FACILITIES & LIQUIDITY1

30 June 16 % $bn
Bonds
USD 21% $2.8
EUR 27% $3.8
GBP 11% $1.5
AUD 4% $0.6
Total 63% $8.7
Bank Facilities
Drawn 17% $2.3
Undrawn 20% $2.9
Total 37% $5.2
Total Facilities 100% $13.9
Less Drawn ($11.0)
Plus Cash $0.4
Total Liquidity $3.3

MATURITY PROFILE1

1. Foreign currency bonds at fully hedged A$ equivalent face value, adjusted for early redemption of $900m domestic MTNs on 20 July 2016, sale of two New Zealand assets and 77 Market St acquisition

DEBT METRICS 30 June 2016 31 December 2015
Total interest bearing liabilities $11.4bn $11.1bn
Gearing (look through basis) 33.7%1 33.3%
Weighted average interest rate 4.5% 4.7%
Weighted average debt maturity 5.6 years 5.6 years
Liquidity $3.3bn2 $3.7bn
Interest rate hedged percentage Đ current 85% 86%
Interest rate hedged percentage Đ avg next 3 years 70%2 74%

INVESTMENT GRADE RATINGS
Moody's A1 (Stable) A1 (Stable)
Standard & Poor's A (Stable) A (Stable)

BOND COVENANTS REQUIREMENT
Net Debt / Net Assets ≤65% 35.0%3 34.6%
Secured Debt / Total Assets ≤45% 0.7% 0.7%
Interest Coverage4 ≥1.5 times 3.6 times 3.5 times
Unencumbered Leverage ≥125% 280% 285%

1. On a pro forma basis, post sale of two New Zealand assets and 77 Market St acquisition, gearing would be 33.2%
2. Adjusted for early redemption of $900m domestic MTNs on 20 July 2016, sale of two New Zealand assets and David Jones 77 Market St acquisition
3. On a pro forma basis, post sale of two New Zealand assets and 77 Market St acquisition, Net Debt / Net Assets would be 34.5%
4. For the 12 month period


  • Gearing - 33.7% or 33.2% pro forma for the sale of two New Zealand assets and the acquisition of 77 Market St from David Jones.
  • Debt Capital Markets - Issued €500m ($745m) of 2023 bonds. Proceeds used to redeem $900m of bonds in July 2016.
  • Bank Facilities - Refinanced and extended $2.6bn of bank loan facilities
  • Debt Maturities - No debt maturities until July 2018
  • Property Linked Notes - Agreed to redeem $600m of Property Linked Notes. The remaining Notes of approximately $555m will remain outstanding and have future review dates of 31 December 2021, 2022 and 2023.
$ FIXED RATE DEBT DERIVATIVES HEDGING FLOATING RATE $ & NZ$ DEBT
$ Debt Payable $ Swap Payable NZ$ Swap Payable NZ$ Collar Payable
31 December1 $m Fixed Rate $m Fixed Rate NZ$m Fixed Rate NZ$m Strike Rate
2016 (580.0) 3.25% (7,717.5) 2.92% (440.0) 3.59% (70.0) 3.39%/5.25%
2017 (580.0) 3.25% (7,508.5) 2.90% (350.0) 3.35% (70.0) 3.39%/5.25%
2018 (580.0) 3.25% (7,095.0) 2.89% (210.0) 3.34% (70.0) 3.39%/5.25%
2019 (430.0) 3.31% (5,730.0) 2.86% (180.0) 3.51% - -
2020 (430.0) 3.31% (3,960.0) 2.96% (130.0) 3.50% - -
2021 (30.0) 3.81% (2,260.0) 3.06% - - - -
2022 - - (750.0) 3.10% - - - -

1. As at 30 June 2016. All rates exclude borrowing margin
2. Adjusted for early redemption of $900m domestic MTNs on 20 July 2016, sale of two New Zealand assets and 77 Market St acquisition


Highlights

Overview6 months to 30 June 2016
Assets Under Management$43.3bn
Profit$1,154m
Funds from Operations (FFO)$617m
FFO per security11.61 cents
Distribution per security10.65 cents
Comparable NOI growth2.6%
Gearing33.7% (pro forma 33.2%1 )
Outlook2016 Full Year Forecast
Funds from OperationsApproximately 3% growth
Distribution per security21.3 cents
2% growth
Comparable NOI growth2.5 – 3.0%