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TISHMAN SPEYER OFFICE FUND (TSO)

TISHMAN SPEYER OFFICE FUND (TSO)

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General Information
Company Name: Tishman Speyer Office Fund
Stock Code: TSO
Website: www.tsof.com.au
GICS Sub-Industry: Retail Real Estate Investment Trusts
Market Cap ($M): 315
Equiv. Shares (M): 338

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.930 $ 0.000 $ 0.000 $ 0.000 $ 0.930 0 0%

Current Broker Consensus Recommendation more
Recommendation: Sell
Recommendation Date: 13th Feb 2012
12 Month Target Price (average): $0.905
Brokers Surveyed: 2

Company Overview

Business Description:
Tishman Speyer Office Fund (TSO) is primarily focused on investing in office properties in the USA. The fund is managed by Tishman Speyer Australia Limited.

Strategy Analysis:
TSO's medium term strategy is to fully realise its assets, in an orderly and efficient manner with capital to be returned to unitholders by 2015. Tishman Speyer Office reported NPAT of $64.51m for the year ended 30 June 2011. Revenues from ordinary activities were $176.58m, up 36% from last year. Basic and Diluted EPS was 19.06 cents compared to (5.29) cents last year. The net operating cash outflow was $50.89m compared to an outflow of $38.61m in the pcp. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A 14.8 4.4 -- 11.1 0.0 0.0 --
2010  A -31.6 -9.3 -- 0.0 0.0 0.0 --
2009  A -217.7 -63.7 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F
Centro Retail Australia Limited (CRF) $2,574 M -- -- -- -- -- -- 0.0000 -- --
Tishman Speyer Office (TSO) $315 M -- -- -- 21.2815 -- -- 0.0000 -- --
Westfield Retail Trust (WRT) $8,155 M -0.8384 0.4618 0.0309 20.7944 14.2248 13.7984 0.0618 0.0703 0.0727

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
TSO -- 21.3 1.19 --
Market 0.80 12.1 1.33 1.35
Sector 1.27 12.1 0.79 2.39

Directors
Name Position Start Date
Mr David Neil Augarten Chief Executive Officer,Executive Director 26 February 2009
Mr Graham John Kelly Non-Executive Chairman 29 October 2004
Mr Richard Michael Haddock Non-Executive Director 29 October 2004
Mr Robert Jeffrey Speyer Non-Executive Director 29 October 2004
Mr Jerry Irving Speyer Non-Executive Director 29 October 2004

Management
Name Position
Nicole Moodie Company Secretary

Substantial Shareholders
Holding Name
36,209,130 (10.70%) Golden Tree Asset Management Group
88,157,298 (26.05%) MIRELF III Australia AIV,LP
17,048,124 (5.04%) Hayman Capital Master Fund LP

Calendar of Events
Date Event
08 February 2013 Report (Interim)
20 September 2012 Report (Annual)
14 August 2012 Report (Prelim)
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