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Pendal Monthly Commentary Pendal Australian Listed Property Portfolio December 2020

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Pendal Monthly Commentary Pendal Australian Listed Property Portfolio December 2020 Pendal Monthly Commentary Pendal Australian Listed Property Portfolio December 2020 Market commentary Portfolio overview Australian Listed Property Portfolio The Australian Real Estate Investment Trusts index was Investment The strategy employs a bottom up, up 0.4% in December, underperforming the broader strategy fundamental approach to build a diversified portfolio of Australian listed property shares. market by 80bp. Investment The objective of the Model Portfolio is to Year-rolling, AREITs are down 4.6%, underperforming objective outperform the S&P/ASX 300 A-REIT the broader market by 6%. Globally REITs (USD terms) (Sector) (TR) Index on a rolling 3 year period. were up 3.2% for the month and down 9.2% year-rolling. Benchmark S&P/ASX 300 A-REIT (Sector) (TR) Singapore (-0.8%) was the best-performing market and Number of stocks 8-15 (15 as at 31 December 2020) New Zealand (-25.4%) the worst. Sector limits Cash 2-10% The best-performing REITs for the period included Dividend Yield 4.26%# Charter Hall Group (+8.5%) which announced a consortia of Charter Hall managed funds had acquired Top 10 holdings the David Jones Elizabeth Street Sydney store for $510 Code Name Weight million on an initial yield of 5%. BWP Trust (+4.6%) and MGR (+4.1%) were also very strong, both on no news. GMG Goodman Group 24.29% MGR Mirvac Group 9.12% The worst performers were Abacus Property Group (-7.3%) following the announcement of a 1:4.8 SCG Scentre Group 8.88% accelerated non-renounceable equity issue, raising $402 DXS Dexus Property Group 8.78% million to provide the group with $911 million of balance CHC Charter Hall Group 7.88% sheet capacity for acquisitions and development. VCX Vicinity Centres 7.18% Stockland Group (-5.7%) was also weak following the announcement of a $1 billion logistics capital partnership SGP Stockland Trust Group 6.58% with an international investor. GPT (-4.7%) announced GPT GPT Group 6.53% the sale of its 25% interest in Farrer Place office building CLW Charter Hall Long Wale Reit 4.26% to a Lend Lease Fund for $584 million, in line with book value. SCP Shopping Cent Austl Prop 3.70% Source: Pendal as at 31 December 2020 Charter Hall Long WALE raised $250 million in equity to fund the acquisition of an office building from Telstra in Top 5 overweights versus S&P/ASX 300 Pitt Street, Sydney. The property, leased by Telstra for Code Name Weight 10 years, sold for $281 million on a yield of 4.5% with CHC Charter Hall Group 2.52% annual fixed increases of 2.5%. APN Industria REIT raised $35 million to acquire four industrial assets. Home CLW Charter Hall Long Wale Reit 2.39% Consortium raised $125 million to acquire six new VCX Vicinity Centres 2.32% health/education/government assets for $131 million. CQR Charter Hall Retail REIT 1.71% Data continues to be very strong in Australia with SCP Shopping Cent Austl Prop 1.58% employment +226k for the quarter and now only 1.1% below the February 2020 level. Retail sales were very Top 5 underweights versus S&P/ASX 300 strong (+7%) in November, driven by Black Friday sales and product launches. Housing credit continues to Code Name Weight improve with growth running at 4% and growth for owner SCG Scentre Group -2.41% occupiers annualising at 5.8%. BWP BWP Trust (not held) -1.69% Australian bond yields rose 7bp to 97bp and US bonds NSR National Storage Reit (not held) -1.40% also rose 7bp to 92bp. The Australian dollar rallied 4.6% CMW Cromwell Property Group (not held) -1.28% and oil climbed 7.5%. SGP Stockland Trust Group -1.23% Source: Pendal as at 31 December 2020 #The Portfolio’s dividend yield represents the weighted average 12-month forward-looking dividend yield of the portfolio holdings (excluding cash), as at the date of the Factsheet. Each individual security’s dividend yield is calculated using market consensus Dividend Per Share (DPS) before tax and franking credits, collated by Pendal and divided by the closing market price of the security as at the date of the Factsheet. The portfolio dividend yield therefore is only an estimate, and does not reflect the actual returns of the Fund, which will be affected by market movements in the price of individual securities, the returns on other assets such as cash holdings and variances of individual security's actual dividends from the forecasted DPS. pendalgroup.com 2 Performance 1 month 3 month 6 month 1 year 3 year Since inception* Pendal Australian LPT 0.62% 12.94% 23.44% 2.03% 8.32% 8.04% S&P/ASX 300 A-REIT (Sector) (TR) 0.60% 13.24% 21.60% -3.96% 5.84% 6.93% Active return 0.02% -0.30% 1.84% 5.99% 2.48% 1.11% Source: Pendal as at 31 December 2020 *Since Inception – 17 March 2015 Performance returns are pre-fee. Investors should contact their platform provider for applicable fee rates. Past performance is not a reliable indicator of future performance. Top 5 contributors – monthly Top 5 detractors – monthly Value Value Code Name Code Name Added Added CHC Charter Hall Group 0.19% CLW Charter Hall Long Wale Reit -0.09% SGP Stockland Trust Group 0.08% BWP BWP Trust -0.07% ABP Abacus Property Group 0.07% IAP IAPF Group -0.05% MGR Mirvac Group 0.04% INA Ingenia Communities Group -0.04% SCG Scentre Group 0.03% CMW Cromwell Property Group -0.04% Top 5 contributors – 1 year Top 5 detractors – 1 year Value Value Code Name Code Name Added Added GMG Goodman Group 1.57% BWP BWP Trust -0.32% URW Unibail-Rodamco-Westfield CDI 1.25% SGP Stockland Trust Group -0.32% VCX Vicinity Centres 1.16% VVR Viva Energy Reit -0.31% SCG Scentre Group 0.69% CLW Charter Hall Long Wale Reit -0.24% CHC Charter Hall Group 0.63% RFF Rural Funds Group -0.22% Source: Pendal as at 31 December 2020 Underweight positions are in italics. Strategy performance and outlook The portfolio performed broadly in line with the index in December, ending slightly behind for the quarter but well ahead for 2020. The AREIT sector is priced on an FY22 dividend yield of 4.2%, a 320bp spread over 10-year bonds, above its LT average of 200bp. We expect AREIT earnings to slowly recover and all dividends to resume in CY21 as State borders reopen, businesses recover and activity broadly picks up. NTAs are expected to soften in the short term with discretionary mall values likely to come under pressure. Gearing across the sector is relatively low at 26%, and we expect extraordinarily low interest rates to provide support for asset values. New stocks added and/or stocks sold to zero during the month No new stocks added or sold during the month. 3 For more information contact your key account manager or visit pendalgroup.com This monthly commentary has been prepared by Pendal Institutional Limited ABN 17 126 390 627, AFSL 316455 (Pendal) and the information contained within is current as at the date of this monthly commentary. It is not to be published, or otherwise made available to any person other than the party to whom it is provided. This monthly commentary relates to the Pendal Australian Listed Property Portfolio, a portfolio developed by Pendal. The portfolio composition for any individual investor may vary and the performance information shown may differ from the performance of an investor portfolio due to differences in portfolio construction or fees. Performance figures are shown gross of fees and are calculated by tracking the value of a notional portfolio. Past performance is not a reliable indicator of future performance. This monthly commentary is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. The information in this commentary may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this commentary is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. .
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