IREIT Global · SGX:8U7U
IREIT Global — H2 2020 Earnings Presentation
23 slides from IREIT Global's earnings presentation, Feb 25, 2021
Slide 1: 2H2020 Results Presentation
2H2020 Results Presentation 25 February 2021 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 Slide 1 About IREIT Global 4 2 Key Highlights 6 3 Portfolio Summary 13 4 Market Review 17 5 Looking Ahead 21 3
Slide 4: About IREIT Global
1 About IREIT Global Berlin Campus 4
Slide 5: About IREIT Global
About IREIT Global First Singapore-listed REIT with Europe-focused Mandate Investment Mandate: Principally invests, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as re
Slide 6: Key Highlights
Key Highlights 2 Bonn Campus 6
Slide 7: Key Highlights
Key Highlights ▪ 2H2020 net property income increased by 13.2% YoY to €17.2m due mainly to the consolidation of the operating results of the Spanish properties, following the completion of acquisition of the balance 60% interest on 22 Oct 2020. ▪ 2H2020 DPU after retention increased 18.5% YoY to 2.1
Slide 8: Operating & Financial Performance
Operating & Financial Performance Variance Variance (€ ‘000) 2H2020 2H2019 FY2020 FY2019 (%) (%) Gross Revenue 19,856 17,762 11.8 37,821 35,265 7.2 Property Operating Expenses (2,627) (2,542) 3.3 (4,927) (4,603) 7.0 Net Property Income 17,229 15,220 13.2 32,894 30,662 7.3 Income Available for Distri
Slide 9: Distribution Per Unit
Distribution Per Unit Variance Variance Distribution Per Unit (Restated) 2H2020 2H2019 FY2020 FY2019 (%) (%) Before Retention - € cents 1.55 1.32 17.4 3.59 3.37 6.5 - S$ cents 1 2.42 2.04 18.6 5.61 5.30 5.8 After Retention - € cents 1.39 1.19 16.8 3.21 3.03 5.9 - S$ cents 1 2.18 1.84 18.5 5.03 4.77
Slide 10: Distribution Details
Distribution Details Distribution Period 1 Jul 2020 to 31 Dec 2020 Distribution per Unit (DPU) 2.18 Singapore cents Ex-Date 4 Mar 2021 (Thursday) Books Closure Date 5 Mar 2021 (Friday) Payment Date 12 Mar 2021 (Friday) 10
Slide 11: Financial Position
Financial Position € ‘000 As at 31 Dec 2020 As at 31 Dec 2019 Variance (%) Investment Properties 719,580 574,900 25.2 Total Assets 769,029 636,377 20.8 Borrowings 264,628 231,453 14.3 Total Liabilities 327,286 282,084 16.0 Net Assets Attributable to Unitholders 441,743 354,293 24.7 NAV per Unit (€/u
Slide 12: Capital and Currency Management
Capital and Currency Management As at 31 Dec As at 31 Dec Debt Maturity Profile € ‘000 2020 2019 € ’million 267.7 Gross Borrowings 267.7 232.8 Outstanding (€’m) Aggregate Leverage 1 34.8% 39.3% Effective Interest 1.8% 1.8% Rate per Annum 2 Interest Coverage 7.4x 8.7x Ratio 1 Weighted Average 5.3 yea
Slide 13: Portfolio Summary
Portfolio Summary 3 Darmstadt Campus 13
Slide 14: German Portfolio
German Portfolio BERLIN BONN DARMSTADT MÜNSTER CONCOR TOTAL CAMPUS CAMPUS CAMPUS CAMPUS PARK City Berlin Bonn Darmstadt Münster Munich 1978 and fully Completion Year 1994 2008 2007 2007 refurbished in 2011 Ownership 100.0% 100.0% 100.0% 100.0% 100.0% Lettable Area (sqm) 79,097 32,736 30,371 27,204 3
Slide 15: Spanish Portfolio
Spanish Portfolio SANT CUGAT DELTA NOVA IV DELTA NOVA VI IL∙LUMINA TOTAL GREEN City Madrid Madrid Barcelona Barcelona 2005 and 2005 and 1970s and fully Completion Year refurbished refurbished 1993 redeveloped in 2004 in 2015 in 2015 Ownership 100.0% 100.0% 100.0% 100.0% Lettable Area (sqm) 10,256 14
Slide 16: Portfolio Lease Profile
Portfolio Lease Profile Blue-Chip Tenant Mix Stable Leases Key Tenants 1 Lease Break & Expiry Profile Weighted Average Lease Expiry: 3.5 years 1 22.1% 32.5% 31.7% 24.6% 25.2% 39.1% 21.4% 3.2% 18.8% 18.9% 3.3% 5.1% 10.1% 7.1% 3.7% 3.3% 2.7% 27.2% GMG - Deutsche Telekom Deutsche Rentenversicherung Bun
Slide 17: Market Review
4 Market Review Münster Campus 17
Slide 18: German Office Market
German Office Market Office Rents Remained Stable Despite Lower Take-Up in Space Office Take-up of Selected German City Centres 1 Germany Office Investment Volume 2 ▪ The take-up in the key German office markets declined by 34% YoY to 2.7m sqm in 2020 as a result of the COVID-19 pandemic and ongoing
Slide 19: Spanish Office Market
Spanish Office Market Office Asset Class Still in Demand Despite the Decline in Investments Office Take-up in Madrid 1 Office Take-up in Barcelona 2 ▪ The office letting volume in Madrid fell 43% YoY to 350,414 sqm in 2020, while that in Barcelona fell 55% to 178,559 sqm. This led to a 60bp increase
Slide 20: COVID-19 Update
COVID-19 Update German Portfolio Spanish Portfolio ▪ While the COVID-19 infection rates have been ▪ The lockdown in Spain is effective until 9 May 2021 declining in the recent weeks, Germany has again and the regional governments will decide on the extended most of its lockdown restrictions, which m
Slide 21: Looking Ahead
5 Looking Ahead Concor Park 21
Slide 22: Looking Ahead
Looking Ahead ▪ The COVID-19 pandemic and global macroeconomic uncertainty have led to a significant reduction in the European commercial real estate letting demand and investment volume in 2020. Macro ▪ With the extension of the lockdown and strict social distancing restrictions in several Economy
Slide 23: 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 23