property stock of the year

Highlights from the AGM - notes released this morning


Strategy: Profit and value are maximised when our businesses work together
Becton is a fully integrated property group focussed on:
• integration of our capabilities
• capturing all profits
• creating recurring earnings through management fees
• de-risking our earnings
• return on equity through co-investment
• total security holder return


Development & Construction
• Pipeline larger and more diverse with strong focus on retirement and commercial
• $2.9 billion pipeline diverse by geography, sector and timing of delivery
Updates:
• Fincorp and Estate portfolio – Becton in control of all projects and transition smooth
• Bonnyrigg – Works on site are programmed to commence in early 2009


Development Fund No. 1 – launched and equity-raising open
Becton’s flagship development fund – first in a planned series and its highlights include:

• Becton’s best projects form Becton Development Fund No.1
• Alignment of interests due to co-investment by Becton
• Target internal rate of return of 15% p.a. (post fees pre tax)
• Becton has more than 30 years experience as a developer
• Diversified by project, timing, geography and sector
Retirement
Development pipeline underpins growth
• Strong EBIT growth with predictable future earnings
• Development pipeline > 1,000 dwellings
• Focus on greenfield development, in particular, in premium suburbs
Funds management
Profits doubled each year for past three years demonstrating scalability of business
• EBIT of $17.4 million was 181% higher than prior period and 45% higher than prospectus
• Total returns to fund investors averaging > 20% in FY07
• YTD October FY08 equity inflows 51% higher than prior period – track record and platform penetration
a key driver of the growth
• YTD October FY08 acquisitions (settled and contracted) at $234 million