FINANCE AVENUE A presentation by Jean-Edouard Carbonnelle, Chief Executive Officer

Transcription

1 FINANCE AVENUE A presentation by Jean-Edouard Carbonnelle, Chief Executive Officer Woluwe 58 office building Brussels (BE): Cofinimmo headquarters

2 ABOUT COFINIMMO Leading Belgian listed REIT exposed to healthcare real estate (44 %) and offices (38 %) 1 st listed healthcare property investor, with pan-european combined presence in Belgium, France, the Netherlands and Germany Office property investor in Belgium only Total portfolio fair value: 3.2 billion EUR Average weighted residual lease term of the current leases: 10.5 years REIT status in Belgium (SIR/GVV), France (SIIC) and the Netherlands (FBI) Internal real estate management platform 130 employees Total market capitalisation: 2.2 billion EUR 2

3 TEAMS & SKILLS BOARD OF DIRECTORS 13 directors: 4 executive directors 2 directors representing shareholders 8 independent directors Chairman: independent director 130 professionals with skills to operate all aspects of the portfolio and ad hoc presence in 4 countries EXECUTIVE COMMITTEE Chief Executive Officer + 3 other executive directors: with each a specific area of responsibility Chief Operating Officer Chief Financial Officer Secretary General & Group Counsel Country presence: Brussels, BE for Belgian and German investments Breda, NL for Dutch investments Paris, FR for French investments 3

4 On the stock market DC Klinieken medical office building - Almere (NL)

5 ON THE STOCK MARKET High visibility & sound daily liquidity Market cap at : 2.3 billion EUR Number of shares: 21,030,748 Free float: 95 % Major indices: BEL20, EPRA Europe, GPR 250 Average volume traded daily: 5 million EUR Velocity: 57 % 2015 Total return: % /12/ /03/ /06/ /09/ /12/2015 COFB TR BEL20 TR index EPRA Europe TR index Total return YTD at : % /12/ /03/ /06/ /09/2016 COFB TR Bel20 TR index EPRA Europe TR index 5

6 HIGH DIVIDEND YIELD 2016 Dividend forecast: 5.50 EUR/ordinary share Pay-out ratio > 80 % (B-REIT regime obligation) Dividend on stock price at ,0% 5,0% 5,20% 4,0% 3,60% 3,50% 3,0% 2,0% 1,0% 0,0% 0,20% COFB BEL 20 EPRA Europe 10-y Belgian government bond 6

7 Financial resources Woluwe 58 office building - Brussels (BE): Cofinimmo headquarters

8 REGULAR ACCESS TO CAPITAL MARKETS Equity (x 1, EUR) Bonds (x 1,000,000 EUR) Contribution in kind of assets Sale of treasury shares Stock dividend Rights issue Non convertible Convertible million EUR capital increase in 2015 > significant investment capacity to deploy over million EUR invested since S&P credit rating Long term: BBB / Short term: A-2 8

9 GLOBAL PORTFOLIO Stijp-Z medical office building Eindhoven (NL)

10 PORTFOLIO BREAKDOWN By segment ( in fair value) By country ( in fair value) 16,4 % 16,0% 39,1 % 0,8% 8,4 % 3,0% 72,6% 43,9 % Healthcare real estate Offices Property of distribution networks Others Belgium Netherlands France Germany 10

11 TWO COMPLEMENTARY CORE SEGMENTS Long-term presence & strong internal expertise in both core segments (Re)developmen t projects in more mature markets (Belgium & France) Acquisitions in new markets (Germany & Netherlands) Further diversification per country, per medical specialty and per operator Healthcar e real estate driven by demography Offices driven by economics Comprehensive & pro-active local operating platform Arbitrage within a portfolio kept above a critical size In central locations: renovations and reconstructions to upgrade quality In decentralised locations : reconversions to alternative uses 11

12 STRONG OPERATIONAL INDICATORS Weighted average residual lease term (in years) Occupancy rate ,3 26,4 100% 99,2% 89,8% 98,9% 95,0% ,9 14,3 3,9 14,1 5,6 10,2 80% 0 Healthcare BE Healthcare FR Healthcare NL Healthcare DE Offices Pubstone (AB Inbev) Cofinimur I (MAAF) Total 60% Gross/net yields 6,1% 6,0% 8,1% 6,8% 6,9% 6,4% 6,2% 6,4% 40% 20% Healthcare Offices Distribution networks Total Gross yield Net yield 0% Healthcare real estate Offices Property of distribution networks Total 12

13 Healthcare Real Estate A sector with great potential De Nieuwe Seigneurie nursing and care home Rumbeke (BE)

14 HEALTHCARE PORTFOLIO FAIR VALUE 1.5 billion EUR NUMBER OF SITES 129 SURFACE AREA 692,000 m 2 (5,400 m 2 per site on average) Portfolio breakdown by country ( in fair value) Portfolio breakdown by care speciality ( in fair value) 28,1% 6,9% 13,4% [PERCENTAGE ] [PERCENTAGE ] 9,3% [PERCENTAGE ] 0,8% 0,3% 3,4% 2,7% 2,6% 0,5% 55,7% Belgium France Germany Netherlands Skilled nursing facilities Revalidation clinics Wellness Psychiatric clinics Elderly care clinics Assisted living Specialised clinics Parking facilities Disabled care facilities Medical office buildings 14

15 LONG-TERM PRESENCE & STRONG EXPERTISE Experienced and dedicated healthcare team of 15 FTE Established networks of 25 operator tenants currently in portfolio In-depth knowledge of the various healthcare sub-segments, in terms of regulatory environment, financing and competition Active prospection in Belgium since 2005, in France since 2008, in the Netherlands since 2011 and in Germany since 2013 Broad offering to healthcare operators: from mere financing to integrated management of development projects Over 50 projects managed or overseen over the past 10 years (greenfield projects, renovations, extensions, reconversions) 15

16 DISCIPLINED INVESTMENT PROCESS Property characteristic s Market research Prospection of operators Analysis of Business plan for operation of the facility Financials of operating group Additional sites with same operators Extensions and upgrades of facilities in portfolio Monitoring of business performance per facility Pre-let + build or purchase + lease-back 16

17 HEALTHCARE SUBMARKETS Addressable explored market Cofinimmo portfolio C U R E General hospitals Specialised acute care clinics Typically focused on non-critical specialties (ex.: orthopaedics, ophthalmology, dermatology, etc.) Medical office buildings First-line consultations by general practitioners, dentists, psychotherapists, etc. (+ pharmacy) Laboratories C A R E Revalidation clinics Post-acute care (ex.: orthopaedics, cardiology, drug addictions, etc.) Psychiatric clinics Skilled nursing facilities Housing and care of elderly dependent people with continuous medical assistance Assisted living Housing of elderly autonomous people with a degree of assistance Disabled care facilities Sport & wellness centres 17

18 CURE - EXAMPLES OF ASSETS IN PORTFOLIO CUR E Development Purchase Development MEDICAL OFFICE BUILDING STRIJP-Z Eindhoven MEDICAL OFFICE BUILDING ORANJEPLEIN Goirle CAR PARK AMPHIA HOSPITAL - Breda Surface area Investment Operator Lease Initial yield 2,200 m million EUR SGE 25 years - NN 7.5 % Surface area Investment Tenants Lease Initial yield 1,800 m million EUR Various medical and paramedical professionals 7 years 7.4 % Number of parking spaces Investment Operator Lease Initial yield 912 9,7 million EUR Stichting Amphia 30 years - NN 7.5 % 18

19 CARE - EXAMPLES OF ASSETS IN PORTFOLIO CAR E Development * Development Purchase NURSING AND CARE HOME CALAU - Calau NURSING AND CARE HOME NOORDDUIN - Koksijde REVALIDATION CLINIC KAISER KARL - Bonn Surface area Investment Operator Lease Initial yield 4,600 m million EUR MED Gesellschaft für Altenpflege mbh 25 years - NN 6.1 % Surface area Investment Operator Lease Initial yield 6,440 m million EUR Armonea 27 years - NNN 6.1 % Surface area Investment Operator Lease Initial yield 15,500 m million EUR Eifelhöhen-Klinik AG 25 years - NN 7.3 % * Bought when completed 19

20 CARE - EXAMPLES OF ASSETS IN PORTFOLIO CAR E Purchase + extension Development Purchase + extension REHABILITATION CLINIC VONTES- Evres-sur-Indre CARE OF DISABLED PERSONS LOPIK- Lopik PSYCHIATRIC CLINIC PAYS DE SENNE- Ile-de-France Surface area Investment Operator Lease Initial yield 6,350 m million EUR Inicea 12 years - NNN 5.9 % Surface area Investment Operator Lease Initial yield 2,900 m million EUR Philadelphia Zorg 15 years - NN 6.85 % Surface area Investment Operator Lease Initial yield 6,500 m million EUR Inicea 12 years - NNN 5.9 % 20

21 MARKET POTENTIAL OFFERING STRONG GROWTH OPPORTUNITIES BELGIUM Care market (skilled nursing homes) 27 yrs % Lease length FRANCE Initial yields Care market (skilled nursing homes, revalidation & psychiatric clinics) NETHERLANDS Care & cure market (care of elderly or disabled people, acute care, medical office buildings) yrs % Lease length GERMANY Care & cure market (skilled nursing homes, revalidation clinics) Initial yields Amounts invested at : BELGIUM 812 MEUR FRANCE 409 MEUR NETHERLANDS 135 MEUR GERMANY 101 MEUR 12 yrs % Lease length Initial yields yrs % Lease length Initial yields All leases provide for fixed rent + indexation to inflation 21

22 OPPORTUNITIES IN CURE Declustering and mergers of general hospitals in Continental Europe will create New sale & lease back possibilities Of medical ancillary facilities (consultation space, Revalidation center, laboratories) New non-medical facilities Commercial galleries, restaurants, parking lots, offices, nursing schools, pharmaceutical industry locations More reference centres or specialised acute care clinics Typically focused on non-critical specialties (ex.: orthopaedics, ophthalmology, dermatology, etc.) Rise of primary care segment through medical office buildings First-line consultations by general practitioners, dentists, psychotherapists, etc. (+ pharmacy) 22

23 Office segment Guimard office building Brussels (BE)

24 OFFICE PORTFOLIO FAIR VALUE 1.3 billion EUR NUMBER OF SITES 85 SURFACE AREA 663,000 m 2 Portfolio breakdown by country ( in fair value) Portfolio breakdown by tenant type ( in fair value) 39,1% 10,5% 13,3% 9,2% 5,1% 8,9% 77,5% 36,4% Brussels CBD Brussels Periphery/Satellites Other regions Brussels Decentralised Antwerp Belgian public sector International public sector Others 24

25 RECENT ACQUISITIONS WITH POTENTIAL FOR VALUE CREATION ARTS/KUNST 46 Brussels CBD (May 2016) QUATRO PORTFOLIO Brussels CBD & Decentralised (Aug. 2016) Surface area 11,500 m 2 Investment 31 MEUR Avg occupancy 83 % Avg residual lease term 5.5 years Rental yield 6.2 % Rental yield at 100 % occupancy 7.5 % Surface area Investment 23,000 m MEUR Avg residual lease term 3.3 years 6.4 % Avg occupancy 88 % Rental yield 7.4 % Rental yield at 100 % occupancy 25

26 DISCLAIMER This presentation is directed to financial analysts and institutional investors and is not to be considered as an incentive to invest or as an offer to acquire Cofinimmo shares. The information herein is extracted from Cofinimmo annual and half-yearly reports and press releases but does not reproduce the whole content of these documents. Only the French annual and half-yearly reports and press releases form legal evidence. FOR MORE INFORMATION CONTACT: Valérie Kibieta Head of External Communication & Investor Relations T +32 (0) vkibieta@cofinimmo.be Ellen Grauls Investor Relations Manager T +32 (0) egrauls@cofinimmo.be 26