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Brookfield Presentation Template BROOKFIELD OFFICE PROPERTIES Multiplex SITES Trust AUSTRALIAJune 2010 Financial (BOPA) Results and Corporate Profile INITIALAugust 2010 PUBLIC OFFERING Important Notice Whilst this presentation has been prepared in good faith, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation (any of which may change without notice). To the maximum extent permitted by law Brookfield Multiplex Funds Management Limited AFSL 231141, the responsible entity of Multiplex SITES Trust (ARSN 111 903 747) (ASX code MXUPA) and their related bodies corporate and their respective directors, officers, employees, agents and advisers disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss, damage, cost or expense which may be suffered through use or reliance on anything contained in or omitted from this presentation. To the extent that this presentation contains prospective financial information, that information has been based on current expectations about future events and is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial information. Past performance is not indicative of future performance. This presentation is not intended as personal advice and has been prepared for the purpose of providing information only without taking account of any particular investment objectives, financial situations or needs. It does not constitute an offer for the issue, sale or purchase of any securities, or any recommendation in relation to investing in assets. An investor should, before making any investment decisions, consider the full details set out in the Product Disclosure Statement (PDS) for Multiplex SITES Trust dated 29 November 2004 and supplemental PDS dated 9 December 2004 and seek professional advice, having regard to the investor’s objectives, financial situation and needs. A paper copy of the PDS is available free of charge to any person in Australia by telephoning (02) 9322 2000. Every effort has been made to ensure the accuracy of the financial information herein but it may be based on unaudited figures. You may find audited figures in the most recent annual and half year reports which are available on www.brookfieldmultiplex.com. Photographs in this presentation do not necessarily depict assets of the Brookfield Multiplex Group or funds managed by the Brookfield Multiplex Group. All amounts quoted in this presentation are GST exclusive, unless otherwise stated. © Brookfield Multiplex Funds Management Limited 1 Agenda 1. Financial Results 2. Brookfield Properties Australian Office Transaction 3. Q&A Appendices • Overview of Multiplex SITES • Corporate Profile 2 FINANCIAL RESULTS SITES Distributions In accordance with the terms for Multiplex SITES, from 1 April 2010 the distribution rate is the three month bank bill rate plus a margin of 390 bps. Below is a summary of the quarterly distributions and the rates paid during the past 12 months. Annualised Quarterly Period Ended Distribution Rate (%) Date Paid 30 September 2009 5.0600 15 October 2009 31 December 2009 5.2533 18 January 2010 31 March 2010 6.0100 19 April 2010 30 June 2010 8.3183 15 July 2010 4 Highlights for the six month period to 30 June 2010 Financial Funds from operations(1) for the period of $80 million, Net profit after tax attributable to stapled security holders of $2 million for the period. Capital / Funding Completed property-level and corporate debt financings totalling $1.5 billion: $463 million CMBS – refinanced to a new $355 million multi-lender debt facility maturing in May 2013 and through the utilisation of available capacity on an existing property finance facility maturing in November 2012 $407 million Investment Finance Facility – refinanced to a new $397 million multi lender facility maturing in May 2013. $750 million Brookfield Australia acquisition facility, guaranteed by Brookfield Multiplex Property Trust, refinanced with a new $500 million corporate facility maturing in April 2013. $158 million property level debt facility (1) The accompanying financial information makes reference to funds from operations (FFO). Brookfield Multiplex defines FFO as net income prior to extraordinary items, minority interest, and income taxes. The company uses FFO to assess its operating results and believes FFO is a relevant measure to analyse real estate. FFO is a non-GAAP measure which does not have any standard meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies. 5 Highlights for the six month period to 30 June 2010 Operational Achieved Practical Completion and sold the Deloitte Centre, Auckland for NZ$177 million. Replenished Construction workbook, increasing workbook to $3.3 billion in Australia. Awarded the following projects: − Auckland Data Centre, New Zealand − Building the Education Revolution Schools Project – Victoria − Burnside Village, South Australia − Merrylands – Stage 1, New South Wales − Wintergarden, Queensland − Harbour One, Victoria − Century City Church Trinity Acquired the remaining 50% of The Foundry development property in Melbourne. Class Action - without admission of liability, the Group has settled claims made against Brookfield Multiplex by persons represented by lawyers, Maurice Blackburn. 6 Overview of Earnings – Funds from Operations 6 Months 6 Months Change (A$m) to June 2010 to June 2009 Commercial property operations 66.6 63.9 2.7 Residential development operations (6.1) (3.1) (3.0) Constructions 34.3 33.0 1.3 Services 2.9 3.8 (0.9) Corporate (General and Admin) (17.9) (17.8) (0.1) Funds from Operations 79.7 79.8 (0.1) FFO of $79.7 million is in line with prior corresponding period Overall the increase in interest rates relative to early 2009 has been offset by contracted rent increases and improved operational performance within the Group The negative contribution from the Residential division reflects the impact of divestments as we continue to execute our strategy to refocus the division for the long term. Reclassification of income from Services to Commercial Property relative to 2009 7 Overview of Earnings – Net Income 6 months to June 6 months to June Change (A$m) 2010 2009 Funds from Operations 79.7 79.8 (0.1) Depreciation/Amortisation (13.5) (9.0) (4.5) Fair Value Adjustments 23.3 (223.7) 247.0 Provisions (8.9) (54.3) 45.4 Minority Interest (18.2) (12.2) (6.0) "one-off" (costs)/gains (73.2) 10.7 (83.9) Future income tax benefit/(expense) 12.9 (7.6) 20.5 Net profit/(loss) attributable to security holders of BMG 2.1 (216.3) 218.4 Fair Value Adjustments of $23.3 million have contributed to a net profit of $2.1 million relative to a net loss of $216.3 million for the prior corresponding period. 8 Balance Sheet - Assets 30 June 2010 31 December Change (A$m) (A$m) 2009 (A$m) Cash and equivalents 264.1 265.8 (1.8) Trade and other receivables 936.3 899.8 36.5 Inventories 575.6 665.8 (90.2) Other assets 139.6 170.5 (30.9) Investment in promissory note 1,300.0 1,300.0 0.0 Equity accounted investments 1,123.1 1,156.2 (33.2) Investment property 4,137.7 4,061.5 76.2 Property, plant and equipment 42.7 39.2 3.5 Intangible assets 18.0 18.8 (0.8) Deferred Tax Assets 104.6 116.2 (11.7) Total Assets 8,641.6 8,693.8 (52.2) Total assets have reduced marginally in the period due predominantly to the divestment of Residential inventory 9 Balance Sheet – Liabilities and Equity 30 June 2010 31 December Change (A$m) (A$m) 2009 (A$m) Liabilities Trade and other payables 648.0 525.9 122.1 Interest bearing loans and borrowings 2,968.7 3,373.2 (404.5) Non-interest bearing loans and borrowings 606.2 337.4 268.8 Other liabilities 151.5 137.0 14.5 Contract work in progress 275.7 296.9 (21.3) Total Liabilities 4,650.1 4,670.4 (20.3) Equity Contributed Equity 4,430.9 4,430.9 0.0 Reserves (207.6) (181.0) (26.6) Accumulated (losses)/profits (748.0) (743.8) (4.2) Total Parent Interests 3,475.3 3,506.1 (30.8) Minority Interests 516.2 517.3 (1.1) Total Equity 3,991.5 4,023.4 (31.9) Increase in trade payables reflects increased activity in the construction division both locally and in the Middle East Reduced borrowings largely attributable to repayment of the Deloitte Centre facility and other project related debt retirements 10 Balance Sheet – External Debt Maturity Profile Rate (%) 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec (1) Term (1) Total 2010 2011 2012 2013 2014 2015 Floating Fixed Commercial Properties 7.8 2.41 2,725.5 151.5 725.8 1,105.0 743.2 - - 1,058.1 1,667.5 Residential Properties 8.0 0.74 239.1 104.7 130.1 - 4.3 - - 200.1 39.0 Finance Leases - - 4.1 - 4.1 - - - - - 4.1 7.81 2.3 2,968.7 256.2 860.0 1,105.0 747.5 - - 1,258.2 1,710.6 (1) Summation as a weighted average. 11 BROOKFIELD PROPERTIES AUSTRALIA OFFICE TRANSACTION 12 Brookfield Properties – Australia Office Transaction On 30 July 2010, Brookfield Asset Management (BAM) (the Group’s ultimate parent company) agreed to enter into a transaction with Brookfield Office Properties Inc (BPO). BPO will loan BAM A$1.6 billion and receive a return calculated by reference to the cash flows generated from 16 Australian office properties within the Group. BAM will grant to BPO an option which entitles BPO to acquire all the equity interests in the properties.
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