Stride Property Group · NZX:SPG
Stride Property — DNZ Property Fund — Shareholder Meeting (July 2015)
24 slides from Stride Property's shareholder meeting presentation, Jul 22, 2015
Slide 1: Annual Meeting, 22 July 2015
gy / | MA fe ANNUAL MEETING, 22 JULY 2015 ONZ Property Fund
Slide 2: Agenda
Agenda TIM STOREY A. CHAIRMAN’S ADDRESS Chairman B. CHIEF EXECUTIVE’S ADDRESS PETER ALEXANDER Chief Executive C. FINANCIAL STATEMENTS D. ORDINARY RESOLUTIONS TIM STOREY Chairman E. GENERAL BUSINESS DNZ PROPERTY FUND LIMITED | ANNUAL MEETING | 22 JULY 2015 2
Slide 3: A: Chairman's Address
A: CHAIRMAN’S ADDRESS 3
Slide 4: Highlights: Financial Summary
Highlights (31 MARCH 2014 FIGURE IN BRACKETS) Financial Summary • Property portfolio value increased to $872.4m, a net increase of 5.1%, or $38.7m, on a like-for-like basis1. • Bank facilities drawn down of $306m and bank Loan to Value Ratio of 35.1%. • Net Tangible Assets2 (NTA) per share increased
Slide 5: Highlights: Financial Performance
Highlights (31 MARCH 2014 FIGURE IN BRACKETS) Financial Performance • Net rental income of $57.2m ($57.4m), down 0.2% after divestments. • Corporate expenses of $6.1m ($9.0m), down 32.2%. • Operating profit before other income and income tax of $39.6m ($35.0m), up 13.1%. • Net profit after income ta
Slide 6: Highlights: Divestments and Developments
Highlights Divestments and Developments • Strategy to refocus our portfolio is well advanced. • Divested $32m of property in FY15. • Post-balance date divested a further $15m. • Principal focus remains on the Auckland region. • NorthWest Shopping Centre due to open on 1 October 2015. FY15 Post balan
Slide 7: Vision
Vision Our vision is to build New Zealand’s best performing listed property investment company, investing in the best places, managed by the best team, and, most importantly, delivering the best performance. DNZ PROPERTY FUND LIMITED | ANNUAL MEETING | 22 JULY 2015 7
Slide 8: Dividends
Dividends • Dividend pay out policy of between 95% and 100% of distributable profit. • Cash dividend for FY15 of 10.25 cps, up 13.9%. • Target of at least 2.5% annual dividend growth. • Expected total cash dividend for FY16 of at least 10.50 cps. Dividend annual growth of 2.5% targeted DNZ PROPERTY
Slide 9: B: Chief Executive's Address
B: CHIEF EXECUTIVE’S ADDRESS 9
Slide 10: 2015 Review
2015 Review (31 MARCH 2014 FIGURE IN BRACKETS) Financial Portfolio Contract Rental1 by Sector As at 31 March 2015 • NTA increased to $1.81 ($1.69), up 7.1%. • Distributable profit after income tax of $32.1m or 10.80 cps Industrial ($27.7m or 9.67 cps), up 15.9% on an aggregate basis. 19% Portfolio O
Slide 11: Development Projects
Development Projects Artist Impression Artist Impression NorthWest Shopping Centre, Westgate, Auckland Westgate Stage Two, Westgate, Auckland • Opening date 1 October 2015. • Comprises a further 7,500m² of retail, dining and office space. • Gross floor area 34,000m² / Net lettable area 27,000m². • E
Slide 12: Development Projects
Development Projects Johnsonville Shopping Centre, Wellington • Located in growing catchment area that is under-served by retail facilities. • Current review of development options hoped to be completed by late 2015. DNZ PROPERTY FUND LIMITED | ANNUAL MEETING | 22 JULY 2015 12
Slide 13: Real Estate Investment Management (REIM)
Real Estate Investment Management (REIM) • Pursuing opportunities in the area of REIM. • DNZ manages Diversified NZ Property Fund Limited: • receives management fee income for managing its assets; • restructuring Diversified NZ Property Fund with its existing investors to enable easier access for ne
Slide 14: Strategy
Strategy ‘Rewarding Places’ ensure ongoing value to tenants, staff, visitors and investors connected with our properties. ‘Enduring Demand’ delivers sustainable revenue streams throughout changing market conditions. • To be the best, our places need to provide accessibility, amenity, functionality,
Slide 15: Year Ahead
Year Ahead • DNZ looks forward to a sustained period of distribution growth. • Completion of NorthWest Shopping Centre. • Continue targeted divestment programme. • Seek opportunities to grow REIM business. • Continue to have an acute focus on key areas that will deliver the greatest returns to share
Slide 16: C: Financial Statements
C: FINANCIAL STATEMENTS 16
Slide 17: Financial Statements
Financial Statements Questions on the financial statements for the year ended 31 March 2015? DNZ PROPERTY FUND LIMITED | ANNUAL MEETING | 22 JULY 2015 17
Slide 18: D: Ordinary Resolutions
D: ORDINARY RESOLUTIONS 18
Slide 19: Resolution 1: Re-appointment of auditor
Resolution 1 Resolution 1 – Re-appointment of auditor “That the re-appointment of PricewaterhouseCoopers as auditor of the Company be recorded and the directors be authorised to fix the auditor’s fees and expenses.” DNZ PROPERTY FUND LIMITED | ANNUAL MEETING | 22 JULY 2015 19
Slide 20: Resolution 2: Appointment of director
Resolution 2 Resolution 2 – Appointment of director “That Timothy Ian Mackenzie Storey be re-elected as a director of the Company pursuant to clause 20.3 of the Constitution.” DNZ PROPERTY FUND LIMITED | ANNUAL MEETING | 22 JULY 2015 20
Slide 21: Resolution 3: Appointment of director
Resolution 3 Resolution 3 – Appointment of director “That Edward John Harvey be re-elected as a director of the Company pursuant to clause 20.3 of the Constitution.” DNZ PROPERTY FUND LIMITED | ANNUAL MEETING | 22 JULY 2015 21
Slide 22: Resolution 4: Increase to Directors' fee pool
Resolution 4 Resolution 4 – Increase to aggregate Directors’ fee pool “That, with effect from the start of the financial year commencing on 1 April 2015 (FY16), the aggregate Directors' fee pool (being a monetary sum per annum limit payable to all directors) for the Company, pursuant to Listing Rule
Slide 23: E: General Business
E: GENERAL BUSINESS 23
Slide 24: Thank You
DNZ Property Fund Limited THANK YOU Level 12, 34 Shortland Street, Auckland 1010 PO Box 6320, Wellesley Street, Auckland 1141 Tel: +64 9 912 2690 Fax: +64 9 912 2693 www.dnzproperty.com Important Notice: The information in this presentation is an overview and does not contain all information necessa