Slide 1: Financial Results Presentation
FINANCIAL RESULTS PRESENTATION for the year ended 31 December 2023
Slide 2: Overview
LEGHTHOUSE PROPERTIES = 01 OVERVIEW 7A =i li) week iR
Slide 3: Strategy
STRATEGY Dominant and defensive malls in western Europe OVERVIEW Large and mid-sized growing cities with a strong economic underpin Tenant focused targeting key retailers Adaptable approach to the changes in retail environment Strong in-house development and asset management capabilities
Slide 4: Investment Portfolio
INVESTMENT PORTFOLIO Investment weighting Slovenia FY2023 11% Listed OVERVIEW (HMSO) 29% France 34% Iberia Direct 55% property 71% Investment weighting Slovenia Listed March 2024 (HMSO) 8% 18% France 25% Direct property 71% Direct Iberia property 67% 82% LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTA
Slide 5: Highlights for 2023
HIGHLIGHTS FOR 2023 Distributable earnings of 1,76 EUR cents per share OVERVIEW Distribution of 2,70 EUR cents per share Retained earnings utilised to supplement shortfall NAV per share increase to 42,00 EUR cents Sales increased by 8,7% compared to the prior year Physical portfolio earn
Slide 6: Economic Cycle
OVERVIEW 6 LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 01/03/2024 01/02/2024 01/01/2024 01/12/2023 01/11/2023 01/10/2023 Eurozone inflation YoY 01/09/2023 01/08/2023 01/07/2023 01/06/2023 01/05/2023 01/04/2023 01/03/2023 Interest rates vs inflation cycle analysis 01/02/2023 01/01
Slide 7: Iberian Strategy
IBERIAN STRATEGY Forum Coimbra Torrecárdenas Salera H2O Coimbra Almeria Castellón de la Plana Rivas-Vaciamadrid (Madrid) OVERVIEW Zara Primark Grocer anchor Large catchment (>100 000 people) Strong & growing economic underpin Dominant in catchment LIGHTHOUSE P
Slide 8: Iberian Strategy: Growing Population
IBERIAN STRATEGY GROWING POPULATION OVERVIEW Source: Wiley Online Library LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 8
Slide 9: Iberian Strategy: Yield Cycle
IBERIAN STRATEGY YIELD CYCLE OVERVIEW Source: CBRE LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 9
Slide 10: Acquisitions: Salera (50%)
ACQUISTIONS SALERA (50%) OVERVIEW Effective: 1 February 2024 Acquisition price: EUR 171 million (100%) Acquisition yield: 7,7% Footfall: 9,0 million GLA: 53 502m² Vacancy: 0% LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 10
Slide 11: Acquisitions: H2O
ACQUISTIONS Effective: 31 March 2024 (anticipated) H2O Acquisition price: EUR 121 million Acquisition yield: 7,5% Footfall: 8,2 million GLA: 52 190m² Vacancy: 3,5% OVERVIEW LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 11
Slide 12: Listed Real Estate
>3< LEGHTHOUSE PROPERTIES plc 02 LISTED REAL ESTATE
Slide 13: Hammerson
HAMMERSON Shareholding 12,7% (Dec 2023:16,3%; Dec 2022: 22,8%) LISTED REAL ESTATE Lighthouse disposed of 507 million Hammerson shares at an average price of 26,82 GBP pence per share, raising the equivalent of EUR158 million (applied to the acquisition of Salera and H2O) Operational results in
Slide 14: Financial Results
LAGHTHOUSE O3 FINANCIAL RESULTS
Slide 15: Key Indicators
KEY INDICATORS FINANCIAL RESULTS 31 Dec 2023 31 Dec 2022 Shares in issue 1 830 409 794 1 696 976 208 Distributable earnings per share (EUR cents) 1,76 3,66 Distribution per share (EUR cents) 2,70 3,25 Pay-out ratio (%) 153,3 88,8 Net Asset Value per share (EUR cents) 42,00 40,50 Price per share (JSE
Slide 16: Funding
FUNDING Pro Rata FINANCIAL RESULTS Balance Long term borrowings Interest rate Maturity date EUR Loan LTV Covenant LTV Existing facilities ING Consortium Fixed 2,15% November 2024 78 500 652 41,3% 60,0% Natixis Consortium 3-m Euribor + 3,00% March 2027 73 658 865 36,0% 50,0% Santander/Caixa 6-m Eurib
Slide 17: Debt Maturity
DEBT MATURITY Debt maturity profile (EUR) FINANCIAL RESULTS 250,000,000 200,000,000 150,000,000 100,000,000 50,000,000 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 Existing Debt Transaction Debt Refinancing Hedge profiles substantially match related debt profiles Lighthouse policy is to hedge
Slide 18: Property Valuations
PROPERTY VALUATIONS JLL valued portfolio at 31 December 2023 FINANCIAL RESULTS Portfolio value EUR 641,7 million Valuations were largely stable from the prior year › Increases in cap rates were mostly offset by higher forecast NOI Capitalisation rate 2023 2022 Portugal 6,45% 6,20% Spain 7,00%
Slide 19: Direct Portfolio
>3< LEGHTQUSE O04 DIRECT PORTFOLIO
Slide 20: Direct Property Portfolio
DIRECT PROPERTY PORTFOLIO DIRECT PORTFOLIO % % Retail gross lettable Property name Geographical location Ownership Occupancy area (m²) Fair value (EUR) Forum Coimbra Coimbra, Portugal 100% 99,8% ¹ 33 934 190 940 000 Torrecárdenas Almeria, Spain 100% 99,8% 61 238 163 960 000 Planet Koper Koper, Slove
Slide 21: Tenants by Income – FY2023
TENANTS BY INCOME – FY2023 By monthly rental % DIRECT PORTFOLIO Post acquisitions (indicative) Inditex Group 29,8% of rental income -1% 1% 3% 5% 7% 9% 11% 13% 15% % of monthly contractual revenue 1 1. Excludes grocers E’Leclerc (at Saint Sever) and Continente (at Forum Coimbra) as these are separate
Slide 22: Performance Metrics
PERFORMANCE METRICS DIRECT PORTFOLIO Footfall Sales Inflation Region % Change % Change Dec YoY 2023 Spain 3,1% Iberia 5.8% 12,1% Portugal 1,4% France 9,6% 6,5% 3,7% Slovenia 5,1% 5,2% 4,2% Total 7,8% 8,7% LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 22
Slide 23: Performance Metrics
PERFORMANCE METRICS Portfolio vacancy: 3,3% Lease expiry profile by monthly rental % DIRECT PORTFOLIO December 2024 18,4 Collection rate: 97,3% December 2025 6,3 Portfolio average OCR: 11,9% December 2026 6,7 December 2027 7,1 Leasing activity: December 2028 12,6 › 26 725m² After December 20
Slide 24: Tenant Activity
TENANT ACTIVITY DIRECT PORTFOLIO New tenants Tenant renewals LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 24
Slide 25: Projects
LEGHTHOUSE O5 PROJ) ECTS
Slide 26: Projects
PROJECTS PROJECTS LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 26
Slide 27: Projects
PROJECTS PROJECTS LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 27
Slide 28: Projects
PROJECTS PROJECTS LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 28
Slide 29: Projects: Planet Koper
PROJECTS PROJECTS Planet Koper LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 29
Slide 30: Projects
PROJECTS PROJECTS LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 30
Slide 31: Projects
PROJECTS PROJECTS LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 31
Slide 32: Projects
PROJECTS PROJECTS LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 32
Slide 33: Projects
PROJECTS PROJECTS LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 12 MARCH 2024 33
Slide 34: Outlook
>3< LEGHTQUSE O6 OUTLOOK
Slide 35: Outlook
OUTLOOK Improved economic outlook in Europe › Inflation abating OUTLOOK › Short-term interest rates anticipated to decline Forecast distribution of 2,40 to 2,50 EUR cents per share Two substantial acquisitions already achieved – 2024 will be a transitory year for Lighthouse as it takes advanta
Slide 36: Questions
O7 QUESTIONS