Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — H1 2022 Earnings Presentation
71 slides from Sirius Real Estate's earnings presentation, Sep 30, 2021
Slide 1: Half Year Results Presentation
HALF YEAR RESULTS PRESENTATION 30TH SEP 2021 Sep 2021 www.siriusfacilities.com
Slide 2: Investing In Industrial Business Parks In Germany
Investing In Industrial Business Parks In Germany Leading owner and operator of business parks, industrial complexes & out-of-town offices in Germany 2 Sep 2021 Half-Year Results
Slide 3: About Sirius
About Sirius 3 1 Leading owner and operator Fully integrated operating Market capitalisation of over of business parks, out of town offices platform including 275 employees in €1.6 bn (£1.4 bn) and industrial complexes in Germany over 70 locations across Germany Not a REIT 1.5x covered dividend €1.8
Slide 4: About Germany
About Germany 4 1 Economy spread across several Well diversified economy The “Mittelstand” large autonomous markets Machinery, automotive, The SME market, over 50% of the German Frankfurt, Berlin, Munich, Hamburg, chemical, medical, economy in terms of both employment & Dusseldorf, Cologne & Stuttga
Slide 5: Interim Highlights
Interim Highlights 5 PBT: €78.2m | +25.7% (2020: €62.2m) NAV per share: 92.62c | +4.9% (Mar 2021: 88.31c) 7.5% +13.4% 2.04c Total accounting return for 6-month period FFO of €33.0m (2020: €29.1m) 12.1% increase in H2 dividend (2020: 1.82c) Continued Organic & Acquisitive Growth in H1 +2.5% * +4.6% €
Slide 6: Financials – Income Statement
Financials – Income Statement 6 Sep 21 Sep 20 Movement €m €m % €m Rental Income 49.6 45.9 +8.1% 3.7 Titanium income 3.4 2.3 1.1 Service charge irrecoverable costs (1.7) (2.7) 1.0 Non-recoverable maintenance (1.7) (1.7) - Net Operating Income 49.6 43.8 +13.2% 5.8 Corporate costs and overheads (10.4)
Slide 7: Earnings & Dividend per share
Earnings & Dividend per share 7 6.44 4.71 (0.99) (0.58) (0.21) 0.16 3.14 5.84 2.93 5.61 5.63 3.09 3.80 2.04 Note: All items in the chart above are calculated on the weighted average number of shares in issue during the period Sep 2021 Half-Year Results * Adjusting items include adjustments relating
Slide 8: Financials – Statement of Financial Position
Financials – Statement of Financial Position 8 Sep 21 Mar 21 Movement €m €m €m Assets Investment properties (owned assets) 1,428.5 1,347.2 +6.0% 81.3 Investment properties (leased assets) 16.3 15.0 1.3 Investment in associate 63.9 60.4 3.5 Plant and equipment 6.1 5.5 0.6 Goodwill 3.7 3.7 - Trade and
Slide 9: NAV per share
NAV per share 9.90 9 81.54 (1.79) 4.86 (1.78) 98.80 97.02 2.89 (0.95) 93.79 Sep 2021 Half-Year Results * Adjusting items includes property valuation gains relating to investment in associates and non-recurring items. ** EPRA adjustments add back deferred tax and derivative financial instruments rela
Slide 10: Embedding Sustainability Into Our Business
Embedding Sustainability Into Our Business 10 ▪ Continued development of strategy based on the H2 2020 ESG Materiality Assessment. This identified carbon emissions and climate change, property management and modernisation and tenant collaboration as areas for development. ▪ Key area of focus is on o
Slide 11: Organic Growth – Rental Income Analysis
Organic Growth – Rental Income Analysis 11 Site Sep 21 Mar 21 Sep 20 Change Rent Roll €99.7m €96.5m* €89.2m 3.3% Rent Roll (Disposals) - (€0.7m) - - - Rent Roll (Acquisitions) €0.8m €2.8m - - - Rent Roll (LFL) €98.9m €96.5m* €89.2m** 2.5% Occupancy (LFL) 86.4% 86.6%* 83.9%** (0.2)% Occupancy 85.2% 8
Slide 12: Organic Growth – Rental Movement Analysis
Organic Growth – Rental Movement Analysis 12 €m 0.8 99 1.3 97 95 6.1 Annualised Rent Roll - €m (5.7) * 93 99.7 0.7 91 96.5 * 89 87 85 31-Mar-21 Move Outs Capex Move-Ins Other Move-Ins Uplifts on Existing Acquisitions 30-Sep-21 Tenants Sep 2021 Half-Year Results * Excludes €0.7m of annualised rent ro
Slide 13: Acquisitions
Acquisitions^ 13 SQM Annualised Rental Total Investment Annualised NOI Site Date Income Occupancy EPRA Net Initial Yield €m (k) €m €m Sirius Completed: Essen I May-21 10.7 14.7 0.8 0.6 80% 6.5% Öhringen Jun-21 9.0 18.0 0.0 (0.6) 0% (7.1)% Sub-Total 19.7 32.7 0.8 0.0 36% 0.3% Sirius Notarised: Heilig
Slide 14: Like-for-Like Valuation Movement
Like-for-Like Valuation Movement 14 €m Portfolio Valuation Increases Existing Portfolio Book Value 1,500 Sep 21 - €m As at 31 Mar 2021: 1,400 28.5 33.6 Gross Yield = 7.2% Existing Portfolio 1,409.3 1,300 Net Yield = 6.4% Acquisitions ** 19.2 1,200 1,409.3 As at 30 Sep 2021: 1,347.2 Gross Yield = 7.0
Slide 15: Portfolio Split
Portfolio Split Value Add & Mature Assets 15 Capital value Mar-21 Book value €m Rent roll €m* NOI €m Gross yield Net yield Occupancy* Rate psm* € Vacant space sqm psm € Value-Add 795.4 60.0 53.3 7.5% 6.7% 766 82.1% 6.06 179,735 Mature 551.8 36.5 34.9 6.6% 6.3% 1,054 95.4% 6.35 22,893 Other - - (1.1)
Slide 16: New Acquisition Capex Programme
New Acquisition Capex Programme 16 Completed in period: 3.0k sqm €1.4m €0.6m Vacant space refurbished in period Invested in period Annualised rental income Budget Achieved to date Capex Investment Annualised Annualised Programme Investment Invest Rent Rate Investment Invest Rent Rate Progress Sqm Oc
Slide 17: FFO – Growth Potential (Germany)
FFO – Growth Potential (Germany) €100m Medium Term Ambition 17 Opportunity to increase FFO per share by c.30% ▪ Full impact of FY22 100 acquisitions in Germany 7.3 (€7.5m) 4.3 90 7.3 ▪ Completion of capex 3.7 80 investment programmes in 3.9 Germany (€3.9m) 7.5 70 ▪ Let up of vacant space in €m 60 Ge
Slide 18: Financing
Financing 18 3.7 Years Weighted average debt expiry Sep 21 Mar 21 Secured Borrowings €248.2m €422.0m Unsecured Borrowings €450.0m €50.0m 1.2% Average cost of debt Total Borrowings €698.2m €472.0m Net LTV* 36.8% 31.4% Weighted average interest rate 1.2% 1.5% 9.8x EBITDA Interest cover Interest cover
Slide 19: Summary
Summary 19 ▪ PBT of €78.2m and total accounting return of 7.5% in six month period ▪ 2.5% increase in L4L rent roll underpinned by 2.6% increase in like for like average rate ▪ FFO growth of 13.4% to €33.0m and H1 dividend declared of 2.04c, a 12.1% increase ▪ 4.6% increase in L4L valuation & 5.3% i
Slide 20: Positive Outlook for Sirius in Germany
Positive Outlook for Sirius in Germany 20 ▪ High percentage of the German population has been fully vaccinated ▪ The German economy is forecast to grow by circa 4% in 2022 ▪ German manufacturers continue to take action to on-shore production and shorten supply chains ▪ Sirius has delivered strong or
Slide 21: Appendices
Appendices 21 ▪ Portfolio Diversity & Resilience (See Appendix I, page 22 - 34) ▪ Financing (See Appendix IV, pages 50 - 53) ▪ Well diversified portfolio in terms of geography, industry type, size of ▪ Movement in year tenant, type of space (usage) ▪ Debt Maturity ▪ 7.9% of rent roll made up of Gove
Slide 22: Portfolio Diversification & Resilience
22 APPENDIX I PORTFOLIO DIVERSIFICATION & RESILIENCE Sep 2021 Half-Year Results
Slide 23: Diversified Portfolio
Diversified Portfolio Assets 23 Traditional Mixed-Use Modern Mixed-Used Out of Town Industrial Business Parks Business Parks Office Buildings International blue-chip Warehouse/ Workshop Quality assets corporations Office, Storage in secondary locations Large scale Long-term SME‘s + Retail Long & Sho
Slide 24: Diversified Portfolio – Usage & Tenants
Diversified Portfolio Usage & Tenants 24 Usage Split Tenant split by revenue 5,800 Tenants 8% Top 50 Anchor 6% Office Tenants 31% Storage 53% 40% SmartSpace Production SME Tenants 22% Smartspace Other 7% Other SME Tenants 2.7Yrs Portfolio WALT 33% No. of tenants Occupied Sqm Annualised rent roll Typ
Slide 25: Property Valuations & Book Values
Property Valuations & Book Values 25 Annualised Net Capital Rate Vacant Space Sep 21 Book Value €m NOI €m Gross Yield Occupancy Rent Roll €m Yield Value psm € psm € sqm Total Portfolio 1,428.5 99.7 90.5 7.0% 6.3% 895 85.2% 6.33 228,556 Other - - (1.3) - - - TOTAL 1,428.5 99.7 89.2 7.0% 6.2% 895 85.2
Slide 26: Organic Rent Roll & Valuation Potential
Organic Rent Roll & Valuation Potential (Please note the information below is a pure extrapolation of numbers to show the relationship between valuation, rent roll and gross yield) 26 Sep 21 Increase rent roll to €115m Reduction of yield by 1% ▪ € 99.7m rent roll ▪ €219m valuation increase ▪ €233m v
Slide 27: Diversified Portfolio – Locations
Diversified Portfolio Locations 27 No. Of Total % of Rate Annualised Book Value Sep 21 Properties sqm Occupancy Portfolio Gross Yield psm € Rent €m €m ‘000’s By Rent Frankfurt 15 360.7 87.6% 6.41 24.3 24.4% 329.6 7.4% Berlin 4 103.2 98.2% 7.63 9.3 9.3% 152.9 6.1% Stuttgart 8 279.5 81.6% 4.95 13.6 13
Slide 28: SRE Completed Acquisitions
SRE Completed Acquisitions 28 Essen II Öhringen Sep 2021 Half-Year Results
Slide 29: Diversified Products
Diversified Products SmartSpace 29 Annualised rent roll % of total Total Occupied Occupancy Rate per sqm (excl. SmartSpace product type (ex. service charge) annualised SmSp sqm sqm % service charge) € €’000 rent roll First Choice Office 5,117 2,979 58% 760 11% 21.26 SMSP Office 31,171 23,631 76% 2,6
Slide 30: H1 Enquiries & Sales
H1 Enquiries & Sales 6 Month Comparison 30 6 Month Enquiries Comparison to Sep 20/Sep 21 2,000 No. of enquiries 1,500 1,000 ▪ Stable year on year increase in enquiries in the period 500 0 ▪ 1,339 average enquiries per month in the period Apr May Jun Jul Aug Sep No. of enquiries 2020/21 No. of enquir
Slide 31: Resilience
Resilience Cash Collection 31 Cash collection - 6 Mths to Sept-21 14.00 ▪ Experienced cash collection team 12.00 ▪ 97.4% cash collection success rate for the 6 month period 10.00 ▪ 98.2% 12 month trailing cash collection success 8.00 rate million € 6.00 ▪ €76.7m invoiced net of VAT in period 4.00 ▪
Slide 32: Enquiries | Viewings | Sales
Enquiries | Viewings | Sales Year on Year Comparison 32 1,750 enquiries 1,627 1,591 1,506 1,477 Average for 12 Months ENQUIRIES 1,716 1,333 1,368 1,622 1,367 1,577 1,235 1,235 Oct 20 – Sep 21 Increase on 12 month 1,250 1,201 1,417 1,435 1,387 period last year 1,307 1,341 1,255 1,305 No. of Enquiries
Slide 33: Portfolio Renewals Analysis to Sep 21
Portfolio Renewals Analysis to Sep 21* 33 Up for Renewal (Sqm, Income & No. Tenants) 2021/22 000’s € No. Tenants 200 250 180 160 200 140 120 150 100 80 100 60 40 50 20 0 0 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 TOTALS Sqm 29,701 9,487 12,412 30,342 8,287 17,018 107,247 Monthly Income 179,331 71,5
Slide 34: Lettings & Renewals Performance
Lettings & Renewals Performance 34 New Lettings Renewal (sqm) Rate* Mar 18 160,133 75% ▪ Platform selling between 160k–171k sqm of new lettings per annum Mar 19 170,866 66% ▪ 84k sqm of new lettings in the first 6 months Mar 20 162,607 78% ▪ Tenant income retention rates of between 66% and 78% Mar 2
Slide 35: Portfolio Growth
35 APPENDIX II PORTFOLIO GROWTH Sep 2021 Half-Year Results
Slide 36: Growth
Growth 36 Sep-21 Mar-21 Mar-20 Mar-19 Mar-18^ Mar-17 Mar-16 Portfolio book value (€m) 1,428.5 1,347.20 1,186.20 1,132.50 967.3 823.3 687.4 Rent roll* (€m) 99.7 97.2 90.3 87.8 79.5 71.0 60.5 NOI (€m) 89.2 87.7 78.0 76.7 66.4 61.4 52.5 FFO (€m) 33.0 60.9 55.7 48.4 38.4 37.0 26.7 Gross yield 7.0% 7.2%
Slide 37: Total Accounting Returns
Total Accounting Returns 37 Total Accounting Returns six month period 16.0% 15.3% 17.0% 19.3% 13.1% 19.5% 7.5% ▪ Double digit returns throughout the cycle 20% ▪ 1/3 of return generated through dividends with 2/3 coming through NAV Total Accountimg Return (%) 15% ▪ Dividend policy to pay out 65% of F
Slide 38: Adjusted NAV per share Growth (Mar-15 to Sep-21)
Adjusted NAV per share Growth (Mar-15 to Sep-21) 38 48.22 (18.59) €748.5m Increase in net asset value 98.80 €472.4m 28.95 Valuation gains (7.29) 47.51 €284.0m Recurring profit €119.4m Dividends paid Sep 2021 Half-Year Results * Other includes €161.5m relating to capital raises, €14.4m relating to mo
Slide 39: Valuation Growth (Mar-15 to Sep-21)
Valuation Growth (Mar-15 to Sep-21) 39 €m Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Sep 21 Annualised Rent Roll €m 60.5 71.0 79.5 87.8 90.3 97.2 99.7 Gross Yield 8.8% 8.6% 8.2% 7.8% 7.6% 7.2% 7.0% Sep 2021 Half-Year Results
Slide 40: Acquisitions Owned >1yr – Returns Achieved
Acquisitions Owned >1yr Returns Achieved 40 Acquisition Sep-21 38 €288.4m Assets acquired & owned for > 1 yr Total Cost €546.9m 53% Valuation €835.2m Gross Yield 9.0%* Gross Yield 7.4% €16.8m 37% Rent Roll €44.9m Rent Roll €61.7m NOI €36.4m €19.4m NOI €55.8m 53% 4.2 Yrs Weighted average time asset o
Slide 41: Acquisitions Owned >1yr – Growth
Acquisitions Owned >1yr Growth 41 Total Acq. Sep 21 Valuation Acq. Rental Annualised Rental Capex Since Sep 21 Annualised Acq. Sep 21 Occupancy Financial Year Cost Valuation Increase Income Income Increase Acq. Rental Income €m Occupancy Occupancy Increase €m €m €m €m €m €m 2014/15 (4) 70.9 145.0 74
Slide 42: Accretive Asset Recycling since Sep 14
Accretive Asset Recycling since Sep 14 42 Acquisitions (44) Sep-21 Sep 14 - Sep 21 Core Disposals (20) Sep 14 – Sep 21 Total Cost €602.3m Valuation €889.5m Uplift 48% Value €288.2m Disposal Price €325.0m Gross Yield 8.6%* Gross Yield 7.3% Movement (1.3)% Gross Yield 7.1% Uplift 13% Rent Roll €48.6m
Slide 43: Vacant Space Analysis
Vacant Space Analysis 43 Sep 21 Ending Position 85% Total space – sqm 1.5m Occupancy Occupied space – sqm 1.3m Vacant space – sqm 0.2m Sep 21 Capex ERV (post invest) % of Total space Sqm Sub optimal space €m €m Acquisition capex programme 2% 28,821 4.9 1.9 Recently Vacated space capex 2% 34,273 7.2
Slide 44: Lease Escalations
Lease Escalations 44 Rent Roll – Sep 21 €99.7m Escalation Breakdown ▪ 32% of rent roll subject to contractual uplifts within the next 12 months Uplifts 32% ▪ 40% of rent roll subject to inflation-based indexations Indexation 40% ▪ Total annual escalations estimated at 2% Up for renewal 22% ▪ 22% of
Slide 45: Titanium
45 APPENDIX III TITANIUM Sep 2021 Half-Year Results
Slide 46: Titanium – Sirius & AXA IM Alts
Titanium – Sirius & AXA IM Alts 46 ▪ AXA IM Alts – trusted partner & 65% equity holder of Titanium ▪ Sirius Real Estate – asset manager & 35% equity holder of Titanium ▪ €168m seed portfolio sold into Titanium by Sirius in July 2019 ▪ Targeting stabilised assets > €45.0m with attractive running yiel
Slide 47: Titanium Balance Sheet
Titanium Balance Sheet 47 Titanium Sirius Balance €332.4m Sirius 35% Share Sheet Combined Investment property value €m €m €m Investment property 116.4 1,428.4 1,544.8 Other assets 0.6 126.7 127.3 40.8% Cash 6.9 187.6 194.5 Net LTV Total assets 123.9 1,742.7 1,866.6 Bank loans (51.8) (689.1) (740.9)
Slide 48: Titanium Organic Growth – Rental Income Analysis
Titanium Organic Growth – Rental Income Analysis * 48 Site Sep 21 Mar 21 Sep 20 Change Rent Roll €21.0m €15.1m €14.4m 39.1% Rent Roll (Disposals) - - - - - Rent Roll (Acquisitions) €5.3m - - - - Rent Roll (LFL) €15.7m €15.1m €14.4m 4.0% Occupancy (LFL) 88.5% 87.2% 85.7% 1.3% Occupancy 88.0% 87.2% 85
Slide 49: Titanium Income Returns
Titanium Income Returns 49 Sep 21 Run Rate ▪ Share of profit through 35% equity ownership Invested equity €54.1m ▪ Management fees generated from the provision of a range of property related services Profit after tax €5.5m Net Management fees €1.9m ▪ Attractive income returns providing stability and
Slide 50: Financing
50 APPENDIX IV FINANCING Sep 2021 Half-Year Results
Slide 51: Debt Maturity
Debt Maturity 51 3.7 Years €400.0m Corporate Bond Weighted average maturity HSBC Schuldschein - Tranche 4 €10.0m Saarbrucken Sparkasse €15.4m HSBC Schuldschein - Tranche 3 €5.0m €35.0m Deutsche Pfandbriefbank AG €59.2m Scheduled repayments within 2 years €173.6m BH Amber HSBC Schuldschein - Tranche
Slide 52: Debt Movement
Debt Movement 52 € 000’s €170.7 million 700.0 Secured Loan Repayment 600.0 400.0 500.0 (52.2) €400.0 million (23.7) (35.7) 400.0 Corporate Bond 698.2 Issuance – Jun 21 (59.1) (3.1) 300.0 472.0 200.0 100.0 €450.0 million - Total Unsecured Debt Opening Balance Repayment SEB Repayment SEB Repayment SEB
Slide 53: Covenants
Covenants 53 Loan Expiry Secured Facility Covenants Date Sep 21 Position Hard Covenant DSCR* DYR* LTV** ICR DSCR DYR LTV Berlin Hyp AG 3.24 x n/a 53.1% n/a 1.40x n/a 65.0% Oct-23 Saarbrucken Sparkasse 2.92 x n/a n/a n/a 2.00x n/a n/a Feb-25 Deutsche Pfandbriefbank AG n/a 13.4% 53.5% n/a n/a 6.5% 75.
Slide 54: The Sirius Platform
54 APPENDIX V THE SIRIUS PLATFORM Sep 2021 Half-Year Results
Slide 55: Integrated Operating Platform
Integrated Operating Platform 55 Acquisitions Team Acquire assets 5 Service Charge Team Marketing Team Cost recovery Lead generation 11 9 Finance, IT, HR, Legal Asset & Property Mgt. Execution & support Sales Inbound Team Strategic & operational 102 Lead conversion to viewings 55 6 Development Team
Slide 56: Marketing & Sales Success Factors
Marketing & Sales Success Factors 56 Marketing ▪ Fully integrated central in-house team of digital experts Sirius data Sirius develops Sirius is not giving ▪ Sophisticated data-driven online Marketing: 85% of all enquiries intelligence is 3 models to capture knowledge away generated through digital
Slide 57: Rental Movement
Rental Movement 6.5 Years 57 130 120 46.0 (22.7) 110 13.6 100 113.3 90 99.7 80 10.6 70 €m 15.9 60 50 50.0 40 30 20 10 0 Mar-15 Move Ins & Move Committed Increases Acquisitions Disposal Sep-21 ERV Capex Invest & Potential Rent Roll Outs ERV Lettable Space Sep 2021 Half-Year Results
Slide 58: Service Charge Recovery
Service Charge Recovery 58 100% 95% 90% ▪ Dedicated and experienced in-house SC team 85% ▪ Total service charge costs circa €55m ▪ Consistently recovering in excess of occupancy 80% due to specialist techniques 75% ▪ €5m+ annual recurring benefit versus market 70% Mar 10 Mar 15 Mar 16 Mar 17 Mar 18
Slide 59: Case Studies
59 APPENDIX VI CASE STUDIES Sep 2021 Half-Year Results
Slide 60: Case Study – Cologne Porz Site Plan
Case Study Cologne Porz 60 Site Plan & Impression Sep 2021 Half-Year Results
Slide 61: Case Study – Cologne Porz Property Overview
Case Study Cologne Porz 61 Property Overview ▪ Out of town office property located on the outskirts of Cologne acquired in June 2016 totalling 21,000sqm of lettable space acquired at an attractive EPRA net yield of 8.1% ▪ Move out of anchor tenant occupying 11,019 sqm and contributing €1.1m rent rol
Slide 62: Cologne Porz Financials & Returns To Date
Case Study Cologne Porz 62 Financials & Returns To Date 6.8Yr Expected Business Plan Total Expected Returns Analysis Returns to Mar 23 Acquisition Actual Target to Improvement to €m Jun 16 Sep 21 Mar 23 Mar 23 Retained Profit *** 9.1 Total Cost/Valuation €22.9m €30.7m €35.6m €12.7m Valuation Increas
Slide 63: Case Study – Ludwigsburg Site Plan
Case Study Ludwigsburg 63 Site Plan & Impression Sep 2021 Half-Year Results
Slide 64: Case Study – Ludwigsburg Property Overview
Case Study Ludwigsburg 64 Property Overview ▪ Traditional Business Park located north of Stuttgart acquired in September 2014 at a discounted EPRA net yield of 10.3% due to high volumes of suboptimal space ▪ Transformational investment into suboptimal space supported by targeted sales and marketing
Slide 65: Ludwigsburg Financials & Returns To Date
Case Study Ludwigsburg 65 Financials & Returns To Date 5Yr Returns Returns Analysis €m Acquisition Total Sep 21 Sep 14 Improvement Retained Profit *** 8.6 Total Cost/Valuation € 7.4m € 21.6m € 14.2m Valuation Increase 14.2 Total sqm 28,242 28,242 - Capex (3.0) Value psm € 277 € 715 € 438 Total Retur
Slide 66: Case Study – Mahlsdorf I & II Site Plan
Case Study Mahlsdorf I & II 66 Site Plan & Impression Sep 2021 Half-Year Results
Slide 67: Case Study – Mahlsdorf I & II Property Overview
Case Study Mahlsdorf I & II 67 Property Overview ▪ Modern business park in the outskirts of Berlin acquired in 2014 with adjacent park acquired in 2017 resulting in a combined asset comprising 42,000 sqm of workspace ▪ Investment into previously hard to let space together with intensive asset manage
Slide 68: Mahlsdorf I & II Financials & Returns To Date
Case Study Mahlsdorf I & II 68 Financials & Returns To Date Acquisition Acquisition 6.25Yr Returns Actual Total Improvement Returns Analysis M1 M2 M1 & M2 €m Combined Dec 14 Jul 17 Retained Profit *** 16.1 Total € 19.6m € 6.3m € 25.9m € 60.7m € 34.8m Valuation Increase 34.8 Cost/Valuation Total sqm
Slide 69: Share Register
69 APPENDIX VII SHARE REGISTER Sep 2021 Half-Year Results
Slide 70: Share Register | Sep 2021
Share Register | Sep 2021 Top 10 Shareholders 70 Top 10 Shareholders Shares (m) % Holding Aberdeen Standard Investments 137.1 12.9% BlackRock 112.6 10.6% Public Investment Corporation (PIC) 47.8 4.5% Vanguard Group 46.3 4.3% BMO Global Asset Management (UK) 39.3 3.7% Louis Norval 29.9 2.8% Thames Ri
Slide 71: Forward-looking statements disclaimer
71 This presentation may contain forward-looking statements with respect to the financial condition, performance and position, strategy, results of operations and businesses of Sirius Real Estate Limited (“Sirius”). Such statements and forecasts involve risk and uncertainty because they are based on