ALE Property Group. ASX CEO Connect, Brisbane 27 March The Breakfast Creek Hotel, Brisbane, QLD 1
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1 ALE Property Group ASX CEO Connect, Brisbane 27 March 2018 The Breakfast Creek Hotel, Brisbane, QLD 1
2 Contents About ALE Property Portfolio Capital Management FY19 Outlook and Performance Attractive Investment Proposition Development Case Studies Crows Nest Hotel, Sydney, NSW 2
3 About ALE Young and Jackson Hotel, Melbourne, VIC
4 About ALE High Quality Properties Australia s largest portfolio of freehold pub properties Geographic Diversity 86 pub freehold properties across the five mainland capital cities Long term triple net leases to ALH Australia s leading pub operator owner of licences and certain development rights Substantially capital city metro locations Weighted average lease expiry of 10.8 years with four options for ALH to extend by up to 40 years WA, 3% NSW 14% Value Composition Operated as pubs for average 60+ years VIC 48% QLD 31% SA, 4% 4
5 About ALE ALH Continues to Perform Strongly ALH: Australia s Largest Pub Operator ~ 330 licensed venues ~ 550 liquor outlets ~ 2,000 short stay rooms ALH is 75% owned by Woolworths and 25% by the Bruce Mathieson Group Woolworths is Australia s largest liquor retailer ALE owns 27% of ALH s operated venues ALH owns ~ 45 pub properties ALH FY17 Revenue $4,256m Up 3.7% on pcp ALH FY17 EBITDAR $803m Up 13.0% pcp 18.9% of revenue 5
6 About ALE High Quality Properties Rent and Term Structure triple net leases* fixed dollar rental (not turnover based) increasing annually by State based CPI (uncapped) rent does not decrease with negative CPI movements average initial lease terms remaining of 10.8 years four options for ALH to extend leases by up to a further 40 years (to 2068) Market Rent Reviews rents can increase or decrease by 10% at November 2018** open review in 2028 and at each 10 yearly extension date * Three of the 86 properties are on double-net leases ** 74 of the properties have reviews at November The other nine properties have reviews in the years preceding and following November
7 Group Highlights Half Year to 31 December 2017 Property Portfolio Capital Structure Equity Performance $1,100.5m Statutory property values 41.7% Net gearing $14.6m Distributable profit 5.14% Average capitalisation rate 4.2 years Average debt maturity cps Distribution 10.8 years Weighted average lease expiry 7.9 years Hedge maturity 100% Distribution tax deferred 1.7% CPI Income growth 4.26% All up cash interest rate $949.5m ASX market capitalisation 100% Occupancy Baa2 Investment grade rating 18.0% p.a. Three year total return Capitalisation rates, lease terms, interest rates, maturity terms and rental growth rates are all weighted averages. Specific definitions are on other pages or in the statutory accounts. Results are for the half year ending or as at 31 December In addition to the weighted average lease expiry term, there are four 10 year options for ALH to extend (83 of 86 properties). 7
8 Distributable Profit Half Year to 31 December 2017 Millions Dec 17 Dec 16 Comments Revenue from properties $28.9 $28.4 Driven by annual CPI based rent increases Other revenue $0.5 $0.4 Higher cash balances partly offset by lower interest rates Borrowing expense 1 $11.1 $10.3 Lower interest rates on increased borrowings Management expense $2.6 $2.3 Increased costs associated with market rent review preparations Land tax expense $1.2 $1.1 Land tax for QLD properties only Distributable Profit 2 $14.6 $15.1 Primarily impacted by increased borrowing expenses Distributable Profit (cps) c 7.70c Distribution (cps) 10.35c 10.15c In line with guidance cps paid from capital (cash reserves) 1. Borrowing expense changed for two reasons a. borrowings increased by $40m b. average all up interest rate reduced from 4.35% to 4.26% p.a. 2. Distributable Profit excludes non-cash accounting items see full reconciliation to IFRS Net Profit million securities were on issue as at both dates above 4. Rounding differences may arise 8
9 ALE s Property Portfolio Quality Income with Growth and Opportunities Stamford Hotel, Melbourne, VIC
10 Property Portfolio Land Holdings ALE s 86 properties cover a land area of 954,000m. Equivalent to the core Sydney CBD 10
11 Property Portfolio Significant Land Holdings 90%+ of land located in Australian capitals and major cities $1.1 billion of book value based on current rental income 86 properties occupy a land area of 954,000 square metres Average property size of 11,100 square metres Average book value of $1,150 per square metre of land Book values also include value of buildings and long term leases Average 25% of each property is occupied by pub and retail liquor buildings (balance is car parking and vacant land) Opportunities to continue to develop and expand existing hotels complementary higher and better use strategies including vacant land and existing buildings considered jointly by ALE and ALH As at 31 December All areas are estimates and rounded approximations only Total Land Holdings By State (square metres) 6,500 58, ,000 72, ,000 11
12 Property Portfolio Capitalisation and Bond Rate Movements ALE's capitalisation rates ALE's average capitalisation rates 6.07% 6.20% 6.45% 6.26% 6.45% 5.52% Australian 10 year bond rates 6.60% 6.44% 6.57% 6.59% 5.10% 5.21% 6.42% 5.99% 5.53% 5.14% 3.04% 3.76% 3.54% 3.01% 2.66% 2.00% FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 While the spread remains high, movements in ALE s average capitalisation rates are currently being driven by factors beyond movements in bond rates. 12
13 Property Portfolio Layers of Value Current Income 100% of the properties are leased to ALH ALH is Australia s largest pub operator Long term triple net leases (83 of 86 properties) Properties have operated in current locations as pubs for more than 60 years on average Potential Long Term Value ALE s properties have a significant land value component More than 90% of the ~1 square kilometre of land owned by ALE is located in Australian capitals and major cities ALE and ALH continue to explore development opportunities together for mutual benefit Alternate use opportunities exist for a number of the properties in the longer term Future Increases In Income Rents are expected to increase at capped market rent review in Nov 2018 and more materially at the uncapped review in
14 Capital Management Queens Hotel, Perth, WA
15 Capital Management Sound Debt Capital Structure Capital Management Priorities Managing refinancing and interest rate risk Growing securityholders distributions Capital Structure with Positive Features Low risk debt capital structure Investment grade credit rating of Baa2 (stable) Debt maturities diversified across next 5.9 years Next debt maturity in August 2020 Base interest rates fully hedged for next 7.9 years All up fixed cash interest rate of 4.26% p.a. Gearing at 41.7% (42.7% at June 2017) Interest cover at 2.6 times Crows Nest Hotel, Sydney, NSW 15
16 Capital Management Diversified Debt Maturities and Long Term Hedging Note: Base interest rates exclude credit margins 16
17 Outlook and Performance Balmoral Hotel, Victoria Park, Perth
18 Outlook Market Rent Certainty of Earnings with Long Term Upside Current vs Market Rent Current total rent is materially less than current view of market rent (the difference) Extent of the difference is not spread evenly across the portfolio. Difference is a result of factors including: continual operational improvements of many pubs by ALH capital expenditure undertaken by ALH to redevelop hotels and add Dan Murphy s bottle shops and reactivate accommodation (at least 30,000 sqm over the past 14 years) improved gaming regulatory framework, especially in Victoria November 2018 Market Rent Each hotel s earnings outlook, past earnings results and applicable market rent parameters will be important to the outcomes On current EBITDAR results, ALE is on strong grounds for a positive outcome Given the uneven spread of the difference across the portfolio, we do not expect that all 76 individual hotels will receive the full 10% rental uplift 2028 Market Rent Open market rent review where the full extent of the material difference will be captured in each of the individual properties rents 18
19 ALE s 14 Years of Equity Performance Outperformance Total Return 25% 20% 22.9% 23.2% 21.8% 15% 10% 5% 13.1% 7.5% 12.2% 6.8% 14.2% 11.6% 3.5% 10.4% 5.7% 8.9% 0% -0.1% 1 yr 3 yrs 5 yrs 10 yrs Since IPO -5% -5.6% A-REIT 300 All Ords ALE -10% 1. Total return is the annual compound return (IRR) for the period shown to June Includes equity market price of $4.67 as at 30 June 2017 and reinvestment of distributions and 2009 renunciation payment 3. ALE, All Ordinaries Accumulation Index and UBS S&P REIT 300 Index data sourced from ASX, UBS and ALE 19
20 ALE s Property Portfolio Development Case Studies Burvale Hotel, Melbourne, VIC 20
21 Case Studies Property Development by ALH Anglers Arms Hotel, Gold Coast, QLD Before Development Completed Development Located in Southport, Gold Coast next to an existing light rail stop Acquired in 2003 for $4.4m at a cap rate of 8.4% Hotel completely reconstructed and reopened June 2017 New Dan Murphy s opened November 2016 Valued December 2017 at $10.7m at a cap rate of 5.36% 21
22 Case Studies Property Development by ALH Gepps Cross Hotel, Adelaide, SA Completed Development Located in the north eastern suburbs of Adelaide Acquired for $2.2m in 2003 at a cap rate of 9.9% Substantially reconstructed and then reopened the hotel in May 2016 ALH joined forces with Coopers Brewing to create Adelaide s first Coopers Alehouse New Dan Murphy s opened December 2017 Awarded Best Redeveloped Metropolitan Hotel for 2017 in South Australia by AHA Valued December 2017 at $6.3m at a cap rate of 4.76% 22
23 Case Studies Property Development by ALH Accommodation 428 Rooms Reactivated Accommodation 428 rooms are currently offered across 24 of ALE s properties Significant reactivation of accommodation in recent years Large number of renovated and reopened rooms ALH currently operates around 2,000 rooms nationally Mostly three or four star short stay accommodation Positive for ALH s earnings Positive for ALE s future market rent prospects and property values 23
24 Case Studies Melbourne Metro Rail Project Young & Jackson Hotel, Melbourne, VIC Young and Jackson Hotel Melbourne Metro Rail Project Major metro rail project (circa $6 billion) Significant addition to CBD passenger capacity New Town Hall metro station to surround hotel Station access from both Flinders and Swanston Streets Significant additional pedestrian traffic Expected to be operational by 2026 Continuing dialogue with Cross Yarra Partnership and MMRA 24
25 ALE s Value Proposition High quality pub property portfolio Triple net leases to ALH, Australia s largest pub operator Long leases over strategically important property with terms averaging 10.8 years plus options Current property rents are substantially below market levels Potential opportunities from increased utilisation of land and further development of properties Investment grade and low risk capital structure FY18 distribution yield of at least 4.3% 1 Aim to increase annual distributions by at least CPI FY18 distribution expected to be 100% tax deferred. FY19 is expected to be partly tax deferred Potential for enhanced distributions and/or capital management initiatives following 2018 rent review 1. Based upon a security price of $4.85 as at 31 December 2017 and FY18 distribution guidance of at least cps plus CPI 25
26 About ALE Research Analyst Coverage of ALE The following equity research analysts currently cover ALE s stapled securities: Johannes Faul Rob Freeman / Stuart McLean Richard Jones Jon Mills Morningstar Macquarie Securities JP Morgan Securities Intelligent Investor 26
27 About ALE Experience and Diversity Board of Directors Board of Directors have extensive experience covering property, finance, risk management, compliance and capital management Robert Mactier Chairman & Non-Executive Director Appointed as a non-executive director in November 2016 and Chairman in May 2017 Andrew Wilkinson Managing Director & CEO Appointed CEO November 2003 and Managing Director in November 2004 James McNally Executive Director Appointed as an executive director in June 2003 Board renewal and transfer of institutional knowledge is now well advanced Pippa Downes Non-Executive Director Paul Say Non-Executive Director Nancy Milne Non-Executive Director Appointed as a non-executive director in November 2013 Appointed as a nonexecutive director in September 2014 Appointed as a nonexecutive director in February 2015 Senior Management Team Experienced and stable management team Andrew Wilkinson Managing Director & CEO Appointed CEO November 2003 and Managing Director in November 2004 Andrew Slade Capital Manager Andrew joined ALE in July 2005 Don Shipway Asset Manager Don joined ALE in September 2010 Michael Clarke Company Secretary & Finance Manager Michael joined ALE in October
28 ALE Property Group Disclaimer This presentation has been prepared by Australian Leisure and Entertainment Property Management Limited (ALEPML) ABN for general information purposes only, without taking into account any potential investors personal objectives, financial situations or needs. Before investing in securities issued by entities managed by ALEPML, you should consider your own objectives, financial situation and needs or you should obtain financial, legal and/or taxation advice. Past performance information provided in this presentation may not be a reliable indication of future performance. Information, including forecast financial information, in this presentation should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities or other instruments of entities managed by ALEPML. Due care and attention has been exercised in the forecasts and any variation may be materially positive or negative. This information contained herein is current as at the date of this presentation. ALE Property Group 28
29 ALE Property Group The Breakfast Creek Hotel, Brisbane, QLD
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