MACQUARIE DDR TRUST
MDT - 2008 Full Year Results Summary - Mr Luke Petherbridge, CEO
Friday, 29 August 2008 10:30am
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Mr Luke Petherbridge
Fri, 29 Aug 2008
10:30am Australia/Sydney
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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:
No.1 Martin Place, Mezzanine Level, Macquarie DDR Management Limited,
SYDNEY
NSW
Phone: (02) 8232 6635
Fax: (02) 8232 6510
Executives & Directors
Mr Richard Sheppard , Chairman, Director
Mr Stephen Girdis , Director
Mr Daniel Hurwitz , Director
Mr Simon Jones , Director
Mr David J Oakes , Director
Mr Scott Wolstein , Director
Mr Steven Guttman , Independent Director
Mr Robert Joss , Independent Director
Mr David Spruell , Independent Director
Ms Joan Allgood , Alternate Director
Mr John Wright , Alternate Director
Ms Natalie Allen , Company Secretary
Mr John Wright , Company Secretary
Company Podcasts
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
Australia/Sydney
MACQUARIE DDR TRUST (MDT)
| Board Changes | Fri, 19 Mar 2010 |
| Ceasing to be a substantial holder | Fri, 19 Mar 2010 |
| Becoming a substantial holder | Fri, 12 Mar 2010 |
| Change in substantial holding | Tue, 9 Mar 2010 |
| SandP Announces March SP/ASX Index Rebalance | Fri, 5 Mar 2010 |
| Debt Update | Fri, 5 Mar 2010 |
| Change in substantial holding | Mon, 1 Mar 2010 |
| Half Year Results - USD Supplementary Information | Thu, 18 Feb 2010 |
| Half Year Results - Media Release | Thu, 18 Feb 2010 |
| Half Year Results - Presentation | Thu, 18 Feb 2010 |
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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