2017 Annual General Meeting Chairman and CEO Addresses

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1 ASX Announcement 27 October Annual General Meeting Chairman and CEO Addresses In accordance with ASX Listing Rule 3.13, attached are the addresses and accompanying presentation slides to be given by Propertylink s Chairman and Managing Director and Chief Executive Officer, at the Annual General Meeting of Propertylink (Holdings) Limited and the General Meetings of Propertylink Trust and Propertylink Australian Industrial Partnership today at 10:00am. Further Enquiries Investors Media Carrie Barrack Renée Bertuch Propertylink Cannings Corporate Communications Investor Relations Manager rbertuch@cannings.net.au cbarrack@propertylink.com.au About Propertylink Propertylink is an A-REIT, listed on the Australian Stock Exchange under the code PLG. Propertylink is an internally managed real estate group that owns and manages a diversified portfolio of logistics, business park and office properties and is a leading investment and asset management business with over A$1.5 billion of assets under management. Propertylink s integrated, in-house approach to active asset management is aimed at maximising the performance and value of assets under management for our global investors from North America, Europe, the Middle East, Asia and Australia. Page 1 Propertylink (Holdings) Limited (ACN ), Propertylink Investment Management Limited (ACN ) (AFSL ) as responsible entity of Propertylink Trust (ARSN ) and Propertylink Australian Industrial Partnership (ARSN ) Level 29, 20 Bond Street, Sydney NSW 2000 T:

2 Propertylink AGM

3 Propertylink AGM

4 Propertylink produced strong financial results for securityholders and excellent returns for investors in external funds, during its first year as an ASX listed entity. At 30 June we managed over $1.9 billion in Australian industrial and office assets, across our wholly owned industrial portfolio and external funds. Our active asset management approach delivered internally, by an in-house fully integrated team, continues to deliver superior returns to our securityholders and investors in our external funds. Propertylink AGM

5 Our objective is to provide securityholders with superior risk adjusted returns, delivered via four core strategies: 1. To invest in the wholly owned industrial property portfolio and co-invest in external funds alongside our global institutional investors; 2. To enhance our assets through our active management approach; 3. To grow both the investment management business and wholly owned industrial portfolio; and 4. To maintain a conservative capital structure. Propertylink AGM

6 During FY17 we reported distributable earnings of $45.3 million, exceeding our prospectus guidance of $40.2 million. A total distribution of 6.32 cents per security was paid in relation to the financial year, in line with guidance and delivering a distribution yield of 8.2% to our securityholders. Propertylink maintains a robust balance sheet, supported by solid cash generation across our business and effective capital management. We have continued to reduce gearing, from 35% at the IPO, to 30.5% at 30 June 2017 and to current levels of around 28%. The Board has maintained a target gearing range of 30-40% and with current gearing under this range, we are well positioned for growth across our wholly owned industrial portfolio and for continued co-investment in existing and future external funds. Propertylink AGM

7 We have seen ongoing strength in the Australian office and industrial markets with continued growth in asset prices throughout the year, particularly in Sydney. I have been pleased with the disciplined approach to the acquisition and divestment of assets that Propertylink has continued to demonstrate in this environment. The strategic divestment of non-core assets across the industrial portfolio realised proceeds of $49 million during the year, exceeding book values by $6 million. Our team continued to identify strong investment opportunities across our external funds, delivering growth in funds under management of $500 million during the year. Recognising the strength of the industrial and office markets in Sydney and Melbourne, a number of divestments of external fund assets occurred during the year, delivering an average total return of 29% to investors. These are outstanding results which continue to further Propertylink s strong track record. Propertylink AGM

8 A focus for the Board since listing on the ASX, has been the review of the size and composition of the Board. As part of this, an independent review was undertaken during the year. We have made significant progress in implementing the recommendations of this review, announcing a number of changes to the Board. 1. After serving for over five years, David Epper resigned from the Propertylink Board during the year. David provided a valuable contribution during a period of significant change and growth for the organisation. 2. In July we announced a number of further changes to the structure of the Board: Peter McDonald stepped down from the Board to provide him with greater capacity to drive and support future growth of the business, in his role as Chief Investment Officer. Stephen Day stepped down from the role of Vice Chairman. Having permanently transitioned to a part-time working arrangement, his ongoing role as Executive Director is focussed on wholesale capital relationships to support growth of the investment management business, as well as the assessment and implementation of growth strategies across the Group. We welcomed Sarah Kenny as a Non-Executive Director, and Sarah stands for election today. Sarah brings substantial management and leadership skills and experience to the Board, together with extensive corporate governance, legal and compliance expertise. Propertylink AGM

9 3. In September this year, Derek Nix resigned from the Propertylink Board following the acquisition of his business by Colliers International. Derek brought strong commercial acumen along with extensive experience across the property and construction industry, making a significant contribution to the Board over the last six years. Since our last AGM, we have achieved significant progress on our commitment to further strengthen the structure, diversity and experience of the Board. The number of Executive Directors has been reduced from three to two and the overall Board size has reduced from nine to seven Directors, four of which the Board has determined are independent. We are very pleased to welcome Sarah to the Board and are greatly benefiting from her insight and contributions. I am confident that we have a Board with the right capabilities and experience to support the strategic direction of Propertylink and are well positioned for the next phase of growth. Propertylink AGM

10 As part of our commitment to excellence in the ownership and management of real estate, we have continued to develop our sustainability approach. We recognise that sustainability, with ESG dimensions, will support our objective of delivering value to our securityholders now and into the future. Our approach to sustainability focusses on three core objectives: 1. To enhance the properties we own and manage; 2. To invest responsibly; and 3. To maintain a thriving team of people. During the year we focussed on enhancing and implementing our sustainability strategy and framework and in ensuring we have the systems and processes in place to measure and benchmark our performance. In delivering our sustainability strategy this year, a number of environmental improvement projects were implemented across our properties, such as LED lighting upgrades, as well as feasibility studies into potential solar projects to be delivered throughout FY18 and beyond. Most significantly we initiated our participation in the Global Real Estate Sustainability Benchmark, or GRESB, a global investor led survey to assess the ESG practices of real estate investment managers. This provides us with a base year of performance off which to implement strategies to enhance our sustainability performance. Over the coming year we will continue to deliver the key components of our strategy, led by our Sustainability Committee. I look forward to updating you further on our progress in due course. Propertylink AGM

11 Before handing over to Stuart to discuss the performance of the business over the last year, I would like to briefly touch on recent investments in Propertylink by Centuria and ESR. On 8 September Centuria Capital Group and Centuria Industrial REIT, on a combined basis, acquired a 17% strategic interest in Propertylink. On 22 September the Board received an unsolicited, indicative, conditional and nonbinding proposal from Centuria to acquire 100% of the outstanding securities in Propertylink by way of schemes of arrangement. The Board retained Goldman Sachs with the support of Herbert Smith Freehills, ensuring we were supported by specialist top-tier advisors in considering and responding to the Centuria proposal. Under the proposal, Propertylink securityholders would receive 5.5 cents cash consideration, 0.23 CNI securities and 0.23 CIP securities per PLG security, implying an offer value of approximately 95 cents per Propertylink security. It was proposed that Centuria Capital would acquire Propertylink s investment management business and co-investments in external funds and Centuria Industrial REIT would acquire the wholly owned industrial property portfolio. The Board, having reviewed the proposal with its advisors, unanimously rejected the proposal on the basis that it: 1. Undervalued Propertylink; 2. Offered no premium for control; 3. Was predominately a scrip offer exposing PLG securityholder to two highly leveraged entities; Propertylink AGM

12 4. Exposed Propertylink securityholders to significant risk arising from change of control and key person provisions in wholesale fund arrangements; and 5. Exposed Propertylink securityholders to significant value risk to the externally managed nature of Centuria s listed funds platform. On 4 October, ESR, a pan-asia logistics real estate platform, acquired an 18.06% interest in Propertylink. Subsequently ESR has increased their interest to 19.89%. The Board has noted that ESR has indicated its intentions to keep its options open in relation to its investment in Propertylink, including engagement with management and other major stakeholders regarding strategic initiatives and the possibility of increasing its interest in Propertylink in the future in accordance with applicable law. Under all circumstances, the Board is committed to maximising value for all Propertylink securityholders and as such remains open to discussions with both ESR and Centuria. We will continue to keep our securityholders informed as appropriate. The Board and management team of Propertylink believe the Group is well positioned for continued growth given the strength in its wholly owned industrial portfolio, several initiatives currently underway in the funds management business and the strong capital position of the platform. We remain focussed on the business and delivering another strong year of performance, continuing on the excellent momentum established in FY17. Propertylink AGM

13 The strong performance achieved this year has been through the commitment of a talented and dedicated team. On behalf of the Board I would like to take this opportunity to thank the employees of Propertylink for their hard work over an exciting year for the Group. I would also like to thank our investors for their support throughout our first year as an ASX listed entity. I will now hand over to Propertylink s CEO Stuart Dawes, to talk in more detail about the operations and outlook for the business. Propertylink AGM

14 Thankyou Peter and good morning everyone. I am very proud of the strong performance we have delivered for securityholders since listing on the ASX in August last year. Today I would like to take you through some of the highlights of the 2017 financial year, provide you with an update on operations in the first quarter of FY18 and also our outlook for the remainder of the financial year. Propertylink AGM

15 The property sector is particularly interesting at present, with a number of changes influencing the way we use our built environment. As we think about the Propertylink business and our sectors of office and industrial, we have identified four key market trends that have the capacity to positively influence our assets over the medium to longer term. 1. Urbanisation is a theme which is particularly strong in the Sydney and Melbourne markets, driven by strong population growth; 2. The growth in e-commerce and the introduction of Amazon to the Australian market will drive demand for last mile delivery, in areas close to transportation and population; 3. Australia s affluent and ageing population creates opportunities for us in related industries such as health; and 4. We see technology as influencing both the types and ways assets are used by tenants These market trends form a strong part of our thinking about optimising value in our existing assets and our approach to the acquisition of new assets. You will see the recurrence of these themes as I take you through our business operations. Propertylink AGM

16 Turning to our operations, there were three key drivers in delivering Propertylink s FY17 earnings. 1. Our wholly owned industrial property portfolio; 2. Our investment management business, which manages industrial and office assets across our external funds; and 3. Our co-investments in these external funds. Including income from co-investments, approximately 80% of Propertylink s revenue comes from tangible real-estate investments, providing investors with a stable base of recurring rental income. Propertylink AGM

17 Our wholly owned industrial portfolio comprises 30 assets with a value of $695 million at 30 June In FY17 the portfolio generated around 72% of Group revenue. During the year we focussed on strengthening the portfolio with our key metrics at 30 June exceeding the targets established in our Prospectus. We completed 58 leasing transactions, leasing 37% of the portfolio over the course of the year. The strong leasing outcomes delivered increased WALE of 4.4 years, occupancy of 97% and a tenant retention rate of 78%. One of Propertylink s market differentiators is our in-house property management team, who foster and maintain strong direct tenant relationships and are highly focussed on the quality of the properties in our portfolio. Our focus on tenants has continued to deliver strong results, which has not only improved our occupancy but has also reduced lease expiry in FY18 to just 10%. Propertylink AGM

18 During the year we completed the redevelopment of our property at 122 Newton Road in Wetherill Park. This development delivered a new 8,684 sqm warehouse utilising surplus land on the site and a refurbished 9,376 sqm existing warehouse. Both buildings were fully leased on completion, with an average lease term of 6.5 years contributing to improved WALE across our portfolio. This project showcases the in-house project management and development capabilities of our team and has been a great success for Propertylink in creating a core asset to be retained by the Group. Propertylink AGM

19 As Peter mentioned earlier, we took advantage of opportunities to recycle capital during the year, divesting a number of non-core assets across the wholly owned industrial portfolio. The sale of these five assets realised $49 million in gross proceeds for reinvestment in new opportunities, and achieved an average premium to book value of 14.9%. Further to these sales, we completed the $23 million sale of our Smithfield asset in July 2017 and have also exchanged contracts for the sale of our Lisarow asset for $9.6 million, which is expected to complete in November of this year. Propertylink AGM

20 The active management of our wholly owned industrial portfolio, resulted in increased asset valuations, uplifting book values by $37 million during FY17. In light of continued strength in industrial markets and ongoing leasing success delivered by our property management team, we felt it was prudent to undertake independent valuations across 100% of our portfolio at 30 September, to ensure the portfolio was reflecting current value. This delivered an additional uplift of $38 million, increasing the value of the portfolio to $710 million. On a like for like basis this represents a 5.6% increase from 30 June, and has tightened the portfolio s weighted average cap rate to 6.87%. Propertylink AGM

21 Overall, our wholly owned industrial portfolio is in excellent shape due to the dedicated work undertaken by our team during FY17. At 30 September the WALE on the portfolio stands at 4.2 years, with occupancy at 98%. Lease expiry in FY18 is low at 8%, which is further reduced to 4% after excluding our asset at Dingley in Victoria, which will become a redevelopment project once the existing lease expires in June Much of the remaining lease expiry occurs in the last quarter of the financial year, providing confidence of rental income in FY18. The introduction of Amazon to the Australian market is expected to bring significant change, extending beyond Amazon as local retailers respond to the impact of their arrival. With this brings an increased focus on e-commerce and last mile delivery, with retailers seeking distribution locations close to the population and near to their customer. We are well positioned to benefit from this increased occupier demand, with our portfolio heavily positioned to infill locations in Sydney and Melbourne. With leading online fashion retailer, The Iconic, an existing tenant in our Yennora property, we understand the requirements of e-commerce tenants, placing us well for to benefit from future growth in this sector. Further to this, with 82% of our portfolio located in the strong Sydney and Melbourne markets, we expect to see positive impacts of future urbanisation, as these cities respond to existing and continued population growth, further reducing industrial property supply. Moving now to our investment management business. Propertylink AGM

22 At 30 June we managed $1.2 billion of assets on behalf of our global institutional investors, across nine funds and mandates. The 32 assets held in these funds cover a range of investment strategies across the office and industrial sectors. Fees from the management of our external funds contributed 20% of Group revenue in FY17. Further to this, Propertylink co-invests alongside investors in our external funds, providing an alignment of interests and the ability to share in the risks and returns offered from this real estate. At 30 June our average co-investment was 11.1%. In FY17, 8% of Group revenue was generated through income from coinvestments. Propertylink AGM

23 Outstanding results were achieved across our external funds during the year, furthering our track record of delivering strong returns to our investors. Since inception, we have delivered an average total return of 21% on external fund investments. Recognising the strength of industrial and office markets in Sydney and Melbourne, we divested a number of fund assets during FY17. This achieved outstanding results for investors, with an average total return of 29% delivered across these divested assets. Further to this, we have generated $18.7 million in performance fees on asset divestments that have been recognised in FY18, for which funds have been received. With significant outperformance of investment hurdles, we have good visibility of continued performance fees over the next four to five years. Our co-investments delivered an income yield of 8.7% and $4.7 million to distributable earnings in FY17, with our co-investments at 30 June standing at $63 million. Following Directors valuations of external fund assets at 30 September 2017, the book value of our co-investment stakes has increased by $10.2 million. Propertylink AGM

24 Despite strong competition for industrial and office assets across the eastern seaboard of Australia, we continued to identify good acquisition opportunities. Over the course of the year we acquired $500 million of assets across a number of our external funds, at yields between 7.2% and 8.9%. We have continued to apply a disciplined approach to the acquisition of assets, identifying opportunities driven by our ability to add value through our active asset management approach. Propertylink AGM

25 A good example of our top down, bottom up approach to acquiring assets, combined with our ability to add value through active asset management was the acquisition of 50 Ann Street. This office asset is located in the strengthening Brisbane CBD market. Our team identified a strong opportunity to reposition this building to a core asset, through leasing and capital enhancements, working with the major government tenant relationship. We were able to acquire the asset for $145 million, reflecting an attractive yield of 8.2%. Furthermore, we were pleased to partner with Goldman Sachs on this asset, with Propertylink taking a 25% co-investment stake. Propertylink AGM

26 Part of being an active manager, is recognising the right time to capitalise on the strong returns we have generated for our investors. This was the case with 320 Pitt Street in Sydney, where strong market conditions in the Sydney office market and the value we had unlocked through active lease management, realised a superior outcome for our investors Goldman Sachs and Grosvenor. The $275 million sale of this building was completed in July, delivering a total return of 40%. This combined with the sale of the Braeside asset in July, has enhanced our average return on all divested assets to 32%. Propertylink AGM

27 At 30 September we managed $856 million across six external funds, comprising 16 industrial and 13 office assets. Our co-investments currently stand at $83 million, representing an average co-investment of 16% across our external funds. I am very pleased with the investment management platform we have created at Propertylink. We will continue to grow this business with existing and new institutional investors and are advancing a number of new strategies, which we expect to translate into longer term funds under management. Propertylink AGM

28 Throughout the first quarter of FY18 we have continued to deliver strong value, driving a significant increase in NTA. Continued market strength, particularly in Sydney and Melbourne, combined with ongoing leasing success, resulted in uplifts to book value of the wholly owned industrial portfolio, and Propertylink s co-investment stakes, increasing NTA by 6.3 cents per security and 1.7 cents respectively. Performance fees of $18.7 million, or $11.9 million net of tax and staff incentives, has realised an additional 2.0 cents per security of NTA. After allowing for the final FY17 distribution of 3.6 cents, paid to securityholders in September, this brings our pro-forma 30 June NTA to 93.7 cents, up 7.3% since 30 June. Our gearing has continued to reduce, and currently stands at approximately 28%, down from 30.5% at 30 June. Our conservative capital position allows us to deliver attractive growth, with sufficient capital headroom to support our growth initiatives, positioning us well for FY18 and beyond. Propertylink AGM

29 The solid financial and operational performance delivered in FY17 provides Propertylink with an excellent platform for growth in the current year. Our strong exposure to the Sydney and Melbourne markets positions us well to gain from increasing tenant demand and market growth, whilst also benefiting from emerging market trends surrounding urbanisation and e-commerce. As demonstrated in FY17, we will continue to be disciplined in the acquisition of real estate, using our top down bottom up approach with a focus on the ability to execute using our active asset management capabilities to realise superior value for investors and securityholders. We maintain our FY18 guidance of distributable earnings of 8.5 to 8.7 cents per security; and a distribution of 7.1 to 7.3 cents per security. As I have discussed today, we have very good visibility over our business and a high degree of confidence in delivering this result. FY17 was an exciting year for Propertylink, with a great result delivered through the hard work and commitment of our people. I would like to take the opportunity to thank our team for their dedication in achieving this success. Finally, my thanks to the Board and to our securityholders for your valued support. We look forward to delivering continued strong performance to you over the coming year. I would now like to hand back to the Chairman, to commence the official business of the meeting. Propertylink AGM

30 Propertylink AGM

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