Hamborner Reit Ag · XETR:HABA
Hamborner Reit — Investor Presentation (November 2020)
35 slides from Hamborner Reit's investor presentation, November 2020
Slide 1: Company presentation
Company presentation Niclas Karoff Hans Richard Schmitz November 2020
Slide 2: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio overview 3. Asset Management 4. Financials 5. Strategy update 6. Appendix Company presentation | November 2020 2
Slide 3: History and company profile
History and company profile History Company profile ▪ Public commercial property company 1953 Foundation of HAMBORNER ▪ Profitable and diversified German-wide property portfolio 1954 Listing on stock exchange ▪ “Two-pillar” portfolio structure with focus on 2009 Clear focus on commercial properties
Slide 4: The HAMBORNER share
The HAMBORNER share The HAMBORNER share Shareholder structure Current share price € 8.01 (as of 31/10/2020) 12.45% RAG Foundation Market capitalization € 639m (as of 31/10/2020) WKN / ISIN 601300 / DE0006013006 5.42% BlackRock 80,579,567 Ticker symbol HAB shares 4.95% Belfius Insurance Class of shar
Slide 5: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio overview 3. Asset Management 4. Financials 5. Strategy update 6. Appendix Company presentation | November 2020 5
Slide 6: Portfolio development
Portfolio development Development of the HAMBORNER portfolio value (€ million) 1,598 1,626 1,517 1,363 1,115 900 692 717 580 504 376 281 273 308 179 177 186 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Nov 2020 HAMBORNER with steady growth track record Company pres
Slide 7: €1,626m, 81 Properties, 60 Cities
Portfolio structure 81 Properties € 1,626m Schleswig- 60 Cities Portfolio value Holstein Mecklenburg- Western Pomerania Bremen Annualised rental income Lower Saxony Berlin Saxony- Brandenburg Anhalt Office North Rhine-Westphalia Large-scale Thuringia Saxony retail Hesse 45.7 % 37.1% 100% Rhineland-
Slide 8: Portfolio structure
Portfolio structure Portfolio split by property value Average value per asset (€ million) 31 December 2006 November 2020 (Number of properties = 81) 20.1 > € 10m 19.5 19.4 18.4 € 5-10m 4% 15% 16.2 100% = 54 properties 13.0 81% 10.5 < € 5m 9.6 8.4 November 2020 < €5m 7.3 14% 6.1 100% = 17% €5-10m 81
Slide 9: Investments 2020
Investments 2020 Neu-Isenburg Bonn Aachen Siemensstrasse Soenneckenstrasse Gut-Dämme-Strasse Asset type Office Office Office Year of construction 2019 2019/2020 2019/2020 Main tenants UBL, Köster Barmer, Bonnfinanz Barmer Leased area 4,500 m2 6,200 m2 8,200 m2 Remaining lease term 9.2 years(1) 11.5
Slide 10: Disposals 2020
Disposals 2020 Osnabrück Asset type: High Street Retail Selling price: €5.9 million Book value: €3.1 million Annual rental income: €0.3 million WALT: 1.8 years Transfer of posession: 1 September 2020 Oldenburg Asset type : High Street Retail Selling price : €4.6 million Book value : €2.5 million Ann
Slide 11: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio overview 3. Asset Management 4. Financials 5. Strategy update 6. Appendix Company presentation | November 2020 11
Slide 12: Rental situation and lease contracts
Rental situation and lease contracts Occupancy rates (in %) Weighted average lease expiry (as of 30 September 2020; in years) Retail 7.4 98.7 98.6 98.7 98.7 98.0 98.3 8.1 4.9 4.9 5.3 6.5 2015 2016 2017 2018 2019 Q3 Office Large-scale High street Other Total 2020 retail retail retail portfolio Lease
Slide 13: Solid tenant base
Solid tenant base Top 10 tenants (as of 30 September 2020) Sector distribution (as of 30 September 2020) Tenant Sector Rent(1) Sector Rent(1) EDEKA Food retail 11.6% Food 32.8 % Kaufland Food retail 5.7% IT/Communication 10.3% REWE Food retail 5.3% Textile 8.8% DIY 8.0% Real Food retail 5.2% Finance
Slide 14: Rental operations – Corona Update
Corona Update Rental operations – Corona Update Rent collection rates(1) (as of 31 October 2020) Impact of legal moratorium for rent deferrals 99.4% 95.6% 97.7% 98.6% 98.7% 98.8% 90.4% 92.9% March April May June July August September October 2020 2020 2020 2020 2020 2020 2020 2020 Portfolio has prov
Slide 15: Rental operations – Corona Update
Corona Update Rental operations – Corona Update Asset management achievements (as of 31 October 2020) ▪ Limited rent deferrals (€ 0.4m(1)) and reductions / waivers (€ 0.7m(1)) ▪ Early prolongation of rental contracts (Ø lease prolongation: 24 months) ▪ Corresponds to € 11m additional rental income f
Slide 16: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio overview 3. Asset Management 4. Financials 5. Strategy update 6. Appendix Company presentation | November 2020 16
Slide 17: Key figures Q3 2020
Key figures Q3 2020 Key figures Q3 2020 Q3 2019 Change Income from rents and leases € 66.2 million € 63.7 million +3.9% Rents like-for-like -0.6% -0.3% Operating result € 9.0 million € 26.8 million -66.5% Profit for the period € 0.1 million € 15.3 million -99.6% Funds from operations € 42.3 million
Slide 18: Financial situation
Financial situation Expiration of financial liabilities (as of 30 September 2020) 55.8 % REIT Equity ratio Ø Refinancing interest rates 42.5 % 2020: 1.8% LTV 2021: 1.1% 1.6% €776.6m 21.0% Financial liabilities(1) 8.1% 12.4% 13.1% 1.87 % 9.3% 9.7% Ø cost of debt (1) 8.3% 6.8% 2.6% 2.8% 3.0% 1.2% 5.2
Slide 19: Guidance and outlook
Guidance and outlook Dividend (for 2019) ▪ Dividend of €0.47 per share (choice of cash or scrip dividend for first time) ▪ Scrip dividend acceptance rate: 25.73% ▪ Issuance of 861,922 new HAMBORNER shares at a subscription price of €7.854 per share ▪ Liquidity advantage of approx. €6.8m (pre transac
Slide 20: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio overview 3. Asset Management 4. Financials 5. Strategy update 6. Appendix Company presentation | November 2020 20
Slide 21: Portfolio strategy – Target “two-pillar” portfolio structure
Portfolio strategy – Target “two-pillar” portfolio structure Retail Portfolio Office Portfolio ‚Manage to Core‘ ‚Manage to Core‘ 10-20 % properties with 10-20 % properties with value-add potential value-add potential Maintaining/ extension of the solid 80-90 % retail portfolio Maintaining/ with focu
Slide 22: Portfolio strategy – Updated investment approach
Portfolio strategy – Updated investment approach Solid basis (to date) Broadening of solid basis (prospective) Asset classes Office, Retail Office, Retail Risk profile Core Core, Manage to Core Lot size ▪ >€ 10 m (retail) and >€ 20 m (office) ▪ >€ 10 m (retail) and >€ 20 m (office) ▪ Investment focu
Slide 23: Portfolio strategy – Regional focus
Portfolio strategy – Regional focus HAMBORNER locations Split of HAMBORNER portfolio by no. of assets HAMBORNER focus regions (as of 31 October 2020) Key cities metropolitan areas 56 26 Within metropolitan region Outside metropolitan region ▪ Frequent characteristics of Metropolitan regions: - Surpa
Slide 24: Financing strategy
Financing strategy Investment properties and funding split Public debt instruments Debt financing Equity Diversification of funding sources Further growth based on solid capital ▪ Evaluation with regard to adding public debt foundation instruments, e.g. convertible, bond etc. Optimisation of existin
Slide 25: Dividend strategy
Dividend strategy Going forward ▪ Increased focus on total return concept ▪ Alignment of dividend amount with corporate strategy and market environment Approach ▪ Choice of a scrip dividend for first time in 2020 ▪ Enhancement of internal financing capability to enable additional accretive growth To
Slide 26: Strategy update – Summary
Strategy update – Summary ▪ HAMBORNER is committed to continuing its growth strategy – further development of the business model taking into account market effects from Corona situation ▪ Continuation of established “two-pillar business model” (office and retail) ▪ Main focus remains on Core segment
Slide 27: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio overview 3. Asset Management 4. Financials 5. Strategy update 6. Appendix Company presentation | November 2020 27
Slide 28: Appendix TOP Properties (1/2)
Appendix TOP 10 Properties (1/2) Mannheim Munich Berlin Cologne Lübeck Kurpfalz Center NuOffice EUREF Campus O3 Haerder Center Asset type Retail Office Office Office High Street Year of acquisition 2016 2013 2013 2017 2016 Purchase price € 80.0m € 40.1m € 33.0m € 48.9m €49.1m Fair value € 82.3m(1) €
Slide 29: Appendix TOP Properties (2/2)
Appendix TOP 10 Properties (2/2) Hallstadt Hanau Darmstadt Karlsruhe Celle Market Oberfranken Rondo Steinheim Asset type Retail Retail/office Retail/Office Retail Retail Year of acquisition 2017 2018 2012 2015 2017 Purchase price € 41.4m € 42.8m € 37.0m € 35.2m € 37.5m Fair value € 47.3m(1) € 46.0m(
Slide 30: Consumer purchasing behaviour in Germany
Consumer purchasing behaviour in Germany Share of eCommerce in retail sales 28,8% consumer electronics 31,0% 33,8% 25,6% fashion & accessoires 27,7% 30,0% 24,4% sports & hobby 26,4% 28,9% 21,6% office & stationery 22,6% 24,6% 16,2% jewellery & watches 18,1% 18,9% 11,9% furniture & interior 13,4% 15,
Slide 31: Appendix Geographic focus on metropolitan areas
Appendix Geographic focus on metropolitan areas Metropolitan areas in Germany BIP Metropolitan area Population Area Fraction of Germany (1) Hamburg 5 million 28,529 sqm 6.8% Northwest 2.7 million 13,771 sqm 3.0% Hannover-Braunschweig-Göttingen-Wolfsburg 3.8 million 18,529 sqm 4.8% Berlin-Brandenburg
Slide 32: Appendix [R]eal [E]state [I]nvestment [T]rust
Appendix [R]eal [E]state [I]nvestment [T]rust Requirements for G-REITs ▪ Listing on the regulated market ▪ at least 45 % equity-ratio ▪ > 15% free float ▪ > 75% of assets must be real estate assets ▪ > 75% of revenues must stem from real estate assets ▪ > 90% of net income has to be paid as dividend
Slide 33: Appendix Financial Calendar
Appendix Financial Calendar HAMBORNER REIT AG - Financial Calendar Preliminary figures 2020 4 February 2021 Annual report 2020 17 March 2021 Interim statement Q1 2021 27 April 2021 Annual General Meeting 2021 29 April 2021 Half-year financial report H1 2021 29 July 2021 Interim statement Q3 2021 9 N
Slide 34: Contact
Contact Niclas Karoff CEO Mail: n.karoff@hamborner.de Hans Richard Schmitz COO/CFO Mail: h.schmitz@hamborner.de Christoph Heitmann Head of Investor Relations & Public Relations Mail: c.heitmann@hamborner.de Phone: +49 (0)203 / 54405-32 Company presentation | November 2020 34
Slide 35: Disclaimer
Disclaimer This presentation was exclusively prepared for the addresses specified on the title page and/or the participants at the mentioned event. The information in this presentation is based on both public information and documents as well as information which was made available to HAMBORNER REIT
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