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Annual Report 2018

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Annual Report 2018 Annual Report 2018 Strength in diversity Our balanced portfolio is the key to delivering consistent shareholder returns. With properties across different sectors, grades, sizes, styles, locations and tenant mix, we can be agile, quickly adapting to meet the diverse and changing needs of our growing family of tenants. And we can quickly react to opportunities or cyclical changes in the market. Argosy Property Limited | Annual Report 2018 $1.51b 98.8% 8 Total portfolio value Consistently high portfolio Retail Properties occupancy 17 61 6.1 Office Properties Properties weighted average lease term improved to over 6 years 36 176 Industrial Properties Tenants balanced. Our Investment Approach 2 4 Health & Safety 26 Our Strategy 4 5 Environment & Community 28 Financial Summary 6 6 Portfolio Positioning 32 Chairman's Review 8 7 Asset Management 34 Chief Executive Officer's 12 Our Properties 38 Review Consolidated Financial 45 Focus Areas: Statements 1 Our Tenants 16 Corporate Governance 76 2 Our Shareholders 18 Investor Statistics 84 3 Our People 20 Directory 86 Argosy Property Limited | Annual Report 2018 2 Our Investment Approach diversity. The balance of our diversified portfolio is driven by our investment strategy and policy which clearly set the boundaries within which we will operate and invest. Location Sector Our Investment policy Our Investment policy is focused ensures our portfolio is on high quality office, industrial concentrated on Auckland and large format retail. (65% - 75%) and Wellington (20% - 30%). Regional North Island or South Island constitutes less than 10% of the portfolio and is tenant- driven. AKL 71% WLG Industrial 42% Office 38% 24% Retail 20% REGIONAL 5% All data as at 31 March 2018. Argosy Property Limited | Annual Report 2018 3 Core 87% Value Add 6% To divest 7% Size / Value Grades Tenant Mix The average value across our Core properties are well Our tenants range across portfolio is $24.8 million. Liquid constructed, well located sectors and industries and we properties (properties that could assets which are intended actively manage our tenant potentially be under contract to be long-term investments relationships. within a short time period) (>10 years). These currently account for 26% of the properties enjoy strong Government portfolio. This allows the company to react quickly to long-term demand, a leasing administration changing market conditions. profile that provides for Retail trade rental growth of at least Average value of: CPI and good structural Transport & storage integrity with minimal Manufacturing maintenance capital expenditure required. Property & $24.8 business services Value Add properties are Wholesale trade million assets which can increase future earnings and provide Finance & insurance capital growth. Typically, Infrastructure they will be well located with the potential for strong & utilities long term tenant demand. Cafés & restaurants These properties have potential for near or Health & safety medium-term development Construction with the view of moving them into the Core category. Argosy Property Limited | Annual Report 2018 4 Our Strategy Argosy strives to deliver reliable and attractive returns to shareholders. Where will we buy? Industrial 40-50% A W Office 30-40% Retail 15-25% Concentrate on Auckland (65%-75%) and Wellington (20%-30%). Focus on good quality Regional North Island Office, Industrial and or South Island Large Format Retail tenant-driven only (<10%) No international properties No Leasehold Target “off-market” Target Value Add properties Target contiguous acquisitions and avoid where we can leverage internal properties competitive processes expertise within overall with potential Core/Value Add targets Value parameters Due diligence Development $10m + Greater than $10 million Developments only for unless strategically imperative Apply Argosy’s tenants who provide ($6 million for Industrial) due diligence checklist strategic value to Argosy Joint ventures will be 10% undertaken only where the No acquisition more than 10% counterparty is of sufficient ≥ of overall portfolio value Structural integrity 70% of financial standing to carry New Building Standard their share of risk (unless this represents a Value Add opportunity) Other No third party management of external portfolios Argosy Property Limited | Annual Report 2018 5 Argosy has a clearly Value defined investment Add strategy and acquisition policy Value Add properties are assets which, which guides through skilled asset management, can increase future earnings and provide our commercial capital growth. Value Add properties decision making. will already be well located with the potential for strong long-term tenant demand. These properties are available We are, and will remain, invested in a for near to medium-term repositioning portfolio that is diversified by sector, or development with the view to grade, location and tenant mix. moving into the Core category. Our Investment Strategy and Investment Investment Policy Policy has remained unchanged this year Our Investment Policy clearly defines following a review and minor Capital Management amendments in 2017. what properties we will seek to own by setting the boundaries within which we The optimal capital structure for Investment Strategy will operate and invest. It delivers a clear Argosy should be one that enables the Argosy’s portfolio will continue to acquisition checklist and every potential Company to maximise its earnings yield consist primarily of Core and Value acquisition (and portfolio asset) can be through the property cycle within the Add properties. measured against that checklist. following parameters: — properties can be acquired when they In some cases, a portfolio of assets meet the approved Investment Policy may be considered for acquisition. criteria, or sold when they are The strategy for a potential portfolio Core non Core; acquisition must be consistent with the overall Argosy Portfolio Investment — there are no forced sales of properties Strategy (i.e. the majority by value of or a requirement to issue equity at a price that is dilutive to shareholders; Core properties are well constructed, the properties either are Core or offer — measured dividend growth well located assets which are intended potential to move to Core in the is maintained. to be long-term investments (>10 years). medium-term). The Core properties target is between In certain circumstances, exceptions to The Board has amended the debt-to-total 75% to 90% of the portfolio by value. the Investment Policy may be considered assets ratio target band to 30-40% from the previous target of 35-40%. This widening Core properties enjoy strong long-term where an acquisition is made to meet the of the band allows Argosy more flexibility demand (well located and generic), a requirements of a valued tenant. to react to changing financial and property leasing profile that provides for rental Our Investment Policy targets an market conditions. growth of at least CPI and good structural industrial band of 40-50% of the total integrity with minimal maintenance portfolio by value, office 30-40% and Any movement beyond pre-set capital expenditure required. retail 15-25%. parameters requires an action plan and timeframe to move debt levels to within As at 31 March 2018, Argosy was the prescribed range. operating within the parameters of its Investment Policy. Risk Management Argosy strives to deliver reliable and Our diversified portfolio of quality attractive returns to shareholders. properties has an average value of We take a considered approach to $24.8 million. This allows the Company development, acquisition, divestment, Long-term investments: to react quickly to changing economic leasing and capital management or property market conditions. Liquid decisions, reflecting our proposition to properties, which are properties that shareholders as a yield based investment. could potentially be under contract >10 years within a short period currently represent Argosy generally operates within 26% of the portfolio. a medium/low overall risk range. Argosy has a low risk appetite for risks associated with managing developments and Value Add projects and compliance matters. Argosy Property Limited | Annual Report 2018 6 Financial Summary Net Property Income Gross Distributable Income Debt-to-total-assets Ratio $M CENTS PER SHARE 120 10.0 40% 90 7.5 30% 37.8% 37.8% 36.7% 36.7% 36.3% 36.3% 36.5% 36.5% 98.4 98.4 35.9% 35.9% 8.03 8.03 7.95 7.95 100.8 100.8 101.0 101.0 7.60 7.60 90.9 90.9 7.07 7.07 60 82.2 82.2 5.0 20% 6.64 6.64 30 2.5 10% 0 0.0 0% FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 FINANCIAL SUMMARY Unit of FY2014 FY2015 FY2016 FY2017 FY2018 measure Net property income $m 82.2 90.9 98.4 100.8 101.0 Profit before financial income/(expenses) and other gains/(losses) and tax $m 74.8 83.0 89.4 91.4 91.1 Revaluation gains on investment property $m 33.5 38.6 42.2 42.3 47.3 Profit for the year (before taxation) $m 98.8 68.6 83.6 120.4 109.3 Profit for the year (after taxation) $m 85.6 64.4 78.9 103.6 98.2 Earnings per share cents 11.45 8.08 9.79 12.69 11.90 Gross distributable income per share cents 6.64 7.07 7.60 8.03 7.95 Net distributable income per share1 cents 6.69 5.97 6.35 6.55 6.62 Total assets $m 1,232.4 1,313.2 1,374.9 1,458.6 1,544.8 Debt-to-total-assets ratio % 36.5 37.8 36.7 36.3 35.9 Net assets backing per share cents 94 96 100 106 112 Cash dividend per share cents 6.00 6.00 6.03 6.10 6.20 Shares on issue at year end m 790.9 802.6 812.6 822.9 827.0 Total equity $m 739.5 768.7 810.4 875.2 926.9 1.
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