Slide 1: Half Year Results to 30 September 2021
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Slide 2: Agenda
AGENDA RESULTS HIGHLIGHTS 3 GERALD KAYE FINANCIALS 13 TIM MURPHY SUSTAINABILITY 19 MATTHEW BONNING-SNOOK PORTFOLIO HIGHLIGHTS 23 FOUR MATTHEW BONNING-SNOOK MILESTONES AND SUMMARY 29 GERALD KAYE QaA 31 aes = Ny [ete => ADDITIONAL ANALYSIS 32 @helicalplc | Helical plc | helical.co.uk 2
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Slide 4: Results Highlights
RESULTS HIGHLIGHTS PROFIT BEFORE TAX £31.0m (2020: Loss of £12.7m) EPRA NTA PER SHARE 551p +3.4% (31 March 2021: 533p) PORTFOLIO NET VALUATION/SALE GAIN £29.8m (2020: Loss of £4.5m) INTERIM DIVIDEND PER SHARE 2.90p +7.4% (2020: 2.70p) NET RENTAL INCOME EPRA EARNINGS PER SHARE (2020: -2.5%) £14.1m 0.
Slide 5: Future of the Office
FUTURE OF THE OFFICE “If you still own brown buildings when the music stops you will be onan expensive journey” (GRESB Conference Oct 2021) e Letting market has emerged from Covid induced hibernation e Flight to quality clear. Bifurcation between the best, green buildings, and the rest, ‘brown’ buil
Slide 6: Market Comment
MARKET COMMENT * Activity returning to Central London. TfL estimate business journeys circa 75% of pre Covid level * Central London Q3 take up rising - up 58% on Q2 at 2.7m sq ft. 12% below 10 year quarterly average* * Q3 under offer up 42% to 3.9m sq ft - 22% above 10 i ( year average of 3.2m sq ft
Slide 7: Driving Value - Existing Portfolio
SqFt DRIVING VALUE - EXISTING PORTFOLIO e 96% of the office units have either been recently developed or refurbished e ~All core Helical buildings EPC rated ‘A’ or ‘B’ . Multi-let portfolio - maximise asset management e Building management to the highest standard . Buildings held as new - maintained
Slide 8: Driving Value - Lettings
DRIVING VALUE - LETTINGS The Warehouse & Studio 25 Charterhouse Square 33 Charterhouse Street Barts Square Retail Prime rents rising 18,319 sq ft in 3 units let in the period A further 9,268 sq ft let across two units at 25 Charterhouse Square since 30 September 2021 Portfolio vacancy of 11.2% The T
Slide 9: Driving Value - Existing Portfolio - Capturing the Reversion
DRIVING VALUE - EXISTING PORTFOLIO - CAPTURING THE REVERSION Contracted rent uplift Developments FY 2022 £1.7m 33 Charterhouse Street £8.6m | | London FY 2023 £7.9m Total £8.6m FY 2024 £0.5m, Total £10.1m Available space 1) other Trinity £0.8m Reversionary rent 25 Charterhouse Square £0.9m The Loom
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Slide 11: Impact of Market Movements on Our Values
IMPACT OF MARKET MOVEMENTS ON OUR VALUES Total see-through Total see-through percentage change change in portfolio in portfolio value value % £m Equivalent Yield 4.8 - 50 bps 14.0 135.7 - 25 bps 6.6 641 + 25 bps (5.9) (57.3) + 50 bps (11.3) (109.3) ERV £69.60 psf +5.00% 49 47.4 +2.50% 2.4 23.6 -2.50
Slide 12: London remains a World City
London remains a World City Demand for offices continues A green premium for best new sustainable buildings and a ‘brown’ discount for poorer quality buildings Development - ground up or refurbishment - will generate extra returns Helical existing portfolio new and sustainable Ambition to double Net
Slide 13: Financials
FINANCIALS TIM MURPHY » io Se View from 33 Charterhouse Street, EC1 @helicalple | Helical ple | helical.co.uk 1B
Slide 14: EPRA and IFRS Profit
EPRA AND IFRS PROFIT & £4.6m 35.0 30.0 25.0 20.0 15.0 Interim Dividend Increase of 7.4% to 2.90p (2020: 2.70p) 10.0 5.0 7 Net Rents Development Administration Net finance EPRA Tax EPRA Net Expense on Financial JV tax Other IFRS Tax IFRS profits/(losses) costs costs adjustments —_profit/(loss)__gain/
Slide 15: EPRA Net Tangible Assets per Share - Up 3.4%
Pence EPRA NET TANGIBLE ASSETS PER SHARE - UP 3.4% 575 565 555 545 535 525 515 505 495 485 IFRS TAR - 3.9% EPRA TAR - 5.1% 475 NTA - 31 March EPS Investment Expense on Tax Dividends Other NTA - 30 2021 gains/(losses) cancellation of September 2021 loans 2021 523.8p (1.0p) (3.8p) - (6.6p) (6.0p) (1.6
Slide 16: Debt Summary
DEBT SUMMARY + Kaleidoscope refinanced into our £400m RCF and £50m development facility repaid and cancelled + The one-year extension option on the RCF was exercised during the September March 2021 2021 exercised in July 2022 Total facilities £569.0m £622.7m At 30 September 2021: £m Utilised facilit
Slide 17: Interest Rate Hedging
INTEREST RATE HEDGING Interest Amount Maturity Rate Fixed Rate Debt £80.25m Dec 24 3.45% £69.90m Jul 24 4.95% Total Fixed Rate £150.15m Sept 24 Interest Rate Swaps £50.00m Apr 24 3.03% £50.00m Aug 24 2.48% £50.00m Aug 24 2.45% £50.00m Jun 26 3.37% £50.00m Jul 26 2.45% £50.00m Jul 26 2.40% Total Swap
Slide 18: Summary of Financial Position
SUMMARY OF FINANCIAL POSITION NET ASSET VALUE £622.6m (31 March 2021: £608.2m) NET DEBT £227.1m (31 March 2021: £193.9m) LOAN TO VALUE 25.2% (31 March 2021: 22.6%) NAV GEARING 36.5% (31 March 2021: 31.9%) CASH AND UNDRAWN FACILITIES £336.5m (31 March 2021: £423.0m) WEIGHTED AVERAGE COST OF DEBT 3.6%
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Slide 20: Sustainability Benchmarks
J SUSTAINABILITY BENCHMARKS ale ~ a “Carbon Neutral” Company 30 September 2021 31 March 2021 aw GRESB % < 85/100 4* 76/100 3* Ge ESS JB (awaiting MSCI ESG M S i | AAA 2021/22 score AAA - Mar 2022) (awaiting CDP We DP B 2021/22 score B » > | - Dec 2021) EPRA Sustainability Best E P R A Gold Silver Pr
Slide 21: Portfolio Energy Performance & BREEAM Certification by Value
PORTFOLIO ENERGY PERFORMANCE & BREEAM CERTIFICATION BY VALUE * 99% EPC A orB by value * 85% BREEAM ‘Outstanding’ or ‘Excellent’ by value The Loom EPC ‘A’ and 2018 BREEAM ‘Outstanding’ (on Trinity track) EPC ‘B’ and 2014 BREEAM ‘Excellent’ EPC ‘B’ and not BREEAM assessed (BREEAM ‘In Use’ underway at
Slide 22: Sustainability - Strategy
SUSTAINABILITY - STRATEGY Designing for Net Zero/ ™ Built for the Future - launched in June 2020 - sets out Helical’s long term vision and a series of short and medium term targets as the business transitions to a low carbon business Designing for Net Zero - launched in April 2021 - a guide to aid H
Slide 23: Asset Management Initiatives (1)
ASSET MANAGEMENT INITIATIVES (1) THE BOWER, EC1 The Tower 171,432 sq ft (17 floors) The Warehouse 122,858 sq ft (9 floors) The Studio 18,283 sq ft (4 floors) * 9,572 sq ft available (Tower - 12" floor - Infosys break) * 2,524 sq ft restaurant unit (previously Enoteca) under offer + 17% floor let to
Slide 24: Asset Management Initiatives (2)
ASSET MANAGEMENT INITIATIVES (2) THE LOOM, EC1 108,612 sq ft (8 floors) * Three tenants (14,258 sq ft) have extended their leases at a combined 2.6% uplift to contracted rent * 26,949 sq ft available across 10 units + 75% let at present TRINITY, MANCHESTER 58,760 sq ft (9 floors) * 26,190 sq ft avai
Slide 25: Rent Collection & Occupier Return
RENT COLLECTION & OCCUPIER RETURN Office Occupiers (period to date) % of Total Rent Demanded Rent Collected Under Discussion Concession Granted 96.7% 94.3% 3.2% 2.5% Food & Beverage Occupiers (period to date) % of Total Rent Demanded Rent Collected Under Discussion Concession Granted 3.3% 83.1% 5.1%
Slide 26: Occupier Return
OCCUPIER RETURN “The team are content with the office space - primarily because of its reliability thus far but also because of the high quality. Our continued return to the office vs WFH is testament to that. Visitors also frequently comment on the premium finish and design of the office.” “It is a
Slide 27: Charterhouse Street, EC1
33 CHARTERHOUSE STREET, EC1 Major development site acquired in a 50:50 joint venture with AshbyCapital in May 2019 Prominent corner site opposite future Museum of London and adjacent to Farringdon Station 205,369 sq ft of offices over ground plus ten floors and ground floor retail Achieved Uk’s firs
Slide 28: Portfolio - Summary
PORTFOLIO - SUMMARY New lettings Change to Contracted rent 31 March 2021 Area (Helical's share) Rent psf ERV Sa ft £ £ % The Tower, The Bower, EC1 11,327 962,965 85.02 -0.2% 55 Bartholomew, EC1 1,404 82,062 N/A* N/A* Trinity, Manchester 5,588 193,492 34.63 1.8% Total to 30 September 2021 18,319 1,23
Slide 29: Milestones
MILESTONES 2021/2022 MILESTONES ACHIEVED REMAINING LET VACANT SPACE 18,319 SQ FT LET ACROSS 3 UNITS FURTHER 9,268 SQ FT LET SINCE 30 SEPT AT 25 CHARTERHOUSE SQUARE LET REMAINING VACANT SPACE INCLUDING: 26,190 SQ FT AT TRINITY; 26,949 SQ FT AT THE LOOM; AND 5,968 SQ FT AT 55 BARTHOLOMEW SELL RESIDENT
Slide 30: Highly experienced platform
Highly experienced platform to * Maximise potential of existing new Grade A EPC rated ‘A’ or ‘B’ and BREEAM ‘Outstanding’ or ‘Excellent’ portfolio « Acquire new opportunities to redevelop or refurbish to create best in class buildings required by occupiers seeking the most sustainable space in their
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Slide 32: @helicalpic
@helicalpic | Helical plc | helical.co.uk
Slide 33: Additional Analysis
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Slide 34: Investing with Helical
INVESTING WITH HELICAL We create buildings for today’s occupiers who demand more inspiring and flexible space, market leading amenities, high quality management and with sustainability and wellness at their core. Applying this philosophy, we seek to maximise Shareholder returns through delivering in
Slide 35: Barts Square, EC1
BARTS SQUARE, EC1 PHASE 1 - RESIDENTIAL/RETAIL * 144 apartments and 3,194 sq ft retail * 143 apartments sold/exchanged, 1 apartment remains available * Restaurants - let to Stem + Glory and Halfcup * Winner of Good Neighbour Award at the prestigious 2021 Housing Design Awards PHASE 2 - RESIDENTIAL/R
Slide 36: The Warehouse and Studio
* 141,141 sq ft offices and 10,298 sq ft restaurants * Two further rent reviews have now completed in The Warehouse and The Studio with a 18% average uplift achieved * Office tenants: CBS Stripe Farfetch Allegis VMware Dentsu * BREEAM ‘Excellent’ and Wiredscore Platinum Passing rent 8.3 Contracted r
Slide 37: The Tower, The Bower, EC1
THE TOWER, THE BOWER, EC1 * 171,432 sq ft offices: Verkada 11,327 sq ft Incubeta 11,306 sq ft Snowflake 9,568 sq ft OpenPayd 10,046 sq ft Infosys 30,907 sq ft Farfetch 29,671 sq ft WeWork 59,035 sq ft 17 floor 16 floor 14 floor 13 floor 10-11, 15 floor 7-9 floor 1-6 floor * 12th floor of 9,572 sq ft
Slide 38: 25 Charterhouse Square
* 42,921 sq ft over ground plus six floors * The recently refurbished 1st floor and one of the two ground floor units have been let to Entain Marketing at £7713 psf * One ground floor unit remains available either for office or retail use + 155 year leasehold interest with 10% ground rent + BREEAM ‘
Slide 39: The Loom, E1
THE LOOM, E1 * 108,612 sq ft listed office former Victorian wool warehouse + 75% let at present * 26,949 sq ft available across 10 units * Achieving rents of £55.00 psf + 95% of all units have now been extensively refurbished + RIBA London and National Award, AJ Retrofit Award and Brick Awards KEY R
Slide 40: EPRA Performance Measures
EPRA PERFORMANCE MEASURES At At 30 a 2021 31 March 2021 EPRA net reinstatement value per share 578p 560p EPRA net disposal value per share 496p 485p -EPRANAV per share 880 EPRA net initial yield 3.2% 3.2% -EPRA ‘topped up'netinitial yilh a EPRA vacancy rate 8.2% Half Year to Half Year to 30 ~ 2021 3
Slide 41: EPRA Earnings, EPRA NAV/NTA and Dividends
EPRA EARNINGS, EPRA NAV/NTA AND DIVIDENDS e g 40 33.3 EPRA EARNINGS & 20 71 || “ 24 24 0s 0.9 oe 24 Os = 09 = | 18 -7.0 -8.4 -20 2013 2014 2015 2016 2017 2018 2019 2020 2021 H1 2022 EPRA NAV/NTA 8 600 494 524 533 551 &§ 500 456 473 468 385 400 313 300 264 200 100 ° 2013 2014 2015 2016 2017 2018 2019
Slide 42: Financial Highlights
FINANCIAL HIGHLIGHTS SEE-THROUGH INCOME STATEMENT. September 2021 September 2020 Total property return - Net rental income £14.1m £11.9m - Development property profits/(losses) £1.0m (£0.5m) - Gain/(loss) on revaluation of investment properties £29.9m (£4.0m) - Loss on sale of investment properties
Slide 43: See-through Balance Sheet
SEE-THROUGH BALANCE SHEET 30 SEPTEMBER 2021 31 MARCH 2021 Group Joint Ventures Total NAV per share Total NAV per share £m £m £m p £m p Investment properties 781.4 107.5 888.9 839.4 Land and development stock (fair value) 0.7 12.3 13.0 17.6 Property portfolio 782.1 119.8 901.9 857.0 Net debt (227.1)
Slide 44: See-through Income Statement
SEE-THROUGH INCOME STATEMENT 30 SEPTEMBER 2021 30 SEPTEMBER 2020 Group Joint Ventures Total Total £m £m £m £m Net rental income 14.0 0.1 14.1 1.9 Development property profit/(loss) 1.0 - 1.0 (0.5) 15.0 0.1 15.1 11.4 Administration expenditure (7.2) (0.2) (7.4) (5.5) Net finance costs (7.5) (0.3) (7.
Slide 45: Net Cash Flow Movements
NET CASH FLOW MOVEMENTS September March 2021 2021 £m £m Capex (9.8) (16.3) Net disposal (costs)/proceeds (0.1) 13.2 Other cash flow movements (0.6) (0.8) Net (decrease)/increase in cash (19.6) 79.8 Cash at end of period 134.8 154.4 fm FORECAST CAPITAL EXPENDITURE 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0
Slide 46: Loan to Value and Gearing
LOAN TO VALUE AND GEARING § £1,400 = 1,240 1,205 £1,200 £1,000 £800 PORTFOLIO VALUE £600 £400 £200 NET DEBT £0 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H 2022 Shareholders’ Fonds (Em 254 341 404 481 517 534 567 598 608 623 oo m7 107.2 1315 1418 119.9 68.0 473 49.9 319 36.5 70 60 50 40 30 20 10
Slide 47: Impact of Forecast Capital Expenditure and Capital Receipts
IMPACT OF FORECAST CAPITAL EXPENDITURE AND CAPITAL RECEIPTS Forecast Contracted Capex to Sales to Pro forma! 30 September 31 March 31 March 31 March 2021 2023 2023 2023 Portfolio fair value £901.9m £32.4m (£1.5m) £932.8m Net debt £227.1m £32.4m (£1.5m) £258.0m Pro forma Loan to Value 25.2% 2.6% (0.1
Slide 48: Portfolio Metrics (1)
PORTFOLIO METRICS (1) Fair Capital Value Vacancy September 2021 Valuation Value psf Rate WAULT Change Investment Portfolio £m % £ % Years % London Offices: - Completed, let and available to let 767.1 86.3 1,260 8.0 6.6 3.1 - Being redeveloped 94.0 10.6 915 n/a n/a 11.6 Total London 861.1 96.9 1174 8
Slide 49: Portfolio Metrics (2)
PORTFOLIO METRICS (2) EPRA True Passing Contracted Change in ‘Topped Up’ Equivalent Reversionary Rent Rent ERV ERV LfL NIY Yield Yield Investment Portfolio £m £m £m % % % % London Offices: - Completed, let and available to let 26.9 36.5 41.7 0.2 44 49 49 - Being redeveloped 0.0 0.0 8.6 0.0 n/a 46 5.
Slide 50: Portfolio Metrics (3)
PORTFOLIO METRICS (3) EPRA ‘Topped Up’ Net Initial Yield London Total - 2016 5.01 6.12 Yield 2017 4.70 5.69 2018 4.51 478 7.00 2019 47 47 2020 3.89 3.97 2021 4.55 4.47 650 1H 2022 4.40 4.36 6.00 True Equivalent Yield London Total 5.50 2016 5.62 6.37 2017 5.27 5.85 2018 5.30 5.52 5.00 2019 5.09 5.24
Slide 51: Rental Collection
RENTAL COLLECTION The Group has maintained high rent collection figures throughout the Covid-19 pandemic Rent collection for the September quarter is currently at 94.5% and is expected to reach 99% once payment plans are agreed and settled Rent collection for the year to date is 93.9% and is anticip
Slide 52: Lease Expiries or Tenant Break Options
LEASE EXPIRIES OR TENANT BREAK OPTIONS Half Year to Year to Year to Year to Year to After 2022 2023 2024 2025 2026 2026 Rent Roll (%) 49 12.8 12.0 3.3 1.0 66.0 Number of Leases 14 7 13 5 4 36 Average Rent per Lease (£) 130,427 282,514 345,794 248,270 97,478 684,580 i Ms t Barts Square; EC1 @helicalp
Slide 53: Rental Income and Rental Reversion
RENTAL INCOME AND RENTAL REVERSION £m £m 14.9 2010 17.9 201 33.3 28.4, 31 March 2011 NET RENTAL INCOME 47.0 43.4 38.6 36.1 298 285 25.2 209 24.5 : 2012 2013 2014 2015 2016 2017 2018 2019 2020 RENTAL REVERSION 81.0 716 60.3, . 595 gay as 60.0 cn 48.4 ” 35.2 36.7 355 332 376 378 | I | il | | | | 31 Ma
Slide 54: Investment Portfolio Key Statistics
INVESTMENT PORTFOLIO KEY STATISTICS See-through Total Portfolio Contracted Rent £m Rent lost at break/expiry - Covid related (0.6) Rent lost at break/expiry - Non-covid related (1.0) Rent reviews and uplifts on lease renewals 0.2 New lettings - London 1.0 New lettings - Manchester 0.2 Total decrease
Slide 55: Tenant Make-up
TENANT MAKE-UP Consumer goods 1% Consumer services 1% ee Online retailing - Fashion 12% Law Human Resources 1% 4% Financial Products 5% T Consultancy Flexible offices 1% Government/Charity 1% Food & Beverage 2% Advertising/Marketing 8% Software and Computer Services 34% Business Consultancy 1% Other
Slide 56: Top Tenants
TOP 15 TENANTS Rank Tenant Tenant Industry Contracted Rent £m Rent Roll % 1 TikTok Technology 76 20.3 2 Farfetch Online retail 3.9 10.5 3 WeWork Flexible offices 3.8 10.2 4 Infosys Technology 3.2 85 5 VMware Technology 2.0 53 6 Anomaly Marketing 14 3.7 7 Denstu Media 1 28 8 CBS Media 1.0 2.8 9 Alleg
Slide 57: Property Portfolio
PROPERTY PORTFOLIO Area sq ft (NIA Total vacancy rate at Total vacancy rate at excluding 30 September 2021 31 March 2021 London Portfolio - Investment Properties Description storage) % % Completed, let and available to let The Warehouse and Studio, The Bower EC1 Multi-let office building 151,439 0.0
Slide 58: Disclaimer
DISCLAIMER Whilst we have taken all reasonable care to ensure that the information and material contained in this presentation is accurate at the time of its distribution, no representation or warranty, express or implied, is made as to its accuracy or completeness. The presentation should not be co
Slide 59: Helical contact details
HELICAL 5 Hanover Square London WIS 1HQ 0207 629 O13 www.helical.co.uk @helicalplc reception@helical.co.uk @helicalple | Helical ple | helical.co.uk 59