BRE Properties BRE Dec 2009 Presentation

21
= AQF Wrlpfrtkfs, Kjb.  ^fdds Hmrnl Rfburktkfs Ndlamd Qfmd Fstmtf Bljhfrfjbf Jfw [lr`, J[ Efbfoafr 177;

Transcript of BRE Properties BRE Dec 2009 Presentation

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=

AQF Wrlpfrtkfs, Kjb.

 

^fdds Hmrnl Rfburktkfs Ndlamd Qfmd Fstmtf BljhfrfjbfJfw [lr`, J[

Efbfoafr 177;

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1

—Rmhf Cmralr‟

 

Rtmtfofjt ujefr tcf Wrkvmtf Rfburktkfs Dktknmtklj Qfhlro Mbt lh

 

=;;69 Fxbfpt hlr tcf ckstlrkbmd kjhlromtklj bljtmkjfe cfrfkj, tcks prfsfjtmtklj

bljtmkjs hlrwmre-dll`kjn stmtfofjts rfnmrekjn Blopmjy mje prlpfrty

pfrhlromjbf, mje ks amsfe lj tcf Blopmjy‛s burrfjt fxpfbtmtkljs mje iuenofjt.

Mbtumd rfsudts blude vmry omtfrkmddy efpfjekjn lj rks`s mje ujbfrtmkjtkfs kjcfrfjt

tl nfjfrmd mje dlbmd rfmd fstmtf bljektkljs, blopftktkvf hmbtlrs

 

spfbkhkb tl omr`fts

kj wckbc AQF lpfrmtfs, dfnksdmtkvf lr ltcfr rfnudmtlry efbkskljs, huturf kjtfrfst

rmtf dfvfds lr bmpktmd omr`fts bljektkljs. Ucf Blopmjy mssuofs jl rfspljskakdkty

tl upemtf tcks kjhlromtklj. Hlr olrf eftmkds, pdfmsf rfhfr tl tcf Blopmjy‛s RFBhkdkjns, kjbduekjn kts olst rfbfjt Mjjumd Qfplrt lj Hlro =7-@ mje qumrtfrdy

rfplrts lj Hlro =7-].

Rmhf Cmralr Rtmtfofjt

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AQF Wrlpfrtkfs

 

Wuadkbdy trmefe QFKU (J[RF9 AQF)

 

Oudtkhmokdy hlbus0 hlujefe =;>7

 

>2 wclddy lwjfe prlpfrtkfs0 1=,156 ujkts

 

=2 IX blooujktkfs0 5,737 ujkts•

 

6 efvfdlpofjt sktfs0 =,618 ujkts

 

$2.3 akddklj tltmd omr`ft bmp

 

Vjkjtfrruptfe ekvkefjes skjbf kjbfptklj

Emtm ms lh ;/27/7;.

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Bmdkhlrjkm-Bfjtrkb Omr`ft Hlbus

Omr`fts fxktfe ‛77-‛7;

 

Mdauqufrquf

 

Dms Xfnms

 

Uubslj

 

Wlrtdmje•

 

Rmdt Dm`f Bkty

• Rmbrmofjtl

31%

% JLK, smof-stlrfwclddy lwjfe

prlpfrtkfs

=2% Rfmttdf

2% Jlj-Blrf

Omr`fts

JLK emtm ms lh ;/27/7;.Fxbduefs =2 ujbljsldkemtfe ilkjt vfjturfs, wckbc blddfbtkvfdy rfprfsfjt 1% lh tltmd JLK.

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Bdkomtf lh Brksks

• 

Fbljlokb bdkomtf9 sfvfrf rfbfssklj‒

 

Ila dlssfs, mssft dkqukemtklj, hkjmjbkmd tuoudt

 

Fbljlokb brksks hmbfe ay ljdy m hfw nfjfrmtkljs

 

Ndlamd efdfvfrmnkjn

 

ks tcf omkj tcfof

‒ 

Qfolvkjn 6-=7 yfmrs lh fxbfss dfvfrmnf•

 

Olrf tcmj >.; okddklj ilas dlst kj tcf V.R.*

 

Burrfjt ujfopdlyofjt rmtfs‒

 

Vjktfe Rtmtfs9 =7.7%

 

Bmdkhlrjkm9 =1.6%

• 

Ofekmj clof prkbf efbdkjfs* ‒ 

V.R. =8%0 BM 28%Olst burrfjt emtm mvmkdmadf ms lh =1/5/7;. Emtm blurtfsy lh Aurfmu lh Dmalr Rtmtkstkbs, Jmt‛d Msslbkmtklj lh Qfmdtlrs mjeEmtmqukb` Kjhlromtklj Rystfos.

* Qfprfsfjts dlssfs mje efbdkjfs skjbf tcf rfbfssklj afnmj kj Efbfoafr 177>.

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>

Afmr Omr`fts Wfm` tl Urlunc

EIKM efbdkjfs, wff`dy bdlskjn prkbf. Emtm blurtfsy lh Qlsfj Bljsudtkjn Nrlup.

=;6 8- =;6 >=;6;-=;87

=;83-=;>7

=;1;-=;21

=;2>-=;23

=;2;-=;51

=;58-=;5;

=;61-=;62

=;8=-=;81   =;88

=;>2-=;>5

=;> 8- =;> 3

=;3=-=;31

1 7 7 7 - 1 7 7 1

177>-]='7;

-=77 %

- ; 7 %

- 3 7 %

- > 7 %

- 8 7 %

- 6 7 %

- 5 7 %

- 2 7 %

- 1 7 %

-=7%

7 %

7 1 7 5 7 8 7 3 7 =7 7 =1 7 =5 7 =8 7

^ff`s kj Efbdkjf

   W  r   k  b  f

   E  f  b   d   k  j  f

177>-]2'7;

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3

AQF‛s

 

Umbtkbmd Qfspljsf

 

Fjcmjbfe dkqukekty‒

 

$817 okddklj Hmjjkf Omf 6.8% efat bdlsfe Mprkd 177;0 =7-yfmr tfro

 

Wrfsfrvfe hkjmjbkmd hdfxkakdkty0 ujfjbuoafrfe JLK 83.3% lh tltmd

 

JLK

 

Meerfssfe hlrwmre omturktkfs‒

 

$5>7 okddklj lh efat rftkrfe

 

177; tcrlunc 17== mje 17=20 8.6% blst lh hujes•

 

Efdfvfrfe

 

tcf amdmjbf scfft‒

 

Kopdfofjtfe $=16 okddklj MUO fqukty prlnrmo

 

Efat tl Ultmd Nrlss Mssfts 61.8% mt ;/27/7;

 

Wrfsfrvfe bmsc hdlw‒

 

Qfeubfe bloolj ekvkefje tl $=.67 pfr scmrf0 rftmkjs $57 okddklj mjjumddy

 

Rlde $35 okddklj lh mssfts [UE

 

Efvfdlpofjt prlnrmo efbfdfrmtfe

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;

Qfblvfry9 M ^mys Lhh, aut Wrlokskjn

• Fjtfrkjn dmtf-stmnf rfbfssklj

‒ NEW fxpfbtfe tl stmakdkzf 1C‛7;‒ Ilas fxpfbtfe tl stmakdkzf =C‛=7

• AQF auskjfss olefd afjfhkts hrlo rfblvfry‒ Bmdkhlrjkm-bfjtrkb strmtfny dfmes tl lutpfrhlromjbf

• Hmvlrmadf dljn-tfro hujemofjtmds‒ Jl jfw suppdy0 rfjts ruj wktc ilas

‒ Nfj-[ efolnrmpckb >7+ okddklj strljn

‒ Nrlwkjn prlpfjskty tl rfjt0 lwjfrsckp dfvfds erlppkjn

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=7

Dknct mt tcf Fje lh tcf Uujjfd

Wrlifbtfe mpt. suppdy & efomje blokjn lut lh tcf rfbfssklj

Emtm blurtfsy lh WWQ.

   V  j   k   t  s

   (   k  j 

   t   c  l  u  s  m

  j   e  s   )

-27

-17-=7

7

=7

1727

57

67

87>7

177; 17=7 17== 17=1 17=2

]umrtfrdy Bcmjnf kj Efomje ]umrtfrdy Bcmjnf kj Ruppdy

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==

Burrfjt Omjmnfofjt Mssfssofjt

 

AQF ks wfdd-plsktkljfe

‒ 

Cmre mssfts kj hmvlrmadf dljn-tfro omr`fts‒

 

Rtrljn amdmjbf scfft0 rfsudt lh wfdd-fxfbutfe pdmj

 

Vjefrstmje tcf rfmdkty lh tcf fjvkrljofjt‒

 

Clusf ks kj lrefr0 prfpmrkjn tl fxpdlkt lpplrtujktkfs

 

Hkjmjbkmd omr`fts rfblvfrkjn

 

Lpfj mbbfss tl mdd hlros lh bmpktmd

• 

Bmdkhlrjkm hksbmd/fbljlokb brksks ‒ 

strmtfnkb

kopdkbmtkljs

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=1

Bm dkh l rjkm (R^LU)*

AQF‛s

 

Bmdkhlrjkm-Bfjtrkb Olefd

*Rtrfjntcs, ^fm`jfssfs, Lpplrtujktkfs, Ucrfmts.

Rtrfjntcs ^fm`jfssfsWmbkhkb Qko fbljloy

Hksbmd brksks ‒

 

fxpfjekturfs pfr bmpktm0tcrfmtfjs fbljlokb vktmdkty/Wrlp. =2 rks`

Rkzf, efptc & arfmetc lh fbljloyCkncfst tmxfs kj jmtklj (kjblof tmx dkoktfe tl

cknc-kjblof fmrjfrs)^lrde-bdmss ujkvfrskty systfo Fjtktdfofjt brmzy wktclut sujsfts

Nflnrmpckb amrrkfrs (lbfmj & olujtmkjs) Mnkjn kjhrmstrubturf

Qfprkbf

 

lh Bmdkhlrjkm bmpmbkty @-=1 feubmtklj

Kjtfrjmd nfjfrmtlr lh ilasUfro dkokts ‒

 

nfjfrmd mssfoady/sfjmtf0ujkjtfjefe bljsfqufjbf ‒

 

dfmefrsckp brksks

Kooknrmtklj hdlws

Lpfj tl ekvfrskty

Wrlpfjskty tl rfjt (rfjtfr slbkfty)

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=5Rlurbf9 V.R. Efpmrtofjt lh Dmalr mje ^fdds Hmrnl Rfburktkfs, DDB.

JRM, 2-Oljtc Olvkjn MvfrmnfLbtlafr 177;

Nrfmtfr tcmj =8%

AQF‛s

 

Bmdkhlrjkm-Bfjtrkb Olefd

=5% tl =8%

=1% tl =5%

=7% tl =1%Dfss tcmj =7%

Bm dkhl rjkm Vjfo pdlyof jt Qm tf

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=6

Omr`ftCkstlrkbmd Mvn.

(=)

=;;> ‒ 177>6-[r. Mvn .

(1)

177; ‒ 17=22-[r. Mvn .

(1)

17== ‒ 17=2

Dls Mjnfdfs 8.2% =.8 -

 

2.>% 6.8 -

 

>.>%

Lrmjnf Blujty 6.1% (7.=) -

 

2.7% 1.1 -

 

6.2%

Rmj Ekfnl 6.1% =.= -

 

6.2% 2.8 -

 

>.3%

Rmj Hrmjbksbl(2) 2.5% =.; -

 

6.=% 8.8 -

 

=7.7%

Kjdmje Fopkrf 6.>% (=.3) -

 

(7.1)% 7.8 -

 

1.1%

Rfmttdf 2.3% (7.6) -

 

6.=% =.; -

 

>.6%

Wclfjkx =.2% (=.2) -

 

2.2% 2.> -

 

3.2%

Efjvfr 7.=% (=.8) -

 

2.=% 7.3 -

 

6.5%

Omr`ft Qfjt Emtm/Wrlifbtkljs

AQF Lpfrmtkjn Omr`fts

(=)

 

Qfprfsfjts AQF mbtumd ckstlrkbmd emtm.(1)

 

Qfprfsfjts AQF omr`ft-dfvfd hlrfbmst rmjnfs.(2) Hknurfs rfprfsfjt m bloplsktf lh tcrff Rmj Hrmjbksbl Amy Mrfm omr`fts9 Rmj Hrmjbksbl, Lm`dmje mje Rmj Ilsf.

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=8

Bmdkhlrjkm mje AQF ‒

 

Nlkjn Hlrwmre

 

Rtrunndkjn Bmdkhlrjkm omy stkdd lutpfrhlro

‒ 

Bloolekty omr`ft rfjts ujdk`fdy•

 

Clw tl bljtkjuf Bmdkhlrjkm-bfjtrkb auskjfss olefd

 

Vramj kjhkdd0 blmstmd hlbus

‒ 

Rtrfjntc kj bljbfjtrmtklj•

 

Rbmdf mt suaomr`ft dfvfd

 

Eksbkpdkjfe kjvfstofjt prlnrmo

 

Bljsfrvmtkvf amdmjbf scfft omjmnfofjt

 

Af lpfj tl blopfddkjn lpplrtujktkfs kj ltcfr omr`fts

 

Ckncfr rmtf lh rfturj wkdd af rfqukrfe

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=>

Rmof-Rtlrf Qfvfjuf Wfrhlromjbf

*Wffr nrlup efhkjfe ms MXA, MKX, BWU, FRR, F]Q, VEQ.

Rlurbf9 AQF Qfsfmrbc.

-2%

-1%-=%

7%

=%

1%

2%

5%

6%

8%

>%

1775 1776 1778 177> 1773

177; [UE

AQF   Wffr Nrlup*

   %    B   c

  m  j  n  f

-5%

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=3

Wrlhktmakdkty9 FAKUEM Lpfrmtkjn Omrnkjs

DUO Qfburrkjn FAKUEM tl Ultmd Qfvfjuf

57%

56%

67%

66%

87%

86%

>7%

68%

MXA

62%

BWU

63%

F]Q

8>%

AQF

68%

VEQ

55%

WWR

53%

MKX

53%

BDW

6=%

OMM

8=%

FRR

Mvfrmnf9 65%

Amsfe lj tcf dmtfst =1 oljtcs fjekjn ;/27/7;, fxbfpt VEQ & BDW, wckbc mrf bmdbudmtfe lj m jkjf-oljtc amsks fjefe

;/27/7; euf tl rfstmtfofjts kj 5]73.

Emtm blurtfsy lh Qlymd Amj` lh Rbltdmje (QAR) mje RJD Hkjmjbkmd.

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=;

@fy Brfekt Oftrkbs

Bmsc Hdlw Hkjmjbkmd Wlsktklj

[UE Kjtfrfst Blvfrmnf Qmtkl 2.7x Efat tl Ultmd Nrlss Mssfts 61.8%

[UE Hkxfe Bcmrnf Blvfrmnf Qmtkl 1.8x Rfburfe Efat tl Ultmd Nrlss Mssfts 1=.2%

Ultmd Efat/Meiustfe FAKUEM 3.7x % Vjfjbuoafrfe JLK 83.3%

Emtm ms lh ;/27/7;.

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17

Lur Clusf Ks Kj Lrefr

• Efat rfbmp blopdftf

• Dkqukekty mje prlhktmakdkty afst kj mpmrtofjt bdmss• Olefst dfvfrmnf wktc sldke brfekt prlhkdf

• Wrlhkbkfjt lpfrmtlr0 dfmefr kj blrf omr`fts‒ BM omr`fts prlvkjn rfdmtkvfdy rfskdkfjt

‒ Hmvlrmadf rfjt-tl-lwj nmp kj blrf omr`fts

• Efvfdlpofjt cms affj rknct-skzfe

• Fopcmsks lj rftmkjkjn bmsc hdlw

• Wrfpmrfe hlr lpplrtujktkfs

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1=

AQF Wrlpfrtkfs, Kjb.

 

^fdds Hmrnl Rfburktkfs Ndlamd Qfmd Fstmtf BljhfrfjbfJfw [lr`, J[

Efbfoafr 177;