Hamborner Reit Ag · XETR:HABA
Hamborner Reit — FY2023 Earnings Presentation
41 slides from Hamborner Reit's earnings presentation, February 2024
Slide 1: Company Presentation – Preliminary figures 2023
Company Presentation Preliminary figures 2023 February 2024 Office property Ingolstadt
Slide 2: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio Overview 3. Asset Management 4. Financials 5. Sustainability / ESG 6. Appendix Agenda |2
Slide 3: 1. HAMBORNER at a glance
1. HAMBORNER at a glance Office property ‚Nu-Office‘ Munich
Slide 4: Company profile
Company profile History Company profile ▪ Public commercial property company 1953 Foundation of HAMBORNER ▪ Profitable and diversified German-wide property portfolio Listing on stock exchange ▪ Two-pillar portfolio structure with focus on food-anchored retail and 1954 office properties Clear focus o
Slide 5: The HAMBORNER Share
The HAMBORNER Share The HAMBORNER Share Shareholder structure Current share price €6.81 (as of 31 December 2023) Market capitalisation €553.9m (as of 31 December 2023) 12.20% RAG Foundation WKN/ISIN A3H233 / DE000A3H2333 Ticker symbol HABA 81,343,348 5.37% BlackRock shares Class of shares Registered
Slide 6: 2. Portfolio Overview
2. Portfolio Overview Office property Münster
Slide 7: Portfolio Strategy – Target Structure
Portfolio Strategy – Target Structure Retail Portfolio Office Portfolio Manage-to-core properties Manage-to-core properties 10-20% 10-20% with value-add potential with value-add potential Maintaining/extension of 80-90 % Maintaining/extension of 80-90% core retail portfolio with 80-90% core office p
Slide 8: Portfolio Management Approach
Portfolio Management Approach ▪ Retail Asset classes ▪ Office ▪ Core Risk profile ▪ Manage-to-core ▪ > €10m (retail) Lot size ▪ > €20m (office) ▪ Focus on core investments ▪ Addition of selected manage-to-core properties with larger asset management need (refurbishment, reletting, repositioning etc.
Slide 9: Geographical Portfolio Structure
Geographical Portfolio Structure Geographical Focus (Metropolitan Regions in Germany) Portfolio by Metropolitan Regions Metropolitan Region Share of portfolio volume 1 Rhine-Ruhr 21.4% 8 2 Frankfurt Rhine-Main 12.8% 10 9 3 Berlin-Brandenburg 9.4% 3 4 Nuremberg 8.2% 5 Stuttgart 5.9% 1 11 6 Rhine-Neck
Slide 10: Portfolio development
Portfolio development 2.000 50 Portfolio value and average property value Comments ▪ Continuous value-adding portfolio growth since 1,589 1,625 1,604 1,609 conversion into a G-REIT in 2010 1,517 40 1,471 ▪ Average annual growth rate of 10.7% 1.500 1.363 over the last 10 years ▪ Average property valu
Slide 11: Acquisitions 2023
Acquisitions 2023 Hanau Offenburg Hanau Offenburg Asset type Retail Retail Investment approach Core Core Year of construction 1997 (refurbished 2017) 2017 Leased area 4,100 m2 13,900 m2 WALT1 12.5 years 7.8 years Offenburg Occupancy rate1 100% 100% Annual rental income1 ~€0.4m ~€1.2m Purchase price
Slide 12: Portfolio revaluation
Portfolio revaluation Portfolio development full-year 2023 Comments ▪ Value development influenced by property Transactions Retail Portfolio (LfL) Office Portfolio (LfL) transactions (+€24.8m) and -10.5% decrease of Portfolio value like-for-like portfolio value (-€169.6m) €1,608.6m ▪ Decline in tota
Slide 13: Preliminary portfolio key metrics as of December 2023
Preliminary portfolio key metrics as of 31 December 2023 Asset class Total portfolio Investment approach Retail Office Split Core % Manage-to-Core1 % Number of properties 39 28 67 64 95.5% 3 4.5% Fair Value €836.5m €634.5m €1,471.0m €1,425.8m 96.9% €45.2m 3.1% Leased area 393,234 m² 229,698 m² 622,9
Slide 14: Rent development
Rent development Development of annualized rents (year-on-year) +€1.9m -€0.3m €90.2m -0.3% +€1.6m €87.0m +2.2% +1.8% Annualized rents Acquisitions Indexation Re-lettings/ Annualized rents 31 December 2022 Vacancy change 31 December 2023 Rent development like-for-like (year-on-year)1 Asset class Tota
Slide 15: 3. Asset Management
3. Asset Management Retail property ‚Rondo Steinheim‘ Hanau
Slide 16: Tenant base
Tenant base Top-10 tenants (as of 31 December 2023) Sector distribution (as of 31 December 2023) Tenant Sector Rent1 Sector Rent1 EDEKA Group Food retail 13.3% Food 33.0% Kaufland Group Food retail 7.1% DIY 11.4% REWE Group Food retail / DIY 6.9% IT / Communication 10.1% OBI DIY 6.6% Finance / Insur
Slide 17: Leasing situation
Leasing situation Weighted average lease expiry (as of 31 December 2023) Letting result 2023 109,895m² 96,253m² 52% 47% 7.6 years 6.4 years 53% 48% 13,642m² 4.8 years 83% 17% New lettings Contract extensions Total Retail Office Total Retail Office 30,0% Lease expiry schedule (as of 31 December 2023;
Slide 18: Recent letting success
Recent letting success Lease renewals OBI DIY stores Aachen Lease area ~11,400m² Extension +10 years Duration 2037 Leipzig Lease area ~11,100m² Extension +10 years Duration 2034 Hilden Lease area ~10,800m² Extension +5 years Duration 2034 Early renewal of leases with long-term tenant DIY retailer
Slide 19: 4. Financials
4. Financials Office property/Medical center Regensburg
Slide 20: Preliminary key figures 2023
Preliminary key figures 2023 Key figures 2023 2022 Change Profit and loss statement Income from rents and leases €91.1m €87.1m +4.6% Operating result €11.7m €25.5m -54.1% Profit for the period -€0.7m €13.3m n/a Key operational KPIs Funds from Operations (FFO) €54.7m €51.0m +7.2% Funds from Operation
Slide 21: Funds from operations (FFO) | Preliminary figures
Funds from operations (FFO) | Preliminary figures in k€ 2023 2022 Change Comments 1 Income from rents and leases1 91,069 87,060 +4.6% ▪1 Increase in income from rents and leases mainly Income from passed on costs1 13,492 12,174 +10.8% due to property additions and indexation effects Operating expens
Slide 22: EPRA NAV & NTA
EPRA NAV & NTA NAV development 2023 €964.8m -€38.2m +€54.7m -€165.6m +€3.2m -€4.0m €814.9m -€0.3m €814.6m NAV Dividend FFO Like-for-like Capex Other effects NAV Intangible NTA 31 Dec 2022 Revaluation 31 Dec 2023 Assets 31 Dec 2023 NAV/share NAV/share NTA/share -15.5% €11.86 €10,02 €10.01 Financials
Slide 23: Financial situation
Financial situation Expiration of financial liabilities (as of31 (as of 31December December 2021) 2023) 55.1% REIT equity ratio 43.5% 1.8 % LTV 10.1x Net debt/EBITDA1 20.4% 5.5x 16.7% EBITDA/Interest coverage 13.5% 13.0% 12.7% 8.4% 7.5% €702.1m Financial liabilities2 2.8% 3.1% 2024 2025 2026 2027 20
Slide 24: Outlook
Outlook Dividend €0.48 per share ~72% Dividend proposal Resultant FFO payout ratio Guidance 2024 €91.0m – €92.5m €49.0m – €50.5m Rental income FFO Main influencing factors + Stable and reliable cashflows - Uncertainties on letting markets + Property additions 2023 - Maintenance expenses (incl. cost
Slide 25: 5. Sustainability / ESG
5. Sustainability / ESG Office property Neu-Isenburg
Slide 26: ESG organization
ESG organization Supervisory Board Internal Sustainability Management ▪ Advising and monitoring Management ▪ Sustainability Committee Supervisory consisting of Management Board ESG/ Management Board of Management Board Board Sustainability Board members and the ESG Officers ESG Committee from indivi
Slide 27: ESG strategy
ESG strategy Strategic development and guidelines Key Action Areas ▪ Integration of sustainability/ESG criteria into overall strategy ▪ Implementation of strategic sustainability programme ▪ Planning and controlling of sustainability activities by internal Corporate Environmental sustainability comm
Slide 28: ESG management | Selected activities in key action areas
ESG management | Selected activities in key action areas Key Action Area Selected activities 2023 ▪ Ongoing data management optimisation and database expansion ▪ Extension of carbon footprinting on company and portfolio level Environmental Management & Climate Protection ▪ Development of decarbonisa
Slide 29: Decarbonisation strategy | CO2e-balance
Decarbonisation strategy | CO2e-balance CO2e-balance for base year 2021 Share of emission sources in the CO2e-balance in tCO2e 42,130 0.5% 28,747 11.0% 7,109 4,415 4,242 16.7% 2,867 4,484 1,820 71.8% 69 38 10 0 131 8 69 0 199 Direct Energy Services, Energy Mobility Tenant Total energy supply materia
Slide 30: Decarbonisation strategy | Decarbonisation target and milestones
Decarbonisation strategy | Decarbonisation target and milestones Level Scope Target 2030 Target 2045 -50.0% to 28.2 kgCO2e/m2 Reduction of energy related emissions Portfolio Energy related1 Net Zero Greenhouse gas emissions Corporate Total balance The Net Zero targets are associated with a small a
Slide 31: Decarbonisation strategy | Decarbonisation pathway
Decarbonisation strategy | Decarbonisation pathway Milestones along CRREM decarbonisation pathway1 70 Scope 1, 2, 3 energy related 60 Scope 3 other 50 CRREM V.2, 2°C – cross-portfolio kgCO2e/m² 40 30 20 10 - BASE YEAR 56.4 TARGET 28.2 -50% 2021 kgCO2e/m² 2030 kgCO2 e/m² BASE YEAR 62.9 TARGET 1.8 -97
Slide 32: Decarbonisation strategy | Areas of action and cost indication
Decarbonisation strategy | Areas of action and cost indication Cost indication for property and building maintenance Areas of action to reduce emissions Maintenance expenses Modernisation of technical building systems €0.0m – €0.1m 1 Ø €1.2m – €1.5m p.a.€1.0m €1.0m – €1.5m – €1.5m €1.5m – €1.8m Expa
Slide 33: ESG Ratings
ESG Ratings Company Rating 2021 2022 2023 Sustainability Best Practice No Award No Award Recommondation DVFA Scorecard for Corporate 58,43 % (sufficient) 75,73 % (good) Governance Public Disclosure B B A (93%) Benchmark Not rated Not rated 1/5 Corporate Rating 28,23 (D+) 39,45 (C-) 39,44 (C-) Qualit
Slide 34: 6. Appendix
6. Appendix Retail Lengerich
Slide 35: Top-10 properties (1/2)
Top-10 properties (1/2) Mannheim Munich Cologne Berlin Karlsruhe Asset type Retail Office Office Office Retail Year of acquisition 2016 2013 2017 2013 2012 Purchase price €80.0m €40.2m €49.0m €33.0m €37.0m Fair value1 €76.0m €63.0m €59.3m €59.1m €52.8m Annual rents €4.1m €2.9m €3.1m €2.8m €2.9m WALT
Slide 36: Top-10 properties (2/2)
Top-10 properties (2/2) Hanau Celle Hallstadt Aachen Tübingen Asset type Retail Retail Retail Office Retail Year of acquisition 2017 2015 2017 2020 2012 Purchase price €37.5m €35.2m €40.4m €37.4m €22.2m Fair value1 €44.6m €40.1m €39.4m €39.3m €33.6m Annual rents €2.3m €2.1m €2.6m €2.3m €1.8m WALT(1)
Slide 37: Portfolio Rotation
Portfolio Rotation Transactions since strategy update in July 20201 Implementation of adjusted strategy 24 disposals since strategy update in 2020 Portfolio as of 30 June 2020 Portfolio as of 31 December 2023 Total sales volume of €200.6 with 3.7% Assets 83 Assets 67 premium to latest fair values Po
Slide 38: German Real Estate Investment Trust (G-REIT)
German Real Estate Investment Trust (G-REIT) Main requirements for G-REITs directly held shares stock exchange listing > 15 % free float < 10 % per shareholder of assets invested of earnings from < 75 % in properties < 75 % property management payout of profit > 45 % Equity ratio > 90 % (German GAAP
Slide 39: Financial Calendar
Financial Calendar Annual Report 2023 14 March 2024 Annual General Meeting 25 April 2024 Quarterly financial statement Q1 2024 23 April 2024 Half-yearly financial report 2024 8 August 2024 Appendix | 39
Slide 40: Contact
Contact Niclas Karoff Sarah Verheyen CEO/CFO COO/CIO E-Mail: n.karoff@hamborner.de E-Mail: s.verheyen@hamborner.de Christoph Heitmann HAMBORNER REIT AG Head of IR & PR www.hamborner.de info@ir.hamborner.de E-Mail: c.heitmann@hamborner.de +49 (0)203/54405-32 Appendix | 40
Slide 41: Disclaimer
This presentation has been prepared and/or issued by HAMBORNER REIT AG (hereinafter "HAMBORNER") solely for information purposes. This presentation may contain statements, assumptions, opinions and predictions about the anticipated future development of HAMBORNER ("forward-looking statements") that