Ireit Global · SGX:8U7U
Ireit Global — Shareholder Meeting (April 2023)
25 slides from Ireit Global's shareholder meeting presentation, Apr 25, 2023
Slide 1: 2023 Annual General Meeting
2023 Annual General Meeting 25 April 2023 Joint Sponsors of IREIT Global:
Slide 2: Important Notice
Important Notice This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and as
Slide 3: Agenda
Agenda Executing IREIT Strategy 4 Portfolio Overview 11 FY2022 Financial Highlights 17 Looking Ahead 22 3
Slide 4: Executing IREIT Strategy
Executing IREIT Strategy Berlin Campus 4
Slide 5: Key Operating Milestones
Key Operating Milestones May 2022 Jun 2022 Dec 2022 Apr 2023 Established US$1bn Secured 12-year Attained BREEAM Secured 15-year multicurrency debt major new lease for certifications for 13 lease with German issuance programme. c.5,300 sqm of data properties in France federal government centre space
Slide 6: Delivering Stable FY2022 Results
Delivering Stable FY2022 Results Strong focus on maintaining portfolio resilience and healthy financial position €48.8m €950.5m 5.0 years 32.0% 1.8% Net Property Portfolio Weighted Average Aggregate Weighted Average Income Valuation Lease Expiry Leverage Interest Rate +14.9% YoY -2.5% YoY 3.8 years
Slide 7: Creating Value via 3-Pronged Strategy
Creating Value via 3-Pronged Strategy Strategic Investments Active Asset Management (inorganic growth) (organic growth) ▪ Larger and diversified portfolio ▪ Optimal portfolio occupancy, rents and yields ▪ Increased resilience ▪ Well-staggered lease expiry profile ▪ Improved synergies with existing ▪
Slide 8: Track Record Since Inception
Track Record Since Inception Distributable Income (1) Portfolio Valuation Net Asset Value Per Unit +66.7% +227.1% +12.5% €950.5m €34.6m €0.54 €20.8m €0.48 €290.6m FY2015 FY2022 31 Dec 2014 31 Dec 2022 31 Dec 2014 31 Dec 2022 (1) FY2015 is the first full-yearly results as IREIT was listed in Aug 2014
Slide 9: Adopting a Disciplined Investment Approach
Adopting a Disciplined Investment Approach GEOGRAPHY ASSET CLASS SUSTAINABILITY Core Western Office, Retail, Certification for Europe: Germany, Industrial 80% of Properties France, Spain, Italy, (including by end-2023 Benelux Logistics) (23 of 37 properties or 62.1% certified as at 31 Dec 2022) Leve
Slide 10: Advancing On Sustainability Initiatives
Advancing On Sustainability Initiatives Environmental Social Governance ▪ Received BREEAM certifications ▪ Sponsored and volunteered at ▪ Ranked 14th out of 43 for 15 properties under French event which was participated by SREITs/BTs in The Governance portfolio in Dec 2022, with approximately 40 sen
Slide 11: Portfolio Overview
Portfolio Overview Il ∙lumina 11
Slide 12: Diversified Portfolio in Key European Markets
Diversified Portfolio in Key European Markets 5 German Properties 37 Lettable Area (sqm) 201,103 Properties Valuation (€ m) (1) 659.7 % of Portfolio 69.4% 384,282 sqm Occupancy (%) 84.1% Lettable Area WALE (years) (2) 3.7 27 French Properties €950.5m Lettable Area (sqm) 95,500 € Valuation (1) €974.9
Slide 13: Portfolio Valuation Remains Stable
Portfolio Valuation Remains Stable Independent Valuation (€ m) As at 31 Dec 2022 As at 31 Dec 2021 Variance (%) German Portfolio 659.7 684.3 (3.6) Berlin Campus 305.0 323.2 (5.6) Bonn Campus 132.7 121.8 8.9 Darmstadt Campus 62.2 71.5 (13.0) Münster Campus 65.8 69.9 (5.9) Concor Park 94.0 97.9 (4.0)
Slide 14: Well-Staggered Leases with Blue-Chip Tenants
Well-Staggered Leases with Blue-Chip Tenants Key Tenants (1) Lease Break and Expiry Profile (1) Weighted Average Lease Expiry: 5.0 years 24.0% 49.6% 31.8% 15-year lease secured Potential lease expiry at at Darmstadt Campus Berlin Campus may provide in Apr 2023 will add opportunity to benefit from fu
Slide 15: Berlin Campus
Berlin Campus Asset Overview Total Lettable Area 78,186 sqm FY2022 Gross Rental Income € 11.3m | €12/sqm/month WALE 1.5 years Market Rent in the Area €25 to €40/sqm/month Rent Potential for Berlin Campus €21 to €25/sqm/month Potential Rental Income after Refurbishment € 19.7m to € 23.5m/year Berlin
Slide 16: Active Asset Management to Optimise Portfolio
Active Asset Management to Optimise Portfolio Key Updates ▪ Darmstadt Campus: Secured 15-year lease with German 21,259 sqm federal government body in Apr 2023 for a total of New Lease Take-Up c.7,600 sqm office and storage spaces (c.25% of Darmstadt Campus) starting from Jun 2023. 5.2% ▪ German port
Slide 17: FY2022 Financial Highlights
FY2022 Financial Highlights Bonn Campus 17
Slide 18: Operating & Financial Performance
Operating & Financial Performance (€ ‘000) FY2022 FY2021 Variance (%) Gross Revenue 61,650 52,167 18.2 Property Operating Expenses (12,853) (9,685) 32.7 Net Property Income 48,797 42,482 14.9 Income Available for Distribution 34,647 34,386 0.8 Income to be Distributed to Unitholders 31,182 30,947 0.
Slide 19: Distribution Per Unit
Distribution Per Unit Distribution Per Unit FY2022 FY2021 Variance (%) Before Retention - € cents 2.99 3.26 (8.3) After Retention - € cents 2.69 2.93 (8.2) ▪ IREIT issued 11,372,868 new Units pursuant to an equity placement offering on 30 Jun 2021 and 201,137,870 new Units pursuant to an equity pref
Slide 20: Financial Position
Financial Position (€ ‘000) As at 31 Dec 2022 As at 31 Dec 2021 Variance (%) Investment Properties 950,500 974,870 (2.5) Total Assets 1,039,140 1,035,499 0.4 Borrowings 329,694 328,922 0.2 Total Liabilities 414,437 416,053 (0.4) Net Assets Attributable to Unitholders 624,703 619,446 0.8 NAV per Unit
Slide 21: Healthy Gearing with Limited Impact from Rate Hikes
Healthy Gearing with Limited Impact from Rate Hikes As at 31 Dec 2022 As at 31 Dec 2021 Debt Maturity Profile Aggregate Leverage (3) Gross Borrowings €281.3m 332.7 332.7 40.8% Outstanding (€’m) Aggregate Leverage (1) 32.0% 32.1% 37.6% Weighted Average 1.8% 1.8% Interest Rate (2) Interest Coverage Ra
Slide 22: Looking Ahead
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Slide 23: Opportunities in an Uncertain Environment
Opportunities in an Uncertain Environment Major Trends Risks Opportunities Downward Repricing of Investments at High Interest Rates Assets attractive valuations Higher demand for Lower Profitability and modern, well- High Operating Costs Relocation of Companies connected and energy- efficient office
Slide 24: Strategic Focus in Each Asset Class
Strategic Focus in Each Asset Class OFFICE RETAIL INDUSTRIAL Well-connected, modern Retail units by leading Logistics assets linked to buildings with sustainability retailers offering in-store e-commerce and urban features experience and/or great value logistics assets proposition to customers Key C
Slide 25: Thank You
Thank You For enquiries, please contact: Mr Kevin Tan Head of Investor Relations and Capital Markets Tel: (65) 6718 0593 Email: kevin.tan@ireitglobal.com Sant Cugat Green 25