Eurocastle Investment Limited · EURONEXT:ECT

Eurocastle Investment — Investor Presentation (June 2012)

13 slides from Eurocastle Investment's investor presentation, June 2012

  1. Slide 1: H1 2012 Investor Presentation

    EUROCASTLE INVESTMENT LIMITED H1 2012 Investor Presentation

  2. Slide 2: Forward Looking Statements

    Forward Looking Statements This release contains statements that constitute forward-looking statements. Such forward-looking statements may relate to, among other things, future commitments to sell real estate and achievement of disposal targets, availability of investment and divestment opportuniti

  3. Slide 3: Contents

    Eurocastle H1 2012 Investor Presentation Contents  Overview  H1 2012 Highlights  Property Portfolio Update  Debt Portfolio Update  Liquidity Update  Subsequent Events  Key Financials  Appendix Page 2

  4. Slide 4: Overview

    Overview  Eurocastle Investment Ltd (“ECT”) primarily owns and manages German commercial property and European debt investments  As at June 2012, the Group’s Real Estate portfolio consisted of 440 properties with an occupancy level of 81.0%. NAV for the H1 ‘12 is €274.8m or €0.45 per fully diluted

  5. Slide 5: H1 2012 Highlights

    H1 2012 Highlights Real Estate Portfolio Highlights Debt Portfolio Highlights  Leasing: During the half-year ended 30 June 2012,  Reinvestment: Using a combination of the Group signed 108 commercial leases for amortisation and asset sale proceeds, CDO V approximately 60k square metres (sqm) repurc

  6. Slide 6: H1 2012 Highlights

    H1 2012 Highlights Portfolio Highlights Debt Investment Portfolio Debt Investment Portfolio Total Assets (€m) Real Estate Portfolio NAV (€ / share) Real Estate Portfolio 0.12 0.15 0.5 0.5 0.60 0.64 2.8 2.8 0.45 0.52 2.3 2.3 H1 2012 FY 2011 H1 2012 FY 2011 Major Drivers: Fair value movement and dispo

  7. Slide 7: Property Portfolio Update

    Property Portfolio Update Business Review  Overview: As of 30 June 2012, the Group owned 440 investment properties across Germany valued at approximately €2.1bn, equivalent to an NOI(1) yield of 5.5%. These assets are held in 11 separate financing portfolios. They comprise a diversified mix of offi

  8. Slide 8: Property Portfolio Update (continued)

    Property Portfolio Update Business Review (continued)  Leasing: During H1 ‘12, the Group signed 108 leases for approximately 60 k sqm, including 64 new leases for approximately 21k sqm and 44 lease renewals for approximately 39 sqm. The renewal rate for leases expiring in H1 2012 was 66.6% compared

  9. Slide 9: Debt Portfolio Update

    Debt Portfolio Update Portfolio Composition (€m) Key Metrics  As of 30 June 2012, the Debt Investment portfolio consisted of total assets of €487.4m and total non-recourse liabilities of €395.5m held across three portfolios (1) 406.1 Other A Key Metrics (2) H1 2012 FY 2011 Total 354.2 Below 10% BBB

  10. Slide 10: Liquidity Update

    Liquidity Update Maturities Profile (€m) (2047) Duncannon: €355.2 (2017) Superstella: €54.5 (2016) Turret: €147.6 (2014) Zama: €39.9 (2014) Tannenberg: €53.0 (2014) CDO IV: €41.1 (2014) Bridge: €372.1 (2014 )Wave: €153.5 (2013) Mars FI2: €78.3 (2013) Drive: €689.2 (2013-15) Belfry: €54.8 (2013-16) T

  11. Slide 11: Subsequent Events

    Subsequent Events Financing  Drive: The Group is in an active dialogue with the Senior and Junior lenders with a view to a facility extension and asset disposal plan. The Junior lenders have continued to exercise their discretion to allow distributions to be made from portfolio cash flows to the Gr

  12. Slide 12: Key Financials

    Key Financials Key Balance Sheet (€m) Net Impairment Losses and Fair Value Movements (€m) H1 2012 2011 Impairment Losses (Debt) Fair values (Real Estate) H1 2012 H1 2011 H1 2012 H1 2011 Cash and cash equivalents 134.5 117.7 RE Investment property 2,152.0 2,201.8 -7.5 -20.8 -9.5 -1.0 Debt investments

  13. Slide 13: Appendix: Property Portfolio Stratifications

    Appendix Property Portfolio Stratifications (1) Annualised Property Number of Occupancy Occupancy Passing Rent NOI Yield on Drawn Debt Portfolio NOI valuation Av lease Term LTV properties (sqm) % (€m) (2) valuation (€m) (€m) (3) (€m) (4) Drive 173 299,851 67.4% 42.6 32.5 784.2 3.8 4.1% 689.2 87.9% B

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