Hamborner Reit Ag · XETR:HABA
Hamborner Reit — Non-Deal Roadshow (February 2013)
32 slides from Hamborner Reit's roadshow presentation, February 2013
Slide 1: Company Roadshow Presentation
Company Roadshow Presentation HAMBORNER REIT AG Preliminary figures 2012 ‐ February 2013
Slide 2: HAMBORNER REIT AG - key investment highlights
Preliminary figures 2012 ! HAMBORNER REIT AG ‐ key investment highlights Creating sustainable shareholder value Strong asset‐ and portfolio management Increasing portfolio quality Robust financial position Enhancing efficiency, increasing cash flow and dividend per share Capital markets tr
Slide 3: Agenda
Preliminary figures 2012 ! Agenda 1 Increasing portfolio quality 2 Strong asset and portfolio management 3 Robust financial position 4 Enhancing efficiency, increasing cash flow and dividend per share 5 Capital markets track record 6 Preliminary figures 2012 7 Appendix 3
Slide 4: Balanced portfolio with 100% German focus
Preliminary figures 2012 ! Balanced portfolio with 100% German focus Geographical portfolio spread Diversification of asset types (per 1. Feb 2013) Initial portfolio → 70 properties in 54 cities in Germany, focus on West and Transferred in 2013 Schleswig‐ South Holstein Mecklenburg‐ Transferred in 2
Slide 5: Well defined acquisition strategy
Preliminary figures 2012 ! Well defined acquisition strategy Acquisition strategy Asset focus → Regional diversification in high growth regions in Southern → Focus on quality properties, location and property strategy and South‐West Germany determined by asset type: → Focus on towns and cities outsi
Slide 6: Changes in property portfolio – transfer of possession in 2012
Preliminary figures 2012 ! Changes in property portfolio – transfer of possession in 2012 Aachen, Tübingen, E‐Center Karlsruhe, Debyestraße 20 (rebuilding in 2013) Rüppurrer Straße Built 2012 1977/89 2002 Main Tenant OBI EDEKA (as yet Marktkauf, from 2013 E‐Center) EDEKA, Brandmaker Leased Area appr
Slide 7: Changes in property portfolio – transfer of possession 2013
Preliminary figures 2012 ! Changes in property portfolio – transfer of possession 2013 Munich, Hamburg, OBI Berlin, EUREF – NuOffice Sander Damm (under construction) Torgauer Straße Built 2012 2013 2012/2013 Esteé Lauder, McLaren, Armani, OBI Schneider Electric GmbH, Arcadis,... Main Tenant Milon… L
Slide 8: Development of HAMBORNERs portfolio value
Preliminary figures 2012 ! Development of HAMBORNERs portfolio value € 670 million …+ X € 580 million € 518 + transfer of € 504 million ownership ‐ NuOffice, Munich (€ 40m) million ‐ EUREF, Berlin (€ 33m) ‐ OBI, Hamburg (€ 17m) + transfer of + purchase of heritage ownership right in Geldern (€ 3.2m)
Slide 9: Agenda
Preliminary figures 2012 ! Agenda 1 Increasing portfolio quality 2 Strong asset and portfolio management 3 Robust financial position 4 Enhancing efficiency, increasing cash flow and dividend per share 5 Capital markets track record 6 Preliminary figures 2012 7 Appendix 9
Slide 10: High and stable occupancy
Preliminary figures 2012 ! High and stable occupancy Occupancy rates 95,7% 98,2% 97,9% 96,5% 97,5% 98,2% 98,1% 2006 2007 2008 2009 2010 2011 2012 10
Slide 11: Long-term leases with strong tenants
Preliminary figures 2012 ! Long‐term leases with strong tenants Weighted average lease expiry by type (31 Dec 2012, in years) Top 10 tenants (31 December 2012, % of annual rent*) Tenant Sector EDEKA Discount food retail 17.4% 10.7 8.2 7.2 Kaufland Group Discount food retail 11.6% 3.9 OBI Retail (DIY
Slide 12: Benefitting from economies of scale
Preliminary figures 2012 ! Benefitting from economies of scale Portfolio value (€ million) and overhead cost margin* Room for growth 700 40% → Internal management 600 580 → Efficient organisation 504 30% 500 → Internal management → 2 board members 400 376 → 24 employees** 273 308 20% 281 → Outsourci
Slide 13: Agenda
Preliminary figures 2012 ! Agenda 1 Increasing portfolio quality 2 Strong asset and portfolio management 3 Robust financial position 4 Enhancing efficiency, increasing cash flow and dividend per share 5 Capital markets track record 6 Preliminary figures 2012 7 Appendix 13
Slide 14: Stable and predictable cost of debt
Preliminary figures 2012 ! Stable and predictable cost of debt Expiration of fixed interest rates (per 31 December 2012, as % of total financial debt) 30% 28% 6,0% → Financial debt: € 230.7 million → Liquid funds: € 29.3 million 25% 23% 5,0% 20% 4,0% → Average maturity of fixed interest 17% 17% rate
Slide 15: Low LTV, equity ratio well within REIT criteria
Preliminary figures 2012 ! Low LTV, equity ratio well within REIT criteria Loan‐to‐value (%)* 60% → Ratios per 31 Dec 2012: 50% → LTV: 34.2 % 39,1% → REIT‐equity ratio: 40% 34,2% 60.3 % 30% 28,1% 22,9% 19,3% 20% 12,0% 10% 0,0% 0% 2006 2007 2008 2009 2010 2011 2012 LTV Maximum target LTV (approx.) *
Slide 16: Agenda
Preliminary figures 2012 ! Agenda 1 Increasing portfolio quality 2 Strong asset and portfolio management 3 Robust financial position 4 Enhancing efficiency, increasing cash flow and dividend per share 5 Capital markets track record 6 Preliminary figures 2012 7 Appendix 16
Slide 17: Increasing efficiency resulting in higher margins
Preliminary figures 2012 ! Increasing efficiency resulting in higher margins Development of rental income, overhead costs, and margin (€ million) +194% +111% +39% +266% 37,0 32,2 29,3 24,5 22,5 25,0 19,7 16,4 18,7 12,6 13,2 13,7 2,9 3,9 3,8 2,8 3,1 3,8 3,5 3,4 3,8 3,9 8,0 7,9 1,8 2,2 2,3 2,5 2006 20
Slide 18: Increasing Funds From Operations and dividend per share
Preliminary figures 2012 ! Increasing Funds From Operations and dividend per share Funds From Operations (FFO) per share (€) Number of shares (million) 22.77 22.77 34.12 34.12 45.49 FFO per share (€) 0,47 0,42 0,42 0,37 0,36 Dividend per share (€) '08 '09 '10 '11 `12 → HAMBORNERs dividend proposal t
Slide 19: Agenda
Preliminary figures 2012 ! Agenda 1 Increasing portfolio quality 2 Strong asset and portfolio management 3 Robust financial position 4 Enhancing efficiency, increasing cash flow and dividend per share 5 Capital markets track record 6 Preliminary figures 2012 7 Appendix 19
Slide 20: Growing market capitalization and increasing free float
Preliminary figures 2012 ! Growing market capitalization and increasing free float… Overview events Historic market cap (€ million) → 2007: Start of new strategy 340 → 2010: Achievement of G‐REIT status and change of 265 company name to HAMBORNER REIT AG 218 185 → October 2010: Successful Capital In
Slide 21: … resulting in increased liquidity
Preliminary figures 2012 ! … resulting in increased liquidity Share price development 2012 Average turnover per day since 2009 (# shares) 4.000 8,00 € 3.000 7,50 € 69.000 38.101 12.392 2.000 7,00 € 3.637 2009 2010 2011 2012 1.000 6,50 € Remarks 0 6,00 € → Share price performance 2012: Jan Feb Mrz Ap
Slide 22: Agenda
Preliminary figures 2012 ! Agenda 1 Increasing portfolio quality 2 Strong asset and portfolio management 3 Robust financial position 4 Enhancing efficiency, increasing cash flow and dividend per share 5 Capital markets track record 6 Preliminary figures 2012 7 Appendix 22
Slide 23: Business year 2012 successful
Preliminary figures 2012 ! Business year 2012 successfull Growth continued Positive operational business development → 15 % increase in rents Pipeline from capital increase → 18 % increase in FFO → Vacancy rate 1.9 % Tübingen Hamburg Sound financial structure → REIT equity ratio 60.3 % Karlsruhe Ber
Slide 24: Significant key figures for 2012 (preliminary)
Preliminary figures 2012 ! Significant key figures for 2012 (preliminary) Key figures 2012 2011 Change Rental revenues € 37.0 million € 32.2 million + 15 % Operating result € 17.5 million € 14.9 million + 18 % EBIT € 18,4 million € 17,1 million +7% Profit for the period € 7.7 million € 7.9 million ‐
Slide 25: Financial Calendar 2013
Financial Calendar 2013 HAMBORNER REIT AG Annual report for 2012 27 March 2013 Interim report for 1st quarter 2013 6 May 2013 Annual general meeting 2013 7 May 2013 Interim report for 1st half 2013 8 August 2013 Interim report for 3rd quarter 2013 12 November 2013 Many thanks for your attention! 25
Slide 26: Appendix
Appendix 26
Slide 27: Profit and loss account according to IFRS (30.09.2012)
Profit and loss account according to IFRS (30.09.2012) in T € Q3 2012 Q3 2011 Net rental income 25,321 20,944 Administrative expenses ‐706 ‐680 Personnel costs ‐2,032 ‐2,009 Depreciations ‐9,066 ‐7,575 Other operating income 328 314 Other operating expenses ‐405 ‐679 Operating results 13,440 10,315
Slide 28: FFO (30.09.2012)
FFO (30.09.2012) in T € Q3 2012 Q3 2011 14.871 Net rental income 25,321 20,944 ‐ Administrative expenses ‐706 ‐680 + 21% 12.312 ‐ Personnel costs ‐2,032 ‐2,009 + Other operating income 328 314 ‐ Other operating expenses ‐405 ‐679 + Interest income 233 367 ‐ Interest payments ‐7,868 ‐5,944 FFO 14,871
Slide 29: Net asset value (NAV) in accordance with EPRA
Net asset value (NAV) in accordance with EPRA Discount of the XETRA‐closing price to the NAV = 15.1 % (30.09.2012) NAV calculation (in accordance with EPRA) 30.09.2012 31.12.2011 in € million in € million 8.15 € Balance sheet long‐term assets 447 436 ‐ 15.1 % 6.92 € + Balance sheet short‐term assets
Slide 30: Balance sheet in accordance with IFRS (30.09.2012)
Balance sheet in accordance with IFRS (30.09.2012) in € million 30.09.2012 31.12.2011 ASSETS Non‐current assets 447.5 435.6 Investment Properties 447.0 435.2 Other 0.5 0.4 Current assets 82.9 26.9 Trade receivables and other assets 1.1 2.7 Bank deposits and cash balances 81.1 18.7 Non current assets
Slide 31: Contact
Contact Dr. Rüdiger Mrotzek – Member of the Board T +49 (0)203 / 54405‐55 M r.mrotzek@hamborner.de Hans Richard Schmitz – Member of the Board T +49 (0)203 / 54405‐21 M h.schmitz@hamborner.de Sybille Schlinge – Investor Relations T +49 (0)203 / 54405‐32 M s.schlinge@hamborner.de 31
Slide 32: Disclaimer
Disclaimer This presentation was exclusively prepared for the addresses specified on the title page and/or the participants at the mentioned event. The information in this presentation is based on both public information and documents as well as information which was made available to HAMBORNER REIT