Mirvac Group · ASX:MGR
Mirvac — Non-Deal Roadshow (September 2010)
75 slides from Mirvac's roadshow presentation, September 2010
Slide 1: Mirvac Group Roadshow Presentation September 2010
Mirvac group Roadshow Presentation september 2010 Artist impression of 8 Chifley Square, Sydney, NSW
Slide 2: Disclaimer and Important Notice
DISCLAIMER AND IMPORTANT NOTICE Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac This Presentation contains certain “forward looking” statements. The words Property Trust ARSN 086 780 645. This presentation and the annexures thereto “anticipated”, “expected”, “projections”, “forec
Slide 3: Agenda
agenda MIRVAC GROUP 3 KEY FY10 ACHIEVEMENTS 6 DEVELOPMENT 9 INVESTMENT 17 financial RESULTS 24 SUMMARY & Guidance 29 Additional information 31 MIRVAC page 2
Slide 4: Mirvac Group
mirvac group Mirvac group Founded 1972, listed 1987, stapled 1999 2 Core Divisions investment development $5.8 billion portfolio1 office residential 31 assets 21,578 lot pipeline Retail commercial 25 assets Selected opportunities industrial 17 assets other 4 assets hotel management investment manage
Slide 5: Mirvac Group
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Slide 6: Group Strategy
GROUP STRATEGY 80% Operating NPAT — through cycle target Mirvac Property Trust Target unlevered 10 year Internal Rate of Return (“IRR”) of >11% > Maximise property income growth and security > Maintain a diversified portfolio > Continue to improve quality of portfolio via disposal of non-aligned ass
Slide 7: Group Strategy
GROUP STRATEGY 20% Operating NPAT — through cycle target development Target unlevered average project IRR of >18% > Focus on large, masterplanned or infill apartment, house and land projects > Actively pursue quality office, retail and industrial projects for Mirvac Property Trust and external parti
Slide 8: Key FY10 Strategic Achievements
KEY FY10 STRATEGIC ACHIEVEMENTS Waverley Park, Mulgrave, VIC MIRVAC page 7
Slide 9: Key FY10 Strategic Achievements
KEY FY10 STRATEGIC ACHIEVEMENTS > Execution of strategy > Upgrade of quality > Positioned for growth Mergers and acquisitions Mirvac Real Estate Investment Trust (“MREIT”) acquisition in December 2009 > $915m acquisition of a diversified Australian investment portfolio at 9.3% 1 yield > Increased re
Slide 10: Key FY10 Strategic Achievements
KEY FY10 STRATEGIC ACHIEVEMENTS Investment Division Repositioned and upgraded portfolio quality through acquisitions and selective divestments 1 > $235m non-aligned asset sales at 3.4% premium to book value Activated full refurbishment at 10-20 Bond St, Sydney, NSW (office) > Projected yield of 7.8%
Slide 11: Development
DEVELOPMENT Artist impression of beachside Leighton, Leighton, WA MIRVAC page 10
Slide 12: Mirvac's Development Division
MIRVAC’S development DIVISION Competitive advantage of fully integrated model sales & ACQUISITION design development construction marketing FY10 Target FY10 Achievement Commence residential projects to meet >7 projects fast-tracked, 3 successfully released to market expected demand in FY11 and beyon
Slide 13: FY10 Settlements
FY10 Settlements FY10 highlights 1,805 lot settlements consisting of: 100% owned 37% > 1,805 lots settled, a 14.7% increase on FY09 MWRDP 32% Project development agreements 22% > Gross margin 17.6% excluding zero margin Joint Ventures 9% settlements (1H10: 16.2%) > NSW Homes made up 33.2% of settlem
Slide 14: Mirvac Buyer Profile
mirvac BUYER PROFILE Mirvac’s FY10 settlements Investor and non first home buyers (“FHB”) more resilient > 74% upgraders/empty nesters and investors > 90% of purchases by FHB involve a mortgage. > Mirvac average price: For repeat buyers, only around 65% of housing — House $594,000 1 sales involve a
Slide 15: Residential Market Outlook
Residential Market outlook Annual price growth appears to be moderating to single digits. However new housing starts are still substantially below underlying demand and fundamentals remain positive. NSW Current Forecast Improved affordability on the back of fiscal stimulus has seen a buoyant Sydney
Slide 16: FY11 Outlook
FY11 outlook Mirvac’s position as Australia’s pre-eminent residential developer is evidenced by $802m 1 ($704m as at 30 June 2010) of exchanged residential pre-sales contracts > 60.8% of total forecast FY11 residential revenue secured by pre-sales FY11 major contributors % FY11 EBIT Revenue Project
Slide 17: Fast-tracked projects
Fast-tracked projects Net Revenue 1 Released Division Project Stage Ownership Settlement Year Lots $m VIC Harcrest Stage 1 20% FY12 63 5.8 4 NSW Rhodes Waterside Elinya 20% FY12 107 13.3 NSW Rhodes Waterside Kiewa 20% FY12 111 15.2 NSW Rhodes Waterside Alkira 20% FY13 145 16.2 4 QLD Waterfront Newst
Slide 18: Our Markets
our markets Sector Description Sub-market Example developments Residential Masterplanned Communities > First home buyers > Land subdivision > 2nd/3rd home buyers > Completed housing 1 > Investor > Packaged housing 2 > Typical price range: > Land $170K — $300K > Housing $350K — $600K Gainsborough gre
Slide 19: Investment
INVESTMENT 275 Kent Street, Sydney, NSW MIRVAC page 18
Slide 20: Mirvac's Investment Division
MIRVAC’S INVESTMENT DIVISION Competitive advantage in integrated model development LEASING & PROPERTY Facilities Investment ACQUISITION capability MARKETING MANAGEMENT MANAGEMENT MANAGEMENT Investment Division (MPT) core competencies: > Active portfolio management providing property income growth an
Slide 21: Investment Market Update
investment Market update State of the investment markets Office Weighting Forecast Rent growth is visible in the Melbourne CBD, static in Sydney while Brisbane is close to the bottom of the cycle. Prime asset values are appreciating in 56.6% Melbourne and Sydney, Canberra is still experiencing some
Slide 22: Commercial Expected to Outperform
Commercial expected to outperform Risk premiums to real bond yields > Current yields indicate that the office 700 bps Dec 07 Jun 10 15 year average sector is trading at a larger discount to 600 relative value compared to other sectors 500 > Yields expected to tighten for office 400 over the medium t
Slide 23: Portfolio Highlights
PORTFOLIO HIGHLIGHTS FY10 FY10 FY11 CPI > Solid FY10 like-for-like net income growth of 3.7% Occupancy Like-for-like & fixed reviews Sector post WOT income growth post WOT > 96.0% of FY11 rent reviews CPI or fixed > High portfolio occupancy rate of 97.6% Office 97.5% 4.0% 97.7% > 76.6% of income der
Slide 24: Transformation of MPT
Transformation of MPT > Grown recurring income > 56.9% increase in portfolio value since 30 June 2009 — $915m acquisition of MREIT — $1,137m acquisition of WOT > Completed $235m of non-aligned asset sales at 3.4% 1 premium to book value of which $105m were MREIT sales at a 3.3% premium Significant q
Slide 25: Reactivated Commercial Development Pipeline
reactivated COMMERCIAL DEVELOPMENT PIPELINE $1,208m pipeline of Australian institutional grade real estate, undertaken in-house by Mirvac Development FY10 commercial development pipeline 1 Project (Ownership) Type Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 10-20 Bond Street $60m, 7.8% Sydney, NSW (50
Slide 26: Financial Results
financial results Artist impression of refurbishment of 10–20 Bond Street, Sydney, NSW MIRVAC page 25
Slide 27: Financial Highlights
FINANCIAL HIGHLIGHTS FY10 ($m) Net profit attributable to the stapled securityholders 234.7 Specific non-cash items, including: 162.3 1 Net losses from fair value of: > Investment properties (including impact of adopting AASB 140 — investment properties under construction, previously held at cost) >
Slide 28: 2 Core Divisions: Investment & Development
2 core divisions investment & development Investment 1 FY10 FY09 % Change Operating profit before tax $325.1m $237.9m 36.7% Operating EBIT 2 $298.9m $245.6m 21.8% Portfolio value $5,787.7m 3 $3,689.9m 56.9% Development Operating profit before tax $20.1m $29.1m (30.9%) Operating EBIT 2 $45.3m $73.0m
Slide 29: Hotel Management & Investment Management
hotel management & investment management Hotel Management FY10 FY09 % Change Operating profit before tax $11.6m $13.7m (15.3%) Operating EBIT 1 $11.4m $13.3m (14.3%) Average room rate $168 $177 (5.1%) Occupancy rate 74% 73% 1.4% Investment Management 2 Operating loss before tax ($7.8m) ($37.5m) 79.2
Slide 30: Debt
DEBT Debt strategy > Continue to diversify sources of debt capital and extend maturity profile > Issued $150m 5 year MTN at 265 basis points (>2x over subscribed) > MTN issuance program will continue over next 12 to 18 months > Refinance June 2011 bank facility with option to refinance January 2012
Slide 31: Summary & Guidance
summary & GUIDANCE Yarra’s edge riverfront homes, melbourne, vic MIRVAC page 30
Slide 32: Summary & Guidance
summary & GUIDANCE > Execution of strategy > Upgrade of quality > Positioned for growth Guidance FY11 Group operating NPAT $350 — $365m Operating earnings per security 10.2 — 10.6 cpss 1 Implied earnings growth 9.7% — 14.0% Distribution per security 8.0 – 9.0 cpss 1 Weighted average securities 3,432
Slide 33: Additional Information
ADDITIONAL INFORMATION sirius building, 23 Furzer Street, Canberra, ACT MIRVAC page 32
Slide 34: Index
Index Financial Results Development 33 FY10 AIFRS to Operating NPAT Reconcilation 54 Diversification of Residential Lots/Revenue 34 FY09 AIFRS to Operating NPAT Reconcilation 55 Residential Development Pipeline 35 FY10 Operating Segment 56 Development Acquisition Strategy 36 FY09 Operating Segment 5
Slide 35: FY10 AIFRS to Operating NPAT Reconciliation
FY10 AIFRS to operating NPAT RECONCILATION Investment Hotel Management/ Investment Development Management MAM Unallocated Elimination Tax Totals $m $m $m $m $m $m $m $m Net profit/(loss) after tax before non-controlling interest (“NCI”) 306.4 19.6 (10.8) (0.1) (81.6) (3.9) 7.8 237.4 Less NCI (1.4) —
Slide 36: FY09 AIFRS to Operating NPAT Reconciliation
FY09 AIFRS to operating NPAT RECONCILATION Investment Hotel Management/ Investment Development Management MAM Unallocated Elimination Tax Totals $m $m $m $m $m $m $m $m Net profit/(loss) after tax before NCI (551.1) (354.7) 12.3 (216.2) (42.2) 7.4 65.3 (1,079.2) Less NCI 0.1 — — — — 1.0 — 1.1 Net pr
Slide 37: FY10 Operating Segment
FY10 operating segment Investment Hotel Management/ Investment Development Management MAM Unallocated Elimination Totals June 2010 $m $m $m $m $m $m $m Revenue Development and construction revenue — 861.5 — — — 0.7 862.2 Development management fee revenue — 32.2 — — — (1.1) 31.1 Investment propertie
Slide 38: FY09 Operating Segment
FY09 operating segment Investment Hotel Management/ Investment Development Management MAM Unallocated Elimination Totals June 2009 $m $m $m $m $m $m $m Revenue Development and construction revenue — 1,093.0 — — — (2.2) 1,090.8 Development management fee revenue — 31.6 — — — (7.4) 24.2 Investment pro
Slide 39: FY10 Contributions to Growth
FY10 CONTRIBUTIONS TO GROWTH FY09 to FY10 segmented operating EBIT growth $53.3m ($27.7m) $35.0m ($41.6m) ($1.9m) $11.0m $281.6m $253.5m FY09 Investment Development Hotel Investment Unallocated Elimination FY10 Management Management FY09 to FY10 segmented operating NPAT growth $87.2m $29.7m ($38.7m)
Slide 40: Proforma Balance Sheet
PROFORMA BALANCE SHEET Statement of financial position June 2010 plus WOT 1 $m Assets Cash and cash equivalents 70.6 Receivables 386.4 Inventories 1,634.3 Investment properties 2 5,359.4 Property, plant and equipment 355.2 Investments accounted for using the equity method 410.6 Intangible assets 73.
Slide 41: Strong Liquidity Post WOT
strong LIQUIDITY POST WOT Available liquidity of $698m post WOT transaction comfortably within target range Facility Limit Drawn Amount Available Liquidity As at 30 June 2010 ($m) ($m) ($m) September 2010 — MTN 200.0 200.0 0.0 February 2011 — Non recourse fund debt 32.5 32.5 0.0 June 2011 — Bank 1,1
Slide 42: Debt and Hedging Profile
DEBT AND HEDGING PROFILE Hedging profile post WOT 1 Debt sources post WOT Bank Facilities 64% 2,000 $m USPP 22 % MTN 15% 1,500 5.98% 6.06% 6.06% 6.06% 5.91% 5.94% 5.88% 5.90% 1,000 500 250 0 06 Aug 10 30 Jun 11 30 Jun 12 30 Jun 13 30 Jun 14 30 Jun 15 30 Jun 16 30 Jun 17 Fixed Options Swaps Rate 1) I
Slide 43: WOT Capitalisation Rate Sensitivity
WOT CAPITALISATION RATE SENSITIVITY Change in WOT portfolio cap rates Proforma 30 June 10 August 10 (0.25%) (0.50%) (0.75%) (1.00%) Portfolio value $4,625.6m $5,787.7m $5,828.6m $5,872.5m $5,919.7m $5,970.7m Change from proforma August 10 0.7% 1.5% 2.3% 3.2% Balance sheet gearing 18.1% 26.8% 26.7% 2
Slide 44: Impact of MREIT Acquisition
impact of MREIT Acquisition > On 7 December 2009, scheme of arrangement implemented for Mirvac to acquire remaining issued units in MREIT > Acquisition generated $140m of value for Mirvac securityholders Net assets acquired at fair value (100% of NTA) $476.0m Consideration Cash paid $73.1m Securitie
Slide 45: Disposals
DISPOSALS Gross 1 Previous Premium/ sale price book value (discount) Settlement FY10 disposals State Type $m $m to book value date Perpetual Building, 10 Rudd Street, Canberra ACT Office 18.7 18.7 0.0% Sep 09 30-32 Compark Circuit, Mulgrave VIC Industrial 7.2 6.5 10.7% Oct 09 Mojo Building, 164 Grey
Slide 46: Top Ten Tenants by Gross Income Post WOT
TOP TEN TENANTS BY GROSS INCOME post wot Rank Tenant Percentage 1 Westpac – St George 13.4% 2 Government 8.7% 3 Woolworths 7.9% 4 Wesfarmers – Coles 4.8% 5 Fairfax Holdings 2.4% 6 IBM Australia 1.9% 7 GM Holden 1.6% 8 United Group 1.5% 9 Wilson Parking Australia 1.2% 10 Alcatel – Lucent Australia 1.
Slide 47: Sector and Geographic Diversification Post WOT
sector and geographic diversification post wot Sector diversification 44.4% Office 56.6% 40.3% Retail 30.8% 7.3% Industrial 7.2% Indirect property 5.2% investments 3.9% Other – 2.8% FY 09 hotel, carparks 1.5% FY 10 POST WOT 0% 10% 20% 30% 40% 50% 60% 70% Geographic diversification 53.8% NSW 61.4% 22
Slide 48: MPT Portfolio Snapshot
MPT portfolio snapshot FY10 1 FY09 Properties owned 2 77 58 NLA 1,488,924 sqm 1,049,021 sqm Book value $5,787.7m $3,689.9m Like-for-like net income growth 3.7% 1.7% Occupancy 3 97.6% 95.9% NLA leased 171,582 sqm 159,990 sqm % of portfolio NLA leased 13.1% 15.3% No. of tenant rent reviews 1,521 727 T
Slide 49: Office Snapshot
office snapshot FY10 1 FY09 Office portfolio breakdown by book value Properties owned 31 21 Premium Grade 5.3% A Grade 83.5% NLA 655,077 sqm 359,634 sqm B Grade 10.5% Book value $3,252.1m $1,597.6m C Grade 0.8% Like-for-like net income growth 4.0% 5.8% Occupancy 1 97.5% 98.1% NLA Leased 53,814 sqm 8
Slide 50: Office Metrics
office metrics 1 Book value Occupancy Average passing No of assets Jun 10 Jun 10 2 gross rent per sqm NSW 12 $1,115 98.0% $542 North Sydney 2 $264 97.4% $626 Sydney Fringe 2 $260 100.0% $514 Sydney CBD 6 $410 97.7% $600 Homebush/Rhodes 2 $181 94.4% $367 VIC 4 $419 98.8% $381 Southbank 1 $134 97.7% $
Slide 51: Retail Snapshot
retail snapshot FY10 FY09 Retail portfolio breakdown by book value Properties owned 25 21 Sub Regional 73.9% Bulky Goods Centre 11.3% NLA 523,250 sqm 467,430 sqm CBD Retail 8.2% Book value $1,768.2m $1,448.3m Neighbourhood 6.7% Like-for-like net income growth 5.2% (0.3)% Occupancy 97.9% 96.7% NLA Le
Slide 52: Industrial Snapshot
industrial snapshot FY10 1 FY09 Properties owned 17 12 NLA 310,596 sqm 221,957 sqm Book value $412.8m $261.6m Like-for-like net income growth 0.3% (5.2)% Occupancy 97.0% 90.8% NLA Leased 44,115 sqm 31,087 sqm % of portfolio NLA leased 14.7% 14.0% No. of tenant rent reviews 41 25 Tenant rent reviews
Slide 53: CBD Commercial Snapshot
CBD commercial snapshot Net supply Premium increase % Total implied Historical Vacancy 2010-2012 stock Prime yield Incentives risk premium risk premium Total stock Sydney 8.5% 264,070 5.5% 7.1% 28% 438 372 4,795,607 Melbourne 6.5% 199,753 4.9% 7.8% 17% 500 426 4,061,380 Brisbane 10.9% 155,263 7.6% 7
Slide 54: Commercial Outlook
Commercial outlook CBD vacancy outlook CBD prime gross effective rental outlook 14% Vacancy rate Forecast 1,000 $ per sqm p.a. Forecast 12 800 10 600 8 6 400 4 200 2 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Sydney Mel
Slide 55: Retail
Retail Completions and supply pipeline Vacancies by market 250 ‘000 Completions Under construction Plans approved 10% CBD Regionals Sub regionals Neighourhood 200 8 150 6 100 4 50 2 0 0 2000 2002 2004 2006 2008 2010 2012 Jun 00 Jun 01 Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 So
Slide 56: Diversification of Residential Lots/Revenue
Diversification of residential lots/revenue 21,578 lots under control Lots by state Mirvac share of revenue by type Lots by structure NSW 17.7% APARTMENT 56.8% 100% ON BALANCE SHEET 37.6% QLD 21.2% LAND 21.8% JV 9.5% VIC 38.8% HOUSE 21.4% MWRDP 32.2% WA 22.4% PDA 21.6% MIRVAC page 55
Slide 57: Residential Development Pipeline
residential development pipeline Exisiting pipeline major contributors – over 10,500 lots in 5 years FY11 FY12 FY13 FY14 FY15 apartment Revenue $2,231m 1 to be supplemented lots: 2,585 by new acquisitions integrated Revenue $1,268m 1 to be supplemented housing lots: 2,949 by new acquisitions masterp
Slide 58: Development Acquisition Strategy
development acquisition strategy Development Acquisition Strategy: > Capital requirement driven by expeditious completion of impaired projects and re-allocation of funds from Investment asset sales > Redeploy funds to higher return projects > Acquire sites within strategy and hurdle rate > Remain di
Slide 59: Affordability Has Not Returned to 2008 Levels
affordability has not returned to 2008 levels > Influence of price growth and rate rises have changed the affordability environment, however remains reasonable, relative to historic levels Proportion of family income to meet loan repayments Comparison with previous peaks Period Proportion 50 % Forec
Slide 60: Affordability? House Price to Income Ratio
affordability? house price to income ratio Average variable mortgage rate Average variable mortgage rate 1990–1997 12.3% 1998–current 7.15% 5 4 3 2 1 0 Mar 90 Mar 94 Mar 98 Mar 02 Mar 06 Mar 10 Source: ABS, RBA, Mirvac Research > Lower interest rates have been capitalised into house prices > Assumin
Slide 61: Gross Residential Margin
GROSS RESIDENTIAL MARGIN Cost of property Gross Gross Development and development development development construction revenue and construction margin margin $m $m $m % FY10 Adjusted for zero margin settlements 379.0 (312.5) 66.5 17.6 Provision projects 251.2 (245.9) Adjusted 630.2 (558.4) 71.8 11.4
Slide 62: Segment Information Gross Margin Calculation
Segment information Gross margin calculation Sources of Development Elimination Totals development revenue $’000 $’000 $’000 Revenue Development and construction revenue 100% owned & PDAs 861.5 0.7 862.2 A Development management fee revenue MWRDP & PDAs 32.2 (1.1) 31.1 B Share of net profit/(losses)
Slide 63: Residential Development – Sydney
residential development – sydney 1 CHELSEA GARDENS, CASTLE HILL 63 LOTS $14.1m NEWBURY, STANHOPE 1,747 LOTS $14.9m SPRINGDALE, KILLARA 60 LOTS COMPLETED FY10 EDGEWOOD, WOODCROFT 388 LOTS SYDNEY CBD $0.6m RHODES WATERSIDE, RHODES MIDDLETON GRANGE 844 LOTS 732 LOTS $48.1m $117.1m ASHGROVE, AUBURN 263
Slide 64: Residential Development – Central Coast NSW
residential development – central coast nsw 1 GILLIESTON 414 LOTS $57.8m FLETCHER 274 LOTS $23.2m THE ROYAL, NEWCASTLE 338 LOTS $272.2m MAGENTA SHORES, NORTH ENTRANCE 492 LOTS RESIDENTIAL ESTATE $346.6m APARTMENTS MIXED 1) Mirvac’s share of forecast revenue. MIRVAC page 63
Slide 65: Residential Development – South East QLD
residential development – south east qld 1 MARINER’S PENINSULA, TOWNSVILLE 190 LOTS $94.0m JOYNER 32 LOTS $9.3m HAMILTON 540 LOTS $292.0m WATERFRONT, NEWSTEAD MOSSVALE ON MANLY, 724 LOTS WAKERLEY $838.0m 180 LOTS $16.3m TENNYSON REACH, BRISBANE CBD TENNYSON WATERLINE, BULIMBA 392 LOTS 141 LOTS $351.
Slide 66: Residential Development – Melbourne
residential development – melbourne 1 MELBOURNE CBD ROCKBANK 5,780 LOTS YARRA'S EDGE, DOCKLANDS $486.7m 1,172 LOTS $1,058.8m HARCREST, WANTIRNA SOUTH 844 LOTS $68.4m LAUREATE, ALBERT PARK 46 LOTS $87.4m WAVERLEY PARK, MULGRAVE 1,307 LOTS $309.0m ARGYLE AT WATERWAYS, BRAESIDE 145 LOTS $8.6m THE COAST
Slide 67: Residential Development – Perth
residential development – perth 1 MINDARIE KEYS, MINDARIE 1,541 LOTS $0.6m JANE BROOK 217 LOTS BEACHSIDE LEIGHTON, DIANELLA $64.6m LEIGHTON 81 LOTS 142 LOTS $39.2m $405.9m SWANBOURNE PERTH CBD 125 LOTS THE PENINSULA, BURSWOOD $72.7m 665 LOTS $231.8m ALEXANDRA VILLAGE, KENSINGTON 15 LOTS COMPLETED FY
Slide 68: Investment Management
INVESTMENT MANAGEMENT Rationalisation process significantly complete Exited FY10 Mirvac PFA Responsible entity sold to APGF Mirvac UK 1 Sold operating company MREIT Acquired by Mirvac AustralianSuper Mandate terminated 2 Mirvac Aqua Sold 50% interest in management company and MFML 3 retired as respo
Slide 69: Hotel Management
HOTEL MANAGEMENT > Hotels under management increased to 46 > Operating performance: — Occupancy 74% — Average room rate $168 — RevPAR growth (3.9%) > Recovering corporate, conference and international travel combined with limited supply are positive drivers for the hotel sector over the medium term
Slide 70: Hotel Management
hotel management Managed and Managed/Strata Strata/Managed Lot Owned Franchise Mirvac provides a reservation Mirvac operates the hotel under Mirvac owns the land, Mirvac does not own or Definition system, sales and marketing a lease agreement with individual building and hotel operate the hotel. The
Slide 71: Hotel Management Brand Portfolio
hotel management brand portfolio 24 hotels 1 hotel Future Openings 3,074 rooms 107 rooms 6 hotels 1 hotel 1,188 rooms 97 rooms 88 rooms Opening Nov 10 8 hotels 1 hotel 697 rooms 65 rooms 1 hotel 1 hotel 241 rooms 59 rooms 2 hotels 1 hotel 229 rooms 55 rooms MIRVAC page 70
Slide 72: Corporate Responsibility and Sustainability
corporate responsibility and sustainability Mirvac’s strong commitment means managing environmental, social and economic risks and responsibilities, while delivering sustainable outcomes Recent industry leadership > 1st zero carbon concept home Harmony 9, Waverley Park, VIC > 1st 6 Green Star shoppi
Slide 73: Corporate Responsibility and Sustainability
corporate responsibility and sustainability 2010/2009 Awards > 2010 UNAA World Environment Day Green Building Award — Bond University Mirvac School of Sustainable Development, QLD > 2010 Premier of Victoria’s Sustainability in the Built Environment Award — Harmony 9, Waverley Park, Mulgrave, VIC > 2
Slide 74: 1H11 Calendar
1H11 Calendar Upcoming conference attendance: Event Location Date Goldman Sachs JBWere Australasian Investment Forum London 6-7 September 2010 Merrill Lynch Annual Investment Conference New York 9-10 September 2010 CLSA Conference Hong Kong 16-17 September 2010 Merrill Lynch Global Real Estate Confe
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