Nepi Rockcastle N.v · JSE:NRP
Nepi Rockcastle — Investor Presentation (June 2022)
46 slides from Nepi Rockcastle's investor presentation, June 2022
Slide 1: Property Tour June 2022
PROPERTY TOUR June 2022
Slide 2: Company Overview
COMPANY OVERVIEW June 2022 2 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 3: NEPI Rockcastle profile
NEPI Rockcastle profile BBB investment grade rating • Active in 9 countries in CEE with robust economic Standard & Poor’s: stable outlook Fitch: positive outlook outlook, above the European average • Investments in high-quality commercial real estate with EPRA BPR Gold Award strong fundamentals and
Slide 4: A leading commercial real estate company in CEE
A leading commercial real estate company in CEE 98% of the properties are located in EU investment-grade countries Lithuania CEE countries where the Group operates^ Population (m inhabitants) 104 Total GDP (€m) 1 423 756 Average GDP per country (€m) 299 133 GDP per capita (€) 13 749 Poland Purchasin
Slide 5: NEPI Rockcastle at a glance
NEPI Rockcastle at a glance as of March 2022 €5.9bn Investment property value 2 million m2 of GLA 32.5% Loan-to-value 96.0% EPRA Occupancy rate €6.42 EPRA NRV per share 6.0% Dividend yield* * Dividend yield computed based on 2021 distribution and mid-May 2022 share price 5 NEPI ROCKCASTLE PROPERTY T
Slide 6: Performance recovery once restrictions have been lifted
Performance recovery once restrictions have been lifted Turnovers in 2022 recovered and even exceeded 2019 levels 2021/2022 vs 2019 turnover* (€m) 300 100% 100% 100% 100% 100% 99% 99% 100% 100% 100% 100% 92% -14.5% 200 +4.6% +16.4% -3.3% +3.8% -1.2% -7.5% +0.4% -21.0% +2.6% -6.8% +0.8% 100 0 Most Ma
Slide 7: Performance recovery once restrictions have been lifted » continued
Performance recovery once restrictions have been lifted» continued For the first four months of 2022, turnover recovered at faster pace compared to footfall (+3.9% vs -18.3%), leading to increase in basket size (+27%) compared to 2019 Basket size* variation (€/visit) Basket size* variation (€/visito
Slide 8: Sustainable retail environment
Sustainable retail environment Sustainable anchor tenant base as at 31 December 2021, with limited exposure to concentration risk Group occupancy cost ratio* evolution (%) by rent * 4.6% 15 2500 3.7% ** 3.4% 2000 3.2% 10 2.1% 1500 1.8% 1.5% 1000 1.4% 5 1.2% 24.1% of total annual rent 500 1.2% * Crop
Slide 9: Sustainable retail environment » continued
Sustainable retail environment» continued General lease terms not changed following Covid-19 pandemic RENT TERM TO FIRST BREAK OPTION A large portion of retail tenants have a contractual obligation to report Typically ten years for hypermarkets, DIYs and cinemas, and three to five turnovers and pay
Slide 10: Liquidity and funding
Liquidity and funding as of March 2022 32.5% Prudent LTV €1bn Liquidity BBB Investment grade rating with 35% long term strategic threshold including cash (€397m) and available Standard & Poor’s (stable outlook) and revolving facilities (€620m) Fitch (positive outlook) Net debt/EBITDA* 12 10 • Weight
Slide 11: Liquidity and funding » continued
Liquidity and funding » continued Debt maturity profile as of March 2022 (€m) • Current undrawn revolving facilities of €620 milion 700,000 600,000 • Strategic issue of €500 million 8 year green bond, to 500,000 refinance previously issued bond (maturing in 2023) 400,000 300,000 • No significant deb
Slide 12: Development pipeline - Opportunity for long-term growth
Development pipeline - Opportunity for long-term growth €610m investments under Focus on sustainable long-term growth through development of retail permitting and construction and mixed-use projects and reinforcing dominance through extensions and redevelopment projects Poland • Diversification of t
Slide 13: Tour map
Tour map Lithuania 6 Vilnius Poland 4 Zielona Gora 5 Krakow Romania 7 8 Targu Mures Sibiu 1 3 2 Bucharest Craiova Constanta 13 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 14: Bucharest, Romania
Romania BUCHAREST, ROMANIA 2.16 million inhabitants 14 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 15: Mega Mall
Mega Mall 2015 opening date 75,900m2 GLA €20.6 Average rental (€/m2/month) €17.8mPassing rent Main tenants €287.3m Valuation 94.4% EPRA Occupancy 15 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 16: Catchment area
Catchment area 940,400 30-minute drive 176,600 15-minute drive 30,500 5-minute drive 16 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 17: Vulcan Residence
Vulcan Residence 2023 opening date 18,300m2 Gross Sellable Area 252 residential units 27% units sold in 7 months 17 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 18: Vulcan Residence » continued
Vulcan Residence» continued 18 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 19: Vulcan Residence » continued
Vulcan Residence» continued 19 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 20: Promenada Bucharest
Promenada Bucharest 2014 acquisition date 39,300m2 GLA €27.2 Average rental (€/m2/month) €12.6mPassing rent Main tenants €179.1m Valuation 98.4% EPRA Occupancy 20 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 21: Catchment area
Catchment area 940,000 30-minute drive 177,000 15-minute drive 30,000 5-minute drive 21 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 22: 58,400m2 ongoing extension
58,400m2 ongoing extension 22 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 23: 58,400m2 ongoing extension » continued
58,400m2 ongoing extension » continued 23 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 24: Constanta, Romania
Romania CONSTANTA, ROMANIA 305,000 inhabitants 24 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 25: City Park
City Park 2013 acquisition date 51,900m2 GLA €21.3 Average rental (€/m2/month) €13.0mPassing rent Main tenants €189.3m Valuation 96.2% EPRA Occupancy 25 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 26: Catchment area
Catchment area 541,000 45-minute drive 435,000 30-minute drive 305,000 15-minute drive 26 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 27: Craiova, Romania
Romania CRAIOVA, ROMANIA 293,000 inhabitants 27 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 28: Promenada Craiova
Promenada Craiova Main tenants Q3 2023 opening date 52,300m2 GLA 28 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 29: Catchment area
Catchment area 510,000 45-minute drive 350,000 30-minute drive 252,000 15-minute drive 29 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 30: Development in progress
Development in progress 30 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 31: Zielona Gora, Poland
Poland ZIELONA GORA, POLAND 141,000 inhabitants 31 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 32: Focus Mall Zielona Gora
Focus Mall Zielona Gora 2016 acquisition date 44,100m2 GLA €18.2 Average rental (€/m2/month) €7.7m Passing rent Main tenants €174.8m Valuation 81.0% EPRA Occupancy 32 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 33: Catchment area
Catchment area 490,000 45-minute drive 284,000 30-minute drive 151,000 15-minute drive 33 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 34: Krakow, Poland
Poland KRAKOW, POLAND 770,000 inhabitants 34 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 35: Bonarka City Center
Bonarka City Center 2016 acqusition date 74,700m2 GLA €23.2 Average rental (€/m2/month) €20.3m Passing rent Main tenants €393.2m Valuation 97.2% EPRA Occupancy 35 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 36: Catchment area
Catchment area 1,184,000 997,000 30-minute drive 45-minute drive 220,000 15-minute drive 36 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 37: Vilnius, Lithuania
Lithuania VILNIUS, LITHUANIA 541.000 inhabitants 37 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 38: Ozas Shopping and Entertainment Centre
Ozas Shopping and Entertainment Centre 2018 acqusition date 67,800m2 GLA €13.9 Average rental (€/m2/month) €11.3m Passing rent Main tenants €143.8m Valuation 99.8% EPRA Occupancy 38 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 39: Catchment area
Catchment area 586,000 30-minute drive 432,000 15-minute drive 100,000 5-minute drive 39 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 40: Targu Mures, Romania
Romania TARGU MURES, ROMANIA 144,000 inhabitants 40 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 41: Shopping City Targu Mures
Shopping City Targu Mures 2020 opening date 40,200m2 GLA €14.7 Average rental (€/m2/month) €6.9mPassing rent Main tenants €90.4m Valuation 99.1% EPRA Occupancy 41 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 42: Catchment area
Catchment area 517,000 45-minute drive 275,000 30-minute drive 130,000 15-minute drive 42 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 43: Sibiu, Romania
Romania SIBIU, ROMANIA 166,000 inhabitants 43 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 44: Promenada Sibiu
Promenada Sibiu 2019 opening date 42,500m2 GLA €16.4 Average rental (€/m2/month) €8.0mPassing rent Main tenants €99.7m Valuation 96.3% EPRA Occupancy 44 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 45: Catchment area
Catchment area 267,000 45-minute drive 212,000 30-minute drive 162,000 15-minute drive 45 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
Slide 46: 46 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022
46 NEPI ROCKCASTLE PROPERTY TOUR JUNE 2022