An overview of Trafalgar's Investment Portfolio and Geographic diversification is detailed below:
Property
Location
Asset Type
Major Tenant
Initial Lease
Duration
Lease Start Date
Value Base Capitalisation Rate
Director's Valuation
$m (1)
Portfolio %
Thiess Corporate HQ
QLD
A-grade Office
A subsidiary of Leighton Holdings
10 yrs
June 03
8.25%
$65.00
28.6%
Fujitsu Centre
QLD
A-grade Office
Fujitsu
6 yrs
May 04
9.00%
$26.00m
11.4%
ATO Hurstville
NSW
A-grade Office
Commonwealth Government
10 yrs
February 05
8.75%
$53.50m
23.6%
Gouldburn
NSW
B-grade Industrial
Vendor Rental Guarantee
3 yrs
July 07
10.50%
$10.25m
4.5%
EDI Rail HQ
NSW
A-grade Industrial
EDI Limited
10 yrs
September 00
9.50%
$6.30m
2.8%
DOTARS building
ACT
B-grade Office
Commonwealth Government
7 yrs
July 10
8.75%
$17.40m
7.7%
Melbourne Broadcast Centre
VIC
A-grade Office
Seven Network
15 yrs
June 03
7.50%
$48.50m
21.4%
Totals
(Weighted Yield)
8.47%
$226.95m
100%
The weighted core yield has remained stable (from June 2009) at 8.47% as at 31 December 2009.
The focus for investment properties is to renew expiring tenant leases. In this regard the Department of Infrastructure has entered into a new 7 year lease over levels 3, 4 and 5 of the DOTARS Building, commencing in August 2010 (the tenant has the option to hand back level 3 in 2013 or 2015)
Lease terms have also been agreed for a new 5 year lease with Fujitsu (reduced area) and Redchip Lawyers (increased area) for the Fujitsu building.
Notes
1) Director's Valuations are supported by independant valuations dated June 2009
Value by State
Value by Building
Vacancy Schedule The Trusts’ portfolio that is currently let or subject to tenancy pre-commencements has an average remaining lease term of 4.9 years (weighted by income).
Note: Lease renewal negotiations to extend FY10 & 11 lease expiries are being actively pursued
Note: Whilst Goulburn is currently vacant, it has a Rental Guarantee in place until 30 June 2010
