retail estates - analyst meeting 22 may 2018 Analyst meeting 22 May 2018
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1 retail estates - analyst meeting 22 may 2018 Analyst meeting 22 May
2 retail estates - analyst meeting 22 may
3 retail estates - analyst meeting 22 may 2018 retail estates 1 a 20 year overview 4 2 press & events 9 3 retail estates in numbers 15 4 key figures 19 5 portfolio 23 3
4 retail estates - analyst meeting 22 may a 20 year overview 1998 Retail Estates on the stock exchange IPO and first listing on Euronext Brussels 2002 Independant Retail Estates becomes an independently managed investment company with fixed capital 2008 Value real estate portfolio Real estate portfolio reaches the milestone of EUR 250 million 2012 Retail Estates on the stock exchange Market capitalisation more than EUR 250 million Optional stock dividend offered to the shareholders for the first time Strengthening of the capital 1e public capital increase Strengthening of the capital 2e public capital increase Value real estate portfolio Real estate portfolio reaches the milestone of EUR 500 million
5 retail estates - analyst meeting 22 may Diversification of financing sources bond issue - private placement Amendment of the articles of association Sicaf becomes Belgian Reit (regulated real estate company) 2016 Value real estate portfolio Real estate portfolio reaches the milestone of EUR 1 billion Diversification of financing sources bond issue - private placement years Retail Estates on Euronext Brussels Secondary listing on Euronext Amsterdam Capital strenghtening 5th Public capital increase Expansion to the Netherlands Strengthening of the capital 3e public capital increase Strengthening of the capital 4e public capital increase Retail Estates on the stock exchange Market capitalisation lists at a milestone of EUR 700 million Inclusion in EPRA index The inclusion in the EPRA index contributes to the share s visibility. 5
6 retail estates - analyst meeting 22 may
7 retail estates - analyst meeting 22 may
8 retail estates - analyst meeting 22 may
9 2. press & events retail estates - analyst meeting 22 may 2018 The expansion of the home market to the Benelux, while retaining the specificity in out of town, is a strategic step. In order to work as a reference investor in the Netherlands, the necessary scale has now been achieved. 87,96% During the capital increase (April 18), 87,96% of the new shares were subscribed to, through the exercise of irrevocable allocation rights by existing shareholders. 9
10 retail estates - analyst meeting 22 may
11 retail estates - analyst meeting 22 may 2018 With the listing on Euronext Amsterdam, we translate our credibility as an investor into the investment world in the Netherlands. 11
12 retail estates - analyst meeting 22 may
13 retail estates - analyst meeting 22 may 2018 A Safe Harbour. A well kept secret with Belgian investors, now public for the world! 13
14 retail estates - analyst meeting 22 may
15 retail estates - analyst meeting 22 may Retail Estates in numbers Heerlen 2. Cruquius 3. Zwolle Geographical distribution 23,14% 98,11% Occupancy rate The out of town retail market is characterized by great stability. Both on the investor side as the tenant side Apeldoorn 5. Middelburg 6. Veenendaal 7. Alphen aan den Rijn 8. Roosendaal 9. Leiderdorp 30,85% 46,01% Flanders Region Walloon Region the Netherlands mio Fair value Retail Estates invests in acquisitions, investments in projectdevelopments and investments in the optimisation of its real estate portfolio m 2 Retail area Retail Estates nv is expanding its portfolio by acquisitions, projects and optimalisation. BRUGGE-NOORD WEST-VLAANDEREN Roeselare Kortrijk-Noord Tournai Eeklo GENT-ZUID Dendermonde Wetteren OOST-VLAANDEREN Oudenaarde 817 Retail properties The real estate portfolio of Retail Estates nv consists of retail properties located outside the largest cities of Belgium and the Netherlands. Ath HAINAUT MONS Sint-Niklaas Aiseau-Presles Antwerpen-Noord ANTWERPEN Antwerpen-Zuid Lier Mechelen-Noord Mechelen-Zuid Sambreville Namur-Sud NAMUR Westerlo Dinant Lommel Beringen LIMBURG HASSELT Kampenhout Genk VLAAMS - BRABANT 3,62% BRUSSEL Zaventem LEUVEN-Oost BRUXELLES Tongeren 69,55% Halle Wavre Braine-l Alleud BRABANT WALLON Nivelles Gembloux NAMUR-Nord Rocourt Herstal LIÈGE LIEGE Marche-en-Famenne LUXEMBOURG Barchon Verviers ARLON 15,87% Eupen 10,96% 15
16 retail estates - analyst meeting 22 may
17 retail estates - analyst meeting 22 may 2018 Growth portfolio Retail Estates nv between 1998 and Number of m 2 Fair value (in 000) Type of building Commercial activities of tenants 69,55% 3,62% 15,87% 22,50% 9,30% 10,50% 10,96% 37,34% 20,36% Individual peripheral retail properties Retail clusters Retail parks Various Food Voluminous Clothes/shoes Commodities Various 17
18 retail estates - analyst meeting 22 may
19 retail estates - analyst meeting 22 may key figures REAL ESTATE PORTFOLIO 31/03/18 31/03/17 31/03/16 Total retail properties Total lettable area in m² Estimated fair value in EUR Estimated investment value in EUR Average rent prices per m² 96,08 95,45 95,86 Occupancy rate 98,11% 98,13% 98,22% BALANCE SHEET INFORMATION Shareholders' equity Debt ratio (RREC legislation*, max. 65%) 57,57% 50,26% 49,95% RESULTS Net rental income Property result Property charges General costs and other operating costs and income Operating result before result on the portfolio Result on the portfolio Operating result Financial result Net result EPRA Earnings
20 retail estates - analyst meeting 22 may
21 retail estates - analyst meeting 22 may 2018 Market capitalisation (in EUR million) IPO Pubic capital increase /03/98 31/03/99 31/03/00 31/03/01 31/03/02 31/03/03 31/03/04 31/03/05 31/03/06 31/03/07 31/03/08 31/03/09 31/03/10 31/03/11 31/03/12 31/03/13 31/03/14 31/03/15 31/03/16 31/03/17 31/03/18 Lettable retail area (000 m2) Rental income ( M) Average rent ( /m2)
22 retail estates - analyst meeting 22 may
23 5. portfolio retail estates - analyst meeting 22 may 2018 The Netherlands: 9 sites 91 tenants 226,077 m² RANDSTAD GOLDEN TRIANGLE Flanders: 29 sites 346 tenants 452,579 m² 66 sites 741 tenants Wallonia: 28 sites 304 tenants 294,235 m² m 2 GREEN AXIS 23
24 retail estates - analyst meeting 22 may
25 retail estates - analyst meeting 22 may 2018 Top 5 tenants Client Brantano Krëfel Leenbakker Fnac Darty Aldi Annual Rent 4,34% 3,15% 2,93% 2,60% 2,52% Historical occupancy rate (%) Average Occupancy: 98,3%
26 retail estates - analyst meeting 22 may
27 retail estates - analyst meeting 22 may Heerlen 2. Cruquius June 2017 acquisition 3. Zwolle Retailpark het Rietveld Apeldoorn 12 tenants 23,245 m² Apeldoorn 5. Middelburg 6. Veenendaal Retailpark de Mortiere Middelburg 13 tenants 20,775 m² Alphen aan den Rijn 8. Roosendaal 9. Leiderdorp Retailpark Veenendaal Utrecht 4 tenants 18,452 m² 6 6 December 2017 acquisition Retailpark Euromarkt Alphen a/d Rijn 12 tenants 10,123 m² Retailpark Plein 1 & 2 Heerlen 43 tenants 75,059 m² 1 Retailpark Oostplein Roosendaal 6 tenants 10,233 m² 8 1 Retailpark Cruquius Cruquius 23 tenants 40,879 m² 2 Retailpark Leiderdorp Leiderdorp 4 tenants 2,626 m² 9 Retailpark Zwolle Zwolle 10 tenants 24,685 m² 3 27
28 retail estates - analyst meeting 22 may
29 statistics dutch market retail estates - analyst meeting 22 may 2018 Market overview Retail investment market reaching record high investment volume with investment volume in retail shops reaching 4bn in 2017 Consumer confidence and willingness to buy reaching it highest level in over 10 years in the Netherlands Shops ( bn) - lhs Retail markets supported by consumers confidence and willigness to buy Consumers' confidence Retail sales (volume) Consumers' will ing ness to buy Retail sales (value) 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% Durable goods & retail sales evolution (yoy %) Turnover evolution per type 5% 0% 3.7% 3.2% % % Durable goods Evolution retail sales (yoy %) Supermarkets Stores - DIY Stores - non-food Stores - consumer electronics Stores - food Stores - home furnishing 29
30 retail estates - analyst meeting 22 may
31 retail estates - analyst meeting 22 may 2018 Unemployment rate and real GDP growth E Industry confidence NL 15% 5% 18.1% 14.8% -5% -15% 2010Q1 2012Q1 2014Q1 2016Q1 2018Q1 Retail (excl. Car) Sector wide Demographic evolution NL Median purchase power evolution % NL % 2% 1.9% 1.3% 2.7% % -2% -1.1% -1.1% Total population (m) Average personal income ( th) -4%
32 retail estates - analyst meeting 22 may
33 retail estates - analyst meeting 22 may 2018 FINANcial results 1 consolidated income statement 35 2 operational key figures 37 3 epra figures 39 4 financial key figures 41 5 financial debts 43 6 property portfolio 45 7 guidance
34 retail estates - analyst meeting 22 may
35 retail estates - analyst meeting 22 may consolidated income statement INCOME STATEMENT (in 000) % Rental income ,25% Rental related expenses ,13% Net rental income ,91% Recovery of property expenses Recovery of rental charges and taxes normally payable by tenants on let properties Rental charges and taxes normally payable by tenants on let properties ,04% Other rental related income and expenses ,04% Property result ,43% Technical costs ,78% Commercial costs ,65% Charges and taxes on unlet properties ,35% Property management costs ,87% Other property costs ,71% Property costs ,97% Operating property result ,90% Operating corporate costs ,62% Other current operating income and expenses Operating result before result on portfolio ,02% Result on disposals of investment properties ,03% Result on sales of other non-financial assets Changes in fair value of investment properties ,21% Other result on portfolio ,06% Operating result ,16% Financial income ,75% Net interest charges ,90% Changes in the fair value of financial assets and liabilities ,62% Other financial charges ,33% Financial result ,42% Result before taxes ,06% Taxes ,11% Net result ,44% 18,23% 35
36 retail estates - analyst meeting 22 may
37 2. operational key figures retail estates - analyst meeting 22 may 2018 Epra result per share - weighted average shares Epra result per share - dividend entitled shares 5,13 4,21 Pay-out ratio Like for like 85,20% +1,99% Operational margin Portfolio increase last year (Fair value) 85,08% +25,95% 37
38 retail estates - analyst meeting 22 may
39 3. EPRA figures retail estates - analyst meeting 22 may 2018 EPRA Key Performance Indicators EUR/1000 EUR per share EUR/1000 EUR per share EPRA result , ,34 EPRA NAV , ,29 EPRA NNNAV , ,17 Retail Estates nv - EPRA Belgium REIT index Retail Estates nv - EPRA NAW IFRS NAW /31/2008 3/31/2009 3/3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ /3 1/ 2018 Retail Estates nv EPRA Belgium REIT Index Retail Estates nv EPRA NAW IFRS NAW 39
40 retail estates - analyst meeting 22 may
41 retail estates - analyst meeting 22 may Financial key figures Average Intrest Rate 2,62% (2018) 3,42% (2017) Hedge Ratio 76,37% Debt Ratio Investment capacity (Debt rate max 60%) 57,57% 354,51m Note: After capital increase (27/04/18) and acquisition of retailpark Spijkinisse (30/04/18). 41
42 retail estates - analyst meeting 22 may
43 5. financial debts retail estates - analyst meeting 22 may 2018 Evolution hedge ratio Evolution debt ratio % 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% ,57% 49,50% 20.00% 10.00% 0.00% FY2018 Q1TD FY2019 FY /03/07 31/03/08 31/03/09 31/03/10 31/03/11 31/03/12 31/03/13 31/03/14 31/03/15 31/03/16 31/03/17 31/03/18 Capital Incr. Note: After the successfull capital increase of April 27th and the acquisition of retailpark Spijkinisse (30/04/18), the debt ratio decreased to a level of 49,50%. Overview debt maturity Debt structure 4,46% 10,86% 84,67% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 Banks Commercial Paper BOND/ Private Banks Commercial paper BOND/Private 43
44 retail estates - analyst meeting 22 may
45 6. Property portfolio retail estates - analyst meeting 22 may 2018 Property portfolio in the Netherlands Projects Projects (in 000) Speculative In pre-development In progress TOTAL /03/16 30/09/16 31/03/17 30/09/17 31/03/18 Yield on portfolio 6,67% 45
46 retail estates - analyst meeting 22 may
47 7. Guidance retail estates - analyst meeting 22 may 2018 Rental Income Gross Dividend Net Dividend 91m 3,8 2,66 47
48 For more information contact: Jan De Nys Gedelegeerd Bestuurder +32 (0) Kara De Smet Chief Finance Officer +32 (0) This presentation has been prepared by the management of Retail Estates NV, Belgian public real estate investment company ( Retail Estates or the Company ), solely for your information and background and is subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in this document and any opinions expressed in relation thereto are subject to change without notice. Presentation means this document, any oral presentation, the question and answer session and any written or oral material discussed or distributed during the presentation. The Presentation comprises written material/slides which provide information on the Company and its subsidiaries. This Presentation includes forward-looking statements that reflect the Company s intentions, beliefs or current expectations concerning, among other things, the Company s results, condition, performance, prospects, growth, strategies and the industry in which the Company operates. These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company s actual results, condition, performance, prospects, growth or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results and condition and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this document. In addition, even if the Company s results, condition, and growth and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in future periods. The Company and each of its directors, officers and employees expressly disclaim any obligation or undertaking to review, update or release any update of or revisions to any forward-looking statements in this Presentation or any change in the Company s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.
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