Mirvac Group · ASX:MGR
Mirvac — Q1 FY2012 Earnings Presentation
18 slides from Mirvac's earnings presentation, Nov 2, 2011
Slide 1: Q1 Operational Update, 2 November 2011
2 november 2011 Old Treasury Building, Perth, WA
Slide 2: Agenda
agenda Group Q1 Highlights Investment Development > Commercial > Residential hotels strategic review update corporate responsibility and Sustainability Q1 Activity FY12 Outlook Q1 operational update 2 november 2011 page 2
Slide 3: Group Q1 Highlights
GROUP Q1 HIGHLIGHTS > Introduced strategic partners to release $251.8m 1 in capital: > K-REIT — 50% of 8 Chifley Square, and > Aviva Investors — 50% of Hoxton Distribution Park, > Realised book value on $127m 2 of Mirvac Property Trust asset sales — 63.5% of $200m FY12 program > Leased 33,041 sqm (2
Slide 4: Investment — MPT
INVESTMENT — MPT 275 kent street, sydney, nsw Q1 operational update 2 november 2011 page 4
Slide 5: Investment — MPT Q1 Highlights
INVESTMENT — MPT Q1 HIGHLIGHTS MPT continues to deliver sustainable results > High portfolio occupancy rate of 97.8% > Strong WALE 1 of 6.0 years > 33,041 sqm leased (2.5% of NLA) during Q1 > Realised book value on $127m 2 of Mirvac Property Trust asset sales — 63.5% of $200m FY12 program MPT – Leas
Slide 6: Investment — MPT Q1 Highlights: Office and Retail
INVESTMENT — MPT Q1 HIGHLIGHTS Office > Strong first quarter leasing activity with 35.2% of FY12 expiries committed 1 > 10-20 Bond Street now 89.9% committed 2 — ahead of 70.0% target by December 2011 > Maintained strong office portfolio WALE of 6.3 years 3 Retail > High portfolio occupancy at 98.8%
Slide 7: Commercial Market Outlook
Commercial Market Outlook Office Weighting FY12 Medium term Office markets nationally continue to benefit from falling vacancy rates, positive forecast net absorption and prime gross face rental growth. Whilst volatility in financial 57.0% 1 markets and Eurozone debt issues have impacted business co
Slide 8: Development
development Hoxton Distribution Park, Sydney, NSW Q1 operational update 2 november 2011 page 8
Slide 9: Commercial Development Activity
COMMERCIAL development activity 1 8 Chifley Square, Sydney, NSW (Office) 1 4 > Sale achieved for $154.4m to $169.8m and construction commenced > Currently in advanced leasing negotiations 2 Old Treasury Building, Perth, WA (Office) > Development Application approved for 30,000 sqm prime office with
Slide 10: Residential Development Q1 Activity
residential DEVELOPMENT Q1 ACTIVITY > $925.2m1 in residential exchanged pre-sales contracts > 395 lots settled and on track to achieve 1,800 lot settlements for FY12 > 54% of FY12 lots secured by settlements and exchanges > New release projects are at the right price points in the right locations: >
Slide 11: Development Pipeline
DEVELOPMENT PIPELINE Profit recognition profile 1 FY12 FY13 FY14 FY15 FY16 Project Stage Ownership Project status key Settlements have commenced Under construction Active Marketing Planning Under negotiation Commercial projects Currently marketing part share sell down of commercial projects Hoxton P
Slide 12: Residential Market Outlook
RESIDENTIAL market residential MARKET outlook OUTLOOK The national dwelling shortfall continues to increase even as population growth slows. Housing affordability, the changing ethnic mix of migrants and an ineffective transport system is continuing to increase the preference of higher density livin
Slide 13: Update to Strategic Review of Hotels
UPDATE TO STRATEGIC REVIEW OF HOTELS > Mirvac commenced a strategic review of its Hotels business in June 2011 > Initial phase of review closed in September 2011 > Strength of interest resulted in phase two of the review being explored > Mirvac will update market once an outcome is known Q1 operatio
Slide 14: Corporate Responsibility and Sustainability Q1 Activity
corporate responsibility and Sustainability Q1 activity Mirvac demonstrates its ongoing commitment Bond University, QLD to sustainability and the development of its people > In partnership with Bond University, the Mirvac Masters Program was relaunched in September 2011 > This program offers a Maste
Slide 15: FY12 Outlook
FY12 outlook Guidance FY12 Forecast Group operating profits $360 — $363m 1 Forecast operating EPS 10.5 — 10.6cpss 1 Forecast DPS 8.2 — 8.4cpss Forecast weighted average securities 3,427m 1) Subject to change based on strategic review of hotel division. Q1 operational update 2 november 2011 page 15
Slide 16: By Mirvac
Artist impression of Harold Park, Sydney, NSW by mirvac
Slide 17: Calendar
calendar 1 Upcoming conference attendance: Event Location Date Merrill Lynch 2nd Australian REIT Conference (asset tour) Sydney Monday 7 November 2011 Merrill Lynch 2nd Australian REIT Conference (residential panel) Sydney Wednesday 9 November 2011 Announcements: Location Date Annual General Meeting
Slide 18: Disclaimer and Important Notice
DISCLAIMER AND IMPORTANT NOTICE Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac Property This Presentation contains certain “forward looking” statements. The words Trust ARSN 086 780 645. This presentation (“Presentation”) has been prepared “anticipated”, “expected”, “projections