Sirius Real Estate Ltd Half Year Presentation 2013

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1 Sirius Real Estate Ltd Half Year Presentation 2013

2 Who are we We are a leading provider of branded mixed-use flexible workspace in Germany 2

3 Financial Highlights Substantial increase in recurring profit before tax to 6.9m (2012: 3.9m) due mainly to: o Total income of 23.6m (2012: 23.9m) despite disposal of non-core properties o Surrender premium of 1.7m received from a tenant for early termination of lease contract o Cost recovery and overheads improved by 0.9m from prior half-year o Interest reduction of 2.4m from pay down of debt through disposals New lettings of 59,674 sqm at a higher average rental rate of 5.08 psm (2012: 55,135 sqm at 5.26 psm)* representing a 4% increase in the annualised contractual rent Annualised rent roll of core portfolio as at Sept 2013 of 38.9m (2012: 38.3m)* Occupancy remained stable at 75% (2012: 75%)* Average portfolio rate psm increased to 4.44 (2012: 4.36 psm)* Adjusted earnings per share up to 2.04c (2012: 0.96c) 1.9% increase in valuation in the period NAV per share has increased despite the dilution from the equity raise 2.04c adjusted earnings per share 6.9m recurring profit before tax 4.44 average rate psm 3 * Restated figures

4 Disposals & Refinancing Highlights Disposals Disposed of a further 48,175 sqm (79,967 sqm in total) of non-core assets for 16.8m in the period A further 4.9 m of disposals are notarised, to be completed or completed post year end Since disposal program began a total of 34.2m of disposals have been completed at 8.2% discount to DTZ valuation Refinancing Successfully reduced borrowing facility with ABN Amro Bank from 49.2m to 31.3m New 52.0m K-Bonds facility completed in the period Berlinhyp facility of 208m reduced to 149m through K-Bonds, and amortisation of 8m. Extended to Mar 14 with good progress made on a long-term solution Total bank borrowings reduced by 26.1m in period to 260.3m (Mar 13: 286.4m) 39.0m Total completed or notarised disposals 26.1m reduction in total borrowings 31.3m borrowing facility with ABN Amro Bank 4

5 Lettings Update Occupancy remained stable at 75% (2012: 75%)* New lettings in period of 59,674 sqm at 5.08 psm (Sept 2012: 55,135 sqm at 5.26 psm)* representing a 4% increase in the annualised contractual rent 72,338 sqm of move outs in period at 4.46 psm (Sept 2012: 53,586 sqm at 4.17 psm)* New enquiries per month increased to an average of around 1,100 59,674 sqm let in the period 4% increase in the annualised contractual rent on new lettings 1,100 fresh enquiries per month * Restated Figures 5

6 Enquiry & Viewing Stats enquiries 1,151 1,018 1,316 1,127 1,084 1, ,090 1,135 1,115 1,055 enquiries average per month 1, ,120 1, ,010 1,048 1,036 1, / / Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept viewings / /13 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept 12 months to Sept months to Sept ,074 Increase +8% viewings average per month 12 months to Sept months to Sept Increase +13% 6

7 New Deals Analysis new deals / /13 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept new deals average per month 12 months to Sept months to Sept Increase 25% 7

8 Renewals Analysis /14 - H2 79,817 sqm up for renewal 329k annual income up for renewal 655 tenants up for renewal Up for Renewal (Sqm, Income & No. Tenants) H2 2013/14 Thousands No. Tenants Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Sqm 8,681 17,202 7,183 36,926 2,343 7,481 Monthly Income 39,758 55,148 20, ,579 13,447 30,167 No. Tenants

9 Annual Rent Millions - Core Portfolio Analysis Rental Analysis 26 Assets 38.9m 1, yrs 416 sqm 922k sqm rent roll as at Sept 13 (Sept 12: 38.3m) total number of tenants at Sept 13 average lease length remaining average space let per tenant total core portfolio sqm Core portfolio - Lease Expiry by Annual Rent to 1st Break Clause Sept <1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs > 5 Yrs

10 Disposals 34.2m total completed deals to date 39.0m total completed or notarised deals to date 92% of DTZ valuation to sales price on completed deals Completed Disposals in Period DTZ Value of completed Disposals in Period 16.8m 19.3m Increase/Decrease in Sales Price vs Valuation -13.0% Completed Disposals prior Period DTZ Value of completed Disposals prior Period 17.3m 17.9m Increase/Decrease in Sales Price vs Valuation -3.0% Total Completed Disposals to date DTZ Value of completed disposals to date 34.2m 37.2m Increase/Decrease in Sales Price vs Valuation -8.2% Valuation figures are taken 6 months prior to completion Dusseldorf land notarised for 4.2m with a DTZ value of 5.7m; Cottbus and 2 other land packages also notarised for 674k with a DTZ value of 640k 10

11 Completed Disposals/Map Disposals Summary Sale Price m Bremen Brinkmann Land 1.1 Munich HMS 6.8 Berlin Wittenau 2.3 Bonn-Siemenstr. Car Park Land (6,100 sqm) 0.6 Bonn Köwi - Reifen.Com 1.5 Bonn Kowi - Remainder of site 2.4 Bonn Köwi - Car Glass 0.9 Troisdorf 1.8 Leinfelden-Echterdingen 5.3 Merseburg McDonalds 1.1 Regensburg 6.4 Rostock II 1.0 Karlsruhe 3.2 TOTAL 34.2m 11

12 Cost Saving Initiatives Since Mar 10 the cost reduction programme has reduced annualised costs by 8.0 million through: Improved service charge cost recovery ( 3.4m): o o o o Optimisation of facility management and utilities costs Effective metering and allocation of utilities Continued allocation and use of monitoring matrixes for technical facility management costs Improved tenant leases Overhead costs reduction ( 4.6m): o Reduced central overhead costs o Internalisation non-recoverable costs m Mar 10 Mar 14 (forecast) Improvement prepayments balancing (1.9) costs (34.1) (38.0) (3.9) not recovered overheads TOTAL The Company s non-recoverable cost base is now 8.0m lower than in Mar 10 12

13 Case Study - Gartenfeld Details Acquisition Sep-13 Rental Income Analysis Acquisition Sep-13 Purchase Price/Valuation 5,670,000 15,980,000 Sqm Occupied: Total SqM 29,686 30,929 Original Tenants 11,544 1,624 Occupancy 39% 79% New Tenants 22,808 Rate per SqM TOTAL 11,544 24,432 Capex 0 4,895,665 Rental Income: Rental Income 439,328 1,520,043 Original Tenants 439,328 63,446 Irrecoverable SC & Maintenance - 460, ,898 New Tenants 1,456,596 NOI - 20,672 1,310,145 TOTAL 439,328 1,520,043 Space Split SqM Rental Income Rate Anchor Tenants 2, , Conventional Leases 18, , Products 3, , Vacant - Products 381 Vacant 6,116 TOTAL 30,929 1,520, Products SqM Investment Cost per SqM ERV (Incl SC) Rate per SqM ROI (Incl SC) Smartspace Office 1, , , % Smartspace Workbox 1, , , % Conferencing , , % TOTAL 3, , , % 13

14 Case Study Gartenfeld Pictures Smartspace Office & Conferencing Workbox Newbuild Branding/lb 2 Before After 14

15 Case Study - Maintal Details Acquisition Sep-13 Rental Income Analysis Acquisition Sep-13 Purchase Price/Valuation 18,762,000 22,270,000 Sqm Occupied: Total SqM 34,910 38,018 Original Tenants 24,772 18,232 Occupancy 71% 87% New Tenants 14,976 Rate per SqM TOTAL 24,772 33,208 Capex 0 5,068,830 Rental Income: Rental Income 1,549,524 2,029,739 Original Tenants 1,549,524 1,272,149 Irrecoverable SC & Maintenance - 166, ,892 New Tenants 757,589 NOI 1,383,373 1,883,847 TOTAL 1,549,524 2,029,739 Space Split SqM Rental Income Rate Anchor Tenants 18,232 1,272, Conventional Leases 13, , New Builds 1, , Vacant - New Builds 1,354 Vacant 3,456 TOTAL 38,018 2,029, New Builds SqM Investment Cost per SqM ERV Rate per SqM ROI Carglass ,397 1,250 61, % BMW Showroom 1,333 1,343,498 1, , % Zk Glasbau 1, , , % TOTAL 3,108 2,790, , % 15

16 Case Study Maintal Pictures Before Newbuild Office Refurbishment Other Refurbishment Branding/lb 2 After 16

17 Case Study Munich Rupert Mayer Str. Details Acquisition Sep-13 Rental Income Analysis Acquisition Purchase Price/Valuation 57,496,694 53,100,000 Sqm Occupied Total SqM 71,914 71,831 Original Tenants 71,914 11,608 Occupancy 100% 88% New Tenants 51,382 Rate per SqM TOTAL 71,914 62,990 Capex 0 991,546 Rental Income: Rental Income 4,848,488 5,252,460 Original Tenants 4,848, ,783 Irrecoverable SC & Maintenance - 704, ,309 New Tenants 4,264,677 NOI 4,144,451 4,954,151 TOTAL 4,848,488 5,252,460 Sep-13 Space Split SqM Rental Income Rate Anchor Tenants 31,980 2,809, Conventional Leases 22,827 1,715, Products 8, , Vacant - Products 1,819 Vacant 7,023 TOTAL 71,831 5,252, Products SqM Investment Cost per SqM ERV (Incl SC) Rate per SqM ROI (Incl SC) Smartspace Office 2, , , % Conferencing , , % Flexilager 3, , , % lb 2 2,765 71, , % TOTAL 10, , ,186, % 17

18 Case Study Munich Rupert Mayer Str. Pictures Smartspace Office & Conferencing Refurbishment Flexilager Branding/lb 2 Before After 18

19 Financials Recurring Adjusted Profit Before Tax 6 months to 6 months to Sept 13 Sept 12 Movement m m m Rental income (0.2) Service charge irrecoverable costs (4.1) (4.4) 0.3 Non-recoverable maintenance (0.5) (0.5) (0.0) Net rental Income Management fees (0.1) (0.1) (0.0) Corporate costs and overheads (5.0) (5.6) 0.6 Recurring EBITDA Net financial expense (6.1) (8.5) 2.4 Depreciation (0.6) (0.5) (0.1) Recurring profit before tax Non-recurring costs (0.9) (0.2) (0.7) Deficit on revaluation of investment properties 5.2 (7.9) 13.1 (Loss)/Gain on disposal of investment properties (0.3) (0.7) 0.4 Change in fair value if derivative financial instruments 0.1 (0.6) 0.7 Profit before tax 11.0 (5.5)

20 Financials Statement of Financial Position Non-current assets As at Sept 13 As at Mar 13 Movement m m m Investment Properties Plant and equipment (0.5) Goodwill Current asset Trade and other receivables (0.6) K-Bonds I Junior Debt Cash and cash equivalents (0.4) Investment property held for resale (15.4) (14.4) Total assets (9.1) Current liabilities Trade and other payables (18.5) (27.8) (9.3) Interest bearing bank loans (191.4) (258.2) 66.8 (209.9) (286.0) 76.1 Non-current liabilities Interest bearing bank loans (80.8) (31.3) (49.5) Derivative financial instruments (0.1) (0.2) 0.1 Deferred tax liabilities (3.2) (2.6) (0.6) (84.1) (34.1) (50.0) Total liabilities (294.0) (320.1) 26.1 Net assets NAV per share 48.02c 47.55c Adjusted NAV per share 48.96c 48.44c 20

21 Banking Bank borrowings as at 1 Oct 13: 260.3m* (LTV 60.7% on latest DTZ valuation) Weighted average interest rate of this debt: 4.0% (Mar 13: 3.9%) Successfully reduced borrowing facility with ABN Amro Bank from 49.2m to 31.3m Berlinhyp facility of 208m reduced to 149m through 52m K-Bonds, and amortisation of 8m Discussions on long-term refinancing of BerlinHyp facility progressing well DTZ Value at Sept 13 m Loan at Sept 13 m NOI m Secured Long Term Macquarie Baader Total Secured Refinancing BerlinHyp RBS Total in Discussion TOTAL * 31.4 * Excluding Capital Loan costs 21

22 Bank Loan Covenants DTZ Bank Valuation Sept 12 Net Rent Current Loan Annual Interest LTV ICR ABN Current Covenant Current Covenant Consolidated 52,110,000 3,972,628 31,313,316 1,947,055 60% 80% DTZ Valuation Sept 13 Net Rent Current Loan Annual Interest + Amortisation LTV DSCR BerlinHyp Current Covenant Current Covenant New facility 244,670,000 27,158, ,390,850 10,077,633 61% 64% Savills valuation Jan13 Net Rent Current Loan Annual Interest + Amortisation LTV ICR DSCR Macquarie Current Covenant Current Covenant Current Covenant 4-year loan 49,970,000 3,432,396 27,560,082 2,844,261 55% 70% Bank valuation Sept 13 Net Rent Current Loan Annual Interest LTV ICR Baader Current Covenant Current Covenant 7-10 year bond 81,800,000 6,750,048 52,000,000 2,220,000 64%

23 Property Valuations Portfolio book value of 428.6m at 30 Sept 13 (31 Mar 13: 438.1m) Revaluation Reduction as follows: Valuation Rental Income Gross Yield Capital Value psm Core Assets 410.2m 38.9m 9.5% 445 Non-Core Assets for disposal * 18.4m 1.9m 10.3% 184 TOTAL 428.6m 40.8m 9.5% m portfolio book value 9.5% gross yield on core portfolio millions % change Carrying value at 31 Mar Capex % Disposals % Revaluation % Impairments % Carrying value at 30 Sept * includes 12.3m classified as assets held for sale and 6.1m classified within investment properties 23

24 Conclusion Asset management initiatives continue to produce consistently good results leading to further profit and EPS increases Non-core disposal programme progressing with 39.0m of completed or notarised deals to date; 34.2m completed to date at 8.2% discount to DTZ valuation 1.9% increase in valuation in the period Banking long term refinancing for all facilities in final stages Significant opportunities to further invest in vacant space with return on investment in excess of 20% Since Mar 10 the cost reduction programme has reduced annualised costs by 8 million 24

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