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26 September 2006 the Manager Australian Stock Exchange Limited

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26 September 2006 the Manager Australian Stock Exchange Limited DB RREEF Funds Management Limited 26 September 2006 ABN 24 060 920 783 Australian Financial Services Licence Holder Level 9 343 George Street Sydney NSW 2000 The Manager PO Box R1822 Australian Stock Exchange Limited Royal Exchange NSW 1225 20 Bridge Street Telephone 61 2 9017 1100 Sydney NSW 2000 Direct 61 2 9017 1136 Facsimile 61 2 9017 1132 Email: [email protected] Dear Sir / Madam DB RREEF Trust (ASX: DRT) – Annual Report 2006 DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), confirms the lodgement of the following documents with the Australian Stock Exchange today: • DB RREEF Trust Annual Report 2006 For further information, please contact • DRT Fund Manager: Tony Dixon (02) 9017 1136 • Investor Relations: Karol O’Reilly (03) 8611 2930 Yours sincerely Tanya Cox Company Secretary DB RREEF Trust annual report 2006 contents key financial data and results summary 2 highlights 3 letter from the chair 4 chief executive officer’s report 6 DB RREEF Trust overview 12 commercial portfolio – australasia 20 industrial portfolio – australia 22 retail portfolio – australia 24 industrial portfolio – united states 26 third party funds under management 28 sustainability report 30 corporate governance statement 35 directors 42 executive committee 44 management team 45 financial reports 46 registry information 118 investor information 119 directory Capitalising on global strength FRONT COVER AND ABOVE: Governor Phillip Tower and Governor Macquarie Tower Office Complex, 1 Farrer Place, Sydney NSW (Photos provided by Hamilton Lund of Visual Eyes International) DB RREEF Trust (ASX: DRT) comprising DB RREEF Diversified Trust ARSN 089 324 541 (DDF), DB RREEF Industrial Trust ARSN 090 879 137 (DIT), DB RREEF Office Trust ARSN 090 768 531 (DOT) and DB RREEF Operations Trust ARSN 110 521 223 (DRO). Also referred to in this annual report as “DB RREEF”, “the Trust”, “or “the Trusts”. “DAL” means Deutsche Australia Limited. The DB RREEF group “the Group” refers to the business as a whole and includes the Responsible Entity of each of the Trusts, DB RREEF Funds Management Limited ABN 24 060 920 783. EM or Explanatory Memorandum means Explanatory Memorandum and Product Disclosure Statement dated 30 August 2004 DB refers to Deutsche Bank AG. All amounts are in Australian dollars unless otherwise stated. key financial data and results summary 30 June 2006 Security price Highest $1.55 Low $1.30 Closing price $1.46 Number of securities on issue 2.802 billion Number of security holders 25,925 Net tangible assets per security (NTA) $1.53 Total assets $8.3 billion Market capitalisation $4.1 billion Distributions (cents per security) December 2005 5.45 cents June 2006 5.55 cents Total 11.00 cents Tax-deferred percentage 51 percent Distributions $306.3 million Borrowings $3.2 billion Gearing as percent of total assets (net of cash) 38.3 percent Average duration of interest hedges 6.5 years Number of property investments 178 Portfolio occupancy rate 96.1 percent Portfolio average lease duration 5.3 years Third party funds under management $3.95 billion Total funds under management $11.8 billion Pound Road West, Dandenong VIC 2 DB RREEF Trust Annual Report 2006 highlights Distribution to security holders $306.3million up 8.9 percent 05 06 n Total property income $659.7 million n Distribution per security of 11 cents – up 4.8 percent n Total assets $8.3 billion – up 18.6 percent n Total security holders’ equity $4.7 billion – up 21.9 percent n NTA per security $1.53 – up 19.5 percent n High quality portfolio with strong fundamentals n Crystallising value offshore – through RREEF n Strong balance sheet n gearing 38.3 percent n S&P credit rating BBB+ DB RREEF Trust Annual Report 2006 3 letter from the chair Governor Phillip Tower and Governor Macquarie Tower Office Complex, 1 Farrer Place, Sydney NSW (Photo provided by Hamilton Lund of Visual Eyes International) 4 DB RREEF Trust Annual Report 2006 dear investor I am pleased to present the second Annual Report for DB RREEF Trust (DB RREEF) for the year ended 30 June 2006. This year DB RREEF delivered on the objectives outlined in the Explanatory Memorandum and Product Disclosure Statement dated 30 August 2004 (EM), enhancing security holder value through the creation of a major diversified property group. The key highlights for the year were: n delivering on the EM distribution forecast; n consolidating DB RREEF’s strong property portfolio; n developing a global capability through a strategic relationship with RREEF; and n further expanding the global industrial portfolio through selective international acquisitions. The strength of DB RREEF’s property portfolio continued to improve over the year. DB RREEF has been actively managing the portfolio, increasing occupancy, expanding lease durations and also creating substantial development opportunities both in Australia and internationally. The DB RREEF group (the Group) is now one of Australia's largest property fund managers, with total funds under management as at 30 June 2006 of approximately $11.8 billion. The property portfolio comprises assets in Australia, New Zealand and the United States. Through our strategic relationship with RREEF, we have acquired properties in the US, France and recently announced the $600 million Whirlpool Investment Program in the US, Canada and Poland. On behalf of the Board, I would like to express our committment to the continuing growth and development of DB RREEF, and thank you for your support over the past 12 months. Yours sincerely Christopher T Beare Chair 15 September 2006 DB RREEF Trust Annual Report 2006 5 chief executive officer’s report The Zenith, 821–843 Pacific Highway, Chatswood NSW 6 DB RREEF Trust Annual Report 2006 I am pleased to present DB RREEF’s results for the year to 30 June 2006 which clearly demonstrate that we have delivered against the objectives outlined in the EXplanatory Memorandum and Product Disclosure Statement dated 30 August 2004 (EM). Our clear goal has been and continues to be to enhance financial results security holder value by creating a major, diversified property group – we are now doing this. Distributions for the six months ended 30 June 2006 of 5.55 cents per stapled security were paid on 29 August 2006. It has been a strong year for DB RREEF, with performance This brings the total distributions for the year to 11 cents per reflecting the consolidation of DB RREEF’s domestic portfolio, stapled security or $306.3 million, of which 51 percent significant success in increasing the portfolio’s occupancy represents tax advantaged income. and lengthening lease durations whilst growing net lettable area through our development program. Net profit for the year was $1,066 million, including a $686.5 million revaluation of investments and a Internationally, we have expanded DB RREEF’s portfolio $76.2 million unrealised gain on financial instruments through recent acquisitions in the US, France, and (and foreign exchange). Total property income was developments currently under construction in Florida and $659.7 million, representing a 29.7 percent increase Dulles, Northern Virginia. More recently we announced the on the previous 12 months’ property income. $600 million Whirlpool investment program in the US, Canada and Poland. These industrial opportunities have been Total revenue from the funds management business for the facilitated through our global strategic partner, RREEF. year was $57.8 million and DB RREEF’s 50 percent interest in the net profit after tax at the DB RREEF Holdings Pty Nationally and internationally, all key indicators have improved. Limited level was $9.9 million. The average lease duration is up, as are the occupancy levels for properties in each sector. DB RREEF has more than Total assets at 30 June 2006 were $8,288 million, an 300,000 square metres of new space currently under increase of 18.6 percent over last year. Net tangible assets development, providing us with a substantial pipeline of (NTA) per stapled security are $1.53, which is an increase new lettable area into the future. of 25 cents per security or 19.5 percent since 30 June 2005. The key financial results are summarised in the table below: the Group at a glance 30 June 2006 30 June 20051 Year ended Year ended Total income ($ million) 1,463 810 30 June 2006 30 June 2005 EBIT ($ million) 1,250 605 Funds under management ($ billion) 11.80 10.30 Profit after tax ($ million) 1,066 467 Portfolio value ($ billion) 8.0 6.80 Net profit attributable to security holders ($ million) 1,010 396 Occupancy (%) 96.1 93.1 Portfolio value ($ million) 7,995 6,597 Development pipeline ($ billion) 1.30 0.90 NTA per security ($) 1.53 1.28 Area leased during year (square metres) 730,000 470,000 Gearing ratio (%) 38.3 39.0 Distribution ($ million) 306 281 Distribution (cents/unit) 11.0 10.5 1 The results reflect the performance of the parent DDF from 1 July 2004 and the addition of DIT, DOT and DRO from the date of consolidation, being 1 October 2004. DB RREEF Trust Annual Report 2006 7 chief executive officer’s report (continued) capital management portfolio performance – Australia DB RREEF continues to maintain a strong balance sheet. This is supported by the assignment of a Standard & Poor’s commercial portfolio long-term corporate credit rating of BBB+, with positive Net income from the commercial portfolio increased to outlook. The release of the rating will aid DB RREEF’s $222.3 million (9.5 percent) over the corresponding period continued commitment to achieve funding flexibility and to June 2005. The commercial portfolio was valued at capacity for active capital management. $3.59 billion providing an increase in value of 9.1 percent DB RREEF’s overall level of debt is $3.2 billion, which ($307 million) over book value.
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