Slide 1: Financial Results Presentation
FINANCIAL RESULTS PRESENTATION for the six months ended 30 June 2024
Slide 2: Overview
>B< LAGHTHOUSE PROPERTIES pll.c. ——— 01 OVERVIEW 4 4
Slide 3: Strategy
STRATEGY Dominant and defensive malls in western Europe OVERVIEW Large and mid-sized growing cities with a strong economic fundamentals Tenant focused, targeting key retailers Adaptable approach to the changes in retail environment Strong in-house development and asset management capabilit
Slide 4: Highlights for 1H2024
HIGHLIGHTS FOR 1H2024 Distributable earnings of 1,2166 EUR cents per share › 100% payout ratio OVERVIEW NAV per share decrease to 41,46 EUR cents (FY2023: 42,00 EUR cents) Tenant sales increased by 3,6% compared to the prior period Direct property portfolio earnings in line with forecast L
Slide 5: Investment Portfolio
INVESTMENT PORTFOLIO Direct property weighting by fair value FY2023 Direct property weighting by fair value 1H2024 Direct property portfolio post corporate transactions* OVERVIEW Slovenia Slovenia 11% 8% France France 34% France 23% 26% Iberia Iberia 66% Iberia 55% 77% *Post the acquisition of Alegr
Slide 6: Interest rates vs inflation cycle analysis
OVERVIEW 6 LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2024 04/07/2024 04/04/2024 04/01/2024 04/10/2023 04/07/2023 3 Month Euribor 04/04/2023 04/01/2023 04/10/2022 04/07/2022 04/04/2022 04/01/2022 04/10/2021 04/07/2021 Interest rates vs inflation cycle analysis 04/04/2021 04/01/2021
Slide 7: Iberian Strategy
IBERIAN STRATEGY Forum Coimbra Torrecárdenas Salera H2O Montijo Rivas-Vaciamadrid Montijo Coimbra Almeria Castellón de la Plana OVERVIEW (Madrid) (Lisbon) Zara Primark Grocer anchor Large catchment (>100 000 people) Strong & growing economic underpin Dominant
Slide 8: Acquisitions and Disposal
ACQUISITIONS AND DISPOSAL Acquisition of three dominant malls during FY2024 › Portfolio grown by EUR 387,3 million (60%) OVERVIEW Average acquisition yield 7,4% at cyclical highs Owners of quality malls need to sell Increase in Iberian exposure to 77% of physical portfolio Exclusivity for
Slide 9: Evolution of Retail Yields
ACQUISITIONS EVOLUTION OF RETAIL YIELDS Spain Asset class (NIY %) Trend Prime shopping OVERVIEW 7,00% Stable centre Secondary shopping 9,75% Stable centre Prime retail park 6,75% Stable Prime grocery 5,85% Stable Portugal Asset class (NIY %) Trend Prime shopping 6,50% Stronger centre Secondary shopp
Slide 10: Acquisitions – Closed
ACQUISITIONS – CLOSED Salera Centro Comercial H2O Centro Comercial OVERVIEW Effective: 31 January 2024 Effective: 3 April 2024 Acquisition price: EUR 171 million (100%) Acquisition price: EUR 121,6 million (100%) Acquisition yield: 7,7% Acquisition yield: 7,5% Footfall: 9,0 million F
Slide 11: Acquisition Post 1H2024: Alegro Montijo
ACQUISTION POST 1H2024 ALEGRO MONTIJO OVERVIEW Effective: 30 August 2024 (anticipated) Acquisition price: EUR 178,4 million (100%) Acquisition yield: 7,2% Footfall: 7,4 million GLA: 45 469m² Vacancy: 0% LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2024 11
Slide 12: Acquisitions: Alegro Montijo
ACQUISITIONS ALEGRO MONTIJO OVERVIEW LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2024 12
Slide 13: Acquisitions: Alegro Montijo
ACQUISITIONS ALEGRO MONTIJO OVERVIEW LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2024 13
Slide 14: Listed Real Estate
LAGHTHOUSE | 02 LISTED REAL ESTATE
Slide 15: Listed Investments
LISTED INVESTMENTS Hammerson LISTED REAL ESTATE › Holdings: 4,92% (Dec 2023: 12,7%) › Disposed of 463 million shares at an average price of 27,37 GBP pence per share - Post period end disposed of a further 104 million shares at an average price of 29,52 GBP pence per share › Dividend: 1H2024 divid
Slide 16: Financial Results
>B< LAGHTHOUSE PROPERTIES pll.c. ——— 03 FINANCIAL RESULTS
Slide 17: Key Indicators
KEY INDICATORS FINANCIAL RESULTS 30 Jun 2024 30 Jun 2023 Shares in issue 1 853 993 105 1 778 496 596 Distributable earnings per share (EUR cents) 1,2166 0,6187 Distribution per share (EUR cents) 1,2166 1,350 Pay-out ratio (%) 100,0 218,2 Net Asset Value per share (EUR cents) 41,46 40,40 Price per sh
Slide 18: Debt
DEBT Pro Rata FINANCIAL RESULTS Balance Interest-bearing debt Interest rate Maturity date EUR Loan LTV Covenant LTV Existing debt Coimbra: ING consortium 0,00% fixed + 2,15% November 2024 78 501 837 41,3% 60,0% France: Natixis consortium 3-m Euribor + 3,00% March 2027 71 617 500 35,0% 50,0% Torrecar
Slide 19: Debt Maturity and Hedging
DEBT MATURITY AND HEDGING Debt maturity profile (EUR) FINANCIAL RESULTS 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 Disposal debt Interest rate fix/hedge profiles substantially match related debt profiles1
Slide 20: Direct Portfolio
04 - DIRECT |) PORTFOLIO
Slide 21: 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 33 934 191 513 197 Torrecárdenas Almeria, Spain 100% 99,8% 61 237 164 786 051 H2O Rivas-Vaciamadrid, Sp
Slide 22: Tenants by Income – 1H2024
TENANTS BY INCOME – 1H2024 By monthly rental % DIRECT PORTFOLIO Inditex Group 38,7% of rental income 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% % of monthly contractual revenue 1 1. Excludes grocers E’Leclerc (at Saint Sever), Continente (at Forum Coimbra) and Alcampo (at Salera) as these are separately owne
Slide 23: Performance Metrics
PERFORMANCE METRICS DIRECT PORTFOLIO Footfall Sales Inflation Region % Change % Change June 2024 YoY Spain 2,8% Iberia 1.3% 6,0% Portugal 2,5% France (0,2%) (2,8%) 2,3% Slovenia 1,7% 3,0% 1,3% Total 0.8% 3.6% LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2024 23
Slide 24: Performance Metrics
PERFORMANCE METRICS Portfolio vacancy: 3,2% Lease expiry profile by monthly rental % DIRECT PORTFOLIO December 2024 7,7 Collection rate: 98,4% December 2025 8,9 December 2026 6,1 Portfolio average OCR: 11,8% December 2027 7,7 Leasing activity: December 2028 10,9 December 2029 8,3 › 16 568m²
Slide 25: Leasing Activity
LEASING ACTIVITY DIRECT PORTFOLIO • H2O • H2O • Torrecárdenas • Rivetoile • Salera • Forum Coimbra • Forum Coimbra • Alegro Montijo • Docks Vauban • Salera • Docks Vauban • Docks 76 • Docks Vauban • Forum Coimbra • Saint Sever • Saint Sever • Docks Vauban • Docks Vauban • Torrecárdenas • Forum Coimb
Slide 26: Projects
>B< LAGHTHOUSE PROPERTIES pll.c. ——— : O05 PROJECTS
Slide 27: Projects
PROJECTS PROJECTS LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2024 27
Slide 28: Projects
PROJECTS PROJECTS LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2024 28
Slide 29: Projects
PROJECTS PROJECTS LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2024 29
Slide 30: Outlook
>B< LEGHTHOUSE O6 OUTLOOK
Slide 31: Outlook
OUTLOOK Iberian portfolio expanded with quality malls › Three acquired (one to close imminently) OUTLOOK › Fourth acquisition in exclusivity › Acquisition yields at cyclical highs Expected FY distribution approximately 2,50 EUR cents per share, subject to: › Alegro Montijo timing of closing › No
Slide 32: Questions
>B< LAGHTHOUSE PROPERTIES pll.c. ——— O07 QUESTIONS