cents) NTAV per unit (cents) 60 2400 50 2000 40 1600 30 1200 20 800 10 400 0 0

  10. Slide 10: Financial Review

    GROWTFEPOINT PROPERTIES FINANCIAL REVIEW INVESTEC, Gauteng

  11. Slide 11: Simplified consolidated income statement

    11 SIMPLIFIED CONSOLIDATED INCOME STATEMENT Jun 2012 Jun 2011 R’ million R’ million Increase Gross property revenue 5 107 4 410 15.8% RSA 4 096 3 803 7.7% GOZ 1 011 607 66.6% Property expenses (1 102) (1 001) 10.1% RSA (997) (948) 5.2% GOZ (105) (53) 98.1% Net property income 4 005 3 409 17.5% Other

  12. Slide 12: Expense to income ratios

    12 EXPENSE TO INCOME RATIOS RSA V&A Operating expense ratio (%) Operating expense ratio (%) Property expense ratio (%) Property expense ratio (%) 35% 35% 32.1% 30% 30% 6.1% 27.4% 27.6% 26.7% 25% 3.1% 2.7% 2.2% 25% 20% 20% 15% 15% 24.3% 24.9% 24.5% 26.0% 10% 10% 5% 5% 0% GOZ 0% Jun 2012 Jun 2011 Jun

  13. Slide 13: Consolidated balance sheet (extracts)

    13 CONSOLIDATED BALANCE SHEET (EXTRACTS) Jun 2012 Jun 2011 Increase/ R’ million R’ million (decrease) Property portfolio * 48 106 40 919 17.6%  RSA 34 988 32 495 7.7%  GOZ 13 118 8 424 55.7% 50% Investment in V&A Waterfront 4 912 4 950 (0.8%) Borrowings ** 19 731 19 093 3.3%  RSA 13 613 14 249 (4

  14. Slide 14: Property portfolio

    14 PROPERTY PORTFOLIO RSA GOZ Total V&A Jun 2012 Jun 2012 Jun 2012 Jun 2012 Annexures R’ million R’ million R’ million R’ million Balance at 1 Jul 2011 32 495 8 424 40 919 4 783 Acquisitions 3 & 19 575 2 283 2 858 - Disposals 4 & 19 (644) (43) (687) - Foreign exchange translation - 1 349 1 349 - Dev

  15. Slide 15: Borrowings – loan to value & interest cover ratio; NAV & NTAV

    BORROWINGS – LOAN TO NET ASSET VALUE & NET 15 VALUE & INTEREST COVER RATIO TANGIBLE ASSET VALUE RSA LTV (incl V&A) * % times Interest cover ratio (incl V&A) NAV (Per linked unit consolidated) 50% 8 Cents NTAV (Per linked unit consolidated) 45% 7 40% 1800 37.9% 6 35% 1638 30% 33.9% 5 1563 1600 25% 29

  16. Slide 16: Borrowings

    16 BORROWINGS Jun 2012 % of total Jun 2011 % of total R’ million RSA debt R’ million RSA debt RSA Secured debt: 8 303 61.0% 11 249 78.9%  Bank debt 6 853 50.3% 8 080 56.7%  Institutional financier 1 450 10.7% 1 200 8.4%  CMBS - - 1 969 13.8% Unsecured debt: 5 310 39.0% 3 000 21.1%  Bank debt 2 0

  17. Slide 17: Borrowings (cont'd)

    17 BORROWINGS (CONT’D)  R750,0 million bond issue (GRT05) in Jan 2012 utilised for additional investment in GOZ  Total DRIP of R959,9 million utilised for acquisitions, capital expenditure and reduction of debt  RSA: 83.1% (2011: 77.7%) of interest rates fixed for a weighted average of 4.9 years

  18. Slide 18: Operational Overview

    GROWTEPOINT PROPERTIES OPERATIONAL OVERVIEW ALBERTON CITY, Gauteng

  19. Slide 19: Operational Overview RSA

    1919 OPERATIONAL OVERVIEW RSA The Place, 1 Sandton Drive, Sandton

  20. Slide 20: Simplified income statement (extracts) RSA

    20 SIMPLIFIED INCOME STATEMENT (EXTRACTS) RSA Jun 2012 Jun 2011 R’ million R’ million Increase Gross property revenue 4 096 3 803 7.7%  Retail 1 441 1 374 4.9%  Office 1 712 1 555 10.1%  Industrial 943 874 7.9% Property expenses (997) (948) 5.2%  Retail (401) (390) 2.8%  Office (390) (367) 6.3%

  21. Slide 21: Consolidated operations – RSA (excluding V&A)

    21 CONSOLIDATED OPERATIONS – RSA (EXCLUDING V&A) Jun 2012 Jun 2011 Vacancies (%) 4.0% 5.0% Total arrears (R’million) 32,6 34,8 Bad debts (R’million) 7,8 9,6 Average in force escalations (%) 8.4% 8.3% Renewal success rate (%) 75.2% 65.8% Weighted average renewal growth (%) 2.7% 3.1% Weighted average

  22. Slide 22: RSA - Retail

    22 RSA - RETAIL  Trading density growth remains above the IPD benchmark Jun Jun notwithstanding construction activity at various centres Vacancy: 2012 2011 % %  Rent/Turnover ratios are affordable, resulting in positive rent Total portfolio 3.1 2.9 reversions at renewal Top 10 centre vacancy 1.6 1

  23. Slide 23: RSA - Office

    23 RSA - OFFICE  Notwithstanding challenging market conditions, vacancies have Jun Jun been reduced from 8.1% to 5.8%, significantly outperforming Vacancy: 2012 2011 % % the national average for Q2: 2012 of 10.5% Total portfolio 5.8 8.1  New letting of 108 119m² was achieved due to continued focus

  24. Slide 24: RSA - Industrial

    24 RSA - INDUSTRIAL  Trading conditions are sound. Contradicts negative factory Jun Jun output data and sentiment Vacancy: 2012 2011 % %  Continued positive demand for warehousing and distribution facilities (>10 000m²) Total portfolio 3.4 4.3  Performance of mini and midi units still under Arrea

  25. Slide 25: Operational Overview: Australia – GOZ

    25 OPERATIONAL OVERVIEW AUSTRALIA – GOZ 33-39 Richmond Road, Keswick, SA

  26. Slide 26: Simplified income statement (extracts) GOZ (100%)

    26 SIMPLIFIED INCOME STATEMENT (EXTRACTS) GOZ (100%) Jun 2012 Jun 2011 R’ million R’ million Increase Gross property revenue 1 011 607 66.6% Property expenses (105) (53) 98.1% Net property income 906 554 63.5% Other operating expenses (48) (34) 41.2% Net property income after operating expenses 858

  27. Slide 27: Growthpoint Properties Australia – GOZ (cont'd)

    27 GROWTHPOINT PROPERTIES AUSTRALIA – GOZ (CONT’D)  Statutory profit: AUD49,5 million; 14.0% above FY2011 STRONG  Distributable income: AUD57,7 million; 17.7 cps; 58.5% above FY2011 OPERATING PERFORMANCE  Distributions paid and provided of AUD57,4 million; 17.6 cps – above guidance & 2.9% above F

  28. Slide 28: Growthpoint Properties Australia – GOZ (cont'd)

    28 GROWTHPOINT PROPERTIES AUSTRALIA – GOZ (CONT’D)  GOZ owns a diversified portfolio of modern, well leased office and industrial properties, occupied by quality tenants, with a rising rental income QUALITY  Limited lease expiry risk in the next 3 years: FY13 – 0.8%, FY14 – 7.5%, FY15 – 6.5% of re

  29. Slide 29: Operational Overview: V&A Waterfront

    29 OPERATIONAL OVERVIEW V&A WATERFRONT Victoria and Alfred Waterfront, Cape Town

  30. Slide 30: Simplified income statement (extracts) V&A (50%)

    30 SIMPLIFIED INCOME STATEMENT (EXTRACTS) V&A (50%) Jun 2012 Jun 2011 V&A V&A R’ million R’ million Gross property revenue 412 25 Property expenses (107) (8) Net property income 305 17 Other operating expenses (25) - Net property income after operating expenses 280 17 Net finance income 12 1 Taxatio

  31. Slide 31: V&A Waterfront (cont'd)

    31 V&A WATERFRONT (CONT’D) RETAIL Jun Jun Vacancy: 2012 2011  Retail sales increased by 12.8% measured against the % % comparative 12 month period Total portfolio 1.6 3.5  Footfall consistently strong with 2.5% growth for the year, putting annual visitorship in excess of 21,9 million Arrears: R’mi

  32. Slide 32: V&A Waterfront (cont'd)

    32 V&A WATERFRONT (CONT’D) HOTEL  Reduced hotel occupancy levels and average rates per room negatively impacted on turnover rental from the hotel and leisure sector  The expectation is for this to improve slightly over the coming 12 months and we continue to work closely with the hotel operators t

  33. Slide 33: V&A Waterfront (cont'd)

    33 V&A WATERFRONT (CONT’D) DEVELOPMENT AND LEASING UPDATE  Allan Gray development currently on track for completion in September 2013  Food court refurbishment to be completed early November 2012  A small residential development adjacent to the Allan Gray office development to be launched early 2

  34. Slide 34: Acquisitions, Disposals and Developments

    GROWTFEPOINT PROPERTIES GROSVENOR, Gauteng

  35. Slide 35: Acquisitions, disposals and developments

    35 ACQUISITIONS, DISPOSALS AND DEVELOPMENTS Retail Office Industrial GOZ Total V&A Purchase price of acquisitions 424 146 5 2 283 2 858 - Selling price of disposals 288 191 165 43 687 - Developments and capex 174 350 359 831 1 714 128 Note: Refer to Annexures 3, 4 and 19 for yields on Acquisitions a

  36. Slide 36: Developments

    36 DEVELOPMENTS  Rosebank:  35 000m² office development near Rosebank Gautrain Station  Estimated development value – R700m  Commencement – will be tenant driven  MTC:  6 700m² office development underway opposite Midrand Gautrain Station  2 500m² let to Gautrain Management Agency  Developme

  37. Slide 37: Commitments

    37 COMMITMENTS RSA Sector R’ million Commitments for developments Brooklyn/Design Square, Brooklyn, Pretoria Retail 110,8 Waterfall Mall, Rustenburg Retail 215,8 Hatfield Festival, Hatfield, Pretoria Office 200,6 MTC, Midrand Office 98,8 Meadowbrook Estate, Meadowbrook, Germiston Industrial 81,5 Oth

  38. Slide 38: Sustainability & CSI

    GROWTFEPOINT PROPERTIES SUSTAINABILITY & CSI CONSTANTIA VILLAGE, Western Cape

  39. Slide 39: Sustainability and CSI

    39 SUSTAINABILITY AND CSI  Sustainability:  Founding Member of the GBCSA  Pursuing Green Star accreditation in new developments with two “Four Star Green Star” ratings achieved  Reducing resource consumption – energy efficiency projects focusing on LED retrofit and HVAC resulted in savings of 10

  40. Slide 40: Sustainability and CSI (cont'd)

    40 SUSTAINABILITY AND CSI (CONT’D)  CSI Initiatives:  Property Point – small business development programme that develops SMME’s in the property sector. R80 million in procurement opportunities facilitated and 420 jobs created  Bursary programme – offered to students wanting to pursue a career in

  41. Slide 41: Prospects

    GROWTFEPOINT PROPERTIES PROSPECTS 52 MERIVALE STREET, Brisbane, Queensland

  42. Slide 42: Prospects: RSA

    42 PROSPECTS: RSA  Business confidence in South Africa is currently at a 12 year low  GDP growth prospects continue to be revised lower (2.7%) based on a weaker global economic outlook, particularly in the Eurozone  Property “fundamentals” to remain solid, however “like for like” net property inc

  43. Slide 43: Prospects: RSA (cont'd)

    43 PROSPECTS: RSA (CONT’D)  Focus on executing the Development Plan, completing existing developments and identifying new ones  REIT legislation is anticipated to be promulgated in the first quarter of 2013 and it is Growthpoint’s intention to convert into a REIT  Assuming current economic condit

  44. Slide 44: Prospects: GOZ

    44 PROSPECTS: GOZ  Access to debt funding remains challenging with the four major Australian banks still hesitant to lend and being concerned about single borrower limits  The Australian Corporate Bond market and debt capital markets are relatively undeveloped compared to South Africa and currentl

  45. Slide 45: Prospects: V&A Waterfront

    45 PROSPECTS: V&A WATERFRONT  Overall development masterplan is taking shape  The perception that the V&A is “too expensive” and that major corporates “can’t afford” to be in the V&A is incorrect  V&A is “Open for Business” in respect of development, redevelopment and investment however activity

  46. Slide 46: GROWTEPOINT

    GROWTEPOINT PROPERTIES >) 2) > =e Fe <= ar, kK g uteng EBONY, Ga

  47. Slide 47: Annexures

    GROWTFEPOINT PROPERTIES ANNEXURES FT ‘hey, Yi; a | MERCK, Gauteng

  48. Slide 48: Content

    48 CONTENT  Annexure 1 – Growthpoint’s Property Portfolio  Annexure 2 – Split of RSA Property Portfolio (Excl V&A)  Annexure 3 – Acquisitions RSA (Excl V&A)  Annexure 4 – Disposals RSA (Excl V&A)  Annexure 5 – Non-Current Assets Held for Sale  Annexure 6 – Top 12 RSA Retail Properties by Value

  49. Slide 49: Content (cont'd)

    49 CONTENT (CONT’D)  Annexure 14 – Linked Units Issued  Annexure 15 – Detailed Borrowings  Annexure 16 – Debt Expiry Profile RSA  Annexure 17 – Fixed Interest Rate Expiry Profile for RSA borrowings  Annexure 18 – Split of GOZ Property Portfolio  Annexure 19 - Acquisitions and Disposals – GOZ 

  50. Slide 50: Annexure 1 - Growthpoint's property portfolio

    50 ANNEXURE 1 - GROWTHPOINT’S PROPERTY PORTFOLIO RSA Retail Office Industrial Total GOZ* V&A* Number of properties 47 130 226 403 41 1 GLA (m²) 975 373 1 156 944 2 219 781 4 352 098 900 676 192 086 Vacancy (m²) 30 215 66 736 75 810 172 761 2 291 3 088 Vacancy (%) 3.1% 5.8% 3.4% 4.0% 0.3% 1.6% Valuat

  51. Slide 51: Annexure 2 - Split of RSA property portfolio (excl V&A)

    ANNEXURE 2 - SPLIT OF RSA PROPERTY PORTFOLIO 51 (EXCL V&A) Value Value 2% 3% 4% 21% 10% 37% 11% Greater JHB 50% Western Cape Retail 20% 42% Pretoria Office KwaZulu-Natal Industrial Eastern Cape GLA GLA North West 1% 2% Other 3% 22% 13% 8% 51% 55% 27% 18%

  52. Slide 52: Annexure 3 - Acquisitions RSA (excl V&A)

    52 ANNEXURE 3 - ACQUISITIONS RSA (EXCL V&A) Purchase Price R’ million Sector  Alberton City * 423,8 Retail  Ernst & Young ** 71,6 Office  144 Oxford Road, Rosebank 43,3 Office  Merck Longmeadow ** 10,7 Office  Other below R10,0 million 25,1 - 574,5 * Additional 64.3% acquired, Growthpoint now o

  53. Slide 53: Annexure 4 - Disposals RSA (excl V&A)

    53 ANNEXURE 4 - DISPOSALS RSA (EXCL V&A) Selling Profit/ Profit/ price (loss) on (loss) on R’ million Sector cost book value Yield  Brooklyn/Design Square (7% sold), 120,3 Retail 54,9 - - Pretoria  Ruimsig Shopping Centre, Roodepoort 73,0 Retail 6,2 (0,1) 8.9%  Bronkhorstspruit Mall, Bronkhorstpr

  54. Slide 54: Annexure 5 – Non-current assets held for sale

    54 ANNEXURE 5 – NON-CURRENT ASSETS HELD FOR SALE Fair value Jun 2012 Properties held for sale Sector R’ million  Northcliff Square Shopping Centre, Northcliff Retail 40,0  ABSA Midrand, Midrand Office 118,0  Metropark, CBD Pretoria Office 78,0  174 Visagie Street, CBD Pretoria Office 47,6  115

  55. Slide 55: Annexure 6 - Top 12 RSA retail properties by value

    ANNEXURE 6 - TOP 12 RSA RETAIL PROPERTIES BY 55 VALUE (EXCL V&A) Value Fair value GLA Building R’ million m² 1 Brooklyn/Design Square (75%), Brooklyn, Pretoria 1 538 54 181* 28.9% 2 Waterfall Mall, Rustenburg 1 044 49 268 3 Lakeside Mall, Benoni 980 67 578 4 La Lucia Mall, La Lucia, Durban 874 36 34

  56. Slide 56: Annexure 7 - Top 12 RSA office properties by value

    ANNEXURE 7 - TOP 12 RSA OFFICE PROPERTIES BY 56 VALUE (EXCL V&A) Value Fair value GLA Building R’ million m² 1 Investec, Sandton 1 893 70 945 2 The Place, Sandton 826 33 979 44.0% 3 Constantia Office Park, Roodepoort 779 71 955 56.0% 4 Montclare Place, Claremont, Cape Town 483 29 446 5 Growthpoint B

  57. Slide 57: Annexure 8 - Top 12 RSA industrial properties by value

    ANNEXURE 8 - TOP 12 RSA INDUSTRIAL PROPERTIES 57 BY VALUE (EXCL V&A) Value Fair value GLA Building R’ million m² 1 Growthpoint Industrial Estate, Meadowdale, Germiston 353 59 166 22.5% 2 Hilltop Industrial Estate, Elandsfontein 173 69 571 3 Adcock Ingram, Midrand 172 21 536 4 Central Park, Elsiesriv

  58. Slide 58: Annexure 9 – Net property income analysis RSA (excl V&A)

    ANNEXURE 9 – NET PROPERTY INCOME ANALYSIS RSA 58 (EXCL V&A) Jun 2012 Jun 2011 R’ million R’ million Increase Net property income 3 099 2 855 8.5% Adjustments:  Acquisitions & Developments (234) (78)  Disposals (22) (145)  Investec rent (227) (205) Adjusted “like for like” net property income 2 61

  59. Slide 59: Annexure 10 – GLA and vacancy reconciliation RSA

    ANNEXURE 10 – GLA AND VACANCY RECONCILIATION 59 RSA (EXCL V&A) Vacant Total GLA area (m²) (m²) Vacancy Balance at 1 Jul 2011 4 390 073 220 003 5.0% GLA adjustments (6 380) 4 107 Disposals (126 258) (22 133) Acquisitions 32 175 864 Developments and extensions 62 488 - Leases expired in the period * 9

  60. Slide 60: Annexure 11 – Lease expiry by sector RSA (% of GLA)

    ANNEXURE 11 – LEASE EXPIRY BY SECTOR RSA 60 (% OF GLA) % Vacant 3.1 5.8 3.4 TOTAL 4.0 Monthly 2.9 3.8 1.6 TOTAL 2.5 By June-13 16.1 16.1 21.2 TOTAL 18.7 By June-14 21.7 19.6 24.6 TOTAL 22.6 By June-15 17.7 17.6 15.7 TOTAL 16.7 By June-16 11.8 9.9 12.9 TOTAL 11.8 By June-17 7.5 10.1 12 TOTAL 10.5 201

  61. Slide 61: Annexure 12 – Lease expiry by sector RSA (% of gross monthly rental)

    ANNEXURE 12 – LEASE EXPIRY BY SECTOR RSA 61 (% OF GROSS MONTHLY RENTAL) % Vacant 3.0 4.6 3.3 TOTAL 3.7 Monthly 3.3 3.8 1.9 TOTAL 3.2 By June-13 19.5 15.4 23.1 TOTAL 18.8 By June-14 23.4 17.6 24.7 TOTAL 21.4 By June-15 18.6 14.6 16.9 TOTAL 16.6 By June-16 12.1 9.2 11.3 TOTAL 10.8 By June-17 7.2 8.3 8

  62. Slide 62: Annexure 13 – Unitholders holding >1% at June 2012

    ANNEXURE 13 – UNITHOLDERS HOLDING >1% AT 62 JUNE 2012 Name Units held Holding Public Investment Corporation 418 064 821 24.0% BEE Consortia 122 000 000 7.0% Stanlib 104 471 356 6.0% Old Mutual Group 77 717 711 4.5% Investec 64 324 683 3.7% Eskom Pension & Provident Fund 52 172 282 3.0% Investment So

  63. Slide 63: Annexure 14 – Linked units issued

    63 ANNEXURE 14 – LINKED UNITS ISSUED Linked units Opening balance 1 Jul 2011 1 591 971 441  Equity raising (Jul 2011) 100 000 000  Distribution reinvestment (Sep 2011) 9 395 001  Distribution reinvestment (Mar 2012) 41 714 476 Closing balance 30 Jun 2012 1 743 080 918

  64. Slide 64: Annexure 15 – Detailed borrowings

    64 ANNEXURE 15 – DETAILED BORROWINGS Refinance Jun 2012 Jun 2011 RSA Date R’ million R’ million Commercial paper – 3 months (R400m x 2) Jul/Aug 2012 800 ABSA Nov 2012 695 Nedbank Sep 2013 2 000 Standard Bank/Sanlam Dec 2013 1 000 Standard Bank Feb 2014 800 China Construction Bank Aug 2014 250 Corpor

  65. Slide 65: Annexure 16 – Debt expiry profile RSA

    65 ANNEXURE 16 – DEBT EXPIRY PROFILE RSA Debt expiry at 30 June 2012 per 12 month period % 30% 28% 25% 20% 20% 15% 11% 11% 10% 9% 9% 7% 5% 5% 0% 0% 0% 0% 0% 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

  66. Slide 66: Annexure 17 – Fixed interest rate expiry profile for RSA borrowings

    ANNEXURE 17 – FIXED INTEREST RATE EXPIRY PROFILE 66 FOR RSA BORROWINGS Fixed interest rate expiry at 30 June 2012 per 12 month period R’m 2,500 2,299 2,212 2,159 2,000 1,915 1,500 1,000 952 1,000 905 703 650 500 500 318 - - - 2019-20 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2020-21 20

  67. Slide 67: Annexure 18 - Split of GOZ property portfolio

    67 ANNEXURE 18 - SPLIT OF GOZ PROPERTY PORTFOLIO Value Value Queensland 4% 2% Victoria 7% South Australia Industrial 8% 40% 47% 9% New South Wales 53% Office Western Australia 30% ACT Tasmania Net property GLA income 16% Industrial 35% Office 65% 84%

  68. Slide 68: Annexure 19 - Acquisitions and disposals - GOZ

    68 ANNEXURE 19 - ACQUISITIONS AND DISPOSALS - GOZ AUD’ Acquisitions Sector R’ million million Yield 333 Ann Street, Brisbane, QLD Office 960,7 116,1 9.1% CB 1, South Brisbane, QLD Office 560,9 67,8 8.9% CB 2, South Brisbane, QLD Office 284,5 34,4 7.8% 219 – 247 Pacific Highway, NSW* Office 3,3 0,4 8

  69. Slide 69: Annexure 20 – Top 12 GOZ properties by value

    69 ANNEXURE 20 – TOP 12 GOZ PROPERTIES BY VALUE Fair value GLA Value Building Sector R’ million m² 1 70 Distribution Street, Larapinta, QLD Industrial 1 328 75 425 2 333 Ann Street, Brisbane, QLD Office 972 16 476 37.8% 3 2 Horrie Miller Drive, Perth Airport, WA Industrial 927 80 374 62.2% 4 572-576

  70. Slide 70: Annexure 21 – Net property income analysis GOZ

    70 ANNEXURE 21 – NET PROPERTY INCOME ANALYSIS GOZ Jun 2012 Jun 2011 AUD’000 AUD’000 Increase Net property income 108 942 79 202 37.5% Adjustments: Unallocated once off adjustments - (399) Acquisitions (43 838) (13 127) Disposals (294) (2 561) Adjusted “like for like” net property income 64 810 63 11

  71. Slide 71: Annexure 22 – GLA and vacancy reconciliation GOZ

    ANNEXURE 22 – GLA AND VACANCY RECONCILIATION 71 GOZ Total GLA Vacant (m²) (m²) Vacancy Balance at 1 July 2011 843 964 29 0.0% GLA adjustments 164 - Disposals (7 621) - Acquisitions, developments and extensions 64 169 1 395 Leases expired in the period - - Renewals of expired leases - - New letting o

  72. Slide 72: Annexure 23 – Lease expiry by sector GOZ

    72 ANNEXURE 23 – LEASE EXPIRY BY SECTOR GOZ % of GLA % of gross monthly rental 100 100 90 90 86 81 80 80 70 70 60 56 60 53 50 50 40 40 30 30 20 13 20 12 11 12 12 9 10 8 8 10 5 5 10 4 4 5 2 1 2 1 0 0 0 Office Industrial

  73. Slide 73: Annexure 24 - Split of V&A property portfolio

    73 ANNEXURE 24 - SPLIT OF V&A PROPERTY PORTFOLIO Property portfolio Property portfolio by value by GLA Retail 13% 22% 23% Office 9% 7% Fishing & Industrial 55% 23% Hotel 16% 32% Bulk Developed vs Net property undeveloped by value income 13% 12% Retail Developed 14% Office Undeveloped 54% Fishing & I

  74. Slide 74: Annexure 25 – GLA and vacancy reconciliation V&A

    ANNEXURE 25 – GLA AND VACANCY RECONCILIATION 74 V&A 50% of GLA Vacant (m²) (m²) Vacancy Balance at 1 Jul 2011 191 918 6 732 3.5% GLA adjustments - (1 130) Disposals - - Developments and extensions 168 - Leases expired in the period * - 11 673 Renewals of expired leases ** - (9 770) New letting of va

  75. Slide 75: Annexure 26 – Lease expiry by sector V&A

    75 ANNEXURE 26 – LEASE EXPIRY BY SECTOR V&A % of GLA % of gross monthly rental 99 100 100 90 85 90 80 80 75 71 70 70 60 60 50 50 41 40 40 34 30 30 24 30 21 20 19 19 20 16 14 14 16 13 20 15 18 16 13 1717 12 12 11 10 8 10 2 5 4 5 7 10 2 3 7 1 1 1 2 0 0 Office Retail Fishing & Industrial Hotel

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