Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — H1 2014/15 Earnings Presentation
19 slides from Sirius Real Estate's earnings presentation, November 2014
Slide 1: Sirius Real Estate Ltd Half Year Results 2014
Sirius Real Estate Ltd Half Year Results 2014
Slide 2: Who we are
Sirius Real Estate Limited Half Year Results 2014 Who we are: We are the leading provider of branded mixed-use flexible workspace in Germany 2
Slide 3: Financial Highlights
Sirius Real Estate Limited Half Year Results 2014 Financial Highlights 1.9% 6.8% 0.77c Increase in Rent Roll Increase in Adjusted NAV Interim Dividend Declared – Annualised rent roll as at Sep 2014 of €42.2m (Mar 2014: €41.4m)* – Average portfolio rental rate per sqm increased to €4.53 (Mar 2014: €4
Slide 4: Lettings Update
Sirius Real Estate Limited Half Year Results 2014 Lettings Update 54,713 sqm 11,024 sqm let in the period post year end lettings* Occupancy remains stable at approximately 76% (2014: 76%) New lettings in period of 54,713 sqm at €5.54 psm (2013: 59,674 sqm at €5.08 psm) 30,698 sqm of move outs in per
Slide 5: Enquiries/Viewings/Sales
Sirius Real Estate Limited Half Year Results 2014 Enquiries/Viewings/Sales enquiries enquiries 1,316 1,344 1,151 1,018 1,127 1,188 1,090 1,179 1,206 average per month 1,084 1,075 1,245 1,000 1,123 1,135 1,115 12 months 12 months 998 1,000 732 1,020 1,002 998 1,029 1,030 to Sept 13 to Sept 14 2012/13
Slide 6: Core Portfolio Renewals Analysis H2 2014/15
Sirius Real Estate Limited Half Year Results 2014 Core Portfolio Renewals Analysis H2 2014/15 133,334 €6.7m 672 sqm up for renewal annual income up for renewal Tenants up for renewal Core Up for Renewal (Sqm, Income & No. Tenants) H2 2014/15 250 250 Thousands € No. Tenants 200 200 150 150 100 100
Slide 7: SRE Current Rental Income Analysis – September 2014
Sirius Real Estate Limited Half Year Results 2014 SRE Current Rental Income Analysis – September 2014 The current split of SRE’s rental income between the anchor tenants (top 50) and the flexible high-yielding tenants can be seen as follows: No. of Tenants Occupied sqm Annual Rent Percentage Rate Pe
Slide 8: Completed Disposals/Map
Sirius Real Estate Limited Half Year Results 2014 Completed Disposals/Map Sale Price Disposals Summary m€ Brinkmann Land 1.1 € Munich Hofmann Str. 6.9 € Berlin Wittenau 2.3 € Bonn-Siemenstr. Car Park Land (6,100 sqm) 0.6 € Reifen.Com - Bonn Königswinterer Str. 1.5 € Troisdorf 1.8 € Bonn Königswinter
Slide 9: Non-Core Asset Disposals
Sirius Real Estate Limited Half Year Results 2014 Non-Core Asset Disposals €4.8m €21.7m 104,565 total completed deals potential further Sqm of surplus land to sell or develop in/post period site/land sales Completed Sales in Period & Post Period Plot size/lettable area - sqm Book Value - € Sales Pri
Slide 10: Core Portfolio Analysis – Rental Analysis
Sirius Real Estate Limited Half Year Results 2014 Core Portfolio Analysis (27 of 30 Assets) – Rental Analysis €40.9m 2,188 2.4 yrs * 366sqm 929k sqm rent roll as at 30 Sep 14 no. of tenants at Sep 14** average lease length average space let per tenant total portfolio sqm (Mar 14: €40.1m) (Mar 14: 2,
Slide 11: Property Valuations
Sirius Real Estate Limited Half Year Results 2014 Property Valuations €459.0m 3.7% 9.1% Portfolio Book Value Like for Like Increase in Gross Yield on Core Portfolio Sept 14 Book Value Portfolio book value of €459.0m at 30 September 2014 (31 March 2014 : €442.7m**) Valuation Rent Roll Gross Yield Cap
Slide 12: Existing Portfolio Organic Growth Potential – Capex Programme
Sirius Real Estate Limited Half Year Results 2014 Existing Portfolio Organic Growth Potential – Capex Programme VACANT SPACE ANALYSIS Sep 2014 ERV Realised to Vacant SqM Capex Planned ERV @ 100% Let Invested to Date Date Lettable Conventional Space 43,390 €0 €1,822,395 €0 Lettable Smartspace & Flexi
Slide 13: Core Portfolio Organic Growth – Valuation Potential
Sirius Real Estate Limited Half Year Results 2014 Core Portfolio Organic Growth – Valuation Potential CURRENT VALUATIONS AS AT 30 SEP 14 Potential Impact of Capex Programme (75% occupied) Core Portfolio** Core Portfolio inc Capex Number of Assets 27 27 Total SqM 979,887 - 979,887 Rental & Other Inco
Slide 14: Banking
Sirius Real Estate Limited Half Year Results 2014 Banking €222m 48.1% €18.0m Bank borrowings LTV cash Bank borrowings as at 30 September 2014: €222m (31 March 2014 : €226m) Historical Gearing Ratios 70% 3.8 x LTV reduced to 48.1% (31 March 2014 : LTV 3.6 x 50.9%) 65% 3.4 x 3.2 x 60% 3.0 x Weighted a
Slide 15: Banking Facilities
Sirius Real Estate Limited Half Year Results 2014 Banking Facilities Sirius Real Estate Ltd - Bank Loan summary LTV Amortisation CW valuation Current Loan Term of the (based on CW Interest p.a. scheduled Cash Sweep interest rate (p.a.) 30.09.14 30.09.14 loan valuation) p.a. 50%: 3,0% + Euribor Berli
Slide 16: Service Charge Recovery and Overheads
Sirius Real Estate Limited Half Year Results 2014 Service Charge Recovery and Overheads Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Sep 14 €m €m €m €m €m €m Service Charge Recovery 24.8 26.6 29.4 31.3 33.1 16.5 Service Charge Costs (35.7) (35.9) (37.6) (38.4) (39.6) (19.2) Irrecoverable Costs (10.9) (9.3) (8
Slide 17: Financials – Profit Before Tax
Sirius Real Estate Limited Half Year Results 2014 Financials – Profit Before Tax 6 months to 6 months to September 14 September 13 Movement €m €m €m Rental income 21.1 23.3 (2.2) Service charge irrecoverable costs (2.7) (4.1) 1.4 Non-recoverable maintenance (0.5) (0.5) 0.0 Net rental Income 17.9 18.
Slide 18: Financials – Statement of Financial Position
Sirius Real Estate Limited Half Year Results 2014 Financials – Statement of Financial Position As at Sep 14 As at Mar 14 Movement €m €m €m Non-current assets Investment Properties 456.9 441.1 15.8 Plant and equipment 1.7 1.9 (0.2) Goodwill 3.7 3.7 0.0 462.3 446.7 15.6 Current assets Trade and other
Slide 19: Conclusion
Sirius Real Estate Limited Half Year Results 2014 Conclusion Stabilised and robust capital structure now in place Company well positioned to grow Significant rental increases achieved in the period Significant valuation and Adjusted NAV increases in the period Highly accretive Capex programme progre
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