Slide 1: Full Year 2019 Preliminary Financial Results
FULL YEAR 2019 PRELIMINARY FINANCIAL RESULTS MAR 2020
Slide 2: FY 2019 Preliminary Results
FY 2019 PRELIMINARY RESULTS 2019 2018 Dec 2019 Dec 2018 in € millions Revenue 894.8 747.1 in € millions Net rental income 765.7 633.0 Adjusted EBITDA 772.7 606.0 Total Assets 25,444.7 19,040.8 FFO I 503.4 405.7 FFO I per share 0.43 0.39 Total Equity 13,378.9 9,944.3 FFO I per after perpetual notes a
Slide 3: High Liquidity, Conservative Financial Policy and Defensive Capital Structure
HIGH LIQUIDITY, CONSERVATIVE FINANCIAL POLICY AND DEFENSIVE CAPITAL STRUCTURE AROUNDTOWN BENEFITS FROM STRONG CAPITAL STRUCTURE WITH BEST IN CLASS METRICS AND HIGH CASH BALANCE BEST IN CLASS RATIOS AND METRICS ➢ Substantial amount of cash balance of €2.8bn (March 2020, incl. TLG) (INCLUDING TLG) ➢ L
Slide 4: Very Strong Excess Liquidity to Provide Stability
VERY STRONG EXCESS LIQUIDITY TO PROVIDE STABILITY AND ABILITY TO CAPTURE ATTRACTIVE OPPORTUNITIES Overview for the next 24 months Liquidity Sources Liquidity Uses Cash balance – March 2020 ~€2,800 million Debt repayments €387 million Group dividend** €830 million FFO – Aroundtown* €1,058 million (Q4
Slide 5: Highly Diversified Overview Provides Stability
HIGHLY DIVERSIFIED OVERVIEW PROVIDES STABILITY The combined portfolio of AT and TLG provides additional strength and diversification STRONG DIVERSIFICATION AMONG ASSET CLASSES WITH DIFFERENING FUNDAMENTAL DRIVERS ➢ Aroundtown is showing the highest asset type diversification among the commercial rea
Slide 6: Highly Diversified Office Portfolio
HIGHLY DIVERSIFIED OFFICE PORTFOLIO ➢ Each of the top office locations has different key industries driving the business demand. WELL LOCATED OFFICES IN TOP TIER CITIES MAINLY IN GERMANY AND NETHERLANDS (INCL. TLG) Therefore, AT’s tenants have strong presence in a diverse universe of key sectors. ➢
Slide 7: Hotel Portfolio
HOTEL PORTFOLIO WELL DISTRIBUTED HOTEL PORTFOLIO ACROSS EUROPE WITH A FOCUS ON THE 4 STAR CATEGORY ➢ Hotel portfolio consisting of 24% of the total portfolio (INCL. TLG) ➢ Portfolio including 177 hotels well distributed mainly in top tier cities in Europe ➢ The rental agreements are double or triple
Slide 8: Hotel Portfolio: Update from Hotel Tenants
HOTEL PORTFOLIO Current update from our hotel tenants ➢ Hotel operators have insurances which are expected to cover business interruptions, which is expected to cover losses from the current situation ➢ Hotels which were forced to shut down by the government can claim for government compensation and
Slide 9: Tenants and Brands
TENANTS AND BRANDS Fixed of 10-25 years (WALT of 15 years incl. TLG) leases to over 30 different strong third party hotel operators, operating with high profitability for many years Hilton group Marriott group Wyndham Brands Radisson brands IHG brand Accor group No dependency on any single tenant No
Slide 10: Further Diversification Through Additional Asset Types
FURTHER DIVERSIFICATION THROUGH ADDITIONAL ASSET TYPES ADDITIONAL ASSET CLASSES INCLUDE RESIDENTIAL, RETAIL, WHOLESALE AND LOGISTICS ➢ 12% of the portfolio (through GCP) includes affordable residential properties, mainly in Germany, considered the most resilient real estate asset type in Europe ➢ No
Slide 11: Substantial Headroom to Covenants
SUBSTANTIAL HEADROOM TO COVENANTS ✓ Each of the bond covenants is met with a significant headroom. Internal financial policy is set at stricter levels ✓ ECB eligibility: Bonds issued under the EMTN Programme (Listed in the EU)* ✓ The bonds are unsecured and have the below covenant package: Overview
Slide 12: Disclaimer
DISCLAIMER IMPORTANT: This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distribute