Nextensa · EURONEXT:NEXTA
Nextensa — Leasinvest Real Estate — FY2020 Earnings Presentation
67 slides from Nextensa's earnings presentation, Feb 11, 2021
Slide 1: Investor Presentation Year results 2020
INVESTOR PRESENTATION Year results 2020 11 February 2021
Slide 2: Table of Contents
Table of Contents 1. Highlights FY 2020 4 2. Activity overview FY 2020 12 3. Portfolio 29 4. Financials 33 5. Share performance 41 Appendices 46 2 Investor presentation | Leasinvest.be FY 2020
Slide 3: Disclaimer
This presentation has been Forward looking In addition, even if the prepared by the management statements Company’s results, condition, of Leasinvest Real Estate SCA, and growth and the a Belgian public real estate These forward-looking development of the industry in investment company statements ar
Slide 4: Highlights FY 2020
Treesquare (BE) 1. Highlights FY 2020 4 Investor presentation | Leasinvest.be FY 2020
Slide 5: Highlights
Highlights FY 2020 EPRA earnings from ~ € 40.5 m to ~ € 35.6 m Significant drop in funding cost expected by early repayment of derivatives, to level of below 2% Financial headroom of € 83 million, debt ratio at 55.58% Dividend 2020 maintained at € 5.25/share Occupancy rate rises from 90.46% end 2020
Slide 6: EPRA earnings lower, yet dividend maintained
EPRA earnings lower, yet dividend maintained Dividend 2020 maintained at • EPRA earnings decreased by 12% € 5.25/share • Total Corona-impact of -6.5% (€ 4.2 m) on rental turnover • Impact per segment: - Austria: - 1.6 m (legally no rent due during lockdown periods) - Retail parks in Luxembourg: -614
Slide 7: Dividend evolution
Dividend Long term EPS & Gross DPS evolution 7,5 7,0 6,5 evolution 6,0 5,5 5,0 4,5 4,0 Dividend 3,5 3,0 Gross dividend 2020 maintained to € 5.25/per share 2000 2004 2001 2002 2003 2005 2006 2008 2009 2020 2007 2011 2014 2017 2010 2012 2013 2015 2016 2018 2019 EPS (€) Brutodividend/aandeel (€) Net di
Slide 8: Revaluation of buildings, steady portfolio value
Revaluation of buildings, steady portfolio value • Changes in fair value of investment properties of € 29.3 m (31/12/2019: € 4.1 m) • Important unrealized capital gains on offices portfolios in Belgium and Luxembourg • Unrealized loss on Knauf shopping centers in Luxembourg (- € 25 m) Fair value rea
Slide 9: Improved occupancy and (re)developments
Improved occupancy and (re)developments for future rental income Occupancy rate • Occupancy rate rises to 91.62% (90.46% end 2019) 91.62% • Important redevelopments in Belgium and Luxembourg progressing as planned • Completion of redevelopments will have a positive impact on both rental income and o
Slide 10: Repayment of derivatives for substantial drop in funding cost
Future funding cost Repayment of < 2% derivatives for substantial drop in funding cost • € 115 million of efficient derivatives were repaid, for a total value of € 20.3 million • They had a strike rate of more than 2% and an average duration of more than 5 years • This will result in a substantial a
Slide 11: Debt ratio improved thanks to divestments
Debt ratio improved thanks to divestments Debt ratio • Continuing divestment of non- 55.58% strategic assets • Headroom of € 83 m available • Realized capital gains on divestments of € 2.2 m 11 Investor presentation | Leasinvest.be FY 2020
Slide 12: Activity overview FY 2020
Activity overview FY 2020 2. 12 Investor presentation | Leasinvest.be FY 2020
Slide 13: Divestments
Divestments • Further divestments of non- strategic buildings • State Archives in Bruges (BE), Esch 25 in Luxembourg (LU) and semi-industrial part of Brixton Business Park (BE) in Q1 2021 • Realised capital gain of € 2.2 m on sale of Esch 25, State Realised Archives in Bruges and Brixton capital gai
Slide 14: Developments
Developments Knauf Hangar Pommerloch 26/27 (LU) (BE) Monteco Knauf (Montoyer Schmiede 14) (LU) (BE) EBBC Business Park (LU) Mercator (LU) 14 Investor presentation | Leasinvest.be FY 2020
Slide 15: CBD Brussels (BE)
Monteco (Montoyer 14) CBD Brussels (BE) 15 Year results 2019 | Leasinvest.be
Slide 16: Redevelopment Montoyer
Redevelopment Montoyer 14 • in the European Quarter • First higher wooden construction Office building of +/- 3,700 m² • C02 neutral passive building to redevelop • New generation of ‘circular buildings’, equipped with latest smart technologies Expected • Objective: BREEAM Excellent Rent Price • Bui
Slide 17: Antwerp (BE)
Hangar 26/27 Antwerp (BE) Eilandje district 17 Year results 2019 | Leasinvest.be
Slide 18: Hangar 26/27 Antwerp
Hangar 26/27 Antwerp (BE) • Danish architects CF Moller have been appointed to design a high-end mixed projects € 23 m with extension of offices Investment Price: and retail • Building permit for 9,171 m² renovation façade Retail and offices granted: execution between April and October 2021 • Buildi
Slide 19: Airport district
EBBC Business Park (LU) Airport district 19 Year results 2019 | Leasinvest.be
Slide 20: EBBC BP becomes Moonar
EBBC BP becomes Moonar • Repositioning into the new Corona-proof Campus in Luxembourg € 32 m • Focus on community, Foreseen Capex green and exterior environment, with ‘places-to-meet’, e.g. book shops, coffee bar, and new pavilion • Starting with renovation of ~ 27,000 m² common parts and vacant spa
Slide 21: Route d'Arlon
Mercator (LU) Route d’Arlon 21 Year results 2019 | Leasinvest.be
Slide 22: Redevelopment Mercator
Redevelopment Mercator • Ideally located route d’Arlon, main entrance road to Luxembourg Office building of +/- 8,650 m² • Repositioning into High 5! • Currently 40% occupancy • Important renovation to meet the needs of a young and dynamic public • Vacant floors are entirely stripped and renovated •
Slide 23: Redevelopment Knauf shopping center Schmiede
Schmiede (LU) Redevelopment Knauf shopping center 23 Investor presentation | Leasinvest.be FY 2020
Slide 24: Knauf shopping center Schmiede
Knauf shopping center Schmiede (LU) • Strengthening position as largest shopping center in the North of € 25 m Luxembourg Foreseen Capex • Demolition works for zone 2 Q1 2022 started with construction as of Reception Q1 2021 and reception of extension foreseen in Q1 2022 Extension of ~ 7,000 m² • In
Slide 25: Redevelopment Knauf shopping center Pommerloch
Pommerloch (LU) Redevelopment Knauf shopping center 25 Investor presentation | Leasinvest.be FY 2020
Slide 26: Knauf shopping center Pommerloch
Knauf shopping center Pommerloch (LU) • New parking (partially), entrance to gallery and new commercial spaces opened end-2020 • Final reception of parking is foreseen in Q1 2021 • In October and November Extension 4 retailers could occupy of parking & their new/renewed premises additional (Adecco,
Slide 27: Leases
Leases Hangar 26/27: new lease of 500 m², at € 165/m²/y Mercator/High 5!: new rental contract signed with CHL for 1,557 m² active negotiations with potential new tenants Knauf shopping center Pommerloch: signing of new lease with New Yorker for 1,250 m² (opening March 2021) Titanium: The Crescent di
Slide 28: Sustainability redefined
Sustainability redefined 5 themes and 13 objectives L iveable E volving A daptable S ocietal Invest ments 28 Investor presentation | Leasinvest.be FY 2020
Slide 29: Portfolio overview
3. Portfolio overview Knauf Shopping Center Schmiede (LU) 29 Investor presentation | Leasinvest.be FY 2020
Slide 30: Portfolio overview
Portfolio overview BE A unique combination of market segments and FV | € 326.8 m geographical diversification Yield | 5.93% FV | € 1.14 bn | Yield | 5.63% LU Offices 259.2 FV | € 633.3 m Yield | 5.52% Retail Logistics Retail 50.2 17.4 298.6 Offices 280.1 AT FV | € 181.0 m Yield | 5.46% Retail Logist
Slide 31: Portfolio overview
Portfolio overview Demonstrating long term growth through a focused approach Evolution of portfolio fair value per country Evolution of split in market segments Focus on two asset classes Including stake in Retail Estates • i.e. retail and offices • sale of largest part of logistics portfolio in 201
Slide 32: Portfolio overview: occupancy and lease duration
Portfolio overview Duration leases till first break per 31 December On the back of consistent 2020 (in y) occupancy rates Occupancy rates Luxembourg Belgium Austria Total 2020 Total 2019 per 31 December 2020 3.4 5.0 5.0 3.9 4.3 Luxembourg Belgium Austria Total 2020 Total 2019 7,8 93.87% 92.79% 100.0
Slide 33: Financials
4. Financials 33 Investor presentation | Leasinvest.be FY 2020
Slide 34: Key consolidated financials
Key Key figures balance sheet 31/12/2020 31/12/2019 consolidated Net asset value group share (€ 1,000) 487 211 492 577 Number of shares at closing date 5 926 644 5 926 644 financials Net asset value group share per share (€) 82,2 83.1 Net asset value group share per share based on investment value (
Slide 35: EPRA KPIs
EPRA KPIs EPRA performance measures 31/12/2020 31/12/2019 FY 2020 EPRA Earnings (in € per share) (1) 6,01 6,83 EPRA NAV (in € per share) (2) 91,34 93,4 EPRA NNNAV (in € per share) (3) 84,9 85,0 EPRA NRV (in € per share) 95,34 97,29 EPRA NTA (in € per share) 91,34 93.37 EPRA NDV (in € per share) 81,5
Slide 36: Consolidated income statement
Consolidated Consolidated statement realized and unrealized results (€ 1000) 31/12/2020 31/12/2019 (+) Rental income 61 572 65 280 (+/-) Related-rental expenses -530 income -1 724 NET RENTAL INCOME 59 848 64 750 (+) Recovery of property charges 102 411 statement (+) Recovery income of charges and ta
Slide 37: Consolidated balance sheet
Consolidated (€ 1,000) 31/12/2020 31/12/2019 (€ 1,000) 31/12/2020 31/12/2019 balance sheet ASSETS LIABILITIES I. NON-CURRENT TOTAL SHAREHOLDERS’ EQUITY 487 211 492 577 1 223 098 1 226 032 ASSETS I. SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO THE Investment 487 211 492 577 1 141 190 1 092 529 SHAREHOLDERS O
Slide 38: Funding
Funding Funding diversification Rental yield vs funding cost • Cost of debt: increase from 2.14% (2019) to 2.35% 18% • Total committed lines (incl. bonds) of € 744 m 8% 15% 7% • Duration credit facilities decreased 59% from 3.88y (2019) to 3.36y 6% 5% • Available headroom credit facilities 8% 4% € 8
Slide 39: Hedging
Hedging • Debt financing – 60% fixed ratio • Hedge ratio – 70% • Fixed rate debt, incl. bond (27%), Hedge ratio interest CAPs (11% and interest rate swaps (33%) 90% • Duration hedges: 4.58y vs 5.54y (2019) 80% • € 115 million of efficient derivatives were repaid, for a total 70% value of € 20.3 mill
Slide 40: Outlook financial year 2021
Outlook Treesquare (BE) financial year 2021 The corona pandemic still grips the markets in which Leasinvest operates. In Belgium, the catering industry will remain closed until further notice, which will certainly have an impact on the rental income of mainly the ground floor of the Royal Depot on t
Slide 41: Share price performance
Strassen (LU) 5. Share price performance 41 Investor presentation | Leasinvest.be FY 2020
Slide 42: Share performance: share price LRE vs NAV
Share performance Share price LRE vs NAV 42 Investor presentation | Leasinvest.be FY 2020
Slide 43: Share performance vs EPRA, BEL MID
Share performance Vs EPRA Vs BEL MID 43 Investor presentation | Leasinvest.be FY 2020
Slide 44: Share performance: performance report January 2021
Share performance Performance report January 2021 44 Investor presentation | Leasinvest.be FY 2020
Slide 45: Investor relations team
Investor relations team Michel Van Geyte Chief Executive Officer Michel Van Geyte (54) joined Leasinvest Real Estate in August 2004. He is CEO and executive director of Leasinvest Real Estate and Leasinvest Immo Lux. michel.vangeyte@leasinvest.be Tim Rens Chief Financial Officer Tim Rens (38) joined
Slide 46: Appendices
Knauf Shopping Center Schmiede (LU) Appendices 46 Investor presentation | Leasinvest.be FY 2020
Slide 47: Key investment highlights
Key investment highlights 47 Investor presentation | Leasinvest.be FY 2020
Slide 48: Key investment highlights
Key investment highlights 4. 2. Proven expertise Diversified quality portfolio in (re)development on the back of dynamic of buildings asset management 1. Unique exposure to 3. the growing Luxembourg office Proactive commercial 5. and retail market approach translating into a high quality Strong divi
Slide 49: Company profile & strategic vision
Company profile & strategic vision 49 Investor presentation | Leasinvest.be FY 2020
Slide 50: Company profile
Key figures 31/12/2020 Company profile 91.62% 5.63% Occupancy Rental yield AT € 1.14 bn Fair value portfolio 16% € 1.22 bn (incl. participation in Retail Estates) ~ € 462 m Market capitalization 8/02/2021 LU Fair Value 56% Shareholders 3.85y 2.35% € 1.14 Bn • Ackermans & van Haaren 30.01% • AXA Belg
Slide 51: Strategic vision: investment strategy
Strategic vision Investment strategy Opportunity driven 2015 Tour & Taxis Royal Depot (BE) € 108 m landmark office building in Brussels 2012-2013 2008 Knauf shopping (LU) 2006 Metro Group retail (LU) Schmiede & Pommerloch € 170 m 100 shops Dexia Immo Lux (LU) portfolio € 50 m 3 buildings portfolio €
Slide 52: Strategic vision: investment strategy
Strategic vision Investment strategy Opportunity driven 2018-2019 2018-2019 EBBC (LU) Vösendorf (AT) 2017 Owning 5 out of 6 buildings 2 retail parks near in BP in Lux airport district SCS Nordring, largest Mercator (LU) - 2018: € 64 m + shopping complex close 2019: € 47 m to Vienna € 72 m 2017: furt
Slide 53: Strategic vision: development strategy
Strategic vision Development strategy Organic (re)developments Boomerang Strassen (LU) 2017-2020: redevelopment Strassen Montoyer Brussels CBD (BE) Reconstruction by 2018 2016: 21y usufruct with EP 53 Investor presentation | Leasinvest.be FY 2020
Slide 54: Strategic vision: development strategy
Strategic vision Development strategy Organic (re)developments Royal 20 CBD (LU) Reconstruction by 2015 Let to China Merchant’s bank Sold with capital gain of > € 20 m on investment Treesquare (BE) Reconstruction in 2018 Building of ~ 6,500 m² Let to high end occupants 54 Investor presentation | Lea
Slide 55: Strategic vision: commercial strategy
Strategic vision Commercial strategy Maximizing lease duration & occupancy rates 3. Knauf Pommerloch 1. Tour & Taxis 2. De Mot 55 Investor presentation | Leasinvest.be FY 2020
Slide 56: Corporate structure & governance
Corporate structure & governance 56 Investor presentation | Leasinvest.be FY 2020
Slide 57: Corporate Structure
Corporate Structure Ackermans & van Haaren AXA Belgium 30% 27% 100% Leasinvest Real Estate SCA/Comm. VA Leasinvest Real Estate Management SA/NV = BE REIT/SIR/GVV = asset management for LRE & LIL On = buildings in Belgium Belgium Grand-duchy of Luxembourg Austria 31/12/2020 Leasinvest Services SA/NV
Slide 58: Directors nominated by AvH/AXA
Directors nominated by AvH/AXA Board of Directors & Management as per 18/05/2020 Piet Dejonghe Director member Executive Committee Ackermans & van Haaren Wim Aurousseau Director Chief Investment Officer of AXA Belgium SA) Jan Suykens Chairman CEO & chairman Michel Jean-Louis Executive Committee Appe
Slide 59: Independent directors
Independent directors Board of Directors & Management as per 18/05/2020 Dirk Adriaenssen Eric Van Dyck Independent Independent director director Cushman & Wakefield Marcia Managing director Redevco London – Chairman Capital Switzerland Asset De Wachter Markets EMEA/ ex-CIO Management Services AG Red
Slide 60: Executive committee
Executive committee (as of 1 December 2018) Board of Directors & Management as per 18/05/2020 Michel Van Geyte Chief Executive Officer 25 years of real estate experience of which 3 years as managing partner at Knight Frank Belgium and of which 13 years as COO/CIO with LRE Tim Rens Chief Financial Of
Slide 61: Corporate governance
Corporate governance Ordinary general meeting of 18 BoD AC BRC May 2020: Jan Suykens Chairman, non-executive director X (chairman) - Renewal mandate of Jean-Louis Appelmans for a term of 1 year Michel Van Geyte Managing director - Nomination of Wim Piet Dejonghe non-executive director X Aurousseau,
Slide 62: Main assets
Strassen (LU) Main assets 62 Investor presentation | Leasinvest.be FY 2020
Slide 63: Main assets in Luxembourg
OFFICE Main assets Montimmo Avenue Monterey, in Luxembourg CBD Acquisition: 2008 RETAIL Batiself & Siemes Diekirch Acquisition: 2008 OFFICES & WAREHOUSE CFM 3,600 m² Offices en RETAIL RETAIL 10,000 m² Warehouse RETAIL Strassen Shopping center Shopping center 2 phase renovation Knauf Pommerloch Knauf
Slide 64: Main assets in Belgium
Main assets in Belgium OFFICE The Crescent Anderlecht Lenniksebaan 451, Anderlecht OFFICE / RETAIL Acquisition: 2004 Brixton Business Park Brixtonlaan 1-30, Zaventem Acquisition: 1999 OFFICE / RETAIL Tour & Taxis Avenue du Port 86C, Brussels Acquisition: 2015 OFFICE / RETAIL Hangar 26/27 Rijnkaai, A
Slide 65: Main assets in Austria
Main assets in Austria RETAIL Nordring 2-10 & 16 Vösendorf – South of Vienna Acquisition: 2019 RETAIL Hornbach Baumarkt (Stadlau 22nd district Vienna) RETAIL Acquisition: 2017 Gewerbepark Stadlau (Stadlau 22 district Vienna) nd Acquisition: 2017 RETAIL Frun Park Asten Linz - 200 KM from Vienna Acqui
Slide 66: Leasinvest's markets: Office Market (2020)
Leasinvest’s markets Office Market (2020) Belgium Take-up Brussels low due to high activity in 2019 and Covid-19 Vacancy rate: 7.6% (CBD 3.4%) Prime rent CBD: € 320/m2/y (stable) Investments: highest volume ever Luxembourg Prime yield: 4% (LT 3.5%) Vacancy rate ~ 3.5% Take-up: 117,000 m2 (in line) P
Slide 67: Leasinvest's markets: Retail Market (2020)
Leasinvest’s markets Retail Market (2020) Austria Investment volume down by 20%, of which retail represented 2% Luxembourg Rental market: low activity, though encouraging signs (footfall) Out of town: suffered less and prime rents remain stable Investment market: low activity, few opportunities 67 I
Leasinvest Real Estate — FY2020 Earnings Presentation on 6ix