[PDF] - CF X X ANNUAL RE SUL T S F o r the ye a r e nde d 30 June PDF Document

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CF X • CF S Re ta il Pro pe rty T rust Gro up • 1H14 re sults pre se nta tio n • 18 F e b rua ry 2014 •

1

CF X

CF S, Co lo nia l F irst Sta te a nd Co mmo nwe a lth a re use d b y CF X Co L imite d a nd its sub sidia rie s unde r lic e nc e fro m e a c h o f Co mmo nwe a lth Ba nk o f Austra lia a nd T he Co lo nia l Mutua l L ife Assura nc e So c ie ty L imite d (a s a pplic a b le ).

E mporium Me lbourne, VIC

CF X

CF S Re tail Prope rty T rust Group ANNUAL RE SUL T S

F

r the ye a r e nde d

30 June 2014 CE L E BRAT ING 20 YE ARS

CF X • CF S Re ta il Pro pe rty T rust Gro up • 1H14 re sults pre se nta tio n • 18 F e b rua ry 2014 •

2

CF X CF X Angus Mc Naughton

Ma na g ing Dire c to r a nd CE O

DF O Home bush, NSW

SLIDE 2

CF X • CF S Re ta il Pro pe rty T rust Gro up • 1H14 re sults pre se nta tio n • 18 F e b rua ry 2014 •

3

CF X

Cha dstone Shopping Ce ntre, VIC

T he I nte rna lisa tio n

f CF

X ha s c re a te d o ne o f Austra lia ’ s la rg e st fully inte g ra te d re ta il pro pe rty g ro ups

5 F Y14 highlights 14 Dir e c t Por tfolio infor mation 6 Inte r nalisation 23 De ve lopme nt 8 F Y14 sc or e c a r d 37 CF X str a te g y 9 R e tail e nvir

nme nt

41 F Y15 pr ior itie s 11 Ke y financ ial highlights 42 F Y14 summa r y and F Y15 outlook 12 Ca pita l ma na g e me nt 43 Appe ndic e s

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

4

Age nda

Angus Mc Naughton

Ma na g ing Dire c to r a nd CE O F Y14 hig hlig hts, I nte rna lisa tio n a nd ma rke t upda te

Mic hae l Gor

man

De puty CE O a nd Chie f I nve stme nt Offic e r F ina nc ia l a nd po rtfo lio de ta il

T
ny Gilc hr

ist

He a d o f De ve lo pme nt De ve lo pme nt upda te

Angus Mc Naughton

Ma na g ing Dire c to r a nd CE O E nha nc e d stra te g y a nd o utlo o k

Que e nsPlaza, QL

D

SLIDE 3

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

5

F Y14 highlights So lid o utc o me s de live re d

Inte rna lisa tio n

Inte r nalisation c omple te d

Co mple te d the la rg e st struc tura l

c ha ng e to the b usine ss in its 20-ye a r histo ry

Distrib utio n pe r se c urity

13.6 c e nts

I

n line with g uida nc e

T

ta l Se c urityho ld e r Re turn (T

SR)1

9.1%

Outpe rfo rme d the inde x2 re turn
f 8.5%

De ve lo pme nt

E mpor ium Me lbour ne ope n

F

irst sta g e o f la ndma rk de ve lo pme nt pro je c t o pe ne d

Pro je c t fully le a se d

De ve lo pme nt

DF O Home bush c omple te d

Co mple te d fully le a se d in

Ma rc h 2014

Pro je c t yie ld impro ve d

Oc c upa nc y

Por tfolio e ffe c tive ly full

Po rtfo lio o c c upa nc y inc re a se d

to 99.7% (Jun-13: 99.4%)

CF X de live re d so lid o utc o me s in a c ha lle ng ing e nviro nme nt, while c o mple ting the b ig g e st struc tura l c ha ng e in its histo ry

1. T SR c o mprise s se c urity pric e pe rfo rma nc e a nd distrib utio n inc o me yie ld o ve r the 12 mo nths to 30 June 2014. 2. UBS Re ta il 200 Pro pe rty Ac c umula tio n Inde x. CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

6

Inte rnalisation A la ndma rk ye a r fo r CF X

I nte rna lisa tio n de live re d imme dia te b e ne fits fo r CF X se c urityho lde rs

F ina nc ia l b e ne fits

Inc r

e me ntal E

BI T

Ac c r

e tive to se c urityho lde r distrib utio n1

Re pla c e me nt o f ma na g e me nt fe e s

(pre vio usly pa id to CBA) with lowe r

dir e c t c osts o ve r whic h CF

X ha s g re a te r c o ntro l E nha nc e d g o ve rna nc e

Se c urityho lde r vo ting o n e le c tio n o f

No n-e xe c utive Dire c to rs a nd re mune ra tio n ma tte rs pro vide s gr

e ate r alignme nt with

se c urityho lde r inte re sts Sc a le a nd dive rsific a tio n b e ne fits

Asse ts unde r ma na g e me nt o f $14.2b
5,100+ re ta ile rs
1.7m sq m o f le tta b le a re a
230m c usto me r visits a nnua lly
800+ e mplo ye e s
13 stra te g ic pa rtne rs

Stra te g ic Pa rtne rships

Co nsists o f fund a nd a sse t ma na g e me nt

par tne r s

Pro vide s a dditio na l re ve nue stre a ms, sc o pe

fo r c a pita l pa rtne rships a nd ha s po te ntia l to e nha nc e inc o me g ro wth o ve r time

1. On a pe r se c urity pro fo rma b a sis fo r F Y14.

SLIDE 4

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

7

Inte rnalisation We ll pro g re sse d o n tra nsitio n wo rk stre a ms

T ra nsitio n a rra ng e me nts a re

n tra c k a nd we ll pro g re sse d

T ime line o n tra nsitio n

Continuity o f ma na g e me nt
Smooth tr

ansition o n da y o ne

E

xpa nde d a nd e nhanc e d Boar

d

CF

O a ppo inte d

E

xe c utive Co mmitte e 1 c re a te d

T

ra nsfe r o f a numb e r o f syste ms is c o mple te

Sydne y o ffic e will re lo c a te b y

la te 2014

On tr

ac k to c o mple te se pa ra tio n

b y Ma rc h 2015 Bra nding

Ne w c o rpo ra te b ra nd to b e

la unc he d la te in 2014

1. Se e Appe ndix 1.

E mporium Me lbourne, VIC

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

8

1. Asse ts dire c tly-o wne d o n CF X b a la nc e she e t. 2. Co mpa ra b le re fe rs to tho se c e ntre s tha t a re no t unde rg o ing , o r ha ve no t unde rg o ne , sub sta ntia l re de ve lo pme nt in e ithe r pe rio d o f c o mpa riso n. 3. Sho pping c e ntre s in the Dire c t Po rtfo lio . 4. T a rg e t spe c ia lty sto re MAT g ro wth fo r F Y14 wa s 3.0%.

Inte nsive asse t manage me nt

DF O Ho me b ush, NSW c omple te d fully le ase d E mpo rium Me lbo urne , VIC ope ne d stage 1, a nd pr

je c t fully le ase d

Appr

val and c omme nc e me nt o f the ne xt

re de ve lo pme nt o f Cha dsto ne Sho pping Ce ntre Dire c t Po rtfo lio 1 re ma ins e ffe c tive ly full a t 99.7%

c c upa nc y

2.2% g ro wth in c o mpa ra b le 2,3 spe c ia lty sto re MAT

4

Pr ude nt c apital manage me nt

Ne g o tia te d $1.6b o f fina nc ing fa c ilitie s, mate r ially impr

ving the Gr
up’s de bt position

Se c ure d funding fo r Inte rna lisa tio n thre e mo nths prio r to c o mple tio n Ma inta ine d S&P ‘ A’ lo ng -te rm c re dit ra ting

F Y14 sc or e c ar d De live ring o n stra te g y Disc ipline d inve stme nt de c isions

So ld Ro se b ud Pla za , VIC a t a 1.7% pr e mium to b o o k va lue Re inve ste d dive stme nt pro c e e ds into a n a d d itio na l 25% o f DF O So uth Wha rf, VIC E xc ha ng e d c o nditio na l c o ntra c ts to se ll T he E nte rta inme nt Qua rte r, NSW a t a 13.6% pr e mium to b o o k va lue

Inve sting re sponsibly

Highe st c limate disc losur e sc or e b y CDP in Austra lia a nd Ne w Ze a la nd Ra nke d # 2 in Oc e a nia a nd #3 globally fo r liste d e ntitie s b y Glo b a l Re a l E sta te Susta ina b ility Be nc hma rk Dire c t Po rtfo lio a ve ra g e NABE RS ra ting o f 3.0 sta rs fo r E ne rg y a nd 3.2 sta rs fo r Wa te r

SLIDE 5

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

9

0% 5% 10% 15% 20% 25% F Y61 F Y66 F Y71 F Y76 F Y81 F Y86 F Y91 F Y96 F Y01 F Y06 F Y11 F Y16 Annua l a ve ra g e g ro wth ra te

Online spe nding and the AUD/ USD

Monthly r e sts, online da ta to Jun- 14, AUD/ USD to Jul- 14 Online sa le s (L HS) AUD/ USD (two mo nth mo ving a ve ra g e )(RHS)

House pr ic e gr

wth has be e n str
ng

Co nsume r se ntime nt E mplo yme nt g ro wth E mplo yme nt fo re c a sts

Consumer sentiment and employment growth

Monthly rests (two-month moving average) to Jul-14

Re tail e nvir

nme nt

E c o no my in slo w re c o ve ry

Gr

wth in online sale s has be e n falling but r

e mains high GDP outlook impr

ving but sub- tr

e nd Consume r se ntime nt to ste adily impr

ve

So urc e : We stpa c -Me lb o urne Institute , De lo itte Ac c e ss E c o no mic s, ABS, CF X Re se a rc h.

Retail sales and house prices

Monthly rests, retail sales to Jun-14, house prices to Jul-14

Austra lia n re ta il turno ve r, MAT (L HS) RP da ta ho use pric e (RHS) So urc e : Austra lia n Bure a u o f Sta tistic s, Blo o mb e rg a nd CF X Re se a rc h.

Australian nominal economic and retail sales growth

Q2 2014 forecasts

Austra lia n no mina l GDP GDP fo re c a sts Re ta il turno ve r So urc e : Austra lia n Bure a u o f Sta tistic s, De lo itte Ac c e ss E c o no mic s a nd CF X Re se a rc h. So urc e : NAB, Re se rve Ba nk o f Austra lia a nd CF X Re se a rc h.

5%
3%
1%

1% 3% 5% 60 70 80 90 100 110 120 130 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 Cha ng e Yo Y Co nsume r se ntime nt ind e x 0.86 0.92 0.98 1.04 1.10 0% 10% 20% 30% 40% 2011 2012 2013 2014 AUD/ USD Cha ng e Yo Y

10%
5%

0% 5% 10% 15% 20% 0% 2% 4% 6% 8% 10% 12% 2002 2004 2006 2008 2010 2012 2014 Cha ng e Yo Y MAT , c ha ng e Yo Y CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

10

CF X Mic hae l Gorman

De puty CE O a nd Chie f Inve stme nt Offic e r

E mporium Me lbourne, VIC

SLIDE 6

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

11

Ke y me tr ic s

F

r the 12 mo nths e nde d/ a s a t

30-Jun-14 30-Jun-13 Change (% )

Ne t pro fit ($m) 400.1 295.0 35.6 Distrib uta b le inc o me ($m)1 400.4 384.6 4.1 Distrib utio n (c e nts pe r se c urity) 13.6 13.6

Ne t pro pe rty inc o me (NPI

)2($m) 549.0 537.2 2.2 T

ta l a sse ts ($b )

9.5 8.6 9.7 NT A($/ se c urity) 1.903 2.04 (6.9) NAV($/ se c urity) 2.02 2.04 (1.0) Ge a ring (%)4 30.9 28.8 F Y14 re sults K e y fina nc ia l hig hlig hts

1. Distrib uta b le inc o me is a ke y no n-I F RS e a rning s me a sure use d b y ma na g e me nt to a sse ss the pe rfo rma nc e o f CF

X. It re pre se nts CF

X’ s unde rlying a nd re c urring e a rning s fro m o rdina ry o pe ra tio ns. Re fe r to Appe ndix 2 fo r the re c o nc ilia tio n o f ne t p ro fit to distrib utio n. 2. NPI a nd like -fo r-like NPI a re una udite d, no n-IF RS fina nc ia l info rma tio n a nd a re no t ke y pro fit me a sure s o f CF

X. T

he y a re use d b y ma na g e me nt to mo nito r the pe rfo rma nc e

f the Dire c t Po rtfo lio . Ple a se re fe r to Appe ndix 2 fo r the c a lc ula tio n o f NPI

a nd like -fo r-like NPI . 3. Ne t ta ng ib le a sse t b a c king pe r se c urity (NT A) de c re a se d pre do mina ntly due to the a c q uisitio n o f ma na g e me nt e ntitie s whic h inc lude inta ng ib le a sse ts, a s pa rt o f the Inte rna lisa tio n, a s o utline d in the E xpla na to ry Me mo ra ndum da te d 7 F e b rua ry 2014 (Me e ting Bo o kle t). 4. Ge a ring e q ua ls b o rro wing s a s a pe rc e nta g e o f to ta l a sse ts. T

ta l a sse ts e xc lude s the fa ir va lue o f de riva tive s. Bo rro wing s is the a mo unt o f d e b t d ra wn.
L

ike -fo r-like NPI

2

inc re a se d 0.7%

Pro pe rty va lua tio ns

inc re a se d $70.8m

Ne t pro fit drive n b y pro pe rty inc o me g ro wth a nd pro pe rty va lua tio ns

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

12

1. As a t 30 June 2014, a djuste d fo r c a pita l ma na g e me nt a c tivitie s po st the pe rio d. 2. Inc luding ma rg ins a nd line fe e s. 3. Inc luding a ll fixe d-ra te de b t. 4. As de fine d in the 2014 F ina nc ia l Re po rt. 5. S&P lo ng -te rm ra ting . Re fe r to Appe ndix 3 fo r mo re info rma tio n.

Ke y de bt statistic s

As a t 30-Jun-141 30-Jun-13

We ig hte d a ve ra g e inte re st ra te (%)2 5.4 5.6 We ig hte d a ve ra g e de b t dura tio n (ye a rs) 3.5 3.1 Pro po rtio n o f de b t he dg e d (%)3 83.9 81.3 Undra wn de b t fa c ilitie s ($m) 301 530 Cre dit ra ting (S&P – lo ng te rm) A A Ge a ring (%) 30.9 28.8 I nte re st c o ve rra tio (time s)4 3.4 3.3 L

a n to va lue ra tio (%)4

36 33 Capital manage me nt Stro ng b a la nc e she e t a nd impro ving me tric s

Pro a c tive c a pita l ma na g e me nt o f de b t this ye a r ma te ria lly impro ve d

ur c o st o f de b t a nd

dura tio n

Ne g o tia te d $1.6b
f fina nc ing fa c ilitie s
Ma inta ine d ‘ A’ c re dit

ra ting 5

Ge a ring c o mfo rta b ly within
ur 25-35% pre fe rre d ra ng e

SLIDE 7

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

13

Ke y: Ba nk de b t Co nve rtib le no te s US Priva te Pla c e me nt Me dium te rm no te s

Sour c e s of de bt1,2 De bt matur ity pr

file 1,2

F ac ilitie s e xpiring ($m) (% ) F Y15

100 3

F Y16

540 17

F Y17

778 24

F Y18

625 19

F Y19

588 18

F Y20

475 15

BE YOND

120 4 T

tal fac ilitie s

3,226 100 Dra wn de b t 2,925 Undra wn de b t 301

Capital manage me nt Minima l de b t e xpiry re ma ining in F Y15

1. As a t 30 June 2014, a djuste d fo r the re pa yme nt o f Aug ust 2014 c o nve rtib le no te s ($92m). 2. Sho rt te rm no te s ($100m) whic h e xpire in F Y15 a re no t inc lude d in the de b t c ha rts a s the y a re b a c ke d b y b a nk de b t fa c ilitie s a nd do no t a dd to o ve ra ll funding c a pa c ity.

100 300 625 550 225 300 178 38 120 100 440 250 56% 9% 10% 25%

We ll-dive rsifie d de b t pro file , with limite d e xpirie s o ve r the re ma inde r o f F Y15

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

14

Dir e c t Por tfolio – ke y me tr ic s

As a t 30-Jun-14 30-Jun-13

Numb e r o f re ta il pro pe rtie s 29 29 I nve stme nt pro pe rtie s ($m)1 8,866 8,560 We ig hte d a ve ra g e c a pita lisa tio n ra te (%)2 6.25 6.43 T

ta l a re a (‘ 000s, sq m)

1,442 1,422 Numb e r o f te na nts 4,367 4,234 Numb e r o f va c a nc ie s 36 54 Oc c upa nc y b y a re a (%) 99.7 99.4 Re ta il sa le s ($m) 7,756 7,727 Spe c ia lty sa le s ($/ sq m)3,4 10,457 10,066 Spe c ia lty o c c upa nc y c o sts3,4 17.1 17.3 Dire c t Portfolio – ove rvie w K e y me tric s impro ve d o ve r the ye a r

1. Inc luding e q uity a c c o unte d inve stme nt a s pe r No te 9 o f the F ina nc ia l Re po rt. 2. E xc luding DF O re ta il o utle t c e ntre s a nd 15 Bo we s Stre e t, Wo de n. Mye r Bo urke Stre e t, VIC a nd E mpo rium Me lb o urne , VIC va lua tio ns a re inc lude d in this c a lc ula tio n fro m 30 June 2014. 3. F

r the sho pping c e ntre po rtfo lio , whic h is e xc luding Mye r Bo urke Stre e t, VIC, E

mpo rium Me lb o urne , VIC, the DF O re ta il o utle t c e ntre s a nd 15 Bo we s Stre e t, Wo de n. 4. F

r c o mpa ra b le c e ntre s.

K e y me tric s impro ve d o ve r the ye a r

Ca pita lisa tio n ra te

tig hte ne d b y 18b ps

Po rtfo lio e ffe c tive ly

fully o c c upie d

Spe c ia lty sa le s pe r sq m

inc re a se d 3.9%

SLIDE 8

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

15

Re tail sale s by c ate gor y

F

r the ye a r e nde d 30-Jun-14

Compa r a ble Ac tua l MAT ($m) Annua l g r

wth

(% ) MAT ($m) Annua l g r

wth

(% )

De pa rtme nt sto re s 631 0.1 649 (0.3) Disc o unt de pa rtme nt sto re s1 585 (5.5) 702 (5.5) Supe rma rke ts1 1,246 0.1 1,645 2.0 Mini-ma jo rs 640 1.0 760 1.1 Spe c ia lty 2,532 2.2 2,844 2.7 Othe r re ta il2 402 (3.7) 497 (1.6) Shopping c e ntr e por tfolio 6,034 0.2 7,096 0.9 DF O re ta il o utle t c e ntre s 466 10.6 660 15.2 T

tal por

tfolio 6,501 0.9 7,756 2.0

Dir e c t Por tfolio – re tail sale s Ma jo rs impa c te d b y re po rting a no ma ly while DF O sa le s a re still stro ng

53 we e ks o f sa le s

re po rte d b y mo st ma jo rs in F Y13 disto rts to ta l a nnua l g ro wth ra te

Co mpa ra b le spe c ia lty

sto re sa le s g ro wth o f 2.2% is up c o mpa re d to 1.7% re po rte d to De c -13

DF

O po rtfo lio c o ntinue s to g ro w stro ng ly

1. Mo st ma jo rs re po rte d 52 we e ks o f sa le s o ve r F Y14, c o mpa re d to 53 we e ks o f sa le s o ve r F Y13. 2. Othe r re ta il inc lude s c ine ma s a nd sa le s-re po rting te na nc ie s unde r 400 sq m inc luding tra ve l a g e nts, a uto a c c e sso rie s, L

tto a nd o the r e nte rta inme nt a nd no n-re ta il sto re s.

Sa le s g ro wth impro ve d o ve r the se c o nd ha lf

f F

Y14

NOT E : Numb e rs ma y no t to ta l due to ro unding . CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

16

Sale s by c ate gor y1

F

r the ye a r e nde d 30-Jun-14

MAT ($m) Annua l g r

wth

(% )

F

o d re ta il

168 0.3 F

o d c a te ring

377 1.6 Appa re l 860 0.2 Je we lle ry 209 4.9 L e isure 164 2.6 Ge ne ra l re ta il2 200 1.8 Ho me wa re s 272 6.2 Mo b ile pho ne s 98 2.7 Re ta il se rvic e s 184 6.4 T

tal r

e tail spe c ialty 2,532 2.2

Dir e c t Por tfolio – re tail sale s Spe c ia lty sa le s g ro wth ha s impro ve d o ve r the pa st six mo nths

Oc c upa nc y c o sts ha ve fa lle n 20 b ps
ve r the ye a r to 17.1%
Co mpa ra b le fo o t tra ffic is up 1.5%

1. Spe c ia lty sto re s in c o mpa ra b le sho pping c e ntre s. 2. Ge ne ra l re ta il inc lude s g iftwa re , pha rma c y a nd c o sme tic s, pe ts, disc o unt va rie ty, flo rists a nd to ys.

Pe r for manc e me asur e s1 a s a t

Jun- 14 De c - 13 Jun- 13 De c - 12

Oc c upa nc y c o st % 17.1 17.4 17.3 17.3 Sa le s $/ sq m 10,457 10,090 10,066 9,728

Spe c ia lty sa le s pro duc tivity drive n b y a c tive re mixing , impro ving te na nt q ua lity

NOT E : Numb e rs ma y no t to ta l due to ro unding .

SLIDE 9

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

17

Dir e c t Por tfolio – re tail e nvir

nme nt

Sta b le le a sing o utc o me s in a c ha lle ng ing e nviro nme nt

1,170 le a sing de a ls

c o mple te d (F

Y13: 1,184)

Oc c upa nc y: 99.7% (Jun-13: 99.4%)
Va c a nc ie s: 36 sto re s (Jun-13: 54)

T

tal por

tfolio T

tal por

tfolio (e x-DF O) % of e xpir ing le ase s Jun- 14 le asing spr e ad (% ) De c -13 le asing spr e ad (% ) % of e xpir ing le ase s Jun- 14 le asing spr e ad (% ) De c -13 le asing spr e ad (% )

Re ne wa ls 70 (3.5) (3.5) 70 (5.2) (4.9) Re pla c e me nt 30 (6.1) (6.6) 30 (7.9) (8.3) T

ta l

100 (4.3) (4.3) 100 (6.1) (5.9) CF X r e -le asing spr e ads

F

r the 12 mo nths e nde d 30-Jun-14 a nd six mo nths e nde d 31-De c -13

29.9 19.5 14.9 13.0 22.7 10 20 30 40 50 F Y15^ F Y16 F Y17 F Y18 BE YOND F ifth a nnive rsa ry o f ma jo r de ve lo pme nts c o mple te d in 2009: Cha dsto ne , No rthla nd, Cha tswo o d Cha se a nd Ro c king ha m

^ 12 mo nths to June 2015 a nd inc lude s va c a nc ie s a nd ho ldo ve rs.

Re tail spe c ialty stor e le ase e xpir y

By g ro ss le tta b le a re a (%)

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

18

Dir e c t Por tfolio – re tail e nvir

nme nt

I nte nsive a sse t ma na g e me nt drive s o ur suc c e ss

We fo c us o n c usto me r e xpe rie nc e , ne w re ta il c o nc e pts a nd a c tive ly re mixing o ur a sse ts to e nha nc e o ur po rtfo lio

I

ntro duc ing ne w re ta ile rs

E

nte rta inme nt a nd le isure

E

xpa nding in-c e ntre dining

Additio na l pa re nts’ ro o ms a nd pla y a re a s
Do wnwe ig hting unde rpe rfo rming re ta ile rs
Sub -re g io na l c e ntre re mixing c o ntinue s

Re gionals Sub-r e gionals Re tail outle ts

Uniq lo | T

psho p

rs

Ma x Ma ra | Burb e rry Sa lva to re F e rra g a mo Arma ni | Co a c h Bro o ks Bro the rs | Bo se lulule mo n | L a c o ste T he Mye r Ce ntre Brisbane , QL

D

SLIDE 10

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

19

Asse t disposals Ro se b ud Pla za Sho pping Ce ntre a nd T he E nte rta inme nt Qua rte r

T he E nte r tainme nt Quar te r ,

NSW (c onditional c ontrac t)

Rose bud Plaza Shopping Ce ntr e , VIC Sa le pric e

$100m

Pre mium to b o o k va lue

1.7%

Se ttle me nt

Nov 2013

Sa le pric e 1

$80m

Pre mium to b o o k va lue

22.7%

Se ttle me nt

L ate 2014

Re c yc ling c a pita l fro m the sa le o f no n-c o re a sse ts2

1. CF X dire c t sha re : $40m. 2. Dire c t Po rtfo lio . 3. Inc luding the c o nditio na l sa le

f T

he E nte rta inme nt Qua rte r.

Po te ntia l fo r $100-$200m o f

no n-c o re a sse t sa le s3 o ve r the ne xt two ye a rs

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

20

Asse t ac quisition DF O So uth Wha rf – a c q uire d a n a dditio na l 25% inte re st

I

nc re a se d the Dire c t Po rtfo lio we ig hting to re ta il o utle t c e ntre s, in line with stra te g y

Ac c re tive to e a rning s a nd

distrib utio n fro m F Y15

Re c yc ling c a pita l1 into a stro ng a sse t

1. Dire c t Po rtfo lio . 2. E xc luding a c q uisitio n c o sts.

Ac q uisitio n pric e (25% inte re st)2

$87.6m

Spe c ia lty MAT g ro wth

19.3%

CF X Dire c t Po rtfo lio sha re (po st a c q uisitio n)

75%

SLIDE 11

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

21

Inve sting re sponsibly CF X c o ntinue s to b e a le a de r a mo ng st its re ta il pe e rs

1. Sinc e the F Y08 b a se ye a r. L ike -fo r-like sho pping c e ntre s in the Dire c t Po rtfo lio whic h e xc lude s tho se c e ntre s whe re GL A ha s va rie d b y mo re tha n 10% sinc e the b a se ye a r. 2. T

ta l po rtfo lio sinc e the b a se ye a r o f F

Y08 fo r e ne rg y a nd wa te r, a nd F Y12 fo r wa ste . 3. F

rme rly Autism Vic to ria .

4. All c e ntre s tha t a re a b le to b e ra te d whic h e xc lude s the DF O re ta il o utle t c e ntre s, Po st Offic e Sq ua re , T he E nte rta inme nt Qua rte r, Mye r Bo urke Stre e t a nd a ny a sse t whic h wa s impa c te d b y de ve lo pme nt o r re furb ishme nt, o r whe re the re wa s insuffic ie nt me te ring .

F Y14 ac hie ve me nts

NABE RS r atings a c ro ss the e ntire po rtfo lio 4 a c hie ve d a n a ve ra g e E ne rg y ra ting o f 3.0 sta rs a nd a n a ve ra g e Wa te r ra ting o f 3.2 sta rs Highe st c limate disc losur e sc or e (100% ) a c ro ss Austra lia a nd Ne w Ze a la nd a nd ‘ A-’ ra ting fo r c lima te pe rfo rma nc e b y CDP Ranke d #2 in Oc e ania and #3 globally fo r liste d e ntitie s b y Glo b a l Re a l E sta te Susta ina b ility Be nc hma rk Awar de d fo r o ur d ilig e nt a ppro a c h to pro pe rty va lua tio ns b y Asia Pa c ific Re a l E sta te Asso c ia tio n Re g iste re d Austr alia’s fir st shopping c e ntr e fo r a Gre e n Sta r – Pe rfo rma nc e ra ting

F Y15 pr ior itie s

Se t ind ivid ua l NABE

RS tar ge ts fo r a sse ts in the Dire c t Po rtfo lio

Pre pa re fo r GRI (G4) r

e por ting

E

ne rg y e ffic ie nc y1

12.7% Impro ve me nt

Avo ide d c o sts2

$11.2m

Wa te r e ffic ie nc y1

17.7% impro ve me nt

Avo ide d c o sts2

$2.7m

Wa ste re c yc le d (F Y14)

33%

Avo ide d c o sts2

$3.8m

E missio ns inte nsity1

18.9% re d uc tio n

‘Quie t Room’

CF X pa rtne re d with Ama ze 3 a nd the c o mmunity to c re a te a se nso ry-so o thing ‘ Quie t Ro o m’ a t No rthla nd Sho pping Ce ntre to a ssist ind ivid ua ls with Autism Spe c trum Diso rde r

CF

X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

22

CF X T

ny Gilc hrist

He a d o f De ve lo pme nt

DF O Home bush, NSW

SLIDE 12

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

23

De ve lopme nt A ye a r o f ma jo r a c hie ve me nt

Pro je c t c o mple te d

DF O Home bush c omple te d

Co mple te d in

Ma rc h 2014

Pro je c t yie ld

upg ra de d

Pro je c t c o mple te d

E mpor ium Me lbour ne

pe n
F

irst sta g e o pe ne d April 2014

Pro je c t fully le a se d
Co mple tio n in

Aug ust 2014

Pro je c t c o mme nc e d

Chadstone c omme nc e d

Ga ine d fina l

a ppro va l in Ma y 2014

$580m pro je c t

c o mme nc e d June 2014

T

ta l wo rk c o mple te d

$350m de ve lopme nt spe nd

~$200m fo r the Dire c t

Po rtfo lio

~$150m fo r Stra te g ic

Pa rtne rships

Cha dstone Shopping Ce ntre, VIC – Ar

tist’s impr e ssion CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

24

De c - 13 Jun- 14 De c - 14 Jun- 15 De c - 15 Jun- 16 De c - 16 Be yond

`

De ve lopme nt K e y de ve lo pme nt pro je c ts o f the $1.2b de ve lo pme nt pipe line

T he Mye r Ce ntr e Br isbane Cha dstone (r e ta il a nd offic e ) $290m (dir e c t)

1. Ca pe x fo r d e ve lo pme nt pro je c ts ma na g e d b y CF X o n b e ha lf o f who le sa le fund s a nd o the r third pa rty o wne rs. Pro je c ts tha t a re in pro g re ss, like ly o r pla nne d. 2. Co mme nc e me nt sub je c t to a ppro va ls a nd timing . Re fe r to Appe ndix 6 fo r furthe r info rma tio n. Ke y: Co mple te d In pro g re ss Pla nne d 2

Str a te gic Pa r tne r ships1 ~$600m DF O Home bush $100m E mpor ium Me lbour ne $590m (dir e c t)

SLIDE 13

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

25

De ve lopme nt E mpo rium Me lb o urne – sta g e 1 o pe ne d April 2014 with c o mple tio n in Aug ust 2014

T

ta l GL

A

45,000 sqm

De ve lo pme nt c o st

$590m CF

X sha re (50% inte re st) F

re c a st sta b ilise d yie ld

~5%

F

re c a st IRR

~8%

Ove r 5 millio n c usto me r visits in the first thre e mo nths a fte r

pe ning

T he ne w he a rt o f Me lb o urne re ta il

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

26

De ve lopme nt E mpo rium Me lb o urne – stro ng sho ppe r re spo nse

SLIDE 14

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

27

De ve lopme nt E mpo rium Me lb o urne – fla g ships

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

28

De ve lopme nt E mpo rium Me lb o urne – first to Austra lia b ra nds

45,000 sq m

f pre mium

CBD re ta il 220+ e xc iting re ta ile rs

SLIDE 15

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

29

De ve lopme nt E mpo rium Me lb o urne – se tting the ne w sta nda rd fo r in-c e ntre dining

1,100 se a t c a fé c o urt

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

30

De ve lopme nt DF O Ho me b ush – ha s o ne o f the stro ng e st fa shio n o ffe rs in Austra lia

T

ta l GL

A

30,000 sqm

De ve lo pme nt c o st

$100m

F

re c a st initia l yie ld

>8%

F

re c a st IRR

>12%

DF O Ho me b ush ha s so me o f the stro ng e st funda me nta ls o f a ny re ta il a sse t in Austra lia

SLIDE 16

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

31

De ve lopme nt DF O Ho me b ush – luxury te na nts

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

32

De ve lopme nt DF O Ho me b ush – pre mium a ppa re l o ffe r

SLIDE 17

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

33

De ve lopme nt Cha dsto ne Sho pping Ce ntre (No rth re ta il a nd o ffic e )

1. CF X dire c t sha re : $290m. Co st is indic a tive

nly.

2. Yie ld s a re a ppro xima te a nd b a se d o n fo re c a st first-ye a r inc o me a fte r de ve lo pme nt c o mple tio n.

De ve lo pme nt c o st1

$580m

T a rg e t initia l yie ld 2

>6%

T a rg e t IRR

>10%

Pro je c t c o mme nc e d

June 2014

T a rg e t c o mple tio n

Mid 2017

T he ne xt sta g e

f Cha dsto ne ’ s

e vo lutio n ha s c o mme nc e d

Artist’s impre ssion

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

34

De ve lopme nt Cha dsto ne Sho pping Ce ntre – re po sitio ne d a nd e xpa nde d fo o d o ffe r

Artist’s impre ssions

SLIDE 18

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

35

De ve lopme nt Cha dsto ne Sho pping Ce ntre – c a r pa rking , c e ntra lise d b us inte rc ha ng e a nd o ffic e to we r

Artist’s impre ssion

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

36

CF X Angus Mc Naughton

Ma na g ing Dire c to r a nd CE O

E mporium Me lbourne, VIC

SLIDE 19

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

37 Dir e c t Por tfolio Str ate gic Par tne r ships F unds manage me nt Cor por ate Asse t manage me nt

CF X strate gy Our b usine ss

Pro pe rty ma na g e me nt De ve lo pme nt ma na g e me nt L e a sing Po rtfo lio ma na g e me nt Ca pita l ma na g e me nt Ca pita l tra nsa c tio ns F ina nc e a nd ta x | T re a sury| Stra te g y Susta ina b ility | L e g a l, c o mplia nc e a nd risk Huma n re so urc e s | Re se a rc h Inve sto r re la tio ns a nd c o mmunic a tio ns $8.9b a sse ts 29 re ta il a sse ts1 99.7% po rtfo lio

c c .

6.25% WACR 13 stra te g ic pa rtne rs2 $5.3b re ta il AUM

2 2 1 4 14 6

17 re ta il a sse ts1

Owne r a nd ma na g e r o f inte re sts in a po rtfo lio o f q ua lity, pre d o mina ntly re g io na l a nd

la rg e sub -re g io na l sho pping c e ntre s, a nd DF O re ta il o utle t c e ntre s in Austra lia

Pro vide r o f funds ma na g e me nt a nd

a sse t ma na g e me nt se rvic e s to who le sa le funds, ma nda te s a nd pa rtne rs

1. Inte re sts in 29 re ta il a sse ts a re in CF X’ s Dire c t Po rtfo lio . Who le sa le F unds a nd third pa rty ma nda te s ha ve 17 a sse ts, o f whic h 10 a re c o -o wne d with CF X. 2. T hre e Who le sa le F unds a nd 10 a sse t ma na g e me nt pa rtne rs.

$14.2b AUM 36 a sse ts1 800+ pe o ple 230m+ c usto me rs 5,100+ re ta ile rs $9.4b re ta il sa le s 1.7m+ sq m

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

38

CF X strate gy Our fo c us is o n ma ximising the po te ntia l o f pro pe rtie s a c ro ss the re ta il spe c trum

1. T

ta l re turn is c a lc ula te d a s divide nds a nd distrib utio ns pe r se c urity plus the c ha ng e in ne t ta ng ib le a sse t b a c king pe r se c urity (NT

A) divide d b y NT A a t the sta rt o f the pe rio d. 2. T

ta l se c urityho lde r re turn is c a lc ula te d a s divide nds a nd distrib utio ns pe r se c urity plus the c ha ng e in se c urity pric e divide d b y the se c urity pric e a t the sta rt o f the pe rio d.

Gr

up financ ial obje c tive s

T

ta l re turn1 o f ~9% pe r a nnum thro ug h the c yc le

Supe rio r to ta l se c urityho ld e r re turn2 re la tive to pe e r g ro up Str ate gic dr ive r s Inte nsive asse t manage me nt

De live r c o mpe lling re ta il e xpe rie nc e s thro ug h inte nsive a sse t ma na g e me nt a nd de ve lo pme nt
Stro ng te na nt re la tio nships
Drive pro pe rty inc o me

Disc ipline d inve stme nt and c apital manage me nt

Hig hly d isc ipline d a ppro a c h to inve stme nt d e c isio ns
Ma inta in stro ng b a la nc e she e t a nd a c c e ss to c a pita l in a ll ma rke t c o nd itio ns
I

nve st re spo nsib ly Ope r ational e xc e lle nc e

F

urthe r e mb e d c ulture o f c o ntinuo us impro ve me nt

Attra c t a nd re ta in the b e st ta le nt
Re duc e risks a nd impro ve c o st e ffic ie nc ie s

Str ate gic Par tne r ships

De ve lo p a nd e nha nc e re la tio nships with e xisting a nd ne w pa rtne rs
De live r fund stra te g ie s
Ne w fund a nd ma nd a te o ppo rtunitie s

We a re fo c use d o n de live ring supe rio r a nd sta b le risk-a djuste d re turns fo r o ur se c urityho lde rs

SLIDE 20

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

39

CF X strate gy Ope ra tio na l e xc e lle nc e

Ove r 800 in the te a m pa ssio na te a b o ut re ta il

Our pe o ple

We ha ve a highly motivate d

and e xpe r ie nc e d te am o f

ve r 800
Attra c ting , de ve lo ping a nd

re ta ining ta le nt

Building o n o ur stro ng e mplo ye e

e ng a g e me nt

E

mb e dding hig h q ua lity le a de rship c a pa b ility a t a ll le ve ls Our

pe ra ting

mo de l

Co ntinue d fo c us o n e mb e dding a

c ontinuous impr

ve me nt c ultur

e

Ope r

ational e ffic ie nc y r e vie w

is unde rwa y to c a pture syne rg ie s a nd optimise pe r

for manc e

F

Y15 fo re c a st ME R1 o f <55 b a sis po ints b e fo re e ffic ie nc ie s

Chatswood Chase Sydne y, NSW

1. E stima te d Ma na g e me nt E xpe nse Ra tio (ME R) e q ua ls fo re c a st F Y15 pro pe rty ma na g e me nt a nd c o rpo ra te o ve rhe a ds re la te d to CF X’ s Dire c t Po rtfo lio (e xc luding de ve lo pme nt ma na g e me nt), divide d b y the fo re c a st a ve ra g e va lue o f the Dire c t Po rtfo lio o ve r F Y15 (a ssuming no a c q uisitio ns o r dive stme nts during the pe rio d). CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

40

Strate gic partne rs strate gy and rationale for CF X

F

c us o n r

e tail se c tor funds a nd ma nda te s Comple me nts CF X’ s Dire c t Po rtfo lio o b je c tive s Pro vid e s dive r sific ation o f e a rning s a nd c a pita l so urc e s Pro vid e s sc o pe fo r inc r e me ntal e ar nings gr

wth
ve r time
92%

8%

CF X r e ve nue c ontr ibution Str ate gic Par tne r ships

F

unds ma na g e me nt fe e s (~20%)

Asse t ma na g e me nt

fe e s: a sse ts c o -o wne d with CF X (~50%)

Asse t ma na g e me nt

fe e s: a sse ts no t c o -o wne d with CF X (~30%)

Our Who le sa le F unds a nd a sse t ma na g e me nt pa rtne rs (JV a nd third pa rty o wne rs) re pre se nt $5.3 b illio n in a sse ts unde r ma na g e me nt

CF X strate gy Stra te g ic Pa rtne rships a re a ke y c o mpo ne nt o f CF X’ s b usine ss mo de l

SLIDE 21

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

41

F Y15 pr ior itie s Our stra te g ic o b je c tive s I nte nsive a sse t ma na g e me nt

E nhanc e c e ntr e pe r for manc e

Re fine te na nt mix a nd e nha nc e the a ppe a l o f o ur a sse ts to impro ve pro duc tivity,

ma inta in e ffe c tive ly full o c c upa nc y a nd d rive NPI g ro wth Pr

gr

e ss the de ve lopme nt pipe line

Co ntinue the c o nstruc tio n a nd le a sing o f Cha dsto ne ’ s re ta il a nd o ffic e re de ve lo pme nt
Co ntinue to ma ste rpla n pro je c ts in the de ve lo pme nt pipe line

Disc ipline d inve stme nt a nd c a pita l ma na g e me nt

T r ansac t to e nhanc e Dir e c t Por tfolio quality

Co ntinue to se le c tive ly re c yc le a sse ts to inve st in va lue e nha nc ing o ppo rtunitie s,

suc h a s a c q uisitio ns o r d e ve lo pme nts Maintain a str

ng balanc e she e t
Inve stig a te o ppo rtunitie s to e nha nc e de b t me tric s
Utilise the DRP to pa rt fund the de ve lo pme nt pipe line , ha ving re g a rd to pric ing

Ope ra tio na l e xc e lle nc e

Comple te the se par ation fr

m CBA
E

sta b lish ne w c o rpo ra te ide ntity

Imple me nt sta nda lo ne IT

syste ms, pro c e sse s a nd pe o ple ma na g e me nt pro g ra ms Comple te ope r ational r e vie w

E

nsure we ha ve hig hly e ffic ie nt a nd e ffe c tive o rg a nisa tio na l struc ture s, syste ms a nd pro c e sse s in pla c e unde r a n inte rna lise d struc ture Managing r e sponsibly

Se t wa te r a nd e ne rg y NABE

RS ta rg e ts fo r a ll a sse ts in the Dire c t Po rtfo lio

Pre pa re fo r GRI (G4) re po rting

Stra te g ic Pa rtne rships

De live r e xisting fund and mandate str ate gie s

Ac hie ve fa vo ura b le re sults fo r fund s in wind d o wn
Inve st c o mmitte d c a pita l fo r CE

RF E xplor e ne w fund and mandate oppor tunitie s

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

42

F Y14 summary and F Y15 outlook

1. F Y14 pro fo rma fo re c a sts a s o utline d in the Me e ting Bo o kle t. 2. T his inc lude s inc re me nta l E BIT fro m Inte rna lisa tio n o f a t le a st e q ua l to the a mo unt o utline d in the Me e ting Bo o kle t a nd mo de st like -fo r-like Ne t Pro pe rty Inc o me g ro wth, o ffse t b y a sho rt- te rm impa c t a s E mpo rium Me lb o urne c o me s o n line . It e xc lude s the impa c t o f a sse t sa le s, suc h a s T he E nte rta inme nt Qua rte r o r a ny po te ntia l b e ne fits a rising o ut o f the o pe ra tio na l re vie w c urre ntly unde rwa y. Guida nc e a ssume s the re is no unfo re se e n ma te ria l de te rio ra tio n to e xisting e c o no mic c o nditio ns.

F Y14 summa ry

Spe c ia lty sa le s up 2.2%
Spe c ia lty pro duc tivity up 3.9%
Re -le a sing spre a ds sta b le
Spe c ia lty o c c upa nc y c o sts do wn

to 17.1%

Po rtfo lio e ffe c tive ly full a t 99.7%
Bo th ma jo r de ve lo pme nts c o mple te d
Co mme nc e d $580m re de ve lo pme nt
f Cha dsto ne
I

nte rna lisa tio n c o mple te d F Y15

utlo o k
Re ta il e nviro nme nt to ste a dily impro ve

b ut re ma in sub -tre nd

F
re c a st spe c ia lty sa le s g ro wth o f 3%
On ta rg e t to me e t o r e xc e e d

inc re me nta l E BI T fo re c a sts1

Distrib utio n g uida nc e o f 13.8 c ps2

F

c use d o n supe rio r a nd sta b le

risk-a djuste d re turns

E mporium Me lbourne, VIC

SLIDE 22

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

43

Appe ndic e s

Chatswood Chase Sydne y, NSW 1 E xe c utive Committe e 5 Dir e c t Por tfolio ove r vie w 2 F inanc ials 6 De ve lopme nt ove r vie w 3 Ca pita l ma na g e me nt 7 Ke y da te s 4 Gr

up por

tfolio ove r vie w 8 Contac t de tails

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

44

Appe ndix 1 – E xe c utive Committe e Co ntinuity a nd de pth o f e xpe rie nc e

Angus Mc Naughton Ma na g ing Dire c to r a nd CE O Mic hae l Gor man De puty CE O a nd Chie f Inve stme nt Offic e r David Mar c un Chie f Ope ra ting Offic e r a nd He a d o f Asse t Ma na g e me nt Adr ian Chye He a d o f Stra te g y Ge or ge Kar abatsos He a d o f Re ta il Ope ra tio ns E ile e n Ke r shaw He a d o f Huma n Re so urc e s Stuar t Mac r ae Ge ne ra l Ma na g e r o f L e a sing Dar yl Stubbings He a d o f De ve lo pme nt

(fro m 1 Ja nua ry 2015)

Our E xe c utive Co mmitte e a ve ra g e o ve r 20 ye a rs o f industry e xpe rie nc e

No te : Ric ha rd Ja mie so n ha s b e e n a ppo inte d to the ro le o f CF O a nd will jo in the E xe c utive Co mmitte e o n c o mme nc e me nt with the Gro up la te r in 2014. Visit c fsgam.c om.au/ c fx fo r b io g ra phic a l de ta ils.

SLIDE 23

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

45

Appe ndix 2 – F inanc ials Re c o nc iling se g me nt re po rting to distrib utio n

1. F ro m 24 Ma rc h 2014. 2. Inc lude s divide nd inc o me a nd a djustme nts fo r stra ig ht-lining re ve nue a nd pro je c t a nd o the r ite ms. 3. Ba se fe e s c e a se d b e ing pa id o n 24 Ma rc h 2014, while pe rfo rma nc e fe e s c e a se d o n 1 Ja nua ry 2014. 4. Ne w se c uritie s issue d in De c e mb e r 2013 ra nke d e q ua lly with se c uritie s o n issue a t the time a nd we re fully e ntitle d to the De c e mb e r 2013 distrib utio n. Co nse q ue ntly, a n a mo unt o f $9.8m wa s tra nsfe rre d fro m undistrib ute d re se rve s to de live r the De c e mb e r 2013 distrib utio n pa yme nt. $0.3m wa s tra nsfe rre d to undistrib ute d re se rve s.

Ove r $10m o f fe e e limina tio ns CF X ha s g a ine d a n impo rta nt ne w re ve nue stre a m Alig nme nt fe e no lo ng e r inc o me fo r CF X Inte re st e xpe nse impa c te d b y timing o f the Pla c e me nt F und ma na g e me nt fe e s no lo ng e r pa ya b le to CBA Inc lude s re nt, IT , de pre c ia tio n a nd o the r c o rpo ra te c o sts in a dditio n to CF X trust e xpe nse s De c e mb e r 2013 distrib utio n to p-up fo r Pla c e me nt se c uritie s

Inte rnalisation c ontr ibution

Re c onc iliation

$m, fo r the 12 mo nths e nde d Jun- 14 Jun- 13 Change (% ) Inte r nalisation impac t1

ne t pro pe rty inc o me 2 549.0 537.2 2.2% 11.4 stra te g ic pa rtne r inc o me 14.8 n.a . 14.8 T

tal ope r

ating inc ome 563.8 537.2 5.0% 26.2 a lig nme nt inc o me 9.2 11.1 (3.2)

the r inc o me

1.1 0.8 0.4 T

tal othe r

inc ome 10.3 11.9 (2.8) T

tal inc ome

574.1 549.1 23.4 ne t inte re st e xpe nse (112.0) (112.0) (0.9) ma nag e me nt fe e s3 (33.8) (48.8) 16.4 e mplo ye e b e ne fits (19.1) n.a . (19.1)

the r e xpe nse s

(8.4) (3.8) (4.4) T

tal ope r

ating e xpe nse s (173.3) (164.6) 5.3% (8.0) inc o me ta x (e xpe nse )/ b e ne fit (0.4) 0.1 (0.5) Distr ibutable inc ome 400.4 384.6 4.1% 14.9 tra nsfe r fro m undistrib ute d re se rve s4 9.5

9.8

Distr ibution 409.9 384.6 6.6% 24.7 Se c uritie s o n issue (e nd o f pe rio d)(m) 3,018 2,828 160 Distr ibution (c ps) 13.60 13.60

0.12

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

46

Appe ndix 2 – F inanc ials I nc re me nta l c ha ng e s to distrib utio n pe r se c urity (DPS) o ve r F Y14

13.60 0.11 0.12 0.09 0.15 0.10 0.07 13.60 13.0 13.2 13.4 13.6 13.8 14.0

F Y13 DPS L ike -fo r-like NPI I nte rna lisa tio n Othe r* Ab no rma l NPI ^ DRP Ro se b ud sa le F Y14 DPS

Distrib utio n pe r se c urity (c e nts)

* Pre do mina ntly re la te s to the impa c t o f lo we r de b t c o sts. ^ Ab no rma l NPI c o mprise s de ve lo pme nt-a ffe c te d pro pe rtie s a nd o the r o ne -o ff a djustme nts a s de ta ile d in slide 48, with inc o me a djustme nts fo r de ve lo pme nt-a ffe c te d pro pe rtie s ne t o f c a pita lise d inte re st.

SLIDE 24

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

47

Appe ndix 2 – F inanc ials I nc re me nta l c ha ng e s to distrib uta b le inc o me o ve r F Y14

384.6 11.8 14.8 15.0 19.1 6.7 400.4 350 360 370 380 390 400 410 420 430 440

Distrib uta ble inc o me F Y13 Ne t pro pe rty inc o me Stra te g ic Pa rtne rships inc o me F und ma na g e me nt fe e s (c e a se d) E mplo ye e b e ne fits e xpe nse s Othe r Distrib uta ble inc o me F Y14 Distrib uta b le inc o me ($m)

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

48

Appe ndix 2 – F inanc ials Ca lc ula tio n o f ne t pro pe rty inc o me a nd like -fo r-like ne t pro pe rty inc o me

$m, fo r the 12 mo nths e nde d 30-Jun- 14 30-Jun- 13 Change (% )

Pro pe rty re ve nue 733.8 725.1 Sha re o f ne t pro fit fro m e q uity a c c o unte d inve stme nts b e fo re fa ir va lue a d justme nts 3.6 3.4 Divide nd inc o me 1.4 1.5 Pro pe rty e xpe nse s (220.7) (219.3) Stra ig ht-lining re ve nue 1 1.6 (2.4) Amo rtisa tio n o f pro je c t ite ms1 19.6 20.0 Othe r ite ms1 9.7 8.9 Ne t pr

pe r

ty inc ome 549.0 537.2 2.2 L ike -for

like adjustme nts

De ve lo pme nt-a ffe c te d pro pe rtie s2 (37.5) (32.9) Adjustme nt fo r c ha ng e s in o wne rship o f pro pe rtie s3 (1.1) (4.2) Pro pe rty e xpe nse s e limina te d po st Inte rna lisa tio n (11.4)

Othe r o ne -o ff a djustme nts4

(4.3) (8.9) L ike -for

like ne t pr
pe r

ty inc ome 494.7 491.3 0.7

1. Re fe r to No te 3(b ) o f the F ina nc ia l Re po rt fo r furthe r e xpla na tio n o f the se ite ms. 2. Pro pe rtie s ha ve b e e n e xc lude d fro m the like -fo r-like c a lc ula tio n whe re inc o me ha s b e e n sig nific a ntly a ffe c te d b y de ve lo pme nt in e ithe r ye a r. Pro pe rtie s e xc lude d a re Brimb a nk Sho pping Ce ntre , F

re st Hill Cha se , E

mpo rium Me lb o urne a nd Ro xb urg h Pa rk Sho pping Ce ntre . 3. In Ma y 2014, CF X a c q uire d a furthe r 25% inte re st in DF O So uth Wha rf a nd in No ve mb e r 2013, CF X so ld Ro se b ud Pla za Sho pping Ce ntre . An a djustme nt is ma de to the like -fo r-like c a lc ula tio n to re fle c t the c ha ng e s in o wne rship inte re sts. 4. Que e nsla nd flo o d insura nc e c la ims a nd le a se pre miums ha ve b e e n e xc lude d fro m the like -fo r-like c a lc ula tio n in F

Y14. A timing -re la te d a djustme nt wa s ma de fo r the

d e ve lo pme nt o f the ind ustria l site a t DF O Ho me b ush, a nd le a se pre miums ha ve b e e n e xc lude d, fro m the like -fo r-like c a lc ula tio n in F Y13.

SLIDE 25

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

49 Re c onc iliation

$m, fo r the 12 mo nths e nde d 30-Jun- 14 30-Jun- 13 Change (% )

Ne t pr

fit

400.1 295.0 Adjustme nts: ne t (g a in)/ lo ss fro m pro pe rty va lua tio ns (70.8) 63.1 ne t unre a lise d lo ss fro m d e riva tive va lua tio ns 23.0 3.5 stra ig ht-lining re ve nue 1.6 (2.4) mo ve me nt in fa ir va lue o f unre a lise d pe rfo rma nc e fe e s 2.0 (5.5) no n-c a sh c o nve rtib le no te s inte re st e xpe nse 1.2 2.0 Inte rna lisa tio n c o sts 13.5

pro je c t a nd o the r ite ms

29.8 28.9 Distr ibutable inc ome 400.4 384.6 4.1 ne t tra nsfe r fro m undistrib ute d re se rve s1 9.5

Distr

ibution 409.9 384.6 6.6 Se c uritie s o n issue (e nd o f pe rio d )(m) 3,0182 2,828 Distr ibution (c e nts pe r se c ur ity) 13.6 13.6

Appe ndix 2 – F

inanc ials Re c o nc iling ne t pro fit to distrib utio n

1. Ne w se c uritie s issue d in De c e mb e r 2013 ra nke d e q ua lly with se c uritie s o n issue a t the time a nd we re fully e ntitle d to the De c e mb e r 2013 distrib utio n. Co nse q ue ntly a n a mo unt o f $9.8m wa s tra nsfe rre d fro m undistrib ute d re se rve s to de live r the De c e mb e r 2013 distrib utio n pa yme nt. $0.3m wa s tra nsfe rre d to undistrib ute d re se rve s.. 2. Se c uritie s we re issue d during F Y14 fo r the June 2013 DRP, the De c e mb e r 2013 institutio na l pla c e me nt a nd the se c urity purc ha se pla n c o mple te d o n 31 Ja nua ry 2014. CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

50

Appe ndix 3 – Capital manage me nt Ge a ring a nd de b t c o ve na nts

Ge ar ing histor y (% ) Ke y de bt c ove nants

T hr e shold 30-Jun- 14 30-Jun-13

L

a n to va lue ra tio 1 (L

VR) 50% o r le ss 36% 33% Inte re st c o ve r ra tio 2 (ICR) 1.8 time s o r g re a te r 3.4 time s 3.3 time s

1. Ca lc ula te d a s to ta l lia b ilitie s divide d b y to ta l a sse ts. 2. Ca lc ula te d a s e a rning s b e fo re inte re st divide d b y ne t inte re st e xpe nse fo r CF

X1. F
r the purpo se s o f this c a lc ula tio n, e a rning s re pre se nts ne t pro fit e xc luding a ll fa ir va lue

a djustme nts, stra ig ht-lining re ve nue , b o rro wing c o sts a nd ne t inte re st e xpe nse o n inte re st ra te swa ps. Inte re st e xpe nse is the sum o f b o rro wing c o sts, ne t inte re st e xpe nse

n inte re st ra te swa ps, a nd c a pita lise d inte re st; le ss no n-c a sh c o nve rtib le no te s inte re st e xpe nse .

T a rg e t b a nd

CF X ha s ne ve r wa ve re d fro m its stra te g y o f b e ing a c o nse rva tive ly g e a re d A-RE I T

26.7 28.3 28.3 25.0 27.3 27.3 29.5 27.0 26.6 28.8 30.9 5 10 15 20 25 30 35 40 45 50 F Y04 F Y05 F Y06 F Y07 F Y08 F Y09 F Y10 F Y11 F Y12 F Y13 F Y14

SLIDE 26

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

51 He dging pr

file

F Y15 F Y16 F Y17 F Y18 F Y19 F Y20

F a c e va lue o f he dg e s ($m) 2,554 2,160 1,768 1,453 894 503 We ig hte d a ve ra g e inte re st ra te o n he dg e d de b t3 (%) 4.82% 4.95% 4.15% 4.24% 4.58% 4.39% Ave ra g e pe rc e nta g e he dg e d o ve r the fina nc ia l ye a r (%) 85 69 56 45 27 15

Appe ndix 3 – Capital manage me nt He dg ing pro file 1,2

He dge matur ity pr

file

He dge d de bt

30-Jun- 14 30-Jun- 13

Pro po rtio n o f o ve ra ll de b t 83.9% 81.3% We ig hte d a ve ra g e ra te 3 4.8% 5.1% We ig hte d a ve ra g e dura tio n 3.7 ye a rs 3.1 ye a rs

1. As a t 30 June 2014, a djuste d fo r c a pita l ma na g e me nt a c tivitie s po st the pe rio d. 2. Inc luding a ll fixe d ra te de b t. 3. E xc luding fe e s a nd ma rg ins. Ke y: F a c e va lue o f he dg e s ($m) (L HS) We ig hte d a ve ra g e inte re st ra te o n he dg e d de b t (RHS)

1% 2% 3% 4% 5% 6% 7% 500 1,000 1,500 2,000 2,500 3,000 F Y15 F Y16 F Y17 F Y18 F Y19 F Y20

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

52

Appe ndix 4 – Gr

up por

tfolio ove r vie w Gro up sta tistic s

F Y13 F Y14

Indic ator

Dir e c t por tfolio Dir e c t por tfolio Asse t mgt mandate s F unds mgt mandate s CF X Gr

up

CF X Gr

up

Re ta il a sse ts und e r mg t ($b ) 8.6 8.9 3.6 1.7 14.2 F und s und e r mg t ($b )

8.9
1.9

10.8 Numb e r o f re ta il a sse ts 29 291 72 103 36 Po rtfo lio size (GL A, ‘ 000 sq m) 1,422 1,442 n.a . n.a . 1,717 Numb e r o f te na nts 4,234 4,367 n.a . n.a . 5,127 Visita tio n (m) 198 201 n.a . n.a . 231 T ype - Re g io na l o r la rg e r (%) 77 78 88 75 84

Sub -re g io na l o r sma lle r (%)

15 12 9 23 13

DF

O o utle t c e ntre (%) 7 9 3

2
Othe r (%)

1 1

2

1 Numb e r o f stra te g ic pa rtne rs n.a . n.a . 10 3 13 Dir e c t Por tfolio Ave ra g e c a pita lisa tio n ra te (%) 6.43 6.25 Oc c upa nc y (%) 99.4 99.7 Numb e r o f va c a nc ie s 54 36 T

ta l re ta il sa le s ($)

7,727 7,756 Co mp spe c ia lty sa le s ($/ sq m) 10,066 10,457 Co mp spe c ia lty o c c upa nc y c o sts (%) 17.3 17.1 Po rtfo lio NABE RS E ne rg y ra ting (sta rs) 3.0 3.0 Po rtfo lio NABE RS Wa te r ra ting (sta rs) 3.4 3.2

CF X’ s po rtfo lio b e ne fits fro m the sc a le a nd syne rg ie s

f a $14.2b re ta il

pla tfo rm

NOT E : Numb e rs ma y no t to ta l due to ro unding . 1. Po st 16 April 2014, E mpo rium Me lb o urne , VIC a nd Mye r Bo urke Stre e t, VIC a re tre a te d a s two se pa ra te a sse ts. 2. Six a sse ts a re c o -o wne d with CF X. 3. F

ur a sse ts a re c o -o wne d with CF

X.

SLIDE 27

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

53

Appe ndix 5 – Dir e c t Por tfolio ove r vie w K e y sta tistic s b y a sse t

Pr

pe r

ty

CF X Ce ntr e type 1 B

ok value MAT

gr

wt

h

Spec. MAT

gr

wth

Spec. MAT / sqm

Occ. cost

Occ. Cap r ate % of r etail por tfoli

2

(% ) ($m) (% ) (% ) ($) (% ) (% ) (% )

Cha d sto ne Sho pping Ce ntre , VIC 50 Supe r-re g io na l 1,682.3 3.1 4.3 15,376 17.3 99.9 5.25 19.0 Cha tswo o d Cha se Sydne y NSW, NSW 100 Re g io na l 889.7 3.2 6.3 12,727 15.8 100.0 5.50 10.0 Que e nsPla za , QL

D

100 CBD-re g io na l 635.0 2.2 10.3 19,091 15.5 100.0 5.50 7.2 Ba ysid e Sho pping Ce ntre , VIC3 100 Re g io na l 561.2

0.1

1.2 6,850 19.4 99.1 6.25 6.3 No rthla nd Sho pping Ce ntre , VIC 50 Re g io na l 477.5

0.4
0.5

8,205 22.1 99.7 5.80 5.4 E mpo rium Me lb o urne , VIC 50 CBD-re g io na l 442.0 n.a . n.a . n.a . n.a . n.a . 5.50 5.0 T he Mye r Ce ntre Brisb a ne , QL

D

50 CBD-re g io na l 375.0

1.2
1.6

11,327 20.6 99.8 6.25 4.2 E liza b e th Sho pping Ce ntre , SA 100 Re g io na l 357.5

0.5

0.5 7,069 16.8 99.7 7.00 4.0 Bro a dme a do ws Sho pping Ce ntre , VIC 100 Re g io na l 316.0

6.2
3.5

6,326 18.5 99.6 7.50 3.6 Ro c king ha m Sho pping Ce ntre , WA 50 Re g io na l 273.5 0.0 3.8 9,243 14.7 99.9 6.25 3.1 F

re st Hill Cha se , VIC3

100 Re g io na l 270.3 5.2 5.1 6,145 17.6 98.8 7.25 3.1 L a ke Ha ve n Sho pping Ce ntre , NSW 100 Sub -re g io na l 253.2

5.8
3.4

8,814 14.0 100.0 7.50 2.9 Gra nd Pla za Sho pping Ce ntre , QL

D

50 Re g io na l 174.0

0.7

2.5 9,000 16.8 100.0 6.75 2.0 Cliffo rd Ga rde ns Sho pping Ce ntre , QL

D

100 Sub -re g io na l 168.6

2.8

1.2 9,520 12.8 100.0 7.50 1.9 E a stla nd s Sho pping Ce ntre , T

AS

100 Re g io na l 165.2 1.6

5.4

7,171 15.4 98.9 7.25 1.9

1. Re g io na l a nd sub -re g io na l sho pping c e ntre s c la ssifie d a s pe r Pro pe rty Co unc il o f Austra lia de finitio ns. 2. Ba se d o n inde pe nde nt va lua tio ns. 3. De ve lo pme nt impa c te d c e ntre . CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

54

Appe ndix 5 – Dir e c t Por tfolio ove r vie w K e y sta tistic s b y a sse t (c o ntinue d )

Pr

pe r

ty

CF X Ce ntr e type 1 B

ok value MAT

gr

wt

h

Spec. MAT

gr

wth

Spec. MAT / sqm

Occ. cost

Occ. Cap r ate % of r etail por tfoli

2

(% ) ($m) (% ) (% ) ($) (% ) (% ) (% )

Brimb a nk Sho pping Ce ntre , VIC3 100 Sub -re g io na l 156.4 12.8 16.0 5,578 17.1 100.0 7.75 1.8 Ca stle Pla za Sho pping Ce ntre , SA 100 Sub -re g io na l 151.8

0.4
1.3

8,603 14.5 99.1 8.00 1.7 Runa wa y Ba y Sho pping Villa g e , QL

D

50 Re g io na l 119.3 1.4 3.6 8,329 14.5 99.1 7.25 1.3 Co rio Sho pping Ce ntre , VIC 100 Sub -re g io na l 117.0

0.8
0.7

5,542 16.0 99.7 8.25 1.3 Mye r Bo urke Stre e t, VIC 33 CBD-re g io na l 114.5 n.a . n.a . n.a . n.a . n.a . 6.00 1.3 Ro xb urg h Pa rk Sho pping Ce ntre , VIC3 100 Sub -re g io na l 94.4 27.5 58.1 5,187 14.5 100.0 7.75 1.1 No rthg a te Sho pping Ce ntre , T

AS

100 Sub -re g io na l 90.6

0.2
4.1

9,088 13.1 99.5 8.25 1.0 Alto na Ga te Sho pping Ce ntre , VIC 100 Sub -re g io na l 78.5

8.1
4.2

6,030 15.6 99.6 8.25 0.9 Po st Offic e Sq ua re , QL

D

100 Othe r 71.1

8.5
10.1

12,341 19.4 77.1 8.00 0.8 T he Ente rta inme nt Qua rte r, NSW 50 Othe r 35.24

12.9
14.2

4,888 16.1 100.0 7.88 0.4 Shopping c e ntre portfolio 8,069.8 0.9 2.7 9,740 17.1 99.6 6.25 91.1 DF O So uth Wha rf, VIC 75 Re ta il o utle t 272.4 21.7 19.3 7,590 11.7 100.0 7.00 3.1 DF O Ho me b ush, NSW2 100 Re ta il o utle t 270.9 28.2 27.2 12,174 9.4 100.0 6.75 3.1 DF O E sse ndo n, VIC 100 Re ta il o utle t 141.5 2.5 1.8 7,972 11.3 100.0 7.50 1.6 DF O Mo o ra b b in, VIC 100 Re ta il o utle t 100.0 4.4 4.7 5,609 12.6 100.0 8.00 1.1 DF O re tail outle t c e ntre portfolio 784.8 15.2 13.5 8,011 11.1 100.0 7.42 8.9

1. Re g io na l a nd sub -re g io na l sho pping c e ntre s c la ssifie d a s pe r Pro pe rty Co unc il o f Austra lia de finitio ns. 2. Ba se d o n inde pe nde nt va lua tio ns. 3. De ve lo pme nt impa c te d c e ntre . 4. Re pre se nts the va lue o f CF X’ s units in Be nt Stre e t T rust.

SLIDE 28

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

55 CF X histor ic al valuation tr e nds By c e ntre type , six mo nthly to 30-Jun-14

Appe ndix 5 – Dir e c t Por tfolio ove r vie w Va lua tio ns re ma in sta b le

$70.8m in va lua tio n g a ins
ve r the ye a r
Ca pita lisa tio n ra te 1 ha s

tig hte ne d to 6.25% fro m 6.43%

Ke y: Sho pping c e ntre po rtfo lio Re g io na l Sub -re g io na l 3% 4% 5% 6% 7% 8% 9% 10% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 We ig hte d a ve ra g e c a pita lisa tio n ra te

Stro ng tra nsa c tio na l e vide nc e suppo rts c urre nt va lua tio ns

1. We ig hte d a ve ra g e c a pita lisa tio n ra te e xc luding DF O re ta il o utle t c e ntre s a nd 15 Bo we s Stre e t, Wo de n. Mye r Bo urke Stre e t, VIC a nd E mpo rium Me lb o urne , VIC va lua tio ns a re inc lude d in this c a lc ula tio n fro m 30 June 2014. CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

56

Appe ndix 5 – Dir e c t Por tfolio ove r vie w Dive rsific a tio n b y inc o me

T

p 15 te nant gr
ups

Inc ome (% )

We sfa rme rs1 7.6 Wo o lwo rths2 3.5 Da vid Jo ne s 3.2 Mye r 2.9 Pre mie r Inve stme nts 1.8 Spe c ia lty F a shio n Gro up 1.2 Pe pko r Re ta il3 1.1 We stpa c 1.0 Co tto n On 0.9 Ho yts 0.9 Co mmo nwe a lth Ba nk 0.8 Ang us & Co o te 0.8 Austra lia n Pha rma c e utic a l Ind ustrie s 0.8 BB Re ta il Ca pita l 0.8 Co untry Ro a d 0.7 T

p 15

28.0

1. Inc luding Co le s, T a rg e t, K ma rt a nd sub sidia ry b ra nds. 2. Inc luding Big W a nd sub sidia ry b ra nds. 3. Inc luding Be st & L e ss a nd Ha rris Sc a rfe sto re s.

Que e nsPlaza, QL

D

SLIDE 29

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

57

19% 59% 12% 9% 1% 16% 55% 17% 6% 3% 3%

Appe ndix 5 – Dir e c t Por tfolio ove r vie w Hig h q ua lity po rtfo lio , we ll dive rsifie d b y lo c a tio n

Ge ogr aphic dive r sific ation1

By value

Pr

pe r

ty c e ntr e type dive r sific ation1

By value

Ke y: NSW VIC QL D SA WA T AS Ke y: Supe r- re g io na l Re g io na l Sub - re g io na l Re ta il

utle t

Othe r

T

he po rtfo lio is we ig hte d to g e o g ra phic a lly sig nific a nt ma rke ts

T

he po rtfo lio ha s a hig h e xpo sure to supe r-re g io na l a nd re g io na l sho pping c e ntre s

1. Ba se d o n la te st va lua tio ns a nd e xc lude s 15 Bo we s Stre e t, Wo de n. F ro m 16 April 2014, the se c a lc ula tio ns inc lude Mye r Bo urke Stre e t, VIC a nd E mpo rium Me lb o urne , VIC. CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

58

Appe ndix 6 – De ve lopme nt ove r vie w K e y de ve lo pme nt pro je c ts

1. Dire c t Po rtfo lio . 2. Yie ld b a se d o n first-ye a r inc o me a fte r de ve lo pme nt c o mple tio n. 3. Othe r pro je c ts in pro g re ss inc lude No rthla nd $6m to b e c o mple te d b y la te 2014 a nd L a ke Ha ve n $7m to b e c o mple te d b y mid 2015. 4. Co st sho wn is indic a tive o nly. 5. E xpe c te d c o mple tio n da te s sub je c t to a ppro va ls a nd timing .

Pr

je c t

As a t 30 June 2014 T

tal

c ost ($m) Cost to c omple te 1 ($m) T ar ge t yie ld2 (% ) E xpe c te d c omple tion date Cha d sto ne (No rth re ta il a nd o ffic e ) 290 280 >6 Mid 2017 Othe r pro je c ts3 13 10 ~7 Mid 2015 Stra te g ic Pa rtne rships 329 n.a . n.a . n.a . T

tal in pr
gr

e ss 632 n.a. Stra te g ic Pa rtne rships 85 n.a . n.a . n.a . T

tal planne d4,5

85 n.a. Dire c t Po rtfo lio 235 235 Stra te g ic Pa rtne rships 200 n.a . T

tal de fe r

r e d or c onc e pt4,5 435 n.a. T

tal de ve lopme nt pipe line

1,152 n.a. Dir e c t Por tfolio de ve lopme nt pipe line 538 525

SLIDE 30

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

59

Appe ndix 7 – Ke y date s I nve sto r c a le nda r

Date 1 E ve nt 29-Aug -14 Pa yme nt o f June 2014 d istrib utio n a nd issue DRP se c uritie s Se p-14 Ma iling o f No tic e o f Me e ting a nd 2014 Annua l re po rt 31-Oc t-14 Annua l Ge ne ra l Me e ting 29-De c -14 E x-d istrib utio n d a te fo r De c e mb e r 2014 d istrib utio n 31-De c -14 Re c o rd d a te fo r De c e mb e r 2014 d istrib utio n F e b -15 1H15 inte rim re sult a nno unc e me nt 26-F e b -15 Pa yme nt o f De c e mb e r 2014 d istrib utio n

1. T he se da te s a re indic a tive o nly a nd ma y b e sub je c t to c ha ng e .

Mye r Bourke Stre e t, VIC

CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

60

Appe ndix 8 – Contac t de tails and disc laime r

F

r

fur the r infor ma tion ple a se c onta c t: Pe nny Be rg e r T ro y Da hms He a d o f Inve sto r Re la tio ns a nd Co mmunic a tio ns Inve sto r Re la tio ns a nd Co mmunic a tio ns Ma na g e r Pho ne : +61 2 9303 3516 o r +61 402 079 955 Pho ne : +61 2 9303 3491 o r +61 412 055 996 E ma il: pb e rg e r@ c o lo nia lfirststa te .c o m.a u E ma il: tda hms@ c o lo nia lfirststa te .c o m.a u About CF S R e ta il Pr

pe r

ty T r ust Gr

up (CF

X) CF X is o ne o f Austra lia ’ s le a ding re ta il pro pe rty g ro ups, with a fully inte g ra te d funds a nd a sse t ma na g e me nt pla tfo rm, a nd $14.2 b illio n in re ta il a sse ts unde r ma na g e me nt. L iste d o n the Austra lia n Se c uritie s E xc ha ng e , CF X ho lds inte re sts in 29 dire c tly-

wne d re ta il a sse ts a c ro ss Austra lia , ma na g e s 17 a sse ts o n b e ha lf o f stra te g ic pa rtne rs (10 o f whic h a re c o -o wne d with CF

X) a nd ha s o ve r 17,000 inve sto rs a c ro ss 17 c o untrie s. F

r mo re info rma tio n, visit c fsgam.c om.au/ c fx

Ne ithe r Commonwe a lth Ma na g e d Inve stme nts L imite d (the ‘Re sponsible E ntity’) ABN 33 084 098 180 nor CF X Co L imite d ABN 79 167 087 363 nor a ny of the ir subsidia r ie s g ua r a nte e s or in a ny wa y sta nds be hind the pe r for ma nc e of CF S Re ta il Pr

pe r

ty T r ust 1 ARSN 090 150 280 or

f CF

X Co L imite d (tog e the r CF S Re ta il Pr

pe r

ty T r ust Gr

up or

‘CF X’) or

f CF

S Re ta il Pr

pe r

ty T r ust 2 ARSN 156 647 853 or the r e pa yme nt of c a pita l by CF

X. Inve stme nt- type pr
duc ts a r

e subje c t to inve stme nt r isk inc luding possible de la ys in r e pa yme nt a nd loss of inc ome a nd pr inc ipa l inve ste d. T he info rma tio n c o nta ine d in this pre se nta tio n (the ‘ Pre se nta tio n’ ) is inte nde d to pro vide g e ne ra l a dvic e o nly a nd do e s no t ta ke into a c c o unt yo ur individua l o b je c tive s, fina nc ia l situa tio n o r ne e ds. Yo u sho uld a sse ss whe the r the Pre se nta tio n is a ppro pria te fo r yo u a nd c o nside r ta lking to a fina nc ia l a dvise r o r c o nsulta nt b e fo re ma king a n inve stme nt de c isio n. All re a so na b le c a re ha s b e e n ta ke n in re la tio n to the pre pa ra tio n a nd c o lla tio n o f the Pre se nta tio n. E xc e pt fo r sta tuto ry lia b ility whic h ma y no t b e e xc lude d, no pe rso n, inc luding the Re spo nsib le E ntity, CF X Co L imite d o r CF X F unds Ma na g e me nt Pty L imite d ABN 62 167 606 939 a c c e pts re spo nsib ility fo r a ny lo ss o r da ma g e ho wso e ve r o c c urring re sulting fro m the use o f o r re lia nc e o n the Pre se nta tio n b y a ny pe rso n. Pa st pe rfo rma nc e is no t indic a tive o f future pe rfo rma nc e a nd no g ua ra nte e o f future re turns is implie d o r g ive n. Copyr ig ht a nd c onfide ntia lity T he c o p yrig ht o f this Pre se nta tio n a nd the info rma tio n c o ntaine d the re in is ve ste d in the Re spo nsible E ntity a nd the CF X Co L imite d g ro up o f c o mpa nie s. T his Pre se nta tio n sho uld no t b e c o pie d, re pro d uc e d o r re distrib ute d witho ut prio rc o nse nt.