Lighthouse Properties Plc · JSE:LTE
Lighthouse Properties — Greenbay Properties — H1 2018 Earnings Presentation
17 slides from Lighthouse Properties's earnings presentation, May 8, 2018
Slide 1: Interim Results Presentation 2018
2018 INTERIM RESULTS PRESENTATION GREENBAY PROPERTIES LTD RESULTS PRESENTATION 1
Slide 2: Company Profile and Strategy: 4 Pillars
COMPANY PROFILE AND STRATEGY 4 PILLARS LISTED INFRASTRUCTURE LISTED REAL ESTATE DIRECT INFRASTRUCTURE DIRECT PROPERTY • Opportunistic M&A • Opportunistic M&A • Toll road – DD underway • Dominant malls • Strategic investments • Strategic investments • Pipeline of five transportation • Redevelopment o
Slide 3: Highlights
HIGHLIGHTS • Interim dividend per share of 0.2885 EUR cents • Interim distributable earnings per share of 0.2854 EUR cents • NAV per share 8.82 EUR cents • Sale of Tivoli Land • Significant progress in physical infrastructure opportunities • Agreed to acquire remaining 50% of Forum Coimbra and Forum
Slide 4: Key Indicators and Financial Performance
KEY INDICATORS AND FINANCIAL PERFORMANCE Mar 18 Sep 17 Mar 17 Shares in issue 9 488 106 526 9 322 176 525 6 302 299 068 Distributable earnings per share (EUR cents) 0.2854 0.2589 0.2355 Dividend per share (EUR cents) 0.2885 0.2360 0.2308 Payout ratio 101.1% 91.2% 98.0% NAV per share (EUR cents) 8.82
Slide 5: Gearing and Cost of Debt
GEARING AND COST OF DEBT Asset value Debt LTV Cost of (€ '000) (€ '000) Ratio borrowing Direct investments 176 054 76 107 43.2% 2.52% Listed investments 1 049 865 307 477 29.3% 1.52% Total / average 1 225 919 383 584 31.3% 1.72% GREENBAY PROPERTIES LTD RESULTS PRESENTATION 5
Slide 6: Investment Portfolio – By Sector
INVESTMENT PORTFOLIO – BY SECTOR Mar 2018 Sep 2017 Direct property 14.0% Direct property Listed 18.2% Listed infrastructure infrastructure 49.1% 49.1% Listed real estate Listed real 36.9% estate 32.7% GREENBAY PROPERTIES LTD RESULTS PRESENTATION 6
Slide 7: Investment Portfolio – By Geographical Spread
INVESTMENT PORTFOLIO – BY GEOGRAPHICAL SPREAD Mar 2018 Sep 2017 UK Hong Kong UK Hong Kong 4.7% 2.7% Singapore 1.0% 0.9% Singapore 1.2% 1.1% Australia Australia 7.0% 5.7% Canada USA USA Canada 9.9% 41.9% 42.7% 10.1% Europe Europe 37.3% 33.8% GREENBAY PROPERTIES LTD RESULTS PRESENTATION 7
Slide 8: Top Ten Investments
TOP TEN INVESTMENTS Fair value as at % of total Investment Sector Jurisdiction Mar 2018 (€ '000) investment Forum Coimbra Direct property Europe 94 948 7.8% Planet Koper Direct property Europe 57 701 4.7% Unibail-Rodamco Listed real estate Europe 51 982 4.3% TransCanada Listed infrastructure Canada
Slide 9: Direct Property Portfolio Anchor Tenants
DIRECT PROPERTY PORTFOLIO ANCHOR TENANTS 19% Inditex 16% 5% Nos 4% 4% New Yorker 3% 5% H&M 3% 2% Cortefiel 3% 3% Primark 2% 3% Fnac 2% 1% Calzedonia 2% 6% Cineplexx 2% 2% C&A 2% 6% Tus 1% 5% Pingo Doce 1% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% GLA Rental Includes 100% of Forum Coimbra and Forum Vise
Slide 10: Direct Real Estate Portfolio Lease Expiry Profile by GLA
DIRECT REAL ESTATE PORTFOLIO LEASE EXPIRY PROFILE BY GLA 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2026+ Forum Coimbra Forum Viseu Planet Koper Total Includes 100% of Forum Coimbra and Forum Viseu (post acquisition of remaining 50%) GREENBAY PROPERTIES LT
Slide 11: Forum Coimbra and Forum Viseu
FORUM COIMBRA AND FORUM VISEU • Concluded agreement with Resilient REIT to acquire remaining 50% • Forum Viseu › 5.6% sales increase YoY › Gym negotiations being finalised for vacant space • Forum Coimbra › 7.6% sales increase YoY › 45 leases concluded during the period with positive reversions of 5
Slide 12: Planet Koper - Reconfiguration
PLANET KOPER - RECONFIGURATION • Level 0 • Level 1 GREENBAY PROPERTIES LTD RESULTS PRESENTATION 12
Slide 13: Physical Infrastructure – Concessions
PHYSICAL INFRASTRUCTURE – CONCESSIONS • Focus on transportation › Toll roads › Airports › Ports • Focus on all phases – specifically Ramp-up phase Concession term Construction Ramp-up Operational phase phase phase Construction Greenbay Pension funds | Infrastructure funds companies GREENBAY PROPERTI
Slide 14: Typical Concession Structure
TYPICAL CONCESSION STRUCTURE State Debt guarantee Revenue guarantee Concession agreement Lenders Facility agreement Concessionaire O&M contract Operator Company Contractor Contract Provision of services Infrastructure users GREENBAY PROPERTIES LTD RESULTS PRESENTATION 14
Slide 15: Challenges
CHALLENGES • Changes in capitalisation rates › Increased supply of malls in target jurisdictions › Private vs public market expectations • Rising interest rates • Currency volatility • Asian infrastructure bidders › Support from Asian banks Forum Viseu GREENBAY PROPERTIES LTD RESULTS PRESENTATION 15
Slide 16: Outlook
OUTLOOK • Physical infrastructure – binding offer • Well structured for opportunistic acquisitions • Remains prudent and selective on investment opportunities • Forecast › FY2018: 25% growth › FY2019: 25% growth Forum Coimbra GREENBAY PROPERTIES LTD RESULTS PRESENTATION 16
Slide 17: Q&A
Q&A GREENBAY PROPERTIES LTD RESULTS PRESENTATION 17