Slide 1: Full Year 2024 Results Presentation
NSI brings together over 30 years of high-profile Dutch real estate experience, with an absolute commitment to excellence. Results presentation 28January2025 1 Full Year 2024 Results Presentation
Slide 2: Disclaimer
This presentation does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any NSI securities in the United States or any other jurisdiction. The information provided herein is extracted from NSI financial reports and press releas
Slide 3: 1. Introduction
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Slide 4: Amsterdam specialist, sector smart, customer first
1. Introduction 1. Amsterdam specialist 2. Sector smart 3. Customer first 4. Sustainability leader 5. Growth 4 Full Year 2024 Results Presentation
Slide 5: Key metrics
1. Introduction Key metrics Operational performance 2024 2023 Change Net rents like-for-like (%) EPRA Vacancy 5.1% 5.2% -0.1pp 7.4% Operating margin 84.0% 82.1% 1.9pp 5.2% 5.2% Gross rents like-for-like 3.2% 7.4% -4.2pp 4.6% Net rents like-for-like 5.2% 4.6% 0.6pp 3.0% Financial performance 2024 202
Slide 6: 2. Portfolio performance
Slide 7: Portfolio by city
2. Portfolio performance Amsterdam 545 million (55%) 21 assets 161,564 m2 Sloterdijk Leiden Bio Science Park 5 assets 28,020 m2 South-axis Utrecht South-east The Hague 5 assets 3 assets 47,535 m2 30,884 m2 Rotterdam 7 assets 56,128 m2 7 Full Year 2024 Results Presentation
Slide 8: Portfolio performance: Amsterdam Laanderpoort and other assets
2. Portfolio performance 18% 13% 12% 7% 4% 2% 0% Amsterdam Laanderpoort -1% 12,739 sqm 2017 2018 2019 2020 2021 2022 2023 2024 242 121 129 Den Bosch Eindhoven 105 Binnenhof Fellenoord 51 30 34 17 10,436 sqm 4,183 sqm 2017 2018 2019 2020 2021 2022 2023 2024 8 1 Compared to the book value at T-1 Full
Slide 9: Natural fit with strategy: Utrecht acquisition
2. Portfolio performance Natural fit with strategy • Utrecht Central Station is one of the most attractive, undersupplied office markets in The Netherlands • Attractive immediate cashflow • Direct value-add opportunities; Already improved EPC label from C to A+ and minor capex is being prepared to s
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Slide 11: Like-for-like and asset rotation returns
2. Portfolio performance 21.4% 18.4% 13.8% Like-for-like: -1% 5Y change Asset rotation: -1% -2.0% 7.1% 7.0% 5.9% 6.2% 5.2% 5.1% 2016 2017 2018 2019 2020 2021 2022 2023 2024 11 Full Year 2024 Results Presentation
Slide 12: Reversion potential and GRI growth
2. Portfolio performance Reversion potential GRI growth (LfL) 135 ERV growth (LfL) CPI 130 7.9% 6.1% 5.4% 125 2.8% 3.2% 2.4% 120 2019 2020 2021 2022 2023 2024 115 New contract rent levels vs ERV 110 105 13.8% 100* 3.9% 3.0% 2.0% 95 0.0% 2018 2019 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 12
Slide 13: Additional ERV / Incremental CAPEX
2. Portfolio performance 13 1 = Additional ERV / Incremental CAPEX Full Year 2024 Results Presentation
Slide 14: Positive and negative revaluations
2. Portfolio performance Positive revaluation (€m) Positive revaluation (# of assets) Negative revaluation (€m) Assets Negative revaluation (# of assets) €m 250 60 200 50 150 40 30 100 66m 20 35 50 81m 40m 10 20 17 0 15m 0m 5m 33m 0 -50 -28m 116m 17 -10 29 27 -100 225m -20 -76m 46 -150 -30 -200 -40
Slide 15: Energy intensity and EPC labels
2. Portfolio performance F&G E D C B A A+ A++ 175 173 170 NL target 164 12% 10% 165 NSI Actual 12% 7% 160 155 155 68% 64% 65% 150 147 74% 79% 145 61% 140 44% 12% 10% 12% 29% 20% 135 13% 15% 2% 130 2017 2018 2019 2020 2021 2022 2023 2024 kWh/m2/year 125 128 120 115 116 110 44% 112 110 76% 105 100 33%
Slide 16: 3. Financials
3. Financials
Slide 17: Financial results
3. Financials 2024 2023 Change (%) Gross rental income 72.7 71.2 2.2% Service costs not recharged -2.0 -1.9 5.4% Operating costs -9.6 -10.9 -11.3% Net rental income 61.1 58.4 4.5% Administrative costs -8.3 -9.1 -9.0% Net financing result -10.2 -8.3 22.4% Direct investment result before tax 42.6 41.0
Slide 18: EPRA EPS bridge
3. Financials (€ per share) 2.25 0.03 2.20 0.05 -0.11 -0.01 2.15 -0.05 2.10 0.00 0.20 2.05 0.00 0.00 2.00 -0.03 1.95 2.09 2.01 0.05 0.00 EPRA GRI - GRI - GRI - GRI - Like- Service Operating Administrative Financing Corporate Other EPRA EPS 2023 Acquisitions Development Disposals for-like costs not c
Slide 19: EPRA NTA bridge
3. Financials (€ per share) Direct 36 Indirect -1.43 35 2.09 0.84 -1.52 0.12 -0.05 -0.07 35.30 35.27 34 0 EPRA Dividend EPRA EPS Revaluation Result Deffered tax Other Effect of share EPRA NTA 2023 on buyback1 NTA 2024 sales 19 1 Excluding the effect of change in stock included in EPRA EPS Full Year
Slide 20: Cost of debt, LTV and covenants
3. Financials 3.2% 2.9% 60% 2.1% 2.1% 2.2% 2.0% 40% 33.0% 33.8% 29.2% 28.2% 28.7% 35% 27.4% 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Covenant Target range LTV 7.2x 6.8x 6.5x1 6.9 6.9 7.1 6.9 6.3x1 6.4 5.5x1 6.0 5.1x11 2x 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024
Slide 21: Debt maturity profile
3. Financials 5.4 5.2 US PP 5.0 4.9 4.7 4.5 Term loan RCF (drawn)1 3.5 2018 2019 2020 2021 2022 2023 2024 • Sound maturity profile and healthy balance sheet ensures 60 sufficient flexibility and capacity, and supports conversations on future (re)financing • Given the increased interest rate and wide
Slide 22: 4. Outlook
Slide 23: Outlook
4. Outlook 1. Amsterdam specialist • Further capital recycling towards Amsterdam and selectively elsewhere 2. Sector smart • Creation of Business Development unit in pursuit of diversification 2025 EPRA EPS 3. Customer first • Further roll-out of operationalisation / services beyond the HNK portfoli
Slide 24: Full Year 2024 Results Presentation
24 Full Year 2024 Results Presentation
Slide 25: 5. Appendix
25 Full Year 2024 Results Presentation
Slide 26: Portfolio overview at 31 December 2024
5. Appendix 31 December 2024 Dec, 2023 Change (%) Amsterdam Other G4 Other NL Total Number of properties 21 15 8 44 46 -4.3 % Market value (€)1 546 330 124 1,000 1,043 -4.1 % Annual contracted rent2 40 27 10 77 77 -0.4 % Market rent 44 29 11 84 84 0.4 % Lettable area (sqm k) 162 135 50 346 351 -1.3
Slide 27: EPRA net initial, gross initial and reversionary yield
5. Appendix EPRA net initial yield Gross initial yield Reversionary yield Dec. 2024 Dec. 2023 Dec. 2024 Dec. 2023 Dec. 2024 Dec. 2023 Amsterdam 5.7% 5.2% 7.9% 7.4% 8.7% 8.3% Other G4 5.3% 5.7% 8.2% 8.6% 8.8% 8.9% Other NL 5.8% 5.0% 8.0% 8.1% 8.6% 8.6% Total 5.6% 5.3% 8.0% 7.9% 8.7% 8.5% 27 Full Year
Slide 28: Lease expiry profile
5. Appendix 100 50 80 40 60 30 40 20 20 10 0 0 Total Total 2025 2026 2027 2028 2029 >2029 Total YE 2025 2026 2027 2028 2029 >2029 Total YE 2023 2023 Contract rent 12.0 14.2 17.0 5.5 5.5 22.7 76.8 76.1 Contract rent 5.3 9.8 7.6 4.0 4.0 9.4 40.1 38.7 ERV 14.1 14.1 17.1 5.5 5.5 23.0 79.3 77.9 ERV 6.3 9
Slide 29: Results by segment
5. Appendix (€ m) Amsterdam Other G4 Other NL Corporate¹ Total Gross rental income 37.1 24.3 11.3 72.7 Service costs not recharged -0.7 -1.3 -0.1 -2.0 Operating costs -4.7 -3.7 -1.3 -9.6 Net rental income 31.7 19.3 10.0 61.1 Administrative costs -8.3 -8.3 Earnings before interest and taxes 31.7 19.3
Slide 30: Balance sheet
5. Appendix (€ m) 31 December 2024 31 December 2023 Real estate investments 989 1,029 Other assets 54 59 Cash and cash equivalents 8 0 Total assets 1,051 1,088 Shareholders' equity 672 710 Interest bearing loans 324 334 Debts to credit institutions 17 11 Other liabilities 38 33 Total liabilities 379
Slide 31: EPRA NTA
5. Appendix 30 June 2024 31 December 2023 (€ m) EPRA NTA per share EPRA NTA per share IFRS Equity attributable to shareholders 672 35.16 710 35.22 Diluted NTA 672 35.16 710 35.22 Diluted NTA at fair value 672 35.16 710 35.22 Fair value of financial instruments 1.6 0.08 1.6 0.08 Intangibles as per IF
Slide 32: Office market: Amsterdam
5. Appendix 8 8.0% 6.7 6.8 6.3 5.9 6 5.5 4.6 6.0% 4.3 4 3.8 3.3 2.3 4.0% 1.9 1.9 1.7 2 1.5 1.1 1.4 1.1 0 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Q3 Q2 Amsterdam Eindhoven Rotterdam The Hague Utrecht 20.0% 180 16.0% 160 140 12.0% 120 8.0% 100 4.
Slide 33: Office market: Eindhoven
5. Appendix 6.3 6.3 6.3 7.0% 6.2 6.2 6.2 6.1 6.0% 6.1 6.0 6.1 5.2% 5.2% 5.0% 6.0 5.0% 5.9 5.9 5.9 4.0% 4.0% 5.8 4.0% 3.7% 5.8 3.3% 3.4% 3.3% 3.2% 3.0% 0.0 15 16 17 18 19 20 21 22 23 24 15 16 17 18 19 20 21 22 23 24 Q3 Q2 350 329 16% 600 580 585 555 300 280 550 247 10.1% 12% 250 226 500 500 500 208 5
Slide 34: Office market: Rotterdam
5. Appendix 2.9 7.0% 6.8% 6.5% 6.3% 6.0% 5.8% 5.8% 2.8 5.5% 2.8 2.8 2.8 2.8 2.8 5.3% 5.3% 5.0% 5.0% 5.0% 2.7 2.7 2.7 2.7 4.0% 2.7 2.7 3.0% 0.0 15 16 17 18 19 20 21 22 23 24 15 16 17 18 19 20 21 22 23 24 Q3 Q2 100 12% 350 325 330 325 305 80 300 285 285 285 65 275 61 8% 275 60 245 5.6% 250 36 39 225 4
Slide 35: Office market: The Hague
5. Appendix 3.6 7.0% 6.8% 6.5% 3.5 3.5 3.5 6.0% 5.8%5.5% 5.5% 5.3% 3.4 3.4 5.0% 4.8% 4.5% 4.5% 4.5% 3.3 3.3 3.3 3.3 3.3 4.0% 3.2 3.2 3.2 3.0% 0.0 15 16 17 18 19 20 21 22 23 24 15 16 17 18 19 20 21 22 23 24 Q3 Q2 70 20% 340 330 59 60 54 55 320 49 16% 300 300 50 44 300 41 41 40 35 12% 280 30 26 6.3% 8
Slide 36: Office market: Utrecht
5. Appendix 7.0% 4.1 7.0% 6.8% 4.1 4.0 6.3% 4.0 6.0% 6.0% 6.0% 5.8% 5.5% 3.9 5.3% 3.9 5.0% 5.0% 5.0% 3.8 3.8 3.7 3.7 3.7 3.7 3.7 3.7 4.0% 3.6 3.0% 0.0 15 16 17 18 19 20 21 22 23 24 15 16 17 18 19 20 21 22 23 24 Q3 Q2 120 16% 260 255 250 250 79 12% 240 240 80 72 240 65 9.0% 230 57 230 225 8% 45 220 3
Slide 37: Office market: Den Bosch
5. Appendix 1.55 8.0% 7.5% 7.3% 7.0% 7.0% 6.8% 6.8% 6.5% 1.5 6.3% 6.0% 6.0% 6.0% 1.50 6.0% 1.5 1.5 1.5 1.5 1.5 5.0% 1.5 1.5 1.5 1.5 1.45 4.0% 3.0% 0.00 15 16 17 18 19 20 21 22 23 24 15 16 17 18 19 20 21 22 23 24 Q3 Q2 40 16% 230 225 225 225 225 210 210 30 210 27 12% 17 7.3% 8.0% 8.5% 190 185 185 18
Slide 38: The future of how we live + work