Ireit Global · SGX:8U7U
Ireit Global — Shareholder Meeting (June 2020)
20 slides from Ireit Global's shareholder meeting presentation, Jun 18, 2020
Slide 1: 2020 Annual General Meeting
2020 Annual General Meeting 18 June 2020 Shareholders of the Manager:
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 Slide 1 Key Developments 4 2 FY2019 Financial Highlights 8 3 Business Updates for 2020 12 4 Looking Ahead 18 3
Slide 4: Key Developments
1 Key Developments Berlin Campus 4
Slide 5: Key Developments
Key Developments Refinanced entire Concluded several Tikehau Capital and CDL bank borrowings at lease extensions at substantially increased attractive interest Concor Park. Secured their stakes in IREIT, rates over the long a major 8.5-year lease bringing their combined term. No bank at Münster Sout
Slide 6: Unitholding Structure
Unitholding Structure Tikehau Capital and CDL Demonstrate their Long-term Commitment to IREIT In Apr 2020, strategic partners Tikehau Capital and CDL Shareholdings in the Manager 1 substantially increased their respective unitholdings in IREIT as a vote of confidence, bringing their combined stake t
Slide 7: Portfolio Overview
Portfolio Overview 9 Office Properties in Germany and Spain with €630m Valuation and 230,000 sqm Area 1 BERLIN CAMPUS BONN CAMPUS DARMSTADT CAMPUS GERMANY MÜNSTER CAMPUS CONCOR PARK Il∙lumina Delta Nova VI 2% Sant Cugat Green 3% 3% DELTA NOVA IV Delta Nova IV 2% SPAIN Concor Park Berlin Campus 14% 3
Slide 8: FY2019 Financial Highlights
FY2019 Financial Highlights 2 Bonn Campus 8
Slide 9: Operating & Financial Performance
Operating & Financial Performance (€ ‘000) FY2019 FY2018 Variance (%) Gross Revenue 35,265 34,808 1.3 Property Operating Expenses (4,603) (4,178) 10.2 Net Property Income 30,662 30,630 0.1 Income Available for Distribution 25,264 25,146 0.5 Income to be Distributed to Unitholders 22,738 22,631 0.5 ▪
Slide 10: Distribution Per Unit
Distribution Per Unit Distribution per Unit FY2019 FY2018 Variance (%) Before Retention - € cents 3.96 3.99 (0.8) - S$ cents 6.271 6.46 (2.9) After Retention - € cents 3.57 3.59 (0.6) - S$ cents 5.641 5.80 (2.8) ▪ DPU in S$ terms was impacted by weaker EUR/SGD exchange rates1 ▪ FY2019 DPU of 5.64 Si
Slide 11: Financial Position
Financial Position € ‘000 As at 31 Dec 2019 As at 31 Dec 2018 Variance (%) Investment Properties 574,900 504,900 13.9 Total Assets 636,377 528,875 20.3 Borrowings 231,453 193,215 19.8 Total Liabilities 282,084 223,268 26.3 Net Assets Attributable to Unitholders 354,293 305,607 15.9 NAV per Unit (€/u
Slide 12: Business Updates for 2020
Business Updates for 2020 3 Darmstadt Campus 12
Slide 13: Operational Highlights
Operational Highlights Portfolio Remains Resilient Despite the COVID-19 Virus Outbreak Stable Portfolio Healthy Weighted % of Total Leases to Occupancy 1 Average Lease to Expiry 1 Expire in 2020 and 2021 1 94.7% 3.9 years 3.5% ▪ GMG (subsidiary of Deutsche Telekom), the key tenant at Münster South B
Slide 14: Managing Impact from COVID-19
Managing Impact from COVID-19 German Portfolio Well Supported by Majority Leases to Blue-Chip Tenants ▪ Since the implementation of lockdown measures around mid-Mar 2020, most tenants at IREIT’s German portfolio have commenced working from home, while canteen operations were closed. Employees from p
Slide 15: Managing Impact from COVID-19 (cont'd)
Managing Impact from COVID-19 (cont’d) Spanish Portfolio Remains Stable with Leasing Efforts Progressing Well ▪ In mid-Mar 2020, Spain imposed one of the strictest lockdown measures as it dealt with the severe outbreak of the COVID-19 virus in the country. All stores except those selling basic neces
Slide 16: Portfolio Lease Profile
Portfolio Lease Profile Blue-Chip Tenant Mix Stable Leases Key Tenants 1 Lease Break & Expiry Profile Weighted Average Lease Expiry: 3.9 years1 12.3% 35.3% 2.9% 30.0% 29.0% 3.7% 25.1% 24.8% 3.8% 21.5% 45.8% 14.6% 11.2% 31.6% 2.6% 2.4% 2.6% 0.9% GMG - Deutsche Telekom Deutsche Rentenversicherung Bund
Slide 17: Capital and Currency Management
Capital and Currency Management The figures have not been audited or reviewed by auditors As at 31 As at 31 Debt Maturity Profile Mar 2020 Dec 2019 € ’million Gross Borrowings 200.8 232.8 232.8 Outstanding (€’m) Aggregate Leverage1 38.0% 39.3% Effective Interest 1.8% 1.8% Rate per Annum2 Interest Co
Slide 18: Looking Ahead
4 Looking Ahead Münster Campus 18
Slide 19: Looking Ahead
Looking Ahead ▪ The Manager has successfully implemented a number of key initiatives, including strengthening IREIT’s credit profile, diversifying its market exposure and optimising its Present existing portfolio leases ▪ The strong alignment of interest as a result of the new unitholding structure
Slide 20: Thank You
Thank You For enquiries, please contact: IREIT Global Group Pte. Ltd. (As manager of IREIT Global) Tel: +65 6718 0590 Email: [email protected] 20