First Impression: MIRVAC-MGR- FY16 Result

Bell Potter

Net tangible assets (NTA) per stapled security of $1.92, up from $1.74, at June 2015 (current p rice $2.15). Office portfolio: Occupancy 96.5%, Net operating income like-for-like growth 2.4% as compared to 2.6% in pcp. Retail: Occupancy 99.4%, Net operating income like-for-like growth 2.4% as compared to 2.1% in pcp, Specialties comparable MAT growth 4.2% as compared to 3.8% in pcp. Industrial: Occupancy 100.0%, Net operating income like-for-like growth 3.2% as compared to 3.4% in pcp. Residential: Settled 2,824 lots- up 24% from June 2015. Development ROIC 13.8%- exceeding target of 12%.


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