Northstar Realty Europe — Investor Presentation (March 2018)
19 slides from Northstar Realty Europe's investor presentation, Mar 13, 2018
Slide 1: NRE: Creating Value for Shareholders
NRE: Creating Value for Shareholders March 13, 2018
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, includin
Slide 3: Company Overview
Company Overview NorthStar Realty Europe Corp. (NYSE: NRE) is the only NYSE listed real estate investment trust (REIT) focused on office properties located in key European markets Portfolio Market Value $2.3 billion Core Markets Office Area (square meters) 323,230 Office – held for sale Other Occupa
Slide 4: Company Evolution
Company Evolution 2014 - Completed acquisition of 52 properties across 9 countries 2015 Began trading on NYSE following spin-off from NorthStar Realty Finance Corp. on October 31, 2015 Announced strategy of focusing primarily on office properties in key cities within Germany, the UK and France
Slide 5: Proven Track Record Of Sourcing, Actively Managing And Successfully Exiting European Investments
Proven Track Record Of Sourcing, Actively Managing And Successfully Exiting European Investments 110,000 sqm > 6 years +4% Leased or released since acquisition Office properties WALT Contractual Rent increase (22% of total portfolio) maintained since acquisition since December 31, 2015 (6% excluding
Slide 6: Case Studies
<< NORTHSTAR REALTY EUROPE Case Studies
Slide 7: Value Creation Through Active Asset Management
Value Creation Through Active Asset Management 6 case studies covering $1.6 billion, or 70%, of Market Value ACTIVE ASSET MANAGEMENT DRIVING VALUE CREATION1 61,000 sqm leased or +24% Value Uplift (Market Value vs. Purchase Price) renewed (44% of the lettable area) VALUE CREATION THROUGH ACTIVE ASSET
Slide 8: Trianon Tower (Frankfurt, Germany)
Trianon Tower (Frankfurt, Germany) Iconic office tower in CBD Frankfurt, the 6th tallest office tower in Germany, fully stabilized since acquisition THE ASSET / INVESTMENT RATIONALE Core plus asset in need of stabilization (income profile1 and structural capex) Purchased at a substantial premium
Slide 9: Portman Square (London, United Kingdom)
Portman Square (London, United Kingdom) Fully let Class A office property in London West End, occupied by high quality tenants and fully stabilized through recent leasing activity THE ASSET / INVESTMENT RATIONALE The property fronts Portman Square, north of Oxford Street and benefits from a prime
Slide 10: Condor House (London, United Kingdom)
Condor House (London, United Kingdom) Class A office building in the City of London, opposite St. Paul’s Cathedral, fully let to high quality tenants THE ASSET / INVESTMENT RATIONALE Prime location in the City of London, directly opposite St. Paul’s Cathedral Rare freehold island site Core, in
Slide 11: Avenue Marceau (Paris, France)
Avenue Marceau (Paris, France) Multi tenant office building in Central Paris stabilized through significant lease up since acquisition THE ASSET / INVESTMENT RATIONALE Prime location in Central Paris close to Arc de Triomphe and Champs Elysees Core institutional property in need of repositioning
Slide 12: Maastoren (Rotterdam, Netherlands)
Maastoren (Rotterdam, Netherlands) ~20% premium to Valuation preceding recent lease extensions of major leases THE ASSET / INVESTMENT RATIONALE With 44 floors, Maastoren is the tallest office tower in the Netherlands Fully let with a strong base of high quality tenants, including Deloitte and AK
Slide 13: Uhlandstrasse (Frankfurt, Germany)
Uhlandstrasse (Frankfurt, Germany) Recently stabilized asset located within close proximity to the headquarters of the European Central Bank in Frankfurt THE ASSET / INVESTMENT RATIONALE Close proximity to the European Central Bank headquarters in Frankfurt Within walking distance of suburban ra
Slide 14: $400 Million Realized Across 11 Properties
$400 Million Realized Across 11 Properties 22,000 sqm leased or +12% Value Uplift realized1 renewed prior to sale1 (Gross proceeds vs. Purchase Price) (22% of the lettable area) 1. Relates to the 11 property disposal case studies. NorthStar Realty Europe Corp. 14
Slide 15: Disposal Case Studies
Disposal Case Studies THE ASSET / INVESTMENT RATIONALE DUKES COURT, LONDON, UK NRE’s first European acquisition completed in September 2014 Class A Complex located South West of London, within the M25 and with good connectivity to the city ASSET MANAGEMENT INITIATIVES ~4,900 sqm renewed or lea
Slide 16: Disposal Case Studies (cont'd)
Disposal Case Studies (cont’d) Before THE ASSET / INVESTMENT RATIONALE 4,300 sqm office property situated in a primarily residential location within the Peripherique in Paris ALESIA, PARIS, FRANCE 100% vacant for 2 years prior to acquisition Opportunity to refurbish office area and lease or co
Slide 17: Disposal Case Studies (cont'd)
Disposal Case Studies (cont’d) Exiting non-core markets through accretive disposals to local investors LINDHOLMSPIREN SWEDEN Prime office property (10,000 sqm) in Gothenburg, Sweden with strong tenant base Occupancy increased from 94% to 100% Sold for approximately SEK 388 million, 15% above P
Slide 18: Definitions
Definitions Contractual Rent Contractual rent represents annualized in place income based on rent roll as of December 31, 2017 ("Contractual Rent"). Loan to Value Loan to Value ("LTV") is property level debt plus portfolio level preferred equity divided by the Portfolio Market Value and unrestricted
Slide 19: 590 Madison Ave, New York, NY 10022
590 Madison Ave, 34th Floor, New York, NY 10022 І 212.547.2600 І nrecorp.com
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