investment portfolio summary 1h14cdn2.blocksassets.com/assets/mirvac-funds/mirvac... · 2 on a...

1H14MIRVAC INDUSTRIAL TRUST (ARSN 113 489 624) [ASX: MIX]

INVeSTMeNT PoRTfoLIo SUMMARY

CoNTeNTS

8200 100th Street, PleaSant Prairie, Wi

Investment PortfolIo overvIew 1

ChICago market overvIew 6

Investment PortfolIo 8

CJf1 llC 8

CJf2 llC 14

CJf3 llC 24

DIreCtory 26

525 West Marquette avenue, Oak Creek, Wi

1

KeY STATISTICS – Overall vacancy of the Portfolio has increased to 11.4 per cent .

– the Portfolio’s average net passing rental income is US$2.70 per square foot.

– the Portfolio’s weighted average lease expiry is 4.4 years.

– the tenant retention rate for the trust remains strong at 75.9 per cent.

VALUATIoNS – asset revaluations for the six months to 31 December 2013 were relatively stable resulting in the value of the trust’s portfolio decreasing by US$1.9 million to US$195.5. 1

– the weighted average capitalisation rate of the Portfolio firmed to 8.46 per cent 2 based on the most recent independent and directors’ valuations.

LeASe eXPIRY bY AReA

GeoGRAPhIC DIVeRSIfICATIoN bY booK VALUe 1

the Portfolio contains 50 tenants spread across three markets and 13 sub-markets.

TeNANT DIVeRSIfICATIoN bY GRoSS INCoMe 1

the Portfolio is well represented across a range of industries.

INVeSTMeNT PoRTfoLIo oVeRVIew

1 as at 31 December 2013.

VA

CA

NT

MT

M

2013

2014

2015

2016

2017

2018

2019

+

40% AREA

30

20

10

0

AT 30 JUNE 2013

VACA

NT

MTM

2014

2015

2016

2017

2018

2019

2020 +

50% AREA

30

40

20

10

0

AT 31 DEC 2013

1 On a like-for-like basis.2 On a like-for-like asset basis, weighted by book value.

ILLINOIS 88.3%

WISCONSIN 7.8%

INDIANA 3.9%

MANUFACTURING 29.7%

WHOLESALE TRADE 33.3%

GENERAL WAREHOUSING 12.5%AND STORAGE FACILITIES

RETAIL TRADE 10.7%

TRANSPORTATION, 6.3%COMMUNICATIONS, ELECTRIC, GAS, AND SANITARY SERVICES

SERVICES 6.3%

PAINTING AND 1.2%PAPER HANGING

2 MIRVAC INDUSTRIAL TRUST INVESTMENT PORTFOLIO SUMMARY – DECEMBER 2013

INVeSTMeNT PoRTfoLIo oVeRVIew (CoNTINUeD)

LakeMichigan

21

0 6 123 9

MILES

MilwaukeeGrand Rapids

WISCONSIN

ILLINOIS

INDIANA

MICHIGAN

Chicago

Lansing

7

6

119

8

1314

15

16

12

17

18

20

19

21

5 4 3

10

Top 10 TenanTs by gross income

TenanT income by %Term remaining

(years)

trUServ 11.4% 7.0

FaCtOry CarD OUtlet 10.7% 5.0

aPl lOgiStiCS 6.6% 2.5

PaCtiv COrPOratiOn 6.2% 4.5

City OF ChiCagO 5.9% 1.0

neWell WinDOW FUrniShingS 4.9% 5.0

albany ChiCagO 3.6% 6.5

SUPeriOr Mailing 3.5% 6.9

h-a inDUStrieS 3.5% 10.7

SaPPi Fine PaPer nOrth aMeriCa 3.3% 4.3

59.6% 5.1

1445–1645 greenleaF avenUe, elk grOve village, il

3

LakeMichigan

21

0 6 123 9

MILES

MilwaukeeGrand Rapids

WISCONSIN

ILLINOIS

INDIANA

MICHIGAN

Chicago

Lansing

7

6

119

8

1314

15

16

12

17

18

20

19

21

5 4 3

10

Greater ChiCaGo reGion1 Mchenry County 1

2 Lake County 1

3 northeast Cook County 1

4 northwest Cook County 1

5 north Kane County6 north DuPage County 1

7 o’hare 1

8 City north9 near West Suburbs10 West Suburbs11 Central Kane/DuPage County12 Far West Suburbs 1

13 Southwest Suburbs 1

14 Far Southwest Suburbs15 City South 1

16 South Suburbs 1

17 Joliet area18 northwest indiana 1

19 Kenosha/racine Counties 1

MiLWauKee

20 Milwaukee 1

1 trust holds asset/s in sub-market


properTy sUb-marKeTpUrcHase

DaTe

pUrcHase price

(Us$m)VaLUaTion

(Us$m)VaLUaTion

DaTe

capiTaLisaTion raTe1

(%)

gross LeTTabLe area

(sF)

neT

passing renT (Us$/sF)

neT marKeT renT (Us$/sF)

(inTernaL VaLs +exTernaL VaLs)

occUpancy (%)

asseT WaLe by income

% oF porTFoLio

by area

cJF1 LLc

1445-1645 greenleaF avenUe O’hare May 2005 7.9 5.0 DeC 2013 8.00 150,000 1.75 3.75 100 1.7 2.0

2727 WeSt Diehl rOaD Far WeSt SUbUrbS May 2005 31.3 23.7 DeC 2013 7.50 440,343 5.07 4.25 100 5.0 6.0

28170 nOrth keith Drive lake COUnty JUl 2005 4.3 3.7 DeC 2013 7.50 77,924 4.42 4.35 100 5.7 1.1

308 SOUth DiviSiOn Street Mchenry COUnty May 2005 28.8 19.5 DeC 2013 11.00 1,331,727 1.99 2.00 90 7.0 18.0

3602 nOrth kenniCOtt avenUe nOrthWeSt COOk COUnty JUl 2005 6.5 5.8 DeC 2013 8.00 94,300 4.91 4.50 100 5.1 1.3

6510 WeSt 73rD Street SOUthWeSt SUbUrbS May 2005 12.3 8.7 DeC 2013 8.00 306,552 1.83 3.00 100 0.9 4.2

7200 SOUth MaSOn avenUe SOUthWeSt SUbUrbS JUl 2005 7.9 8.3 DeC 2013 8.00 207,345 3.64 3.75 100 4.5 2.8

800-850 regenCy Drive nOrth DUPage COUnty May 2005 4.8 3.5 DeC 2013 8.25 48,250 5.21 7.00 100 2.9 0.7

900 eaSt 103rD Street City SOUth JUl 2005 16.5 4.5 DeC 2013 10.00 533,230 3.52 2.72 77 1.9 7.2

CJF2 LLC

1020 FrOntenaC rOaD Far WeSt SUbUrbS nOv 2005 4.3 3.3 DeC 2013 7.50 99,684 vaCant 3.50 vaCant vaCant 1.4

11601 SOUth Central avenUe SOUth SUbUrbS Feb 2006 9.4 6.9 DeC 2013 7.50 260,000 2.12 2.00 100 9.3 3.5

13040 SOUth PUlaSki avenUe SOUth SUbUrbS nOv 2005 14.2 8.5 DeC 2013 8.00 395,466 1.49 2.50 98 1.6 5.4

1750 SOUth linCOln Drive Mchenry COUnty nOv 2005 14.5 10.0 DeC 2013 9.25 499,200 2.03 2.25 100 5.0 6.8

1796 SherWin avenUe O’hare nOv 2005 5.0 4.3 DeC 2013 8.00 98,879 2.63 4.00 100 2.1 1.3

1850 greenleaF avenUe O’hare nOv 2005 3.2 2.8 DeC 2013 8.00 58,627 2.01 4.50 100 4.1 0.8

1880 COUntry FarM rOaD Far WeSt SUbUrbS JUl 2007 12.3 7.3 DeC 2013 7.50 162,000 3.76 4.00 100 3.0 2.2

3841-3865 SWanSOn COUrt lake COUnty Feb 2006 4.6 3.3 DeC 2013 8.25 100,000 3.02 3.25 74 6.1 1.4

5110 SOUth 6th Street MilWaUkee nOv 2005 3.3 2.3 DeC 2013 8.00 58,500 3.75 4.00 100 2.1 0.8

525 WeSt MarqUette avenUe MilWaUkee nOv 2005 4.5 4.0 DeC 2013 8.00 112,144 1.91 4.00 26 0.2 1.5

5990 WeSt tOUhy avenUe nOrtheaSt COOk COUnty Feb 2006 15.2 8.4 DeC 2013 9.00 302,410 3.12 3.87 54 4.1 4.1

6000 WeSt 73rD Street SOUthWeSt SUbUrbS nOv 2005 5.9 5.0 DeC 2013 8.00 148,091 3.64 3.00 100 4.5 2.0

6558 WeSt 73rD Street SOUthWeSt SUbUrbS Feb 2006 11.6 8.4 DeC 2013 8.00 301,000 0.72 3.25 75 4.3 4.1

6600 river rOaD SOUthWeSt SUbUrbS Feb 2006 19.0 14.5 DeC 2013 8.50 630,410 2.65 2.75 83 2.5 8.5

6751 SOUth Sayre avenUe SOUthWeSt SUbUrbS nOv 2005 9.4 7.3 DeC 2013 8.25 242,690 3.00 2.75 100 6.9 3.3

8100 100th Street kenOSha/raCine COUntieS nOv 2005 2.1 2.1 DeC 2013 8.00 38,290 4.85 4.50 100 6.5 0.5


CJF3 LLC

eC vi-4507 COlUMbia avenUe nOrthWeSt inDiana Feb 2006 8.2 4.9 DeC 2013 9.50 256,595 2.87 2.80 99 10.6 3.5


TOTAL POrTFOLiO 281.9 195.5 8.462 7,383,222 $2.70 $2.96 88.6 4.4 100.0

INVeSTMeNT PoRTfoLIo oVeRVIew (CoNTINUeD)

1 internal and external capitalisation rates.2 Weighted by book value.

5

properTy sUb-marKeTpUrcHase

DaTe

pUrcHase price

(Us$m)VaLUaTion

(Us$m)VaLUaTion

DaTe

capiTaLisaTion raTe1

(%)

gross LeTTabLe area

(sF)

neT

passing renT (Us$/sF)

neT marKeT renT (Us$/sF)

(inTernaL VaLs +exTernaL VaLs)

occUpancy (%)

asseT WaLe by income

% oF porTFoLio

by area

cJF1 LLc

1445-1645 greenleaF avenUe O’hare May 2005 7.9 5.0 DeC 2013 8.00 150,000 1.75 3.75 100 1.7 2.0

2727 WeSt Diehl rOaD Far WeSt SUbUrbS May 2005 31.3 23.7 DeC 2013 7.50 440,343 5.07 4.25 100 5.0 6.0

28170 nOrth keith Drive lake COUnty JUl 2005 4.3 3.7 DeC 2013 7.50 77,924 4.42 4.35 100 5.7 1.1

308 SOUth DiviSiOn Street Mchenry COUnty May 2005 28.8 19.5 DeC 2013 11.00 1,331,727 1.99 2.00 90 7.0 18.0

3602 nOrth kenniCOtt avenUe nOrthWeSt COOk COUnty JUl 2005 6.5 5.8 DeC 2013 8.00 94,300 4.91 4.50 100 5.1 1.3

6510 WeSt 73rD Street SOUthWeSt SUbUrbS May 2005 12.3 8.7 DeC 2013 8.00 306,552 1.83 3.00 100 0.9 4.2

7200 SOUth MaSOn avenUe SOUthWeSt SUbUrbS JUl 2005 7.9 8.3 DeC 2013 8.00 207,345 3.64 3.75 100 4.5 2.8

800-850 regenCy Drive nOrth DUPage COUnty May 2005 4.8 3.5 DeC 2013 8.25 48,250 5.21 7.00 100 2.9 0.7

900 eaSt 103rD Street City SOUth JUl 2005 16.5 4.5 DeC 2013 10.00 533,230 3.52 2.72 77 1.9 7.2

CJF2 LLC

1020 FrOntenaC rOaD Far WeSt SUbUrbS nOv 2005 4.3 3.3 DeC 2013 7.50 99,684 vaCant 3.50 vaCant vaCant 1.4

11601 SOUth Central avenUe SOUth SUbUrbS Feb 2006 9.4 6.9 DeC 2013 7.50 260,000 2.12 2.00 100 9.3 3.5

13040 SOUth PUlaSki avenUe SOUth SUbUrbS nOv 2005 14.2 8.5 DeC 2013 8.00 395,466 1.49 2.50 98 1.6 5.4

1750 SOUth linCOln Drive Mchenry COUnty nOv 2005 14.5 10.0 DeC 2013 9.25 499,200 2.03 2.25 100 5.0 6.8

1796 SherWin avenUe O’hare nOv 2005 5.0 4.3 DeC 2013 8.00 98,879 2.63 4.00 100 2.1 1.3

1850 greenleaF avenUe O’hare nOv 2005 3.2 2.8 DeC 2013 8.00 58,627 2.01 4.50 100 4.1 0.8

1880 COUntry FarM rOaD Far WeSt SUbUrbS JUl 2007 12.3 7.3 DeC 2013 7.50 162,000 3.76 4.00 100 3.0 2.2

3841-3865 SWanSOn COUrt lake COUnty Feb 2006 4.6 3.3 DeC 2013 8.25 100,000 3.02 3.25 74 6.1 1.4

5110 SOUth 6th Street MilWaUkee nOv 2005 3.3 2.3 DeC 2013 8.00 58,500 3.75 4.00 100 2.1 0.8

525 WeSt MarqUette avenUe MilWaUkee nOv 2005 4.5 4.0 DeC 2013 8.00 112,144 1.91 4.00 26 0.2 1.5

5990 WeSt tOUhy avenUe nOrtheaSt COOk COUnty Feb 2006 15.2 8.4 DeC 2013 9.00 302,410 3.12 3.87 54 4.1 4.1

6000 WeSt 73rD Street SOUthWeSt SUbUrbS nOv 2005 5.9 5.0 DeC 2013 8.00 148,091 3.64 3.00 100 4.5 2.0

6558 WeSt 73rD Street SOUthWeSt SUbUrbS Feb 2006 11.6 8.4 DeC 2013 8.00 301,000 0.72 3.25 75 4.3 4.1

6600 river rOaD SOUthWeSt SUbUrbS Feb 2006 19.0 14.5 DeC 2013 8.50 630,410 2.65 2.75 83 2.5 8.5

6751 SOUth Sayre avenUe SOUthWeSt SUbUrbS nOv 2005 9.4 7.3 DeC 2013 8.25 242,690 3.00 2.75 100 6.9 3.3



CJF3 LLC



TOTAL POrTFOLiO 281.9 195.5 8.462 7,383,222 $2.70 $2.96 88.6 4.4 100.0


ChICAGo MARKeT oVeRVIew

cHicago inDUsTriaL sUb-marKeT oVerVieW as aT 4Q 2013

renTAL BuiLding

AreA (SQF)AvAiLABiLiTy

rATe (%)vACAnCy rATe (%)

yTd uSer SALe & LeASe

ACTiviTy (SQF)

yTd neT ABSOrPTiOn

(SQF)

under COnSTruCTiOn

(SQF)

AverAge ASking LeASe

rAnge (uS$/SQF/yr)

MChenry COUnty (1) 19,327,707 14.9 14.5 622,546 142,789 — $2.75 tO $4.00

lake COUnty (2) 79,298,676 7.8 7.2 2,421,291 371,777 218,500 $3.25 tO $5.25

ne COOk COUnty (3) 61,601,147 5.2 3.9 1,516,440 555,885 — $3.25 tO $4.75

nW COOk COUnty (4) 37,739,400 8.0 6.5 1,426,951 529,366 — $4.40 tO $4.80

n kane COUnty (5) 26,504,111 12.7 11.3 -273,936 -855,419 501,205 $4.25 tO $4.75

n DUPage COUnty (6) 31,817,147 9.6 7.2 3,556,968 1,417,364 — $4.00 tO $5.95

O'hare (7) 108,388,002 9.3 7.2 6,239,288 1,310,959 358,822 $3.00 tO $6.50

City nOrth (8) 109,053,506 7.1 5.3 516,898 -466,551 — $5.00 tO $10.00

near WeSt SUbrUbS (9) 99,956,534 9.4 6.3 4,302,410 1,744,073 — $2.75 tO $5.00

WeSt SUbUrbS (10) 41,713,494 5.0 3.6 2,244,173 974,781 — $4.00 tO $6.25

Central kane & DUPage (11) 37,544,668 6.4 5.4 1,438,819 216,414 — $3.50 tO $5.50

Far WeSt SUbUrbS (12) 62,054,672 7.0 6.0 2,473,398 1,027,866 904,565 $3.40 tO $5.75

SOUthWeSt SUbUrbS (13) 67,948,951 9.8 6.8 1,921,590 -315,479 553,670 $2.75 tO $4.95

Far SW SUbUrbS (14) 75,716,304 9.6 7.6 6,601,183 643,223 2,520,640 $3.25 tO $5.00

City SOUth (15) 141,301,201 7.3 5.5 4,106,601 2,952,501 — $3.50 tO $5.00

SOUth SUbUrbS (16) 57,382,215 9.4 7.7 2,063,325 459,771 — $2.85 tO $3.75

JOliet area (17) 55,813,312 12.7 12.1 4,680,901 3,015,439 520,000 $2.75 tO $4.25

ChiCAgO MeTrO AreA SuBTOTAL 1,113,161,047 8.5 6.8 45,858,846 13,724,759 5,577,402

nOrthWeSt inDiana (18) 29,860,735 9.4 7.0 881,206 349,995 — $2.00 tO $4.75

kenOSha/raCine COUntieS (19) 54,845,690 5.2 4.3 3,983,385 1,436,997 1,076,320 $2.75 tO $4.50

TOTAL 1,197,867,472 8.4 6.6 50,723,437 15,511,751 6,653,722 $4.38

Source: Cbre.

7200 SOUth MaSOn avenUe, beDFOrD Park, il

7

cHicago inDUsTriaL marKeT — UpDaTe

the Chicago industrial market, as defined by Cbre, comprises 19 sub-markets (or zones) encompassing northwest indiana and southern Wisconsin. the table on page 6 provides a brief summary of the Chicago region’s industrial sub-markets as at 31 December 2013.

Chicago is one of the primary transport distribution hubs of the US, with 1.2 billion square feet of industrial space.1

its extensive transportation facilities give local firms ready access to national and international markets and suppliers. Chicago’s industrial strength is broad based:

– Chicago is ranked third in the US in industrial jobs.

– it is the only region in north america that contains six Class i railroads.

– the region also includes north america’s largest inland port, projected to handle close to 3 million intermodal containers in 2014 alone.

the vacancy rate in the Chicago metropolitan statistical area as at 31 December 2013 stood at 8.4 per cent, a decrease of 30 basis points on 30 June 2013. Over the course of 2013, this rate has dropped 81 basis points. 1

the largest industrial sub-markets in Chicago are City South, City north and O’hare, which are generally the older, more established areas in and around the city. however, most of the leasing activity has been in the O’hare sub-market.

1750 SOUth linCOln Drive, FreePOrt, il

1 Source: nai hiffman – year-end Market review & 2014 Forecast.


Lease expiry proFiLe 1

INVeSTMeNT PoRTfoLIo

VacancyYr 1Yr 2Yr 3Yr 4Yr 5Yr 6Yr 7Yr 8+

0.0%36.0%20.0%

0.0%36.0%

8.0%0.0%0.0%0.0%

properTy sTaTisTicsyear bUilt 1968

bUilDing COnStrUCtiOn briCk anD Metal

tOtal gla (SF) 150,000

tOtal inDUStrial gla (SF) 144,000

tOtal OFFiCe gla (SF) 6,000

Site area (aCreS) 6.5

lOaDing FaCilitieS 14 interiOr DOCkS

average ClearanCe (Ft) 17

net PaSSing rent (US$/SF) 1.75

net Market rent (US$/SF) 3.75

OCCUPanCy (%) 100

WeighteD leaSe terM (yearS)1 1.7

VaLUaTion sUmmary 2

valUatiOn (US$ MilliOn) 5.0

valUatiOn (US$/SF) 33.3

CaPitaliSatiOn rate 8.00

terMinal yielD (%) 8.25

DiSCOUnt rate (%) 9.00

1445–1645 GReeNLeAf AVeNUe, eLK GRoVe VILLAGe, IL

sUb-marKeTO’hare

DescripTionthe property is located in a predominantly industrial area northwest of O’hare international airport. the area is a mature industrial district with a majority of properties possessing railroad access due to the grid pattern of roadways and railroad right-of-ways.

cJF1 LLc

1445–1645 greenleaf avenue, elk grove vIllage, Il

2727 west DIehl roaD, naPervIlle, Il

28170 north keIth DrIve, lake forest, Il

308 south DIvIsIon street, harvarD, Il

3602 north kennICott avenue, arlIngton heIghts, Il

6510 west 73rD street, BeDforD Park, Il

7200 south mason avenue, BeDforD Park, Il

800–850 regenCy DrIve, glenDale heIghts, Il

900 east 103rD street, ChICago, Il

1 by income.2 as at 31 December 2013.

9

Lease expiry proFiLe 1Lease expiry proFiLe 1


0.0%0.0%0.0%0.0%0.0%0.0%

100.0%0.0%0.0%


bUilDing COnStrUCtiOn Pre-CaSt COnCrete





lOaDing FaCilitieS18 exteriOr DOCkS

2 Drive-in DOOrS




OCCUPanCy (%) 100


VaLUaTion sUmmary 2






2727 weST DIehL RoAD, NAPeRVILLe, IL

sUb-marKeTFar West Suburbs

DescripTionthe property is located about 26 miles from the Chicago Central business District and 30 miles from O’hare international airport. the immediate area is surrounded by mostly warehouse, distribution and light manufacturing buildings.


0.0%0.0%0.0%0.0%0.0%0.0%0.0%

100.0%0.0%


bUilDing COnStrUCtiOn COnCrete blOCk






1 Drive-in DOOr




OCCUPanCy (%) 100


VaLUaTion sUmmary 2



CaPitaliSatiOn rate (%) 7.50



28170 NoRTh KeITh DRIVe, LAKe foReST, IL

sUb-marKeTlake County

DescripTionthe property is located in an established business park known as the bradley business Centre and is approximately 30 miles from the Chicago Central business District. Primary access to the property is via tri-State tollway (also known as interstate 94) which connects the area to the Chicago CbD and Milwaukee.

the property is leased to Popcorn Factory which also tenants an adjoining property that is not owned by the trust.




Lease expiry proFiLe 1 Lease expiry proFiLe 1

INVeSTMeNT PoRTfoLIo (CoNTINUeD)


10.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

90.0%

properTy sTaTisTicsyear bUilt 1942, reFUrbiSheD in 1982

bUilDing COnStrUCtiOn COnCrete blOCkS anD Metal

tOtal gla (SF) 1,331,727

tOtal inDUStrial gla (SF) 1,324,248



lOaDing FaCilitieSDOCk high anD Drive-in entranCeS,

eaCh With OverheaD DOOrS

average ClearanCe (Ft) 20–30



OCCUPanCy (%) 90


VaLUaTion sUmmary 2






308 SoUTh DIVISIoN STReeT, hARVARD, IL

sUb-marKeTMchenry County

DescripTionthe property is located 75 miles northwest of the Chicago Central business District located in an older area with much of the residential development occurring in the 1950’s and 1960’s. Primary access to the property is via the interstate highway 90 and highways 23 and 173.

the major tenant is true value Company which is a large co-operative of individual franchise owners and provides business guidance services such as marketing, technological and training. the most known brand of the group is true value hardware.


bUilDing COnStrUCtiOn tilt-UP COnCrete






1 Drive-in DOOr




OCCUPanCy (%) 100


VaLUaTion sUmmary 2






3602 NoRTh KeNNICoTT AVeNUe, ARLINGToN heIGhTS, IL

sUb-marKeT northwest Cook County

DescripTionthe property is located about 35 miles northwest of the Chicago Central business District and is a 15 mile drive to O’hare international airport. the property is surrounded by modern development and is a mix of commercial and residential tenants. Primary access to the property is provided by the interstate highway 94.




0.0%0.0%0.0%0.0%0.0%0.0%

100.0%0.0%0.0%

11



0.0%0.0%

100.0%0.0%0.0%0.0%0.0%0.0%0.0%








14 railCar DOOrS, 1 Drive-in DOOr




OCCUPanCy (%) 100


VaLUaTion sUmmary 2






6510 weST 73RD STReeT, beDfoRD PARK, IL

sUb-marKeTSouthwest Suburbs

DescripTionthe property is located in bedford Park, an area dominated by industrial properties. land usage within this area is mostly zoned for industrial-related uses with limited residential developments bound to designated areas outside the industrial strip.





0.0%0.0%0.0%0.0%0.0%

100.0%0.0%0.0%0.0%


bUilDing COnStrUCtiOn Metal





lOaDing FaCilitieS 15 DOCkS




OCCUPanCy (%) 100


VaLUaTion sUmmary 2






7200 SoUTh MASoN AVeNUe, beDfoRD PARK, ILsUb-marKeTSouthwest Suburbs

DescripTionPactiv Corporation currently occupies both 7200 South Mason avenue and 6000 West 73rd Street being adjoining sites owned by the trust. there has been an investment of more than US$10 million in site improvements at the adjoining assets by the tenant.





0.0%0.0%0.0%

64.0%0.0%0.0%

36.0%0.0%0.0%


bUilDing COnStrUCtiOn briCk anD MaSOnry









OCCUPanCy (%) 100


VaLUaTion sUmmary 2






800–850 ReGeNCY DRIVe, GLeNDALe heIGhTS, ILsUb-marKeTnorth DuPage County

DescripTionthe subject property is located in the neighbourhood of glendale heights, situated in the northeastern section of DuPage County, approximately 28 miles west of Chicago’s Central business District.

the property is located in a predominantly industrial area that flanks army trail road and glen ellyn road.


23.0%11.0%

42.0%1.0%

11.0%0.0%

12.0%0.0%0.0%

properTy sTaTisTicsyear bUilt 1940, renOvateD 1978

bUilDing COnStrUCtiOn briCk anD Steel Panel





lOaDing FaCilitieS 24 trUCk DOOrS




OCCUPanCy (%) 77


VaLUaTion sUmmary 2






900 eAST 103RD STReeT, ChICAGo, ILsUb-marKeTCity South

DescripTionthis property is in a predominantly industrial area that runs from Cottage grove avenue east to lake Michigan. in general, the industrial uses are bounded by 95th Street to the north, the little Calumet river to the south and Cottage grove avenue to the east.

the property is located at the intersection of interstates 94 and 57 at 103rd Street. the commute to the Chicago Central business District is approximately 12 miles.



13

6558 WeSt 73rD Street, beDFOrD Park, il




cJF2 LLc

1020 frontenaC roaD, naPervIlle, Il

11601 south Central avenue, alsIP, Il

13040 south PulaskI avenue, alsIP, Il

1750 south lInColn DrIve, freePort, Il

1796 sherwIn avenue, Des PlaInes, Il

1850 greenleaf avenue, elk grove vIllage, Il

1880 Country farm roaD, naPervIlle, Il

3841–3865 swanson Court, gurnee, Il

5110 south 6th street, mIlwaukee, wI

525 west marquette avenue, oak Creek, wI

5990 west touhy avenue, nIles, Il



6600 rIver roaD, hoDgkIns, Il

6751 south sayre avenue, BeDforD Park, Il

8100 100th street, Pleasant PraIrIe, wI

8200 100th street, Pleasant PraIrIe, wI


100.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%


bUilDing COnStrUCtiOnPre-CaSt COnCrete

anD Steel







net PaSSing rent (US$/SF) vaCant


OCCUPanCy (%) vaCant

WeighteD leaSe terM (yearS)1 –

VaLUaTion sUmmary 2






1020 fRoNTeNAC RoAD, NAPeRVILLe, ILsUb-marKeTFar West Suburbs

DescripTionthe property is located in naperville, a predominantly industrial area in Western DuPage County with kane County on its western border. the property is situated in an area that flanks the elgin, Joliet and eastern railroad right-of-way, which is situated immediately west of the subject property.


15



0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

100.0%


bUilDing COnStrUCtiOn inSUlateD Steel exteriOr WallS





lOaDing FaCilitieS 24 exteriOr DOCkS




OCCUPanCy (%) 100


VaLUaTion sUmmary 2






11601 SoUTh CeNTRAL AVeNUe, ALSIP, ILsUb-marKeTSouth Suburbs

DescripTionthe property is located within the South Suburbs sub-market, it has a close proximity to interstate 294 (tri-State tollway).

the property is 100 per cent occupied by advertising resources, inc., a packaging and fulfilment services organisation.


2.0%17.0%16.0%30.0%36.0%

0.0%0.0%0.0%0.0%


bUilDing COnStrUCtiOnMaSOnry anD

Pre-FabriCateD Metal






1 Drive-in DOOr




OCCUPanCy (%) 98


VaLUaTion sUmmary 2






13040 SoUTh PULASKI AVeNUe, ALSIP, ILsUb-marKeTSouth Suburbs

DescripTionthe property is located within the dense industrial district of alsip, with close proximity to interstate 294 (tri-State tollway).

the commute to the Chicago Central business District is approximately 30 minutes. the commute to O’hare international airport is about 32 miles while the commute to Chicago’s Midway international airport is approximately nine miles.
















OCCUPanCy (%) 100


VaLUaTion sUmmary 2






1750 SoUTh LINCoLN DRIVe, fReePoRT, ILsUb-marKeTMchenry County

DescripTion1750 South lincoln Drive was purpose built for newell Window Furnishing in 2001, a wholly owned subsidiary of newell rubbermaid.

the property is located within an area of new industrial development within the City of Freeport. the property forms part of the lincoln industrial Park. the park has approximately 110 acres of land.


0.0%0.0%0.0%0.0%0.0%0.0%

100.0%0.0%0.0%


0.0%0.0%

54.0%0.0%0.0%

46.0%0.0%0.0%0.0%


bUilDing COnStrUCtiOn COnCrete blOCkS anD Metal





lOaDing FaCilitieS13 DOCk high lOaDing entranCeS

2 Drive-in DOOrS




OCCUPanCy (%) 100


VaLUaTion sUmmary 2






1796 SheRwIN AVeNUe, DeS PLAINeS, ILsUb-marKeTO’hare

DescripTionthe property is located 17 miles northwest of the Chicago CbD and is approximately nine miles to O’hare international airport. Primary access to the property is via interstate highway 90 connecting it to the City of Chicago while the interstate 94 leads to Wisconsin.



17



0.0%0.0%0.0%0.0%0.0%

100.0%0.0%0.0%0.0%







lOaDing FaCilitieS 8 exteriOr trUCk DOCkS




OCCUPanCy (%) 100


VaLUaTion sUmmary 2






1850 GReeNLeAf AVeNUe, eLK GRoVe VILLAGe, ILsUb-marKeTO’hare

DescripTionthe property is located in a predominantly industrial area northwest of O’hare international airport. the area is a mature industrial district with a majority of properties possessing railroad access due to the grid pattern of roadways and railroad right-of-ways.


0.0%0.0%0.0%0.0%

100.0%0.0%0.0%0.0%0.0%











OCCUPanCy (%) 100


VaLUaTion sUmmary 2






1880 CoUNTRY fARM RoAD, NAPeRVILLe, ILsUb-marKeTFar West Suburbs

DescripTionthe property is located in a predominantly commercial/industrial area that flanks the east-West tollway (interstate 88). the immediate area is almost completely developed with warehouse, distribution and light manufacturing buildings as well as offices, motels and restaurants.

the asset is occupied by WestfaliaSurge, inc. which is a manufacturer and wholesaler of dairy farm equipment, sanitation products and detergents.







26.0%0.0%0.0%0.0%31.0%0.0%0.0%0.0%

43.0%


bUilDing COnStrUCtiOn MaSOnry anD Metal Panel





lOaDing FaCilitieS10 interiOr DOCkS

1 Drive-in DOOr




OCCUPanCy (%) 74


VaLUaTion sUmmary 2






3841–3865 SwANSoN CoURT, GURNee, ILsUb-marKeTlake County

DescripTionthe property is located 35 miles north of the Chicago Central business District and the surrounding communities include Waukegan, Park City, grayslake, Wadsworth and beach Park. the property is in an area which has a combination of industrial, commercial and residential properties.

Primary access is via the interstate 94 which is two miles from the property where a full service interchange is afforded with illinois route 132.


0.0%0.0%0.0%

100.0%0.0%0.0%0.0%0.0%0.0%







lOaDing FaCilitieS5 exteriOr DOCkS 4 Drive-in DOOrS




OCCUPanCy (%) 100.0


VaLUaTion sUmmary 2






5110 SoUTh 6Th STReeT, MILwAUKee, wIsUb-marKeTMilwaukee

DescripTionthe property is located directly opposite Milwaukee’s general Mitchell international airport, which is the largest land use in the property’s neighbourhood.

the property is also located in close proximity to State route 119, known as the airport Spur, an interstate quality roadway built specifically to provide airport access directly from interstate 94, located one mile from the airport.



19



74.0%26.0%

0.0%0.0%0.0%0.0%0.0%0.0%0.0%







lOaDing FaCilitieS

15 exteriOr DOCkS 1 Drive-in DOOr

6 rail DOOrS




OCCUPanCy (%) 26


VaLUaTion sUmmary 2






525 weST MARqUeTTe AVeNUe, oAK CReeK, wIsUb-marKeTMilwaukee

DescripTionthe property is located directly 10 miles south of the Milwaukee CbD. the property is located in an area dominated by the general Mitchell international airport and the surrounding properties are typically commercial or industrial which supports the airport.


46.0%0.0%5.0%0.0%0.0%

23.0%26.0%

0.0%0.0%







lOaDing FaCilitieS12 DOCkS

1 Drive-in DOOr




OCCUPanCy (%) 54


VaLUaTion sUmmary 2






5990 weST ToUhY AVeNUe, NILeS, ILsUb-marKeT northeast Cook County

DescripTionthe property is located 13 miles southwest of the Chicago Central business District and a nine mile drive to O’hare international airport. the property is situated in an older area and is mainly residential. the property has prime access to the major routes – interstate highways 90 and 94.







0.0%0.0%0.0%0.0%0.0%

100.0%0.0%0.0%0.0%


bUilDing COnStrUCtiOn MaSOnry anD Steel





lOaDing FaCilitieS 13 DOCkS




OCCUPanCy (%) 100


VaLUaTion sUmmary 2






6000 weST 73RD STReeT, beDfoRD PARK, ILsUb-marKeTSouthwest Suburbs

DescripTionPactiv Corporation currently occupies both 7200 South Mason avenue and 6000 West 73rd Street being adjoining sites owned by the trust. there has been an investment of more than US$10 million in site improvements at the adjoining assets by the tenant.

the property is well located near Midway international airport and within 1.5 miles from interstate 294 (tri-State tollway), which provides linkage to the state of indiana to the south and the state of Wisconsin to the north.


25.0%0.0%0.0%0.0%0.0%

75.0%0.0%0.0%0.0%


bUilDing COnStrUCtiOn blOCk anD Metal



tOtal OFFiCe gla (SF) —






OCCUPanCy (%) 75


VaLUaTion sUmmary 2






6558 weST 73RD STReeT, beDfoRD PARK, ILsUb-marKeTSouthwest Suburbs

DescripTionthe property is located in bedford Park, an area dominated by industrial properties. land usage within this area is mostly zoned for industrial-related uses with limited residential developments bound to designated areas outside the industrial strip.



21



17.0%0.0%0.0%

83.0%0.0%0.0%0.0%0.0%0.0%


bUilDing COnStrUCtiOn inSUlateD Metal anD MaSOnry





lOaDing FaCilitieS

36 interiOr DOCkS 29 exteriOr DOCkS

3 Drive-in DOOrS




OCCUPanCy (%) 83


VaLUaTion sUmmary 2






6600 RIVeR RoAD, hoDGKINS, ILsUb-marKeTSouthwest Suburbs

DescripTionaPl logistics, a wholly owned subsidiary of neptune Orient lines (nOl) has leased this asset since 2004.

the property is located within an area of mature industrial development. the hodgkins area is a cradle of tollways, freeways and major roads. the property is best served by the interstate 55 (Stevenson expressway).


0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

100.0%


bUilDing COnStrUCtiOn MaSOnry anD Steel









OCCUPanCy (%) 100


VaLUaTion sUmmary 2






6751 SoUTh SAYRe AVeNUe, beDfoRD PARK, ILsUb-marKeTSouthwest Suburbs

DescripTionthe property is located nearby bedford Park and is leased to Superior Mailing. the building offers considerable docking facilities, storage clearance with close proximity of the bedford Park intermodal.







0.0%0.0%0.0%0.0%0.0%0.0%0.0%

100.0%0.0%







lOaDing FaCilitieS 13 exteriOr DOCkS 2 Drive-in DOOrS




OCCUPanCy (%) 100


VaLUaTion sUmmary 2






8200 100Th STReeT, PLeASANT PRAIRIe, wIsUb-marKeTkenosha/racine Counties

DescripTionthe property is located in the kenosha/racine sub-market, in the village of Pleasant Prairie. Community boundaries are generally delineated by Wisconsin highway 50 to the north, lake Michigan to the east, the illinois state line to the south and interstate 94 to the west.

Chicago is located approximately 50 miles to the south, while Milwaukee is approximately 35 miles to the north.


0.0%0.0%0.0%0.0%0.0%0.0%0.0%

100.0%0.0%





tOtal OFFiCe gla (SF) 700


lOaDing FaCilitieS2 exteriOr DOCkS 2 Drive-in DOOrS




OCCUPanCy (%) 100


VaLUaTion sUmmary 2






8100 100Th STReeT, PLeASANT PRAIRIe, wIsUb-marKeTkenosha/racine Counties

DescripTionthe property is located in the kenosha/racine sub-market, in the village of Pleasant Prairie. Community boundaries are generally delineated by Wisconsin highway 50 to the north, lake Michigan to the east, the illinois state line to the south and interstate 94 to the west.

Chicago is located approximately 50 miles to the south, while Milwaukee is approximately 35 miles to the north.

1 by income.2 as at 31 December 2013..


23

1020 FrOntenaC rOaD, naPerville, il




cJF3 LLc

eC vI–4507 ColumBIa avenue, hammonD, In

eC vI–4531 ColumBIa avenue, hammonD, In


1.0%1.0%

0.0%0.0%0.0%0.0%0.0%0.0%

98.0%







lOaDing FaCilitieS DOCkS anD Drive-in DOOrS




OCCUPanCy (%) 99


VaLUaTion sUmmary 2






eC VI–4507 CoLUMbIA AVeNUe, hAMMoND, INsUb-marKeTnorthwest indiana

DescripTionthe property is located in a mature neighbourhood traditionally exposed to heavy manufacturing and new development has been limited.


25



14.0%0.0%

62.0%0.0%

24.0%0.0%0.0%0.0%0.0%


bUilDing COnStrUCtiOn inSUlateD Metal PanelS





lOaDing FaCilitieS DOCkS anD Drive-in DOOrS




OCCUPanCy (%) 86


VaLUaTion sUmmary 2






eC VI–4531 CoLUMbIA AVeNUe, hAMMoND, INsUb-marKeTnorthwest indiana

DescripTionthe property is located in a mature neighbourhood traditionally exposed to heavy manufacturing and new development has been limited.



DIReCToRY

responsibLe enTiTyMirvac Funds Management limited abn 78 067 417 663 aFSl 220 718 as responsible entity of Mirvac industrial trust arSn 113 489 624

regisTereD oFFice anD posTaL aDDresslevel 26, 60 Margaret Street Sydney, nSW 2000 telephone: 02 9080 8000 Facsimile: 02 9080 8174 email: [email protected] Web: www.mirvac.com/mix

ImPortant InformatIon

the information in this investment Portfolio Summary (“Summary”) has been prepared by Mirvac Funds Management limited (abn 78 067 417 663, aFSl 220718) (“MFMl”) in its capacity as the responsible entity of Mirvac industrial trust (arSn 113 489 624) (“Mix”). MFMl is the issuer of Mix ordinary units.

the information contained in this Summary has been obtained from or based on sources believed by MFMl to be reliable. to the maximum extent permitted by law, MFMl, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the accuracy, reliability or completeness of the information in this Summary or that the information is suitable for an individual’s intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

this Summary is not financial advice or a recommendation to acquire Mix ordinary units and has been prepared without taking into account the objectives, financial situation or needs of individuals.

each individual should before acting on the information contained in this Summary consider its appropriateness and MFMl’s other periodic and continuous disclosure announcements lodged with the australian Securities exchange regarding Mix, having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction. MFMl and its related bodies corporate, and their associates, do not receive any remuneration or benefits in respect of any general financial product advice MFMl provides in this Summary. Directors and employees of entities within the Mirvac group (comprising Mirvac limited (abn 92 003 280 699) and Mirvac Property trust (arSn 086 780 645)) do not receive specific payments or commissions for the authorised services provided under MFMl’s australian Financial Services licence. they do receive salaries and may also be entitled to receive bonuses, depending on performance. MFMl is a wholly owned subsidiary of Mirvac limited.

this Summary contains certain “forward looking” statements. the words “anticipated”, “expected”, “projections”, “forecast”, “estimates”, “could”, “may”, “target”, “consider” and “will” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Summary are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. there can be no assurance that actual outcomes will not differ materially from these statements. to the full extent permitted by law, MFMl and its directors, officers, employees and advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions.

an investment in Mix ordinary units is subject to investment and other known and unknown risks, some of which are beyond the control of MFMl, including possible delays in repayment and loss of income and principal invested. MFMl does not guarantee any particular rate of return or the performance of Mix nor does it guarantee the repayment of capital from Mix or any particular tax treatment.

Past performance information in this Summary is given for illustrative purposes only and should not be relied upon (and is not) an indication of future performance.

this Summary is not an offer or an invitation to acquire Mix ordinary units or any other financial products and is not a prospectus, product disclosure statement or other offering document under australian or any other law. it is for information purposes only.

the information contain in this Summary is dated 31 December 2013, unless stated otherwise.

27

1880 COUntry FarM rOaD, naPerville, il

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