Hamborner Reit Ag · XETR:HABA
Hamborner Reit — Investor Presentation (May 2021)
33 slides from Hamborner Reit's investor presentation, May 2021
Slide 1: Company Presentation May 2021
Company Presentation May 2021
Slide 2: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio Overview 3. Asset Management 4. Financials 5. ESG Strategy 6. Appendix Company Presentation | May 2021 2
Slide 3: HAMBORNER at a glance
HAMBORNER at a glance 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- 1954 anchored retail and office properties Clea
Slide 4: The HAMBORNER Share
The HAMBORNER Share The HAMBORNER Share Shareholder structure Current share price €9.11 (as of 30 April 2021) Market capitalisation €734m (as of 30 April 2021) 12.32 % RAG Foundation WKN/ISIN A3H2333 / DE000A3H2333 5.36 % BlackRock Ticker symbol HABA 80,579,567 shares Class of shares Registered Shar
Slide 5: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio Overview 3. Asset Management 4. Financials 5. ESG Strategy 6. Appendix Company Presentation | May 2021 5
Slide 6: Portfolio Strategy – Target Structure
Portfolio Strategy – Target Structure Retail Portfolio Office Portfolio ‚Manage-to-core‘ properties ‚Manage-to-core‘ properties 10-20 % with value-add potential 10-20 % with value-add potential Maintaining / extension of solid retail portfolio with 80-90 % Maintaining / extension of 80-90 % 80-90 %
Slide 7: 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 et
Slide 8: Portfolio Metrics
Portfolio Metrics Key Figures (as of 31 March 2021) Portfolio share Retail Office Total Portfolio(1) High-Street Fair value €913.1m €708.3m €1,621.4m €145.2m Number of properties 47 28 75 12 Leased area 414,791 m² 222,026 m² 636,817 m² 57,463 m² Annualized rent €53.3m €34.6m €87.9m €9.4m Annualized
Slide 9: Geographical Portfolio Structure
Geographical Portfolio Structure Geographical Focus (Metropolitan Regions) Portfolio by Metropolitan Regions Metropolitan region Share of portfolio volume 0.4% 1 1 Hamburg 4.4% 4.8% 2 Northwest 1.8% xx% xx% 2 3 Hannover-Braunschweig- 4 3 2.4% Göttingen-Wolfsburg 4 Berlin-Brandenburg 4.9% 4.4% 9.3% 6
Slide 10: Portfolio Development
Portfolio Development 2.000 50 Portfolio Value and Average Property Value Comments 1,598 1,625 1,621 1,517 40 ▪ Continuous value-adding portfolio 1.500 growth since conversion into a 1,363 G-REIT in 2010 ▪ Average annual growth rate of 12.4% over the last ten years 1,115 30 ▪ Average property value
Slide 11: Investments 2020
Investments 2020 Neu-Isenburg Bonn Aachen Dietzenbach Siemensstraße Soenneckenstraße Gut-Dämme-Straße Masayaplatz Asset type Office Office Office Retail Year of construction 2019 2019/2020 2019/2020 2011 Main tenants UBL, Köster Barmer, Bonnfinanz Barmer, AOK tegut, LIDL, dm Leased area 4,500 m2 6,2
Slide 12: Disposals 2020
Disposals 2020 2020 Number of properties 11 Asset type High-Street Selling price €59.1m Contribution to earnings €23.8m Annual rental income €3.9m Ø Remaining lease term(1) 2.6 years Transfer of possession Q3 2020 – Q1 2021 (1) As of 31 Dec 2020 Company Presentation | May 2021 12
Slide 13: Investments 2021
Investments 2021 Mainz Münster Asset type Office Asset type Office Investment approach ‘Manage-to-core’ Investment approach ‘Core’ Leased area 7,700 m² Leased area 6,300 m² Gross initial yield 7.0 % Purchase price €23.9m WALT(1) 2.9 years Rental income €1.1m Occupancy rate(1) 100 % Gross initial yie
Slide 14: Disposals 2021
Disposals 2021 Bad Homburg Bad Homburg Louisenstr. 66 Louisenstr. 53-57 Selling price €11.2m €15.9m Annual rental income €0.67m €0.82m WALT(1) 6.6 years 4.3 years Transfer of possession 1 April 2021 1 May 2021 Hamburg Fürth Villingen-Schwenningen(2) Selling price €10.9m €27.4m €3.1m Annual rental in
Slide 15: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio Overview 3. Asset Management 4. Financials 5. ESG Strategy 6. Appendix Company Presentation | May 2021 15
Slide 16: Tenant base
Tenant base Top-10 tenants (as of 31 March 2021) Sector distribution (as of 31 March 2021) Tenant Sector Rent(1) Sector Rent(1) EDEKA Food retail 11.7 % Food 33.1 % Kaufland Food retail 5.5 % IT/Communication 9.5% REWE Food retail 5.3 % Finance/Insurance 8.6% Real Food retail 5.3 % DIY 8.1% Textile
Slide 17: Lease Contracts
Lease Contracts Weighted average lease expiry (as of 31 March 2021) Letting result (Q1 2021) 46,434 m² 39,598 m² 7.1 years 6.4 years 5.3 years 6,836 m² Retail Office Total New lettings Contract extensions Total Lease expiry schedule (as of 31 March 2021; % of annual rents) 25,0% 20,0% 7.4% 15,0% 4.2
Slide 18: Corona Update
Corona Update Rent collection rates(1) (as of 22 April 2021) 98.8% 95.2% 94.2% 94.1% 94.8% 95.8% April-June July-December January February March April 2020 2020 2021 2021 2021 2021 Lockdown/ Lockdown Lockdown Lockdown Lockdown legal moratorium (1) Incl. incidental rental costs and VAT ▪ Despite chal
Slide 19: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio Overview 3. Asset Management 4. Financials 5. ESG Strategy 6. Appendix Company Presentation | May 2021 19
Slide 20: Key Figures Q1 2021
Key Figures Q1 2021 Key figures Q1 2021 Q1 2020 Change Profit and loss statement Income from rents and leases €21.8m €21.8m +0.0 % Operating result €7.3m €7.1m +3.3 % Profit for the period €10.4m €3.3m n/a Key KPIs Funds from Operations (FFO) €12.7m €13.3m -4.6 % Funds from Operations (FFO) per shar
Slide 21: Funds from Operations (FFO)
Funds from Operations (FFO) In k€ Q1 2021 Q1 2020 Change Comments 1 Income from rents and leases 21,810 21,807 +0.0 % ▪1 Decline in rental income due to property disposals (-€0.51m) and Income from passed on costs 3,707 3,443 +7.7 % pandemic-related risk provisioning Operating expenses -5,674 -5,441
Slide 22: EPRA Net Asset Value (NAV) & Net Tangible Assets (NTA)
EPRA Net Asset Value (NAV) & Net Tangible Assets (NTA) In k€ 31 Mar 2021 31 Dec 2020 Comments 1 Long-term assets 1,160,523 1,200,826 ▪ Decrease in long-term assets (incl. 1 2 Short-term assets 152,542 64,958 hidden reserves) mainly related to property disposals 3 Non-current liabilities and provisio
Slide 23: Financial situation
Financial situation Expiration of financial liabilities (as of 31 March 2020) 55.6% REIT Equity ratio Ø Refinancing interest rate 2021: 1.1 % 44.0% LTV €772.7m 1.6% Financial liabilities(1) 20.3% 8.1% 1.71% 12.1% 12.8% Ø cost of debt(1) 10.6% 7.8% 8.1% 4.7% 2.5% 2.7% 3.0% 5.3 years Ø maturity of deb
Slide 24: Guidance and outlook
Guidance and outlook Dividend ▪ Maintaining reliable and attractive dividend policy ▪ Dividend proposal for FY 2020 of €0.47 per share ▪ Intended offer of scrip dividend Guidance 2021 ▪ Rental income: €82 - 86m ▪ FFO: €45 - 50m ▪ NAV expected to reach previous year’s level ▪ Forecast allows for unce
Slide 25: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio Overview 3. Asset Management 4. Financials 5. ESG Strategy 6. Appendix Company Presentation | May 2021 25
Slide 26: Sustainability / ESG Strategy
Sustainability / ESG Strategy Strategic Development and Guidelines Key Action Areas ▪ Integration of sustainability/ESG criteria into overall strategy ▪ Definition of achievable goals taking into account feasibility and (cost) efficiency ▪ Implementation of strategic sustainability programme ▪ Plann
Slide 27: Sustainability / ESG Strategy
Sustainability / ESG Strategy Strategic sustainability programme (excerpt) Main topics 2021 Corporate Governance & Dialogue ▪ Definition of clear responsibilities in the key action areas ▪ Further development of ESG-related governance structures ▪ Intensification of dialogue with tenants (with a foc
Slide 28: Agenda
Agenda 1. HAMBORNER at a glance 2. Portfolio Overview 3. Asset Management 4. Financials 5. ESG Strategy 6. Appendix Company Presentation | May 2021 28
Slide 29: Appendix TOP Properties (1/2)
Appendix TOP 10 Properties (1/2) München Köln Mannheim Berlin Karlsruhe ‚NuOffice‘ ‚O3‘ ‚Kurpfalz Center‘ ‚EUREF Campus‘ Asset type Office Office Retail Office Retail Year of acquisition 2013 2017 2016 2013 2012 Purchase price €40.1m €48.9m €80.0m €33.0m €37.0m Fair value(1) €80.0m €76.5m €74.6m €70
Slide 30: Appendix TOP Properties (2/2)
Appendix TOP 10 Properties (2/2) Hallstadt Hanau Aachen Darmstadt Celle ‚Market Oberfranken‘ ‚Rondo Steinheim‘ Gut-Dämme-Straße Asset type Retail Retail Retail Office Retail Year of acquisition 2018 2017 2017 2020 2015 Purchase price €42.8m €41.4m €37.5m €37.4m €35.2m Fair value(1) €44.9m €44.5m €42
Slide 31: Appendix – Financial Calendar
Appendix HAMBORNER REIT AG – Financial Calendar Half-year financial report H1 2021 29 July 2021 Interim statement Q3 2021 9 November 2021 Preliminary figures 2021 08 February 2022 Annual report 2021 17 March 2022 Quarterly financial statement Q1 2022 26 April 2022 Annual General Meeting 2022 28 Apri
Slide 32: Contact
Contact Niclas Karoff Hans Richard Schmitz Chairman / CEO Member of the board / 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 Public Relations https://www.linkedin.com/c ompany/5602825 Mail: c
Slide 33: 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