MACQUARIE DDR TRUST Audio Webcast

MACQUARIE DDR TRUST (MDT)

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MACQUARIE DDR TRUST (MDT) Events

Company (Stock Code)	Date/Time	Event	Timezone: Australia/NSW
MACQUARIE DDR TRUST (MDT)	Fri, 24 Oct 2008 02:30PM	MDT - Operational Update - Mr Luke Petherbridge, CEO
MACQUARIE DDR TRUST (MDT)	Fri, 29 Aug 2008 10:30AM	MDT - 2008 Full Year Results Summary - Mr Luke Petherbridge, CEO
MACQUARIE DDR TRUST (MDT) Overall Portfolio Occupancy Remains Strong at 96.8%	Wed, 7 May 2008 12:45PM	MDT - March Quarter Leasing Update - Mr Luke Petherbridge, General Manager
MACQUARIE DDR TRUST (MDT)	Mon, 18 Feb 2008 12:45PM	MDT - Interim Results end 31st December 2007 - Mr Simon Jones, Acting CEO
MACQUARIE DDR TRUST (MDT)	Wed, 10 Dec 2008	Annual General Meeting
MACQUARIE DDR TRUST (MDT)	Thu, 28 Aug 2008 09:00AM	Full Year Results
MACQUARIE DDR TRUST (MDT)	Thu, 28 Aug 2008	Date Payable
MACQUARIE DDR TRUST (MDT)	Mon, 30 Jun 2008	Record Date
MACQUARIE DDR TRUST (MDT)	Tue, 24 Jun 2008	Ex Div Date
MACQUARIE DDR TRUST (MDT)	Wed, 30 Apr 2008	Date Payable
MACQUARIE DDR TRUST (MDT)	Mon, 31 Mar 2008	Record Date
MACQUARIE DDR TRUST (MDT)	Tue, 25 Mar 2008	Ex Div Date
MACQUARIE DDR TRUST (MDT)	Fri, 15 Feb 2008	Interim Results
MACQUARIE DDR TRUST (MDT)	Fri, 15 Feb 2008	Date Payable
MACQUARIE DDR TRUST (MDT)	Mon, 31 Dec 2007	Record Date
MACQUARIE DDR TRUST (MDT)	Fri, 21 Dec 2007	Ex Div Date
MACQUARIE DDR TRUST (MDT)	Tue, 11 Dec 2007 03:00PM	Annual General Meeting Macquarie Auditorium, Level 3, No 1 Martin Place Sydney NSW 2000
MACQUARIE DDR TRUST (MDT)	Wed, 31 Oct 2007	Date Payable
MACQUARIE DDR TRUST (MDT)	Fri, 28 Sep 2007	Record Date
MACQUARIE DDR TRUST (MDT)	Mon, 24 Sep 2007	Ex Div Date
MACQUARIE DDR TRUST (MDT)	Fri, 24 Aug 2007	Date Payable
MACQUARIE DDR TRUST (MDT)	Fri, 24 Aug 2007	Full Year Results
MACQUARIE DDR TRUST (MDT)	Fri, 29 Jun 2007	Record Date
MACQUARIE DDR TRUST (MDT)	Mon, 25 Jun 2007	Ex Div Date
Displaying 1-20 of 46 events		Display 10 results per page 20 results per page 50 results per page 100 results per page

MACQUARIE DDR TRUST (MDT)

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INTERVIEW WITH LUKE PETHERBRIDGE, CHIEF EXECUTIVE OFFICER OF MACQUARIE DDR TRUST (MDT)

“Full Year Results”

http://www.brr.com.au/event/50462

 

FRIDAY, AUGUST 29, 2008, 10:30 AM.

 

            BRR    Today, Boardroom Radio speaks to Macquarie DDR Trust. The Macquarie DDR Trust is the leading listed property trust focused on attracting discount

10                    retailers, offering value and convenient  shopping in the United States. Talking with us today about the Group’s full year results to the 30th June 2008 is Macquarie DDR’s recently appointed Chief Executive Officer, Luke Petherbridge. Luke, thanks very much for joining us.

            MDT    You’re welcome.

15

            BRR    Luke, firstly can you tell us about the Trust’s key highlights over the past 12 months, please?

            MDT    Absolutely, the key highlights have really been driven by leveraging of the solid underlying fundamentals of the Trust’s high quality portfolio. Net

20                    property income was $141 million, up 0.8%, year-on-year. Distributable earnings of $91.2 million, which resulted in 9.81 cents per unit, and that was really built up an overall Leased Rate of 96.7%. The income security is driven highly by the 7-year weighted average lease term.

 

25        BRR    Now Luke, could you also outline the key capital management activities undertaken by the Trust in the past 12 months?

            MDT    Absolutely. As pointed out in the half yearly results, we have really been focusing on securing the trust balancing. We’ve made good progress in this area, refinancing $340.5 million early. We’ve improved the Head Trust

30                    covenants from 60% to 65% which provides greater buffer. As we’ve outlined, we’re progressing with asset sales, which all in all has put the Trust on a stronger footing.

 

            BRR    And then could you provide us an overview, please, of the Trust portfolio

35                    performance.

            MDT    The performance has been good in the current environment. It reflects the high quality portfolio and the diversified tenant mix, with the focus towards discount retailers. The lease rate is down marginally to a healthy 96.7% and operations have been strong, releasing almost a million square feet, which is

40                    about 6% of the portfolio and receiving with that leasing and upward rental reversion of around 9.2% throughout the year.

 

            BRR    Is there any further news regarding Mervyns, and can you provide more details regarding the letter of credit?

45        MDT    Sure. Mervyns, as we announced, has entered Chapter 11 protection to restructure their business. To date, they are currently paying rent on all their locations and they’ve announced that they are looking to close potentially 26 out of their 176 stores, of which eight are included in the MDT portfolio, representing about 2% of their overall annual base rate. Part of the deal was we had a letter of credit for about $25 million which provides protection and potential support for retainers in costs.

 

            BRR    And finally, Luke, why is the Trust reviewing its distribution policy and what is

5                      the impact on future distribution payments?

            MDT    We review all our policies on a regular basis and that we believe it’s prudent in the current capital constrained environment to review the distribution policy and work off cash flow. We’ve set the distributions to a sustainable level that provides a platform for future growth.

10

            BRR    Luke, thanks very much for spending the time and updating our listeners on the Macquarie DDR Trust. Good luck in your new role and we look forward to continue to further developments.

            MDT    Thank you very much for you time.

15

            BRR    That’s been Luke Petherbridge, the Chief Executive Officer of Macquarie DDR Trust speaking to us on Boardroom Radio.

 

INTERVIEW CONCLUDED

 

 

 

 

Contact brr@brr.com.au for more information

 

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