Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — H1 2011 Earnings Presentation
17 slides from Sirius Real Estate's earnings presentation, September 2010
Slide 1: Sirius Real Estate Ltd Interim Results Sept 2010
1 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany Sirius Real Estate Ltd Interim Results Sept 2010
Slide 2: Key highlights
2 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany key highlights • New lettings in period of 87,078 sqm compared to 45,283 • sqm for the six months to 30 September 2009 Adjusted NAV per share 72.9c* 72.9c adjusted NAV per share • O
Slide 3: Lettings update
3 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany lettings update • 87,078 sqm let 6 months to 30 September 2010 at an average rate of €4.16 per sqm 92% increase in new lettings compared to same • 23,021 sqm further let since 1 Oct
Slide 4: Enquiry & viewing stats
4 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany enquiry & viewing stats enquiries 1,021 1,059 1,021 1,000 624 790 884 838 878 819 844 960 enquiries 500 average per month 6 months 6 months 0 to Sept 09 to Sept 10 Jan-10 Feb-10 Mar
Slide 5: New deals analysis
5 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany new deals analysis new deals 110 100 99 102 83 88 109 new deals 70 70 61 56 average per month 50 39 6 months to 6 months Sept 09 to Sept 10 0 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-
Slide 6: Renewals update
6 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany renewals update • 10 major tenants have renewed in period • Equating to over 80,000 sqm of space renewed 10 large tenants renewed • Weighted average lease length of renewed tenants
Slide 7: Renewals analysis
7 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany renewals analysis Æ h2 Sqm Sqm Up For Renewal Oct 10 - Mar 11 000's * * 60 50 40 30 55.0 20 10 21.4 17.3 9.5 6.6 4.2 0 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 * Includes 26,000 sq
Slide 8: Portfolio analysis – top 50 tenants
8 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany portfolio analysis – top 50 tenants Top 50 Tenants - Lease Expiry by Annual Rent (Sept 10/Mar 10) Top 5 Tenants by % of Total Space & Annual Rent Millions - € 8 Inc. Average Lease L
Slide 9: Portfolio analysis – lease expiry
9 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany portfolio analysis – lease expiry Portfolio - Lease Expiry by Annual Rent (Sept 10/Mar 10) • Rent Roll as @ 30 Sept 10: €41.5m 12 (Mar 10: €41.9m) Annual Rent Millions - € * 10 • To
Slide 10: SmartSpace update
10 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany SmartSpace update • SmartSpace product now available on 15 sites • 12,764 sqm now let (Mar 10: 5,500 sqm) at an average rate of €8.76 psm (Mar 10: €9.11) • 21,349 sqm now converted
Slide 11: Case studies – core portfolio analysis
11 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany case studies – core portfolio analysis Occupancy Rate Psm Rental Income Acquisition Sep-10 % Increase Acquisition Sep-10 % Increase Acquisition Sep-10 % Increase Gartenfeld 42% 87%
Slide 12: Cost saving initiatives
12 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany cost saving initiatives 1) Reduction of Direct Costs • Reductions in Facility Management & Utilities costs negotiated 2) Improved Recoverability • Prepayment uplifts • Improved cos
Slide 13: Financials – recurring adjusted profit before tax
13 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany financials – recurring adjusted profit before tax 6 m o n th s 1 2 m o n th s to S e p t-1 0 to M a r-1 0 €m €m In c o m e R e n ta l In co m e 2 2.0 4 4 .0 S /C h a rge irre co v'
Slide 14: Financials – statement of financial position
14 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany financials – statement of financial position As at Sept-10 As at Mar-10 Movement €m €m €m Non-current assets Investment properties 501.2 500.0 1.2 Other fixed assets 4.9 4.8 0.1 50
Slide 15: Banking
15 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany banking • Bank borrowings as at 30 September 2010: €309m • Weighted average interest rate of this debt: 5.3% €309m bank borrowings • Cash at 30 September 2010: €28.7m • Total conso
Slide 16: Bank loan covenants
16 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany bank loan covenants DTZ Net Rent Annual LTV ICR Valuation * Current Loan Interest Current Covenant Current Expected RBS Consolidated 130,700,000 7,302,286 93,919,636 5,565,895 72%
Slide 17: Conclusion
17 Sirius Real Estate Limited Interim Results September 2010 SRE: Leading operator of branded business parks in Germany conclusion • Strong letting performance driven occupancy to 75% • Successful renewals of 10 of our largest customers • Excellent progress on cost reduction and improved recoverabil