Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — FY 2022 Earnings Presentation
76 slides from Aroundtown Sa's earnings presentation, Mar 29, 2023
Slide 1: FY 2022 Financial Results
FY 2022 FINANCIAL RESULTS | MAR 2023 FY 2022 FINANCIAL RESULTS AROUNDTOWN SA
Slide 2: Table of Contents
TABLE OF CONTENTS ↗ HIGHLIGHTS ↗ OPERATIONS AND PORTFOLIO ↗ FINANCIAL RESULTS ↗ GUIDANCE & STRATEGY ↗ APPENDIX ↗ PORTFOLIO & CAPITAL MARKETS ↗ ESG ↗ MAIN CITIES AERIAL VIEW AMSTERDAM ↗ MARKET DATA FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 2
Slide 3: Highlights
HIGHLIGHTS | BERLIN FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 3
Slide 4: FY 2022 Financial Highlights
FY 2022 FINANCIAL HIGHLIGHTS OPERATIONAL RESULTS CONSERVATIVE DEBT PROFILE & FINANC. DISCIPLINE ↗ NET RENTAL INCOME ↗ RENT LIKE-FOR-LIKE ↗ CREDIT RATING BY S&P ↗ CASH AND LIQUID ASSETS €2.7bn / 18% of debt €1,222m +3.5% BBB+/STABLE DEC 2022 +13% YOY DEC 2022 RE-AFFIRMED IN DEC 2022 ↗ LTV High headro
Slide 5: Strategic Pillars to Navigate the Volatile Market
STRATEGIC PILLARS TO SUCCESSFULLY NAVIGATE THE VOLATILE MARKET CASH PRESERVATION MAINTAINING FLEXIBILITY IN NEAR-TERM, WITHOUT THE NEED TO GO TO THE CAPITAL MARKETS 1 CONTINUE FURTHER WITH DISPOSALS 2 LIABILITY MANAGEMENT 3 HIGH DEBT COVENANT HEADROOM 4 RAISING SECURED DEBT (HIGH UNENCUMBERE
Slide 6: Disposals – Continuous Success in a Challenging Market
1A) DISPOSALS – CONTINUOUS SUCCESS IN A CHALLENGING MARKET ENVIRONMENT DISPOSALS OF NON-CORE AND MATURE UTILIZING THE CASH PROCEEDS SIGNED DISPOSALS ASSETS ACCRETIVELY Office 38% Hotel €1.6 BILLION 13% ↗ STRENGTHENING THE BALANCE SHEET Retail 19% IN 2022 Cash proceeds from disposals are strengthenin
Slide 7: Ample Liquidity Mitigates Dependency on Market Conditions
1B) AMPLE LIQUIDITY MITIGATES THE DEPENDENCY ON MARKET CONDITIONS CURRENT CASH AND SIGNED DISPOSAL PROCEEDS DEBT MATURITY PROFILE – excluding perpetual notes ↗ Cash and liquid assets ~€2,720m 2,500 (Dec 2022) Cash, signed Straight bond Bank debt disposal 2,000 proceeds and ↗ Expected disposal procee
Slide 8: Reducing Leverage
2) REDUCING LEVERAGE NET DEBT REDUCTION ACTIVE LIABILITY MANAGEMENT TO BUYBACK BONDS ↗ €140m of the 2025 notes were repurchased at 15% discount to par. -€1.2bn 40% net debt reduction ↗ Until the market volatility levels down, AT will allocate funds for buying back debt when it 37% trades at a signif
Slide 9: High Debt Covenant Headroom
3) HIGH DEBT COVENANT HEADROOM EMTN CURRENT STRESS CASE 1) COVENANT PROGRAMME (Dec 2022) (value decrease until covenant breach) COVENANT ↗ Covenants are calculated based on IFRS reported figures, treating the TOTAL NET -39% Implies €14.5bn perpetuals as Equity. DEBT / TOTAL <=60% ✓ 35% (Total asset
Slide 10: Bank Debt Achievements
4) BANK DEBT ACHIEVEMENTS ↗ ACCESS TO CAPITAL IS SUPPORTIVE DURING DIFFICULT MARKET CONDITIONS AROUNDTOWN GROUP BANKING RELATIONSHIPS ↗ Approx. €480 million bank debt was raised in 2022, ~€160m in 2023 YTD. ↗ Avg. Maturity of 6 years, avg. interest rate margin of 1.3% plus Euribor. ↗ AT’s competitiv
Slide 11: Perpetuals as a Cash Cushion
5) PERPETUALS AS A CASH CUSHION ↗ At the end of 2022, the Group decided not to use the voluntary option to call the perpetual notes with a call date in Jan 2023. ↗ The decision was made since new issuance rates were significantly above the reset rates of the notes and the high uncertainty in the cap
Slide 12: Stable Operational Cash Flows
6) STABLE OPERATIONAL CASH FLOWS ↗ Commercial portfolio excl. hotels had 5.5% LFL rental growth as of Dec 2022. COMMERCIAL ↗ MOSTLY CPI-INDEXED OR STEP-UP RENTS ↗ Rent increase tailwind from indexation and step- up rents. ↗ REGULAR RENT INCREASE IN GERMANY: 20% IN 3 ↗ GCP had 2.9% LFL rental growth
Slide 13: ESG Highlights
ESG HIGHLIGHTS ENVIRONMENT SOCIAL GOVERNANCE, AWARDS & INDICES Working towards higher share of green building Further commitment to well-being of Improvement in processes and policies & certifications & reducing emissions and waste communities and high-quality tenant service consecutive awards and i
Slide 14: Operations & Portfolio
OPERATIONS & PORTFOLIO | FRANKFURT FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 14
Slide 15: Well-Balanced and Diversified Portfolio
HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS 93% OFFICE/RESIDENTIAL/HOTEL, 93% IN GERMANY, THE NL & LONDON, WELL-BALANCED WITH STRONG DIVERSIFICATION AMONG WELL-DIVERSIFIED ACROSS TOP TIER CITIES WITH A FOCUS ASSET TYPES WITH DIVERSE FUNDAMENTALS ON CENTRAL LOCATIONS
Slide 16: Defensive Portfolio with Strong Tenant Structure
DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE DEC 2022 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 10,796 3,474 11.2% 466 12.1 3,107 4.3% 4.4 Residential 8,342 3,6
Slide 17: Office Portfolio – Well-Located in Top Tier Cities
OFFICE PORTFOLIO – WELL-LOCATED IN TOP TIER CITIES OF GERMANY AND THE NETHERLANDS ↗ WELL-DIVERSIFIED OFFICE: 43% OF THE PORTFOLIO, WITH FOCUS ON TOP TIER CITIES ↗ No dependency on a single location, single tenant, single asset or single industry. Long lease structure with 4.4y WALT ↗ LARGEST LANDLOR
Slide 18: German Office Market Performance
GERMAN OFFICE MARKET PERFORMANCE ↗ ECONOMIC UNCERTAINTY AND RISK OF A RECESSION CONTINUE TO IMPACT THE OFFICE MARKET 1) ↗ Demand exists but the picture is mixed 2): Labor market is strong and corporate balance sheets are relatively healthy. Take-up grew in 2022 (+7% yoy) but the trend reversed durin
Slide 19: Residential Portfolio (GCP)
RESIDENTIAL PORTFOLIO ↗ GCP IS CONSOLIDATED AND THE HOLDING RATE IS 60% AS OF DEC ‘22 RESIDENTIAL (GCP): 32% OF THE (excluding the shares GCP holds in treasury) PORTFOLIO ↗ Residential asset class is the Group’s second largest asset type after offices, providing the Group with a well-balanced portfo
Slide 20: Hotel Portfolio
HOTEL PORTFOLIO ↗ WELL-DIVERSIFIED HOTEL: 18% OF THE PORTFOLIO 152 HOTELS: Mainly in top tier European cities ↗ Across Europe with a focus on locations with large catchment areas ↗ 14.7 YEARS WALT ↗ Long fixed contracts with no variable components with over 30 different strong third-party hotel oper
Slide 21: Hotel Market Recovery in 2022
HOTEL MARKET RECOVERY IN 2022 European Hotel Market | Revpar Index1) 2022 vs 2019 100% and above EUROPEAN HOTEL MARKET PERFORMANCE Between 85% and 100% Below 85% ↗ European recovery is progressing but Germany is lagging. ↗ Leisure is back to pre-pandemic levels in most of the locations. ↗ Business t
Slide 22: Hotel Market Recovery – Upcoming Trends for 2023
HOTEL MARKET RECOVERY – UPCOMING TRENDS FOR 2023 UPCOMING TRENDS EXPECTED COLLECTION RATE ↗ Expected uptick in corporate travel ↗ FY 2022 collection rate at 69% ↗ Large trade fairs & conferences already booked ↗ 85% – 90% collection rate expected for 2023, for 2023 significantly better than 2022 due
Slide 23: Development / Building Rights
DEVELOPMENT / BUILDING RIGHTS DEVELOPMENTS: 6% OF TOTAL ASSETS. AT’S DEVELOPMENT STRATEGY IN 3 STEPS: 1) IDENTIFYING THE POTENTIAL 3) SELECTIVE DEVELOPMENTS 2) CRYSTALLIZING THE GAINS IN MARKETS WITH STRONG OR REPOSITIONING IN SMALL THROUGH SALE OF RIGHTS DEMAND & SCARCITY OF LAND SCALE AT LOW RISK
Slide 24: Track Record of Development Rights Disposals
STRONG TRACK RECORD OF DEVELOPMENT RIGHTS DISPOSALS WITH HIGH GAINS DISPOSAL OF DEVELOPMENT RIGHTS DISPOSAL OF UNDEVELOPED LAND ↗EXTRACTING VALUE BY BERLIN MITTE FRANKFURT NIEDERRAD THE HAGUE CITY CENTER BERLIN LICHTENBERG DISPOSING DEVELOPMENT RIGHTS & UNDEVELOPED LAND IN 2022 & 2023 YTD Post-devel
Slide 25: Capex During 2022
CAPEX DURING 2022 2022 CAPEX: €408m ↗ CAPEX CATEGORIES Ratio over average investment property: 1.4%1) 48% ↗ Expansion capex: Activities that are targeted at creating additional income drivers ~€265m or value generation potential which may result in additional lettable space or 2022 excl. GCP €408m e
Slide 26: Financial Results
FINANCIAL RESULTS | MUNICH FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 26
Slide 27: Profit and Loss
PROFIT AND LOSS 1-12/2022 1-12/2021 in € millions Net rental income, recurring long-term1) (in €m) REVENUE 1,609.9 1,323.2 RECURRING LONG-TERM NET RENTAL INCOME 1,204.1 1,063.2 CAGR 1,204 +12% 1,063 953 GCP PROPERTY REVALUATIONS AND CAPITAL GAINS (497.3) 809.7 Share of profit from investment in equi
Slide 28: Yield Expansion Partially Offset by Rent Increase
YIELD EXPANSION PARTIALLY OFFSET BY RENT INCREASE ↗ YIELD INCREASE, PARTIALLY OFFSET ↗ VALUATIONS ARE WELL-BELOW ↗ 2022 VALUATION RESULTS BY RENT INCREASE SOARING REPLACEMENT COSTS 2022 Q4 2022 ASSET TYPE LFL VALUE VALUE CHANGE ↗ IN Q4 2022, AT REVALUED ALL OF THE (DEC 2022 VS DEC 2021) (DEC 2022 VS
Slide 29: Adjusted EBITDA
ADJUSTED EBITDA 1-12/2022 1-12/2021 in € millions Operating profit 361.1 1,736.7 ▪ Subtracted as these profits include AT’s share in non-operational profits Total depreciation and amortization 21.1 15.9 generated by the equity accounted investees EBITDA 382.2 1,752.6 Property revaluations and capita
Slide 30: FFO I & FFO II
FFO I & FFO II 1-12/2022 1-12/2021 FFO I (in €m) & FFO I per share (in €) in € millions FFO I BEFORE JV CONTRIBUTION 391.6 408.9 Contribution of joint ventures’ FFO I 46.1 69.3 358 353 +3% 363 Extraordinary expenses for uncollected rent (75.0) (125.0) FFO I 362.7 353.2 FFO I PER SHARE 0.33 0.30 FY 2
Slide 31: EPRA NAV KPIs
EPRA NAV KPI’S Dec 2022 Dec 2021 Dec 2022 Dec 2021 EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) in € millions unless otherwise indicated EPRA NTA(1) EPRA NTA with RETT(2) EPRA NRV (/ps) EPRA NTA(1)(/ps) EQUITY ATTRIBUTABLE TO THE OWNERS OF THE 9,585.3 10,533.6 9,585.3 10,533.6 COMPANY 13
Slide 32: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE CONSISTENTLY LOW LEVERAGE (LTV) FINANCING SOURCES MIX UNENCUMBERED INVESTMENT PROPERTIES Company BOD limit of 45% Straight bonds €23.8bn HEALTHY 39% 40% 38% 42% 41% €22.2bn BALANCE Loans & borrowings 5% €15.6bn SHEET 3% 4% Equity 83% 82% of rent 57% 55% 56% of rent Man
Slide 33: Guidance & Strategy
GUIDANCE & STRATEGY | AMSTERDAM FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 33
Slide 34: 2023 Guidance
2023 GUIDANCE FY 2023 GUIDANCE FFO I €300 million – €330 million FFO I per share €0.27 – €0.30 Dividend per share* €0.20 – €0.23 * dividend is subject to market condition and AGM approval POSITIVE DRIVERS NEGATIVE DRIVERS ↗ Impact of disposals ↗ Conservative rent increase due to rent indexation ↗ In
Slide 35: Appendix
APPENDIX | TOP TIER LOCATIONS LONDON HAMBURG COLOGNE LEIPZIG FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 35
Slide 36: Share Information
SHARE INFORMATION THE SHARE SHAREHOLDER STRUCTURE Frankfurt Stock Exchange Placement (Prime Standard) Shares held in treasury* Free 31% float Incorporation Luxembourg 54% 13.07.2015 First equity issuance (€3.2 per share) of which Blackrock Avisco Group/ Vergepoint** *12% are held through TLG Immobil
Slide 37: Investment Properties
INVESTMENT PROPERTIES DEC 2022 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 10,796 3,474 11.2% 466 12.1 3,107 4.3% 4.4 Residential 8,342 3,685 4.0% 356 8.3 2,264 4.3%
Slide 38: Best-in-Class Berlin Portfolio – Dec 2022
BEST-IN-CLASS BERLIN PORTFOLIO – DEC 2022 LOCATED IN THE BEST 84% NEIGHBORHOODS OF BERLIN Top Tier 84% 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, busi
Slide 39: Strategic Top Tier Hotels in Strong Locations
STRATEGIC TOP TIER HOTELS IN STRONG LOCATIONS WITH FASTER RECOVERY POTENTIAL Hotel Rooms Brand Hotel Rooms Brand Hotel Rooms Brand Hilton Berlin Gendarmenmarkt Prime 601 NH Hotel Dortmund Prime Center 190 Mark Apart Berlin Prime Center Ku’damm 120 Center Steigenberger Hotel de Saxe Dresden Prime Cen
Slide 40: Logistics and Retail Portfolio
LOGISTICS AND RETAIL PORTFOLIO LOGISTICS: 2% OF THE PORTFOLIO RETAIL: 5% OF THE PORTFOLIO 5.6 YEAR WALT 4.4 YEAR WALT ↗ 5% 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 ↗ Reduced from 7% in March 2
Slide 41: Overview of Selected Development Rights
OVERVIEW OF SELECTED DEVELOPMENT RIGHTS Project name City Address Project type Planned use Status Sqm Market rent Conversion Berlin Kreuzberg Berlin Baerwaldstraße 36-37, 10961 with space addition Residential Pre-permit obtained 3k sqm €22/sqm Uhlandstraße 165,166; Refurbishment with space Berlin Pr
Slide 42: Potential Impact from Higher Energy Prices and Inflation
POTENTIAL IMPACT FROM HIGHER ENERGY PRICES AND INFLATION ↗ Energy prices have stabilized in the recent months. However, inflation remains high. Nevertheless, to prepare for a potential impact, AT has conservatively created a provision. ↗ German govt. announced direct support for households & propose
Slide 43: Attractive Investment in Globalworth
ATTRACTIVE INVESTMENT IN GLOBALWORTH – THE LEADING LISTED OFFICE COMPANY IN POLAND & ROMANIA PRIME ASSETS & STRONG RIGHT INVESTMENT VEHICLE IN GLOBALWORTH OFFER TENANT BASE THE CEE MARKET ↗ Through a JV, AT and CPI hold together 61% of ↗ GWI is a leader in the Polish & Romanian office ↗ GWI is the r
Slide 44: Highest Rated German Commercial Real Estate Company
HIGHEST RATED GERMAN COMMERCIAL REAL ESTATE COMPANY S&P Ratings Matrix Financial risk profile ↗ FINANCIAL POLICY 1 2 3 4 5 6 Minimal Modest Intermediate Significant Aggressi High ve Leverag ed ↗ LTV limit at 45% 1 aaa/ bbb- Excellent aa a+/a a- bbb Business risk profile aa+ /bb+ (Vonovia BBB+)1) 2 (
Slide 45: Perpetual Notes
PERPETUAL NOTES OUTSTANDING CURRENT FIRST CALL CHARACTERISTICS OF PERPETUAL NOTES AMOUNT COUPON RESET RATE DATE 2.345% 3.546% 641.5M USD 21 Jul 2023 (Swapped) +5Y MID-SWAP ↗NO MATURITY: 2.0% 400M EUR 2.125% 17 Jan 2024 ↗ Perpetual notes have no maturity date. +5Y MID-SWAP 3.00% 4.377% 400M GBP 25 Ju
Slide 46: Capital Market Activity
CAPITAL MARKET ACTIVITY Capital market activity per year Capital market activity per issuance type 2015-2021 €4.6bn €4.2bn €4.2bn €4.0bn Str. Bond €12.3bn €2.6bn €1.9bn Conv. Bond €0.8bn €1.2bn Equity €6.2bn €3.2bn €0.2bn 2015 2016 2017 2018 2019 2020 2021 Equity (incl. Conversions) Perpetual notes
Slide 47: Appendix – ESG
APPENDIX – ESG | Across the portfolio Committed to sustainability FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 47
Slide 48: Commitment to ESG
COMMITTMENT TO ESG E CLEARLY S SOCIALLY G HIGH LEVEL OF SET TARGETS RESPONSIBLE GOVERNANCE Strong commitment to maintain Management oversight from Board Reduce GHG emission high tenant satisfaction of Directors (BoD) 67% of BoD is independent/ non Reduce water consumption and Increase employee reten
Slide 49: AT's ESG Target Set Overview
AT’S ESG TARGET SET OVERVIEW FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 49
Slide 50: 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 ↗ 55% of the Dutch portfolio already certified with BREEAM
Slide 51: Conserving Energy, Reducing Carbon Footprint
ESG – ENVIRONMENT PART 2: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT GHG EMISSIONS REDUCTION ENERGY INVESTMENT PROGRAM ↗ Energy Investment Program: installation of Photovoltaics (PV), Combined Heat and Power (CHP), Combined Cooling, Heat & Power (CCHP), EV charging stations, smart meters,
Slide 52: Water and Waste Management
ESG – ENVIRONMENT PART 3: WATER AND WASTE MANAGEMENT WATER CONSUMPTION WASTE MANAGEMENT ↗ A new initiative to further ↗ Remote water meters create optimize waste and awareness, influence tenant operational costs through behavior, detect water leaks waste management systems and unusual water usage (i
Slide 53: Social Part 1: Community Building
ESG – SOCIAL PART 1: COMMUNITY BUILDING AROUNDTOWN FOUNDATION LOCAL PARTNERSHIPS ↗ AT focuses on establishing productive partnerships with local stakeholders to ensure that corporate activities are aligned to the tenants and communities ↗ Numerous charities across portfolio’s locations, working in c
Slide 54: Holistic Tenant Management Approach
ESG – SOCIAL PART 2: TENANT MANAGEMENT HOLISTIC TENANT MANAGEMENT APPROACH ENGAGEMENT AVAILABILITY POLICY ENFORCEMENT Tailor-made approach, Finalizing new tenant policy 24/7 tenant support for Main tool to monitor and customized leases, balancing which sets standardized goals residential and commerc
Slide 55: Goal to Become Top Employer in Commercial Real Estate
GOAL TO BECOME TOP EMPLOYER IN COMMERCIAL REAL ESTATE TO ATTRACT BEST NEW TALENT Goal to become top employer in commercial real estate to attract best new talent COLLABORATION TRAINING Dynamic & open RETENTION Employee training corporate culture, Employee retention programs to ensure fostering perso
Slide 56: Board of Directors
BOARD OF DIRECTORS BOARD OF DIRECTORS – 4/6 MEMBERS ARE INDEPENDENT/NON-EXECUVITE AND 2/6 ARE FEMALE DIVERSE MIX OF PROFESSIONALS WITH STRONG & LONG EXPERIENCE, FOCUS ON REAL ESTATE INDUSTRY & FINANCING FRANK ROSEEN – EXECUTIVE DIRECTOR MARKUS LEININGER- INDEPENDENT DIRECTOR FORMER SENIOR BANKER WIT
Slide 57: Board Committees and the Advisory Board
BOARD COMMITTEES AND THE ADVISORY BOARD ALL COMMITTEES ARE IN PLACE WITH INDEPENDENT MEMBERS IN PLACE AUDIT RISK NOMINATION REMUNERATION ESG COMMITTEE COMMITTEE COMMITTEE COMMITTEE COMMITTEE (MAINTAINING THE INTEGRITY OF THE (ASSESSING, MONITORING AND MITIGATING (IDENTIFYING SUITABLE CANDIDATES FOR
Slide 58: Management Team
MANAGEMENT TEAM MANAGEMENT BODY IS SUPERVISED BY THE BOARD OF DIRECTORS BARAK BAR-HEN – CO-CEO & COO EYAL BEN DAVID – CFO OSCHRIE MASSATSCHI – CCMO (CO-CHIEF EXECUTIVE OFFICER & CHIEF (CHIEF FINANCIAL OFFICER) (CHIEF CAPITAL MARKETS OFFICER) OPERATING OFFICER) SINCE 2013 IN THE MANAGEMENT OF SINCE 2
Slide 59: Management Team – Senior Management
MANAGEMENT TEAM – 2 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.
Slide 60: ESG Awards & Indices
ESG AWARDS & INDICES ↗2022: STRONG RANKING SUSTAINABILITY CONSECUTIVE EPRA WITH AGENCIES INDICES AWARDS ↗Maintained strong Sustanalytics rating ↗Included in the Dow Jones Sustainability ↗AT received EPRA BPR Gold award for the (Top 5th globally) in the low-risk category Index and Bloomberg Gender Eq
Slide 61: Focus on Central Locations of Top Tier Cities
APPENDIX: FOCUS ON CENTRAL LOCATIONS OF TOP TIER CITIES | TOP TIER LOCATIONS DUSSELDORF BERLIN AMSTERDAM BERLIN FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 61
Slide 62: Berlin Alexanderplatz
BERLIN ALEXANDERPLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER Landmark AT property BERLIN ALEXANDERPLATZ AT has over 140,000 SQM lettable space in the prime commercial and tourist center Alexanderplatz FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 62
Slide 63: 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 Checkpoint Charlie Office Office Gendarmenmarkt Office Gendarmenmarkt Gendarmenmarkt Office R
Slide 64: Berlin Ku'damm
BERLIN KU’DAMM: THE PRIME COMMERCIAL AND TOURIST CENTER Berlin City Center Mitte Retail Potsdamer Platz Landmark Moxy by Marriot Berlin Mitte Ku’Damm KaDeWe Residential Hotel (GCP) AC by Marriot Berlin Mitte Hotel AT property Ku’Damm KaDeWe Office Berlin City Center Mitte Office Ku’damm /Uhlandstr.
Slide 65: 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 FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 65
Slide 66: Frankfurt: Near 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 67: 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 BSH Office Group Melia
Slide 68: Amsterdam – Centrally Located High Quality Assets
AMSTERDAM – CENTRALLY LOCATED HIGH QUALITY ASSETS Amsterdam Zuidoost Landmark Amsterdam Zuidoost Amsterdam Office Office Sloterdijk Train Station Amsterdam West AT property Office Complex Office Amsterdam Arena Office Amsterdam Sloterdijk Office Amsterdam Westpoort Office Amsterdam Arena Amsterdam A
Slide 69: Dresden – Prime Assets in Historic City Center
DRESDEN – PRIME ASSETS IN HISTORIC CITY CENTER Dresden main central train Landmark Main central train station station Hotel AT property Main central train station Office City Center Office Main High Street Retail City Center Office Zwinger Palace City Center Office Steigenberger Hotel Hotel Frauenki
Slide 70: Leipzig – Top Tier Assets at Hauptbahnhof
LEIPZIG – CENTRALLY LOCATED TOP TIER ASSETS AT HAUPTBAHNHOF Landmark Main central train station Office Leipzig main central AT property train station Main central train station Hotel Main central train station Office City Center Promenade Nikolaikirche Office/Retail University of Leipzig FY 2022 FIN
Slide 71: Appendix: Market Data
APPENDIX: MARKET DATA | TOP TIER LOCATIONS ROTTERDAM UTRECHT MAINZ DRESDEN FY 2022 FINANCIAL RESULTS AROUNDTOWN SA 71
Slide 72: Regional Market Overview
REGIONAL MARKET OVERVIEW Amsterdam Berlin ◼ GDP growth: 3.5% p.a. (avg 2016-2020) ◼ GDP growth: 4.5% p.a. (avg 2016-2020) ◼ Net migration: 6k p.a. (avg 2016-2020) GERMANY ◼ Net migration: 28k p.a. (avg 2016-2020) ◼ Population density: 5.3k per km2 ◼ Population density: 4.1k per km2 Utrecht Hamburg ◼
Slide 73: German Office Market 2022/2023
GERMAN OFFICE MARKET 2022/2023 GERMANY BIG 7 OFFICE MARKETS Demand is good but the picture is mixed. Take-up grew in H1 but the trend reversed in H2 & tenants are expected to delay their decisions due to economic uncertainties. Sharp increase in rent driven by indexation. Higher interest rates outpa
Slide 74: Resilient German Residential Market
RESILIENT GERMAN RESIDENTIAL MARKET POSITIVE NET MIGRATION RESULTS REDUCTION OF HOUSEHOLD SIZE SIGNIFICANT UNDERSUPPLY 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 d
Slide 75: Hotel Market – Leisure Back to Pre-Pandemic
HOTEL MARKET – LEISURE BACK TO PRE-PANDEMIC, BUSINESS TRAVEL IS RECOVERING BUT REMAINS SUBDUED HIGHEST SHARE OF DOMESTIC TRAVEL IN GERMANY, UK, AND NL HELPS PARTIALLY INSULATE HOTEL PERFORMANCE FROM WIDER INTERNATIONAL TRAVEL & BUSINESS TRAVEL FLUCTUATIONS ↗ Europe leisure travel back to pre-pandemi
Slide 76: Disclaimer
DISCLAIMER IMPORTANT: This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distribute