MACQUARIE DDR TRUST
MDT - 2008 Full Year Results Summary - Mr Luke Petherbridge, CEO
Fri, 29 Aug 2008 10:30AM
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Mr Luke Petherbridge
Fri, 29 Aug 2008
10:30AM Australia/NSW
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MACQUARIE DDR TRUST (MDT)
ASX code: MDT
Website: http://www.macquarie.com.au/mdt
Industry: Real Estate
Principal Activities:
Acquisition and management of community shopping centres in the United States of America.
Address:
135 King Street, Level 10, Macquarie DDR Management Limited
SYDNEY
NSW
Phone: (02) 8232 6635
Fax: (02) 8232 6510
Executives & Directors
Mr Richard Sheppard , Chairman, Director
Mr Mark Baillie , Director
Mr Daniel Hurwitz , Director
Mr Scott Wolstein , Director
Mr Stephen Girdis , Director
Mr David J Oakes , Director
Mr David Spruell , Independent Director
Mr Steven Guttman , Independent Director
Mr Robert Joss , Independent Director
Ms Joan Allgood , Alternate Director
Mr John Wright , Alternate Director
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Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
MACQUARIE DDR TRUST (MDT) Events
| Company (Stock Code) | Date/Time | Event | Timezone: |
|---|---|---|---|
MACQUARIE DDR TRUST
(MDT)
|
Fri, 24 Oct 2008 02:30PM |
MDT - Operational Update - Mr Luke Petherbridge, CEO |
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MACQUARIE DDR TRUST
(MDT)
|
Fri, 29 Aug 2008 10:30AM |
MDT - 2008 Full Year Results Summary - Mr Luke Petherbridge, CEO |
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|
Wed, 7 May 2008 12:45PM |
MDT - March Quarter Leasing Update - Mr Luke Petherbridge, General Manager |
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MACQUARIE DDR TRUST
(MDT)
|
Mon, 18 Feb 2008 12:45PM |
MDT - Interim Results end 31st December 2007 - Mr Simon Jones, Acting CEO |
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|
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 | |
|
|
|||
MACQUARIE DDR TRUST (MDT)
| Form 604 - Change in substantial holding | Fri, 21 Nov 2008 |
| Invite to Unitholder Briefing | Mon, 17 Nov 2008 |
| City Circuit Update | Wed, 12 Nov 2008 |
| ANNOUNCES US$62 MILLION (A$90 MILLION) ASSET SALE | Thu, 6 Nov 2008 |
| Becoming a substantial holder | Tue, 4 Nov 2008 |
| Ceasing to be a substantial holder | Thu, 30 Oct 2008 |
| Operational Update | Tue, 21 Oct 2008 |
| Change in substantial holding | Fri, 10 Oct 2008 |
| Ceasing to be a substantial holder | Fri, 10 Oct 2008 |
| Becoming a substantial holder from MQG | Tue, 7 Oct 2008 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
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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