bdo A-REIT SuRvEy 2009

Transcription

1 bdo A-REIT Survey 2009

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3 Introduction Dear Colleagues, BDO Corporate Finance is pleased to present the fifteenth edition of the BDO A-REIT Survey ( the BDO Survey ). The BDO Survey covers the financial year ended 30 June 2009 ( FY09 ) a period in which volatility and concerns continued to permeate the A-REIT Sector ( the Sector ). Nevertheless by the end of the year the first signs of recovery were emerging. The S&P/ASX Property 300 Index ( Property Index ) had fallen 44% from its peak in October 2007 to 1,388 at 30 June This significant decline has continued over the past year with the Property Index reaching a low of 533 on 6 March 2009 (representing a total fall of 79% from the October 2007 high). As at 30 June 2009 the Property Index had recovered to close at 739. The correction in market prices of A-REITs resulted in many entities trading at considerable discounts to their asset backing. As the equity markets recovered and debt markets thawed insolvency and default risks diminished. In response to this the market prices of a number of these entities experienced significant rebounds from their low bases. Key findings of the BDO Survey include: Only 4 of the 58 entities surveyed recorded a positive total return for the year; Over 91% of the entities have recorded a fall in property values over the 12 months; 95% of entities traded at a discount to net tangible assets ( NTA ) and for the first time since the 2002 BDO Survey, entities are now priced on average below their NTA (a median share/unit price discount to NTA of 55%); 8 entities suspended distributions during the period; and Entities with international assets continue to under-perform those which mainly own domestic properties. Following on from positive feedback in relation to our 2008 Survey, (where we accounted for the diversity of the A-REITs by classifying each as either a traditional unit trust or a stapled entity/company), we have again ranked the entities in each classification. We believe that this more appropriately distinguishes the results of those entities that have embarked upon a strategy of earnings diversification through utilising a stapled or corporate structure, from those that remain essentially as passive investors in property. We hope readers find this classification useful. Our in depth knowledge of, and interest in, Australian listed and unlisted property funds has established us as leading independent advisers to the industry and we remain committed to following and analysing the trends in both the A-REIT Sector and the growing global property market. On behalf of our national corporate finance team, we hope you find the BDO Survey to be a valuable tool for benchmarking the performance of the A-REIT Sector in Australia. Best Regards, Sebastian Stevens National Director, Corporate Finance

4 about bdo BDO is a member of BDO International the world s 5th largest accounting and advisory firm with a presence in over 110 countries and more than 1,095 offices worldwide. In Australia we have offices in every state and territory and have over 140 Directors and 1,200 staff. BDO offers a unique blend of services, including corporate, indirect and international taxation, corporate finance and valuations, business consulting, internal audit, specialist IT assurance and forensic services as well as the more traditional audit, accounting and advisory services. North America & Caribbean Western Europe & Mediterranean Eastern & Central Europe Middle East Asia Pacific Latin & South America Sub-Saharan Africa Bahamas British Virgin Islands Canada Caribbean Cayman Islands Jamaica Mexico Netherlands Antilles Trinidad & Tobago USA Argentina Bolivia Brazil Chile Colombia Dominican Republic Ecuador El Salvador Guatemala Panama Paraguay Peru Suriname Uruguay Venezuela Austria Belgium Cape Verde Cyprus Denmark Finland France Germany Gibraltar Greece Guernsey Ireland Isle of Man Israel Italy Jersey Liechtenstein Luxembourg Malta Morocco Netherlands Norway Portugal Spain Sweden Switzerland Turkey Tunisia United Kingdom Bulgaria Czech Republic Estonia Hungary Kazakhstan Latvia Lithuania Poland Romania Russia Serbia Slovakia Slovenia Turkmenistan Ukraine Angola Botswana Comoros Mauritius Madagascar Mozambique Namibia Nigeria Reunion Islands Senegal Seychelles South Africa Zambia Zimbabwe Bahrain Egypt Jordan Kuwait Lebanon Oman Qatar Saudi Arabia UAE Australia China Fiji Hong Kong India Indonesia Japan Korea Malaysia New Zealand Pakistan Philippines Singapore Sri Lanka Taiwan Thailand Vanuatu Vietnam

5 index TOP PERFORMERS Top 3 unit trusts for Top 3 stapled entities/companies for CONTENDERS & CRITERIA The contenders Name changes Scoring summary Survey period 17 3 GENERAL FINDINGS Summary of performance measures & benchmarks Financial criteria Investment criteria Make-up performance of the Australian listed property sector Market performance of A-REIT sector to 30 June Market performance of A-REIT sector year to October Asset values and write-downs Capital raisings Gearing analysis Location of property assets Weighted average investment rates Weight average lease expiry 37 4 FULL RANKINGS 38 5 DETAILED SURVEY RESULTS 42 6 EXPLANATION OF CRITERIA AND RANKING Financial criteria Investment criteria Method of ranking Newcomers Removals & small cap exclusions 66 7 BDO CORPORATE FINANCE PROPERTY EXPERTISE 68 8 DISCLAIMER 74 9 CONTACT US 75

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7 top performers

8 2009 top performers 1.1 Top 3 unit trusts for FY09 These traditional unit trusts typically include stand-alone trusts which provide investors with pure exposure to the underlying real estate portfolio. Management of the properties is generally contracted out to external professional property managers. Historically, these entities have made up the majority of the Sector. Top 3 trusts Ranking Overall Financial Investment ING Real Estate Healthcare CFS Retail Property Trust Bunnings Warehouse Property Trust #1 ING Real Estate Healthcare Year Listed 2006 Trust background: ING Real Estate Healthcare Fund invests in healthcare related properties including hospitals, specialist medical office buildings, medical centres, rehabilitation facilities, residential aged-care, medical related laboratories and other purpose-built healthcare facilities. ING Real Estate Healthcare Fund has an Australian portfolio of seven healthcare assets located in Queensland and Victoria. Performance highlights: Topped the one year return category with a positive return of 8% (the average of all entities for FY09 was negative 50%) Above average three year return of negative 5%(the average of all entities was negative 33%) Above average dividend yield of 12% (the average of all entities was 9%) Relatively small decline in NTA of 15% (the average of all entities was 46%) BDO A-REIT Survey

9 The top 3 unit trusts were in the top 5 entities overall in BDO s Half Year 2009 survey. Their ranking in the current BDO Survey indicates they were able to continue their strong performance in the second half of FY09. #2 CFS Retail Property Trust Year Listed 1994 Trust background: The CFS Retail Property Trust s portfolio comprises interests in regional and sub-regional shopping centres across Australia. At 30 June 2009 the Trust had 24 retail assets and total gross assets of $7.3 billion. Performance highlights: Relatively strong One-year return of negative 5% (the average of all entities was negative 50%) Achieved a positive three year return of 2% (relative to the average of all participants of negative 33%) Relatively small decline in NTA of 13% (the average of all entities was 46%) #3 Bunnings Warehouse Property Trust Year Listed 1998 Trust background: The Bunnings Warehouse Property Trust was established in 1998 with a focus on warehouse retailing properties, in particular, warehouses leased to Bunnings. The Trust s portfolio has grown to a total of 60 properties as at June 2009 (53 established Bunnings warehouses, 1 Bunnings distribution centre, 1 development site for a Bunnings warehouse, 4 office/warehouse industrial properties, and a bulky goods showroom complex) with a total value of approximately $956 million. Performance highlights: Third in the one-year return category with 5% (the average of all entities was negative 50%) Relatively strong three year return of 1% (the average of all entities was negative 33%) Relatively small decline in NTA of 16% (average of all entities was 46%) 2009 BDO A-REIT Survey 9

10 1.2 Top 3 stapled entities/companies for FY09 Stapled securities typically consist of a unit in a property trust and a share in a management or operating company that cannot be traded separately. We also include in this category those entities that operate only as companies. As discussed in previous BDO Surveys, the majority of the growth in the Sector in recent years has been driven by an increase in the number of stapled securities. Top 3 stapled entities/companies Ranking Overall Financial Investment Ardent Leisure Group ALE Property Group Cromwell Group #1 Ardent Leisure Group Year Listed 2003 Company background: Ardent Leisure Group (formerly Macquarie Leisure Group) is owner and operator of leisure assets including Dreamworld, WhiteWater World, d Albora Marinas, AMF and Kingpin Bowling, Goodlife Health Clubs, as well as a growing portfolio of family entertainment assets in the USA through Main Event. Performance highlights: Second in the one-year return category with a positive 8% result (the average of all entities was negative 50%) Seventh in the three-year return category with a negative 9% result (the average of all entities was negative 33%) Strong operating cash yield of 14% (11th overall) versus an average for all entities of 10% Above average dividend yield of 11% (average for all entities was 9%) BDO A-REIT Survey

11 Strong operating cash and dividend yields have supplemented relatively good investment returns to elevate these entities above the pack. #2 ALE Property Group Year Listed (stapling) 1998 Company background: ALE Property Group is Australia s largest listed freehold owner of pubs, owning over 100 pubs across Australia. All of the pubs in the portfolio are leased to the Australian Leisure and Hospitality Group Limited for an average initial term of around a further 20 years. Performance highlights: Sixth in the one-year return category with negative 15% (average of all entities was negative 50%) Second in the three year return category with a positive 4% return (average of all entities was negative 33%) Above average operating cash yield and dividend yield (12% and 13% respectively) No change in NTA (average decline of all entities in NTA of 46%) #3 Cromwell Group Year Listed 2006 Company background: Formed in 2006 following the merger of Cromwell Corporation Limited and several unlisted property trusts, the Cromwell Group is engaged in property investment, property management and property development. Cromwell currently has over $1.7 billion in assets under management and services over 240 tenants throughout Australia. Performance highlights: Seventh of all entities in distribution return with distribution yield of 14% Ninth of all entities in one-year return category with a return of negative 21% (relative to the average of all entities of negative 50%) Eleventh in three-year return category with a negative 13% return (average of all entities was negative 33%) 2009 BDO A-REIT Survey 11

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13 2CONTENDERS & criteria

14 CONTENDERS & criteria 2.1 The contenders The BDO Survey is based on the annual reports of entities within the real estate investment and development sector of Australia as at 30 June Fifty-eight entities (twenty-five unit trusts and thirty-three stapled entities/companies) with combined total assets of $190 billion have been included in the 2009 Edition. This compares to fifty-eight entities with combined total assets of $217 billion included in the 2008 Edition. Each year the eligibility of participants for inclusion in the BDO Survey is reassessed. Entity name Size (1) Sector Abacus Property Group 1,446 Multi sector ALE Property Group 921 Hotels, pubs and entertainment precincts APN UKA European Retail Trust 1,112 Retail shopping centres Ardent Leisure Group 745 Hotels, pubs and entertainment precincts Aspen Group 621 Multi sector Astro Japan Property Trust 1,820 Multi sector Australand Property Group 3,662 Development Australian Education Trust 462 Office buildings AV Jennings Limited 480 Development Becton Property Group Limited 546 Development Bunnings Warehouse Property Trust 1,000 Retail shopping centres Carindale Property Trust 451 Retail shopping centres Cedar Woods Properties Limited 163 Development Centro Properties Group 18,235 Retail shopping centres Centro Retail Trust 2,925 Retail shopping centres CFS Retail Property Trust 7,322 Retail shopping centres Challenger Diversified Property Group 850 Multi sector Challenger Kenedix Japan Trust 841 Retail shopping centres Challenger Wine Trust 266 Industrial estate Charter Hall Group 524 Multi sector Commonwealth Property Office Fund 3,157 Office buildings Cromwell Group 1,309 Multi sector Devine Limited 673 Development Dexus Property Group 8,351 Multi sector FKP Property Group 3,773 Development Galileo Japan Trust 1,051 Multi sector GEO Property Group 393 Office buildings BDO A-REIT Survey

15 Of the fifty-eight entities participating in the BDO Survey, 43% are traditional unit trusts, with the remaining entities either having stapled or corporate structures. Entity name Size (1) Sector Goodman Limited 8,583 Industrial estate GPT Group 9,660 Multi sector Growthpoint Properties Australia Trust 672 Development Hedley Leisure & Gaming Property Fund 962 Hotels, pubs and entertainment precincts ING Industrial Fund 3,629 Industrial estate ING Office Fund 2,969 Office buildings ING Real Estate Community Living Group 632 Office buildings ING Real Estate Entertainment Fund 413 Hotels, pubs and entertainment precincts ING Real Estate Healthcare Fund 208 Office buildings Lend Lease Corporation 8,319 Development Macquarie CountryWide Trust 2,126 Retail shopping centres Macquarie DDR Trust 1,898 Retail shopping centres Macquarie Office Trust 4,434 Office buildings Mirvac Group 7,374 Multi sector Mirvac Industrial Trust 565 Industrial estates Mirvac Real Estate Investment Trust 1,021 Multi sector Multiplex European Property Fund 510 Retail shopping centres Peet Limited 648 Development Prime Retirement & Aged Care Property Trust 1,384 Office buildings Rabinov Property Trust 252 Multi sector Real Estate Capital Partners USA Property Trust 363 Multi sector RNY Property Trust 186 Office buildings Stockland Corporation 14,461 Multi sector Sunland Group Limited 897 Development Thakral Holdings Group 1,205 Retail shopping centres Tishman Speyer Office Fund 1,249 Office buildings Trafalgar Corporate Group 302 Office buildings Trinity Group 330 Multi sector Valad Property Group 1,268 Multi sector Westfield Group 49,322 Retail shopping centres Westpac Office Trust 1,202 Office buildings Note 1: Total assets as at 30 June 2009 ($ Millions) 2009 BDO A-REIT Survey 15

16 2.2 Name changes The following entities have changed names since the 2008 BDO Survey. Old name New name Date of change Babcock and Brown Japan Property Trust Astro Japan Property Trust 28 July 2008 Orchard Industrial Property Fund Growthpoint Properties Australia 19 August 2009 Macquarie Leisure Trust Ardent Leisure Trust 28 August 2009 Australian Commercial Property Trust Rabinov Property Trust 27 April Scoring summary Explanation of the criteria used in this survey together with the and methods of weighting and ranking is included at Section 6. A summary of the scoring for the 2009 BDO Survey is as follows. Total overall score of survey Weighted score 2009 % Financial criteria Investment criteria Total overall BDO A-REIT Survey

17 $14 billion The total assets of the thirty-three participants in the inaugural 1995 BDO A-REIT Survey. This has grown to the fifty-eight entities with total assets of $190 billion in the 2009 BDO Survey. 2.4 Survey period The BDO Survey only takes into account information disclosed in each entity s annual report for the year ended 30 June For those entities with 31 December year ends, half year reports to 30 June 2008 and 2009 have been used together with the annual report to 31 December 2008 to create comparable results for the year ended 30 June This is the fifteenth edition of the BDO A-REIT Survey which has tracked changing dynamics of the listed Australian property industry BDO A-REIT Survey 17

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19 3general findings

20 general findings 3.1 Summary of performance measures and benchmarks Financial criteria High Low Average Cash yield on weighted average net assets 46% (3)% 10% Distribution return on investment 26% 0% 9% Tax advantaged distributions 100% 0% 33% Movement in NTA 6% (423)% 1 (46)% Premium/(Discount) to NTA 53% (84)% (46)% Investment criteria High Low Average Total rate of return on investment (one year) 8% (90)% (50)% Total rate of return on investment (three year) 5% (75)% (33)% Volume of trading on ASX (liquidity) 335% 0% 86% Benchmarks Average all participants Gearing ratio 46% Weighted average interest rate on borrowings 5% Average property valuation movement (on gross assets) (16)% Average lease term to expiry (years) 7 1 Centro Properties Group s NTA per share fell from positive $0.69 at 30 June 2008 to negative $2.23 at 30 June BDO A-REIT Survey

21 3.2 Financial criteria Financial criteria Median 2009 Median 2008 Operating cash yield 7.6% 6.9% Distribution return on investment 8.6% 7.1% Tax advantaged distributions 20% 47% Movement in NTA (40)% (4)% Premium to NTA (54)% 0% Not surprisingly, 2009 presented some interesting results in the financial criteria: We noted last year that it was the first time in the history of the BDO Survey the median NTA had fallen (median NTA fell by 4% during FY08). Further declines in property values and write-downs of other assets during FY09 have caused a significant reduction in NTA of 40%. As with last year, declines in property values have a compound effect on NTA, due to the effect of gearing. The median operating cash yield and distribution return on investment have increased slightly during FY09. This has been caused by reductions in the denominators of those criteria (average unitholder funds and average share price respectively). We note that eight entities (14% of participants) have not paid a distribution during FY09 (compared with one from the previous year). Entities are choosing not to distribute profits in order to improve gearing ratios and otherwise stabilise their operations BDO A-REIT Survey 21

22 3.3 Investment criteria Investment criteria Median 2009 Median Year return (55)% (47)% 3 Year return (31)% (1)% Liquidity 76% 55% With a median Sector return of negative 55% (compared with 47% for the previous year) it is not surprising that the investment returns for Sector entities experienced during the year were poor. Only four entities (ING Real Estate Health Care, Bunnings Warehouse Property Trust, Carindale Property Trust and Ardent Leisure Group) achieved positive returns. 10 entities returned greater than negative 80% during the year. There has been a significant decline in three year return for FY09, as the effect of two years of poor performance now constitute a more significant portion of the three year timeframe. The median three year return has fallen from negative 1% to negative 31%. Liquidity has improved during FY09, however considering the significant one year negative return this indicates the volume has been driven by sellers. Liquidity may also have increased during the period as a result of significant capital raisings undertaken during FY09 (please refer to Section 3.8) BDO A-REIT Survey

23 The most represented sector in terms of number of entities is the diversified sector. The retail sector has the highest total assets. 3.4 Make-up of the Australian listed property sector We have included a summary of the make up of the Australian listed property sector to provide readers with an understanding of what and who are the key sectors and players. In the first graph is the number of entities in each category covered in our survey and their respective gross assets. The dominant sector is retail shopping centres, driven by the scale of Westfield Group as displayed in the graph of entities constituting the Property Index. The diversified (or multi sector ) sector has the highest number of participants (16) and the next largest total assets to the retail sector. Make-up of the Australian listed property sector Number of entities Total assets ($ billions) Retail shopping centres Industrial estates Hotels, pubs & entertainment precincts Office buildings Multi sector Development - Total assets Number of entities 2009 BDO A-REIT Survey 23

24 Westfield Group (the largest real estate investment trust in the world) represented nearly 45% of the Property Index as at 30 June 2009, the next largest entity was Stockland Group representing 14%. The top 6 entities comprising the Property Index constitute 84%, of the Property Index. Make-up of the Property Index by entity 50% 45% 40% Percentage of Property Index 35% 30% 25% 20% 15% 10% 5% 0% Westfield group Stockland Trust group GPT Group Dexus Property group CFS Retail property trust Mirvac Group Other BDO A-REIT Survey

25 45% The amount of the Property Index represented by Westfield Group at 30 June Market performance of A-REIT sector to 30 June 2009 The five year period from 1 July 2004 to 30 June 2009 has seen the returns of the Property Index underperform relative to the All Ordinaries. In the chart below comparing the Property Index performance versus the All Ordinaries performance, we have also included the returns of Westfield Group. As discussed previously Westfield Group comprises a significant portion (45%) of the Property Index. Westfield Group has outperformed relative to the Property Index for the five year period ended 30 June 2009 with a 26% decline. The sector as a whole (inclusive of Westfield Group) has ended the five year period 55% lower. The implication therefore is that the Property Index return would have been significantly less if it was not for the performance of the Westfield Group. All Ordinaries vs Property Index 1 July 2004 to 30 June All Ordinaries Property Index Westfield Group Indexed 2009 BDO A-REIT Survey 25

26 The one year performance to 30 June 2009 relative to the All Ordinaries is graphed below. As mentioned in the 2008 Survey, whereas the Property Index was has historically been a defensive sector in difficult times, property related enterprises have been punished far more than the broader market. Again, Westfield Group has outperformed the Property Index and for the first half of FY09 also outperformed the All Ordinaries. We have outlined below some key reasons why Westfield Group has performed so resiliently. Westfield Group: is highly geographically diversified, the strong performance of the Australian retail sector has offset the declining fundamentals in the UK and USA regions; has strong bargaining power due to its scale which facilitates favourable terms with tenants leading to relatively more stable cash flows; has gearing (35%) below the market average (46%); and has a lease expiry (10 years) well above the market average (6-8 years). All Ordinaries vs Property Index 1 July 2008 to 30 June Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008 Jan 2009 Feb 2009 Mar 2009 Apr 2009 May 2009 Jun 2009 All Ordinaries Property Index Westfield Group Indexed BDO A-REIT Survey

27 32% The appreciation of the Property Index over the period from 1 July 2009 to 22 October Market performance of A-REIT sector year to October 2009 Both the All Ordinaries and the Property Index have rallied since 30 June At the time of writing the BDO Survey the Property Index had outperformed the All Ordinaries over the four months to 22 October 2009, increasing by 32% relative to the 24% increase in the All Ordinaries. The Property Index has recovered partly as a result of the significant capital raisings undertaken during FY09 and generally improving economic confidence, particularly in Australia. The capital raisings have somewhat de-risked many Property Index members relative to their position prior to the capital raisings due to lower gearing levels and resolving covenant breaches. All Ordinaries vs Property Index July 2009 to October Jul 2009 Aug 2009 Sep 2009 Oct 2009 All Ordinaries Property Index 2009 BDO A-REIT Survey 27

28 3.7 Asset values and write downs Over 90% of the entities covered in the BDO Survey have seen their property valuations fall over the year. This has led to a decline in value of the gross property assets of the Sector as a whole of 9% since 30 June Gross property assets including by region for the five years to 30 June Gross property assets ($ billion) FY05 FY06 FY07 FY08 FY09 Australia US Europe Asia NZ BDO A-REIT Survey

29 40% The number of entities reporting write downs of greater than 20% for FY09. The ranges in size of percentage write-downs of property values are expressed below. Approximately 40% of entities reported a write-down in property value of greater than 20%. The largest write-down as a percentage of property values was Macquarie DDR Trust (44%) whereas only four entities, (all developers), recorded no write-down (AV Jennings Limited, Becton Property Group, Devine Limited and Lend Lease Corporation). Property write-downs ranges (by percentage of property value written down) Number of entities (10)% (10) - (20)% (20) - (30)% (30) - (40)% (40) - (50)% Over 90% of entities covered in the BDO Survey have reported a fall in property value during FY09. As discussed further at Section 3.8 significant capital raisings have been undertaken to dilute the effects of these devaluations BDO A-REIT Survey 29

30 We have provided the average percentage size of the write-downs by sector. The average percentage write-down was approximately 16% and most sectors were around this level except for development (10%) and industrial estates (28%). The large decline in Industrial Estates was a product of large write-downs by Mirvac Industrial Estate 43%, Challenger Wine Trust 30% and the ING Industrial Fund 25%. We note there are only four entities in the Industrial Estates sector. Average percentage property write-down by sector 30% 25% 20% 15% 10% 5% 0% Overall average Retail shopping centres Industrial estates Hotels, pubs & entertainment precincts Office buildings Multi sector Development BDO A-REIT Survey

31 $15.6 billion Capital raised by entities who increased contributed equity by greater than 10% during FY09. The proceeds have been used to offset the effects of property value write-downs and stabilise gearing levels. 3.8 Capital raisings FY09 has been characterised by a significant number of capital raisings. We have collated data based on those entities who increased their contributed equity by greater than 10% during FY09 and present the findings below. The total amount of capital raised during FY09 by those entities was $15.6 billion. The funds were used by the entities primarily to reduce debt and gearing ratios (which had been affected by property devaluations and falls in the value of other assets) and otherwise strengthen their financial positions. Capital raisings by entity 3,500 3,000 2,500 ($) billion 2,000 1,500 1, GPT Group Westfield Group Stockland Corporation Mirvac Group Dexus Property Group Goodman Limited Other 2009 BDO A-REIT Survey 31

32 3.9 Gearing analysis Gearing (defined as total borrowings divided by total assets) has continued to increase during FY09 with the average gearing of survey participants increasing to 46% from the FY08 level of 44%. The increase has been caused by significant property devaluations and write-downs in the value of other assets, as opposed to increased borrowing by survey participants. Had it not been for the capital raisings discussed at Section 3.8 gearing would have increased further. Survey participants average gearing history 50% 45% 40% 35% 30% 25% 20% 15% With the exception of 2007 gearing has increased every year since 1998, when it was less than 20% BDO A-REIT Survey

33 2% Increase in simple average gearing of survey participants compared with previous year. We have also analysed average gearing by sector. Average gearing increased in the more traditional property trust sectors, including retail, industrial estates and commercial. These were the sectors that experienced the largest write downs in property asset values. The Multi sector entities experienced a slight increase in gearing whereas the developers have seen a marked reduction from c43% to c36%. Notable decreases in gearing in this sector include AV Jennings Limited (from 46% to 21%), Cedar Woods Properties Limited (from 96% to 51%), FKP Property Group (from 40% to 28%) and Sunland Group Limited (from 8% to 5%). These developers reduced debt levels throughout the year (an average of 33% reduction) in order to achieve the lower gearing reflected below. Average gearing by sector with prior year comparison 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Overall Retail shopping centres Industrial estates Hotels, Pubs & Entertainment precincts Office buildings Mul sector 30-Jun-08 Development 30-Jun BDO A-REIT Survey 33

34 3.10 Location of property assets A majority of property assets owned by the BDO Survey participants are located in Australia (63%). The next largest geographical concentration is the USA, with approximately 27% of entities owning some property assets there. Six entities continue to own property assets in the USA totalling greater than $1bn, these are Centro Properties Group, Dexus Property Group, Macquarie DDR Trust, Macquarie Office Trust, Tishman Speyer Office Trust and Westfield Group. Location of property assets Australia (63%) US (27%) Europe (7%) Asia (2%) NZ (1%) BDO A-REIT Survey

35 63% Percentage of property assets located in Australia We have also included the breakdown of the international property assets and the total value of international assets over the five years to 30 June There was a decline in the value of the international assets during FY09, driven mainly by a decline in USA property assets. Location and value of international assets for the five years to 30 June FY05 FY06 FY07 FY08 FY09 US Europe Asia NZ 2009 BDO A-REIT Survey 35

36 3.11 Weighted average interest rates The weighted average interest rate on borrowings ( WAIR ) reflects a number of factors including the lender s assessment of the borrower s risk and of the quality and location of assets securing the borrowings, and the borrower s gearing and interest coverage. Overall during FY09 the average WAIR fell from 6.49% to 5.37%, a result of a reduction in the Reserve Bank of Australia s cash rate target over that approximate period from 7.25% at the beginning of FY09 to 3.00% at the end of FY09. This would indicate that as a result of hedging and fixed interest borrowings, interest rates are not as sensitive to movements in cash rates. The Development sector again recorded the highest weighted average interest rate of 6% (nearly a percentage lower than the previous year WAIR of 7%). Consistent with previous years the retail and hotels, pubs and entertainment precincts are the sectors that recorded the lowest results. Weighted average interest rate by sector with prior year comparison 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Overall Retail shopping centres Industrial estates Hotels, Pubs & Entertainment precincts Office buildings Multi sector 30-Jun-08 Development 30-Jun BDO A-REIT Survey

37 6.8 years The average weighted average lease expiry of all participants Weighted average lease expiry The weighted average term to expiry for leases ( WALE ) is a measure of the security and stability of future tenure and income, however, a shorter term to expiry in some situations may be viewed as a positive as it allows for earlier rental re-negotiations to take advantage of any market movements. Hotels, pubs and entertainment precincts again had the highest average lease expiry of 16 years, a result of Ale Property Group (19 years), Hedley Leisure and Gaming Property Fund (16 years) and the ING Real Estate Entertainment Fund (12 years) having above average WALEs. The sector with the shortest WALE is industrial estates at 4 years, a reduction from the 7 years for FY08. Weighted average lease expiry by sector with prior year comparison Overall Retail shopping centres Industrial estates Hotels, Pubs & Entertainment precincts Office buildings Multi sector Development 30-Jun Jun BDO A-REIT Survey 37

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39 4full rankings

40 full rankings Entity Current year rank Prior year rank ING Real Estate Healthcare Fund 1 N/A Ardent Leisure Group 2 46 ALE Property Group 3 7 Cromwell Group 4 3 CFS Retail Property Trust 5 9 Bunnings Warehouse Property Trust 6 31 Westfield Group 7 8 Lend Lease Corporation 8 14 Carindale Property Trust 9 30 Westpac Office Trust Macquarie CountryWide Trust GEO Property Group Stockland Corporation Cedar Woods Properties Limited Challenger Diversified Property Group Real Estate Capital Partners USA Property Trust Commonwealth Property Office Fund Devine Limited 18 1 Challenger Wine Trust 19 2 Astro Japan Property Trust Dexus Property Group ING Office Fund Australand Property Group 23 4 Charter Hall Group Peet Limited 25 N/A Sunland Group Limited Mirvac Industrial Trust Australian Education Trust RNY Property Trust BDO A-REIT Survey

41 Four entities that ranked 30th or below last year have made the top ten this year - a great achievement. Entity Current year rank Prior year rank Abacus Property Group Challenger Kenedix Japan Trust Multiplex European Property Fund Trafalgar Corporate Group Rabinov Property Trust 34 6 AV Jennings Limited Goodman Limited Aspen Group Growthpoint Properties Australia GPT Group Hedley Leisure & Gaming Property Fund Mirvac Group Macquarie Office Trust ING Real Estate Community Living Group Mirvac Real Estate Investment Trust Thakral Holdings Group ING Real Estate Entertainment Fund Centro Properties Group ING Industrial Fund Becton Property Group Limited 49 5 Macquarie DDR Trust Galileo Japan Trust Prime Retirement & Aged Care Property Trust Centro Retail Trust Valad Property Group Tishman Speyer Office Fund FKP Property Group APN UKA European Retail Trust Trinity Group BDO A-REIT Survey 41

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43 5detailed survey results

44 OPERATING CASH YIELD Entity name Operating cash yield Rank Entity name Operating cash yield Abacus Property Group 7% 32 Growthpoint Properties Australia Trust 8% 25 ALE Property Group 12% 13 Hedley Leisure & Gaming Property Fund 8% 28 APN UKA European Retail Trust 8% 26 ING Industrial Fund 5% 44 Ardent Leisure Group 14% 11 ING Office Fund 4% 50 Aspen Group 4% 46 ING Real Estate Community Living Group 12% 14 Astro Japan Property Trust 8% 29 ING Real Estate Entertainment Fund 9% 21 Australand Property Group 10% 18 ING Real Estate Healthcare Fund 9% 20 Australian Education Trust 7% 33 Lend Lease Corporation 14% 10 AV Jennings Limited 26% 6 Macquarie CountryWide Trust 11% 15 Becton Property Group Limited 33% 3 Macquarie DDR Trust 5% 42 Bunnings Warehouse Property Trust 7% 37 Macquarie Office Trust 7% 30 Carindale Property Trust 5% 41 Mirvac Group 1% 55 Cedar Woods Properties Limited 37% 2 Mirvac Industrial Trust 6% 38 Centro Properties Group 25% 7 Mirvac Real Estate Investment Trust 4% 49 Centro Retail Trust 3% 53 Multiplex European Property Fund 15% 9 CFS Retail Property Trust 5% 43 Peet Limited 3% 52 Challenger Diversified Property Group 9% 22 Prime Retirement & Aged Care Property Trust 4% 47 Challenger Kenedix Japan Trust 10% 16 Rabinov Property Trust 5% 45 Challenger Wine Trust 8% 24 Real Estate Capital Partners USA Property Trust 14% 12 Charter Hall Group 8% 23 RNY Property Trust 5% 40 Commonwealth Property Office Fund 7% 34 Stockland Corporation 8% 27 Cromwell Group 9% 19 Sunland Group Limited 27% 5 Devine Limited 27% 4 Thakral Holdings Group 3% 51 Dexus Property Group 7% 35 Tishman Speyer Office Fund -1% 57 FKP Property Group 2% 54 Trafalgar Corporate Group 10% 17 Galileo Japan Trust 18% 8 Trinity Group -3% 58 GEO Property Group 46% 1 Valad Property Group -1% 56 Goodman Limited 7% 31 Westfield Group 7% 36 GPT Group 4% 48 Westpac Office Trust 6% 39 Rank BDO A-REIT Survey

45 10% Average operating cash yield of all participants GEO Property Group Cedar Woods Properties Limited Becton Property Group Limited Devine Limited Sunland Group Limited AV Jennings Limited Centro Properties Group Galileo Japan Trust Multiplex European Property Fund Lend Lease Corporation Ardent Leisure Group Real Estate Capital Partners USA Property Trust ALE Property Group ING Real Estate Community Living Group Macquarie CountryWide Trust Challenger Kenedix Japan Trust Trafalgar Corporate Group Australand Property Group Cromwell Group ING Real Estate Healthcare Fund ING Real Estate Entertainment Fund Challenger Diversified Property Group Charter Hall Group Challenger Wine Trust Growthpoint Properties Australia APN UKA European Retail Trust Stockland Corporation Hedley Leisure & Gaming Property Fund Astro Japan Property Trust Macquarie Office Trust Goodman Limited Abacus Property Group Australian Education Trust Commonwealth Property Office Fund Dexus Property Group Westfield Group Bunnings Warehouse Property Trust Mirvac Industrial Trust Westpac Office Trust RNY Property Trust Carindale Property Trust Macquarie DDR Trust CFS Retail Property Trust ING Industrial Fund Rabinov Property Trust Aspen Group Prime Retirement & Aged Care Property Trust GPT Group Mirvac Real Estate Investment Trust ING Office Fund Thakral Holdings Group Peet Limited Centro Retail Trust FKP Property Group Mirvac Group Valad Property Group Tishman Speyer Office Fund Trinity Group -5.00% 5.00% 15.00% 25.00% 35.00% 45.00% Units Stapled Entities/Companies 2009 BDO A-REIT Survey 45

46 DISTRIBUTION RETURN ON INVESTMENT Entity name Distribution return on investment Rank Entity name Distribution return on investment Abacus Property Group 14% 8 Growthpoint Properties Australia Trust 14% 10 ALE Property Group 13% 15 Hedley Leisure & Gaming Property Fund 10% 22 APN UKA European Retail Trust 0% 58 ING Industrial Fund 9% 30 Ardent Leisure Group 11% 20 ING Office Fund 12% 19 Aspen Group 14% 11 ING Real Estate Community Living Group 10% 23 Astro Japan Property Trust 20% 2 ING Real Estate Entertainment Fund 8% 33 Australand Property Group 14% 12 ING Real Estate Healthcare Fund 12% 16 Australian Education Trust 12% 18 Lend Lease Corporation 5% 41 AV Jennings Limited 0% 57 Macquarie CountryWide Trust 14% 9 Becton Property Group Limited 0% 56 Macquarie DDR Trust 0% 54 Bunnings Warehouse Property Trust 7% 39 Macquarie Office Trust 9% 27 Carindale Property Trust 8% 35 Mirvac Group 5% 42 Cedar Woods Properties Limited 5% 44 Mirvac Industrial Trust 18% 4 Centro Properties Group 0% 55 Mirvac Real Estate Investment Trust 8% 31 Centro Retail Trust 3% 47 Multiplex European Property Fund 19% 3 CFS Retail Property Trust 7% 38 Peet Limited 4% 46 Challenger Diversified Property Group 13% 13 Prime Retirement & Aged Care Property Trust 4% 45 Challenger Kenedix Japan Trust 12% 17 Rabinov Property Trust 5% 40 Challenger Wine Trust 18% 5 Real Estate Capital Partners USA Property Trust 26% 1 Charter Hall Group 10% 24 RNY Property Trust 17% 6 Commonwealth Property Office Fund 8% 32 Stockland Corporation 9% 29 Cromwell Group 14% 7 Sunland Group Limited 9% 28 Devine Limited 5% 43 Thakral Holdings Group 2% 48 Dexus Property Group 7% 37 Tishman Speyer Office Fund 0% 53 FKP Property Group 2% 49 Trafalgar Corporate Group 9% 25 Galileo Japan Trust 0% 50 Trinity Group 0% 52 GEO Property Group 13% 14 Valad Property Group 0% 51 Goodman Limited 8% 34 Westfield Group 8% 36 GPT Group 9% 26 Westpac Office Trust 11% 21 Rank BDO A-REIT Survey

47 9% Average distribution return on investment of all participants Real Estate Capital Partners USA Astro Japan Property Trust Multiplex European Property Fund Mirvac Industrial Trust Challenger Wine Trust RNY Property Trust Cromwell Group Abacus Property Group Macquarie CountryWide Trust Growthpoint Properties Australia Aspen Group Australand Property Group Challenger Diversified Property GEO Property Group ALE Property Group ING Real Estate Healthcare Fund Challenger Kenedix Japan Trust Australian Education Trust ING Office Fund Ardent Leisure Group Westpac Office Trust Hedley Leisure & Gaming ING Real Estate Community Charter Hall Group Trafalgar Corporate Group GPT Group Macquarie Office Trust Sunland Group Limited Stockland Corporation ING Industrial Fund Mirvac Real Estate Investment Commonwealth Property Office ING Real Estate Entertainment Goodman Limited Carindale Property Trust Westfield Group Dexus Property Group CFS Retail Property Trust Bunnings Warehouse Property Rabinov Property Trust Lend Lease Corporation Mirvac Group Devine Limited Cedar Woods Properties Limited Prime Retirement & Aged Care Peet Limited Centro Retail Trust Thakral Holdings Group FKP Property Group Galileo Japan Trust Valad Property Group Trinity Group Tishman Speyer Office Fund Macquarie DDR Trust Centro Properties Group Becton Property Group Limited AV Jennings Limited APN UKA European Retail Trust 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% Units Stapled Entities/Companies 2009 BDO A-REIT Survey 47

48 TAX ADVANTAGED DISTRIBUTION Entity name Tax advantaged distribution Rank Entity name Tax advantaged distribution Abacus Property Group 20% 30 Growthpoint Properties Australia Trust 0% 46 ALE Property Group 82% 13 Hedley Leisure & Gaming Property Fund 100% 2 APN UKA European Retail Trust 0% 58 ING Industrial Fund 27% 26 Ardent Leisure Group 43% 21 ING Office Fund 83% 11 Aspen Group 0% 57 ING Real Estate Community Living Group 100% 3 Astro Japan Property Trust 0% 56 ING Real Estate Entertainment Fund 44% 19 Australand Property Group 47% 17 ING Real Estate Healthcare Fund 100% 4 Australian Education Trust 100% 1 Lend Lease Corporation 0% 45 AV Jennings Limited 0% 55 Macquarie CountryWide Trust 15% 32 Becton Property Group Limited 0% 54 Macquarie DDR Trust 0% 44 Bunnings Warehouse Property Trust 28% 25 Macquarie Office Trust 1% 35 Carindale Property Trust 24% 27 Mirvac Group 1% 36 Cedar Woods Properties Limited 0% 53 Mirvac Industrial Trust 100% 5 Centro Properties Group 0% 52 Mirvac Real Estate Investment Trust 0% 43 Centro Retail Trust 0% 51 Multiplex European Property Fund 47% 16 CFS Retail Property Trust 53% 15 Peet Limited 0% 42 Challenger Diversified Property Group 43% 20 Prime Retirement & Aged Care Property Trust 20% 29 Challenger Kenedix Japan Trust 16% 31 Rabinov Property Trust 100% 6 Challenger Wine Trust 12% 33 Real Estate Capital Partners USA Property Trust 0% 41 Charter Hall Group 37% 22 RNY Property Trust 100% 7 Commonwealth Property Office Fund 7% 34 Stockland Corporation 24% 28 Cromwell Group 82% 12 Sunland Group Limited 0% 40 Devine Limited 0% 50 Thakral Holdings Group 94% 10 Dexus Property Group 34% 23 Tishman Speyer Office Fund 0% 39 FKP Property Group 0% 49 Trafalgar Corporate Group 100% 8 Galileo Japan Trust 0% 48 Trinity Group 0% 38 GEO Property Group 0% 47 Valad Property Group 0% 37 Goodman Limited 30% 24 Westfield Group 60% 14 GPT Group 45% 18 Westpac Office Trust 100% 9 Rank BDO A-REIT Survey

49 33% Average tax advantaged distribution of all participants Australian Education Trust Hedley Leisure & Gaming ING Real Estate Community ING Real Estate Healthcare Fund Mirvac Industrial Trust Rabinov Property Trust RNY Property Trust Trafalgar Corporate Group Westpac Office Trust Thakral Holdings Group ING Office Fund Cromwell Group ALE Property Group Westfield Group CFS Retail Property Trust Multiplex European Property Fund Australand Property Group GPT Group ING Real Estate Entertainment Challenger Diversified Property Ardent Leisure Group Charter Hall Group Dexus Property Group Goodman Limited Bunnings Warehouse Property ING Industrial Fund Carindale Property Trust Stockland Corporation Prime Retirement & Aged Care Abacus Property Group Challenger Kenedix Japan Trust Macquarie CountryWide Trust Challenger Wine Trust Commonwealth Property Office Macquarie Office Trust Mirvac Group Valad Property Group Trinity Group Tishman Speyer Office Fund Sunland Group Limited Real Estate Capital Partners USA Peet Limited Mirvac Real Estate Investment Macquarie DDR Trust Lend Lease Corporation Growthpoint Properties Australia GEO Property Group Galileo Japan Trust FKP Property Group Devine Limited Centro Retail Trust Centro Properties Group Cedar Woods Properties Limited Becton Property Group Limited AV Jennings Limited Astro Japan Property Trust Aspen Group APN UKA European Retail Trust 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% % Units Stapled Entities/Companies 2009 BDO A-REIT Survey 49

50 MOVEMENT IN NTA Entity name Movement in NTA Rank Entity name Movement in NTA Abacus Property Group -55% 41 Growthpoint Properties Australia Trust -65% 48 ALE Property Group 0% 3 Hedley Leisure & Gaming Property Fund -62% 46 APN UKA European Retail Trust -59% 45 ING Industrial Fund -54% 39 Ardent Leisure Group -27% 17 ING Office Fund -45% 35 Aspen Group -52% 38 ING Real Estate Community Living Group -57% 44 Astro Japan Property Trust -33% 22 ING Real Estate Entertainment Fund -32% 20 Australand Property Group -45% 34 ING Real Estate Healthcare Fund -15% 10 Australian Education Trust -16% 12 Lend Lease Corporation -25% 16 AV Jennings Limited -8% 6 Macquarie CountryWide Trust -57% 43 Becton Property Group Limited -86% 57 Macquarie DDR Trust -64% 47 Bunnings Warehouse Property Trust -16% 11 Macquarie Office Trust -68% 51 Carindale Property Trust -2% 4 Mirvac Group -54% 40 Cedar Woods Properties Limited 5% 2 Mirvac Industrial Trust -66% 49 Centro Properties Group -423% 58 Mirvac Real Estate Investment Trust -34% 24 Centro Retail Trust -76% 55 Multiplex European Property Fund -68% 52 CFS Retail Property Trust -13% 9 Peet Limited -11% 7 Challenger Diversified Property Group -13% 8 Prime Retirement & Aged Care Property Trust -49% 36 Challenger Kenedix Japan Trust 6% 1 Rabinov Property Trust -32% 21 Challenger Wine Trust -39% 28 Real Estate Capital Partners USA Property Trust -34% 25 Charter Hall Group -40% 31 RNY Property Trust -21% 13 Commonwealth Property Office Fund -29% 19 Stockland Corporation -34% 26 Cromwell Group -25% 15 Sunland Group Limited -29% 18 Devine Limited -3% 5 Thakral Holdings Group -40% 29 Dexus Property Group -43% 33 Tishman Speyer Office Fund -70% 53 FKP Property Group -38% 27 Trafalgar Corporate Group -33% 23 Galileo Japan Trust -42% 32 Trinity Group -67% 50 GEO Property Group -40% 30 Valad Property Group -75% 54 Goodman Limited -57% 42 Westfield Group -22% 14 GPT Group -81% 56 Westpac Office Trust -52% 37 Rank BDO A-REIT Survey

51 46% Average decline in NTA of all survey participants over FY09 Challenger Kenedix Japan Trust Cedar Woods Properties Limited ALE Property Group Carindale Property Trust Devine Limited AV Jennings Limited Peet Limited Challenger Diversified Property Group CFS Retail Property Trust ING Real Estate Healthcare Fund Bunnings Warehouse Property Trust Australian Education Trust RNY Property Trust Westfield Group Cromwell Group Lend Lease Corporation Ardent Leisure Group Sunland Group Limited Commonwealth Property Office Fund ING Real Estate Entertainment Fund Rabinov Property Trust Astro Japan Property Trust Trafalgar Corporate Group Mirvac Real Estate Investment Trust Real Estate Capital Partners USA Property Trust Stockland Corporation FKP Property Group Challenger Wine Trust Thakral Holdings Group GEO Property Group Charter Hall Group Galileo Japan Trust Dexus Property Group Australand Property Group ING Office Fund Prime Retirement & Aged Care Property Trust Westpac Office Trust Aspen Group ING Industrial Fund Mirvac Group Abacus Property Group Goodman Limited Macquarie CountryWide Trust ING Real Estate Community Living Group APN UKA European Retail Trust Hedley Leisure & Gaming Property Fund Macquarie DDR Trust Growthpoint Properties Australia Mirvac Industrial Trust Trinity Group Macquarie Office Trust Multiplex European Property Fund Tishman Speyer Office Fund Valad Property Group Centro Retail Trust GPT Group Becton Property Group Limited Centro Properties Group % % % % % % % % % 0.00% 50.00% Units Stapled Entities/Companies 2009 BDO A-REIT Survey 51

52 PREMIUM/(DISCOUNT) TO NTA Trust name Premium/ (Discount) to NTA Rank Trust name Premium/ (Discount) to NTA Abacus Property Group -46% 25 Growthpoint Properties Australia Trust -65% 42 ALE Property Group -23% 13 Hedley Leisure & Gaming Property Fund -74% 50 APN UKA European Retail Trust -80% 55 ING Industrial Fund -60% 33 Ardent Leisure Group -8% 5 ING Office Fund -40% 20 Aspen Group -38% 19 ING Real Estate Community Living Group -77% 52 Astro Japan Property Trust -61% 36 ING Real Estate Entertainment Fund -64% 41 Australand Property Group -66% 43 ING Real Estate Healthcare Fund -41% 21 Australian Education Trust -77% 51 Lend Lease Corporation 53% 1 AV Jennings Limited -62% 39 Macquarie CountryWide Trust -61% 38 Becton Property Group Limited -61% 37 Macquarie DDR Trust -79% 54 Bunnings Warehouse Property Trust -12% 6 Macquarie Office Trust -57% 32 Carindale Property Trust -37% 18 Mirvac Group -42% 22 Cedar Woods Properties Limited -4% 4 Mirvac Industrial Trust -70% 47 Centro Properties Group 0% 58 Mirvac Real Estate Investment Trust -63% 40 Centro Retail Trust -84% 57 Multiplex European Property Fund -52% 28 CFS Retail Property Trust -14% 9 Peet Limited 21% 2 Challenger Diversified Property Group -47% 26 Prime Retirement & Aged Care Property Trust -67% 44 Challenger Kenedix Japan Trust -74% 49 Rabinov Property Trust -36% 16 Challenger Wine Trust -36% 17 Real Estate Capital Partners USA Property Trust -60% 34 Charter Hall Group -47% 27 RNY Property Trust -83% 56 Commonwealth Property Office Fund -22% 12 Stockland Corporation -13% 8 Cromwell Group -29% 14 Sunland Group Limited -20% 10 Devine Limited -21% 11 Thakral Holdings Group -55% 29 Dexus Property Group -29% 15 Tishman Speyer Office Fund -61% 35 FKP Property Group -57% 31 Trafalgar Corporate Group -71% 48 Galileo Japan Trust -79% 53 Trinity Group -46% 24 GEO Property Group -67% 45 Valad Property Group -70% 46 Goodman Limited -13% 7 Westfield Group 6% 3 GPT Group -55% 30 Westpac Office Trust -42% 23 Rank BDO A-REIT Survey

53 46% Average discount to NTA of all participants Lend Lease Corporation Peet Limited Westfield Group Centro Properties Group Cedar Woods Properties Limited Ardent Leisure Group Bunnings Warehouse Property Trust Goodman Limited Stockland Corporation CFS Retail Property Trust Sunland Group Limited Devine Limited Commonwealth Property Office Fund ALE Property Group Cromwell Group Dexus Property Group Rabinov Property Trust Challenger Wine Trust Carindale Property Trust Aspen Group ING Office Fund ING Real Estate Healthcare Fund Mirvac Group Westpac Office Trust Trinity Group Abacus Property Group Challenger Diversified Property Group Charter Hall Group Multiplex European Property Fund Thakral Holdings Group GPT Group FKP Property Group Macquarie Office Trust ING Industrial Fund Real Estate Capital Partners USA Property Trust Tishman Speyer Office Fund Astro Japan Property Trust Becton Property Group Limited Macquarie CountryWide Trust AV Jennings Limited Mirvac Real Estate Investment Trust ING Real Estate Entertainment Fund Growthpoint Properties Australia Australand Property Group Prime Retirement & Aged Care Property Trust GEO Property Group Valad Property Group Mirvac Industrial Trust Trafalgar Corporate Group Challenger Kenedix Japan Trust Hedley Leisure & Gaming Property Fund Australian Education Trust ING Real Estate Community Living Group Galileo Japan Trust Macquarie DDR Trust APN UKA European Retail Trust RNY Property Trust Centro Retail Trust % % % % % 0.00% 20.00% 40.00% 60.00% Units Stapled Entities/Companies 2009 BDO A-REIT Survey 53

54 ONE YEAR RETURN Entity name 1 year return Rank Entity name 1 year return Abacus Property Group -61% 34 Growthpoint Properties Australia Trust -47% 25 ALE Property Group -15% 6 Hedley Leisure & Gaming Property Fund -56% 31 APN UKA European Retail Trust -81% 50 ING Industrial Fund -83% 52 Ardent Leisure Group 8% 2 ING Office Fund -50% 28 Aspen Group -65% 36 ING Real Estate Community Living Group -88% 56 Astro Japan Property Trust -41% 20 ING Real Estate Entertainment Fund -76% 47 Australand Property Group -40% 18 ING Real Estate Healthcare Fund 8% 1 Australian Education Trust -54% 29 Lend Lease Corporation -20% 8 AV Jennings Limited -49% 26 Macquarie CountryWide Trust -24% 12 Becton Property Group Limited -90% 58 Macquarie DDR Trust -68% 43 Bunnings Warehouse Property Trust 5% 3 Macquarie Office Trust -69% 44 Carindale Property Trust 5% 4 Mirvac Group -57% 32 Cedar Woods Properties Limited -46% 23 Mirvac Industrial Trust -60% 33 Centro Properties Group -62% 35 Mirvac Real Estate Investment Trust -47% 24 Centro Retail Trust -67% 42 Multiplex European Property Fund -67% 39 CFS Retail Property Trust -5% 5 Peet Limited -15% 7 Challenger Diversified Property Group -22% 10 Prime Retirement & Aged Care Property Trust -80% 49 Challenger Kenedix Japan Trust -49% 27 Rabinov Property Trust -65% 37 Challenger Wine Trust -40% 19 Real Estate Capital Partners USA Property Trust -42% 22 Charter Hall Group -42% 21 RNY Property Trust -67% 41 Commonwealth Property Office Fund -27% 14 Stockland Corporation -30% 15 Cromwell Group -21% 9 Sunland Group Limited -67% 40 Devine Limited -40% 17 Thakral Holdings Group -70% 45 Dexus Property Group -37% 16 Tishman Speyer Office Fund -80% 48 FKP Property Group -83% 53 Trafalgar Corporate Group -66% 38 Galileo Japan Trust -88% 55 Trinity Group -82% 51 GEO Property Group -55% 30 Valad Property Group -89% 57 Goodman Limited -86% 54 Westfield Group -25% 13 GPT Group -71% 46 Westpac Office Trust -22% 11 Rank BDO A-REIT Survey

55 -50% Average one year return of all participants ING Real Estate Healthcare Fund Ardent Leisure Group Bunnings Warehouse Property Trust Carindale Property Trust CFS Retail Property Trust ALE Property Group Peet Limited Lend Lease Corporation Cromwell Group Challenger Diversified Property Group Westpac Office Trust Macquarie CountryWide Trust Westfield Group Commonwealth Property Office Fund Stockland Corporation Dexus Property Group Devine Limited Australand Property Group Challenger Wine Trust Astro Japan Property Trust Charter Hall Group Real Estate Capital Partners USA Property Trust Cedar Woods Properties Limited Mirvac Real Estate Investment Trust Growthpoint Properties Australia AV Jennings Limited Challenger Kenedix Japan Trust ING Office Fund Australian Education Trust GEO Property Group Hedley Leisure & Gaming Property Fund Mirvac Group Mirvac Industrial Trust Abacus Property Group Centro Properties Group Aspen Group Rabinov Property Trust Trafalgar Corporate Group Multiplex European Property Fund Sunland Group Limited RNY Property Trust Centro Retail Trust Macquarie DDR Trust Macquarie Office Trust Thakral Holdings Group GPT Group ING Real Estate Entertainment Fund Tishman Speyer Office Fund Prime Retirement & Aged Care Property Trust APN UKA European Retail Trust Trinity Group ING Industrial Fund FKP Property Group Goodman Limited Galileo Japan Trust ING Real Estate Community Living Group Valad Property Group Becton Property Group Limited % % % % % 0.00% 20.00% Units Stapled Entities/Companies 2009 BDO A-REIT Survey 55

56 THREE YEAR RETURN Entity name 3 year return Rank Entity name 3 year return Abacus Property Group -31% 26 Growthpoint Properties Australia Trust -54% 50 ALE Property Group 4% 2 Hedley Leisure & Gaming Property Fund -70% 57 APN UKA European Retail Trust -63% 56 ING Industrial Fund -48% 46 Ardent Leisure Group -9% 7 ING Office Fund -22% 18 Aspen Group -31% 27 ING Real Estate Community Living Group -61% 55 Astro Japan Property Trust -30% 25 ING Real Estate Entertainment Fund -45% 41 Australand Property Group -26% 20 ING Real Estate Healthcare Fund -5% 5 Australian Education Trust -40% 36 Lend Lease Corporation -16% 15 AV Jennings Limited -34% 34 Macquarie CountryWide Trust -23% 19 Becton Property Group Limited -54% 49 Macquarie DDR Trust -48% 45 Bunnings Warehouse Property Trust 1% 4 Macquarie Office Trust -41% 37 Carindale Property Trust 5% 1 Mirvac Group -31% 32 Cedar Woods Properties Limited -29% 24 Mirvac Industrial Trust -50% 47 Centro Properties Group -75% 58 Mirvac Real Estate Investment Trust -32% 33 Centro Retail Trust -58% 52 Multiplex European Property Fund -58% 53 CFS Retail Property Trust 2% 3 Peet Limited -21% 17 Challenger Diversified Property Group -31% 31 Prime Retirement & Aged Care Property Trust -31% 28 Challenger Kenedix Japan Trust -31% 30 Rabinov Property Trust -28% 23 Challenger Wine Trust -16% 14 Real Estate Capital Partners USA Property Trust -37% 35 Charter Hall Group -20% 16 RNY Property Trust -53% 48 Commonwealth Property Office Fund -9% 8 Stockland Corporation -16% 13 Cromwell Group -13% 11 Sunland Group Limited -28% 22 Devine Limited -14% 12 Thakral Holdings Group -27% 21 Dexus Property Group -12% 10 Tishman Speyer Office Fund -47% 44 FKP Property Group -44% 39 Trafalgar Corporate Group -43% 38 Galileo Japan Trust -31% 29 Trinity Group -46% 43 GEO Property Group -46% 42 Valad Property Group -59% 54 Goodman Limited -57% 51 Westfield Group -8% 6 GPT Group -44% 40 Westpac Office Trust -12% 9 Rank BDO A-REIT Survey

57 -33% Average three year return of all participants Carindale Property Trust ALE Property Group CFS Retail Property Trust Bunnings Warehouse Property Trust ING Real Estate Healthcare Fund Westfield Group Ardent Leisure Group Commonwealth Property Office Fund Westpac Office Trust Dexus Property Group Cromwell Group Devine Limited Stockland Corporation Challenger Wine Trust Lend Lease Corporation Charter Hall Group Peet Limited ING Office Fund Macquarie CountryWide Trust Australand Property Group Thakral Holdings Group Sunland Group Limited Rabinov Property Trust Cedar Woods Properties Limited Astro Japan Property Trust Abacus Property Group Aspen Group Prime Retirement & Aged Care Property Trust Galileo Japan Trust Challenger Kenedix Japan Trust Challenger Diversified Property Group Mirvac Group Mirvac Real Estate Investment Trust AV Jennings Limited Real Estate Capital Partners USA Property Trust Australian Education Trust Macquarie Office Trust Trafalgar Corporate Group FKP Property Group GPT Group ING Real Estate Entertainment Fund GEO Property Group Trinity Group Tishman Speyer Office Fund Macquarie DDR Trust ING Industrial Fund Mirvac Industrial Trust RNY Property Trust Becton Property Group Limited Growthpoint Properties Australia Goodman Limited Centro Retail Trust Multiplex European Property Fund Valad Property Group ING Real Estate Community Living Group APN UKA European Retail Trust Hedley Leisure & Gaming Property Fund Centro Properties Group % % % % % % % % 0.00% 10.00% Units Stapled Entities/Companies 2009 BDO A-REIT Survey 57

58 LIQUIDITY Entity name Liquidity Rank Entity name Liquidity Rank Abacus Property Group 111% 19 Growthpoint Properties Australia Trust 36% 40 ALE Property Group 20% 44 Hedley Leisure & Gaming Property Fund 10% 53 APN UKA European Retail Trust 83% 28 ING Industrial Fund 146% 10 Ardent Leisure Group 51% 34 ING Office Fund 124% 15 Aspen Group 76% 29 ING Real Estate Community Living Group 103% 22 Astro Japan Property Trust 132% 14 ING Real Estate Entertainment Fund 39% 38 Australand Property Group 44% 36 ING Real Estate Healthcare Fund 17% 46 Australian Education Trust 47% 35 Lend Lease Corporation 87% 26 AV Jennings Limited 5% 57 Macquarie CountryWide Trust 164% 8 Becton Property Group Limited 115% 18 Macquarie DDR Trust 233% 4 Bunnings Warehouse Property Trust 54% 33 Macquarie Office Trust 173% 7 Carindale Property Trust 9% 55 Mirvac Group 159% 9 Cedar Woods Properties Limited 9% 54 Mirvac Industrial Trust 84% 27 Centro Properties Group 243% 3 Mirvac Real Estate Investment Trust 12% 52 Centro Retail Trust 138% 12 Multiplex European Property Fund 13% 51 CFS Retail Property Trust 104% 21 Peet Limited 14% 49 Challenger Diversified Property Group 30% 41 Prime Retirement & Aged Care Property Trust 14% 50 Challenger Kenedix Japan Trust 40% 37 Rabinov Property Trust 0% 58 Challenger Wine Trust 25% 42 Real Estate Capital Partners USA Property Trust 17% 45 Charter Hall Group 91% 23 RNY Property Trust 89% 25 Commonwealth Property Office Fund 119% 16 Stockland Corporation 140% 11 Cromwell Group 17% 47 Sunland Group Limited 89% 24 Devine Limited 9% 56 Thakral Holdings Group 15% 48 Dexus Property Group 132% 13 Tishman Speyer Office Fund 198% 5 FKP Property Group 75% 30 Trafalgar Corporate Group 39% 39 Galileo Japan Trust 117% 17 Trinity Group 68% 31 GEO Property Group 57% 32 Valad Property Group 335% 1 Goodman Limited 291% 2 Westfield Group 108% 20 GPT Group 192% 6 Westpac Office Trust 21% BDO A-REIT Survey

59 86% Average liquidity of all participants. Valad Property Group Goodman Limited Centro Properties Group Macquarie DDR Trust Tishman Speyer Office Fund GPT Group Macquarie Office Trust Macquarie CountryWide Trust Mirvac Group ING Industrial Fund Stockland Corporation Centro Retail Trust Dexus Property Group Astro Japan Property Trust ING Office Fund Commonwealth Property Office Fund Galileo Japan Trust Becton Property Group Limited Abacus Property Group Westfield Group CFS Retail Property Trust ING Real Estate Community Living Group Charter Hall Group Sunland Group Limited RNY Property Trust Lend Lease Corporation Mirvac Industrial Trust APN UKA European Retail Trust Aspen Group FKP Property Group Trinity Group GEO Property Group Bunnings Warehouse Property Trust Ardent Leisure Group Australian Education Trust Australand Property Group Challenger Kenedix Japan Trust ING Real Estate Entertainment Fund Trafalgar Corporate Group Growthpoint Properties Australia Challenger Diversified Property Group Challenger Wine Trust Westpac Office Trust ALE Property Group Real Estate Capital Partners USA Property Trust ING Real Estate Healthcare Fund Cromwell Group Thakral Holdings Group Peet Limited Prime Retirement & Aged Care Property Trust Multiplex European Property Fund Mirvac Real Estate Investment Trust Hedley Leisure & Gaming Property Fund Cedar Woods Properties Limited Carindale Property Trust Devine Limited AV Jennings Limited Rabinov Property Trust 0.00% 50.00% % % % % % % Units Stapled Entities/Companies 2009 BDO A-REIT Survey 59

60

61 6EXPLANATION OF CRITERIA & RANKING

62 EXPLANATION OF CRITERIA & RANKING A brief explanation of each criteria used in the BDO Survey is provided below. 6.1 Financial criteria Operating cash yield on weighted average net assets/security holders equity Calculated by dividing operating cashflow by the total of weighted average shareholder s/unitholders funds and the simple average of reserves and any undistributed income. The financial year end of the entity has been used in all cases, except for 31 December entities where 30 June figures have been sourced from half year reports. Distribution return on investment Calculated by dividing the distribution per ordinary share/unit paid for the entity s financial year by the average of the market price of ordinary shares/units in the entity. The average market price is calculated on a daily closing price basis with prices sourced from Bloomberg. Tax advantaged distribution component The total percentage of the distribution from each entity which is tax deferred. Where this information was not disclosed in the annual report, BDO attempted to obtain the detail required from other sources. Average market price v average NTA per security (premium/discount to NTA) Calculated by subtracting the average NTA per security from the average market price per security, and dividing this by the average NTA per security. We have ranked this criteria with entities trading at a premium to NTA as the highest ranking. We have assigned a premium/(discount) to NTA of zero for those entities with negative NTA s at year end. Movement in the NTA per security Calculated by assessing the percentage increase (or decrease) in NTA per security over the entities financial year by using the opening and closing figures for NTA per security. Where entities were listed during the year, BDO has assessed the opening NTA as being equal to the opening issue price. In all cases the financial year end of the entity has been used, except for 31 December year ends where we have used NTA per unit from the 30 June 2008 and 2009 half year reports BDO A-REIT Survey

63 6.2 Investment criteria Total rate of return on investment This measure, over both the one year and three years ended 30 June 2009, records both the income return (i.e. distributions) and capital appreciation (i.e. movement in market price). Information sourced from UBS and Bloomberg has been used to compile this criteria. Entities which have traded for less than three years have been awarded a result based on a weighting of one third its one year return and two thirds the median sector three year return for this measure, and subsequently ranked accordingly. Volume of trading on ASX (liquidity) This liquidity measure is expressed as a percentage, and is calculated by dividing the total volume of units traded in each entity for the year ended 30 June 2009 by the weighted average total units on issue. This provides an indication of relative liquidity, irrespective of entity size BDO A-REIT Survey 63

64 6.3 Method of ranking A total score of 500 (maximum) has been used, comprising 300 points for all financial criteria and 200 points for all Investment criteria. In determining the final rankings the scores on each component were aggregated (not the rankings) such that that relative performances within each criterion are maintained in determining the overall rankings. Financial criteria The tests used in the financial criteria and assigned weightings are as follows. Financial criteria Weighted score 2009 Cash operating yield 90 Distribution return on investment 75 Tax advantaged distributions 35 Average market price vs. NTA per unit 50 Movement in NTA per security 50 PERFECT SCORE 300 In each of the above tests the scores were scaled so that the top performer in each test received the maximum available score for that criterion. Ranks were then assigned based on the scaled scores BDO A-REIT Survey

65 Investment criteria The tests used in the investment criteria and assigned weightings are as follows. Investment criteria Weighted score 2009 Total rate of return on investment (one year) 100 Total rate of return on investment (three year) 50 Volume of trading on ASX 50 PERFECT SCORE 200 The above tests have been ranked using a variable points system for each test, based on the number and importance of aspects taken into account. In each of the tests the scores were scaled so that the top performer in each test received the maximum available score for that criterion. Ranks were then assigned based on the scaled scores. Median results For an entity which could not be scored equitably in a particular criteria, due to its recent listing, the unique nature of an entity s activities, or lack of available information for the relevant criteria, that entity was allocated a median result for the purpose of ranking. This ranking was then weighted and scored as usual. For all such instances N/A appears in the result column for the individual criteria tables. For those entities in which a three year investment return is not available, we have estimated a three year return based on the following: one third weighting to the one year investment return, and two thirds weighting to the median three year return BDO A-REIT Survey 65

66 5.4 Newcomers There are no new participants in the survey this year. There have been no IPOs in the sector for the twelve months ending 30 June Removals and small capitalisation exclusions Due to the significant number of entities that now have market capitalisations below the previous market capitalisation threshold ($50m) we have lowered the entry threshold to $15m for the 2009 Survey. The following entities in the 2008 edition have been removed from the 2009 edition. Entity name Timbercorp Primary Infrastructure Compass Hotel Group Reason for exclusion Results not released Results not released Multiplex Prime Property Fund Market capitalisation below $15m at 30 June BDO A-REIT Survey

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69 7 bdo corporate finance

70 bdo corporate finance BDO Corporate Finance has established itself as financial experts in the property sector and the general investment community. The BDO Corporate Finance national team of 14 Directors and over 65 staff are the largest dedicated corporate finance team outside the Big 4. Recent achievements include: having provided services on over $15 billion of property transactions; being the leading accounting adviser for IPOs in 2007; and being the leading provider of Independent Expert s Reports for the last three years. With our technical skills, independence and broad commercial experience we can provide an extensive range of services to the property sector that ensures our clients receive reports that assist key stakeholders in making decisions in relation to transactions. Our service style sets us apart from our competitors, in that our service is delivered by a more experienced, senior professional team who not only specialise in providing high quality, timely advice but also offer individual solutions for our clients that exceed their expectations. Through our extensive global network, we regularly work with our corporate finance specialists on cross border transactions. Our global network together with the distinctiveness of our local experience combine to help our achieve the desired results for our clients businesses. BDO Corporate Finance has provided independent expert s reports and independent accountant s reports in the following property transactions. Listed property experience Date Client Transaction nature Sep 2009 Macquarie DDR Trust Restructure Sep 2009 Multiplex Prime Property Fund Corporate Advisory Jun 2008 Pelorus Property Group Independent Expert Report May 2008 Valad Property Group Valuation Dec 2007 Valad Property Group Valuation Oct 2007 MacarthurCook Industrial Property Fund Initial Public Offer Sep 2007 WRF Securities Acquisition Jan 2007 MacarthurCook Asian Real Estate Property Trust Initial Public Offer BDO A-REIT Survey

71 BDO Corporate Finance have been ranked number one in the Connect 4 Mergers and Acquisitions League Table for the provision of independent expert reports for the past three years. Date Client Transaction nature Jan 2007 SAI Capital Initial Public Offer Jan 2007 Australian Unity Due Diligence Jun 2006 Pelorus Property Investments Limited Capital Raising Apr 2006 Lachlan Diversified Property Fund Restructure Mar 2006 JF Meridian Management Limited Management Fee Restructure Feb 2006 McLaughlins Financial Services Acquisition of Unlisted Trusts by MFS Diversified Feb 2006 Telstra Stadium Valuation Dec 2005 Austcorp TOWERS Trust Hybrid Security Offering Oct 2005 MacarthurCook Property Securities Fund Rights Issue Rights Issue Sep 2005 Pelorus Pipes Bakehouse Fund Restructure Aug 2005 MFS Diversified Trust Preferred Equity Raising Jul 2005 Australand Property Group Further Stapling Jul 2005 Australand Wholesale Property Trust #3, #4 Takeover Jun 2005 Macquarie Bank/Medallist Joint Venture Valuation Jun 2005 Over 50 s Group Due Diligence Jun 2005 MacarthurCook Property Securities Fund Initial Public Offer Apr 2005 Charter Hall Property Trust Stapling/Internalisation/Listing Apr 2005 Macquarie Leisure Trust Group Management Fee Restructure Nov 2004 McLaughlins Financial Services Limited Group Restructure Oct 2004 GPT Management Ltd Takeover Offer Sep 2004 FKP Limited Stapling/Restructure Jun 2004 Macquarie Goodman Funds Management Limited Valuation All FUM Rights Jun 2004 Becton Property Group Initial Public Offer May 2004 Australand Holdings Group Acquisition Apr 2004 MFS Hotel Property Trust Restructure Mar 2004 Australian Value Funds Management Acquisition 2009 BDO A-REIT Survey 71

72 Unlisted property experience Date Client Transaction nature Oct 2009 AMICI Property Fund Independent Accountant s Report Sep 2009 Macquarie DDR Trust Restructure Jun 2009 Align Funds Management Independent Accountant s Report Mar 2009 Eureka Funds Management Valuations Aug 2008 Mirvac Investment Management Management Fee Review Aug 2007 Becton Investment Management Limited Fund Independent Accountant s Report Jun 2007 Orchards Funds Management Due Diligence / Independent Accountant s Report Mar 2007 Austock Property Funds Management Acquisition of Ceramic Funds Management Group Jan 2007 Key Capital Property Trust No 2 Independent Accountant s Report Dec 2006 WRF Southern River Synidacte Independent Accountant s Report and Tax Advice Jun 2006 Pelorus Storage Fund Capital Raising Jun 2006 Lachlan Office Property Fund Capital Raising Jun 2006 Key Capital Property Trust Independent Accountant s Report May 2006 Trilogy Funds Management Capital Raising Apr 2006 Hyperion Property Syndicate Limited Capital Raising Feb 2006 MFS Diversified Trust Acquisition of 3 Trusts Acquisition Jan 2006 WRF X-One Syndicate Independent Accountant s Report and Tax Advice Dec 2005 Toga Accommodation Fund Capital Raising Oct 2005 Lachlan Office Property Fund Capital Raising Sep 2005 Abacus Storage Funds Management Limited Capital Raising Sep 2005 Macquarie Direct Property Stapling of seven Stapling Unlisted Trusts Sep 2005 WRF Henley Brook Syndicate Independent Accountant s Report and Tax Advice Sep 2005 MacarthurCook Office Property Trust Independent Accountant s Report Aug 2005 Mariner Property Trust Miller Street Trust Capital Raising Aug 2005 Flowers Group Valuation Jun 2005 Grant Samuel Wholesale Funds Capital Raising BDO A-REIT Survey

73 Date Client Transaction nature May 2005 WRF 9 to 5 Syndicate Independent Accountant s Report and Tax Advice Feb 2005 Becton Property Group Restructure Jan 2005 Eureka Funds Management Wholesale Funds Restructure Dec 2004 Trilogy Capital Services Pty Limited Capital Raising Nov 2004 Hyperion Property Syndicate Capital Raising Nov 2004 Century Funds Management Merger with Acquisition Bankminister Nov 2004 Mariner Property Group Sydney Opera House Car Capital Raising Park Oct 2004 James Fielding Group 4 Way Trust Merger Oct 2004 Lachlan Office Property Fund Capital Raising Oct 2004 Tankstream Capital Tankstream Property Capital Raising Investment Fund Sep 2004 Investa Property Group Collins Property Trust Capital Raising Aug 2004 WRF VII Property Synducate Independent Accountant s Report and Tax Advice Feb 2004 Mariner Property Group Mariner Property Trust #1 Capital Raising Jan 2004 Domaine Property Group Capital Raising The Cornerstones of Our Success are that we: focus on what we do best have expert skills take global collaboration seriously believe flexibility is important 2009 BDO A-REIT Survey 73

74 disclaimer This Survey has been prepared by BDO Securities (NSW-VIC) Pty Limited AFS Licence ( BDO ). Although BDO has taken due care to ensure the accuracy of this Survey, no warranties are given in relation to the statements and. information contained herein. 7.1 Sources of information Annual Reports and Half-year Reports. Australian Stock Exchange S&P UBS Property Accumulated Index Data return on investment data Bloomberg Other publicly available data BDO disclaims all liability arising from any person acting on information and statements made herein. The contents of this Survey should not be treated as advice to acquire, hold or dispose of securities and readers are advised to obtain professional advice before making any investment decision based on information contained in this Survey. From time to time BDO partners and staff may hold relevant interests in securities issued by the Entities reported upon. BDO has not received any commission, brokerage or other undisclosed benefit as a result of any statements made. Liability limited by a scheme approved under Professional Standards Legislation. At all times, BDO is committed to protecting the privacy of our clients, contacts, and that of their staff. Any personal information held by BDO for financial or accounting purposes will only be used by BDO to support your relationship with us and to ensure you receive the most appropriate range of information and services. (BDO s Privacy Statement is available upon request) BDO A-REIT Survey

75 contact us New South Wales Queensland Sebastian Stevens - Director sebastian.stevens@bdo.com.au Tel South Australia Steven Sorbello - Partner steven.sorbello@bdo.com.au Tel Victoria Gregory Wiese - Director gregory.wiese@bdo.com.au Tel John Blight - Director john.blight@bdo.com.au Tel Western Australia Tasmania Sherif Andrawes - Chairman sherif.andrawes@bdo.com.au Tel Chris McTye - Director chris.mctye@bdo.com.au Tel BDO A-REIT Survey 75