ABACUS GROUP — Investor Presentation 2015

Aug 20, 2015

Oasis Shopping Centre, Broadbeach QLD

FY15 Annual Results Presentation

Abacus Property Group – FY15 Results Presentation 21 August 2015

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Agenda

Abacus Property Group – FY15 Results Presentation 21 August 2015

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Financial year 2015

Financial highlights

The Group’s consolidated AIFRS statutory profit is $133.5 million up 23.3% from $108.3 million in FY14

Abacus underlying profit $128.3 million, up 27%

Year in review

Strong transactional markets driven by demand for yield

• Took advantage of strong pricing of mature assets and sold properties and projects either owned wholly by Abacus or in partnership with others for c.$751 million of total value

Fundamental value harder to find

Abacus underlying earnings¹ per security 24.5 cents, up 17%

• Despite this we sourced acquisitions of over $633 million of total value (Abacus share $282 million)

Abacus FY15 distribution per security increased to 17.0 cents

Cemented our credentials as a partner with global investment firms

Abacus cashflow from operations of $122.2 million adequately covers the Group’s FY15 distributions

Net tangible assets (NTA) of $2.49 per security, up 4.6%

• Expanded third party capital platform with the development of two new investment relationships

• Added $456 million of assets to our third party capital platform to over $1 billion of total assets purchased

• Sold $248 million of assets from the platform, delivering an average IRR of 27.2%

Gearing reduced to 18.2%

A lack of value in available commercial real estate has driven an increase in investment into residential developments during the year

• Strong risk adjusted returns at this point in the cycle

• $110 million invested in new and existing opportunities

• Larger number of smaller opportunities to increase diversification and reduce concentration risk

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Active in investment and residential projects

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484 St Kilda Road, Oasis Shopping Centre,
Melbourne 710 Collins Street, Broadbeach
Melbourne
309 George Street, Sydney
World Trade Centre,
Melbourne
Wharf 10, Sydney
309 George Street, Sydney
Birkenhead Point Shopping
Centre and Marina, Sydney 201 Pacific Hwy, St Leonards
July 2014 Aug 2014 Sept 2014 Oct 2014 Nov 2014 Dec2014 Jan 2015 Feb 2015 Mar 2015 Apr 2015 May 2015 June 2015
• Part sale of Jack Road •• Campsie, NSW~400 residential units • Erskineville NSW • Merivale QLD
• development site for $34m$6m profit •• 50/50 JV$22m investment ••• 172 residential units50/50 JV Site price $32m ••• 486 residential units50/50 JVSite price $32m
• 29 Browns Road site • Dromana, VIC • Doncaster VIC • • Kingston ACT
• Acquired for $11.2m • 23 townhouses sold • 296 residential units • Main St, Pakenham site Sold for $11.5m • 152 residential units
• On sold 3 months later • 50/50 JV • 50/50 JV
for $19.3m • Site price $16m • Site price $10m
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Financial performance

Underlying profit ($m)

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128.3
101.3
83.8
72.2 76.8
FY11 FY12 FY13 FY14 FY15
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Earnings per security (c)

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24.5
20.8
19.4 19.2 18.8
FY11 FY12 FY13 FY14 FY15
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Abacus total assets ($m)

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1,913 1,957
1,866 1,843
1,602
FY11 FY12 FY13 FY14 FY15
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Distribution per security (c)

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17.0
16.75
16.5 16.5 16.5
FY11 FY12 FY13 FY14 FY15
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Total securityholder returns

Abacus delivered a strong return to securityholders during the year

Abacus outperformed its benchmark index, the S&P/ASX 200 A– REIT Accumulation Index (XPJAI), over the last financial year, delivering an impressive 24.1% total return to securityholders

• Benchmark delivered a 20.3% return

This extends the Group’s strong outperformance over the index to three consecutive years

The security price experienced strong growth during the first nine months of the year following impressive financial and transactional results

Abacus FY15 price chart vs S&P/ASX 200 A–REIT Index

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$3.40
$3.30
ABP XPJ
$3.20
$3.10
$3.00
$2.90
$2.80
$2.70
$2.60
$2.50
$2.40
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2014 2014 2014 2014 2014 2014 2015 2015 2015 2015 2015 2015
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Abacus total return vs XPJAI

During a year where A-REIT stocks were in demand by investors, the Group received recognition for its consistent core plus strategy and future balance sheet potential which drove the price higher

• The Group’s strong distribution yield has also been attractive to investors

Profit taking by investors in the sector brought the stock back in line with the index towards the end of the year

Source: IRESS as at 30 June 2015

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70.0%
60.0%
50.0%
40.0%
68.2% 65.9%
30.0%
43.9%
20.0%
33.6%
24.1%
10.0% 20.3%
0.0%
1 yr 2 yr 3 yr
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All business units contribute to strong result

	Key financial metrics	Jun 15	Jun 14
	Consolidated Group1 – total income	$375.9m	$424.7m
	Consolidated Group1 – AIFRS statutory profit	$133.5m	$108.3m	+23%
	Abacus total income	$298.0m	$351.5m
	AIFRS (Abacus) statutory profit	$147.6m	$111.6m	+32%
	Underlying profit2	$128.3m	$101.3m	+27%
	Underlying earnings per security	24.5c	20.8c	+17%
	Cashflow from operations	$122.2m	$90.3m	+35%
	Cashflow from operations per security	23.3c	18.6c	+25%
	Distributions per security3	17.0c	16.75c	+1.5%
	Interest cover ratio4	5.7x	4.8x
	Weighted average securities on issue	524m	486m

Underlying profit up 27% to $128.3 million

Underlying earnings per security up 17% to 24.5 cents

Strong underlying profit outperformance has been driven by:

• $27.6 million of gains from investment properties

• $19.6 million of gains from equity accounted investments

• $4.4 million gains from development projects

Strong cashflows and recurring underlying earnings continue to underpin Abacus’ distributions

$122.2 million of cash from operations adequately covers the Group’s FY15 distributions

1. The Consolidated 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 (1 July 2014 and 1 July 2015)

4. Calculated as underlying EBITDA divided by interest expense

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Balance sheet primed for opportunities

Maintained a strong capital position following an active year

• Raised $107 million of equity via non-renounceable entitlement offer to securityholders

• Transacted $633 million of acquisitions

• $751 million of sales

• $350 million of acquisition capacity

• Gearing remained low

NTA continues to show growth despite impact of sales, acquisitions and transaction costs

• NTA growth driven by revaluations and strong earnings performance

Capital is already committed to new acquisitions and projects in FY16 totalling $112 million

• Includes 50% interest in 201 Pacific Highway, St Leonards, NSW acquired for $57.5 million

• 8.5c and 8.5c distribution in August 2014 and August 2015 respectively

• Excludes external non–controlling interests of $31.0 million (FY14: $36.8 million)

• Weighted average base rate plus margin on drawn amount plus facility line fees. Abacus’ weighted average interest rate was higher due to the weighted average drawn debt of $484.6 million being lower than the previous period (30 June 2014: $567.0 million).

	Balance sheet metrics	Jun15	Jun14
	NTA per security	$2.49	$2.38
	NTA per security less August distribution1 Abacus total assets Net tangible assets2	$2.41 $1,957m $1,378m	$2.30 $1,913m $1,225m
	Total debt facilities	$770m	$755m
	Total debt drawn	$388m	$500m
	Average cost of drawn debt3	6.1%	5.4%
	Available liquidity4	$207m	$178m
	Abacus gearing ratio5 Covenant gearing ratio6	18.2% 22.8%	23.4% 28.6%
	Debt term to maturity	4.3 yrs	4.6 yrs
	% hedged of drawn debt	88%	76%
	% hedged of total debt facilities	44%	50%
	Weighted average hedge maturity	2.9 yrs	3.2 yrs

1. Available liquidity is cash plus readily drawable facility

2. 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 22.6%

3. 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 $1.3 billion

Key portfolio metrics	Jun 15	Jun 14
Investment portfolio value1 ($m)	1,305	1,324
Commercial portfolio1 ($m)	848	909
Storage portfolio ($m)	457	415
No. of commercial assets1	37	43
NLA (sqm)2	297,874	309,132
WACR1,2,3 (%)	8.05	8.17
Occupancy2 (% by area)	93.4	94.6
WALE2 (yrs by income)	4.1	3.9
Like for like rental growth2 (%)	2.2	4.5

Shift in portfolio weightings and metrics as a result of transactional activity

• Sale of 8 investment portfolio assets during the year including Birkenhead Point, 484 St Kilda Road and 309 George Street

• Acquisition of Oasis Shopping Centre, World Trade Centre and 710 Collins Street

• Continued growth in storage portfolio with 3 facilities acquired during the year

Commercial portfolio EBITDA up 23% to $103.8 million

• Net rental income fell 3.8% as a result of commercial portfolio rental income fall 9% and storage income improved 8%

Investment of acquisition capacity will see growth in net rental income across the portfolio in FY16

Occupancy reduces slightly to 93.4% due to new acquisitions

1. Includes Virginia Park, inventory and PP&E

Despite challenging office leasing conditions the commercial portfolio delivered like for like rental growth of 2.2%

1. Excludes development and storage assets

2. Weighted Average Cap Rate

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Office: significant portfolio changes

Significant transactional activity across the office portfolio during the year substantially increases office component and changes portfolio profile

• Growth from $368 million to $440 million

• Increased exposure to Melbourne market from 17% to 33% of portfolio as a result of 710 Collins Street and World Trade Centre acquisitions

Maturing third party capital assets sold during the year

• Sold 309 George Street and Wharf 10 in NSW and 484 St Kilda Road in VIC

• Sales of $248 million delivered an average equity IRR of 27.2% to Abacus

Office portfolio: $440 million

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201 Pacific Highway, St Leonards NSW. Acquired in a 50/50 JV for $115 million.
Settlement occurred in August 2015 33 Queen Street, Brisbane QLD
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Portfolio remains robust, well diversified across state and asset class

• Recent acquisitions provide strong mix of long WALE/secure income and opportunities to drive revenue and capital growth

201 Pacific Highway acquisition contributes to our third party capital platform

Geographic diversification

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NSW
VIC
20%
33%
QLD
13%
ACT SA
17% 17%
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Retail: recycling opportunities

We continue to see value in subregional and larger neighbourhood retail assets

• Focus on non discretionary and convenience based centres that have lacked sufficient capital expenditure

Re-mixed the portfolio significantly during the year

• Sold our interests in mature assets Birkenhead Point, Aspley Village Shopping Centres and 3 IGA assets from the Metcash portfolio for c.$210 million

• Post balance date acquisition of 75% interest in Lutwyche City Shopping Centre, Brisbane QLD for $48.75 million

Sale of Birkenhead Point has impacted occupancy and rental growth metrics, both down from FY14

Retail portfolio: $275 million

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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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• Rental growth has improved since HY15 from 2.8% to 2.9%

Geographic diversification

A number of development projects are underway in our centres that will drive revenue growth

• Bacchus Marsh: Expect construction to be completed in October 2015. Existing anchors (Coles and ALDI) have agreed to new lease deals with store expansions and upgraded formats. Major tenant works commenced with completion by end of calendar 2015 and early 2016

• Oasis: Approval of project 1 by Council for new building entry and 4 new tenancies. Construction to begin late-August with completion by early calendar 2016. Sourcing national specialty retailers

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VIC
16%
NSW
QLD 71%
13%
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Industrial: exploring value add options

Occupancy, WALE and average rental psqm remained consistent with FY14

• 95.5%, 3.7 years and $84 psqm respectively

Strong leasing and inbuilt rental increases helped drive like for like rental growth to 3.5% for the year

Continue to examine options with portfolio in light of market strength in capital values

Post year end sale of Villawood and Greenacre assets for $16.7 million, above current book values

Industrial/Other portfolio: $133 million

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31-49 Browns Road, Clayton VIC. Recent sale of adjacent development
site suggest significant potential increase in value
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Browns Road , Clayton VIC site acquired in May 2013 for $19.6 million or $322 per m[2] on a 10 year triple net sale and leaseback to PMP Limited

• Acquired for long term stable and growing income with future potential rezoning to residential

• Abacus acquired adjacent school site and sold for residential .

• development at $965 per m[2]

Geographic diversification

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NSW
23%
VIC
49%
QLD
28%
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Storage: 5.4% growth to portfolio NLA

Storage portfolio: $457 million

6.2% increase in underlying EBITDA to $28.3 million in FY15 driven by strong trading and recent acquisitions

Portfolio occupancy across all stores was 84.9% during FY15

• Includes new stores in lease up which dilutes portfolio metrics

Excluding assets in lease up and assuming a steady FX rate, the portfolio has enjoyed strong performance

• 2.9% increase in RevPAM[4] to $216m[2]

• Occupancy and average rental rate increased to 86.0% and $258m[2 ] respectively

New stores opened in FY15, include Wodonga, Thornleigh, Castle Hill and St Peters with a key focus on let up which is tracking well

• Stages 2 for Wodonga and Castle Hill currently completed or under construction and expected to be open in early FY16

• Latent growth in NLA as conversions come online

	Key metrics	AUS	NZ	Jun 15	Jun 14
	Portfolio value ($m)	367.1	90.1	457.2	415.2
	No. of storage assets	431	11	54	51
	WACR	8.6%	8.8%	8.6%	8.8%
	NLA (m2) Land (m2)	200,000 330,000	54,000 104,000	254,000 434,000	241,000 423,000
	Occupancy2	83.8%	88.5%	84.9%	85.0%
	Average rental rate2 $psm	$256	NZD261	$250	$2473
	RevPAM (per available sqm)2	$215	NZD231	$212	$2103

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NSW
VIC 21%
26%
ACT QLD
15% 18%
NZ
20%
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1. Includes commercial and industrial properties held for redevelopment

New acquisitions in FY15 include Rozelle (NSW) and West Heidelberg (VIC) are existing storage assets with surplus capacity to drive growth

1. Average over last 12 months (by area)

2. Adjusted to FY15 Fx rate of $1.0761 for comparison purposes

3. RevPAM: Revenue per available square metre

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Storage total return/risk analysis

Storage facility is like a retail business without the higher risk impacts of consumer confidence and shopper apathy

Global evidence illustrates that risk is mitigated by resilient operating cashflows, especially across a large number of assets in different regions

The cash based income return is paid in advance without incentives or rent free components

Portfolio delivered a geared total return including capital growth of 19.3%

• Cap rate reduction from 8.8% to 8.6% illustrates that capital growth component is not overly reliant on cap rate compression

Cap rate compression has been substantially softer than other sectors over the last 5 years

• Abacus portfolio has tightened 50bp over 5 years from 9.1% to 8.6%

• Further cap rate compression anticipated as sector matures and wider institutional awareness

Sector has potential to deliver strong total returns of 20%+ per annum

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Wodonga storage facility, Wodonga VIC: stage one construction with
stage two site in background
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Castle Hill storage facility, Castle Hill NSW: Stage two development
completed ahead of time taking facility to a total of 3,300m [2] of NLA
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Property ventures

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Erskineville residential projects, Sydney NSW
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Property ventures – exploiting the cycle

• $26.7 million underlying EBITDA contribution

• 0.3% decrease due to a reduction in transactional gains following large profit on Bay Street realisation in FY14

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

• As a result we have substantially increased our exposure across FY15

	Key metrics	Jun 15	Jun 14
	Residential exposure	99.4%	90+%
	Loans	$263.0m	$189.3m
	Equity	$150.5m	$108.1m
	Average interest rate	12.8%	10%

• 69% and 12% increased exposure to Sydney and Melbourne residential markets

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

We sourced new projects during the year and added over $110 million of investments in a number of projects

• The Prince joint venture in Kingston ACT to develop 153 units overlooking Lake Burley Griffin

• Joint venture residential project to develop 481 new residential units over two high rise 30 storey towers in South Brisbane QLD

• Increased capital committed to projects includes incremental costs associated with procuring development approvals

Pipeline has estimated potential to generate end sales revenues of c.$1.0 billion[1] between FY16 and FY19 underpinned by over 7,500 unit and/or land sites

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FY16
FY17
FY18
FY19
$0 $200 $400 $600 $800 $1,000
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1. Estimated revenue is net of sales costs and GST

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Residential development pipeline

Schedule of major joint venture projects due for development

JV Projects	Project	Status	Timeline	Financial data*	Comments
Quay Street, QLD	High density	DA approved and	FY16	~$33m Estimated	63 of 78 units presold at average $400k prices. Construction estimated
	development	under construction		Revenue	to be finished in December 2015.
Werrington, NSW	Four stage	Stage 1&2: Sold Out	FY16/17	~$25m Estimated	Stage one (106 lots @ $270k) SOLD. Stage two (30 lots @ $280k)
	development	Stage 3&4: Gazetted		Revenue	SOLD. Settlements to begin in Jan 2016. Stage 3 (104 small lots) has been gazetted and Stage 4 is waiting for gazettal of 120 lots.
Bouquet Street, QLD	High density	DA approved and	FY17	~$130m Estimated	274 units development in South Brisbane. Averaging $534k with 265
	development	under construction		Revenue	units sold. Commenced construction in Dec 2014 with completion
					anticipated in early FY17.
Queensberry, VIC	High density	DA approved	FY18	~$110m Estimated	193 unit inner city development in Carlton. 191 units have been pre–
	development			Revenue	sold at average prices of $640,000. Construction is underway with
					completion anticipated in early FY18.
Riverlands, NSW	Seeking up to	Progressing planning	FY17/8	Prices anticipated at	Council have adopted the planning proposal (PP) for a residential sub-
	495 lot land	proposal and		c.$500,000 sale price	division. Rezoning can be approved by council following public
	sub-division	rezoning		per land lot	exhibition of PP. NSW gazettal of PP to follow final council approval.
					Development application can then be progressed.
Erskineville, NSW	High density	DA lodged with	FY17/18	~$138m Estimated	172 unit development in Sydney’s inner west Suburb. Marketing/sales
	development	Council		Revenue	campaign to begin September 2015. Average pricing ~$800k per unit.
Settler’s Estate, NSW	152 lot land	Seeking rezoning	FY17/18	Prices anticipated at	Development application anticipated soon for 152 blocks averaging
	sub-division			$330,000 sale price	220m2.
				per land lot

• Estimated revenue is net of sales costs and GST

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Residential development pipeline

Schedule of major joint venture projects awaiting sale to third party upon approval

JV Projects	Project	Status	Timeline	Financial data	Comments
Camellia, NSW	High density –	Finalising approvals for	FY16	Market evidence	1. EPA has determined they are able to issue an
	3,250 units and	remediation works and		suggests sale per	Environmental Protection License subject to conditions and
	14,000m2 of retail	development with council		unit site of	formal application. Development consent for the
		and NSW DoP		between $100,000-	remediation plan has been received from Council.
				$200,000	2. Council finalised master plan for Gateway approval by
					NSW DoP. Council to approve once DoP approval received.
Campsie, NSW	High density	Site 1: DA approved for 270.	FY16	Market evidence	Additional units as result of increased project height limit.
	development of up	Applying for further 70		suggests sale per	DA approvals anticipated within the coming months. Sites
	to 400 units over	Site 2: DA submitted for 86.		unit site of	can be sold separately or together.
	two sites	Will apply for further 24		$160,000
Doncaster, VIC	High density	DA approved	FY16	Market evidence	DA approved and site is currently being marketed for sale.
	development for			suggests sale per
	296 residential and			unit site of
	5 retail units			c.$75,000
Lane Cove, NSW	High density	Seeking rezoning	FY17/18	N/A	Planning proposal is being prepared in consultation with
	development				Council.
Merivale, QLD	High density	DA approved	FY18	Average sale price
	development of 481			of $550,000 per
	units across two			completed unit
	towers plus retail

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Funds management

Abacus Property Group – FY15 Results Presentation 21 August 2015

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Funds management

$8.5 million underlying EBITDA contribution

• 45% reduction on prior corresponding period consistent with reduced assets under management

• $153 million of fund investments[1] generating a return of 6.8%

Each fund independent despite accounting consolidation

• ADIF II continued to recycle assets. Sold three assets totalling $29.6 million. Utilised sales proceeds and bank debt to acquire 50% of Westpac House in Adelaide for $74 million

• AHF is seeing improved market conditions overall. The depreciating dollar and increased tourism demand is improving results

• Wodonga Fund residential sales have picked up completing 150 settlements during FY15 up considerably from 83 in FY14. The site has 461 residential lots remaining

• Includes $12.1 million classified under property relating to an associate’s equity accounted holdings in ADIF II and AHF

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View from 33 Queens Street, Brisbane QLD

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Summary and

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Outlook

Abacus has delivered another strong result for the year

• Securityholders have benefited from an above sector total return of 24.1%

Balance sheet contains surplus capacity and is primed with value enhancing opportunities

We continue to see opportunities across all sectors, particularly retail, residential and office notwithstanding challenging leasing environments

• Developments in particular are delivering strong risk adjusted returns at this point in the cycle

• Maintaining our disciplined investment criteria

Residential development pipeline on course to provide impressive realisations during FY16 and beyond

Our growth strategy will continue to utilise our third party capital relationships as opportunities arise

Contribution from recent and future acquisitions in FY16 will improve recurring earnings and improve our ability to grow distributions to securityholders

• Remain focused on tenant retention, dealing with vacancies to maintain revenue and cashflow

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QUESTIONS
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Appendix A ABP balance sheet

Abacus Balance Sheet	30 June 2015	30 June 2014
Investment property portfolio1	847.7	909.0
Storage portfolio	457.2	415.2
Funds management	140.9	158.3
Property ventures	418.9	309.2
Other investments	12.2	11.2
Cash	28.2	53.7
Other assets	18.7	22.8
Goodwill and intangibles	33.3	33.3
Total Assets	1,957.1	1,912.7
Interest bearing liabilities	388.9	518.1
Other liabilities including derivatives	128.8	118.4
Total liabilities	517.7	636.5
Net assets	1,439.4	1,276.2

1. Includes those assets held in joint venture

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	Appendix B
	Net tangible asset reconciliation
		30 June 2015	30 June 2014
	Consolidated Group net assets	1,438.1	1,290.2
	Less
	Total external non–controlling interest	(31.0)	(36.8)
	Total stapled security holders’ interest in equity	1,407.1	1,253.4
	Less
	Intangible assets and goodwill	(33.3)	(33.3)
	Deferred tax assets/liabilities (net)	3.9	4.9
	Total net tangible assets	1,377.7	1,225.0
	Securities on issue	553.2	513.8
	Net tangible assets per security	2.49	2.38

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Appendix C Segment earnings (underlying profit)

	Property	Storage	Funds	Property Ventures	FY15 Total	FY14 Total
Rental, Storage and Hotel income	75.0	55.1			130.1	133.2
Finance income1				26.2	26.2	20.1
Funds management income			10.3		10.3	16.7
Share of profit from equity accounted investments2	23.7		0.4	7.1 3	31.2	10.5
Sale of inventory4	9.7			29.3	39.0	127.7
Net change in fair value of investments derecognised4	30.7				30.7	15.5
Interest income					0.6	0.5
Total Underlying Revenue	139.1	55.1	10.7	62.6	268.1	324.2
Expenses	(17.0)	(21.1)			(38.1)	(37.7)
Cost of inventory sales	(6.8)			(27.7)	(34.5)	(113.7)
Impairment charges	(1.3)			(3.6)	(4.9)	-
Segment result before corporate overheads5	114.0	34.0	10.7	31.3	190.6	172.8
Corporate costs6	(10.3)	(5.7)	(2.2)	(4.6)	(22.8)	(19.1)
Underlying EBITDA	103.8	28.3	8.5	26.7	167.8	153.7
Finance costs6					(30.9)	(34.8)
Depreciation, amortisation and impairment expense7					(2.6)	(3.0)
Tax expense					(5.2)	(14.2)
Non–controlling interests					(0.8)	(0.4)
Underlying Profit					128.3	101.3
Change in fair value of investments					30.2	25.7
Change in fair value of derivatives					(10.9)	(15.4)
Statutory Profit					147.6	111.6

1. Interest on loans

2. Distributions from joint ventures 3. Excludes fair value loss of $0.9 million

3. Transactional activities 7. Excludes net change in fair value of PP&E of $0.4 million

4. Excludes depreciation

5. Associated holding costs are allocated to transactional activities

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Appendix D Segment balance sheet

Appendix D Segment balance sheet	Appendix D Segment balance sheet
Abacus balance sheet total assets June 2015 Property Storage Funds PV OP Other
($m) ($m) ($m) ($m) ($m) ($m) ($m)
Property, plant and equipment 7.0	3.6 3.4
Inventory 107.9	0.2 107.7
Investment properties 1,189.7	735.9 453.8
Property loans and other financial assets
Loans and interest 394.9	131.9 263.0
Other investments and financial assets 43.6	9.0 31.1 3.5
Equity accounted investments 137.3	108.0 17.1 12.2
Cash and cash equivalents 28.2	28.2
Other assets 15.2	15.2
Goodwill and intangibles 33.3	0.8 32.5
Total assets 1,957.1	847.7 457.2 140.9 418.9 13.0 79.4
Allocation of otherproperty -	13.0 (13.0)
Total segment assets 1,957.1	860.7 457.2 140.9 418.9 - 79.4

Notes:

PV – Property Ventures and includes Investments (minorities) OP – Other Property

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Appendix E Abacus cashflow analysis[1]

Appendix E Abacus cashflow analysis1
	$'000
CASHFLOWS FROM OPERATING ACTIVITIES
Income receipts	238,503
Interest received	2,301
Distributions received	1,059
Income tax paid	(10,224)
Finance costs paid	(29,621)
Operating payments	(76,477)
Payment for land acquisitions	(29,622)
NET CASHFLOWS FROM OPERATING ACTIVITIES2	95,919
CASHFLOWS FROM INVESTING ACTIVITIES
Payments for investments and funds advanced	(148,237)
Proceeds from sale / settlement of investments and funds repaid	73,700
Purchase of property, plant and equipment	(625)
Purchase of investment properties	(130,534)
Disposal of investment properties	206,127
Payment for other investments	(2,397)
NET CASHFLOWS(USED IN) /FROM INVESTING ACTIVITIES	(1,966)
CASHFLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of stapled securities	107,569
Return of capital	(585)
Payment of issue/finance costs	(2,736)
Repayment of borrowings	(152,368)
Proceeds from borrowings	16,728
Distributionspaid	(87,974)
NET CASHFLOWS FROM/ (USED IN)FINANCING ACTIVITIES	(119,366)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	(25,413)
Net foreign exchange differences	(147)
Cash and cash equivalents at beginningofperiod	53,735
CASH AND CASH EQUIVALENTS AT END OF PERIOD	28,175

1. 30 June 2015 cashflow statement for ABP excluding the consolidation of funds under AASB10

2. Cashflow from operations of $95.9 million deducts sale of transactional inventory ($30.9m) and adds back the purchase of non–current inventory and development costs ($57.2m)

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Appendix F Debt facilities

Capital management metrics	June 2015	June 2014
Total debt facilities	$770m	$755m
Total debt drawn	$388m	$500m
Term to maturity	4.3 yrs	4.6 yrs
% hedged	88%	76%
Weighted average hedge maturity	2.9 yrs	3.2 yrs
Average cost of debt – drawn1	6.1%	5.4%
Group gearing2	18.2%	23.4%
Look through gearing3	22.6%	25.4%
Covenant gearing	22.8%	28.6%
Covenant limit	50.0%	50.0%
Interest Coverage Ratio	5.7x	4.8x
Interest Coverage Ratio covenant	2.0x	2.0x

1. Weighted average base rate plus margin on drawn amount plus line fees on total facility. Abacus’ weighted average interest rate was higher due to the weighted average drawn debt of $484.6 million being lower than the previous period (30 June 2014: $567.0 million).

2. Abacus max target group gearing of up to 35%

3. Includes joint venture and fund assets and debt consolidated proportionately with Abacus’ equity interest

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Appendix G Debt maturity profiles

Debt maturity profile as at 30 June 2015

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----- Start of picture text -----

($’m)
400
33
Available bank facility Drawn bank debt
300
200
347
149
100
150
50 41
0
FY16 FY17 FY18 FY19 FY20 FY21+
Fixed hedging maturity profile as at 30 June 2015
($'m)
700 Fixed Interest Rate Swaps Weighted Average Fixed Rate 8.0%
600 7.0%
6.0%
500
5.0%
400
4.0%
300
3.0%
200
2.0%
100 1.0%
0 0.0%
FY16 FY17 FY18 FY19 FY20 FY21 FY22+
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Appendix H Portfolio revaluations

Revaluation process for Abacus resulted in a net increase in the investment properties values for FY14 of approximately 2.5% or $29.4 million

• $10.2 million across the wholly owned commercial properties

• $19.2 million across the storage portfolio

Average cap rate across the Abacus commercial portfolio has decreased slightly to 8.05%

Market transactions illustrative of a tightening cap rate environment across all sectors

	Valuation 30 June 2015	Weighted average cap rate
Abacus investment portfolio by sector	$’000	30 June 2015
Retail	$274,642	7.35%
Office	$439,568	7.71%
Industrial & Other	$133,447	8.65%
Total commercial portfolio1	$847,687	7.73%
Storage	$457,250	8.62%
Total investment portfolio1	$1,304,937	8.05%

1. Includes those assets held in joint venture and excludes development assets

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Appendix I Summary portfolio metrics

Key portfolio metrics	Jun 15	Jun 14
Investment portfolio value1 ($m)	1,305	1,324
Commercial portfolio1 ($m)	848	909
Storage portfolio ($m)	457	415
No. of commercial assets1	37	43
NLA (sqm)2	297,874	309,132
WACR1,2,3 (%)	8.05	8.17
Occupancy2 (% by area)	93.4	94.6
WALE2 (yrs by income)	4.1	3.9
Rental growth2 (%)	2.2	4.5

1. Includes Virginia Park, inventory and PP&E

2. Excludes development and storage assets

3. Weighted Average Cap Rate

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Industrial and
Other
10% Office
34%
Retail
21%
Storage
35%
VIC NSW
29% 32%
ACT
11%
QLD
NZ 16%
7% SA
5%
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Appendix I Summary portfolio metrics

Portfolio metrics	Office	Retail	Industrial	Storage
	Jun 15 Jun 14	Jun 15 Jun 14	Jun 15 Jun 14	Jun 15 Jun 14
Portfolio ($m)	440 368	275 401	133 140	457 415
No. of assets	16 17	7 11	14 15	54 51
Lettable area (sqm)1	81,167 64,838	66,575 93,954	150,132 150,340	254,000 241,000
WACR (%)	7.71 8.29	7.35 7.83	8.65 8.83	8.62 8.84
Occupancy1 (% by area)	93.7 94.4	88.4 93.3	95.5 95.5	84.9%3 85.0%3
Average rent psqm	$453 $484	$420 $407	$84 $85	A$2503 A$2473,4
WALE1 (yrs by income)	4.0 2.5	4.6 4.6	3.7 3.6	– –
Rental growth1,2 (%)	1.0 5.6	2.9 4.8	3.5 2.3	– –
RevPAM (per available sqm)	– –	– –	– –	A$2123 A$2103,4

1. Excludes development assets

2. Like for like rent growth

3. Average over last 12 months (by area)

4. Adjusted to FY15 FX rate of $1.1294 for comparison purposes

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Appendix I Summary portfolio metrics - lease expiry profile

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44.5%
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18.4%
14.1%
11.5% 11.5%
FY16 FY17 FY18 FY19 FY20+
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Appendix J Property ventures

Projects	Type	Equity	Loans	Total	Interest rate	Security	Returns
RCL portfolio, NSW	JV/Loan	$65.1m	$79.1m	$144.2m		1st Mortgage	50% profit share
Bouquet Street, QLD	Loan	–	$26.6m	$26.6m		1st Mortgage	Structured profit share with
							minimum 50% of profits
Merivale Street, QLD	Loan	–	$26.6m	$26.6m		1st Mortgage	50% profit share
Campsie, NSW	Loan	–	$21.8m	$21.8m		1st Mortgage	50% profit share
Erskineville, NSW	JV	$6.0m	$9.6m	$15.6m		2nd Mortgage	50% profit share
Werrington, NSW	Loan	–	$14.5m	$14.5m		2nd Mortgage	25% profit share
Doncaster, VIC	JV	–	$13.6m	$13.6m		1st Mortgage	50% profit share
Queensberry, VIC	JV	–	$13.0m	$13.0m		1st Mortgage	50% profit share
Orchard Hill, NSW	Loan	–	$9.8m	$9.8m		1st Mortgage	20% profit share
Settler’s Estate, NSW	Loan	–	$9.7m	$9.7m		1st Mortgage	50% profit share
Quay Street, QLD	JV	–	$7.8m	$7.8m		2nd Mortgage	Structured profit share with
							minimum 50% of profits
Lane Cove, NSW	Loan	–	$6.8m	$6.8m		1st Mortgage	50% profit share
Muswellbrook, NSW	Inv	$46.4m	–	$46.4m		1st Mortgage	–
Bosch, VIC	Inv	$11.3m	–	$11.3m		Equity	100% ownership
13 small projects	–	$21.7m	$24.1m	$46.0m
Total		$150.5m	$263.0m	$413.5m	12.8%

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Appendix J Property ventures – Camellia project

Artist impression of possible residential development Camellia, NSW

Project site is located at 181 James Ruse Drive Camellia, Parramatta NSW

• 6.8 hectares located 23km west of Sydney CBD

• Cross collateralised with Riverlands project with $144 million capital invested

Prime waterfront site to Parramatta River which flows into Sydney Harbour

The NSW Planning and Environment determined the site should be rezoned via a “Gateway Determination”

EPA has determined they are able to issue an Environmental Protection License subject to conditions and formal application.

• Development consent for the remediation plan has been received from Council

Council has also finalised the master plan for Gateway Approval by NSW Department of Planning (DoP). Council to approve master plan once DoP approval received

• Master Plan provides for circa 3,250 apartments and 14,000m[2] of retail

There is increasing interest from developers for large apartment sites in Sydney as “off the plan” sales are still strong

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Artist impression of possible residential development Camellia, NSW
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Appendix J Property ventures – Riverlands project

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----- Start of picture text -----

Aerial view of site at Riverlands, NSW
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The Riverlands site is located at Milperra, NSW a 35 minute drive to the Sydney CBD

• 82ha site consists of land suitable for a multi stage residential subdivision

• Cross collateralised with Camellia project with $144 million capital invested

The site is exceptionally located fronting the Georges River and is adjacent to the M5 motorway and is next to an existing residential precinct

Working with council for a first stage sub-division on 15 hectares which could accommodate up to 495 lot residential blocks.

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Possible site plan for residential development Riverlands, NSW
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• We are anticipating further lots being approved once further studies are complete on the remaining land

Council have adopted the planning proposal (PP) for a residential sub-division

The rezoning can be approved by council following public exhibition of PP

NSW gazettal of the PP will follow final council approval

Development application can then be progressed

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Appendix J Property ventures – Lane Cove project

Project site is located at 1 Sirius road Lane Cove, Sydney NSW

• 5km north of Sydney CBD

• 4.0 hectares

• $6.8 million capital invested

Located in an up market location in one of Sydney’s more affluent suburbs on the edge of a small isolated industrial precinct and adjoins land recently rezoned to high density residential

• The site is waterfront to Lane Cove River which flows into Sydney Harbour

Currently zoned for industrial development providing a good fall back position

A 2.0 to 1 FSR is considered achievable under a rezoning for residential and would produce almost 80,000m[2] of building area for predominantly residential

A planning proposal is being workshopped with council planners so that they have a better understanding of what is being proposed and the merits

Conceptual design completed for potentially 700 residential units

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Artist impression of possible residential development Lane Cove, NSW
----- End of picture text -----

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Aerial view of Lane Cove site, NSW
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Appendix J Property ventures – Bouquet Street project

Bouquet Street – SPICE apartments

Site is located at 25 Bouquet Street, South Brisbane, on the Brisbane River with spectacular views of the CBD

Site purchased in December 2013 for $8.5 million ($31,000 a unit)

Two towers of 15 levels providing 274 residential units over four levels of basement car parking

• Mix of 1, 2 & 3 bed units

• 4 retail/office suites

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----- Start of picture text -----

Artist impression of Spice development, Brisbane QLD
----- End of picture text -----

DA was approved in May 2014

Builder has been appointed and commenced construction in December 2014 with completion anticipated in September 2016

Achieved pre–sales of 265 units at average prices of $534,000

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Artist impression of Spice development, Brisbane QLD
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Appendix J Property ventures – Quay Street project

Quay Street – QUAY apartments

Site is located at 111 Quay Street, Milton QLD within walking distance of the Brisbane CBD

78 residential units over 12 levels and two and a half levels of basement car parking

• Mix of 1 & 2 bed units

• Average prices of $436,000

63 of the 78 apartments have been sold, marketing is ongoing with retail and wholesale agents

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----- Start of picture text -----

Artist impression of Quay development, Brisbane QLD
----- End of picture text -----

Construction started in May 2014 with completion expected in December 2015

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----- Start of picture text -----

Artist impression of Quay development, Brisbane QLD
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Appendix J Property ventures – Queensberry Street project

Queensberry Street – THE EMINENCE apartments

Abacus holds a 50% interest in a joint venture to develop 139 Queensberry Street, Carlton VIC with two partners

Located in a vibrant part of Carlton experiencing strong demand from both investor and owner occupier unit buyers

15 level, 193 unit residential tower with three levels of basement parking, ground level retail and a rooftop recreation area

• Mix of 1, 2 & 3 bed units

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Artist impression of Queensberry development site, Carlton VIC
----- End of picture text -----

Achieved pre–sales of 191 units at average prices of $640,000

Construction is underway and is expected to complete in June 2017

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Artist impression of The Eminence roof top terrace, Carlton VIC
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Appendix J Property ventures – Erskineville project

Erskineville – One A apartments

Abacus holds a 50% interest in a joint venture to develop 1a Coulson Street, Erskineville, Sydney

Located in Erskineville, a well connected urban renewal precinct in Sydney’s inner-west

• Within walking distance of local train and bus hubs and only 5 km’s from the CBD

The proposal is to redevelop an existing industrial site to accommodate approximately 172 residential apartments

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----- Start of picture text -----

Artist impression of 1a Coulson Street project, Erskineville NSW
----- End of picture text -----

• Mix of 1, 2 & 3 bed units

The development application was lodged in June 2015

The display suite is under construction and the marketing material is being collated for the start the sales campaign in September 2015

Construction is anticipated to commence in early 2016

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Artist impression of 1a Coulson Street project, Erskineville NSW
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Appendix J Property ventures – The Prince project

Kingston ACT – The PRINCE apartments

Abacus holds a 50% interest in a joint venture to develop THE PRINCE apartments

This proposed residential development is located in the affluent Canberra mixed use Kingston ACT foreshore precinct, overlooking Lake Burley Griffin

The proposal is to develop approximately 153 residential apartments over 6 storeys in four buildings

• Mix of 1, 2 and 3 bed units

• Average prices of $550,000

The marketing and sales of this development commenced in October 2014 and is progressing well with 125 apartments sold

Early works construction commenced in April 2015 and completion is expected to be in October 2016

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Artist impression of THE PRINCE project, Kingston ACT
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Appendix J Property ventures – Merivale Street project

Merivale Street project

Abacus holds a majority interest in a joint venture to develop a residential apartment block in Merivale Street, South Brisbane

The project site is located only 500m from the CBD, South Bank - Brisbane’s cultural precinct and West End’s retail precinct

The proposal is to develop approximately 481 residential units in two stages in two high rise 30 storey towers

• Mix of 1, 2 and 3 bed units

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Artist impression of THE PRINCE project, Kingston ACT
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Development approval was granted in July 2015

The display suite is complete and marketing has commenced with strong early sales

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Artist impression of The PRINCE project, Kingston ACT
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Appendix K Consolidated funds under management

Funds	ADIF II	AHF	AWLF
Assets	13	3	1
Assets Under Management	$181.7m	$126.5m	$22.8m
WAV cap rate	8.8%	8.8%	N/A
Occupancy	79%	72%	N/A
Bank debt	$80m	$51m	N/A
WAV bank debt maturity	2.0 yrs	1.8 yrs	N/A
Covenant gearing1	46%	45%	0%
NAV per unit2	61c	43c	Nil

1. Secured loans as a percentage of bank approved security

2. Assumes that the Abacus Working Capital Facilities are treated as equity on a fund wind up

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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

Abacus Property Group – FY15 Results Presentation 21 August 2015 48