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DB RREEF Trust Annual Report 2007 Contents

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DB RREEF Trust Annual Report 2007 Contents DB RREEF Trust annual report 2007 contents highlights funds management report 30 building value 2 about DB RREEF 33 international reach 4 corporate responsibility and sustainability 38 portfolio highlights 6 corporate governance statement 58 letter from the chair 8 fi nancial reports 66 chief executive offi cer’s report 10 investor information 128 our portfolio 14 directory 132 FRONT COVER: Sydney aerial view featuring DB RREEF assets – 30 The Bond, Gateway, 45 Clarence Street, One Margaret Street, Governor Phillip Tower and Governor Macquarie Tower, Australia Square, 309–321 Kent Street ABOVE: View from Governor Phillip Tower and Governor Macquarie Tower to Australia Square, Sydney NSW 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). The DB RREEF 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. DB RREEF Trust is referred to as DB RREEF Trust. DB RREEF group is referred to as DB RREEF. DB RREEF Funds Management Limited is referred to as the Responsible Entity. USD/AUD conversion rate US$0.8487 as at 30 June 2007. €/AUD conversion rate €0.6311 as at 30 June 2007. All amounts are in Australian dollars unless otherwise stated. delivering solid performance and leveraging our integrated platform building value March Completes 30 The Bond, Sydney NSW, a winner of over 30 design and sustainability awards including Australia’s first 5 Star ABGR energy rating. 2004 2005 September June Stapling of DDF, DIT, DOT and DRO to form DB RREEF Trust. Underwrites $99 million DRP. Enters into $1.6 billion retail joint venture with the Westfield Group. Issues $204 million of RENTS securities. Acquires $1.0 billion US industrial portfolio. September December Enters New Zealand with the acquisition of a premium grade office Secures US$200 million debt private placement. tower in Auckland. 2 DB RREEF Trust Annual Report 2007 June Winner of the FMA Environmental Achievement Award. Enters Europe with the acquisition of $120 million French industrial portfolio. July Achieves Standard & Poor’s long-term corporate credit rating of BBB+. February Acquires additional land to expand Laverton North Successfully completes $200 million MTN issue into Australian debt Industrial Estate VIC. capital market. Completes $250 million MTN issue into Australian Completes $100 million Coles Distribution Centre at Laverton North VIC. debt capital market. April Development application lodged for new premium office tower in Brisbane QLD. June Acquires the first industrial asset under the Whirlpool investment program in Orlando, Florida USA. 2006 2007 August July 2007 Announces $600 million international investment program Acquires $190 million industrial portfolio and development options in San Antonio, Texas USA. for Whirlpool logistics facilities. Stage 2 DA lodged for 42,000 square metre development of Space 1 Bligh û Sydney NSW. December August 2007 Expands into Germany with $244 million logistics property Announces disposal of five retail properties to DWPF. portfolio acquisition. Announces 50 percent disposal of Coles chilled distribution Secures 92 percent interest in Summit Oaks, California USA centre to the AXA Mandate. a $65 million suburban office development project. DB RREEF Trust Annual Report 2007 3 international reach delivering on strategy $5.7bn $4.1bn $3.7bn distributions cents per security market 11.3 cents capitalisation up 2.7 percent 2005 2006 2007 5 countries 3 continents delivering on developing a expanding into STRATEGY DIVERSIFIED EUROPE with selected international PORTFOLIO ACQUISITIONS 4 DB RREEF Trust Annual Report 2007 $1.97 $1.47 $1.37 total shareholder return security price 42.6% growth year ending 30 June 2007 2005 2006 2007 growing new acquisitions 4.23 MILLION NORTH AMERICAN $457 MILLION SQUARE METRES portfolio 24 ASSETS of net lettable area Top to bottom: Governor Phillip Tower and Governor Macquarie Tower, Sydney NSW; 30 The Bond, Sydney NSW; Duisburg, Germany DB RREEF Trust Annual Report 2007 5 portfolio highlights INDUSTRIAL PROPERTIES (162) OFFICE PROPERTIES (30) RETAIL PROPERTIES (6) United States of America Australia New Zealand View from Governor Phillip Tower and Governor Macquarie Tower, Sydney NSW 6 DB RREEF Trust Annual Report 2007 $9.5bn $8.3bn $7.0bn Total assets $9.5 billion 2005 2006 2007 n 198 properties n $9 BILLION portfolio value n 96.7% portfolio occupancy n 5.3 YEARS average lease duration France Germany n $864.6 MILLION valuation increases n 1,152,000 square metres leased n 4,992 tenants DB RREEF Trust Annual Report 2007 7 letter from the chair DB RREEF Head Office, 343 George Street, Sydney NSW I AM PLEASED TO PRESENT THE THIRD ANNUAL REPORT FOR DB RREEF TRUST FOR THE YEAR ENDED 30 JUNE 2007 Dear Investor DB RREEF Trust has continued to deliver strong performance, adding value and creating future income streams across the portfolio. The DB RREEF group is one of Australia’s largest integrated property groups with total funds under management at 30 June 2007 of approximately $13.6 billion, an increase of 15 percent during the period. DB RREEF Trust comprises over $9 billion of direct property assets in Australia, New Zealand, the United States and Europe. The third party portfolio comprises $4.6 billion of assets in Australia and New Zealand. Key highlights for the year included: n continued active management of the portfolio leading to excellent results in operating income, occupancy, lease durations and revaluations n further expansion of the portfolio with strategic acquisitions and commitments in Australia, North America and Europe for a total of $1.1 billion n creation of significant development opportunities in Australia and internationally with $2.2 billion in the development pipeline n solid growth in third party funds under management, up $667 million n subsequent to year end, the Trust announced its intention to dispose of the 50 percent interest in five retail properties to the group’s unlisted platform, allowing DB RREEF Trust to concentrate on office and industrial On behalf of the Board, I would like to thank you for your support over the past 12 months, which delivered total shareholder return of 42.6 percent, comparing favourably to the industry benchmark1 of 25.9 percent. I look forward to reporting back to you next year on the continuing growth and development of DB RREEF Trust. Yours sincerely Christopher T Beare Chair 17 September 2007 1 S&P/ASX 200 Property Accounting Index. DB RREEF Trust Annual Report 2007 9 chief executive officer’s report View from Governor Phillip Tower and Governor Macquarie Tower, Sydney NSW THE YEAR ENDING 30 JUNE 2007 HAS BEEN ANOTHER STRONG YEAR FOR DB RREEF TRUST WITH FURTHER IMPROVEMENTS IN ALL KEY FINANCIAL AND PORTFOLIO INDICATORS delivering on strategy – a solid group financial results performance Financial results improved over the period. Net profit for DB RREEF Trust has two core activities: the management the year was $1,211 million (up 13.5 percent). This was of its direct property portfolio and its third party funds based on total property revenue of $693 million, representing management business. During the year, we continued to a 4.5 percent increase and $864 million in revaluations of actively manage and develop these activities to maximise property investments. Total assets at 30 June 2007 were and improve total returns to security holders. $9,487 million, an increase of 14.5 percent over last year. Net tangible assets (NTA) per stapled security was $1.82 Our quality portfolio continued to deliver excellent results representing an increase of 29 cents per security or with further increases in property operating income to 19 percent since 30 June 2006. $693 million, occupancy levels strong at 96.7 percent and average lease durations at 5.3 years overall, which Total distributions for the year were 11.3 cents per stapled contributed to significant valuations uplift of $864.6 million. security (as forecast), of which 35.9 percent represents tax deferred income. We have secured $1.1 billion of domestic and international property portfolio acquisitions and commitments in Australia, Key financial results are summarised in the table below: France, Germany and North America. In addition, we have continued to grow the development pipeline in Australia and 30 June 30 June 30 June 2007 2006 2005 North America with more than 1,340,000 square metres of new space currently planned for development or under Total income ($ million) 1,648 1,463 810 construction, providing substantial new lettable area for EBIT ($ million) 1,420 1,253 605 future growth. Profit after tax ($ million) 1,211 1,066 467 Net profit attributable to In total, assets under management grew by 15 percent to security holders ($ million) 1,169 1,010 396 $13.6 billion maintaining DB RREEF Trust’s position as the sixth largest listed property trust, the market leader in office Funds under management space, and the third largest provider of industrial space ($ million) 9,027 7,995 6,597 in Australia. NTA per security ($) 1.82 1.53 1.28 Gearing ratio (%) 35.6 38.3 39.0 DB RREEF Trust portfolio at a glance Distribution ($ million) 324.6 306.3 281.3 Distribution (cents/security) 11.3 11.0 10.5 30 June 30 June 30 June 2007 2006 2005 acquisitions Funds under management ($ billion) 9.0 7.9 7.0 DB RREEF has expanded its domestic and international Area leased during year portfolio through acquisitions in Australia, North America (‘000 square metres) 1,152 730 470 and Germany of approximately $457 million, as well as future Occupancy (%) 96.7 96.1 93.1 commitments for properties of approximately $633 million.
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