Ireit Global · SGX:8U7U
Ireit Global — Shareholder Meeting (April 2024)
23 slides from Ireit Global's shareholder meeting presentation, Apr 25, 2024
Slide 1: 2024 Annual General Meeting
2024 Annual General Meeting 25 April 2024 Joint Sponsors of IREIT Global:
Slide 2: Important Notice
Important Notice This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and as
Slide 3: Agenda
Agenda Executing IREIT Strategy 4 Portfolio and Asset Management 9 FY2023 Financial Highlights 16 Looking Ahead 21 3
Slide 4: Executing IREIT Strategy
Executing IREIT Strategy Berlin Campus 4
Slide 5: Pure Play Western Europe-Focused REIT
Pure Play Western Europe-Focused REIT Investing in real estate used primarily for office, retail and industrial (including logistics) purposes Joint Sponsors: Tikehau Capital, City Developments Limited France 23% Portfolio: Germany: 5 office properties France: 44 retail properties Retail Spain: 4 of
Slide 6: Track Record Since Inception
Track Record Since Inception Portfolio value increased by 201% since IPO to €874.5.0m as at 31 Dec 2023 4 2014 €290.6m • First Singapore-listed REIT with investment strategy of investing in income-producing real estate in Europe KEY ACHIEVEMENTS properties 5 2015 €441.4m • Berlin Campus was acquired
Slide 7: Acquisition and Divestment
Acquisition and Divestment Sharpening portfolio resilience with acquisitions and capital recycling activities in 2023 ▪ Completed acquisition of 17 retail properties in France ▪ Completed divestment of Il∙lumina, a Spanish office occupied by leading European discount retailer B&M building, on 31 Jan
Slide 8: Stable FY2023 Performance
Stable FY2023 Performance Continued focus on maintaining portfolio resilience and healthy balance sheet €49.9m 91.4% (1) 37.9% 1.9% Net Property Income Portfolio Occupancy Aggregate Leverage Weighted Average Interest Rate +2.3% YoY 88.3% as at 31 Dec 2022 32.0% as at 31 Dec 2022 1.8% as at 31 Dec 20
Slide 9: Portfolio and Asset Management
Portfolio and Asset Management B&M Tours (Saint-Cyr-sur-Loire) 9
Slide 10: Diversified Portfolio in Key European Markets
Diversified Portfolio in Key European Markets (1) 5 German Properties 53 Lettable Area (sqm) 201,103 Properties Valuation (€ m) (2) 539.5 % of Portfolio 61.7% 425,116 sqm Occupancy (%) 87.7% Lettable Area WALE (years) (3) 3.4 44 French Properties €874.5m Lettable Area (sqm) 157,256 € Valuation (2) €
Slide 11: Well-Staggered Leases with Blue-Chip Tenants
Well-Staggered Leases with Blue-Chip Tenants Key Tenants (1) Lease Break and Expiry Profile (1) Weighted Average Lease Expiry: 4.9 years 20.7% 54.0% 28.8% To reposition Berlin Campus if main tenant vacates in Dec 2024 upon lease expiry 32.3% 29.1% 16.7% 26.8% 2.8% 20.6% 4.4% 10.1% 10.9% 5.9% 12.2% 1
Slide 12: Active Asset Management to Optimise Portfolio
Active Asset Management to Optimise Portfolio Key Updates German Portfolio: ▪ New 10-year lease signed in 4Q2023 with major provider of mobile roof antenna c. 13,900 sqm ▪ in Germany for two office floors (c.3,500 sqm) at Münster North building Federal tenant occupying 25% of Darmstadt Campus starte
Slide 13: Repositioning Concept on Berlin Campus
Repositioning Concept on Berlin Campus (1) RE:configuration & RE:vitalisation Conceptualising the Repositioning of Berlin Campus via Illustrative Images (1) Subject to changes and relevant regulatory and internal approvals and the final plan may be different from that as set out above. 13
Slide 14: Repositioning Concept on Berlin Campus (cont'd)
Repositioning Concept on Berlin Campus (cont’d) (1) Rejuvenation of the facade Before After (1) Subject to changes and relevant regulatory and internal approvals and the final plan may be different from that as set out above. 14
Slide 15: Repositioning Concept on Berlin Campus (cont'd)
Repositioning Concept on Berlin Campus (cont’d) (1) Project RE:O – Transformation of Berlin Campus into a mixed-use asset A spacious existing building to be transformed into a highly flexible mixed-use asset providing a modern working environment. ✓ Whether a start-up or public authority, global pla
Slide 16: FY2023 Financial Highlights
FY2023 Financial Highlights Bonn Campus 16
Slide 17: Operating & Financial Performance
Operating & Financial Performance (€ ‘000) FY2023 FY2022 Variance (%) Gross Revenue 64,977 61,650 5.4 Property Operating Expenses (15,081) (12,853) 17.3 Net Property Income 49,896 48,797 2.3 Income to be Distributed to Unitholders (1) 25,190 31,182 (19.2) ▪ Gross revenue for FY2023 registered an inc
Slide 18: Distribution Per Unit
Distribution Per Unit Distribution Per Unit FY2023 FY2022 Variance (%) - Based on total issued Units as of 31 Dec 2023 (€ 1.87 (1) 2.69 (2) (30.5) cents) - Based on enlarged Units following Preferential Offering on 19 Jul 2023 and Acquisition fees paid in 1.87 2.31 (3) (19.0) Units on 27 Sep 2023 (€
Slide 19: Financial Position
Financial Position (€ ‘000) As at 31 Dec 2023 As at 31 Dec 2022 Variance (%) Investment Properties 880,843 950,500 (7.3) Assets Held for Sale 24,698 (1) - N.M. Total Assets 992,076 1,039,140 (4.5) Borrowings 371,411 329,694 12.7 Total Liabilities 446,456 414,437 7.7 Net Assets Attributable to Unitho
Slide 20: Healthy Gearing with Limited Impact from Rate Hikes
Healthy Gearing with Limited Impact from Rate Hikes As at 31 Dec 2023 As at 31 Dec 2022 Debt Maturity Profile Aggregate Leverage (5) German Portfolio Gross Borrowings €200.8m 374.0 332.7 43.5% Outstanding (€’m) Aggregate Leverage (1), (2) 37.9% (3) 32.0% 38.8% Spanish Decathlon 37.9% Weighted Averag
Slide 21: Looking Ahead
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Slide 22: Looking Ahead
Looking Ahead ▪ European real estate market is expected to improve in 2024 but continue to face challenges from: ✓ Lower but still elevated financing costs compared to last 5 years, high inflation, ongoing adjustments on the workplace arrangements and asset devaluations. ▪ The repricing of assets ma
Slide 23: Thank You
Thank You For enquiries, please contact: Mr Kevin Tan Head of Investor Relations and Capital Markets Tel: (65) 6718 0593 Email: [email protected] Follow our LinkedIn: https://www.linkedin.com/company/ireitglobal Sables d'Olonne 23