Asia Pacific Data Centre Group RBS Morgans Queensland Conference. 10 October 2013

Transcription

1 Asia Pacific Data Centre Group RBS Morgans Queensland Conference 10 October 2013

2 Big data and the Cloud The market for data centre services is evolving rapidly. Key trends: Specialist developers and operators can cater for high power, high compute requirements more efficiently Power-based charging model Compliance consumer data protection, data sovereignty, environmental Users moving from hosting to outsourcing - converting capex to opex and taking data centre assets off-balance sheet 2

3 Australia s first listed data centre REIT Provide investors with access to data centre services sector backed by land and buildings, via a listed REIT (ASX code: AJD) Derive income from owning and leasing data centre properties to data centre operators De-risk rental income with long tenure, fixed rental increases and triple net terms Alliance with NEXTDC Limited (NXT) to acquire data centres and lease to NXT (3 years) 3

4 What is a Data Centre? What do they look like? Larger data centres are highly specialised and secure buildings. What are they used for? To house networking, data storage and communications technology infrastructure including servers, storage devices, switches, routers and fibre optic transmission equipment Typically, IT equipment housed in data centres is owned by the customers and is stored in racks Who uses data centres? Carriers, corporations and government who house their data and IT equipment and/or use the data centre for their disaster recovery planning Single-users (e.g. telco, government agency, financial institution) Multiple-user data centres (independent/co-location) may house the equipment of numerous customers and can be used as interconnection hubs Example Data Centre Layout 4

5 Our structure REIT model Landlord earning rental returns No development or property management Management model Internally managed RE is stapled to the Trust Independent board Minimal RE overheads to maximise distributions 1 employee, outsourced services 5

6 Our assets - operational Valuation: Certification: $58.0 million Tier III Design & Constructed Facility by Uptime Institute Valuation: $52.0 million Images: 6

7 Our assets development Valuation8 million on completion: $28.8 million Expected completion: November 2013 Images: 7

8 Our tenant NEXTDC Limited S&P/ASX 300 company Developer and operator of data centres in Australia since 2010 Provides independent co-location services Significant development and operational milestones achieved Lessee of initial portfolio NEXTDC the sole tenant of initial portfolio (3 data centres) Triple net lease all operating risk sits with NEXTDC Initial lease term 15 years (plus options to a total of a further 25 years) 3 year alliance period to December 2015 APDC has a first right of refusal in relation to the sale of any future data centre properties by NEXTDC during that period NEXTDC has a first right and last right of refusal in relation to: the sale of any properties that comprise the initial portfolio the lease/operation of any properties that APDC acquires Contribution to APDC IPO initial capitalisation, offer costs Initial substantial shareholding (23%) now completely sold-down Arms-length loan of $0.75m Convertible Note to provide certainty for funding of P1 development 8

9 Achievements in first 10 months Distributions In line with prospectus forecasts Distributions paid or payable 3.18 cents per security Distribution yield on $1.00 issue price 9.0% (annualised) Property Portfolio M1 fully operational S1 as if complete valuation confirmed at $58m, opened for NXT customers in September P1 development on track for November Capital Management Final Instalment - 100% subscribed Payment for P1 base building Con Note in place, exploring other funding options NXT disposal post-balance date broader register Rental Income FY13 - $3.83m FY14 - $10.3m Initial Portfolio rent - $12.5m (annualised) 9

10 Financial summary Profit and loss APDC Trust Period to 30 June 2013 Balance sheet Consolidated Group 30 June 2013 Basic EPS 3.83 cents Investment properties $123.3M Distributions per security 3.18 Net assets $116.7M NTA per security $

11 Low income volatility Long term, triple net leases Annual CPI adjustments and 5 yearly market reviews Unique portfolio Geographically diverse, attractive locations Leading-edge design and construction highly attractive to end-customers Attractive yield 8.0% yield on $1.12 price (3/10/13) ~25% tax deferred, paid quarterly First mover First mover in the REIT space in the data centre asset class APDC Access to NXT pipeline Proven successful developer of high-end independent data centres 11

12 Further information APDC Francina Turner (Chief Executive Officer) Research Fiona Buchanan fiona.buchanan@rbsmorgans.com Nick Atkinson nick.atkinson@rbsmorgans.com Disclaimer This presentation has been prepared by Asia Pacific Data Centre Holdings Limited (ACN ) (APDC Holdings), and Asia Pacific Data Centre Limited ACN , AFSL (APDC Limited) in its capacity as responsible entity of the Asia Pacific Data Centre Trust (ARSN ) (APDC Property Trust)(together APDC ). It includes forward-looking estimates that are subject to risks, uncertainties and assumptions outside of the control APDC Holdings and APDC and should be viewed accordingly. 12