Growthpoint Properties Australia (ASX Code: GOZ) Half Year Results Presentation Six Months Ended 31 December 2012 18 February 2013 Growt hpoint Propert ies Aust ralia Trust ARS N 120 121 002 Growt hpoint Propert ies Aust ralia Limit ed ABN 33 124 093 901 AFS L 316409 27-49 Lenore Drive, Erskine Park, NS W (t o be developed)
Contents Slide No. Glossary & Disclaimer 3 Overview 4 Financial Results 5 Movements in Net Tangible Assets per Stapled Security 6 7 Debt & Capital Management Distribution Reinvestment Plan 9 10 Comparative Returns 11 Growth in Security Price, Distributions, Market Capitalisation & Free Float 12 Property Portfolio 13 Portfolio Overview 14 Properties Acquired during HY2013 15 Summary and Outlook 17 Appendix I – Growthpoint Properties Limited (GRT) – South Africa 18 Appendix II – Distributable Income 19 Appendix III – Financial Position Timothy Collyer Aaron Hockly Managing Direct or Company S ecret ary & General Counsel Dion Andrews Michael Green Chief Financial Officer Port folio Manager
Glossary & Disclaimer A-REIT Aust ralian Real Est at e Invest ment Trust Balance Sheet Gearing borrowings divided by t ot al asset s BILAT means t he loan facilit y agreement wit h Nat ional Aust ralia Bank dat ed 17 February 2012 (as amended) cps cent s per st apled securit y dps dist ribut ions per st apled securit y Distributable Income net profit available for dist ribut ion from t he Group which excludes account ing adj ust ments such as fair value movements t o t he value of invest ment propert y and int erest rat e swaps, movements in deferred t ax asset s and profit s on t he sale of invest ment propert ies. Dist ribut able income is non-IFRS financial informat ion and has not been subj ect t o review by t he Group’ s ext ernal audit ors. Dist ribut able income has been provided t o allow securit yholders t o ident ify t hat income which is available t o dist ribut e t o t hem and will assist in t he assessment of relat ive performance of t he Group. For a reconciliat ion of dist ribut able income from st at ut ory profit , refer t o Appendix II Energex Nundah t he building at 1231-1241 S andgat e Road, Nundah, Brisbane, Queensland (refer t o t he Right s Offer Booklet dat ed 21 June 2011 and t o AS X announcements made on t he same dat e for furt her det ails) Fox Sports, Gore Hill t he building at 219-247 Pacific Hwy, Art armon, New S out h Wales (refer t o t he Right s Offer Booklet dat ed 20 Dec 2011 and t o t he AS X announcement made on t he same dat e for furt her det ails) GOZ or Group Growt hpoint Propert ies Aust ralia comprising Growt hpoint Propert ies Aust ralia Limit ed, Growt hpoint Propert ies Aust ralia Trust and t heir cont rolled ent it ies GRT Growt hpoint Propert ies Limit ed of S out h Africa (which current ly holds 65.3% of GOZ) IFRS Int ernat ional Financial Report ing S t andards HY2013 t he 6 mont hs ended 31 December 2012 HY2012 t he 6 mont hs ended 31 December 2011 t he 12 mont hs ending 30 June 2013 FY2013 FY2012 t he 12 mont hs ended 30 June 2012 WALE weight ed average lease expiry WARR weight ed average rent review WACR weight ed average capit alisat ion rat e LVR “ loan t o value rat io” as t hat t erm is defined in t he S FA ICR “ int erest cover rat io” as t hat t erm is defined in t he S FA and t he BILAT (respect ively) MER “ management expense rat io” calculat ed by dividing all operat ing expenses by t he average gross asset s (calculat ed mont hly) for t he period where operat ing expenses equals “ ot her expenses from ordinary act ivit ies” as shown on t he S t at ement of Comprehensive Income SFA means t he syndicat ed loan facilit y agreement bet ween GOZ, Nat ional Aust ralia Bank Limit ed, West pac Banking Corporat ion and Aust ralia and New Zealand Banking Group Limit ed dat ed 5 August 2009 (as amended). Every effort has been made t o provide up-t o-date, accurate and complet e informat ion in this present at ion, however, neit her the Group nor any of it s related ent it ies (as t hat term is defined in t he Corporat ions Act 2001 (Ct h)), employees, advisors, agent s or ot her cont ributing aut hors warrant or represent that the informat ion in t his present at ion is up-to-dat e, accurate or complet e or t hat it is appropriat e for any part icular use. The informat ion cont ained in this present at ion does not const itut e personal financial advice. None of t he aut hors, issuers or presenters of t his present at ion are licensed to provide financial product advice. Users of this information should obt ain, and rely on, advice sourced from their own independent financial, t ax, legal and ot her advisers and obt ain a product disclosure st at ement (if relevant ) before making any decision in relat ion t o the att ached present ation including, but not limited t o, holding, acquiring or disposing of any security. S ubj ect to any terms implied by law which cannot be excluded, neither the Group nor any of it s relat ed ent ities (as t hat term is defined in the Corporat ions Act 2001 (Cth)), employees, advisers, agent s or ot her cont ribut ing authors accept any responsibilit y for any direct or indirect loss, cost , damage or expense incurred by any person as a result of anyt hing cont ained in t his present at ion. Growt hpoint Propert ies Aust ralia Half Year Result s – S ix Mont hs Ended 31 December 2012 | Page 3
Overview • Distributable profit: $36.8 million; a 47.6% increase from HY2012 HY2013 results • 9.0 cps distribution; 3.4% above HY2012 in line with guidance • 24.1% total return for calendar year to 31 December 2012 • 9.3 cps distribution forecast for 6 months to 30 June 2013 taking total FY2013 distribution to 18.3 cps Capital • NTA unchanged at $1.93 management • MER consistent at 0.4% • Small gearing increase (45.6% to 46.9% ) but 18.3% rise in ICR to 2.5 times Equity • Two DRPs raised approximately $48.9 million, well above NTA • 20.4% per annum total return over 3 year period • Continued significant increase in market capitalisation (close to $1 billion) and free float (~$300 million) • 2.9% increase in like-for-like property income Quality • 0.8% increase in property valuations; after writing off previous acquisition costs and allowing for investment straight-line leasing adj ustments, a decrease of 0.1% property • Completion of two development fund throughs portfolio • Acquisition of well located and well tenanted, high yielding assets have improved portfolio • Diversified property portfolio valued at ~$1.7 billion Summary • Quality tenants with long WALE (7.0 years) and growing rental income • 98% occupied with minimal short term lease expiries providing a secure income • GOZ will seek to continue the strong growth it has experienced Growt hpoint Propert ies Aust ralia Half Year Result s – S ix Mont hs Ended 31 December 2012 | Page 4
Financial Results Growt hpoint Propert ies Aust ralia Half Year Result s – S ix Mont hs Ended 31 December 2012 | Page 5
Movements in Net Tangible Assets per Stapled Security • NTA per stapled security fell due to minor decreases in unrealised property revaluations and minor unrealised loss on interest rate swaps • NTA increased per stapled security due to raising capital via the June 2012 DRP above NTA with very low capital raising costs and an increase to retained earnings from lowering distribution payout ratio to 95.4% 1231 – 1241 S andgat e Road, Nundah, QLD Growt hpoint Propert ies Aust ralia Half Year Result s – S ix Mont hs Ended 31 December 2012 | Page 6
Debt & Capital Management Debt Maturity Profile 28 Bilst on Drive, Wodonga, VIC • Weighted average maturity of debt is 3.1 years as at 31 Dec 2012 1 ICR is not calculated for the BILAT until the Fox S ports, Gore Hill property has reached practical completion (as defined in the BILAT). This occurred in January 2013 Growt hpoint Propert ies Aust ralia Half Year Result s – S ix Mont hs Ended 31 December 2012 | Page 7
Debt & Capital Management (continued) 18 Derby S t reet , S ilverwat er, NS W As at 31 Dec 2012 • Amount of debt hedged 91% • per annum 1 Weighted average interest rate on hedged debt 4.61% • Weighted average duration of hedged debt 3.8 years • Weighted average cost of debt is approximately 6.95% per annum 1 Excluding line fees and margin Growt hpoint Propert ies Aust ralia Half Year Result s – S ix Mont hs Ended 31 December 2012 | Page 8
Distribution Reinvestment Plan * Estimated • Equity has been raised via the DRPs at a premium to NTA with minimal raising costs • Funds raised have been used to fund property acquisitions • Expected to continue to utilise DRPs while raising above NTA 13 Business S t reet , Yat ala, QLD Growt hpoint Propert ies Aust ralia Half Year Result s – S ix Mont hs Ended 31 December 2012 | Page 9
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