ABACUS GROUP For personal use only
Abacus Property Group
HY22 Results Presentation
17 February 2022
Platform metrics HY22
For personal use only
TOTAL
ASSETS
A$4.9bn
21.6% on FY21
STATUTORY
PROFIT
$314.8m
107.4% on HY21
WEIGHTED
AVERAGE CAP RATE
5.49%1,2
16bps on FY21
FFO
$81.1m
33.7% on HY21
GEARING
29.4%
690bps on FY21
FFO
PER SECURITY
9.8c
8.2% on HY21
NET
TANGIBLE
ASSETS
$3.73ps
8.7% on FY21
DPS
8.75c
2.9% on HY21
- Includes equity accounted investments.
- Commercial portfolio 5.52%, Self Storage portfolio 5.47%.
2 Abacus Property Group | HY22 Results Presentation
HY22 highlights
Abacus is a diversified Australian REIT with an investment portfolio concentrated in the Commercial property and Self Storage sectors
Deployment: | |
Material transformation with approximately $3.2 billion1 deployed since FY17 including | |
only | over $1.8 billion into Self Storage |
Over $1 billion1 deployed into key sectors during FY22 to date | |
use | FFO per security growth of 8.2% on 1H21 and 4.9% on 2H21 |
|
Operating conditions:
Self Storage: Multi-prongedgrowth strategy continues to deliver with a strong trading performance in HY22
- $483 million invested2
- Established portfolio3 RevPAM growth of 11.7%
- 69% growth on HY21 in Self Storage net property rental income to $57.7 million4
personal | |
Commercial: Acquisitions and active asset management support resilient trading in HY22 | |
- $601 million invested5 | |
- over 25,000 sqm of Office leasing completed with positive spreads | |
- 15% growth on HY21 in Commercial net property rental income to $47.8 million6 | |
For | |
1. | Includes $401 million of acquisition: 77 Castlereagh Street, Sydney NSW, 56 Prescot Parade, Milperra NSW (Riverlands), 181 James |
Ruse Drive, Camellia NSW (Camellia) and $53 million of Self Storage sites (post balance date transactions). | |
2. | Including $53 million post balance date transactions. |
3. | Established portfolio: 63 mature stores open at 1 July 2020. |
4. | Note impact from elimination of Storage King (SK) management fees (SK acquired in November 2020). |
5. | Including $348 million post balance date transactions. |
6. | Excluding equity accounted investments. |
3 Abacus Property Group | HY22 Results Presentation
Proforma1 balance sheet allocation
only | 31 DECEMBER 2021 | ||||
use | billion of | ||||
$5.2Total Assets2 | |||||
personal | |||||
Commercial | 50% | Self Storage | 50% | ||
$2.5 billion | $2.5 billion | ||||
30 JUNE 2021
$4.1billion of Total Assets2
Commercial | 52% | Self Storage | 45% |
$2.0 billion | $1.8 billion | ||
Office | $1,932m | Established3 | $1,220m | |||
Retail | $485m | Acquisitions4 | $451m | |||
Other | $103m | Stabilising5 | $431m | |||
Other6 | $357m | |||||
1. | Includes post balance date transactions. | |||||
2. | Includes investments in cash and other assets not pictured above. | |||||
For | Established portfolio: 63 mature stores open at 1 July 2020. | |||||
3. | ||||||
4. | Acquisitions: 29 mature stores acquired post 1 July 2020. | |||||
5. | Stabilising portfolio: 29 stores. | |||||
6. | Includes Storage King, developments and other Self Storage investments. |
Office$1,646m
Retail$343m
Other$45m
Established3 $1,072m
Acquisitions4 $130m
Stabilising5 $248m
Other6$306m
4 Abacus Property Group | HY22 Results Presentation
Capital deployment
Investment of approximately $3.2 billion into key sectors since FY17 has transformed Abacus into a strong asset backed, annuity style investment house
only | Movement in Investment Portfolio1,2 (in $ millions) | ||||||||||||||||||||||
(27) | |||||||||||||||||||||||
use | |||||||||||||||||||||||
247 | |||||||||||||||||||||||
Commercial Property | 30 | (198) | |||||||||||||||||||||
Self Storage | 483 | ||||||||||||||||||||||
601 | |||||||||||||||||||||||
293 | (16) | ||||||||||||||||||||||
(3) | |||||||||||||||||||||||
257 | 89 | (47) | 271 | 117 | |||||||||||||||||||
76 | 496 | (66) | (116) | 192 | 1,756 | ||||||||||||||||||
$1.8 | 166 | ||||||||||||||||||||||
billion | 10 | 54 | (27) | 30 | (265) | 1,207 | |||||||||||||||||
personal | 185 | ||||||||||||||||||||||
287 | 27 | (52) | 666 | 908 | |||||||||||||||||||
629 | 2,034 | ||||||||||||||||||||||
1,728 | |||||||||||||||||||||||
1,464 | 1,415 | ||||||||||||||||||||||
For | |||||||||||||||||||||||
1,202 | |||||||||||||||||||||||
- Includes equity accounted investments and other assets.
- Includes impact of post balance date transactions.
5 Abacus Property Group | HY22 Results Presentation
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Abacus Property Group published this content on 16 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2022 22:43:06 UTC.
