Nextensa · EURONEXT:NEXTA
Nextensa — Leasinvest Real Estate — H1 2021 Earnings Presentation
58 slides from Nextensa's earnings presentation, Aug 19, 2021
Slide 1: Investor Presentation H1 2021
INVESTOR PRESENTATION H1 2021 19 August 2021
Slide 2: Table of Contents
Table of Contents 1. Highlights H1 2021 4 2. Activity overview H1 2021 10 3. Portfolio 34 4. Financials 38 5. Share performance 46 Appendices 51 2 Investor presentation | Leasinvest.be H1 2021
Slide 3: Disclaimer
This presentation has been Forward looking In addition, even if the prepared by the management statements Company’s results, condition, of Leasinvest Real Estate SCA, and growth and the a Belgian public real estate These forward-looking development of the industry in investment company statements ar
Slide 4: Highlights H1 2021
1. Treesquare (BE) Highlights H1 2021 4 Investor presentation | Leasinvest.be H1 2021
Slide 5: Highlights H1 2021
Highlights H1 2021 EPRA earnings rise from € 13.1 m (H1 2020) to € 15.6 m Further drop in funding cost from 2.35% end 2020 to 2.09% Net result of to € 28.0 m vs € - 30.7 m (H1 2020) Important leases in Belgium and Luxembourg: Monteco (100%), Mercator-High 5! and Knauf Pommerloch 19 July 2021: busine
Slide 6: Leasinvest 2.0
Leasinvest 2.0 A unique combination of a real estate investor and a industry leading (re)developer. Leading “out-of-the-box” A true specialist in mixed- real estate investor A unique combination of: use urban developments Well-diversified mix of office and retail assets at prime locations in Luxembo
Slide 7: Investment highlights
Leasinvest 2.0 A unique combination of a real estate investor and a industry leading (re)developer. Market Business profile Well-positioned for growth in Unique business profile combining an attractive and developed iconic high-return real estate portfolio geographies with industry-leading property
Slide 8: Corporate governance
Corporate governance Ordinary general meeting of Extraordinary general meeting of 17 May 2021: 19 July 2021: - Renewal mandate of - LRE: voluntary waiver of REIT status Jean-Louis Appelmans for a term of 1 year - Contribution in kind of Extensa and LREM shares, combined contribution - Renewal of the
Slide 9: Dividend evolution
Dividend Long term EPS & Gross DPS evolution 7,5 7,0 6,5 evolution 6,0 5,5 5,0 4,5 4,0 Dividend 3,5 3,0 Gross dividend 2020 maintained at € 5.25/per share 2014 2001 2004 2008 2012 2016 2020 2000 2002 2003 2005 2006 2007 2009 2010 2011 2013 2015 2018 2019 2017 EPS (€) Gross dividend/share (€) Net div
Slide 10: Activity overview H1 2021
Activity overview H1 2021 2. 10 Investor presentation | Leasinvest.be H1 2021
Slide 11: Developments LRE
Developments LRE Knauf Hangar Pommerloch 26/27 (LU) (BE) Monteco Knauf (Montoyer Schmiede 14) (LU) (BE) EBBC Business Park (LU) Mercator (LU) 11 Investor presentation | Leasinvest.be H1 2021
Slide 12: Monteco (Montoyer 14) CBD Brussels (BE)
Monteco (Montoyer 14) CBD Brussels (BE) 12 Investor presentation | Leasinvest.be H1 2021
Slide 13: Redevelopment Montoyer 14
Redevelopment Montoyer 14 • in the European Quarter Office building • First higher wooden construction of +/- 3,700 m² • C02 neutral passive building under development • New generation of ‘circular buildings’, equipped with latest smart technologies • Objective: BREEAM Excellent 100% pre-leased at €
Slide 14: Hangar 26/27 Antwerp (BE)
Hangar 26/27 Antwerp (BE) Eilandje district 14 Investor presentation | Leasinvest.be H1 2021
Slide 15: Hangar 26/27 Antwerp (BE)
Hangar 26/27 Antwerp (BE) • Danish architects CF Moller have been appointed to design a € 23 m high-end mixed project Investment Price: with extension of offices and retail (€ 4 m already incurred) • Renovation ground floor and façade: start 9,171 m² September 2021 – Retail and offices completion Fe
Slide 16: EBBC Business Park (LU) Airport district
EBBC Business Park (LU) Airport district 16 Investor presentation | Leasinvest.be H1 2021
Slide 17: EBBC BP becomes Moonar
EBBC BP becomes Moonar • Repositioning into the new Corona-proof Campus in € 34 m Luxembourg Foreseen Capex • Focus on community, green and exterior (€ 1 m already incurred) environment, with ‘places-to-meet’, e.g. libraries, coffee bar, and new pavilion Starting with renovation of ~ 27,000 m² • com
Slide 18: Mercator (LU) Route d'Arlon
Mercator (LU) Route d’Arlon 18 Investor presentation | Leasinvest.be H1 2021
Slide 19: Redevelopment Mercator
Redevelopment Mercator • Ideally located route d’Arlon, main entrance road to Luxembourg Office building of +/- 8,650 m² • Repositioning into High 5! • Currently 82% occupancy thanks a/o to important new lease with CHL • Important renovation to meet the needs of a young and dynamic public • Vacant f
Slide 20: Schmiede (LU) Redevelopment Knauf shopping center
Schmiede (LU) Redevelopment Knauf shopping center 20 Investor presentation | Leasinvest.be H1 2021
Slide 21: Knauf shopping center Schmiede (LU)
Knauf shopping center Schmiede (LU) • Strengthening position as largest € 25 m shopping center in the North of Foreseen Capex Luxembourg (€ 10 m already incurred) • First renovation phase finalized Q2 2022 • Reception of extension foreseen Reception in Q2 2022 Extension of ~ 8,500 m² • Demolition wo
Slide 22: Pommerloch (LU) Redevelopment Knauf shopping center
Pommerloch (LU) Redevelopment Knauf shopping center 22 Investor presentation | Leasinvest.be H1 2021
Slide 23: Knauf shopping center Pommerloch (LU)
Knauf shopping center Pommerloch (LU) • Final reception and full opening of parking in Q2 2021 • Since opening of New- Yorker store, 2 other important retailers landed: Foot Locker & Fressnapf Extension • Important increase in of parking & footfall since relaxation of additional corona measure – som
Slide 24: Leases
Leases Mercator/High 5! Monteco (BE): (LU): 100% pre-leased to new rental contract Bank Nagelmackers for for entire 3rd floor (1 12y at € 295/year 933 m²) with CHL as of 1 June 2021 Knauf shopping center Pommerloch (LU): new leases with New Yorker, Foot Locker and Fressnapf pet store Frunpark Asten
Slide 25: Developments Extensa
Developments Extensa Cloche d’Or (LU) Tour&Taxis (BE) 25 Investor presentation | Leasinvest.be H1 2021
Slide 26: Investor presentation | Leasinvest.be H1 2021
26 Investor presentation | Leasinvest.be H1 2021
Slide 27: Investor presentation | Leasinvest.be H1 2021
27 Investor presentation | Leasinvest.be H1 2021
Slide 28: Food Market Gare Maritime
Food Market Gare Maritime Tour & Taxis (BE) • Agreement with AB Inbev for the operation of the food court in Gare Maritime • Opening autumn 2021 • Concept: innovative culinary meeting place where everyone with a heart for tasty and healthy food can come and taste the richness of Belgian gastronomy •
Slide 29: Investor presentation | Leasinvest.be H1 2021
29 Investor presentation | Leasinvest.be H1 2021
Slide 30: Phase I & Phase II Tour & Taxis (BE)
Phase I & Phase II Tour & Taxis (BE) • Residential • Phase I : sale of 319 residential units will be Phase I completed before the 319 units end of the year Completion before year-end • Phase II : start-up of planned sale of 346 units, for which the building permit was obtained, is planned for Phase
Slide 31: Investor presentation | Leasinvest.be H1 2021
31 Investor presentation | Leasinvest.be H1 2021
Slide 32: Residential & offices Cloche d'Or (LU)
Residential & offices Cloche d’Or (LU) 209 of 463 • Sale of the residential units at units Cloche d'Or is going according to sold on plan schedule: 209 units out of 463 were sold on plan - we expect that 32% will be realized by the end of 2021 • Lease of Darwin II office building, Full lease which w
Slide 33: Investor presentation | Leasinvest.be H1 2021
33 Investor presentation | Leasinvest.be H1 2021
Slide 34: Portfolio overview
3. Portfolio overview Knauf Shopping Center Schmiede (LU) 34 Investor presentation | Leasinvest.be H1 2021
Slide 35: Portfolio overview
Portfolio overview BE A unique combination of market segments and FV | € 318.0 m geographical diversification Yield | 5.87% FV | € 1.13 bn | Yield | 5.64% LU Offices 263.3 FV | € 630.8 m Yield | 5.56% Retail Logistics Retail 52.0 2.68 294.59 Offices 281.5 AT FV | € 182.3 m Yield | 5.53% Retail Logis
Slide 36: Portfolio overview
Portfolio overview Demonstrating long term growth through a focused approach Evolution of portfolio fair value per country Evolution of split in market segments Focus on two asset classes Including stake in Retail Estates • i.e. retail and offices • sale of largest part of logistics portfolio in 201
Slide 37: Portfolio overview
Portfolio overview Duration leases till first break per 30 June 2021 On the back of consistent (in y) occupancy rates Occupancy rates Luxembourg Belgium Austria Total Q1 2021 Total 2020 per 30 June 2021 3.2 4.0 5.1 3.8 3.9 Luxembourg Belgium Austria Total H1 2021 Total 2020 4.6 5.0 4,0 4,0 4.0 3.8 3
Slide 38: Financials
4. Financials 38 Investor presentation | Leasinvest.be H1 2021
Slide 39: Key consolidated financials H1 2021
Key Key figures balance sheet 30/06/202 1 31/12/202 0 consolidated Net asset value group share (€ 1,000) 489 208 487 211 Number of shares at closing date 5 926 644 5 926 644 financials Net asset value group share per share (€) 82.5 82.2 Net asset value group share per share based on investment value
Slide 40: EPRA KPIs
EPRA KPIs 30/06/202 30/06/202 EPRA performance measures 1 0 EPRA Earnings (in € per share) (1) 2.64 2.21 EPRA NRV (in € per share) (2) 94.59 87.82 EPRA NTA (in € per share) (3) 90.62 83.98 H1 2021 EPRA NDV (in € per share) (4) 82.17 71.53 EPRA Net Initial Yield* (in %) (5) 4.45% 4.77% EPRA Topped-up
Slide 41: Consolidated income statement
Consolidated statement realized and unrealized results (€ 1000) 30/06/2021 30/06/2020 Consolidated (+) (+/-) Rental income Related-rental expenses 30 393 -190 29 141 -948 income NET RENTAL INCOME (+) Recovery of property charges 30 203 135 28 193 44 statement Recovery income of charges and taxes nor
Slide 42: Consolidated balance sheet
Consolidated (€ 1,000) 30/06/2021 31/12/2020 (€ 1,000) 30/06/2021 31/12/2020 balance sheet ASSETS LIABILITIES I. NON-CURRENT TOTAL SHAREHOLDERS’ EQUITY 489 208 487 211 1 227 075 1 223 098 ASSETS I. SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO THE Investment 489 208 487 211 1 131 102 1 141 190 SHAREHOLDERS O
Slide 43: Funding
Funding Funding diversification Rental yield vs funding cost • Cost of debt: drop from 2.35% (2020) to 2.09% 25% • Total committed lines (incl. bonds) of € 729 m 8% 7% • Duration credit facilities decreased 57% from 3.36y (2020) to 3.07y 10% 6% 5% • Available headroom credit facilities 8% 4% € 58 m
Slide 44: Hedging
Hedging • Debt financing – 60% fixed ratio • Hedge ratio – 74% • Fixed rate debt, incl. bond (26%), Hedge ratio interest CAPs (15%) and interest rate swaps (34%) • Duration hedges: 4.49y vs 4.58y (2020) 80% 70% 60% 50% Fix ratio Hedge ratio 40% strategy 30% 20% 10% 0% 2021 2022 2023 2024 2025 2026 2
Slide 45: Outlook 2021
Outlook 2021 Treesquare (BE) The results of Leasinvest Real Estate NV, before the business combination, remain in a favorable evolution, assuming that the Covid-19 disruption is behind us. Due to the business combination with Extensa, the investment portfolio is significantly expanded by approximate
Slide 46: Share price performance
5. Strassen (LU) Share price performance 46 Investor presentation | Leasinvest.be H1 2021
Slide 47: Share performance: Share price LRE vs NAV
Share performance Share price LRE vs NAV 47 Investor presentation | Leasinvest.be H1 2021
Slide 48: Share performance vs EPRA
Share performance Vs EPRA 48 Investor presentation | Leasinvest.be H1 2021
Slide 49: Share performance: Performance report July 2021
Share performance Performance report July 2021 49 Investor presentation | Leasinvest.be H1 2021
Slide 50: Investor relations team
Investor relations team Michel Van Geyte Chief Executive Officer Michel Van Geyte (55) joined Leasinvest Real Estate in August 2004. He is CEO and executive director of Leasinvest Real Estate and Leasinvest Immo Lux. michel.vangeyte@leasinvest.be Tim Rens Chief Financial Officer Tim Rens (40) joined
Slide 51: Appendices
Knauf Shopping Center Schmiede (LU) Appendices 51 Investor presentation | Leasinvest.be H1 2021
Slide 52: Corporate structure & governance
Corporate structure & governance 52 Investor presentation | Leasinvest.be H1 2021
Slide 53: Corporate Structure
Corporate Structure Ackermans & van Haaren AXA AG Insurance Free float 64,66% 13,44% 2.58% 19,32% As of 19 July 2021 Leasinvest Real Estate SA/NV 100% 100% 10.67% 100% 100% LREM LIL Retail Estates Extensa Group RE companies 100% 100% 50% Leasinvest Immo Austria RE companies RE companies RE companies
Slide 54: Leasinvest Immo Lux Structure
Leasinvest Immo Lux Structure Leasinvest Immo Lux 100% As of Grand Duchy of Luxembourg Austria 19 July 2021 EBBC A Sàrl 100% EBBC C Sàrl Leasinvest Immo Austria = building EBBC A, B = building EBBC C, D, E Porte des Ardennes 100% Porte des Ardennes Frun Park Asten GmbH 100% Schmiede SA Pommerloch SA
Slide 55: Extensa Group Structure
Extensa Group Structure As of 19/07/2021 EXTENSA GROUP NV Ackermans & van Haaren NV (642.978) Anfima (1) T&T Openbaar Extensa Invest I NV Luxembourg branch Grossfeld Immobilière T&T Parking NV RFD NV Vilvolease NV Pakhuis NV FIIS of Extensa Group NV SA (BE) (BE) (BE) (BE) (BE) (LUX) (LUX) INT INT IN
Slide 56: Board of directors
Board of directors as per 19 July 2021 Piet Dejonghe member Executive Committee Ackermans & van Haaren Wim Aurousseau Chief Investment Officer of AXA Belgium SA) Jan Suykens Chairman Michel Granvelle CEO & chairman Van Geyte Consultants & C° Executive Committee Ackermans & van Haaren Managing direct
Slide 57: Board of directors (continued)
Board of directors (continued) as per 19 July 2021 Starboard BV Dirk Adriaenssen Director of companies Permanently represented by Eric Van Dyck Brain@Trust BV Permanently represented by Marcia De Wachter Colette Dierick SoHo BV Permanently represented by CEO ING Luxembourg S.A. Sigrid Hermans 57 Inv
Slide 58: Executive committee
Executive committee as per 19/07/2021 Kris Verhellen Peter de Durpel Olivier Vuylsteke Michel Van Geyte Tim Rens Development & Project Management / Asset & Portfolio Chief Executive Officer Chief Financial Officer Investment ESG Management 58 Investor presentation | Leasinvest.be H1 2021
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