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Boral/Cumberland Golf Club/DEXUS DEXUS RENTS Trust - ASX release 24 September 2010 DEXUS RENTS Trust (ASX:DXRPA) 2010 Annual Report DEXUS RENTS Trust provides a copy of its 2010 Annual Report and a letter to security holders who have elected not to receive printed communications. For further information contact: Media Relations Investor Relations Emma Parry T: (02) 9017 1133 Daniel Rubinstein T: (02) 9017 1336 M: 0421 000 329 M: 0466 016 725 E: [email protected] E: [email protected] Fiona Tyndall T: (02) 9017 1199 Alex Gray T: (02) 9017 1343 M: 0468 988 420 M: 0466 136 436 E: [email protected] E: [email protected] About DEXUS DEXUS is one of Australia’s leading property groups specialising in owning, managing and developing superior quality office, industrial and retail properties, with total assets under management of $13.3 billion. In Australia, DEXUS is the number 1 owner/manager of office, number 3 in industrial and, on behalf of third party clients, a leading manager and developer of shopping centres. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability and has been recognised for the second year running as one of the Global 100 Most Sustainable Corporations at the World Economic Forum in Davos. www.dexus.com DEXUS Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for DEXUS RENTS Trust (ASX: DXRPA) DEXUS Funds Management Limited ABN 24 060 920 783 24 September 2010 AFSL: 238163 Level 9, 343 George Street Sydney NSW 2000 PO Box R1822 Royal Exchange NSW 1225 Telephone 61 2 9017 1100 Direct 61 2 9017 1330 Facsimile 61 2 9017 1101 Email: [email protected] Dear Investor We are pleased to advise that the DEXUS RENTS Trust 2010 Annual Report is now available on our website at www.dexus.com The performance of DEXUS Property Group (ASX: DXS) underlies the performance of DEXUS RENTS Trust. DEXUS’s annual reports are also available on our website and include the 2010 Security Holder Review, Annual Report and Combined Financial Statements. If you have any questions or queries about DEXUS RENTS Trust or DEXUS Property Group please contact Investor Relations on 02 9017 1330. For queries regarding your security holding please contact Link Market Services on 1800 819 675 or access your holding details at www.dexus.com I would like to thank you for your support during the year. Yours sincerely Victor P. Hoog Antink Chief Executive Officer y:\drt investor relations\security holder communications\investor packs and ongoing forms\email notifications\2010 dxr annual report notification letter.doc 2010 DEXUS RENTS Trust ANNUAL REPORT ResuLts HIGHLIGHts 1 Letter FROM THE CHAIR 2 CHIEF ExecutIVE OFFIcer’S rePOrt 3 BOArd OF DIrectOrs 6 AbOut DEXUS 8 CORPORAte GOVernAnce stAteMent 10 FINAncIAL stAteMents 16 InVestOR RELATIOns 37 AddITIONAL INFORMATION 39 DIrectORY DIstrIbutIOns net Assets MARKET CAPITALISATION $10.3m $204.2m $169.3m Cover: Australia Square Complex, 264-278 George Street and 309-321 Kent Street, Sydney, NSW This page: Governor Phillip & Macquarie Tower Complex, 1 Farrer Place, Sydney, NSW II DEXUS RENTS TRUST 2010 ANNUAL REPORT RESULTS HIGHLIGHTS DEXUS reNts Trust’s objective is to provide quarterly income payments at an attractive yield. $208.8m $8.39 $207.9m $208.2m $7.57 $7.25 $207.2m $6.74 $206.3m DIstrIbutION $5.05 Per securITY TOTAL Assets $ $ 5.05 2 07. 2m 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 DEXUS RENTS TRUST 2010 ANNUAL REPORT 1 LETTER FROM THE CHAIR Further information on the Board of Directors and our corporate governance policies follow in this report and can be found on the DEXUS website at www.dexus.com Our annual Employee Opinion Survey reflected improved results across the board and continued strength in employee satisfaction and engagement. It is pleasing to report that DEXUS out-performed 18 of the top 19 categories of the Towers Watson Australian National Norm and several categories of the Global High Performing Norm. Detailed information on our Employee Opinion Survey results and associated initiatives will be available in our 2010 Corporate Responsibility and Sustainability (CR&S) Report to L to R: Chair, Christopher Beare and CEO, Victor Hoog Antink be released in late October. On behalf of the Board, I wish to thank you for your continued investment in Dear Investor Board and Governance RENTS and I look forward to reporting our activities to you next year. I am pleased to present the DEXUS The Board has remained unchanged RENTS Trust annual report for the year during the financial year to June 2010. Yours sincerely, ended 30 June 2010. The Board comprises eight Directors, DEXUS RENTS Trust (RENTS) paid seven of whom are independent. Specific distributions totalling $5.05 per security for skills the Directors bring to the Board the year (2009: $6.74 per security) with include strategy, property investment, 90% of that income being tax deferred. funds management, capital markets, financial and risk management. Christopher T Beare In 2009, the 90 day bank bill rate Chair declined as the Reserve Bank of Australia During the year we reviewed the 23 September 2010 sought to cushion the Australian economy membership of Board Committees and from a contraction in the global economy. rotated the chairs of each Committee In the 12 months to 30 June 2010, to take full advantage of the Board’s the Reserve Bank of Australia raised the knowledge and expertise. official cash rate resulting in the 90 day The Board is committed to the early bank bill rate increasing from 3.16% adoption of ASX Corporate Governance to 4.42%. Principles and Recommendations. As a The security price closed at $83.00 result we have established new policies, on 30 June 2010, resulting in a market such as a new Diversity Policy and have capitalisation of $169.3 million, a 15% reviewed and updated existing policies increase on 2009. The net tangible asset where required to meet new and revised per security is $100.10 (2009: $100.01). principles and recommendations. 2 DEXUS RENTS TRUST 2010 ANNUAL REPORT CHIEF EXECUTIVE OFFICER’S REPORT Australia Square Complex, 264-278 George Street, 30 The Bond, 30-34 Hickson Road, Sydney, NSW Sydney, NSW During the year RENTS paid distributions The 90 day bank bill rate increased from DEXUS Property Group of $5.05 per security (2009: $6.74 per 3.16% at the beginning of the year and The assets of RENTS are invested in security) which were 90% tax deferred. ended at 4.42% for the June 2010 a sub-trust of DEXUS Property Group. quarter. Accordingly, income from ordinary RENTS pays quarterly distributions into In 2012, RENTS may be converted into activities and distributions to security investors’ nominated Australian bank DEXUS Property Group stapled securities holders increased during the year in line accounts. The distribution rate for (DEXUS) (refer to RENTS structure on with this movement. The movements RENTS is determined on the first page 37 of this report). Consequently, in interest rates broadly reflected the business day of each quarter. Until it is the performance of DEXUS that movement in the Australian official cash 1 July 2012, the distribution rate will be supports the performance of RENTS. equal to the 90 day bank bill rate plus rate over the period as the Reserve Bank DEXUS’s portfolio comprised $7.4 billion 1.3% per annum. Investors who held of Australia adjusted policy in response (including cash and other assets) at RENTS for the 2010 year received the to strengthening economic activity. 30 June 2010 of direct property in following income: Financial results Australia, New Zealand, the United States and Europe. In challenging market Quarter ending Distribution Rate per Total revenue for the year was conditions the active management focus rate rents $10.7 million and profit attributable to of the DEXUS team delivered operating % $ investors was $10.5 million. Distributions earnings before interest and tax of 30 September 2009 4.4600 1.12 totalling $10.3 million were paid to $461.3 million, down 10.3% on 2009. investors for the year ended 30 June 31 December 2009 4.6533 1.17 Net profit after tax attributable to DEXUS 2010 (2009: $13.7 million). Total 31 March 2010 5.4100 1.33 security holders was $31.4 million up assets of RENTS were $207.2 million significantly on the previous year’s net 30 June 2010 5.7183 1.43 (2009: $206.3 million) and net assets loss of $1.5 billion. This result reflects Total 5.05 were $204.2 million (2009: $204 million) the underlying quality of DEXUS’s or $100.10 per security. The Financial Australian office and industrial portfolios, Statements start on page 16 of this which delivered like-for-like income report and provide more detailed growth of 0.4% and 1.6% respectively. information. DEXUS RENTS TRUST 2010 ANNUAL REPORT 3 Chief Executive Officer’s Report COntInued Victoria Cross, 60 Miller Street, North Sydney, NSW 44 Market Street, Sydney, NSW 12-18 Distribution Drive, Laverton North, VIC The economic downturn has resulted in n The Australian industrial portfolio Capital management a slight decline in overall occupancy levels delivered steady like for like portfolio DEXUS continues to maintain a strong to 89.9% (2009: 91.5%), while average income growth in challenging market balance sheet with the diversification and lease duration remains strong at 5.1 years conditions. The quality of the portfolio average maturity of its funding sources (2009: 4.8 years). was improved through the sale of further improving to 3.2 years. In non-core properties and the DEXUS’s full-year result reflects 12 months September 2009, DEXUS issued debt reinvestment of proceeds into of focus on its core business of office and into the US public bond market, securing a core markets.
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