intu in p tu r p o r p o e p r e tie s p plc
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1 intu properties plc Interim Winter 2016 results 2016
2 About intu
3 Our centres ~ 3 ~ intu Bromley was sold in October 2016
4 Our centres ~ 4 ~ intu Bromley was sold in October 2016
5 UK s top ranked shopping centres 5 Rank Centre Location Rank Centre Location 1 Westfield London London - Shepherds Bush 22 The Oracle Reading 2 Bluewater Greenhithe 23 intu Watford Watford 3 Westfield Stratford City London - Stratford 24 intu Bromley Bromley 4 Meadowhall Sheffield 25 Union Square Aberdeen 5 intu Trafford Centre Manchester 26 Festival Place Basingstoke 6 St David's Cardiff 27 Cabot Place/Canada Place London 7 intu Lakeside Thurrock 28 Victoria Square Belfast 8 Liverpool One Liverpool 29 Trinity Leeds Leeds 9 intu Metrocentre Gateshead 30 Princesshay Exeter 10 Bullring Birmingham 31 intu Eldon Square Newcastle 11 Manchester Arndale Manchester 32 Touchwood Solihull 12 Cabot Circus Bristol 33 Golden Square Warrington 13 Brent Cross London 34 White Rose Shopping Centre Leeds 14 The Mall at Cribbs Causeway Bristol 35 Churchill Square Brighton 15 Highcross Leicester 16 the centre: mk~ Milton Keynes 41 intu Chapelfield Norwich 17 intu Merry Hill Brierley Hill 44 intu Victoria Centre Nottingham 18 West Quay Southampton 45 intu Potteries Stoke-on-Trent 19 intu Derby Derby 60 intu Milton Keynes Milton Keynes 20 intu Braehead Glasgow 64 intu Uxbridge Uxbridge 21 Silverburn Glasgow 169 intu Broadmarsh Nottingham Source: PMA top shopping centres on basis of PMA Retail Score (December 2015). intu shopping centres highlighted ~ adjoined to intu Milton Keynes
6 Our priorities in
7 H overview Update titles H overview
8 Highlights A strong first half +7.5% 7.5p +0.6% 405p +3% 564m like-for-like net rental income growth underlying EPS, 10% growth like-for-like valuation growth adjusted, diluted NAVPS total financial return including dividend cash and available facilities 8 Note: all figures include Group s share of joint ventures
9 UK market background Many positive factors in first half Investment market Occupier market Consumer market Prime centres remain attractive Strong demand in prime high footfall locations Unemployment at record lows Less volatile than Central London market New international retailers Increasing disposable income Limited supply of new quality retail space Aspirational and lifestyle brands expanding Established retailers upsizing 9
10 Optimising asset performance Like-for-like net rental income +7.5 per cent 2016 full year guidance raised by 1% to +3% to +4% 10 Note: all figures include Group s share of joint ventures
11 Optimising asset performance Continuing outperformance versus IPD Capital growth 11 Note: all figures include Group s share of joint ventures
12 UK development momentum Substantial organic growth potential ( ) 23m active asset management investment in H m intu Watford extension committed 49m active asset management committed Qube extension, intu Metrocentre 189m active asset management pipeline CGI Charter Place, intu Watford 128m extensions and redevelopments CGI - Halle Place, Manchester Arndale CGI Barton Square, intu Trafford Centre CGI - leisure extension, intu Lakeside 12
13 Making the brand count A key differentiating factor driving outperformance 26m +23% 440 website visits increase in year-on-year website visits affiliate retailers - December 2015: m active marketing database 74 20m net promoter score, an increase of 9 points intu Experiences gross income per annum 1 Heat map of users of intu.co.uk Excludes 17m car park net income
14 Seizing the growth opportunity in Spain Development plans backed by operational performance Operational performance Development pipeline Puerto Venecia, Zaragoza 5% valuation growth CGI intu Costa del Sol 187m capex to end of % growth in footfall and retailer sales 23m active asset management pipeline 16 new lettings in period 600m intu Costa del Sol development 14
15 Financial performance Matthew Roberts, Chief Financial Officer intu Chapelfield
16 Key highlights Strong operating performance 0.6% 7.5% 7.5p 4.6p valuation uplift IPD: -1.1% like-for-like net rental income growth underlying EPS 2015: 6.8p interim dividend 2015: 4.6p 405p adjusted, diluted NAVPS 500m 96m 4.5% debt raised on intu Merry Hill debt raised on intu Bromley weighted average cost of gross debt 1 44% debt to assets ratio 7.2 years weighted average debt maturity 16 Note: all figures include Group s share of joint ventures. 1. Excludes RCF
17 Underlying earnings 12 per cent growth First half 2016 m First half 2015 m Net rental income Administration expenses (18.3) (16.3) Net finance costs (underlying) (103.6) (107.5) Dividend from US investment Other Underlying earnings Note: all figures include Group s share of joint ventures
18 Financial metrics Improving ratios First half 2016 First half 2015 Interest cover 1.99 x 1.85 x EPRA cost ratio % 16.3 % Earnings per share 7.5 p 6.8 p Weighted average shares in issue 1,332 m 1,308 m Dividend per share 4.6 p 4.6 p 1. The EPRA cost ratio (excluding direct vacancy costs) is calculated in accordance with EPRA guidelines 18
19 Net rental income Growth from acquisition and like-for-like First half 2016 m 6 months to June Like-for-like (+7.5%) 15 Disposals and Charter Place (4) Total net rental income Note: all figures include Group s share of joint ventures
20 Net rental income Drivers of like-for-like growth First half 2016 Capital investment +0.9% Reduced vacancy +1.9% Rent reviews, improved lettings and turnover income +2.3% Other letting activity (e.g. reduced bad debt; surrender premiums) +2.4% Total net rental income LFL +7.5% 2016 like-for-like net rental income growth guidance of 3 to 4% (assuming no material tenant failures) 20 Note: all figures include Group s share of joint ventures
21 Items excluded from underlying profit 2015 benefited from greater valuation gains First half 2016 m First half 2015 m Underlying earnings Property revaluation Change in fair value of financial instruments (130.6) 32.2 Gain on acquisition of businesses Gain on sale of other investments Exceptional finance costs (12.5) (16.4) Exceptional administration expenses (1.3) (0.7) Other (e.g. deferred tax) (21.1) (5.4) Profit for the year Note: all figures include Group s share of joint ventures
22 Net asset value per share 405 pence 3 per cent total financial return including dividend 22 Note: all figures include Group s share of joint ventures
23 368m change in net external debt Currently 79 per cent hedged 1 23 Note: all figures include Group s share of joint ventures. 1. Excluding forward starting swaps and including RCF
24 Debt maturity as at 30 June 2016 Minimal near term refinancing In October 2016 intu secured 375m of Convertible Bonds (due 2022) 7.2yrs weighted average debt maturity 4.5% weighted average cost cash and committed 564m of gross debt 1 facilities 24 Note: all figures include Group s share of joint ventures. 1. Excludes RCF
25 Capital structure Robust and gives intu flexibility Secured debt, asset by asset Flexible structure Refinancing activity has rebased covenants No covenants on intu Trafford Centre debt 25
26 LTV covenants Substantial headroom Equity cure required for 25% fall in values and 10% fall in income 84m * * intu Bromley was sold in October
27 Capital expenditure 716m to be spent by 2019; 216m committed Available facilities Funded through Development finance Capital recycling and partners 27
28 Financial flexibility Debt to assets 44 per cent 30 June December 2015 m m Total properties 10,147 9,602 Net external debt (4,507) (4,139) Net debt to assets 44% 43% Cash Undrawn committed corporate facitities Net assets attributable to shareholders 4,869 4,976 Adjusted net asset per share 405p 404p Weighted average cost of gross debt 1 4.5% 4.6% Weighted average debt maturity 7.2 years 7.8 years 28 Note: all figures include Group s share of joint ventures.. 1. Excludes RCF
29 intu Lakeside Optimising asset performance H New title page
30 Optimising asset performance Strong operating metrics 82 * new long term lettings +7% aggregate lettings ahead of previous rent leases exchanged since EU referendum further new lettings in solicitor s hands Lettings in line with valuers assumptions 96% +1.3% occupancy June % footfall growth Experian: -1.7% +0.2% retailer sales growth * September 2016: 165 new long term leases Pull & Bear, intu Trafford Centre 30
31 Optimising asset performance Retailer trends Upsizing International Portfolio of brands Aspirational 31
32 Optimising asset performance Improving occupancy June % June % Effect of improved occupancy 100% 99% 99% 98% Reduced void costs New rental income Increased commercial tension 32
33 Optimising asset performance Increasing our strong, stable income streams 7.5% like-for-like net rental income growth +10% 92% 7.7years total rent reviews ahead of previous rent of top 40 tenants below average risk (Experian Delphi scores) weighted average unexpired lease term 33
34 Optimising asset performance Increased market values Market value 30 June 2016 m Surplus/ deficit m Like-for-like surplus/ deficit % Yield Income Development intu Chapelfield intu Lakeside 1, intu Derby intu Eldon Square, Newcastle intu Potteries 169 (8) (4) intu Braehead 574 (13) (2) Other like-for-like 6, Like-for-like 9, intu Merry Hill acquisition Developments 130 (50) 10,147 5 Note: stamp duty increased from 4 per cent to 5 per cent in the period. All figures include Group s share of joint ventures 34
35 UK development momentum Martin Breeden, Development Director intu Potteries UK development momentum H New title page
36 Fully let catering projects opened Improving catchment, footfall and dwell times Qube extension, intu Metrocentre opened Easter 2016 Queen s Garden, intu Bromley opened July 2016 Number of restaurants 9 5 Total cost (intu share) 10m 5m Stabilised initial yield 8.3% 7.4% 36
37 Committed active asset management 49m capital expenditure Project Redevelopment (20 restaurants) Hotel Redevelopment (10 restaurants) Opening Autumn 2016 Summer 2017 Summer 2018 Total cost (intu share) 15m 9m Stabilised initial yield 7.7% 6.2% 37
38 Near term active asset management 189m active asset management pipeline CGI Barton Square, intu Trafford Centre CGI intu Merry Hill repositioning 189m potential project costs % stabilised initial yield CGI Soar at intu Braehead 38
39 Repositioning intu Watford 400,000 sq ft extension on site, opening 2018 Top 20 in UK retail ranking : 42nd 60% pre-let 178m total project cost 6-7% 2 stabilised initial yield CGI intu Watford extension New lettings in period: 1. Estimate post completion as per CACI residential comparison goods market potential for Watford. 2. Includes 1-2% generated through the existing centre 39
40 Near term development Two major projects CGI intu Lakeside CGI intu Broadmarsh Project Leisure extension Redevelopment Potential start date Total cost (intu share) 70m 75m Stabilised initial yield 6% 6-8% 40
41 Future potential Optionality on future developments Planning approved Retail extension Planning approved Retail extension Planning approved Retail and leisure extension Called in Retail extension Application submitted Retail and leisure extension 41
42 Seizing the growth opportunity in Spain intu Asturias Seizing the growth in Spain H New title page
43 Our Spanish strategy Create a business of scale Focus on top 10 markets Acquire, develop and manage market leading retail and leisure resorts 43
44 Two top 10 Spanish centres Operating metrics 44 Market value (100%) 261m (+8%) 1 468m (+4%) 1 Occupancy 99% 95% Footfall +2% Retailer sales +2% New lettings Valuation uplift percentage for H1 2016
45 intu Costa del Sol Flagship shopping resort for the region 175,000 sq m Consider data 600m total cost 1 7% 3m 2017 stabilised initial yield residents (10m annual tourists) potential start date CGI intu Costa del Sol 1. Includes 70m already incurred by intu 45
46 Concluding remarks H New title page
47 Concluding remarks Significant momentum from strong first half Like-for-like net rental income growth Positive impact from active asset management projects Differentiated by brand and digital initiatives Cash and available facilities over 500 million Organic growth potential enhanced by capital expenditure plans 47
48 Questions Appendices
49 Appendices
50 Development pipeline As at 30 June 2016 UK planning approval New space 000 sq ft Cost to completion m Description Indicative timing Committed intu Watford Charter Place extension intu Lakeside Hotel Manchester Arndale Halle Square redevelopment 7 7 intu Eldon Square Restaurant development 4 4 intu Broadmarsh Pre-development 4 4 Other committed projects Various initiatives Active asset management pipeline intu Trafford Centre Barton Square courtyard enclosure intu Merry Hill Various initiatives Manchester Arndale Various initiatives intu Metrocentre Various initiatives Other projects Various initiatives Major extensions intu Lakeside Leisure extension intu Broadmarsh Redevelopment intu Milton Keynes intu Victoria Centre Retail and leisure extension intu Braehead Retail and leisure extension intu Lakeside Retail extension Cribbs Causeway Retail and leisure extension Sprucefield Total UK 1, ,162 Spain Committed and pipeline* Various initiatives intu Costa del Sol Shopping resort Valencia Shopping resort Palma or Vigo Shopping resort Total Spain Total 2, ,611 * includes asset management initiatives at intu Asturias ( 15m) and Puerto Venecia ( 18m) 50
51 Property table metrics First Second First half half half Group 1 revaluation surplus (like-for-like) +0.6% +2.1% +1.9% IPD 2 capital growth -1.1% +1.6% +1.2% Group 1 weighted average nominal equivalent yield 5.01% 5.14% 5.25% Change in Group nominal equivalent yield -13bp -11bp -7bp IPD 2 equivalent yield shift +4bp -10bp -13bp Group 1 topped-up initial yield (EPRA) 4.49% 4.52% 4.55% Group 1 change in like-for-like ERV -0.1% +1.0% +0.6% IPD 2 change in rental value index +0.5% +0.6% +0.1% 1. Including Group s share of joint ventures 2. IPD monthly index, retail 51
52 Yield comparisons Wide spread relative to corporate bonds 52
53 Net rental income margin Six months ended 30 June 2016 Partners' Total m share m Intu share m Six months ended 30 June 2015 Intu share m Gross rental income 258 (16) Head rent payable (13) (3) Net service charge expense and void rates (11) 1 (10) (11) Bad debt and lease incentive write off (1) - (1) (5) Property operating expenses (see below) (14) 2 (12) (15) (26) 3 (23) (31) Net rental income Net rental income margin 90% 87% Property operating expenses include 4 million of car park operating costs and 5 million contribution to shopping centre marketing. 53
54 Lease expiry profile Weighted average expiry 7.7 years Expressed as a percentage of rent roll * Excludes five per cent in respect of leases which have expired and are mainly holding over and in negotiations 54
55 Rent review profile Expressed as a percentage of rent roll * 2015 includes rent reviews prior to 31 December 2015 yet to be settled 55
56 Retailer affordability Estimated occupancy cost trends months ended 30 June December June 2015 Excluding anchor stores 11.6% 11.5% 11.6% Excluding anchors and MSUs % 12.5% 12.3% Current rent per square foot 5 6 As at 30 June December June 2015 Anchors MSUs Standard units Note: December 2015 included intu Merry Hill and intu Derby for the first time 1. Compares rent to retailers turnover 2. Actual sales of around two-thirds of sales, estimates of sales for one-third. Extent of data varies between centres 3. Not comparable with continental Europe and US shopping centre statistics, differences include measurement of retail area (see 5) and treatment of property taxes 4. MSU: major space user >10,000 sq ft. 5. Based on net internal area. Generally 10 per cent to 40 per cent higher than retail area 6. Anchors and MSUs are generally let on on a rent per square foot basis; standard shop unit rents are generally determined on a zoned basis 56
57 Aggregate ERV * Total reversion of +8% includes one per cent realisable on lease expiry with over 10 years remaining ** Topped up net rent comprises passing rent of 436m, plus other net income of 39m (net car park income, turnover rent and commercialisation income ) and contracted rent subject to rent free periods of 20m, less non-recoverable costs and running voids of 21m 57
58 Top 20 tenants Rank Tenant group Number of units % secured rent 1 Arcadia 39 4% 2 Next 20 3% 3 Boots 23 3% 4 Debenhams 11 3% 5 Dixons Carphone 33 2% 6 H&M 18 2% 7 New Look 19 2% 8 River Island 17 2% 9 Primark 9 2% Note Includes Topshop, Topman, Burton, Dorothy Perkins, Miss Selfridge, Wallis and Evans 10 A S Watson 43 2% Superdrug and The Perfume Shop 11 JD Sports 21 2% Includes Blacks and Size? 12 Signet Group 39 2% H Samuel and Ernest Jones 13 Inditex 11 1% 14 Sportsdirect 20 1% Includes USC and Van Mildert 15 Marks & Spencer 18 1% 16 Monsoon 23 1% 17 Superdry 16 1% 18 House of Fraser 4 1% 19 Clarks 14 1% 20 Goldsmiths 21 1% % 58
59 Optimising asset performance Top 40 tenants covenant strength Based on Experian Delphi bands at 12 July Top 40 tenants represent 51% of intu s rent roll 59 Arcadia Next Boots Debenhams H&M New Look Primark River Island Signet M&S Dixon s Carphone JD Monsoon Superdry House of Fraser Inditex Superdrug Sportsdirect.com Clarks Aurum EE Apple Clintons HMV W H Smith Vodafone Schuh Argos O2 Sainsbury s Hollister John Lewis Waterstone s Vision Express Disney 3 Store Game Selfridges Holland & Barrett
60 Corporate responsibility highlights 39% reduction in CO 2 emissions since % waste diverted from landfill across all directly managed centres 2,000 people directly reached by our community projects 121,000 jobs directly supported by intu and its retailers 60
61 EPRA non-gaap measures Net asset value (diluted, adjusted) Net assets m NAV per share pence Reported net assets, basic net assets per share 4, Dilutive convertible bonds and share options/awards 11 - Diluted NAV 4, Adjustments: Financial instrument-related valuation adjustments Share of joint ventures' adjusting items 10 1 Non-controlling interest 71 5 NAV (diluted, adjusted) 5, EPRA NNNAV (diluted, adjusted) 4, EPRA NNNAV is arrived at by adjusting NAV for the fair value of financial instruments (-35p), the difference between the fair value and book value of debt (-28p), share of joint ventures' adjusting items (-1p) and the non-controlling interest in respect of financial instruments (+2p). The EPRA vacancy rate at 30 June 2016 was 2% (31 December 2015: 3%) EPRA cost ratio m EPRA costs - including direct vacancy costs 42 EPRA costs - excluding direct vacancy costs 34 Gross rental income 243 EPRA cost ratio - including direct vacancy costs 17% EPRA cost ratio - excluding direct vacancy costs 14% EPRA costs include all operating costs of the business included in underlying earnings. Gross rental income is stated after deducting head rent and service charge costs recorded directly through rents. 61
62 Proportionally consolidated income statement and balance sheet Summarised income statement ( m) Group as reported Share of joint ventures Group including share of joint ventures Attributable to non-controlling interests Group proportionally consolidated Net rental income (9) 210 Other income Administration expenses (18) - (18) 1 (17) Net finance costs (underlying) (91) (13) (104) 10 (94) Other underlying items 15 (12) 3-3 Underlying earnings Valuation and exceptional items Other non-underlying items (73) (9) (82) - (82) Net profit for the period Summarised balance sheet ( m) Group as reported Share of joint ventures Group including share of joint ventures Attributable to non-controlling interests Group proportionally consolidated Investment property 9, ,122 (375) 9,747 Net external debt (4,372) (135) (4,507) 165 (4,342) Derivative financial instruments (467) (5) (472) - (472) Other net assets 380 (579) (199) 135 (64) Net assets 4,944-4,944 (75) 4,869 62
63 Top properties 63
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