ABACUS GROUP — Investor Presentation 2021

Aug 17, 2021

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FY21 Results Presentation

18 August 2021

Platform metrics FY21

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PROFORMA [1]
TOTAL
ASSETS
A$4.3bn
 30.0% on FY20
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WEIGHTED
AVERAGE
CAP RATE
5.65% [2,3]
 35bps on FY20
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STATUTORY
PROFIT
$369.4m
 336.0% on FY20
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FFO
$136.4m
 9.5% on FY20
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PROFORMA [1]
GEARING
28.3%
 180bps on FY20
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FFO PS
18.4cps
 5.1% on FY20
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NET
TANGIBLE
ASSETS
$3.43ps
 3.3% on FY20
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DPS
17.5cps [4]
 5.4% on FY20
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1. Includes post balance date transactions (as outlined on slide 5).

2. Includes equity accounted investments.

3. Commercial portfolio 5.6%, Self Storage portfolio 5.7%.

4. Includes additional 0.5c announced 18 August 2021.

2 Abacus Property Group | FY21 Results Presentation

FY21 hi hli hts g g

Abacus is a diversified Australian REIT with an investment portfolio concentrated in the Commercial property and Self Storage sectors

• Deployment of $1 billion[1] into key sectors in FY21, funded with a combination of non-core disposals, debt and the December 2020 equity raising

• Extension of debt facilities by $500 million on favourable terms

• Additional distribution of 0.5 cents per security driven by a stronger than expected operating performance in the Self Storage sector[2]

• Self Storage: Multi-pronged growth strategy has delivered strong FY21 trading performance

• $575 million[3] invested including acquisition of the remaining 75% interest in our operating platform, Storage King

• 46% growth in Self Storage net property rental income to $79.7 million

• Commercial: Acquisitions, collaboration and active asset management have supported resilient FY21 trading performance

• $425 million invested[4]

• over 63,000 sqm of leasing completed with positive spreads

• 14% growth in Commercial net property rental income to $85.0 million[5]

• Including $392 million purchased post balance date (as outlined on slide 5).

• 3% increase on prior announced FY21 distribution.

• Including $257 million exchanged post balance date.

• Including $135 million exchanged post balance date.

• Excluding equity accounted investments.

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Abacus Property Group | FY21 Results Presentation

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Proforma[1] balance sheet allocation

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JUNE 2021 billion of Total Assets[2] $4.3 Commercial Self Storage 49% 48% $2.1 billion $2.0 billion Office $1,581m Established[3] $874m Retail $478m Stabilising[4] $754m Other[5] $384m

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JUNE 2020
billion of
Total Assets [2]
$3.3
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Commercial $1.7 billion	55%	Self Storage $1.2 billion	39%
Office	$1,493m	Established3	$722m
Retail	$198m	Stabilising4	$294m
Other	$37m	Other5	$191m

1. Includes post balance date transactions (as outlined on slide 5).

2. Includes investments in cash and other assets and Residential assets of $116 million in FY21 and $183 million in FY20 not pictured above.

3. Established portfolio: 52 mature stores open at 1 July 2019.

4. Stabilising portfolio: 44 stores owned or exchanged as at 18 August 2021. 22 stores owned at 30 June 2020.

5. Includes Storage King, developments and other Self Storage investments.

Abacus Property Group | FY21 Results Presentation

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Ca ital de lo ment p p y

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Diligent deployment of over $2.3 billion into key sectors since FY17 has transformed Abacus into a strong asset backed, annuity style investment house

Movement in Investment Portfolio[1] (in millions)

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$4.1
Commercial Property 257 billion
Self Storage
293 (16) (107)
135
(3)
271
117
89 (47)
257
2,012
(66) 1,756
(116) 192
76
166
30
54 (27) 1,207
$1.8 10 (265) 496
billion 27 (52) 185
908
666
287
629
2,034 2,063
1,728
1,464 1,415
1,202
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1. Excludes investments in cash, other assets and residential assets.

5 Abacus Property Group | FY21 Results Presentation

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Financial Metrics

FY21 ke financial metrics y

KEY FINANCIAL METRICS	FY21	FY20
AIFRS statutory profit	$369.4m	$84.7m
Funds from operations (FFO)	$136.4m	$124.6m
FFO per security	18.40c	19.38c
(WAV securities on issue)	(741m)	(643m)
Distributions per security1	17.50c	18.50c
Cashflow from operating activities	$131.6m	$205.4m2

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Result highlights in FY21:

• FFO up 9.5% to $136.4 million

  • Commercial portfolio FFO contribution increased 23.9% to $86.9 million

  • Self Storage portfolio FFO contribution increased 15.5% to $69.6 million

• Established[3] Self Storage portfolio of $874 million yielding 5.8% on an annualised basis

• Additional distribution of 0.5 cents per security driven by a stronger than expected operating performance in the Self Storage sector[4]

• Includes additional 0.5c announced 18 August 2021.

• Includes profit shares and interest payments from legacy residential business.

• Established portfolio: 52 mature stores open at 1 July 2019.

• 3% increase on prior announced FY21 distribution.

Abacus Property Group | FY21 Results Presentation

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Balance sheet – FY21

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• NTA per security up 3.3% to $3.43

• Balance sheet gearing at 30 June 2021 was 22.5%

• Completion of a $402 million Entitlement Offer in December 2020

• Bank facility limit increase of $747 million[1] on attractive terms

• Acquisition capacity of over $400 million post balance date transactions

• Anticipate FY22 cost of debt to be no greater than 2.0%

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TOTAL ASSETS [5 ]
Non-core
3%
Retail & Other
10%
Office
42%
Self Storage
45%
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KEY FINANCIAL METRICS	FY21	FY20
NTA per security	$3.43	$3.32
Abacus total assets2	$4,344m	$3,342m
Net tangible assets	$2,811m	$2,171m
Average cost of drawn debt	2.0%	3.0%
Gearing2,3	28.3%	26.5%
Gearing ratio calculated for covenant measures2,4	33.8%	31.9%
Debt term to maturity	4.8 yrs	3.9 yrs

1. Includes $500m of increased banking facility limits post balance date.

2. Includes post balance date transactions (as outlined on slide 5).

3. Bank debt minus cash divided by total assets minus cash. If JV and fund assets and debt are consolidated proportionately based on Abacus’ equity interest, FY21 proforma look through gearing is 29.0%.

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

5. Excludes investments in cash and other assets.

Abacus Property Group |

FY21 Results Presentation

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Investment ortfolio – valuation p

INVESTMENT PORTFOLIO1	FY21 Valuation $m	FY20 Valuation $m	FY21 weighted average cap rate	FY20 weighted average cap rate
Self Storage	$1,7562	$1,208	5.74%	6.58%
(93 assets)
Office	$1,646	$1,493	5.50%	5.61%
(23 assets)
Retail &	$388	$235	5.62%	6.19%
Other
(6 assets)
Total Abacus	$3,790	$2,936	5.65%	6.00%
investment
portfolio

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• The revaluation process for Abacus resulted in a net increase in investment property values for FY21 of $237.4 million

  • Gain of $227.9 million or 19.0% across the Self Storage portfolio

  • Gain of $9.5 million or 0.5% across the Commercial portfolio

• Includes equity accounted investments and other assets.

• Cap rate applied to $1,430 million of Self Storage Investment Properties.

Abacus Property Group | FY21 Results Presentation

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Operating Performance

Self Stora e – sna shot g p

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SELF STORAGE $1.8 billion (45% of total assets[1] )

5.8%

Passing yield[2]

$264 RevPAM[2]

63%

Assets located in Top 3 Si nificant Urban Areas[3] g $290 Average rent psm[2]

90.9% 75.1% Occupancy Occupancy (Established)[2] (Stabilising)[4] 6.3% 20.1% RevPAM growth Revenue growth (Established)[2] (Stabilising)[5]

1. As at FY21. Excludes investments in cash and other assets.

2. Established portfolio: 52 mature stores open at 1 July 2019.

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

4. Stabilising portfolio: 34 stores owned at 30 June 2021. Excludes post balance date transactions.

Storage King, Robina QLD

1. Stabilising portfolio (like for like): 10 stores owned at 1 July 2019.

11 Abacus Property Group | FY21 Results Presentation

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

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VIC NSW
94.0% 94.0%
92.0% 92.0%
90.0% 90.0%
88.0% 88.0%
86.0% 86.0%
84.0% 84.0%
82.0% 82.0%
80.0% 80.0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2020 2021 2020 2021
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QLD
96.0%
94.0%
92.0%
90.0%
88.0%
86.0%
84.0%
82.0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2020 2021
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ACT NZ
98.0% 96.0%
96.0% 94.0%
94.0% 92.0%
92.0% 90.0%
90.0% 88.0%
88.0% 86.0%
86.0% 84.0%
84.0% 82.0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2020 2021 2020 2021
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LIKE-FOR-LIKE
96.0%
94.0%
92.0%
90.0%
88.0%
86.0%
84.0%
82.0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2020 2021
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1. Established portfolio: 52 mature stores open at 1 July 2019.

12 Abacus Property Group | FY21 Results Presentation

Stora e Kin – o erational u date g g p p

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STORE GROWTH DRIVING REVENUE

• Storage King currently manages 181 stores, (48% Abacus vs 52% licensee stores) with 3 stores added in 2H21

• Storage sector benefitting from tail winds of work from home, decluttering, e-commerce and housing market activity

• Brand refresh program is being rolled out with 31 stores completed during FY21

• Established portfolio[1] ancillary merchandise income growth is up 14% driven by website/e-commerce platform

• Digital marketing strategies – continue to focus heavily on improving digital platforms (Storage King website, Google AdWords, and YouTube)

• Established portfolio: 52 mature stores open at 1 July 2019.

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13 Abacus Property Group | FY21 Results Presentation

Self Stora e – ortfolio additions g p

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ACQUISITIONS

• Disciplined, metro acquisition strategy with a strong pipeline

• $142 million of Self Storage acquisitions settled

• 60% (by value) located in Top 3 SUAs[1]

• A further $257 million of acquisitions exchanged[2] post balance date

  • 72% (by value) located in Top 3 SUAs[1]

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DEVELOPMENTS

• Over 13,000 sqm of NLA delivered

• Development pipeline of over $100 million will deliver more than 70,000 sqm of NLA

• Includes over 10,000 sqm of additional NLA to be generated from expansions across the existing portfolio

• Increased strategic stake in Self Storage AREIT[3]

Image on left is of Storage King, Pymble NSW. Image on right is of Storage King, Lane Cove NSW.

1. Significant Urban Areas, as defined by the Australian Bureau of Statistics. Top 3 markets by population are Sydney, Melbourne and Brisbane.

2. $251 million settled in July and August with remainder expected by September 2021.

3. Including take up of rights.

Abacus Property Group | FY21 Results Presentation

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Commercial: Office sna shot p

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OFFICE $1.6 billion (42% of total assets[1] )

95.5% 4.3% Occupancy[2] LFL income growth[2,3] 3.9 yrs 5.50% WALE[2] WACR[4] 100 372 Leasing deals Customers

98% 1% Rent collected[5] Waivers provided[6]

1. As at FY21. Excludes investments in cash and other assets.

2. Excludes development affected assets.

3. Occupancy increased 400bps during the period, at same occupancy LFL income growth was flat for the period.

4. Including equity accounted investments.

5. Calculated as rent invoiced less arrears > 30 days, less any waivers provided.

6. Waivers provided during the year due to the impact of COVID-19.

14 Martin Place, Sydney NSW

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Commercial: Office leasin metrics g

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LEASE EXPIRY PROFILE (BY RENT)

32% new 58,170 sqm 68% renewals leased in FY21[1]

29% 34% on new deals 23% on renewals average incentive

3.9% 10% on new deals 2% on renewals leasing spreads

3.8% 99% fixed 1% CPI average rent review

$603[2] psm $773 average CBD[2] rent $419 average fringe[2] rent average rent

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23%
19%
18%
14%
13%
11%
2%
Short-term FY22 FY23 FY24 FY25 FY26 FY27+
leases
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1. Based on 100% ownership.

2. Sydney and Melbourne.

Abacus Property Group | FY21 Results Presentation

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Commercial: Ca ital transactions and develo ments p p

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COMMERCIAL TRANSACTIONS AND DEVELOPMENT

• $425 million invested, including:

• Myer Bourke Street, Melbourne VIC - 33.3% acquired for $135.2 million, settled post balance date

• Oasis Centre, Broadbeach QLD - Additional 60% acquired for $103.5 million

• 241 Adelaide Street, Brisbane QLD - 50% acquired for $31.8 million

• 710 Collins Street, Melbourne VIC - entered $56 million 50:50 strategic partnership with Walker Corporation

• Commercial development pipeline of over $110 million in progress:

  • In partnership with Salta, delivery of approximately 19,000 sqm[1] of new project NLA

  • At Abbotsford, over 14,000 sqm of refurbishment

Artist’s impression, 452 Johnson Street, Abbotsford VIC

1. NLA based on 100% ownership.

17 Abacus Property Group | FY21 Results Presentation

Commercial: Retail sna shot p

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RETAIL $343 million (9% of total assets[1] )

92.7% 1.9% Occupancy[2] LFL income growth[2] 5.4 yrs 6.37% WALE[2] WACR 26 205 Customers

Leasing deals

97% 3% Rent collected[3] Waivers provided[4]

1. As at FY21. Excludes investments in cash and other assets.

2. Excludes development affected assets.

3. Calculated as rent invoiced less arrears > 30 days, less any waivers provided.

4. Waivers provided during the year due to the impact of COVID-19.

Oasis Centre, Broadbeach QLD 14 Martin Place, Sydney NSW

18 Abacus Property Group | FY21 Results Presentation

Sustainabilit – embedded in how we conduct business y

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Integration of ESG across the business to drive long term sustainable growth

Public Sustainability Targets Actively exploring opportunities and managing risks

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25[%] SINCE FY19 Scope 1 & 2 GHG emissions intensity

4.6 NABERS Energy Office portfolio average

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SINCE FY19 Net zero emissions by 2050 (Scope 1 and 2)

4.0 NABERS Water Office portfolio average

24[%] SINCE FY19 Water intensity

DIVERSION FROM Landfill

Abacus Sustainability Strategy Deliver long-term sustainable outcomes for our stakeholders

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30 June 2021

19 Abacus Property Group | FY21 Results Presentation

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Summary and Outlook

Outlook

Abacus is positioned as a strong asset backed, annuity style investment house focused on the ownership and management of Commercial and Self Storage real estate and operation of storage locations

• Strategic focus is in key sectors of Self Storage and Commercial real estate

• Conservative gearing to provide optimum flexibility

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

• Abacus continues to explore opportunities to optimise the diversity quality and nature of its investments

• FY22 full year distribution is expected to reflect a payout ratio broadly in line with the target range of 85 - 95% of FFO

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Abacus Property Group | FY21 Results Presentation

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FY21 Data Pack

Contents

Abacus Property Group Overview	24
Financial Performance	25-31
Investment Portfolio	32-35
Non-Core Investments	36
Glossary	37
Important information	38

Abacus Property Group | FY21 Results Presentation

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About Abacus

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

Abacus is 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.

Located in a single corporate office in Sydney, Australia, Abacus is listed on the Australian Stock Exchange and is included in the S&P/ASX 200 index.

Abacus is comprised of Abacus Group Holdings Limited (the nominated parent entity), Abacus Group Projects Limited and Abacus Storage Operations Limited, Abacus Trust, Abacus Income Trust and Abacus Storage Property Trust. The shares and units in these entities are stapled together and trade as one security in ABP.

24 Abacus Property Group | FY21 Results Presentation

Balance sheet allocation

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JUNE 2021 billion of Total Assets[1] $4.1

JUNE 2020 billion of Total Assets[1] $3.3

Commercial $2.0 billion	52%	Self Storage $1.8 billion	45%
Office	$1,646m	Established2	$874m
Retail	$343m	Stabilising3	$511m
Other	$45m	Other4	$370m

Commercial $1.7 billion	55%	Self Storage $1.2 billion	39%
Office	$1,493m	Established2	$722m
Retail	$198m	Stabilising3	$294m
Other	$37m	Other4	$191m

1. Includes investments in cash and other assets and Residential assets of $116 million in FY21 and $183 million in FY20 not pictured above.

2. Established portfolio: 52 mature stores open at 1 July 2019.

3. Stabilising portfolio: 34 stores owned at 30 June 2021. 22 stores owned at 30 June 2020.

4. Includes Storage King, developments and other Self Storage investments.

Abacus Property Group | FY21 Results Presentation

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Segment earnings

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	COMMERCIAL	SELF STORAGE	PROPERTY DEVELOPMENT	OTHER	FY21 TOTAL	FY20 TOTAL
Rental income	120.3	111.3			231.6	195.7
Finance income			15.1		15.1	46.8
Fee income	3.5	9.6			13.1	5.0
Share ofprofit from equityaccounted investments1, 2	7.5				7.5	9.7
Sale of inventory				3.0	3.0	15.4
Other income	3.5	8.0	3.8		15.3	1.7
Total UnderlyingRevenue	134.8	128.9	18.9	3.0	285.6	274.3
Expenses	(31.3)	(31.6)			(62.9)	(66.2)
Cost of inventory				(2.7)	(2.7)	(12.7)
Segment result before corporate overheads	103.5	97.3	18.9	0.3	220.0	195.4
Administrative and other expenses	(16.6)	(27.7)	(2.7)	(0.1)	(47.1)	(25.9)
UnderlyingEBIT	86.9	69.6	16.2	0.2	172.9	169.5
Finance costs					(25.7)	(23.0)
Tax expense					(10.6)	(21.6)
Non-controllinginterests				(0.2)	(0.2)	(0.3)
Funds from Operations	86.9	69.6	16.2	-	136.4	124.6
Depreciation and amortisation					(6.7)	(4.9)
Rent straight-lining, incentives, movement in lease liabilities,finance costs & impairments					(2.9)	0.5
Gains /(losses)in divestments					2.6	(0.1)
Tax benefit /(expense)on FFO items					(5.0)	4.6
Change in fair value of investments,derivatives					245.0	(40.0)
Net Profit attributable to Abacus securityholders					369.4	84.7

1. Distributions from joint ventures.

2. Excludes fair value gain of $9.4 million.

Abacus Property Group | FY21 Results Presentation

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Se ment balance sheet g

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	PROPERTY INVESTMENT PROPERTY DEVELOPMENT OTHER FY21 FY20
	($m) ($m) ($m) ($m) ($m)
Commercial investment properties	1,919.7 1,919.7 1,612.2
Self Storage investment properties	1,430.2 1,430.2 1,040.7
PP&E, equity accounted and other investments, financial and other assets	366.6 62.3 428.9 345.0
Loans	67.9 67.9 136.4
Inventory	48.1 48.1 48.0
Cash and cash equivalents	58.0 58.0 127.3
Goodwill and intangibles	73.9 32.4 106.3 32.4
Total assets	3,790.4 116.0 152.7 4,059.1 3,342.0
Interest bearing liabilities	988.5 1,009.8
Other liabilities	168.7 125.5
Total liabilities	1,157.2 1,135.3
Net assets	2,901.9 2,206.7

27 Abacus Property Group | FY21 Results Presentation

Net tan ible asset reconciliation g

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	FY21	FY20
Net assets	2,901.9	2,206.7
Less
Total external non-controlling interest	-	(5.0)
Total stapled securityholders’ interest in equity	2,901.9	2,201.7
Less
Intangible assets and goodwill	(106.3)	(32.4)
Deferred tax assets/liabilities (net)	15.3	1.9
Total net tangible assets1	2,810.9	2,171.2
Securities on issue	818.6	653.5
Net tangible assets per security	3.43	3.32

1. Excludes external non-controlling interests of nil (FY20: $5.0 million).

Abacus Property Group | FY21 Results Presentation

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Debt facilities

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CAPITAL MANAGEMENT METRICS	FY21	FY20
Total bank debt facilities1	$1,860m	$1,113m
Total bank debt drawn	$960m	$974m
Term to maturity	4.8 yrs	3.9 yrs
% hedged	47%	48%
% hedged of total debt facilities1	24%	42%
Weighted average hedge maturity	2.1 yrs	2.3 yrs
Average cost of debt – drawn	2.0%	3.0%
Average cost of debt – fully drawn	1.6%	2.6%
Group gearing2,3	28.3%	26.5%
Look through gearing3,4	29.0%	27.8%
Gearing calculated for covenant measures / covenant3	33.8% / 50%	31.9% / 50%
Interest coverage ratio / covenant	8.8x / 2.0x	7.6x / 2.0x

1. Includes $500m of increased banking facility limits post balance date.

2. Abacus target maximum gearing of up to 35%.

3. Includes post balance date transactions (as outlined on slide 5).

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

Abacus Property Group | FY21 Results Presentation

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Proforma[1] Debt maturit rofile as at 30 June 2021 y p

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($’m)
400
Available bank facility
Committed bank facility
Drawn bank debt
300 128.4
92.9
200
62.8 62.8
54.4
160.7
238.2
227.0
100
166.5
150.0 150.0
140.5
130.0
31.0
34.6 30.1
0
HY22 FY22 HY23 FY23 HY24 FY24 HY25 FY25 HY26 FY26 HY27 FY27 HY28
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1. Includes $500m of increased banking facility limits post balance date.

30 Abacus Property Group | FY21 Results Presentation

Fixed hed in maturit rofile as at 30 June 2021 g g y p

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Fixed Debt, Interest Rate Swaps & Collars
($'m)
Weighted Average Fixed Rate
500 5.0%
400 4.0%
300 3.0%
200 2.0%
100 1.0%
0 0.0%
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
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31 Abacus Property Group | FY21 Results Presentation

Investment ortfolio metrics p

PORTFOLIO METRICS		SELF	RETAIL &
	OFFICE			TOTAL
FY21		STORAGE	OTHER
Value1 ($m)	1,646	1,756	388	3,790
No. of assets	23	932	6	122
NLA (sqm)3,4	127,410	457,500	48,005	632,915
WACR1 (%)	5.50	5.74	5.62	5.65
Occupancy3 (% by area)	95.5	90.95	92.7
Average rent psm3(A$)	627	2905	591
WALE3 (yrs by income)	3.9
LFL rental growth (%)	4.3

1. Includes equity accounted investments.

2. Includes 7 development assets.

3. Excludes development assets and post balance date divestments.

4. Abacus ownership basis.

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

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INVESTMENT PORTFOLIO SECTOR DIVERSIFICATION
Retail & Other
10%
Office
44%
Self Storage
46%
Office Self Storage Retail & Other
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INVESTMENT PORTFOLIO GEOGRAPHIC DIVERSIFICATION

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WA
SA
3% NSW
3%
NZ 35%
7%
ACT
7%
QLD
22%
VIC
23%
NSW VIC QLD ACT NZ SA WA
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32 Abacus Property Group | FY21 Results Presentation

Portfolio revaluations

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	VALUATION	WEIGHTED AVERAGE CAP RATE
ABACUS INVESTMENT PORTFOLIO BY SECTOR
	30 JUNE 2021 ($’000)	30 JUNE 2021
Office	$1,646,361	5.50%
Self Storage	$1,755,729	5.74%
Retail & Other	$388,333	5.62%
Total investment portfolio	$3,790,423	5.65%

Note: Total managed Office asset value equates to $2.71 billion, total managed Retail asset value equates to $512 million.

33 Abacus Property Group | FY21 Results Presentation

Self Stora e metrics g

PERFORMANCE METRICS	AUS	NZ	FY21	FY20
Total assets	78	15	931	79
NLA (sqm)	378,845	78,655	457,500	383,010
Occupancy (%)	90.8	91.5	90.92	88.32
Rental rate (psm)	A$290	A$291	A$2902	A$2812
RevPAM	A$263	A$266	A$2642	A$2482
WACR	5.73	5.76	5.74	6.58
Value ($m)	1,497	259	1,756	1,208

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PERFORMANCE METRICS	FY21	FY20
Storage revenue	98.83	79.4
Other revenue	12.5	9.2
Total revenue	111.3	88.6
Storage operating expenses	(42.0)4	(34.2)
Operating EBITDA	69.3	54.4
Operating margin	62%	61%

1. Includes 7 development assets.

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

3. FY21 rent collection remains high at nearly 100%.

4. Includes $31.6m operating expenses and $10.4m of administrative and other expenses.

% NLA Breakdown by State

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WA
VIC
12%
SA 21%
2%
ACT
11%
QLD NSW
15% 22%
NZ
17%
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% Value Breakdown by State

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WA
SA
7%
1% VIC
ACT 21%
13%
NZ
18%
NSW
26%
QLD
14%
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34 Abacus Property Group | FY21 Results Presentation

Self Stora e develo ment i eline g p p p

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Over 70,000 sqm of identified net lettable area to be developed over the short to medium-term

Anticipated return[1] on invested capital of 8.0%+

NEW STORE PROJECT (SQM)	FY22	FY23	FY24+
Rowville (VIC)	5,500
Woonona (NSW)	4,500
Epping (VIC)	7,000
Prestons (NSW)		6,500
Deagon (QLD)		5,000
Gregory Hills (NSW)		6,500
Granville (NSW)		7,000
Brendale (QLD)			6,500
Mittagong (NSW)			5,500
Sydney Olympic Park (NSW)			9,000
Total	17,000	25,000	21,000
SELF STORAGE DEVELOPMENT PROJECT PIPELINE	NLA (SQM)
New stores	63,000
Existing store expansions (under construction)	10,365
Total	73,365

1. Post stabilisation.

35 Abacus Property Group | FY21 Results Presentation

Non-core le ac investments g y

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

• Non-core loan assets reduced by 50% during FY21 with non-core residential now representing 3% of total assets[1]

• repayment of $82 million of residential land and mortgages during the period

PROJECT	TYPE	EQUITY	LOAN2	TOTAL	PRIMARY SECURITY
RCL Portfolio NSW	JV/ Loan	$48.1m	$36.6m	$84.7m	1st Mortgagee
Doonside NSW	Loan	-	$10.6m	$10.6m	1st Mortgagee
Investment Funding Portfolio	Loan	-	$20.7m	$20.7m	1st Mortgagee
Total		$48.1m	$67.9m	$116.0m

1. Excludes investments in cash and other assets.

2. Interest rate is 10%.

Abacus Property Group | FY21 Results Presentation

36

Glossar y

TERM	DEFINITION	TERM	DEFINITION
AIFRS	Australian International Financial Reporting	LFL	Like for like
	Standards
AREIT	Australian Real Estate Investment Trust	NABERS	National Australian Built Environment
			Rating system
CBD	Central business district	NLA	Net lettable area
CPI	Consumer price index	NTA	Net tangible assets
CPS	Cents per stapled security	PP&E	Property, plant and equipment
DPS	Distribution per stapled security	PS	Per stapled security
EBIT	Earnings before interest and tax	PSM	Per square metre
EBITDA	Earnings before interest, tax, depreciation	REIT	Real Estate Investment Trust
	and amortisation
ESG	Environmental, Social, and Corporate	RevPAM	Revenue per available square metre
	Governance
FFO	Funds from operations	SQM	Square metre
FY	Financial year	WACR	Weighted average capitalisation rate
GHG	Greenhouse Gas	WALE	Weighted average lease expiry
JV	Joint Venture	WAV	Weighted average value

37 Abacus Property Group | FY21 Results Presentation

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.

38 Abacus Property Group | FY21 Results Presentation