ABACUS GROUP — Investor Presentation 2020

Aug 17, 2020

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ABACUS PROPERTY GROUP FY20 Results Presentation 18 August 2020

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Abacus latform FY20 overall p

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TOTAL
ASSETS
A$3.3bn
 18.2% on FY19
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WEIGHTED
AVERAGE
CAP RATE
6.00% [1,2]
 29bps on FY19
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FFO EPS
19.38cps
 13.0% on FY19
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DPS
18.50cps
flat on FY19
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GEARING
26.5%
 240bps on FY19
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NET
TANGIBLE
ASSETS
$3.32ps [3]
 0.3% on FY19
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FFO
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$124.6m
 3.6% on FY19
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STATUTORY
PROFIT
$84.7m
 58.2% on FY19
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1. Includes equity accounted investments

2. Office portfolio 5.47%, Self Storage portfolio 6.58%

3. Includes right-of-use property assets and lease liabilities of $2.3 million

2 Abacus Property Group | FY20 Results Presentation

FY20 hi hli hts g g

Abacus is positioned as a strong asset backed, annuity style investment house focused on the ownership and management of Office and Self Storage assets

• During the year, successfully deployed $820m[1] of capital into key sectors of Office and Self Storage, funded with proceeds from divestment of non-core assets, equity raising (July 2019) and debt

• Increased Self Storage exposure (39% of total assets[2] ) with:

• Additional locations and investment into existing assets

• Strategic stake in Self Storage AREIT at attractive pricing

• Maintained strong Balance Sheet (low range gearing) and high liquidity (increased bank facility on attractive terms)

• Focus on active asset management

• 12.5% growth in net property rental income to $129.2 million  Storage +14.8%

• Commercial +10.9%

• Like-for-like Commercial portfolio rent growth of 3.2%

• Flat like-for-like Self Storage portfolio RevPAM growth[3]

• Includes investments exchanged but not settled during FY20

• Excludes investments in cash and other assets

• Across established portfolio – 57 facilities traded since FY18

3 Abacus Property Group | FY20 Results Presentation

Storage King, Brookvale NSW

COVID-19 response

SUPPORTING OUR TEAM AND CUSTOMERS

• Focus on providing safe, secure and healthy; workspaces for our team and tenants, public areas and storage facilities

• Communication directly to all tenants

• Ongoing as COVID-19 situation evolves

• Centralised collection, review and decision making possible

		OFFICE	SELF STORAGE	RETAIL
	Proportion of total assets1	48%	39%	6%
	Proportion of Q4 rents collected	90%	98%	49%
	Waivers provided	$1.7m	$0.3m	$0.7m
	SME2 exposure (by number)	59%	N/A	77%
	SME2 exposure (by income)	28%	N/A	49%

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201 Elizabeth Street, Sydney NSW
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Q4 Office rent collection (April – June 2020)

1. Excludes investments in cash and other assets 2. Small and medium sized enterprises

4 Abacus Property Group | FY20 Results Presentation

Balance sheet allocation

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$820 million of capital deployment into Office and Self Storage sectors enhance portfolio quality and stability of income

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JUNE 2020
billion of
Total Assets [1]
$3.3
Core Non-core
94% 6%
$2.9 billion $183 million
Office $1,493m Residential $183m
Self Storage $1,208m
Retail $198m
Industrial $37m
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	JUNE 2019	JUNE 2019
$2.8		billion of Total Assets1
Core $2.3 billion	87%	Non-core $334 million	13%
Office	$1,078m	Residential	$334m
Self Storage	$908m
Retail	$238m
Industrial	$99m

1. Includes investments in cash and other assets not pictured above Note: Post balance date final tranche settlement of 201 Elizabeth Street, Sydney NSW will add $50.4 million (expected on 20 August 2020)

Abacus Property Group | FY20 Results Presentation

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Portfolio com osition transitions p

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Capital recycling into key focus sectors of Office and Self Storage

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Total Assets
($ billions)
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
Office Self Storage Retail Residential
FY17 FY18 FY19 FY20
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6 Abacus Property Group | FY20 Results Presentation

Financial results

FY20 ke financial metrics y

	KEY FINANCIAL METRICS FY20 FY19 AIFRS statutory profit $84.7m $202.7m Funds from operations (FFO) $124.6m $129.2m FFO per security (WAV securities on issue) 19.38c (643m) 22.28c (580m) Distributions per security 18.50c 18.50c Cashflow from operating activities $205.4m $109.1m

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Result highlights in FY20:

• FFO down 3.6% to $124.6 million (due to reduced contribution from non-core sectors)

  • Commercial portfolio FFO contribution increased 18.2% to $70.2 million

  • Self Storage portfolio FFO contribution increased 21.1% to $60.2 million

• Established[1] Self Storage portfolio of $742 million yielding 6.2% on an annualised basis

• FY20 distribution per security held at FY19 level

• Established portfolio – 57 facilities traded since FY18

Abacus Property Group | FY20 Results Presentation

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Balance sheet – FY20

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• NTA per security[1] down 0.3% to $3.32

• Balance sheet gearing at 30 June 2020 was 26.5%

• Completion of a $250 million institutional placement in July 2019 and deployment of capital into key sectors

• Post balance date bank facility limit increase of $247m on terms below the current weighted average cost of debt

• Anticipate FY21 cost of debt to be no greater than 3.5%

TOTAL ASSETS[4]

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Non-core
Retail & 6%
Industrial
7%
Office
48%
Self Storage
39%
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	KEY FINANCIAL METRICS FY20 FY19 NTA per security1 $3.32 $3.33 Abacus total assets $3,342m $2,828m Net tangible assets1 $2,171m $1,934m Average cost of drawn debt 3.0% 4.0% Gearing2 26.5% 24.1% Gearing ratio calculated for covenant measures3 31.9% 28.6% Debt term to maturity 3.9 yrs 5.3 yrs

1. Excludes external non-controlling interests of $5.0 million (FY19: $4.7 million) and includes right-of-use property assets and lease liabilities of $2.3 million

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 27.8%

3. Covenant gearing calculated as total liabilities (net of cash) divided by total tangible assets (net of cash)

4. Excludes investments in cash and other assets

Abacus Property Group | FY20 Results Presentation

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Investment ortfolio – valuation p

	INVESTMENT PORTFOLIO2 FY20 Valuation $m FY19 Valuation $m FY20 weighted average cap rate FY19 weighted average cap rate Office (24 assets) $1,493 $1,078 5.47% 5.71% Self Storage (81 assets) $1,2083 $908 6.58% 6.91% Other (6 assets) $235 $337 6.42% 5.95% Total Abacus investment portfolio $2,936 $2,323 6.00% 6.29%

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• 54% of Commercial investment properties and 62% of Self Storage facilities were independently valued during the year

• The revaluation process for Abacus resulted in a net decrease in investment property values for FY20 of $41.2 million

  • Gain of $27.9 million or 2.8% across the Self Storage portfolio

  • Loss of $69.1 million or 4.1%[1] across the Commercial portfolio

• Cap rates were mixed across the investment portfolio

   - Self Storage cap rates compressed marginally
  
   - Office cap rates were steady for the half while valuations were negatively impacted by extended downtime and lower rental growth assumptions due to COVID-19
  

• Excluding acquisition costs, the loss was 2.7%

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

• Cap rate applied to $1,041 million of Self Storage Investment Properties

Abacus Property Group | FY20 Results Presentation

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FY20 Operating Performance

Office – sna shot p

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OFFICE $1.5 billion (48% of total assets[1] )

91.5% 2.3% Occupancy LFL income growth

3.6 years 5.47% WALE WACR 24 c.330 Properties Customers

1. Excludes investments in cash and other assets

Kingsgate, 2 King Street, Fortitude Valley 99 Walker Street, North Sydney NSW QLD

12 Abacus Property Group | FY20 Results Presentation

Office – leasin metrics g

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Abacus Office portfolio offers affordable rents with a clear path to rental growth

TOP TEN OFFICE CUSTOMERS[1 ] REPRESENT 27% OF OFFICE INCOME 76% new 19,000 sqm 24% renewals leased in FY20 Real Estate 6% Apparel 28% 31% on new deals 10% 17% on renewals average incentive Government 5.1% 5.4% on new deals Banking & 36% 3.4% on renewals Finance leasing spreads 13% 3.6% 96% fixed 4% CPI average rent review Energy 14% $531[2] psm $671 average CBD[2] rent $363 average fringe[2] rent average rent Technology 21%

1. Based on Abacus ownership 2. Sydney and Melbourne

13 Abacus Property Group | FY20 Results Presentation

Self Stora e – sna shot g p

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Abacus, a long term owner of a portfolio of Self Storage locations across Australia and New Zealand

SELF STORAGE $1.2 billion (39% of total assets[1] )

6.2% 70% Passing yield[2] Assets located in Top 3 Significant Urban Areas[3]

88.1% Occupancy[2]

$248 RevPAM[2]

0.0% $281 RevPAM growth[2] Average rent psm[2]

1. Excludes investments in cash and other assets 2. Established portfolio – 57 facilities traded since FY18

Storage King, Brookvale NSW

1. As defined by the Australian Bureau of Statistics. Top 3 markets by size are Sydney, Melbourne and Brisbane

14 Abacus Property Group | FY20 Results Presentation

Self Stora e – occu anc rebounds g p y[1]

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ACT NSW QLD
95% 89% 91%
94% 88% 90%
93% 87% 89%
92% 86% 88%
91% 85% 87%
90% 84% 86%
89% 83% 85%
88% 82% 84%
Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul
2019 2020 2019 2020 2019 2020
VIC NZ LIKE-FOR-LIKE
91% 91% 91%
90% 90% 90%
89% 89% 89%
88% 88% 88%
87% 87% 87%
86% 86% 86%
85% 85% 85%
84% 84% 84%
Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul
2019 2020 2019 2020 2019 2020
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1. Like-For-Like pool comprises 55 established assets – 2 assets excluded due to major extensions undertaken during the period

Abacus Property Group | FY20 Results Presentation

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Self Stora e – ortfolio additions g p

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ACQUISITIONS

• Disciplined, metro acquisition strategy with a strong pipeline – 96% (by value) metro/suburban

• $141[1] million of Self Storage acquisitions settled with a further $49 million exchanged during FY20

• 73% (by value) sourced via Storage King relationship

• Investment into listed Self Storage AREIT (8.1% of securities on issue)

• At attractive pricing

• Key sector

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DEVELOPMENTS

• Over 16,000 square metres of net lettable area delivered across three new developments in Brookvale (Sydney), Macquarie Park (Sydney) and Stafford (Brisbane)

• Five existing store expansions completed, providing an additional 7,750 square metres of net lettable area

• Development pipeline of over $75 million will deliver more than 55,000sqm of NLA

• Includes 6,750sqm of additional net lettable area to be generated from expansions across the existing portfolio

Image on left is of Storage King, Narellan NSW Image on right is of Storage King, Brookvale NSW 1. Includes $6m of PP&E

Abacus Property Group | FY20 Results Presentation

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Retail – su er convenience and other p

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RETAIL $198 million[1] (6% of total assets[2] )

$198m 93.4% Abacus investment Occupancy

5.2 years WALE

6.09%

WACR

	ASSET	VALUE3 ($m)	NLA (SQM)	KEY TENANTS	STATUS
	Ashfield,	193	24,976	Coles, Aldi,	Core hold –
	Sydney NSW			Woolworths, Kmart	co-ownership
	Lutwyche,	139	23,494	Coles, Aldi,	Core hold –
	Brisbane QLD			Woolworths	co-ownership

Market Central Lutwyche, Brisbane QLD

1. Includes equity accounted investment in Oasis, Broadbeach QLD 2. Excludes investments in cash and other assets 3. 100% value. Note Abacus share is 50%

17 Abacus Property Group | FY20 Results Presentation

Non-core asset dis osals p

Abacus continues to successfully execute on its stated strategy to realise legacy exposures

• Non-core assets now represent 6% of total assets[1]

• Land and mortgages

• Continue to recycle capital from legacy investments

• Refinanced or sold over $150 million of residential land and mortgages (including Riverlands[2] )

• At Camellia and our remaining parcel at Riverlands, Milperra we will continue value enhancement activity – including gazettal, planning approvals, sub-division – and aim for optimal market conditions in which to realise our equity

• Excludes investments in cash and other assets

• Exchanged 16ha (total site 81ha) for total consideration of $92 million with $45m received in January 2020 and additional payment of c.$47m to be received in October 2020

Abacus Property Group | FY20 Results Presentation

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Sustainabilit – embedded in how we conduct business y

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Actively exploring opportunities Integration of ESG across the business to drive long term and managing risks sustainable growth

• Office portfolio NABERS Energy average of 4.26 stars (up from 4.1 stars at FY19)

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Solar installed
35
Self Storage
assets
4.26 star (637kW) 3.39 star
NABERS NABERS
Energy Office Water Office
portfolio Abacus portfolio
average Board refresh average
50%
female
Abacus representation $850,000
Vision JCA Frank Wolf
Leadership
Strategy Foundation
Values Solar installed established
evolution@abacus 3
Office buildings
Implementing
(298kW)
Analytics
Modern
to optimise
building Slavery
performance
strategy
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• Office portfolio NABERS Water average of 3.39 stars (up from 3.2 stars at FY19)

• Development of COVIDsafe plans

• Sustainability reporting platform implementation

• Development of office and retail energy, water and waste improvement pathways and targets for FY22 and FY25

• Digital and Innovation working groups established to foster a culture of innovation and collaboration across the business

19 Abacus Property Group | FY20 Results Presentation

Summary & outlook

Outlook

Abacus following considerable effort and successful execution of a strategic repositioning is positioned as a strong asset backed, owner and manager with a focus on the Office and Self Storage sectors

• 87% of total assets[1] deployed in key sectors of Office and Self Storage

• The size, nature and market positioning of these key sector investments will permit the Group to deliver recurring income and value creation over the medium to long term

• Abacus has no present intention in respect of its position in a listed Self Storage REIT other than as a long term hold in a key sector

• Continued emphasis and focus on collaboration with our asset and operating partners and customers to provide a safe and secure environment in light of the evolving COVID-19 situation

• Given current market conditions, the Abacus Board expects that the distribution for FY21 will reflect a payout ratio of between 85 – 95% of FFO

• Excludes investments in cash and other assets

21 Abacus Property Group | FY20 Results Presentation

Storage King, Brookvale NSW

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Questions

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Abacus Property Group FY20 Data Pack

Contents

Abacus Property Group Overview	25
Financial Performance	26-31
Investment Portfolio	32-36
Developments	37
Glossary	38
Important information	39

24 Abacus Property Group | FY20 Data Pack

About Abacus

Abacus Property Group (ASX:ABP), is a diversified Australian REIT with an investment portfolio concentrated in the Office and Self Storage sectors. We invest capital in real estate opportunities to deliver superior long term returns and maximise securityholder value.

Abacus’ key focus is being a strong asset backed, annuity style business model where capital is directed towards assets that provide potential for enhanced income growth and ultimately create value. Our people, market insight and repositioning capability together with strategic partnering are the key enablers of our strategy.

Abacus was established in 1996 and listed on the ASX in 2002. Abacus is included in the S&P/ASX 200 index.

25 Abacus Property Group | FY20 Data Pack

Segment earnings

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	COMMERCIAL	SELF STORAGE	PROPERTY DEVELOPMENT	OTHER	FY20 TOTAL	FY19 TOTAL
Rental income	107.1	88.6			195.7	173.8
Finance income1			46.5	0.3	46.8	42.2
Fee income	5.0				5.0	8.4
Share ofprofit from equityaccounted investments2, 3	6.5	0.8	2.4		9.7	13.4
Sale of inventory			8.8	6.6	15.4	47.8
Other income	1.6	5.0			6.6	20.3
Total UnderlyingRevenue	120.2	94.4	57.7	6.9	279.2	305.9
Expenses	(31.9)	(34.2)		(0.1)	(66.2)	(60.5)
Impairment			(3.8)	(1.1)	(4.9)	-
Cost of inventory			(7.8)	(4.9)	(12.7)	(36.7)
Segment result before corporate overheads	88.3	60.2	46.1	0.8	195.4	208.7
Administrative and other expenses	(18.1)		(7.8)		(25.9)	(33.9)
UnderlyingEBIT	70.2	60.2	38.3	0.8	169.5	174.8
Finance costs					(23.0)	(28.6)
Tax expense					(21.6)	(13.9)
Non-controllinginterests				(0.3)	(0.3)	(3.1)
Funds from Operations	70.2	60.2	38.3	0.5	124.6	129.2
Depreciation and amortisation	(3.4)	(1.5)			(4.9)	(2.9)
Rent straight-lining, incentives, movement in lease liabilities & impairments	(0.7)		1.4	(0.2)	0.5	(6.4)
Gains /(losses)in divestments	(0.1)				(0.1)	13.6
Tax benefit /(expense)on FFO items					4.6	(2.2)
Change in fair value of investments,derivatives					(40.0)	61.8
Net Profit attributable to Abacus securityholders					84.7	193.1

1. Fee and interest on loans includes $22 million of profit share associated with realisation of loans

2. Distributions from joint ventures

3. Excludes fair value gain of $1.2 million

Abacus Property Group | FY20 Data Pack

26

Se ment balance sheet g

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	PROPERTY INVESTMENT PROPERTY DEVELOPMENT OTHER FY20 FY19
	($m) ($m) ($m) ($m) ($m)
Commercial investment properties	1,612.2 1,612.2 1,221.0
Self Storage investment properties	1,040.7 1,040.7 841.5
PP&E, equity accounted and other investments, financial and other assets	282.9 0.5 61.6 345.0 274.4
Loans	136.4 136.4 310.8
Inventory	45.8 2.2 48.0 58.6
Cash and cash equivalents	127.3 127.3 89.0
Goodwill and intangibles	32.4 32.4 32.4
Total assets	2,935.8 182.7 223.5 3,342.0 2,827.7
Interest bearing liabilities	1,009.8 744.5
Other liabilities	125.5 117.8
Total liabilities	1,135.3 862.3
Net assets	2,206.7 1,965.4

27 Abacus Property Group | FY20 Data Pack

Net tan ible asset reconciliation g

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	FY20	FY19
Net assets	2,206.7	1,965.4
Less
Total external non-controlling interest	(5.0)	(4.7)
Total stapled securityholders’ interest in equity	2,201.7	1,960.7
Less
Intangible assets and goodwill	(32.4)	(32.4)
Deferred tax assets/liabilities (net)	1.9	5.3
Total net tangible assets1	2,171.2	1,933.6
Securities on issue	653.5	580.6
Net tangible assets per security	3.32	3.33

1. Includes right-of-use property assets and lease liabilities of $2.3 million

28 Abacus Property Group | FY20 Data Pack

Debt facilities

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CAPITAL MANAGEMENT METRICS	FY20	FY19
Total bank debt facilities	$1,113m	$1,048m
Total bank debt drawn	$974m	$711m
Term to maturity	3.9 yrs	5.3 yrs
% hedged	48%	50%
% hedged of total debt facilities	42%	34%
Weighted average hedge maturity	2.3 yrs	2.6 yrs
Average cost of debt – drawn	3.0%	4.0%
Average cost of debt – fully drawn	2.6%	3.7%
Group gearing1	26.5%	24.1%
Look through gearing2	27.8%	26.4%
Gearing calculated for covenant measures / covenant	31.9% / 50%	28.6% / 50%
Interest Coverage Ratio / covenant	7.6x / 2.0x	6.6x / 2.0x

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

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

29 Abacus Property Group | FY20 Data Pack

Debt maturit rofile as at 30 June 2020[1] y p

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($’m) 300

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Available bank facility
Commited bank facility
Drawn bank debt
3.8
2.8
200
62.7
237.2
227.2
100
176.8
152.9 150.0
70.0 129.2
117.4
30.0
0
HY21 FY21 HY22 FY22 HY23 FY23 HY24 FY24 HY25 FY25 HY26
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1. Includes post balance date facility limit increase of $246.6m

30 Abacus Property Group | FY20 Data Pack

Fixed hed in maturit rofile as at 30 June 2020 g g y p

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($'m)
Fixed Debt, Interest Rate Swaps & Collars
400 5.0%
Weighted Average Fixed Rate
4.0%
300
3.0%
200
2.0%
100
1.0%
0 0.0%
FY21 FY22 FY23 FY24 FY25 FY26
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31 Abacus Property Group | FY20 Data Pack

Investment ortfolio metrics p

PORTFOLIO METRICS		SELF
	OFFICE		OTHER	TOTAL
FY20		STORAGE
Value1 ($m)	1,493	1,208	235	2,936
No. of assets	24	812	6	111
NLA (sqm)3	148,670	383,010	71,960	603,640
WACR1 (%)	5.47	6.58	6.42	6.00
Occupancy3 (% by area)	91.5	88.14	94.9
Average rent psm3(A$)	517	2814	291
WALE3 (yrs by income)	3.6
Like-for-like rental growth	2.3

1. Includes equity accounted investments

2. Includes 5 development assets

3. Excludes development assets

4. Average over financial year (by area) of all established assets

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INVESTMENT PORTFOLIO SECTOR DIVERSIFICATION

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Industrial and Other
Retail
1%
7%
Office
51%
Self Storage
41%
Office Self Storage Retail Industrial and Other
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INVESTMENT PORTFOLIO GEOGRAPHIC DIVERSIFICATION

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WA
SA
2%
3%
NZ NSW
8% 39%
ACT
7%
QLD
18%
VIC
23%
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32 Abacus Property Group | FY20 Data Pack

NSW VIC QLD ACT NZ SA WA

Commercial lease ex ir rofile p y p

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Commercial lease expiry profile by rent

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24%
17%
16%
12% 12% 12%
8%
Short-term leases FY21 FY22 FY23 FY24 FY25 FY26+
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33 Abacus Property Group | FY20 Data Pack

Portfolio revaluations

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Revaluation process for Abacus resulted in a net decrease in the investment properties values for FY20 of $41.2 million

Average cap rate across the Abacus Commercial[1] and Self Storage portfolios were reduced to 5.68% and 6.58% from 5.90% and 6.91% from June 2019 respectively

	VALUATION	WEIGHTED AVERAGE CAP RATE
ABACUS INVESTMENT PORTFOLIO BY SECTOR
	30 JUNE 2020 ($’000)	30 JUNE 2020
Office	$1,493,340	5.47%
Self Storage	$1,207,370	6.58%
Other	$235,070	6.42%
Total investment portfolio	$2,935,780	6.00%

Note: Total managed Office asset value equates to $2.62 billion, total managed Retail asset value equates to $506 million

1. Includes Office and Other

Abacus Property Group | FY20 Data Pack

34

Self Stora e metrics g

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Self Storage metrics
PERFORMANCE METRICS AUS NZ FY20 FY19 Total Assets 66 15 811 701 NLA (sqm) 304,980 78,030 383,010 320,901 Occupancy 88.0 88.7 88.12 88.42 Rental Rate (psm) A$281 A$282 A$2812 A$2802 RevPAM A$247 A$250 A$2482 A$2482 WACR 6.58 6.57 6.58 6.91 Value ($m) 992 216 1,208 908	PERFORMANCE METRICS FY20 FY19
	Storage revenue 79.4 68.6
	Other revenue 9.2 7.9
	Total revenue 88.6 76.5
	Storage operating expenses (34.2) (29.0)
	Operating EBITDA 54.4 47.5
	Operating Margin 61% 62%
	1. Includes 5 development assets 2. Average over financial year (by area) of all established assets

% NLA Breakdown by State

% Value Breakdown by State

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WA
8%
ACT
13%
VIC
21%
NZ
20%
NSW
QLD
22%
16%
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WA
ACT
6%
14%
VIC
20%
NZ
20%
QLD NSW
13% 27%
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35 Abacus Property Group | FY20 Data Pack

Self Stora e develo ment i eline g p p p

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We will continue to identify additional development opportunities within our existing portfolio and strategically reinvest subject to market conditions

56,250sqm of identified net lettable area to be developed over the short to medium-term

Anticipated return[1] on invested capital of 9.0%+

NEW STORE PROJECT (SQM)	FY21	FY22	FY23+
Robina (Gold Coast, QLD)	6,500
Woonona (Wollongong, NSW)	4,500
Prestons (Sydney, NSW)		6,500
Rowville (Melbourne, VIC)		5,000
Deagon (Brisbane, QLD)		5,000
Epping (Melbourne, VIC)		6,000
Granville (Sydney, NSW)		7,000
Sydney Olympic Park (Sydney, NSW)			9,000
Total	11,000	29,500	9,000
SELF STORAGE DEVELOPMENT PROJECT PIPELINE	NLA (SQM)
New stores	49,500
Existing store expansions (under construction)	6,750
Total	56,250

1. Post stabilisation

36 Abacus Property Group | FY20 Data Pack

Residential develo ments land and mort a es p , g g

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					INTEREST	PRIMARY
PROJECT	TYPE	EQUITY	LOAN	TOTAL	RATE	SECURITY	RETURNS
RCL Portfolio NSW1	JV/Loan	$45.8m	$82.6m	$128.4m		1st Mortgagee	50% profit share
Doonside NSW	Loan	-	$9.9m	$9.9m		1st Mortgagee	50% profit share
Investment Funding Portfolio NSW	Loan	-	$32.1m	$32.1m		1st Mortgagee
Mount Druitt NSW	Loan	-	$10.4m	$10.4m		2nd Mortgagee
Other small projects & investments	-	$0.5m	$1.4m	$1.9m
Total		$46.3m	$136.4m	$182.7m	10%

1. Riverlands Stage 1 – exchanged with additional payment of c.$47m to be received in October 2020

Abacus Property Group | FY20 Data Pack

37

Glossar y

TERM	DEFINITION	TERM	DEFINITION
AIFRS	Australian International Financial Reporting	kW	Kilowatt
	Standards
BPS	Basis points	LFL	Like for like
CAGR	Compound Annual Growth Rate	NABERS	National Australian Built Environment
			Rating system
CPI	Consumer price index	NLA	Net lettable area
CPS	Cents per stapled security	NTA	Net tangible assets
DPS	Distribution per stapled security	PP&E	Property, plant and equipment
EBIT	Earnings before interest and tax	PS	Per stapled security
EBITDA	Earnings before interest, tax, depreciation	PSM	Per square metre
	and amortisation
EPS	Earnings per stapled security	RevPAM	Revenue per available square metre
FFO	Funds from operations	SQM	Square metre
FY	Financial year	WACR	Weighted average capitalisation rate
ICR	Interest cover ratio	WALE	Weighted average lease expiry
JCA	Jewish Communal Appeal	WAV	Weighted average value

38 Abacus Property Group | FY20 Data Pack

Im ortant information p

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 not audited.

39 Abacus Property Group | FY20 Data Pack