Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — FY 2024 Earnings Presentation
82 slides from Aroundtown Sa's earnings presentation, Mar 26, 2025
Slide 1: FY 2024 Financial Results
FY 2024 FINANCIAL RESULTS MARCH 2025 CORINTHIA (ATHENS) AROUNDTOWN SA
Slide 2: Table of Contents
PARIS TABLE OF CONTENTS HIGHLIGHTS HIGHLIGHTS OPERATIONS AND PORTFOLIO OPERATIONS AND PORTFOLIO FINANCIAL RESULTS FINANCIAL RESULTS BALANCE SHEET CAPITAL STRUCTURE BALANCE SHEET & CAPITAL STRUCTURE GUIDANCE GUIDANCE APPENDIX APPENDIX Portfolio Capital Markets − Portfolio & Capital Markets ESG − ESG
Slide 3: Highlights
Hamburger Menu Icon with solid fill HIGHLIGHTS I TOP TIER LOCATIONS BERLIN FRANKFURT COLOGNE AROUNDTOWN SA 3
Slide 4: FY 2024 Financial Highlights
FY 2024 FINANCIAL HIGHLIGHTS OPERATIONAL RESULTS CONSERVATIVE DEBT PROFILE & FINANCIAL DISCIPLINE o NET RENTAL INCOME / RENT LIKE-FOR-LIKE o ADJUSTED EBITDA o CASH AND LIQUID ASSETS o STRONG ACCESS TO CAPITAL €3.6bn €3.0bn €1.5bn €4.1bn €1,181m 2.9% €1,014m Raised Incl perpetual note exercises DEC20
Slide 5: Progress and Market Improvement in 2024, Well Positioned for 2025
STRONG RESULTS SUPPORTED BY OPERATIONAL GROWTH AND IMPROVEMENT IN THE MARKET PROGRESS AND MARKET IMPROVEMENT IN 2024 WELL POSITIONED FOR 2025 Continued strong operational momentum, mainly from residential and PRIORITIES hotels while vacancy remained stable • Strengthen credit rating through addition
Slide 6: Like-for-like rental growth
SOLID OPERATIONAL GROWTH DRIVEN BY DIVERSE DRIVERS ACROSS EACH ASSET CLASS LFL RENTAL GROWTH 2.9% 4.4% 2.9% 1.8% Residential Hotel Office In 2024 RESIDENTIAL & HOTEL 56% OFFICE 38% by value by value Residential: • Benefiting from structural supply-demand gap in portfolio locations • Steady and predi
Slide 7: Successful Capital Market Activities and Proactive Liability Management
SUCCESSFUL CAPITAL MARKET ACTIVITIES AND PROACTIVE LIABILITY MANAGEMENT STRENGTHENED FINANCING PLATFORM PROCEEDS USED FOR LIABILITY THROUGH RETURN TO CAPITAL MARKETS MANAGEMENT ACTIVITIES Largest RE IG-rated issuer in 2024 in Europe Optimizing the capital structure & debt maturity profile • €1.15bn
Slide 8: Property Valuations Recovery in 2024
PROPERTY VALUATIONS RECOVERY IN 2024 2024: -0.5% LIKE-FOR-LIKE PROPERTY VALUATIONS RECOVERY STARTING IN H2 2024 REVALUATIONS WITH +1.9% in H2 2024 DRIVEN BY: ASSET TYPE H2 2024 FY 2024 LFL VALUE LFL VALUE (DEC 2024 VS JUN 2024) (DEC 2024 VS DEC 2023) ➢ Operational Growth: TOTAL +1.9% -0.5% • Partial
Slide 9: ESG Progress
ESG PROGRESS ENVIRONMENT SOCIAL GOVERNANCE, AWARDS & INDICES o Green Certifications o Inclusion in Indices o Donations to over 100 Projects MDAX ESG+ o 65% (vs 36%) Office portfolio (vs FY 2023 Supporting meaningful charity projects with Bloomberg Gender Equality Index report) local partners DJSI Eu
Slide 10: Operations & Portfolio
Hamburger Menu Icon with solid fill OPERATIONS & PORTFOLIO I TOP TIER LOCATIONS COLOGNE DAVOS DAVOS STUTTGART AMSTERDAM AROUNDTOWN SA 10
Slide 11: Continuous Disposal Progress
CONTINUOUS DISPOSAL PROGRESS €935m SIGNED o STRENGTHENING THE BALANCE o ABILITY TO SELL DURING SHEET SUPPORTING DELEVERAGING DIFFICULT MARKET DURING 2024 around book value AND INCREASING HEADROOM FOR CONDITIONS ca. €10bn was signed for disposal since the GROWTH OPPORTUNITIES OF WHICH €330 MILLION SI
Slide 12: 94% Office/Residential/Hotel, 88% in Germany, the NL & London
HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS 94% OFFICE/RESIDENTIAL/HOTEL, 88% IN GERMANY, THE NL & LONDON, well-balanced with strong diversification among asset types with diverse fundamentals well-diversified across top tier cities with a focus on central locations
Slide 13: Defensive Portfolio with Strong Tenant Structure
DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE DEC 2024 Investment Lettable area Annualized EPRA Vacancy In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT (years) Portfolio by asset type property (€m) (k sqm) net rent (€m) Office 8,268 2,993 12.7% 431 13.3 2,763 5.2% 4.3 Residential 7,802 3,50
Slide 14: Office Portfolio: Performance and Market Tailwinds
OFFICE PORTFOLIO OFFICE 38% 1.8% LFL Rental growth 2024 YOY Driven by indexation and rent reversion, partially offset by slight PERFORMANCE decline in occupancy 65% Green Certified Top 4 cities: 60% Berlin, Frankfurt, Munich and Amsterdam Office take-up growth continues at a low level, with MARKET t
Slide 15: German Office Market
GERMAN OFFICE MARKET POSITIVE MOMENTUM AND SENTIMENT, ALBEIT STILL BELOW LONG-TERM AVERAGE Office take-up grew 4% YoY in Germany Return-to-Office rate is at 89% in the Top 5, but still below long-term average. Vacancy rose to 6.8%2) slightly below German Big 7 markets, which Expected to increase 8%
Slide 16: Capturing Operational Upside from Office Conversions
CONVERTING SELECT OFFICE PROPERTIES INTO ATTRACTIVELY LOCATED SERVICED APARTMENTS CAPTURING ADDITIONAL OPERATIONAL UPSIDE FROM OFFICE CONVERSIONS TO FUEL MID-TERM GROWTH Expected Handover City No. of Rooms Permit Status Date Market Opportunity: ❑ Capturing the increasing demand for other uses such a
Slide 17: Focus on Innovation in Real Estate
FOCUS ON INNOVATION IN REAL ESTATE Touchdown concept In the beginning there were two spaces; the home and the office. in ground floor office lobbies Then came the third space. ATworld offers a new progressive way of working. A flexible, connected and ownable space; the fourth space. Not just a futur
Slide 18: Residential Portfolio: Performance and Market Tailwinds
RESIDENTIAL PORTFOLIO RESI 34% 4.4% LFL Rental growth 2024 YOY PERFORMANCE Low vacancy of 3.5% as of Dec 2024 Focus on large metropolitans Across densely populated Declining supply vs increasing demand areas in Germany and London MARKET Number of approved apartments fell to 215,900, the lowest level
Slide 19: Hotel Portfolio: Positive Momentum and Outlook
HOTEL PORTFOLIO HOTEL 22% 2.9% LFL Rental growth 2024 YOY Well-diversified across large European tourism POSITIVE RevPAR growth is expected to remain at moderate but and business destinations MOMENTUM healthy levels 1) AND Over 150 hotels Steady growth in international arrivals and overnight With lo
Slide 20: Significant Internal Growth Potential from Hotel Repositionings
SIGNIFICANT INTERNAL GROWTH POTENTIAL FROM SUCCESSFUL HOTEL REPOSITIONINGS Cardo Brussels New Lobby Complete refurb, repositioning and rebranding into Cardo Roma, Autograph collection by Cardo Roma: Marriot. Further potential by upgrading ca. 260 rooms Complete refurb, repositioning and rebranding i
Slide 21: Shaping the Future of Real Estate: ATechX
SHAPING THE FUTURE OF REAL ESTATE ATechX is Aroundtown’s PropTech Accelerator Goal: - Accelerating the growth of innovative PropTech startups by providing access Together with prominent global Proptech VCs to AT's vast portfolio, network, resources and expertise & RE Investors: - Making a substantia
Slide 22: Capex During 2024
CAPEX DURING 2024 Activities that are targeted at creating additional income drivers or significant EXPANSION CAPEX 40% value generation potential which may (36% in 2023) €346m result in additional lettable space or enhancement of the existing space 1.4% ratio over avg MARRIOTT PARIS investment prop
Slide 23: Turnaround Capital: European Opportunistic Real Estate Fund
TURNAROUND CAPITAL (TAC): EUROPEAN OPPORTUNISTIC REAL ESTATE FUND BACKED BY AROUNDTOWN MARKET DYNAMICS AND European real estate faces pressure from debt refinancings, post-COVID capex backlogs, ESG demands, and fund lifecycle OPPORTUNITY ends, thereby driving price dislocations and forcing liquidati
Slide 24: Financial Results
Hamburger Menu Icon with solid fill FINANCIAL RESULTS I TOP TIER LOCATIONS DRESDEN FRANKFURT BERLIN AROUNDTOWN SA 24
Slide 25: Profit and Loss
PROFIT AND LOSS 1-12/2024 1-12/2023 in € millions LFL Net rental income growth NET RENTAL INCOME 1,180.9 1,192.8 Operating and other income 361.4 410.0 REVENUE 1,542.3 1,602.8 PROPERTY REVALUATIONS AND CAPITAL GAINS / (LOSSES) (125.4) (3,217.5) +2.9% Total LFL Net rental income growth 2024 Share of
Slide 26: Adjusted EBITDA, FFO I & FFO II
ADJUSTED EBITDA, FFO I & FFO II 1-12/2024 1-12/2023 in € millions Operating profit / (loss) 758.5 (2,467.6) Adjusted EBITDA before JV contribution (in €m) Total depreciation and amortization 20.2 17.9 EBITDA 778.7 (2,449.7) 946 +0% 946 Property revaluations and capital gains / (losses) 125.4 3,217.5
Slide 27: Balance Sheet & Capital Structure
Hamburger Menu Icon with solid fill BALANCE SHEET & CAPITAL STRUCTURE I TOP TIER LOCATIONS LEIPZIG BERLIN ROTTERDAM AROUNDTOWN SA 27
Slide 28: EPRA NAV KPIs
EPRA NAV KPI’S EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) Dec 2024 Dec 2023 EPRA NRV (/ps) EPRA NTA (/ps) in € millions unless otherwise indicated EPRA NTA +1% EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 7,630.2 7,643.3 +1% 9,921 10,032 8,059 8,165 Deferred tax liabilities 1,597.3
Slide 29: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE LOW LEVERAGE (LTV) FINANCING SOURCES MIX UNENCUMBERED INVESTMENT PROPERTIES Company BOD guidance of 45% 45% €17.9bn 43% 42% Straight bonds €16.9bn HEALTHY 41% 41% €12.0bn €12.0bn BALANCE Loans & borrowings SHEET 7% 8% €2.2bn €2.5bn Equity 52% 51% €15.1bn €15.0bn 74% 71
Slide 30: Well Distributed Debt Maturity Profile
WELL DISTRIBUTED DEBT MATURITY PROFILE DEBT MATURITY PROFILE – excluding perpetual notes 2,500 Straight bond Bank debt 2,000 Repayments 2025 YTD € Millions 1,500 1,000 500 0 Bank debt and €1.6bn €2.4bn €2.0bn €3.08bn €2.49bn €0.83bn €0.47bn €0.82bn €0.36bn €0.14bn €0.00bn €0.00bn €0.00bn €0.2bn €0.2
Slide 31: Guidance
Hamburger Menu Icon with solid fill GUIDANCE I TOP TIER LOCATIONS BERLIN DÜ̈SSELDORF MAINZ AROUNDTOWN SA 31
Slide 32: 2025 Guidance
2025 GUIDANCE FY 2025 GUIDANCE FFO I €280 million – €310 million FFO I per share €0.26 – €0.28 POSITIVE DRIVERS NEGATIVE DRIVERS o Conservative rent increase o Full year impact of 2024 and 2025 disposals o Impact of hotel repositioning efforts o Higher perpetual coupon payments compared to 2024, but
Slide 33: Appendix
Hamburger Menu Icon with solid fill APPENDIX I TOP TIER LOCATIONS EINDHOVEN/BRABANT (NETHERLANDS, CENTER PARCS) HAMBURG BERLIN AROUNDTOWN SA 33
Slide 34: Share Information
SHARE INFORMATION THE SHARE SHAREHOLDER STRUCTURE Frankfurt Stock Exchange Shares Placement held in (Prime Standard) treasury 1) 29% Free float Incorporation Luxembourg 46% Avisco Group/ Vergepoint 2) 15% 13.07.2015 First equity issuance Stumpf Capital (€3.2 per share) GmbH 3) 10% 1) 12% are held th
Slide 35: Investment Properties
INVESTMENT PROPERTIES DEC 2024 Investment Lettable area Annualized EPRA Vacancy In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT (years) Portfolio by asset type property (€m) (k sqm) net rent (€m) Office 8,268 2,993 12.7% 431 13.3 2,763 5.2% 4.3 Residential 7,802 3,506 3.5% 383 9.3 2,225 4.9% N
Slide 36: Best-in-Class Berlin Portfolio
BEST-IN-CLASS BERLIN PORTFOLIO Located in the best 85% TOP TIER neighborhoods of BERLIN 85% of the Group portfolio is located in top Strongly benefiting from the unique tier neighborhoods: dynamics & growth of Berlin’s most in Charlottenburg, Wilmersdorf, Mitte, demand neighborhoods, business areas
Slide 37: Office: 38% of the Portfolio
OFFICE PORTFOLIO – WELL-LOCATED IN TOP TIER CITIES OF GERMANY AND THE NETHERLANDS WELL-DIVERSIFIED OFFICE: 38% OF THE PORTFOLIO, with focus on top tier cities o No dependency on a single location, single tenant, single asset or single industry. Long lease structure with 4.3y WALT LARGEST LANDLORD o
Slide 38: Residential (GCP): 34% of the Portfolio
RESIDENTIAL PORTFOLIO GCP IS CONSOLIDATED AND THE CURRENT HOLDING RATE IS 62% RESIDENTIAL (GCP): 34% OF THE PORTFOLIO o Residential asset class is the Group’s second largest asset type after offices, providing the Group with a well-balanced portfolio breakdown. STABLE CASH FLOWS o German residential
Slide 39: Hotel: 22% of the Portfolio
HOTEL PORTFOLIO WELL-DIVERSIFIED HOTEL: 22% OF THE PORTFOLIO OVER 150 HOTELS: Mainly in top tier European cities o Across Europe with a focus on locations with large catchment areas 14.2 YEARS WALT o Long fixed contracts with no variable components with over 25 third-party hotel operators AROUNDTOWN
Slide 40: Strategic Top Tier Hotels in Strong Locations
STRATEGIC TOP TIER HOTELS IN STRONG LOCATIONS Hotel Rooms Brand Hotel Rooms Brand Hotel Rooms Brand Hilton Berlin Gendarmenmarkt Prime 623 NH Hotel Dortmund Prime Center 190 Mark Apart Berlin Prime Center Ku’damm 120 Center AC by Marriott Berlin Mitte 130 InterCity Hotel Dresden City Center 162 Bris
Slide 41: Logistics and Retail Portfolio
LOGISTICS AND RETAIL PORTFOLIO LOGISTICS: 2% OF THE PORTFOLIO RETAIL: 4% OF THE PORTFOLIO 4.8 YEAR WALT 4.5 YEAR WALT 4% of portfolio is retail, of which: • Over 1/4 is part of other asset types (ground floor retail, service areas, etc.) REDUCED SHARE REDUCED SHARE o Reduced from 7% in March 2020 du
Slide 42: Development & Invest Portfolio: 5% of Total Assets
DEVELOPMENT & INVEST PORTFOLIO: 5% OF TOTAL ASSETS Asset type Location Frankfurt Berlin 12% 32% 1 Identify potential Others 27% BERLIN BERLIN Building rights materialized into sellable 2 Crystallize gains permits: through sales: €0.9bn of disposals since 2021 BERLIN BERLIN Mostly major refurbishment
Slide 43: Overview of Selected Development Rights
OVERVIEW OF SELECTED DEVELOPMENT RIGHTS Lettable area Market rent Project name City Address Project type Planned use Status / capacity p.m. Conversion Berlin Kreuzberg Berlin Baerwaldstraße 36-37, 10961 with space addition Residential Pre-permit obtained 3k sqm €22/sqm Uhlandstraße 165,166; Refurbis
Slide 44: Attractive Investment in Globalworth
ATTRACTIVE INVESTMENT IN GLOBALWORTH – THE LEADING LISTED OFFICE COMPANY IN POLAND & ROMANIA RIGHT INVESTMENT VEHICLE GLOBALWORTH PRIME ASSETS & STRONG TENANT BASE IN THE CEE MARKET o Through a JV, AT and CPI hold together o GWI is a leader in the Polish & 61% of GWI’s shares. Romanian office market
Slide 45: Highest Rated German Commercial Real Estate Company
HIGHEST RATED GERMAN COMMERCIAL REAL ESTATE COMPANY S&P Ratings Matrix 1 2 Financial risk profile 3 4 5 6 FINANCIAL POLICY Minimal Modest Intermediate Significant Aggressi High ve Leverag ed 1 aaa/ bbb- o LTV guidance below 45% on a sustainable basis Excellent aa a+/a a- bbb Business risk profile aa
Slide 46: Capital Market Activity
CAPITAL MARKET ACTIVITY Capital market activity per year Capital market activity per issuance type 2015-2024 YTD €4.6bn €4.2bn €4.2bn €4.0bn €3.8bn Str. Bond €13.4bn €2.6bn €1.9bn Conv. Bond €0.8bn €1.2bn Equity €6.2bn €5.8bn €0.2bn 2015 2016 2017 2018 2019 2020 2021 2024 Equity (incl. Conversions)
Slide 47: Perpetual Notes
PERPETUAL NOTES PRE-EXCHANGES REDUCTION POST-EXCHANGES CHARACTERISTICS OF PERPETUAL NOTES NEXT RESET AMOUNT COUPON*** AMOUNT COUPON*** RESET RATE*** DATE NO MATURITY: 369m EUR 7.078% ➔ 90m EUR 7.078% 20 Jan 2028 4.625% + 5Y MS o Perpetual notes have no maturity date. 200m EUR (GCP) 6.332% ➔ 48m EUR
Slide 48: High Debt Covenant Headroom
HIGH DEBT COVENANT HEADROOM EMTN PROGRAMME CURRENT COVENANTS COVENANT (DEC 2024) o Covenants are calculated based on IFRS reported figures, treating the OVERVIEW perpetuals as 100% Equity. Thus, TOTEL NET DEBT / TOTAL NET ASSETS <=60% ✓ 36% o Each of the bond covenants is met with a perpetuals are n
Slide 49: Appendix - ESG
Hamburger Menu Icon with solid fill APPENDIX - ESG AnnTuS Lichterfelde Basketball e.V. Anna Meyer Kahlen Berlin, PV System Berlin, EV Charging Infrastructure I TOP TIER LOCATIONS AROUNDTOWN SA Finnegan Koichi Godenschweger, Kreuzberger Kinderstiftung gAG 49
Slide 50: Commitment to ESG
COMMITMENT TO ESG E CLEARLY SET TARGETS S SOCIALLY RESPONSIBLE G HIGH LEVEL OF GOVERNANCE Reduce GHG emissions by 40% by Strong commitment to maintain 2030 high tenant satisfaction Management oversight from Board of Directors (BoD) Promote sustainable water Increase employee retention and consumptio
Slide 51: AT's Long-Term ESG Targets
AT’S LONG-TERM ESG TARGETS UN Sustainable Development ESG TOPICS Goals (see here) Sub-topics Long-term targets • Achieve a 40% reduction in CO2 intensity by 2030 against the 2019 baseline, measured in CO2-equivalent emissions intensity, CO2e/m2 Climate Change Mitigation • Achieve a 20% reduction in
Slide 52: Green Building Certifications
ESG – ENVIRONMENT PART 1: ENERGY EFFICIENT BUILDINGS GREEN BUILDING CERTIFICATIONS Building upgrades with the goal to receive certifications (BREEAM, DGNB, LEED). Development/major refurbishments aimed to build for certification eligibility ➢ 47% of the commercial portfolio is certified ➢ 65% of off
Slide 53: GHG Emission Reduction
ESG – ENVIRONMENT PART 2: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT GHG EMMISSION REDUCTION ENERGY-IMPROVING INVESTMENTS Installation of Photovoltaics (PV), Combined Heat and Power (CHP), Combined Cooling, Heat & Power (CCHP), EV charging stations, smart meters, AI SWITCHING TO CLIMATE N
Slide 54: ESG – Environment Part 2: Energy Improving Investments
ESG – ENVIRONMENT PART 2: ENERGY IMPROVING INVESTMENTS Carbon reduction via installations of Photovoltaics Energy Efficient Heating EV Charging Stations energy efficient measures Generates carbon-free energy i.e. Combined Heat and Power Replaces carbon-intensive energy fuel These measures can reduce
Slide 55: Regular / Maintenance Capex Upgrade Energy Efficiency
ESG – ENVIRONMENT PART 2: REGULAR / MAINTENANCE CAPEX UPGRADE ENERGY EFFICIENCY Improved energy efficiency through better building Renewable energy systems and technological envelopes upgrading Roof, façade Window and basement LED systems Smart meters replacements insulation Heating, Green facilitie
Slide 56: ESG – Environment Part 3: Water and Waste Management
ESG – ENVIRONMENT PART 3: WATER AND WASTE MANAGEMENT WATER CONSUMPTION WASTE MANAGEMENT ➢ Remote water meters create awareness, influence tenant ➢ Further optimizing waste and operational costs through waste management behavior and help detect water leaks and unusual water usage systems (i.e., obtai
Slide 57: ESG – Social Part 1: Community Building
ESG – SOCIAL PART 1: COMMUNITY BUILDING AROUNDTOWN FOUNDATION LOCAL PARTNERSHIPS o AT focuses on establishing productive partnerships with local stakeholders to ensure that corporate activities are aligned to the tenants and communities Support to the Outpatient Children’s and Youth Hospice Service
Slide 58: Tenant Management
ESG – SOCIAL PART 2: TENANT MANAGEMENT ENGAGEMENT ENFORCEMENT Tailor-made approach, customized leases, QUALITY balancing tenants’ and the Company’s requirements TENANT MANAGEMENT Main tool to monitor and enforce tenant POLICY High quality support with Service Centers satisfaction, Annual Tenant Surv
Slide 59: ESG – Social Part 3: Goal to Become Top Employer
ESG - SOCIAL PART 3: GOAL TO BECOME TOP EMPLOYER Goal to become top employer in commercial real estate to attract best new talent COLLABORATION TRAINING RETENTION Dynamic & open corporate Employee training programs to Performance based incentives to culture, promoting personal ensure knowledge shari
Slide 60: Board of Directors
BOARD OF DIRECTORS MARKUS LEININGER- INDEPENDENT DIRECTOR o Board of Directors – 5/7 members are independent/non- FORMER SENIOR BANKER WITH A FOCUS ON FINANCING, PRIVATE EQUITY AND REAL executive ESTATE. SERVED AS HEAD OF OPERATIONS WITH EUROHYPO AG AND RHEINHYP AG (COMMERZBANK) AND A MEMBER OF THE
Slide 61: Board Committees and the Advisory Board
BOARD COMMITTEES AND THE ADVISORY BOARD ALL COMMITTEES ARE IN PLACE WITH INDEPENDENT MEMBERS IN PLACE AUDIT COMMITTEE RISK COMMITTEE NOMINATION COMMITTEE REMUNERATION COMMITTEE ESG COMMITTEE (Maintaining the integrity of the financial (Assessing, monitoring and mitigating any (Identifying suitable c
Slide 62: Management Team
MANAGEMENT TEAM o Management body is supervised by the board of directors BARAK BAR-HEN – CO-CEO & COO EYAL BEN DAVID – CFO LIMOR BERMANN – CSO (CO-CHIEF EXECUTIVE OFFICER & CHIEF OPERATING OFFICER) (CHIEF FINANCIAL OFFICER) (CHIEF SUSTAINABILITY OFFICER) SINCE 2020 IN THE MANAGEMENT OF SINCE 2008 I
Slide 63: Management Team – Senior Management
MANAGEMENT TEAM – SENIOR MANAGEMENT NIKOLAI WALTER- HEAD OF ASSET & PROPERTY MANAGEMENT CHRISTIAN HUPFER - CHIEF COMPLIANCE OFFICER 20 YEARS EXPERIENCE IN THE REAL ESTATE INDUSTRY. BEFORE JOINING THE GROUP, WAS A MANAGING DIRECTOR OF SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. I
Slide 64: ESG Awards & Indices
ESG AWARDS & INDICES 2024: STRONG RANKING SUSTAINABILITY CONSECUTIVE WITH AGENCIES INDICES EPRA AWARDS AT received EPRA BPR Gold award for the 8th o Included in the MDAX ESG+ index, Dow Jones time and EPRA sBPR Gold award for the 7th time o Maintained strong Sustainalytics rating Best-In-Class Index
Slide 65: Founding Member of UN Global Compact Germany
A FOUNDING MEMBER OF THE ASSOCIATION “UNITED NATIONS GLOBAL COMPACT GERMANY e. V.” AROUNDTOWN SA 65
Slide 66: Appendix: Focus on Central Locations of Top Tier Cities
Hamburger Menu Icon with solid fill APPENDIX: FOCUS ON CENTRAL LOCATIONS OF TOP TIER CITIES I TOP TIER LOCATIONS MUNICH MANNHEIM COLOGNE FRANKFURT AROUNDTOWN SA 66
Slide 67: Berlin Alexanderplatz
BERLIN ALEXANDERPLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER Landmark AT property BERLIN ALEXANDERPLATZ AT has over 130,000 SQM lettable space in the prime commercial and tourist center Alexanderplatz AROUNDTOWN SA 67
Slide 68: Berlin Potsdamer Platz
BERLIN POTSDAMER PLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER Landmark Potsdamer Platz Office AT property Potsdamer Platz Checkpoint Charlie Mixed-use Residential/Office/Hotel (GCP) Office Potsdamer Platz Office Hilton Gendarmenmarkt Hotel Gendarmenmarkt AROUNDTOWN SA 68
Slide 69: Berlin Ku'damm
BERLIN KU’DAMM: THE PRIME COMMERCIAL AND TOURIST CENTER Berlin City Center Mitte Retail Landmark Potsdamer Platz Moxy by Marriot Berlin Mitte Ku’Damm KaDeWe Residential Hotel (GCP) AC by Marriot Berlin Mitte Hotel Ku’Damm KaDeWe Office AT property Berlin City Center Mitte Office Ku’damm /Uhlandstr.
Slide 70: Frankfurt: Quality Assets in Central Locations
FRANKFURT: QUALITY ASSETS IN CENTRAL LOCATIONS Landmark AT property FRANKFURT HBF & CBD Approx. 200,000 sqm lettable space in Frankfurt prime centers, main central train station and banking district AROUNDTOWN SA 70
Slide 71: Frankfurt: Near Main Central Train Station and Messe
FRANKFURT: QUALITY ASSETS NEAR MAIN CENTRAL TRAIN STATION AND MESSE Frankfurt Stadtmitte Office Landmark Frankfurt Büro Center (FBC) Office Frankfurt Messe Frankfurt Messe Frankfurt Messe AT property Office Office Office Intercontinental Frankfurt Hotel Frankfurt Banking District Frankfurt HBF Offic
Slide 72: Munich: Assets in Central Locations
MUNICH: ASSETS IN CENTRAL LOCATIONS, NEAR EXHIBITION CENTER & COMMERCIAL HUBS Landmark Global HQs of Allianz Global Corporate & German HQs of Generali Specialty Insurance AT property Global HQs of Wacker Chemie AG Munich Messe Munich Siemens Office Campus Office Global HQs of Office BSH Group Four M
Slide 73: Amsterdam – Centrally Located High Quality Assets
AMSTERDAM – CENTRALLY LOCATED HIGH QUALITY ASSETS Landmark Amsterdam Zuidoost Amsterdam Zuidoost Office Office Amsterdam Sloterdijk Train Station Amsterdam West Office AT property Complex Office Amsterdam Arena Office Amsterdam Sloterdijk Office Amsterdam Westpoort Office Amsterdam Arena Amsterdam A
Slide 74: Dresden & Leipzig – Top Tier Assets at Hauptbahnhof
DRESDEN & LEIPZIG – CENTRALLY LOCATED TOP TIER ASSETS AT HAUPTBAHNHOF Landmark Dresden main central train station AT property Main central train station Office Leipzig main central train station Main central train station Hotel Main central train station Office Main central train station Hotel City
Slide 75: Appendix: Market Data
Hamburger Menu Icon with solid fill APPENDIX: MARKET DATA I TOP TIER LOCATIONS BERLIN BRUSSELS COLOGNE LONDON AROUNDTOWN SA 75
Slide 76: Regional Market Overview
REGIONAL MARKET OVERVIEW Amsterdam Berlin ◼ GDP/capita: €102k (2022) ◼ GDP/capita: €79k (2021) ◼ Net migration: 9k p.a. (avg 2018-2022) ◼ Net migration: 30k p.a. (avg 2018-2022) ◼ Population density: 5.3k per km2 (2022) ◼ Population density: 4.1k per km2 (2021) Utrecht Hamburg ◼ GDP/capita: €65k (20
Slide 77: Office: Healthy Fundamentals in Germany & NL
OFFICE: HEALTHY FUNDAMENTALS IN GERMANY & NL, WELL-POSITIONED FOR GROWTH WHEN ECONOMY ACCELERATES German & Dutch office markets are well-positioned for growth once the economy picks up pace o These markets entered the slowdown with record low market vacancy which increased only moderately, still rem
Slide 78: Office: Normalizing Work Patterns
OFFICE: NORMALIZING WORK PATTERNS o Traditional office work patterns are returning, as witnessed by recent announcements from large corporations, demanding full office attendance. o Return-to-office rate (average attendance current vs pre-pandemic) is 89% in Germany, with an average attendance rate
Slide 79: Resilient German Residential Market
RESILIENT GERMAN RESIDENTIAL MARKET POSITIVE NET MIGRATION REDUCTION OF HOUSEHOLD SIZE SIGNIFICANT UNDERSUPPLY RESULTS IN HIGH DEMAND RESULTS IN HIGH DEMAND Positive Net Migration in Germany 1) Increase in the share of 1 person households1) Building permits at low levels, significantly below demand
Slide 80: Hotel Sector Outlook
HOTEL SECTOR OUTLOOK: CONTINUED GROWTH EXPECTED AT A STEADY PACE EUROPEAN HOTEL SECTOR TO CONTINUE TO GROW STEADILY IN 20251) ❑ Higher international tourist arrivals and overnight stays to be expected in 2025. ❑ International business and leisure travel showcase meaningful growth. ❑ Strong RevPAR gr
Slide 81: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES For enhanced transparency and more industry specific comparative basis, the Company provides market and industry standard performance indicators. These measures provide more clarity on the business and enables benchmarking and comparability to market levels. Reconcil
Slide 82: Disclaimer
DISCLAIMER IMPORTANT: This presentation has been provided for information purposes only and is being Accordingly, neither the Group nor any of its directors, officers, employees or advisers circulated on a confidential basis. This presentation shall be used only in accordance nor any other person ma