MIRVAC GROUP 1Q15
operational update
30 OCTOBER 2014
ffiiMIC: 1015 HIGHLIGHTS>On track to d livr FY15 op rating EPS guidancof
12.0 - 12.3 cp&&
>Continud focu& on portfolio r po&itioning
- Acqui&ition of Birk nh ad Point, Sydn y'
- lncra&d FY15 a&&t &al& targt rangto $200-400m
>Maintaind &trong inV &tmnt portfolio mtric&
- Occupancy of 97.5%2
- WALE of 4.6 y ar& 3
> L a&ing activity of 30,498&qm, acro&& 91 tran&a etion&
>Activmanag m nt of r &idntial pip lin
- 588 lot & ttl m nt& in1Q15
- On track to achi v2,200 lot & ttl m nt& for FY15
- Acqui&ition of ov r 550 lot& nationally
- lncra&d int r &t in Grn Squarproj ct•
- Exchangd pr ·&al& contra et& maintaind a t $1.2bn 5
>Continud progr && & curing FY15 dv lopm nt arning&
-76% of xp ctd EBIT 6 & cur d
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4) POAY-<11Urb NSW.
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m1-r.v.a.c-. SUSTAINABILITY & COMMUNITY |
>2014 Sustainability Report released in October, documenting good progress against initiatives - 10.6% reduction in carbon emissions - 7.8% reduction in water consumption - 96% of construction waste recycled - Over 22,000 people educated on sustainability - 4.716 hours donated to enrich our communities >Achieved a 5.1 Star NABERS energy rating average across the office portfolio - 6 star rating at 23 Furzer Street. ACT >lncreased Global Real Estate Sustainability Benchmark score by 22%, up 53 places >Launched National Community day - Over 700 employees, 65 suppliers and contractors participating - 37 Charity partners This Changes Everything by mrvac MIRVAC l FY5 01 OPERArtONAL UPDATE l 30 OCTOBER 2014 l 2 |
ffiiMIC: PORTFOLIO UPDATE:OFFICE
> Solid occupancy of 95.9%1and WALE of 4.6 y ars2
> 9,345 sqm of la sing a etivity
- FY15 xpiris r ducd to 8.8% (Jun14:10.6%)
> D liv ry of officdv lopm nts r mains a ky focus
- FYIS:699 BourkStr t, M lbourn(19,300 sqm,100% la s d) Tr asury Building,P rth (30,800 sqm, 98% l as d)
- FY16:200 G orgStr t, Sydny (39,200 sqm,74% l as d)
- FY17:2 Riv rsidQuay, M lbourn(21,000 sqm,HOA 81.7%)
OFFICC- LCt.SC EXF>IRY' F>ROFILC AH() VARIAHCC FROI.C JUH 14*
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>Maintaind high occupancy of 99.2% 1
>lotal comparablMAgl rowth of 1.9%2
>Sp cialty sals productivity of $8,310sqm
>Sp cialty occupancy costs of 17.2%3
>Acquisition of Birk nh ad Point•, Sydny for $310m
- Stra t gicaIl y locatd asst with opportunity to uniock furthr valu
>Continud progr ss s curing lascommitm nts for r tail xpansions whieh aron tra ck to achi Vr turn on cost and lRR targ ts
- IHIS:Kawana Shoppingworld, QLD (8,900 sqm, 96.9% l as d)
- 2H15:StanhopVillag, Stag4, NSW (800 sqm, 64.2% l as d)
- FY16:Orion Springfi ld, Stag2, QLD (31,545sqm, 59.2% l as d)
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TOTAL TOTAL
COMPAIUBLE COMPAIUBLE
RETJdL SJt.LES TOT.HIM.T IM.T GROYTH MAT GRO\'TH
rJf CATEOORY 1QIS 1015 m•
N<>n-f
S2!:iallies S7 .Jm tm 2.0%
Otbr rdail $190.31002%
T al $2,3j0.1m '·"' 2.2%
Strong occupancy of 99.5%'
Portfolio WALE maintained at 8.7 years2
- less than 0.5% expiring in FY15
Exploring strategie acquisition opportunities that turther strengthen the p ortfolio or provide long·term redevelopment potential
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m1-r.v.a.c-. RESIDENTIAL UPDATE
Remain on track to settle 2,200 lots in FY15 1Q15 LOTS RECONCILIATION OF MOVEMENT IN EXCHANGED
SETTLED BY STATE PRE·SALES CONTRACTS TO 1Q15
588 lots settled in the first quarter including:
- Harold Park, NSW: 270 lots e N SW77% $1.40Cm
- Elizabeth H ills, NSW:1211ots e QLD 7% 1,200 $1,193.1m $322.0m $323.9m $1,195.Cm
• VIC 5%
Acquired over 550 lots in line with our strategie mandate, e WA 11%
including:
- Claremont, WA:228 lots (Apartments)
- Cheltenham, VIC:1841ots (MPC)
- Bridgeman Downs, QLD:123 lots (MPC)
lncreased interest in Green Square project1
FY14 Settled 4 Net Sale5. 1Q15
Successful sales releases
- Harold Park, NSW:195 lots, 79% pre-sold FY15 MAJOR APARTMENT RELEASE SCHEDULE'
- Unison, QLD:144 lots, 82% pre-sold PROJECT STATE 1Q15 BALANCE OF FY15
On track to release >2,700 lots in FY15, predominantly weighted Harold Park NSW to Sydney and apartment product Waterfront. Unison QLD Strong level of exchanged pre-sales contracts maintained at $1.2bn 2 Bondi NSW
- -$550m expected to settle in FY15 Green Square NSW
76% of expected FY15 Development EBIP secured Art House QLD Yarra's Edge, Bolte VIC
1} PDA w ith Urbar.Grcmth NS W. Leighton Beach, Stage 2 WA
2) lobi e-xclia r.ged pre-:>al es.conl:racts. as a t .30 Sept 2014, ad j usted for Mi Nac's s.ha re of JVs, as.s.oci a t es. ard Mirvac managed ft.rd s.
3} Development EBIT befon· overheads and sales and markeling.
4} Represents gross sett!ement revenue adjusted !or Miro.rac':;; share olJVs, assodates, ard Miro.rac':;; mana ged fmds.
5} Upcoming relea:>es are an estimate only and ma y be a dju:>ted deperding on marllet demand.
MIRVAC l FY15 Q1 OPERATIONAL UPDATE l 30 OCfOBER 2014 l 6
> On track to achi v FY15 Group guidanc
>Focusing on driving dv lopm nt ROIC towards 12% by FY17
m1-r.v.a.c-. DISCLAIMER AND IMPORTANT NOTICE
Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mir vac Property Trust (ARSN 086 An invest ment i n Mirvac stapled securitiesis subject to inves tment and other known and unknown
780 645). This presentatoi n ( "Presentation") has been prepared by Mirvac Limited and Mir vac Funds risks, some of which are beyond the contro l of Mir vac,including possible delays in repayment and Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust loss of incarne and princi pal inves ted. Mirvac does not guarantee any particular rate of return or (collectively "Mirvac" or "the Group"). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and the per formance of Mirvac nor do they guarantee the repayment of capit ai from Mirvac or an y
Mirvac Funds Limitedis theissuer of Mir vac Property Trust ordinary unit s, which are stapled together as par ticular t ax treatment.
Mirvac Group stapled securities. Ali dollar values are in Australian dollars (A$). Th1' s Present atoi n cont ains certain "forward looking" statements. The words "antci ipated", "expected", The information contained in this Presentation has been obtained from or basedon sources believed "projections", "forecas t", "es timates","could", "may", "target", "consider" and "will" and other similar by Mirvac to be reliable. To the maximum extent permitted by la w, Mirvac, it s affiliates, officers, expressions are intended to ident if y forward looking statements. Forward looking statements, opinions employees,agents and advisers do not make any warrant y,express or i mplied, as to the currency, and es timates provided in this Presentat'1on are basedon assumptions and contingencies which are accuracy,reliability or completeness of the information in this Presentation or t hat the information subject to change without not ice,as are statement s about market and industry trends, which are based is sui table far your i ntended use and disclaim aliresponsibility and liabil'lt y for the information on interpret ations of current market condit ions. Forward·looking statements including projections,
(inc luding, without limitation, liability far negligence). i ndicat ions or guidance on future earn·mgs or financial position and estimates are provided as a genera i
This Presentation is not financial adv ice or a recommendation to acquire Mir vac s tapled securities and guide only and should not be relied upon as an indication or guarantee of future perfor mance. There can be no assurance that ac tual outcomes wili not differ mater1ally from these s tatement s. To the full extent
has been prepared without taking into account the objectives, financia l situatoi n or needs of individuals. permitted by law, Mirvac Group and it s director s, officers,employees, adviser s,agents and intermediaries
Before making an inves tment decision prospective i nvestors should consider the appropriateness disclaim any obligation or undertaking to release any updates or revisions t o the information to reflect of the information in this Presentation and the Group's other periodic and continuous disclosure an y change in expectations or assumptions. Pas t per formance information given in this Presentation is announcements lodged with the Aus tralian Securities Exchange having regard t o their own object ives, given for illustrat ive purposes only and should not be relied upon as (and is not) an indication of future finaneial situation and needs and seek such legai, financialand/or taxation advice as they deem per formance. Where necessary, comparative information has been reclassified to achieve consistency in necessary or appropr iate to their jur isdiction. disclosure with current year amounts and other disclosures.
To the extent that any generai financial product advice in respect of the acqu·lsition of Mirvac Property Th.ls Present ation i s not an offer or ani nvitation to acquire Mir vac s tapled securities or any other Trus t units as a component of Mirvac stapled securitiesis provided in this Presentation, it is provided b y financial products and is not a prospectus, product disclosure stat ement or other offering document Mirvac Funds Limited. Mir vac Funds Limited and its related bodies corporael , and their associates, wi li not under Australian law or any other law. ltis for i nformation purposes only.
receive any remunerat'1on or benefit s i n connect'1on with that advice. Directors and employees of Mirvac The i nformatoi n contained in this presentation is current as at 30 September 2014,
Funds Limit ed do not receive specific payments of commissoi ns for the aut horised services provided unless otherwise noted.
under it s Aus tralian Financl·a l Serv ices License. They do receive salaries and may aIso be entitled to
receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of
Mirvac Limited.
MIRVAC l FY15 01 OPERATIONAL UPDATE l 30 OCfOBER 2014 l 8
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MIRVAC FY14 PROPERTY COMPENDIUM
- Sp cialty productivity of $8,21Osqm and occupancy costs of 10.9%5
- MAgl rowth of 15.1% 5
- MPrl tail portfolio wili incr asto -$2 billion with -65% locatd in mtropolitan Sydn y
ffiiMIC: GROUP GUIDANCE
- Op ra ting prolit of $443m - $455m
- Op ra ting arnings of 12.0 - 12.3 c nts pr stapld s curity
- Full y ar distributions of 9.2- 9.4 c nts pr stapld s curity
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