Hamborner Reit Ag · XETR:HABA
Hamborner Reit — German Equity Forum 2011
30 slides from Hamborner Reit's conference presentation, November 2011
Slide 1: German Equity Forum 2011
German Equity Forum 2011 Company Presentation, November 2011
Slide 2: Historical development of the company
Historical development of the company From mining to real estate 1953 Foundation of company: HAMBORNER founded as a mining company Mining 1954 Listed on stock exchange as HAMBORNER Bergbau AG 1969 Integration of the mining activities into Ruhrkohle AG 1970 Continuation of HAMBORNER AG as a property
Slide 3: Shareholder structure
Shareholder structure Company presentation, November 2011 3
Slide 4: Corporate structure
Corporate structure Lean structure – no holding/parent companies HAMBORNER REIT AG 2 board members 25 employees Æ Directly owned property Æ Internal management of REIT Æ German‐wide portfolio Æ Only infrastructural building services Æ Market value of properties: € 500 million externally contracted o
Slide 5: Strategy
Strategy Value‐creating Value creating growth through continuous expansion of portfolio Strategic prime objectives: Measures: Æ Yield‐oriented expansion of existing Æ Improving cost‐yield structures commercial property portfolio through buying larger properties and selling smaller properties Retenti
Slide 6: Current property portfolio (November 2011)
Current property portfolio (November 2011) → 69 properties at 51 historical → Distribution of core area NRW locations in Germany portfolio according to rental income → Approx 2 Approx. 2.4 4 million m² m undeveloped areas 31,2 % Office / 33,9 % → Approx. € 500 million Other Large‐scale retail trade
Slide 7: Transfer of ownership in 2011
Transfer of ownership in 2011 Brunnthal, Eugen‐Sänger‐Ring 7 Built 2010 Main‐Tenant SFC Energy AG Leased area approx. 6,700 m² Annual rental income € 912,490 Remaining term approx. 8.4 years Gross initial yield 7.6 % Purchase price € 12 million Bad Homburg, Homburg Louisenstr. Louisenstr 55‐57 55 57
Slide 8: Transfer of ownership in 2011
Transfer of ownership in 2011 Leipzig, Brandenburger Str. 21 Built 2010 Main‐Tenant OBI Leased area approx. 11,000 m² Annual rental income € 889,527 Remaining term approx. 13.0 years Gross initial yield 7.6 % Purchase price € 11.6 million Regensburg Hildegard Regensburg, Hildegard‐von‐Bingen‐Str. vo
Slide 9: Transfer of ownership in 2011
Transfer of ownership in 2011 Langenfeld, Solinger Str. 5 Built 2011 H&M, Tom Tailor, Depot, dm, Main‐Tenant and other Leased area approx. 6,400 m² Annual rental income approx. € 1.14 million Remaining term approx. 9.3 years Gross initial yield 6.6 % Purchase price € 17.1 million Erlangen Allee am R
Slide 10: Transfer of ownership in 2011
Transfer of ownership in 2011 Offenburg, ff b Hauptstraße ß 72‐74 Built 1973, reconstruction 2008/2009 Main‐Tenant Müller Drogeriemarkt L Leased d area approx. 5,100 5 100 m²² Annual rental income approx. € 525,000 Remaining term approx. 6.3 years Gross initial yield 6.6 % Purchase price € 7.9 milli
Slide 11: Already signed, transfer of ownership 2012
Already signed, transfer of ownership 2012 A h Aachen, D b Debyestraße ß Built 2012 Main‐Tenant OBI Leased area approx. 11,400 m m² Annual rental income approx. € 1.2 million (Ø rental income) Remaining term 15 years Gross yield 7.5 % P h Purchase price i € 15.97 million Company presentation, Novemb
Slide 12: Already signed, transfer of ownership 2013
Already signed, transfer of ownership 2013 Acquisition q in sustainabilityy Munich, NuOffice aiming at LEED‐platinum l certification f building under construction / completion 2012 Annual rental income € 2.3 million Remaining term 8.8 years Gross initial yield 5.9 % Purchase h price i € 39.3 million
Slide 13: Purchases signed, coming in 2011
Purchases signed, coming in 2011 Expected Rental income FFO‐contribution per year per year Obj Object Pi Price G Gross i i i l yield initial i ld (T€) (T€) Brunnthal € 12.0 million 7.6% 912 630 Regensburg € 21.0 million 6.8% 1,432 900 Leipzig € 11.7 million 7.6% 890 450 Bad Homburg € 13.7 million 6.
Slide 14: HAMBORNER share – important targets achieved
HAMBORNER share – important targets achieved 1. Shares with a value of approx. € 170 million placed at capital market + = Capital Increase Relocation Feb. 2011 approx. € 170 million approx. € 76 million approx. € 90 million placed at capital market 2 2. Inclusion in SDax 3 3. Internationalisation of
Slide 15: HAMBORNER share
HAMBORNER share Inclusion in S‐DAX Trading volume in thousand at 21.03.2011 price 1.600 1.485 8,50 1.400 1.200 8,00 1.071 979 1.000 872 856 867 7,50 799 799 766 800 638 597 600 526 528 7,00 , 400 236 6,50 187 154 182 200 122 133 122 97 66 0 6,00 volume in Volumen in Tausend thousandStück Aktien (all
Slide 16: Significant key figures for the first three quarters of 2011
Significant key figures for the first three quarters of 2011 Key figures Q3 2011 Q3 2010 Change Rental revenues € 23.4 million € 18.3 million + 28 % Operating result € 10.3 million € 9.3 million + 11 % Profit for the period € 5.5 million € 2.6 million Funds from Operations € 12.3 million € 9.6 milli
Slide 17: First three quarters 2011 successful
First three quarters 2011 successfull → Positive operational business development → 28.0 % increase in rents → Vacancy rate 1.8 % (including income from rent guarantees 1.3 %) → Growth continued Transfer of ownership 1st quarter: € 58 m Bad Homburg 9 Regensburg 9 Leipzig 9 Brunnthal 9 Transfer of ow
Slide 18: Profit and loss account according to IFRS
Profit and loss account according to IFRS in T € Q3 2011 Q3 2010 Net rental income 20,944 16,727 Administrative expenditure ‐680 ‐680 Personnel costs ‐2,009 ‐1,836 Depreciations ‐7,575 ‐5,947 Other operating income 314 1.494 Other operating expenses ‐679 ‐468 Operating results 10 315 10,315 9 290 9,
Slide 19: Management revenues
Management revenues Steady increase c ease in management a age e t revenues e e ues co combined b ed with t low o vacancies aca c es Vacancy rate: 1.8 % 9,345 Vacancy rate (incl. rent guarantees): 1.3 % 8,700 T€ T€ 7,810 7,484 T€ 7,055 T€ 6,743 T€ 6,445 , T€ 6,345 6,303 T€ 6,264 T€ T€ 5,958 T€ 5,482
Slide 20: Rental agreements
Rental agreements Around 70% of the contractual rental income first expires in 2015 and later. Share of rental agreement 77% Ø Remaining terms of rental agreements expiries p in entire p portfolio accordingg to type yp of p properties p 10.5 years 2015 7.2 and later 6.2 years years 4,4 years 7% 8% 6
Slide 21: TOP 10 Tenants
TOP 10 Tenants Creditworthy tenants Share in total rent p.a. (inkl rent guarantees) (inkl. in % Kaufland Group 13.2% EDEKA 10 5% 10.5% OBI 5.1% AREVA 2.8% SFC Energy 2 6% 2.6% Telefonica O2 2.3% BfA 2.2% dm 2 1% 2.1% Kaspersky 2.0% REWE 1.8% T t l Total 44 6% 44.6% November 2011 Company presentation
Slide 22: FFO
FFO in T € Q3 2011 Q3 2010 Net rental income 20,944 16,727 12,312 T€ + 28 % ‐ Administrative expenditure ‐680 ‐680 ‐ Personnel costs ‐2,009 ‐1,836 9,599 T€ + Other operating income 314 325 ‐ Other operating expenses ‐679 ‐467 + Interest I income i 366 87 ‐ Interest payments ‐5,944 ‐4,557 FFO 12,312
Slide 23: Development of dividends
Development of dividends Stable dividend in spite of 0,40 0.40€€ 50% increase of 0.37 € number in shares 0.35€€ 0,35 0.30€€ 0,30 0.25€€ 0,25 FFO 2010: 0.35 € 0.20 20 €€ 00,20 0.15€€ 0,15 0.10 € 0,10 € 90 92 94 96 98 00 02 04 06 08 10 Dividend Bonus Company presentation, November 2011 23
Slide 24: Development of HAMBORNER's portfolio value
Development of HAMBORNERs portfolio value € 556 million + € 16 € 516 + € 49 € 500 million million million million + € 16 € 451 + € 59 € 435 million million Munich million million € 376 Erlangen Aachen million Freiburg Bad Offenburg Homburg Langenfeld (Krefeld sold) Leipzig Brunnthal Regensburg 31.12
Slide 25: Net asset value (NAV) in accordance with EPRA
Net asset value (NAV) in accordance with EPRA Discount of the XETRA‐closingg price p to the NAV = 25.7 % (30.09.2011) ( ) 8.60 € NAV calculation (in accordance with EPRA) 30.09.2011 31.12.2010 in T€ in T€ ‐25.7% 6.39 € Balance sheet long‐term g assets 430,389 , 322,067 , + Balance sheet short‐term a
Slide 26: Balance sheet in accordance with IFRS
Balance sheet in accordance with IFRS in € million 30.09.2011 31.12.2010 ASSETS Non‐current assets 430.4 322.0 Investment Properties 429.8 321.5 Other 0.6 0.5 Current assets 7.1 84.1 Accounts receivable and other 1.2 0.5 Bank deposits and cash‐balances 5.9 83.6 Totall assets 437.5 406.1 Equity ratio
Slide 27: Financing
Financing No short‐term refinancing needs. Expiration of fixed interest rates 30% in % of the total financial debt 25% liquid q funds: € 5.9 million actual financial debt: LTV: 38.2 % 19% 19% € 192.5 million REIT‐equity ratio: 56.1 % Ø remaining term of Ø interest rate 2% 2% 3% fixed interest rate:
Slide 28: Summary & Outlook
Summary & Outlook Æ First nine months 2011: Æ Growth continued Æ Positive operational business development Æ Rents and FFO increased Æ Business year 2011: Æ Further double‐digit increase in rents expected (+ 25%) Æ Increase in FFO 2011 expected (30% + X) Æ Working on new pipeline Company presentatio
Slide 29: Financial Calendar 2011/2012
Financial Calendar 2011/2012 HAMBORNER REIT AG Interim report for 3rd quarter 2011 09 November 2011 Annual report 2011 29 March 2012 Interim report for 1st quarter 2012 10 May 2012 Annual general shareholders´ meeting 2012 15 May 2012 Many thanks for your attention! Company presentation, November 20
Slide 30: 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