Portfolio Overview

Key Metrics*

As at 30 September 2018

    Office Industrial
Total
Number of properties no. 26 31 57
Total value
$m 2,209.3 1,146.8 3,356.1
% of portfolio value % 66 34 100
Occupancy % 98 99 98
Total lettable area sqm 286,368 717,014 1,003,382
Weighted average valuation cap rate % 6.0 6.6 6.2
WALE
years 5.3 4.7 5.0
WARR#
% 3.5 2.8 3.3
Average value (per sqm) $ 7,715 1,599 3,345
Average rent (per sqm, per annum) $ 548 116 239
FY18 net property income $m. 132.6 81.1 213.6

*Does not include 836 Wellington Street, West Perth, WA or 100 Skyring Terrace, Newstead, QLD.

#Assumes CPI change of 2.1% per annum as per Australian Bureau of Statistics released for FY18.

Sector diversity

Geographic diversity

Top ten tenants

Portfolio lease expiry profile

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Latest Acquisitions

836 Wellington Street, West Perth, WA

This is a 6-level modern A-Grade office building with 138 secured car bays. The building has a 5.5 Star NABERS Energy rating.

   
Interest Freehold
Book Value as at 30/06/2018: $91.3 million
Valuer: Savills
Cap Rate: 6.25%
Discount Rate: 7.25%
Major tenant: Commonwealth of Australia (Department of Home Affairs)
Weighted Average Lease Expiry: 8.3 years as at settlement
Lettable area: 11,973 sqm
Site area: 4,304 sqm

36 & 58 Tarlton Crescent and 2 & 10 Hugh Edwards Drive, Perth Airport, WA

Four modern warehouses which form part of the Perth Airport precinct

   
Interest Leasehold expiring 2047 plus 49 year option
Book Value as at 30/06/2018: $47.9 million
Valuer: JLL
Cap Rate: 7.67%
Discount Rate: 8.16%
Major tenant: Mainfreight Distribution
Weighted Average Lease Expiry: 6.3 years
Lettable area: 31,965 sqm
Site area: 57,617 sqm