ABACUS GROUP — Interim / Quarterly Report 2016

Feb 17, 2016

710 Collins Street, Melbourne VIC

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Results
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Abacus Property Group – HY16 Results Presentation 18 February 2016

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Agenda

Abacus Property Group – HY16 Results Presentation 18 February 2016

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HY16 highlights

The Group’s consolidated AIFRS statutory profit increased 21% to $75.5m

Underlying Profit was $57.1m and compares favourably to the previous period which included the gain of $20.8m on the sale of Birkenhead Point

We have been active during the period

• Settlement of 201 Pacific Highway, St Leonards and Lutwyche City Shopping Centre, Brisbane for $51m (Abacus share)

• Added $50m to the storage portfolio making it our biggest sector exposure

• A further $64m invested in residential development projects

• $8m spent on redevelopment projects at Oasis (QLD) and Bacchus Marsh (VIC) shopping centres driving strong cap rate compression

Utilised available capital in sectors offering best risk adjusted rewards

Entered into a $275m residential development joint venture with City Developments Limited, a listed Singaporean residential developer, to build 472 units in the Merivale project in South Brisbane QLD

Underlying profit ($m)

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20.8
57.1
42.4 46.0 48.3
HY13 HY14 HY15 HY16
Earnings per security (c)
4.0
9.6 9.8 9.4 10.3
HY13 HY14 HY15 HY16
Net tangible assets ($)
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2.54
2.49
2.42
2.38
2.34
2.30
FY13 HY14 FY14 HY15 FY15 HY16
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• Indicates the contribution to earnings on the sale of Birkenhead Point

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Abacus Property Group – HY16 Results Presentation 18 February 2016 4

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All business units contribute to a good result

	Key financial metrics	Dec 15	Dec 14
	Consolidated Group1 – AIFRS statutory profit	$75.5m	$62.2m	21%
	AIFRS (Abacus) statutory profit	$70.9m	$74.8m	-5%
	Underlying profit2	$57.1m	$69.1m	-17%
	Underlying earnings per security	10.3c	13.4c	-23%
	Distributions per security3	8.5c	8.5c
	Cashflow from operations	$40.6m	$63.5m
	Interest cover ratio4	4.3x	5.1x
	Weighted average securities on issue	554m	514m

Underlying Profit was $57.1 million and compares favourably to the previous period which included the gain of $20.8 million on the sale of Birkenhead Point

Drivers of underlying profit in HY16:

• $19 million of finance income from loans to development projects

• $9 million gains from development projects

• $5 million of fee income from third party capital and other management mandates

8% reduction ($3.4m) in rental income as a result of sales in FY15

• Recent acquisitions have contributed only part period

11% increase ($3m) in Storage income on the back of strong efficiency gains and new acquisitions

1. The Group consists of the merged Abacus Property Group, Abacus Hospitality Fund, Abacus Wodonga Land Fund and ADIF II

2. Underlying Profit is calculated in accordance with the AICD/Finsia principles for reporting Underlying Profit

3. Includes distributions declared post period end (12 January 2016 and 12 January 2015)

Maintained target for 100% of distributions to be paid from recurring earnings

1. Calculated as underlying EBITDA divided by interest expense and includes impairments on inventory

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Conservative balance sheet

Strong investment activity during the period increasing investment returns on capital employed

• Continue to recycle smaller, low growth assets into this market

Balance sheet remains conservative and gearing remains below targeted level despite increased drawn debt

NTA per security grew by 2.0% to $2.54 driven by cap rate compression and stronger earnings performances from the investment portfolio

• After fully accounting for the $40.6 million impairment of Muswellbrook

Reduction in liquidity for the period illustrative of the Group’s activities utilising available capacity for higher returning investment and development opportunities

	Balance sheet metrics	Dec15	Jun15
	NTA per security	$2.54	$2.49
	NTA per security less February
	distribution1	$2.46	$2.41
	Abacus total assets	$2,179m	$1,957m
	Net tangible assets2	$1,409m	$1,378m
	Total debt facilities	$786m	$770m
	Total debt drawn	$574m	$388m
	Average cost of drawn debt	5.5%	6.1%
	Abacus gearing ratio3	25.1%	18.2%
	Covenant gearing ratio4	29.0%	22.8%
	Debt term to maturity	3.7 yrs	4.3 yrs
	% hedged of drawn debt	55%	88%
	% hedged of total debt facilities	40%	44%
	Weighted average hedge maturity	2.7 yrs	2.9 yrs

1. 8.5c and 8.5c distribution in February 2015 and February 2016 respectively

2. Excludes external non–controlling interests of $42.9 million (HY15: $35.7 million)

3. Bank debt minus cash divided by total assets minus cash. If joint venture and fund assets and debt are consolidated proportionately based on Abacus’ equity interest, look through gearing is 30.1%

4. Covenant gearing calculated as Total Liabilities (net of cash) divided by Total Tangible Assets (net of cash)

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Investment portfolio

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Investment portfolio of $1.5 billion

Key portfolio metrics	Dec 15	Jun 15
Investment portfolio value1 ($m)	1,490	1,305
Commercial portfolio1 ($m)	976	848
Storage portfolio ($m)	514	457
No. of commercial assets1	34	37
NLA (sqm)2	303,884	297,874
WACR1,2,3, 4 (%)	7.77	8.05
Occupancy2,3 (% by area)	93.5	93.4
WALE2,3 (yrs by income)	4.1	4.1
Like for like rental growth2 (%)	3.0	2.2

Commercial portfolio remixing continues

• Sale of 4 assets during the year including Greenacre and Villawood industrial assets in NSW at book value for a total $21 million

• Added investments in Lutwyche City Shopping Centre, Brisbane and 201 Pacific Highway, St Leonards to the investment portfolio

Full contributions of recent acquisitions will see growth in net rental income across second half of FY16

Occupancy improves slightly to 93.5% due to new acquisitions

Commercial portfolio delivered like for like rental growth of 3.0%

• Driven largely from Ashfield Mall and 14 Martin Place in Sydney leasing successes and Bacchus Marsh Village Shopping Centre post development leasing

Development pipeline across commercial portfolio continues:

• 5 projects across retail and office assets

• Includes assets acquired under our third party capital platform, inventory and PP&E

• Excludes storage assets

• Excludes development assets

• Weighted Average Cap Rate

• c.$58 million committed over the next three years delivering c.8% yield on cost

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Office portfolio

Abacus Property Group – HY16 Results Presentation 18 February 2016

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Retail portfolio

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6.9%
$375 million 5.2% like for
weighted
portfolio of like income
average cap
8 assets growth
rate
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25% of
investment
portfolio (by
value)
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Industrial portfolio

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$111 million 1.4% like for
portfolio of like income
9 assets growth
8.3%
7% of weighted
investment average cap
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Commercial portfolio development pipeline

Development pipeline robust with multiple projects targeting c.$58 million of investment across the next 3 years to deliver an average yield on cost of c.8%

• Ashfield Mall retail expansion and upgrade

Bacchus Marsh Village Shopping Centre has largely completed its redevelopment works driving a 175bp cap rate compression at revaluation yielding a $5.3 million uplift in value

• Vacant land plot has been approved and leased to Coles Express which has not been recognised to date

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Bacchus Marsh Village Shopping Centre, Bacchus VIC
Anytime Fitness
Additional car
parking
Coles Express
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FY16

FY17

FY18

FY19

$3.5 million delivering c.8-10% yield on cost

14 Martin Place, NSW: Food and Beverage project on ~780m[2]

$2.5 million delivering c.8.0% yield on cost

33 Queen Street, Brisbane QLD: Works on mezz and upper floors to deliver upgraded tenancies

$15.7 million delivering c.9.4% yield on cost

Oasis, Broadbeach QLD: Various projects including upgrade to restaurant precinct

Ashfield Mall, Sydney NSW: Adding 6,500m[2] of GFA and 100 place child care centre

$36 million delivering c.8% yield on cost

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Retail: development projects

Oasis Shopping Centre, Broadbeach QLD

Abacus acquired Oasis Shopping Centre in Broadbeach for $103.5 million in a 40/60 joint venture with KKR in February 2015

The centre presented a number of redevelopment and refurbishment opportunities to increase GLA and upgrade the centre

Three projects underway or planned in the near future to activate street frontages, substantial upgrade to the restaurant precinct and bring quality restaurant operators and tenants to the centre to enhances the centre’s service offering

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Oasis Shopping Centre, Broadbeach QLD. Acquired in a 60/40 JV for $103.5
million. Settlement occurred in March 2015
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• Expenditure to date c.$5.2 million

• Committed further expenditure of c.$15.7 million

• Forecast combined yield on cost of 9.4%

A further 5 projects are currently in planning and assessment mode

• Major tenant upgrades

• Specialty tenant remixing

• Adding additional GLA through further development opportunities

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Office: development opportunities

14 Martin Place, Sydney NSW

Works completed to date include a restoration of sections of the façade

• Protecting the heritage nature of the property while maintaining A Grade status

Continuing works remixing the retail tenancies

• Reconfigured space and tenancies to improve tenant quality and revenue sustainability

	Key metrics Book value (100%)	Dec 15 $125.0m
	Cap rate	6.4%
	NLA	13,136m2
	WALE	2.7yrs
	Occupancy	92%
	Average rent psqm	$722

Redevelopment of 550m[2] lower ground floor retail space fronting Angel Place

• Lease signed with well known restaurant group

• Works completing in March 2016 with tenant plans awaiting DA approval

• WALE improves to 3.5 years

Redevelopment of 230m[2] retail space on ground floor facing Pitt Street received strong enquiry

Total development spend c.$3.5 million targeted delivery of c.8-10% return on cost

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33 Queen Street, Brisbane QLD
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Storage portfolio

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3.2%
$514 million
RevPAM
portfolio of
growth [1]
59 assets
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35% of
investment
portfolio (by
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value)
8.6%
87.3%
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Abacus Property Group – HY16 Results Presentation 18 February 2016 15 Acacia Ridge facility, Brisbane QLD

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Storage: 7.0% growth to portfolio NLA

Storage portfolio: $514 million

17.8% increase in underlying EBITDA to $15.9 million in HY16 driven by strong trading and recent acquisitions

• 10.8% increase in storage rental income

Strong transactional period with a further 5 assets added to the portfolio

• $29.2 million on 3 existing or converted stores

• $13.4 million on 2 new conversion opportunities

The portfolio has enjoyed strong performance in the period

	Key metrics	AUS	NZ	Dec 15	Jun 15
	Portfolio value ($m)	413.8	100.5	514.3	457.2
	No. of storage assets	481	11	59	54
	WACR	8.6%	8.6%	8.6%	8.6%
	NLA1 (m2)	218,000	54,000	272,000	254,000
	Land (m2) Occupancy2	359,000 84.7%	104,000 90.4%	463,000 86.0%	434,000 84.9%
	Average rental rate2, $psm	$258	NZD269	$257	$2543
	RevPAM (per available sqm)2	$219	NZD243	$221	$2153

• 2.8% increase in RevPAM[4]

Excluding 5 assets in lease up, portfolio’s metrics[5] increase further to:

• 87.3% occupancy up 1.5%

• $259m[2] rental rate up 1.6%

• $226m[2] RevPAM up 3.2%

7.0% increase in portfolio NLA during the period

1. Includes commercial and industrial properties held for redevelopment

2. Average over last 6 months (by area)

3. Adjusted to HY16 FX rate of $1.0667 for comparison purposes

4. RevPAM: Revenue per available square metre

5. On a like for like basis with FY15 metrics (excluding assets in lease up and a steady FX rate of $1.0667)

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Recent acquisition: Brookvale Sydney NSW for $7.3m
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Storage development opportunity

Portfolio now consists of:

Geographic diversity by value

• 50 stabilised storage assets valued at $464.4 million

• 5 newly converted assets with a further 2,100m[2] of undeveloped but planned NLA valued at $28.6 million

• 4 assets with future conversion for 16,500m[2] of NLA valued at $21.3 million

5 recent acquisitions with completed stages including assets at Wodonga and Castle Hill have achieved on average 61% occupancy within the 12 months since opening

• Market rates suggest average rental rate of c.$270psqm achievable

Current pipeline of approved and unapproved stages will deliver an additional ~21,200m[2] of NLA over the next two years

• Includes new and existing asset expansion projects

• Average return on cost on new and future conversions should hit c.11% inclusive of acquisition costs

• 2,600m[2] of existing site expansions should yield average 20% return on cost

• Should generate capital value increments in the order of c.$24 million

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ACT
13% VIC
26%
NZ
19%
NSW
QLD 24%
18%
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Asset split by net lettable area (m[2] )

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7%
5%
0-4000
51%
4001-7000
7001-10000
37%
10000+
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Property ventures

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Abacus Property Group – HY16 Results Presentation 18 February 2016 18
Erskineville residential projects, Sydney NSW
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Property ventures – adding to the pipeline

$30.8 million underlying EBITDA contribution

• 2.4x increase due to an increase in finance income from new and existing projects and profit realisations

Residential developments are delivering strong risk adjusted returns at this point in the cycle

• Exposure of 66%, 19% and 11% in metro Sydney, Brisbane and Melbourne residential markets respectively

	Key metrics	Dec 15	Jun 15
	Residential exposure	99.0%	99.4%
	Loans	$339.6m	$263.0m
	Equity	$110.0m	$150.5m
	Average interest rate	10.7%	12.8%

$40.6 million impairment to Muswellbrook residential development investment as a result of the downturn in the resources sector and its impact on local economic growth

• Greatly reduced outlook for future lot sales

• Investment is held at independent valuation

• Characteristics very specific to area and are not expected to impact any of Abacus’ other residential developments

Pipeline has estimated potential to generate end sales revenues of c.$1+ billion[1] between FY16 and FY19

The pipeline of projects is underpinned by 8,000 unit and/or land sites which equates to a cost base of only $55,000 per unit/land site

1. Estimated revenue is net of sales costs and GST

Project estimated end sales revenues (in millions)[1]

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FY16
FY17
FY18
FY19
$0 $200 $400 $600 $800 $1,000
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Capital recycling funds pipeline

$56 million of recycled capital helped fund a c.$64 million increase in allocated capital for new and existing projects

A number of projects settled during the period or shortly afterwards

• Sale of Doncaster 50/50 joint venture site in late 2015 for $21.6 million. Settles in March 2016

• Orchard Hills loan repaid with profit share in HY16 delivering $15 million

• Spinnakers manufactured home park loan repaid with profit share following sale of asset in HY16 returning $4 million

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Doncaster, Melbourne VIC
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Added a number of new joint venture projects in HY16 including:

• c.$17 million investment into a new long term redevelopment site in Camellia, NSW near our other Camellia site. Acquired at ~$445pm[2] . Anticipate eventual rezoning to residential as part of area regeneration

• c.$15 million for two development sites in Parramatta, NSW. Anticipate rezoning to high density residential

• Initial $11 million payment as part of a staged payment for a development site in Belmore, in greater Sydney metro area with potential to increase the density of an existing DA approved project

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Artist impression of 107 George Street, Parramatta NSW
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Merivale development joint venture with CDL

Abacus entered into a residential development joint venture with City Developments Limited (CDL) [SGX:CIT – S$6.3Bn], one of Singapore’s largest residential developers

The joint venture will commit to develop a residential development in Merivale Street, South Brisbane QLD

The site occupies a prime location in South Brisbane and will consist of two 30 storey residential towers accommodating 472 one, two and three bedroom apartments overlooking the Brisbane River and CBD

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Abacus and CDL will jointly provide the majority of equity funding via preferred equity of approximately $30 million each

Senior bank funding approval has been obtained for the $275 million development

The DA approved project has achieved strong presales with over 90% sold in IVY (Stage 1) with EVE (Stage 2 - launched in Nov 2015) already achieving 152 sales

• Early works commenced and completion anticipated in 2018

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Current development pipeline

Campsie development, Sydney NSW

Quay Street development, Brisbane QLD

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• Two site residential rezoning opportunity in Campsie, Sydney NSW

• 78 unit residential development in Brisbane has achieved 70 sales

• Site 1: DA is approved for 270 units. Applied for further 83 units. Approval anticipated imminently. We will market for sale in H216 with market evidence suggesting c.$160k per unit site

• Practical completion achieved in December 2015

• Settlements began in February 2016 with senior lender repaid

• Abacus priority dictates capital and interest repaid first post senior lender debt

• Site 2: DA approved for 86 units. New height restrictions will allow further 21 units. Awaiting gazettal for extra units

• Abacus profit delivered in mix of interest income, fees and equity profit

• Exchange for both sites is likely to be in H216

Camellia development, Sydney NSW

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• 6.8Ha residential rezoning opportunity near Parramatta, Sydney NSW

• Master plan provides for c.3,250 units and 14,000m[2] of retail

• Master plan has Department of Planning (DoP) approval

• Proposal placed on council exhibition in Jan 2016 with any objections and comments to be heard at Council meeting by April 2016

• Post council approval the application needs to be submitted for gazettal with DoP

• Abacus is reviewing strategic options for the sale and/or development of the site following strong joint venture interest

Abacus Property Group – HY16 Results Presentation 18 February 2016

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Funds management

Abacus Property Group – HY16 Results Presentation 18 February 2016

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Funds management

• $5.6 million underlying EBITDA contribution for the six month period

• $161 million of fund investments[1]

Each fund independent despite accounting consolidation

• ADIF II continues to realise assets. During the period two assets were sold for $16.9 million. Proceeds were used to repay debt. The Fund has 11 property assets remaining and these recorded a valuation uplift of c.$4 million in the half year. One property has exchanged for sale with settlement in March 2016 and a further two properties are being marketed for sale

• AHF continues to see improved market conditions overall. All three hotels in the portfolio recorded higher profits in the six months to December 2015 compared to the prior corresponding period resulting in a c.$9 million valuation uplift

• Wodonga Fund residential land lots continue to sell well with 65 lots sold in the half year at an average price of $123,000, a 6% price increase on the prior corresponding period. At the current time the majority of lots are pre-sold. The site has 398 residential lots remaining

1. Includes $11.5 million classified under property relating to an associate’s equity accounted holdings in ADIF II and AHF

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View from 33 Queen Street, Brisbane QLD

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Summary and

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Summary and outlook

We have delivered a strong underlying profit result

Global equity and real estate markets suggest volatile times ahead

Our balance sheet is strong, conservative and diversified by geography, sector and tenant mix

• Strong development pipeline

• World class portfolio of storage assets

We are confident that our return metrics will be met by the diversification that exists within our portfolio

• A strong contribution from the property ventures platform illustrates the benefits or our multi-business model

We maintain our disciplined investment strategy while delivering substantial investment activity during the period

Volatility however does provide opportunities and we approach the next 18 months with both caution and optimism

We are targeting a full year distribution of 17.0c

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32 Walker Street, North Sydney NSW held in joint venture
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Disclaimer

The information provided in this document is general, and may not be suitable for the specific purposes of any user of this document. It is not financial advice or a recommendation to acquire Abacus Property Group securities (ASX: ABP). Abacus Property Group believes that the information in this document is correct (although not complete or comprehensive) and does not make any specific representations regarding its suitability for any purpose. Users of this document should obtain independent professional advice before relying on this document as the basis for making any investment decision and should also refer to Abacus Property Group’s financial statements lodged with the ASX for the period to which this document relates. This document contains non-AIFRS financial information that Abacus Property Group uses to assess performance and distribution levels. That information is calculated in accordance with the AICD/Finsia principles and is not audited.

Any forecasts or other forward looking statements contained in this presentation are based on assumptions concerning future events and market conditions. Actual results may vary from forecasts and any variations may be materially positive or negative.

The information in this document is current only as at the date of this document, and that information may not be updated to reflect subsequent changes.

To the extent permitted by law, the members of Abacus Property Group and those officers responsible for the preparation of this document disclaim all responsibility for damages and loss incurred by users of this document as a result of the content of, or any errors or omissions in, this document.

Abacus Property Group:

Abacus Group Holdings Limited ACN: 080 604 619

Abacus Group Projects Limited ACN: 104 066 104

Abacus Funds Management Limited ACN: 007 415 590 AFSL No. 227819

Abacus Storage Funds Management Limited ACN: 109 324 834 AFSL No. 277357

Abacus Storage Operations Limited ACN: 112 457 075

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