Hamborner Reit Ag · XETR:HABA
Hamborner Reit — Investor Presentation (March 2024)
41 slides from Hamborner Reit's investor presentation, March 2024
Slide 1: Company Presentation March 2024
Company Presentation March 2024 Office property Ingolstadt
Slide 2: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio Overview 3. Asset/Property Management 4. Financials 5. Sustainability / ESG 6. Appendix Agenda |2
Slide 3: HAMBORNER at a glance
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 ▪ Two-pillar portfolio structure with focus on food-anchored retail and office Listing on stock exchange properties 1954 ▪ Stable and
Slide 5: The HAMBORNER Share
The HAMBORNER Share The HAMBORNER Share Shareholder structure Current share price €6.81 (as of 31 December 2023) Market capitalisation €553.9m (as of 31 December 2023) 12.20% RAG Foundation WKN/ISIN A3H233 / DE000A3H2333 Ticker symbol HABA 81,343,348 5.37% BlackRock shares Class of shares Registered
Slide 6: Portfolio Overview
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 with 10-20% 10-20% with value-add potential value-add potential Maintaining/extension of core 80-90 % Maintaining/extension of core 80-90% retail portfolio with focus on 80-90%
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: 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 21.4% 8 2 Frankfurt Rhine-Main 12.8% 10 9 3 Berlin-Brandenburg 9.4% 3 4 Nuremberg 8.2% 5 Stuttgart 5.9% 1 11 6 Rhine-Neck
Slide 10: Portfolio development
Portfolio development 2.000 50 Portfolio value and average property value Comments ▪ Continuous value-adding portfolio growth 1,589 1,625 1,604 1,609 since conversion into a G-REIT in 2010 1,517 40 1.500 1,471 ▪ Average annual growth rate of 10.7% 1.363 over the last 10 years ▪ Average property valu
Slide 11: Acquisitions 2023
Acquisitions 2023 Hanau Offenburg Hanau Offenburg Asset type Retail Retail Investment approach Core Core Year of construction 1997 (refurbished 2017) 2017 Leased area 4,100 m2 13,900 m2 WALT1 12.5 years 7.8 years Offenburg Occupancy rate1 100% 100% Annual rental income1 ~€0.4m ~€1.2m Purchase price
Slide 12: Portfolio revaluation
Portfolio revaluation Portfolio development full-year 2023 Comments ▪ Value development influenced by property Transactions Retail Portfolio (LfL) Office Portfolio (LfL) transactions (+€24.8m) and -10.5% decrease of like- Portfolio value for-like portfolio value (-€169.6m) €1,608.6m ▪ Decline in tot
Slide 13: Portfolio key metrics as of 31 December 2023
Portfolio key metrics as of 31 December 2023 Asset class Total portfolio Investment approach Retail Office Split Core % Manage-to-Core1 % Number of properties 39 28 67 64 95.5% 3 4.5% Fair Value €836.5m €634.5m €1,471.0m €1,425.8m 96.9% €45.2m 3.1% Leased area 393,234 m² 229,698 m² 622,932 m² 596,32
Slide 14: Rent development
Rent development Development of annualized rents (year-on-year) +€1.9m -€0.3m €90.2m -0.3% +€1.6m €87.0m +2.2% +1.8% Annualized rents Acquisitions Indexation Re-lettings/ Annualized rents 31 December 2022 Vacancy change 31 December 2023 Rent development like-for-like (year-on-year)1 Asset class Tota
Slide 15: Asset/Property Management
Asset/Property Management Retail property ‚Rondo Steinheim‘ Hanau
Slide 16: Tenant base
Tenant base Top-10 tenants (as of 31 December 2023) Sector distribution (as of 31 December 2023) Tenant Sector Rent1 Sector Rent1 EDEKA Group Food retail 13.3% Food 33.0% Kaufland Group Food retail 7.1% DIY 11.4% REWE Group Food retail / DIY 6.9% IT / Communication 10.1% OBI DIY 6.6% Finance / Insur
Slide 17: Leasing situation
Leasing situation Weighted average lease expiry (as of 31 December 2023) Letting result 2023 109,895m² 96,253m² 52% 47% 7.6 years 6.4 years 53% 48% 13,642m² 4.8 years 17% 83% New lettings Contract extensions Total Retail Office Total Retail Office 30,0% Lease expiry schedule (as of 31 December 2023;
Slide 18: Recent letting success
Recent letting success Lease renewals OBI DIY stores Aachen Lease area ~11,400m² Extension +10 years Duration 2037 Leipzig Lease area ~11,100m² Extension +10 years Duration 2034 Hilden Lease area ~10,800m² Extension +5 years Duration 2034 Early renewal of leases with long-term tenant DIY retailer
Slide 19: Financials
Financials Office property/Medical center Regensburg
Slide 20: Key figures 2023
Key figures 2023 Key figures 2023 2022 Change Profit and loss statement Income from rents and leases €91.1m €87.1m +4.6% Operating result €11.1m €25.5m -56.4% Profit for the period -€0.7m €13.3m n/a Key operational KPIs Funds from Operations (FFO) €54.7m €51.0m +7.2% Funds from Operations (FFO) per
Slide 21: Funds from operations (FFO)
Funds from operations (FFO) in k€ 2023 2022 Change Comments 1 Income from rents and leases1 91,121 87,077 +4.6% ▪1 Increase in income from rents and leases Income from passed on costs1 13,440 12,157 +10.6% mainly due to property additions and indexation effects Operating expenses -20,224 -18,185 +11
Slide 22: EPRA NAV & NTA
EPRA NAV & NTA NAV development 2023 €964.8m -€38.2m +€54.7m -€165.6m +€3.2m -€4.0m €814.9m -€0.3m €814.6m NAV Dividend FFO Like-for-like Capex Other effects NAV Intangible NTA 31 Dec 2022 Revaluation 31 Dec 2023 Assets 31 Dec 2023 NAV/share NAV/share NTA/share €11.86 -15.5% €10,02 €10.01 Financials
Slide 23: Financial situation
Financial situation Expiration of Expiration offinancial financialliabilities liabilities(as(asof of 3131 December 2023) December 2021) 55.1% REIT equity ratio 43.5% 1.8 % LTV 10.1x Net debt/EBITDA1 20.4% 5.5x 16.7% EBITDA/Interest coverage 13.5% 13.0% 12.7% 8.4% 7.5% €702.1m Financial liabilities2
Slide 24: Outlook
Outlook Dividend €0.48 per share ~72% Dividend proposal FFO payout ratio Guidance 2024 €91.0m – €92.5m €49.0m – €50.5m Rental income FFO Main influencing factors + Stable and reliable cashflows - Uncertainties on letting markets + Property additions 2023 - Maintenance expenses (incl. cost shifting f
Slide 25: Sustainability / ESG
Sustainability / ESG Office property Neu-Isenburg
Slide 26: ESG organization
ESG organization Supervisory Board Internal Sustainability Management ▪ Advising and monitoring ▪ Sustainability Committee Supervisory Management Board consisting of Management Board Management Sustainbility & of Management Board Board members and the ESG Officers Board ESG ESG Committee from indivi
Slide 27: ESG strategy
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 sustainability Corporate Environmental comm
Slide 28: ESG management | Selected activities in key action areas
ESG management | Selected activities in key action areas Key Action Area Selected activities 2023 ▪ Ongoing data management optimisation and database expansion ▪ Extension of carbon footprinting on company and portfolio level Environmental Management ▪ Development of decarbonisation strategy includi
Slide 29: Decarbonisation strategy | CO2e-balance
Decarbonisation strategy | CO2e-balance CO2e-balance for base year 2021 Share of emission sources in the CO2e-balance in tCO2e 42,130 0.5% 28,747 11.0% 7,109 4,415 4,242 16.7% 2,867 4,484 1,820 71.8% 69 38 10 0 131 8 69 0 199 Direct Energy Services, Energy Mobility Tenant Total energy supply materia
Slide 30: Decarbonisation target and milestones
Decarbonisation strategy | Decarbonisation target and milestones Level Scope Target 2030 Target 2045 -50.0% to 28.2 kgCO2e/m2 Reduction of energy related emissions Portfolio Energy related1 Net Zero Greenhouse gas emissions Total Corporate balance The Net Zero targets are associated with a small a
Slide 31: Decarbonisation pathway
Decarbonisation strategy | Decarbonisation pathway Milestones along CRREM decarbonisation pathway1 70 Scope 1, 2, 3 energy related 60 Scope 3 other 50 CRREM V.2, 2°C (cross-portfolio) kgCO2e/m² 40 30 20 10 - BASE YEAR 56.4 TARGET 28.2 -50% 2021 kgCO2e/m² 2030 kgCO2 e/m² BASE YEAR 62.9 TARGET 1.8 -97
Slide 32: Decarbonisation strategy | Areas of action and cost indication
Decarbonisation strategy | Areas of action and cost indication Cost indication for property and building maintenance Areas of action to reduce emissions Maintenance expenses Modernisation of technical building systems €0.0 – 0.1m €1.0m – €1.5m Ø €1.2m – €1.5m p.a.€1.0m 1 – €1.5m €1.5 – 1.8m Expansio
Slide 33: ESG Ratings
ESG Ratings Company Rating 2021 2022 2023 Sustainability Best Practice No Award No Award Recommondation DVFA Scorecard 58,43 % (sufficient) 75,73 % (good) for Corporate Governance Public Disclosure B B A (93%) Corporate Rating 28,23 (D+) 39,45 (C-) 39,44 (C-) QualityScore (E/S/G)1 5/5/2 5/6/1 6/6/1
Slide 34: Appendix
Appendix Retail Lengerich
Slide 35: Top-10 properties (1/2)
Top-10 properties (1/2) Mannheim Munich Cologne Berlin Karlsruhe Asset type Retail Office Office Office Retail Year of 2016 2013 2017 2013 2012 acquisition Purchase price €80.0m €40.2m €49.0m €33.0m €37.0m Fair value1 €76.0m €63.0m €59.3m €59.1m €52.8m Annual rents €4.1m €2.9m €3.1m €2.8m €2.9m WALT
Slide 36: Top-10 properties (2/2)
Top-10 properties (2/2) Hanau Celle Hallstadt Aachen Tübingen Asset type Retail Retail Retail Office Retail Year of 2017 2015 2017 2020 2012 acquisition Purchase price €37.5m €35.2m €40.4m €37.4m €22.2m Fair value1 €44.6m €40.1m €39.4m €39.3m €33.6m Annual rents €2.3m €2.1m €2.6m €2.3m €1.8m WALT(1)
Slide 37: Portfolio Rotation
Portfolio Rotation Transactions since strategy update in July 20201 Implementation of adjusted strategy 24 disposals since strategy update in Portfolio as of 30 June 2020 Portfolio as of 31 December 2023 2020 Assets 83 Assets 67 Total sales volume of €200.6 with 3.7% Portfolio Volume €1,631m Portfol
Slide 38: German Real Estate Investment Trust (G-REIT)
German Real Estate Investment Trust (G-REIT) Main requirements for G-REITs directly held shares per stock exchange listing > 15 % free float < 10 % shareholder of assets invested of earnings from < 75 % in properties < 75 % property management payout of profit > 45 % Equity ratio > 90 % (German GAAP
Slide 39: Financial Calendar
Financial Calendar Quarterly financial statement Q1 2024 23 April 2024 Half-year financial report 2024 8 August 2024 Annual General Meeting 25 April 2024 Quarterly financial statement Q3 2024 7 November 2024 Appendix | 39
Slide 40: Contact
Contact Niclas Karoff Sarah Verheyen CEO/CFO COO/CIO E-Mail: n.karoff@hamborner.de E-Mail: s.verheyen@hamborner.de Christoph Heitmann HAMBORNER REIT AG Head of Investor Relations, www.hamborner.de Financing & Corporate Communications info@ir.hamborner.de +49 (0)203/54405-32 E-Mail: c.heitmann@hambor
Slide 41: 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