Hamborner Reit Ag · XETR:HABA
Hamborner Reit — Investor Presentation (September 2022)
34 slides from Hamborner Reit's investor presentation, September 2022
Slide 1: Company presentation
Company presentation September 2022 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 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 €8.16 (as of 31 August 2022) Market capitalisation €663,8m (as of 31 August 2022) 12.20% RAG Foundation WKN/ISIN A3H2333 / DE000A3H2333 5.37% BlackRock Ticker symbol HABA 81,343,348 shares 4.85% Belfius Insurance Class
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: Portfolio key metrics as of 30 June 2022
Portfolio key metrics as of 30 June 2022 Asset class Total Portfolio Investment approach Retail Office Split Core % Manage-to-Core(1) % Number of properties 39 28 67 64 95.5% 3 4.5% Fair Value €891.3m €749.0m €1,640.4m €1,567.5m 95.6% €72.9m 4.4% Leased area 382,512 m² 229,594 m² 612,106 m² 584,960
Slide 10: Portfolio development – year-on-year / like for like
Portfolio development – year-on-year / like for like(1) Asset class Total Portfolio Investment approach Retail Office Split Core Manage-to-Core(2) Rents -1.4%-pts +4.4%-pts +1.1%-pts +1.0%-pts +3.9%-pts Indexation effects +3.5%-pts +3.8%-pts +3.6%-pts +3.6%-pts +3.4%-pts (Re-)Lettings -3,4%-pts +1.2
Slide 11: 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 21.5% 8 2 Frankfurt Rhine-Main 11.9% 10 9 3 Berlin-Brandenburg 10.1% 3 4 Nurenberg 8.4% 5 Munich 5.8% 1 11 6 Stuttgart 5.
Slide 12: Portfolio development
Portfolio development 2.000 50 Portfolio value and average property value Comments 1,625 1,640 ▪ Continuous value-adding portfolio growth since 1,598 1,604 40 conversion into a G-REIT in 2010 1,517 1.500 1,363 ▪ Average annual growth rate of 12.3% over the last ten years 1.115 30 ▪ Average property
Slide 13: Transactions H1 2022
Transactions H1 2022 Acquisitions Disposals Freiburg Kempten Gütersloh Asset type High-Street Retail Selling price €2.1m Latest fair value €2.0m WALT 3.3 years(2) Transfer of possession 31 July 2022 Asset type Retail Retail Herford Investment approach Core Core Year of construction 2018 2011 Leased
Slide 14: Portfolio Rotation
Portfolio Rotation Transactions since strategy update in July 2020(1) Implementation of adjusted strategy 23 disposals since strategy update in 2020 Portfolio as of 30 June 2020 Portfolio as of 30 June 2022 Total sales volume of €200m with 3.4% Assets 83 Assets 67 premium to latest fair values Portf
Slide 15: 3. Asset Management
3. Asset Management Retail property ‚Rondo Steinheim‘ Hanau
Slide 16: Tenant base
Tenant base Top-10 tenants (as of 30 June 2022) Sector distribution (as of 30 June 2022) Tenant Sector Rent(1) Sector Rent(1) EDEKA Food retail 11.9% Food retail 32.3% Kaufland Food retail 7.4% DIY 11.5% REWE Food retail 6.9% IT/Communication 10.7% OBI DIY 6.8% Finance/Insurance 8.3% Globus DIY / Fo
Slide 17: Lease contracts
Lease contracts Weighted average lease expiry (as of 30 June 2022) Letting result H1 2022 44,054m² 28,784m² 56% 7.9 years 48% 6.6 years 15,270m² 5.0 years 70% 44% 52% 30% Retail Office Total New lettings Contract extensions Total Retail Office Lease expiry schedule (as of 30 June 2022; in % of annua
Slide 18: 4. Financials
4. Financials Office property/Medical center Regensburg
Slide 19: Key figures H1 2022
Key figures H1 2022 Key figures 30 June 2022 30 June 2021 Change Profit and loss statement Income from rents and leases €41.9m €42.9m -2.4% Operating result €12.4m €19.7m -37.1% Profit for the period €5.9m €45.1m -86.9% Key KPIs Funds from Operations (FFO) €24.2m €28.4m -14.9% Funds from Operations
Slide 20: Funds from operations (FFO)
Funds from operations (FFO) in k€ H1 2022 H1 2021 Change Comments 1 Income from rents and leases 41,878 42,928 -2.4% ▪1 Decline in rental income mainly due to Income from passed on costs 7,005 7,183 -2.5% property disposals (€-3.8m). Rent decrease partly offset by portfolio Operating expenses -9,766
Slide 21: EPRA NAV & NTA
EPRA NAV & NTA NAV Development H1 2022 €984.9m -€38.2m €24.2m -€1.1m -€1.3m €968.5m -€0.5m €968.0m NAV Dividend FFO Acquisitions(1) Other NAV Intangible NTA 31 Dec 2021 Effects 30 June 2022 Assets 30 June 2022 NAV/s NAV/s NTA/s -1.7% €12.11 €11.91 €11.90 (1) Resulting from incidental acquisition cos
Slide 22: Financial situation
Financial situation Expiration of financial liabilities (as (asofof30 31June December 2022) 2021) 58.7% REIT Equity ratio Refinancing 2022 completed Ø interest rate: 1.7% 41.8% Ø maturity: 6.3 years LTV 9.9x Net debt/EBITDA(1) 4.7x 1.7% 20.3% EBITDA/Interest coverage 8.5% 13.1% 9.9% 10.8% €737.0m 7.
Slide 23: Outlook – Guidance update 2022
Outlook Guidance update 2022 €84.0 – 85.0m €47.0m – €49.0m ~Previous year‘s level Rental income FFO NAV per share Major influencing factors ▪ Positive effects from regular indexations ▪ Delayed transaction activity due to current market environment ▪ Trailing impact from reletting of REAL markets wi
Slide 24: 5. Sustainability / ESG
5. Sustainability / ESG Office property Neu-Isenburg
Slide 25: Sustainability / ESG strategy
Sustainability / 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 Go
Slide 26: ESG organization
ESG organization Supervisory Board Internal Sustainability Committee ▪ Sustainability Committee consisting Supervisory Management of Management Board members and Board Board the ESG Officers from individual ▪ Advising and monitoring ESG Committee of Management Board business areas Controlling & Risk
Slide 27: Environmental Sustainability
Environmental Sustainability Key Action Area Progress 2020/2021 Status(1) Next steps / short- to medium-term targets ▪ Data management optimisation and database expansion Target Ongoing ▪ Ongoing systematization of recording and analysis of ESG data ▪ Creation of detailed report on carbon footprint
Slide 28: Employee development & Governance
Employee development & Governance Key action area Progress 2020/2021 Status(1) Next steps / short- to medium-term targets ▪ Review and implementation of further measures to enhance ▪ Enhanced flexibility of working model Target 100% 0% 20% 40% 60% 80% 100 % employer attractiveness ▪ Implementation o
Slide 29: 6. Appendix
6. Appendix Retail Lengerich
Slide 30: Top-10 properties (1/2)
Top-10 properties (1/2) Munich Mannheim Berlin Cologne Karlsruhe Asset type Office Retail Office Office Retail Year of acquisition 2013 2016 2013 2017 2012 Purchase price €40.2m €80.0m €33.0m €49.0m €37.0m Fair value(1) €80.1m €79.1m €77.1 €76.9m €56.0 Annual rents €2.7m €3.9 €2.7m €3.0m €2.8 WALT(1
Slide 31: Top-10 properties (2/2)
Top-10 properties (2/2) Hanau Hallstadt Aachen Celle Erlangen Asset type Retail Retail Office Retail Office Year of acquisition 2017 2017 2020 2015 2011 Purchase price €37.5m €40.4m €37.4m €35.2m €27.9m Fair value(1) €46.7m €43.9m €41.6m €40.9m €38.0m Annual rents €2.1m €2.5m €2.1m €2.0m €2.1m WALT(
Slide 32: Financial Calendar
Financial Calendar Quarterly financial statement Q3 2022 10 November 2022 Preliminary figures for the 2022 financial year 9 February 2023 Annual Report 2022 16 March 2023 Quarterly financial statement Q1 2023 25 April 2023 Annual General Meeting 2023 27 April 2023 Appendix | 32
Slide 33: Contact
Contact Niclas Karoff Hans Richard Schmitz CEO COO/CFO Mail: n.karoff@hamborner.de Mail: h.schmitz@hamborner.de Christoph Heitmann HAMBORNER REIT AG Head of Investor Relations & Web: www.hamborner.de/en Public Relations Mail: c.heitmann@hamborner.de Mail: info@ir.hamborner.de Phone: +49 (0)203/54405
Slide 34: 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
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