LEG Immobilien AG May 2018
|
|
- Madison McKenzie
- 6 years ago
- Views:
Transcription
1 CAPTURE CHANCES DRIVE INNOVATION LEG Immobilien AG May 2018
2 Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature and is intended to provide an introduction to, and an overview of the Company s business. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external sources, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realised from the proposals described herein. Forward-looking statements may include, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation, and supply and demand. The Company has based these forward-looking statements on its views and assumptions with respect to future events and financial performance. Actual financial performance could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. The information contained in this presentation is subject to change without notice and the Company does not undertake any duty to update the information and forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. This presentation does not constitute an offer or invitation to purchase or sell any shares in the Company and neither this presentation or anything in it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. 2 I May 2018
3 Key Investment Highlights c. 4.0% Dividend Yield 1) from Stable Residential Cash Flows with Sound Growth Prospects Leading cash flow profitability in German residential industry driven by attractive scale effects in our core markets Significant potential for stable, above average growth (structural organic + external growth) Leading Operating Performance Based on Regionally Focused Platform Regional focus on attractive NRW market basis for sustained outperformance (rent growth %) Favourable demand/supply and high affordability in NRW basis for structural growth Strong beneficiary from net immigration (right product in the right region) Creating Tangible Value from Acquisitions with High Potential for Synergies Acquisition of > 45,000 units since IPO with immediate value contribution and a very low execution risk (FFO per share accretion, no NAV dilution) Regional expertise and broad presence (synergies) in NRW as key success factors Leader in Innovation / Successfully Leveraging Value of Customer Base Launched Multimedia, Energy Services and Craftsmen Services businesses as additional earnings drivers Strong Balance Sheet / Long Term Secured Financing at Very Attractive Terms LTV of 42.0% secures defensive profile Average cost of debt of Ø 1.76% with average maturity of c.8.1 years Secures high visibility for future earnings and dividend growth 1) Based on mid-point guidance 2019, share price as of 2 May 2018 ( 94.54) 3 I May 2018
4 Highlights Q Overall company development in Q1 Portfolio revaluation: positive outlook for H appraisal (approx. +4.0% or 370m to 390m) Dividends: Target payout ratio increased to 70% of FFO I (up from 65% previously) Accelerating rent momentum ahead In-place rent, l-f-l 5.49/sqm(+2.3%); FY-2018 guidance of c.3.0% maintained EPRA-Vacancy, l-f-l 3.3% (+/- 0 bps YOY) Maintenance/Capex 4.9/sqm(+81.5% YOY) Financials: Higher Q maintenance expenses; On track for FY growth targets Net cold rent 138.5m (+5.0% YOY from 131.9m) Adjusted EBITDA 94.8m (-3.1% YOY from 97.8m) Adjusted for higher maintenance (+3.9% YOY) FFO I 74.2m (-1.3% YOY from 75.2m), 1.17 per share (-1.3% YOY from 1.19) Adjusted for higher maintenance (+7.7% YOY) EPRA-NAV (excl. goodwill) per share (up from at 31 st December) 4 I May 2018
5 Agenda I. LEADING OPERATING PERFORMANCE Leading operating performance and profitability on basis of a regionally focused business model II. ATTRACTIVE NRW MARKET Metropolitan region benefitting from sound growth prospects; net immigration as key growth driver III. MARKET LEADING PLATFORM WITH EXTERNAL GROWTH POTENTIAL Proven track record for value accretive acquisitions in core markets with high synergies IV. INNOVATIVE VALUE-ADDED SERVICES Creating additional value by leveraging value of the customer base V. FINANCIALS: LEADING CASH FLOW PROFITABILITY STRONG BALANCE-SHEET Sound FFO and dividend growth on basis of leading operating profitability and long term secured financing VI. BUSINESS UPDATE & OUTLOOK 5 I May 2018
6 LEG at a Glance Leading residential platform across Germany s largest state Overview One of the largest German residentialreal estate companies with 130,085 residential unitsand market leader in the NRW market NRW is one of the largest metropolitan areas in Europe accounting for 21% of German GDP Regional focusbears structural competitive advantages for operating efficiency and performance Key Financial Metrics (Q1-2018) Net Cold Rent 138.5m Adj. EBITDA 94.8m FFO I 74.2m GAV 9,564m EPRA-NAV per share 1) LTV 42.0% Key Data (Q1-2018) Geographic Reach across NRW Number of units: 130,208 Residential sqm: 8.3m In-place rent (l-f-l): 5.49 /sqm EPRA-vacancy (l-f-l): 3.3% Rent free financed/ restricted units (l-f-l): 5.80/4.75 /sqm Apartment size: 64 sqm Apartments per building: 7 units Number of rooms per unit: 3 rooms Münster Bielefeld Dortmund Duisburg Essen Düsseldorf Wuppertal Cologne Bonn 1) Fully diluted, excluding goodwill (EPRA-NAV (incl. goodwill)) 6 I May 2018
7 I. Leading Performance Strong track record of outperforming German residential market L-f-l In-Place Rent ( /sqm) Successful Rent Management 1) ( ) Germany in-place rent per sqm LEG in-place rent per sqm unrestricted units LEG s affordable living product in urban areas well suited to market demand Productideallytailoredto risingdemandfrom1-2 person households and immigrants Source: LEG as of FY ) Sources: LEG, Bundesbank 2) Like-for-like 7 I May 2018
8 I. Leading Performance Portfolio: Attractive combination of yield and growth As of High Growth Markets Stable Markets Higher Yielding Markets Total Portfolio 1) No. of Units 41,298 47,569 39, ,208 % of GAV 46% 31% 21% 100% Gross Yield 4.8% 6.6% 7.4% 5.9% EPRA-Vacancy l-f-l 1.6% 3.2% 5.8% 3.3% In-Place Rent CAGR l-f-l FY-2015 FY-2017 Free Financed Portfolio Rent CAGR l-f-l FY-2015 FY % 2.7% 2.8% 2.8% 3.6% 3.6% 3.5% 3.7% High exposure to attractive economic centers and university cities (e.g. Cologne, Düsseldorf, Münster) Higher Yielding markets attractive cash cows with decent growth profile Source: LEG as of FY-2015 and FY-2017 Note: Statistics shown above refer to company data, not to market data. Only residential units shown 1) Total includes an additional 1,850 residential units located outside NRW 8 I May 2018
9 I. Leading Performance Positive rent development across all submarkets Borken Steinfurt Minden- Lübbecke Herford Bielefeld Lippe Munster Gütersloh Coesfeld Warendorf Strong results on the basis of tailor-made management strategies High-Growth Markets (YOY) Kleve Düren Aachen Hamm Wesel Recklinghausen Unna Gelsenkirchen OberhausenHerne Dortmund Bochum DuisburgEssen Euskirchen Rhein-Sieg-Kreis Soest Krefeld Hagen Viersen Mettmann Hochsauerlandkreis Düsseldorf Wuppertal Märkischer Kreis Monchengladbach Remscheid Solingen Rhein-Kreis Neuss Olpe Heinsberg Leverkusen Rheinisch-Bergischer Kreis Oberbergischer Cologne Siegen- Rhein-Erft-Kreis Kreis Wittgenstein Bonn Paderborn Hoxter # of units 41, % In-place rent (sqm), l-f-l % EPRA-Vacancy, l-f-l 1.6% +10 bps Stable Markets with Attractive Yields (YOY) # of units 47, % In-place rent (sqm), l-f-l % EPRA-Vacancy, l-f-l 3.2% -10 bps Total Portfolio Higher-Yielding Markets (YOY) # of units 130, % In-place rent (sqm), l-f-l % EPRA-Vacancy, l-f-l 3.3% +/- 0 bps (YOY) # of units 39, % In-place rent (sqm), l-f-l % EPRA-Vacancy, l-f-l 5.8% +/-0 bps 9 I May 2018
10 I. Leading Performance Portfolio highly exposed to structural growth markets Geographic Reach(60 km radius) Key Data Kleve Düren 10 I May 2018 Borken Hamm Wesel Recklinghausen Unna Gelsenkirchen Oberhausen Herne Dortmund Bochum Duisburg Essen Krefeld Viersen Mettmann Düsseldorf Wuppertal Monchengladbach Solingen Rhein-Kreis Neuss Leverkusen Heinsberg Aachen Cologne Rhein-Erft-Kreis Euskirchen Rhein-Sieg-Kreis Bonn Coesfeld Steinfurt Münster Hagen Warendorf Hochsauerlandkreis Märkischer Kreis Oberbergischer Kreis Olpe Soest Gütersloh Siegen- Wittgenstein Minden- Lübbecke Herford Bielefeld Lippe Paderborn Hoxter Approx. 93% ofleg sportfoliois locatedin thecatchment areaofswarmcities(60 km) andaround64% in the commuter belts of Düsseldorf and Cologne (60 km) NRW is a key metropolitan area in Germany and one of the largest areas in Europe (17.7m inhabitants) with Cologne and Düsseldorf being the most populous cities Many university cities are located in NRW, e.g. Aachen with the largest technical university in Europe Number of 1-2 person households constantly growing in swarm cities and outperforming Germany (2015: 75.6% in Germany) Opposite trend in age structure compared to Germany: share of people under the age of 40 steadily increasing (2015: 42.3% in Germany) and percentage of people above the age of 60 steadily shrinking (2015: 27.4% in Germany) Many large companies are located in growth markets, e.g. Bayer, Bertelsmann, Brenntag, Deutsche Post, Deutsche Telekom, Dr.Oetker, E.ON, Evonik, GEA, Henkel, innogy, Lanxess, Metro, Miele, RWE, thyssenkrupp, Uniper etc.
11 I. Leading Performance Well diversified portfolio with attractive reversionary potential High Growth Markets As of FY-2017 LEG NRW 2) No. of Residential Units 41,000 4,112,461 Occupancy Rate (%) 98.3% 97.4% In-Place Rent per sqm ( ) Rent Potential 1) 15% n/a Borken Coesfeld Steinfurt Munster NORTH RHINE- WESTPHALIA Warendorf Gütersloh Minden- Lübbecke Herford Bielefeld Lippe Stable Markets with Attractive Yields As of FY-2017 LEG NRW 2) No. of Residential Units 47,650 2,910,961 Occupancy Rate (%) 96.5% 96.3% In-Place Rent per sqm ( ) Rent Potential 1) 7% n/a The LEG portfolio offers a 10% average rent upside potential Kleve Düren Hamm Wesel Recklinghausen Unna Gelsenkirchen Oberhausen Herne Dortmund Bochum Duisburg Essen Rhein-Sieg-Kreis Soest Krefeld Hagen Viersen Mettmann Hochsauerlandkreis Wuppertal Dusseldorf Märkischer Kreis Remscheid Monchengladbach Solingen Rhein-Kreis Neuss Olpe Heinsberg Leverkusen Rheinisch-Bergischer Kreis Oberbergischer Cologne Siegen- Kreis Rhein-Erft-Kreis Wittgenstein Aachen Bonn Paderborn Hoxter Higher Yielding Markets As of FY-2017 LEG NRW 2) No. of Residential Units 39,559 1,905,824 Occupancy Rate (%) 94.0% 95.3% In-Place Rent per sqm ( ) Rent Potential 1) 5% n/a Euskirchen Source: LEG as of FY-2017, CBRE, Empirica, IT.NRW 1) Market rent (CBRE) compared to LEG portfolio 2) No. of residential units as of 2016, occupancy rate as of I May 2018
12 I. Leading Performance Attractive portfolio + operational excellence = strong rent growth L-f-l Residential Rent( /sqm/month) Rent growth drivers +2.3% Q Q % 0.5% 0.7% Cost rent adjustments Re-letting Modernisation L-f-l Free Financed Rent( /sqm/month) +3.3% +3.1% 1.9% Mietspiegel adjustments Q Q Rent restricted units: +0.2% year-on-year (like-for-like) High capital efficiency maintained (growth relative to capex) Significant growth acceleration expected in H1 High exposure to structural growth markets and respective commuter belts supports outperformance FY-2017 Well diversified mix of growth drivers (low execution risk) Growth not boosted by overspending (capex) 12 I May 2018
13 I. Leading Performance Well-maintained portfolio tailored to demand Well-Maintained Portfolio 22.0m ( 2.7/sqm) 9.0m 13.0m 41.8m ( 4.9/sqm) 22.0m 19.8m Rising potential for value enhancing capex Excess demand creates headroom for rent increases Leading capital efficiency as key value driver (rent growth relative to capital expenditure) Target return of c. 6% on modernisation projects (IRR) Q Q maintenance capex 13.9/sqm 13.7/sqm 12.9/sqm 14.0/sqm 13.8/sqm 16.1/sqm 83.1m 81.9m 76.9m 85.5m 89.1m 114.2m 18.2/sqm 149.6m 22.4/sqm 187.5m in m I May maintenance capex
14 II. Attractive NRW Market NRW: economic engine in Germany with liquid labour market Key Facts Large German Corporates based in NRW Key metropolitan area in Germany, and one of the largest areas in Europe (17.7m inhabitants) Largest economy: Germany in Europe, NRW in Germany Germany s economic powerhouse generating approx. 21% of German GDP Bielefeld Gutersloh Essen Mulheim/Ruhr Düsseldorf Leverkusen Cologne Bonn About one third of the largest companies in Germany are based in NRW (8 of the DAX30 companies and 18 of Germany s 50 largest companies by revenue in 2014) Robust labour market Steadily decreasing rate of unemployment since 2005 (-42%) Highest population density key advantage for efficient property management 13% 12% 11% 10% 9% 8% 7% 6% 12.0% 11.4% Decreasing Unemployment in NRW 9.5% 8.5% 8.9% 8.7% 8.1% 8.1% 8.3% 7.8% 7.7% 7.4% 7.0% Source: Federal Statistical Office, Federal Employment Agency unemployment rate 14 I May 2018
15 II. Attractive NRW Market NRW: leading position in future industries Highlights Direct investments: #1 in Germany for foreign investors 28.5% of direct investments in Germany Chemicals: #1 in Germany, #5 in Europe (sales) NRW generates 30.8% of German sales Biotechnology: #1 in Europe, #9 worldwide (patents) Highest number of biotech patent applications in Europe NRW generates 44.4% of German sales Microsystems Technology: top position 28% of all German players are located in NRW Regional focuses in Aachen, Cologne/Bonn, Münster, Ruhr area with Dortmund as a hotspot (MST Cluster is one of the largest in Europe) Nanotechnology: top position in Germany and Europe More than 200 companies, thereof 50 large companies 220 institutes (of which 9 Fraunhofer, 3 Max Planck and universities) Mobile communication: #1 in Germany NRW companies account for 83% of the German mobile communication market Education: 5 of 10 largest universities located in NRW2) e.g. RWTH Aachen, one of the largest technical universities in Europe, renowned for engineering, IT and natural sciences Key markets showing sound household growth1) Germany Inhabitants +1.7% Households +2.1% Inhabitants +2.4% Households +4.6% Inhabitants +1.8% Households +3.3% Inhabitants +2.3% Households +2.8% Gütersloh 1,270 units Dortmund 12,437 units Düsseldorf 3,476 units Mönchengladbach 6,035 units Cologne 3,902 units Inhabitants +1.8% Households +3.9% Inhabitants +2.6% Households +4.8% Bonn 2,285 units Inhabitants +2.4% Households +6.9% 1) Federal Statistical Office, 2015 vs ) Cologne, Aachen, Münster, Bochum, Duisburg/Essen. Measured by number of registered students. Source: Federal Statistical Office, winter term 2015/16 15 I May 2018
16 II. Attractive NRW Market Excellent infrastructure making NRW one of the key transport hubs in Europe Airports Two major international airports -Düsseldorf International and Cologne Bonn Airport as well as four airports with European connections are located in NRW Düsseldorf International Airport is the 3 rd largest passenger airport in Germany Cologne Bonn Airport is the 6 th largest passenger airport in Germany and it is also Germany's #3 air cargo center with 786,000 tons in 2016 Road network NRW accounts for 17% of Germany s motorway network, although it represents only 10% of Germany s total area NRW lies at the intersection of important national and European routes and accounts for more than 25% of German traffic A network of approx. 2,200 kilometers of freeway, 4,500 kilometers of federal highways, 9,800 kilometers of district highways and 13,100 kilometers of state highways forms a good infrastructure Rail network The densest rail network in Germany with a length of more than 6,000 kilometers Rhein-Ruhr-Express (starts in ) is going to improve the connection between the Rhineland and Ruhr Area with trains running in a 15 minute interval The transhipmentstation in Cologne is Germany's biggest container terminal for combined rail/road transports Betuwe-Route connects NRW directly to the largest European sea port of Rotterdam NRW serves as an important hub in the international highspeed rail network (e.g. Thalys to Brussels and Paris) Waterways 720 kilometers of waterways via the Rhine or the European canal system provide links to the North Sea, the Baltic, the Atlantic, the Mediterranean and the Black Sea Excellent access to the most important European ports such as Amsterdam, Emden, Hamburg, Rotterdam Europe's largest inland port is in Duisburg 16 I May 2018
17 II. Attractive NRW Market Stabilising net immigration with decreasing share of refugees ~1.0 m 1) (approx. +80% yoy) NRW Net Immigration to Germany ~25% 0.5 m 2) > 0.45 m 3) E Sources: 1) Interview with director of Federal Agency of Migration and Refugees (Aug 2016) 2) Federal Statistical Office, press release 13 Mar ) Federal Statistical Office, press release 16 Jan ) Deutsche Bundesbank 5) Federal Statistical Office, press release 2 Nov ) Bundesamt für Migration und Flüchtlinge, March 2018 and Federal Statistical Office, April m 4) Key Facts Federal Agency of Migration and Refugees collected data that net immigration of foreigners to Germany amounted to about 0.25 million in H1-2017, thereof 0.12 million non-eu nationals 3) Deutsche Bundesbank forecasts 2.5 million additional immigrants (net) for ) End of 2016, 1.6 million people seeking protection (incl. asylum seekers) were registered in Germany (+113% vs 2014), themajoritylivingin NRW (27%) 5) Stabilising net immigration expected for the years to come with decreasing share of refugees(c. -70% asylum seekers 2017 YOY; c. 0.1 million of refugees (net) in 2017 estimated) 6) Immigration is drivingoverall population growth, triggering additional growth in net new households Additional pressure on affordable housing segment Outperformanceof German economy attracts qualified new immigration Liquid labour market and affordable living as pull-factors for NRW 17 I May 2018
18 II. Attractive Market NRW population development - many cities just entering upswing phase Cities Entering Upswing Mode Index = End of declining population CAGR % Bielefeld % 0.4% 0.5% 0.6% Mönchengladbach Krefeld Dortmund Essen I May 2018
19 II. Attractive Market NRW cities showing significant upside potential 31.5% Purchasingpower 1) / household Gross rent/ household 27.2% % 24.5% Gross rent ratio 24.1% EUR 4, % 18.6% 18.2% 3,828 3,692 3,752 2,971 3,167 3,395 1, Munich* Berlin Dusseldorf Cologne Dortmund Essen NRW Source: CBRE housing market report 2016 (data as of 2015) *Own calculation based on CBRE housing market report 1) Net income pre tax and social insurance contributions and including received transfer payments 19 I May 2018
20 III. Market Leading Platform with External Growth Potential Strong acquisition track record since IPO Creating tangible value Closing Change Units In-place rent / sqm Occupancy In-place rent / sqm Occupancy In-place rent / sqm Occupancy Total Portfolio 1) 39, % % 0.48 (+9.8%) ~ +50 bp Vitus portfolio 9, % % 0.61 (+12.8%) ~ +10 bp Charlieportfolio 2) 11, % % 0.40 (+8.3%) ~ -130 bp Portfolio 1) Split bymarkets Higher-yielding markets 38% Others 1% 13% High-growth markets 48% Stable markets Attractive initial yields + operational improvements + low risk = Creation of tangible value Portfolio 1) : average in-place rents +9.8% (average 32.4 months, CAGR of 3.5%); vacancies down (-50 bps) Vitus portfolio: rent/sqm+12.8% (38.5 months, CAGR of 3.8%); vacancies -10 bps Charlie portfolio: rent/sqm +8.3% (21.3 months, CAGR of 4.6%) Lifting attractive value potential also in Stable and Higher Yielding markets 1) Acquisitions since year end 2012; excl. acquisitions in ) Charlie portfolio excl. disposal of ~2,000 units in Sep I May 2018
21 III. Market Leading Platform with External Growth Potential Scalability of platform + cost discipline support value accretive growth Strong volumegrowthat decreasingoverheadcostt Recurr. admin costs 35m # ofunits 150, ,000 90,926 94, , , , ,085 50, Tleadstoa significantdropoftheadmin. costsratio Recurr. admincosts/ net cold rent Net cold rent 12 % 10.2% 9.8% 500m 9 % 8.5% 8.4% % % 6.2% I May 2018
22 IV. Innovative Value-Added Services Leveraging LEG s strong customer base In execution Partner Partner Partner Cooperation TV, internetand telephone Joint venture(51%) Electricity, heating, metering Joint venture(51%) Small repair work Launch January 2014 Launch March 2015 Launch January 2017 Development Others to followt 22 I May 2018
23 IV. Innovative Value-Added Services Highly compelling financials FFO Contribution Services Launch Multimedia: Jan 2014 Energy Service: Mar 2015 Craftsmen services: Jan m 16m Growth drivers Increasing penetration rate Portfolio growth (acquisitions) New services Third party business Price adjustments 4.6m 6.8m 9m Principles Additional cash flow streams at low risk (operational and financial) Stay focused: selective extension of value chain complementary to letting business Value add for tenants and shareholder 0.0m E 23 I May 2018
24 V. Financials: High Profitability Financial highlights Q Net Cold Rent( m) Adj. Net Rental and Lease Income ( m) Adj. EBITDA ( m) +5.0% -2.9% -3.1% Q Q Q Q Q Q FFO I ( m) Capex-Adj. FFO I / AFFO ( m) Margin (%) -1.3% -21.1% Q Q Comment Adj. NRI Adj. EBITDA Scale effects offset by higher maintenance See above + lower admin. costs ratio Q Q Q Q FFO I AFFO See above + lower interests See above + higher growth capex 24 I May 2018
25 V. Financials: High Profitability Income statement Q million Q Q Net rental and lease income Net income from the disposal of investment property Net income from the valuation of investment property Higher rental income (+ 6.6m YOY/+5.0%) Decreasing net rental income due to higher maintenance expenses (+ 6.8m YOY) from a low Q level Net income from the disposal of real estate inventory No portfolio revaluation in Q1 Net income from other services Administrative and other expenses Other income Recurring admin. costs nearly stable ( 8.7m/+ 0.2m YOY) Stable personnel expenses despite wage inflation Operating earnings 89, Net finance costs Earnings before income taxes Income tax expenses Consolidated net profit Net income from fair value measurement of derivatives (+ 26.5m; thereof 26.3m from convertibles) Slightly lower cash interests ( 19.4m; - 1.5m YOY) despite rising debt volume Cash taxes (- 1.4m) 25 I May 2018
26 V. Financials: High Profitability FFO calculation Q million Q Q Net cold rent Profit from operating expenses Maintenance (externally-procured services) Staff costs Allowances on rent receivables Other Non-recurring project costs (rental and lease) Recurring net rental and lease income Recurring net income from other services Staff costs Non-staff operating costs Non-recurring project costs (admin.) Extraordinary and prior-period expenses Recurring administrative expenses Other income and expenses Adjusted EBITDA Cash interest expenses and income Cash income taxes from rental and lease FFO I (including non-controlling interests) Non-controlling interests FFO I (excluding non-controlling interests) FFO II (including disposal of investment property) Capex-adjusted FFO I (AFFO) m/+5.0% Higher share of maintenance measures in comparison to low Q level. Also some higher cost inflation Growth in staff costs mainly due to additional FTE s e.g. for crafts services and enhanced capex program Adjusted for higher maintenance recurring NRI increased by + 3.8m YOY Admin. costs nearly flat (YOY) with stable personnel expenses despite wage inflation Adjusted for higher maintenance costs + 3.8m YOY Lower interest costs (end Q1-2018:1.76% vs. 1.95% in Q1-2017) 26 I May 2018
27 V. Financials: High Profitability Leading profitability despite short term distortion from restricted units Adj. EBITDA margin FY-2017 FY-2016 m margin% m margin% As reported Gap restricted vs. unrestricted rents 1) ) /sqm: 4.74 vs in 2017, 4.67 vs in 2016 EBITDA as reported distorted by restricted units (compensation for lower rents included in interest result below the EBITDA line) Scenario analysis: closing gap between restricted vs. unrestricted rents; Adjusted EBITDA margin approx. 150 bps higher 27 I May 2018
28 V. Financials: Strong Balance Sheet Balance sheet 31 March 2018 million Investment property 9,514,1 9,460.7 Prepayment for investment property - - Other non-current assets Non-current assets 9, ,633.0 Receivables and other assets Cash and cash equivalents Current assets Assets held for sale Total Assets 10, ,013.0 Equity 4, ,112.4 Non-current financing liabilities 3, ,821.4 Other non-current liabilities 1, ,158.8 Non-current liabilities 5, ,980.2 Current financing liabilities Other current liabilities Current liabilities Total Equity and Liabilities 10, ,013.0 Additions 56.7m Reclassification - 3.7m Property tax effect: 17m Increase in receivables due to ancillary leasing costs ( 15.8m) Cash flow from operating activities 78.1m Investing activities m Financing activities m Loan proceeds 100.1m Repayment of loans m Repayment of commercial paper - 100m 28 I May 2018
29 V. Financials: Strong Balance Sheet LTV 31 March 2018 million Financial liabilities 4, ,299.6 Cash & cash equivalents Net Debt 4, ,014.2 Investment properties 9, ,460.7 Low gearing below current target LTV (up to 45%) leaves headroom for growth investments Yield compression is likely to trigger a further LTV decline in Q Properties held for sale Prepayments for investment properties - - Property values 9, ,491.6 Loan to Value (LTV) in % Pro-forma LTV post conversion in % Significant positive impact on LTV from future conversion of 1 st convertible ( 300m nominal) expected (currently -290bps) 29 I May 2018
30 V. Financials: High Profitability LT financing secures future earnings growth % Weightedavg. interest(excl. subsidisedloans), as of % 1.3% 2.0% 933m 948m Variable interest 7.1% 0m 1.6% 5m 2.8% 76m 517m 3.5% 214m 2.2% 382m 1.7% 1.7% 441m 428m 1.5% 186m 0m 266m Swaps 15.1% Fixed interest 77.8% 1) 2) 3) ff 1) 300 m convertible bond with investor put option ) Corporate bond ( 500 m) 3) 400 m convertible bond Key Facts Average debt maturity 8.1 years Interest costs Ø 1.76% Hedging ratio 92.9% Rating Baa1 (Moody s) Maturities 1-2 years 0.1% 3-5 years 18.4% 6-8 years 51.5% 9 years 30.0% 30 I May 2018
31 V. Financials: Strong Balance Sheet EPRA-Net asset value 31 March 2018 million Equity (excl. minority interests) 4, ,087.4 Effect of exercising options, convertibles and other rights m net profit 2.4m other comprehensive income (derivatives) - 1.4m others NAV 4, ,646.6 Fair value measurement of derivative financial instruments Deferred taxes 1) EPRA-NAV 5, ,805.7 Number of sharesfully-diluted incl. convertible (m) 2) EPRA-NAV per share in Goodwill resulting from synergies Adjusted EPRA-NAV (excl. goodwill) 5, ,753.0 Adjusted EPRA-NAV per share in Attractive rental yield of 5.9% leaves upside for capital growth (thereof free financed portfolio: 6.1%) Value of services business not included in NAV Scenario: additional value approx per share (discount rate of 4.0%-6.0%) 3) 1) And goodwill resulting fromdeferred taxes on EPRA-adjustments 2) Actualnumber of shares outstanding 63.19m 3) Assumption: expected 2019 FFO, growth rate of 0% 31 I May 2018
32 VI. Business Update Further capital growth on the cards Valuation uplift of some 4.0% in H expected Transaction prices reflect continued yield compression IFRS revaluation gains of around 4.0% or 370m to 390m in H1 expected Positive outlook for additional revaluation gains in Q Widespread upswing in the markets; lower growth in Higher Yielding markets suggests future upside potential Further increasing financial strength paves way for higher target payout ratio of 70% Target payoutratio increased from 65% to 70% of FFO I (starting DPS for FY-2018) Higher payoutreflects the improving financial headroom Lower regular debt amortisation (higher share of unsecured financing and lower volume of subsidised loans) Lower LTV (allows e.g. for partial debt financing of capex investments) 32 I May 2018
33 VI. Business Update Capex programme Lifting internal growth potential Total invest( /sqm) L-f-l rent growth 22.4 ~ ~ ~ 30 ~ % ~3.0% 50bp ~3.5% ~ % ~ % 90bp 50-90bp 50-90bp Regular rent growth Contribution from enhanced capex Strict investment criteria maintained IRR hurdle of6% Sole focus on Yield on Costs can trigger substantial misallocation of capital (NAV dilution) Construction work for enhanced capex programme started in Q Improving market conditions allow for larger investment volumes Instrument to capture reversionary potential in one step(especially in locations where rental laws prohibit higher one-time rent increases) 33 I May 2018
34 VI. Business Update Unlocking value potential through construction on own land Münster Four buildings with 51 units in Münster: seizing value potential through densification on vacant plots of own land Construction cost 7.7m or c. 2,200/sqm; IPR c /sqm Respecting the environment and responding to demographic changes: Low-energy buildings (64 kwh/sqm/year) located in car-free settlement with green areas and playgrounds close to the city center Living space from 46 to 82 sqm ( rooms) with barrier-free living on ground and first floors Apartments with balconies or terracies, bathrooms with daylight and at-grade shower, high quality design flooring, underfloor heating, intercom systems, electric shutters Further opportunities Two larger projects in planning phase (in Cologne, Essen); pipeline with a total volume of c.800 units, yield on cost >4.5% 34 I May 2018
35 VI. Outlook for FFO I 315m - 323m / per share EBITDA margin ~73% L-F-L rent growth 3.0% L-F-L vacancy slightly decreasing Investments ~ 29-30/sqm Dividend 70 % of FFO I 2019 FFO I 338m - 344m / per share EBITDA margin ~74% L-F-L rent growth ~3.5% Investments ~ 29-30/sqm Mid-term L-F-L rent growth % 35 I May 2018
36 VI. Outlook for Steady expansion of leading profitability FFO I per share( ) e *at mid point FFO I per share CAGR e*: +12.2% (excl. future acquisitions) 2019e EBITDA Margin 64.3% 66.5% 67.3% 69.5% 72.1% ~73% ~74% e 2019e 36 I May 2018
37 VI. Attractive Dividends from Robust Cash Flows NAV per share( ), excl. goodwill Dividend per share( ) I May 2018
38 LEG Share Information Basic data Well-balanced shareholder structure Prime Standard, Frankfurt Stock Exchange Total no. of shares: 63,188,185 Ticker symbol: LEG ISIN: DE000LEG1110 Indices: MDAX, FTSE EPRA/NAREIT, GPR 250, Stoxx Europe 600 Weighting ( ): MDAX 2.76%; EPRA 2.67% Rating: Baa1 (stable) by Moody s Share price ( , indexed; = 100) BlackRock 10.1% MFS 9.3% BNP Paribas Asset Management 3.2% AXA S.A. 3.0% Other free float 74.4% EPRA Germany LEG Source: LEG; shareholdings according to voting rights notifications 38 I May 2018
39 Capital Market Financing Corporate Bond Convertible Bond Issue Size EUR 500m 2014/ /2025 Issue Size EUR 300m EUR 400m Term / Maturity Date 7 years / 23 January 2024 Term / Maturity Date 7.2 years / 1 July years / 1 September 2025 Coupon % p.a. Coupon % p.a % p.a. Issue % Initial Conversion EUR EUR Price Price Initial Re-offer Yield % Adjusted Conversion Price EUR (as of 18 May 2017) -- Financial Covenants ISIN WKN Incurrence-based: Net financial debt / total assets 60% Secured financial debt / total assets 45% 1) Unencumbered assets / unsecured financial debt 125% 1) Maintenance-based: Adj. EBITDA / net cash interest 1.8x XS A2E4W8 Investor Put 1 July Issuer Call From 22 July 2019, if the LEG shareprice exceeds 130 % of the then applicable conversion price From 22 September 2022, if the LEG shareprice exceeds 130 % of the then applicable conversion price ISIN DE000LEG1CB5 DE000A2GSDH2 WKN LEG1CB A2GSDH 1) After 31 July I May 2018
40 Financial Calendar Date Report/Event Quarterly Report Q1 as of 31 March Roadshow London, Deutsche Bank Annual General Meeting, Düsseldorf Kepler Cheuvreux German Property Day, Paris Kempen European Property Seminar, Amsterdam Deutsche Bank dbaccess Conference, Berlin Morgan Stanley Europe & EMEA Property Conference, London Quarterly Report Q2 as of 30 June Quarterly Statement Q3 as of 30 September I May 2018
41 Contact Investor Relations Burkhard Sawazki Head of Investor Relations & Strategic Business Analysis Tel: +49 (0) Karin Widenmann Manager Investor Relations & Strategic Business Analysis Tel: +49 (0) Benedikt Kupka Manager Investor Relations & Strategic Business Analysis Tel: +49 (0) LEG ImmobilienAG Phone: +49 (0) Hans-Boeckler-Str. 38 Fax: +49 (0) Düsseldorf, Germany 41 I May 2018
42 Appendix
43 LEG Management Board Thomas Hegel CEO Eckhard Schultz CFO Holger Hentschel COO Responsibilities Corporate Development New Business / Acquisitions Corporate Communication Legal, Internal Audit & Compliance Human Resources IT Executive and Supervisory Board Office Central Services Finance & Treasury Corporate Finance Investor Relations Controlling & Risk Management Accounting & Tax Portfolio Management Asset and Property Management Rent Management Procurement Capex / Opex Management Integration Energy Services & Repairs Management With LEG In Industry Since 2006 Since 2009 Since 1987 Since 1988 Since 1993 Since I May 2018
44 Portfolio Structure 31 March 2018 ConstructionYears Free Financed/ RentRestrictedUnits 1) After % 6% 11% Until 1949 Rent restricted units 27% 58% % Free financed units BuildingTypes 2) Apartment Size 2) Low Rise 31% Medium sized sqm 28% > 90 sqm 5% <40 sqm 5% sqm 41% High Rise 2% 66% sqm 21% 1) Based on number of buildings. Buildings are measured by entrances. 2) Refers to housing only. 44 I May 2018
45 Portfolio Sound property fundamentals basis for value growth As of Market High- Growth Markets Residential Units GAV Residential Assets ( m) % of Total Residential GAV GAV/ sqm ( ) In-Place Rent Multiple Multiples, Estimated Rental Values GAV Commercial/ Other Assets ( m) Total GAV 41,298 4,216 46% 1, x 18.1x 206 4,422 Stable Markets 47,569 2,842 31% x 14.1x 99 2,941 Higher- Yielding Markets 39,491 1,926 21% x 13.0x 57 1,983 Subtotal NRW 128,358 8,983 98% 1, x 15.4x 362 9,346 Portfolio outside NRW 1, % 1, x 15.5x Total Portfolio 130,208 9, % 1, x 15.4x 364 9,492 Other Assets Total 9, I May 2018
46 High Quality Portfolio Classification of micro markets High Growth Markets Stable Markets with Attractive Yields Higher Yielding Markets Population Growth % (0.4)% (0.4)% Household Forecast (%) 1) 6.2% (0.6)% (6.1)% Purchasing Power Index Employment Growth (%) 7.2% 5.5% 3.8% Market Vacancy 2015 (unweighted) 2.6% 3.7% 4.7% Rhein-Erft-Kreis Bonn Düsseldorf Rhein-Sieg-Kreis Gütersloh, district Cologne Münster Rhein-Kreis Neuss Coesfeld, district Rheinisch-Bergischer Kreis Kleve, district Paderborn, district Steinfurt, district Heinsberg, district Aachen, city region Borken, district Euskirchen, district Bielefeld Mettmann, district Leverkusen Soest, district Mülheim (Ruhr) Dortmund Wesel, district Warendorf, district Olpe, district Oberbergischer Kreis Essen Düren, district Viersen, district Solingen Unna, district Siegen-Wittgenstein, district Mönchengladbach Hamm Wuppertal Krefeld Ennepe-Ruhr-Kreis Minden-Lübbecke, district Herford, district Oberhausen Hochsauerlandkreis Lippe, district Bottrop Bochum Recklinghausen, district Märkischer Kreis Höxter, district Herne Remscheid Hagen Duisburg Gelsenkirchen Sources: inwis, BBSR, Empirica, CBRE 1) Excludes immigration Population Households Buying power Contributors to social insurance Rent Vacancy 46 I May 2018
47 Portfolio Overview Above inflationary rent growth and high occupancy EPRA-vacancy of 2.8% (l-f-l) as of FY-2017 Significant rent upside 1) potential with current in-place rents of 5.50/sqm/month (as of FY-2017), approx. 10% below market rent levels In-place rent for unrestricted units has increased by approx. 4.1% (l-f-l) yoy, outperforming inflation Market (FY-2017) Residential Units % of total rent Rent /sqm Market rent 3) /sqm % tomarket 1) EPRA-Vacancy Rent CAGR last 5 yrs (lfl)* Occup. CAGR last 5 yrs* High Growth Markets 41,000 46% % 1.7% 2.8% 4.7% Stable Markets With Attractive Yields Higher Yielding Markets 47,650 31% % 3.5% 2.4% 8.7% 39,559 21% % 6.0% 2.6% -1.1% Total 2) 130, % % 3.5% 2.7% 3.5% Market (FY-2017) % Subsidised units Rent /sqm EPRA- Vac. (%) Rent CAGR last 5 yrs (lfl)* Occ. change last 5 yrs* % free financed units Rent /sqm EPRA- Vac. (%) Rent CAGR last 5 yrs (lfl)* Occup. CAGR last 5 yrs* High Growth Markets Stable Markets With Attractive Yields 31% % 1.0% 12.3% 69% % 3.8% 1.1% 29% % 1.0% 14.5% 71% % 3.3% 6.4% Higher Yielding Markets Source: LEG, CBRE * As of FY-2017 and FY-2012 Note: Rent change free financed/subsidised is same store. 1) rent upside is defined as the difference between LEG in-place rent and market rent, the latter of which is an indicator of an average rent value that could theoretically be achieved, not implying that an adjustment of the in-place rent to the market rent is feasible, as stringent legal and contractual restrictions regarding rent increases exist. 2) Total includes an additional 1,895 residential units located outside NRW 3) Cf. Footnote 1 for a definition of market rent 47 I May % % 0.9% 6.1% 79% % 4.0% -3.3% Total 2) 27% % 1.0% 11.0% 73% % 3.6% 0.5%
48 Portfolio Overview Well-balanced portfolio with significant growth potential Units Gross Asset Value Rental Income 1% 2% 2% By Market 30% 32% 21% 46% 26% 37% 37% 31% 35% High Growth Markets Stable Markets with Attractive Yields Higher Yielding Markets Non-NRW Markets Restricted Subsidised 26% Subsidised 27% Subsidised 24% vs. Unrestricted Freefinanced 74% Freefinanced 73% Freefinanced 76% 48 I May 2018
49 Leading Performance Capex Watch thevaluetraps Measure Life cycle Investment / apartment(in ) IRR at 7% yield on costs Requiredyieldon costs(6% IRR) Rentincreasein % Floor covering 15 years 1, % 10.3% 2.6% Bathroom 30 years 5, % 7.3% 8.5% Kitchen 10 years 3,000 negative 13.6% 9.5% Conclusion for LEG: Bottom-up investment approach with strict IRR targets Capital displine is key not overpaying for growth 49 I May 2018
50 Rent revisionary potential Refinancing of subsidised loans lifting value Rent Potential Subsidised Units In the following 10 years more than 25,000 units will come off rent restriction Units show significant upside to market rents Number of Units Coming Off Restriction and Rent Upside # Units 17,760 2,730 c. 8,100 1,737 1, ff Subject to general legal and other restrictions, the economic upside can theoretically be realised the year after restrictions expire 10 years 76.5% 5 years 15.7% 6-10 years 7.8% Spread to Market Rent /sqm /month ff 5 years 2) 6 10 years 2) 10 years 2) In-place rent Market rent 1) Upside potential 3) 36% 29% 27% Upside potential p.a. 3) 7.6m 2.7m 27.5m Source: LEG as of Q ) Employed by CBRE as indicator of an average rent value that could theoretically be achieved, not implying that an adjustment of the in-place rent to the market rent is feasible, as stringent legal and contractual restrictions regarding rent increases exist. 2) 5 years = ; 6-10 years = ; 10 years = 2028ff. 3) Rent upside is defined as the difference between LEG in-place rent as of FY-2017 and market rent (defined in footnote 1) as of FY I May 2018
51 Rent Regulation (I) Free financed units Existing contracts rent increase by max. 20%(15% cap in 59 NRW cities) within 3 years; limit: local reference rent 1) after modernization: annual rent can be increased by 11% of modernization costs (modernization charge) New contracts markets without rental cap: no regulation in tensemarkets 2) therental cap (Mietpreisbremse) applies: max. 10% on local reference rent 1) Low impact of rental cap on LEG: 23% of free financed units or 17% of total portfolio concerned NRW government intends to abolish 15% cap NRW government intends to abolish the rental cap Future changes according to new coalition agreement of Federal Government Mietspiegel: extension of validity period from 2 to 3 years (qualified Mietspiegel only); review of reference period (currently 4 years) Modernization: reduction of modernization charge from 11% to 8% (only applicable in cities with 15% cap for rent increases; review after 5 years); rent increase max. 3 per sqmover a period of six years Reletting: mandatory disclosure of previous tenant s rent Mietpreisbremse: assessment of its suitability and effectiveness by the end of ) Based on rent table (Mietspiegel) or 3 comparable units or expert s report 2) 22 cities in NRW: Aachen, Bielefeld, Bocholt, Bonn, Brühl, Düsseldorf, Erkrath, Frechen, Hürth, Kleve, Cologne, Langenfeld, Leverkusen, Meerbusch, Monheim, Münster, Neuss, Paderborn, Ratingen, Sankt Augustin, Siegburg, Troisdorf 51 I May 2018
52 Rent Regulation (II) Rent restricted units Cost rent adjustment every third year (i.e., 2017, 2020, 2023) after full repayment of the underlying subsidised loan, the residential unit gets out of rent restriction and the regulation for free financed units applies in the case of early repayment, rent restriction continues for another 10 years (tenant protection); after this period, the regulation for free financed units applies Advantages of early repayment earlier transition of subsidised unit into free financed segment immediate positive valuation effect(dcf model) 52 I May 2018
53 Mietspiegel Overview New Mietspiegel in 2018 Release date 2018 (Q1) High-Growth Markets 3,516 units (mainly Bielefeld) 2018 (Q2) 1,142 units 2018 (Q3) 2018 (Q4) 2,542 units (mainly Bonn) 5,715 units (mainly Düsseldorf) Stable Markets 3,990 units (mainly Essen) 3,148 units (mainly Solingen) - Higher-Yielding Markets 1,449 units (Detmold) 2,466 units (mainly Herten, Dorsten) 2,288 units (mainly Remscheid) Total Portfolio 8,955 units 6,756 units 4,830 units - - 5,715 units Total 1 12,915 units 7,138 units 6,203 units 26,256 units Thereof: - Bielefeld - Bonn - Dorsten - Düsseldorf - Essen - Hagen - Herten - Lünen - Remscheid - Solingen 3,254 units 2,283 units 5,258 units 3,117 units 792 units 1,492 units 1,192 units 1,212 units 1,274 units 2,212 units Sub-portfolios also include restricted units 53 I May 2018
54 NRW Household and Ownership Insights Supply and demand drivers in favour of LEG s product NRW HouseholdGrowth ) People Households (m) >2 People Households (m) Residential Ownership Split in Germany (%) 2) Owner Occupied 43% Private 8% Private/Small 37% Professionals 20% 7.0 Cooperatives 5% Public 6% Drivers of Supply and Demand Low home ownership of approx. 43% in NRW 3) (45% in Germany 4) ) provides for consistent demand Structural long-term demand growth: 10.3% growth of 1-2-people households expected in NRW ( ). Process driven by decrease of average household size (2.04 in 2014 vs in 2008) Current strong net immigrationnot yet reflected in long term demographic forecasts High demand for affordable living product. Approx. 50% of households with income of less than 2,000 per month LEG has the right product that addresses needs of majority of households: average net rent of only approx. 350 per apartment per month and 40 years of experience in addressing the needs of immigrant tenants Majority of tenants are 1-2 people households (more than 70%) Church <1% LEG approx.: <1% oftotal market / 2% ofprofessionals Source: Federal Statistical Office, BBSR, IDN Immodaten, DTZ, NRW, IT.NRW 1) it.nrw; Number of households in millions based on micro census as of ) GdW 07/2016, census ) Federal Statistical Office 2016, census ) IVD real estate association 54 I May 2018
55 Portfolio Valuation H Broadbased valuation uplifts gaining traction Breakdown Revaluation Gains Value drivers Rent& vacancy development 171 m Discount rate 383 m Repayment of subsidized loans 101 m Others (e.g. cost adjustments) -13 m 642 m Allocation capital growth Revaluation gains 557 m thereof repayment of subsidized loans 101 m Capex 85 m Valuation Uplift by Markets Valuation uplift H2-17 Gross yield High-growth markets 7.1% (15.5% in FY-17, l-f-l) 4.7% Stable markets 6.5% (12.5% in FY-17, l-f-l) 6.5% Higher-yielding markets 4.5% (8.8% in FY-17, l-f-l) 7.3% Total portfolio 6.3% (13.0% in FY-17, l-f-l) 5.9% Increasingly positive momentum in the B-cities Reported IFRS values show still significant gap to recently observed market transactions/ asking prices 55 I May 2018
56 Thank you for your interest.
CAPTURE CHANCES DRIVE INNOVATION
CAPTURE CHANCES DRIVE INNOVATION LEG Immobilien AG 8May 2018 Q1-2018 Results Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate
More informationCAPTURE CHANCES DRIVE INNOVATION
CAPTURE CHANCES DRIVE INNOVATION LEG Immobilien AG 10 August 2018 H1-2018 Results Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate
More informationCAPTURE CHANCES DRIVE INNOVATION
CAPTURE CHANCES DRIVE INNOVATION LEG Immobilien AG 9 November 2018 9M-2018 Results Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate
More informationCAPTURE CHANCES DRIVE INNOVATION
CAPTURE CHANCES DRIVE INNOVATION LEG Immobilien AG 8 March 2018 FY-2017 Results Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate
More informationLEG Immobilien AG Q1 Results 2014
LEG Immobilien AG Q1 Results 2014 15 th May 2014 Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained
More informationLEG Immobilien AG H1 Results 2015
LEG Immobilien AG H1 Results 2015 14 th August 2015 Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained
More informationLEG Immobilien AG. October 2017
LEG Immobilien AG October 2017 Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair
More informationLEG Immobilien AG. May 2017
LEG Immobilien AG May 2017 Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and
More informationLEG Immobilien AG. December 2017
LEG Immobilien AG December 2017 Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair
More informationLEG Immobilien AG March 2018
CAPTURE CHANCES DRIVE INNOVATION LEG Immobilien AG March 2018 Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions
More informationLEG Immobilien AG August 2018
CAPTURE CHANCES DRIVE INNOVATION LEG Immobilien AG August 2018 Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the
More informationLEG Immobilien AG October 2018
CAPTURE CHANCES DRIVE INNOVATION LEG Immobilien AG October 2018 Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the
More informationLEG Immobilien AG November 2018
CAPTURE CHANCES DRIVE INNOVATION LEG Immobilien AG November 2018 Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the
More informationas of Quarterly Report
Quarterly Report as of KEY FIGURES KEY FIGURES LEG IMMOBILIEN AG table 1 Key figures 01.04. 01.04. +/ %/bp 01.01. 01.01. +/ %/bp RESULTS OF OPERATIONS Rental income 94.7 88.9 6.5 189.0 178.1 6.1 Net rental
More informationQuarterly Statement A S O F
Quarterly Statement AS OF KEY FACTS Q3 / 2017 T 1 Key facts RESULTS OF OPERATIONS Q3 2017 Q3 2016 + / % / bp 01.01. 01.01. 30.09.2016 Rental income million 134.7 131.9 2.1 398.4 381.3 4.5 Net rental and
More information16 mm 210 mm 196 mm T 2 R O P E L R A U N N EG A L Keep growing. owing. Keep gr A N N UA L R E P O RT
Keep growing. ANNUAL REPORT 2016 Key facts 2016 KEY FACTS 2016 T 1 Key facts RESULTS OF OPERATIONS 2016 2015 + / % / bp Rental income million 511.7 436.1 17.3 Net rental and lease income million 373.1
More information9M 2018 RESULTS 09 NOVEMBER 2018 TLG IMMOBILIEN AG 9M 2018 RESULTS
TLG IMMOBILIEN AG 9M 208 RESULTS DISCLAIMER This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of TLG IMMOBILIEN ("Forward-Looking
More informationDeutsche Wohnen SE.» 9M 2017 results. Conference Call, 14 November 2017
Deutsche Wohnen SE» 9M 2017 results Conference Call, 14 November 2017 1 » Agenda 1 Highlights 9M 2017 2 Portfolio 3 Financials 4 Appendix 2 » Highlights 9M 2017 Strong operating business L-f-l rental growth
More informationQuarterly Report as of 31 st March LEG Immobilien AG
Quarterly Report as of 31 st March 2013 LEG Immobilien AG 2 KEY FIGURES HIGHLIGHTS 01.01.-31.03.2013 01.01.-31.03.2012 Change Result of operations Rental income 89.2 Mio. 85.6 Mio. 4.3 % Net rental and
More information13 th Kepler Cheuvreux German Corporate Conference Frankfurt, 22 January 2014 Rolf Buch, CEO
1 Syndicate Analyst Presentation May 2013 13 th Kepler Cheuvreux German Corporate Conference Frankfurt, 22 January 2014 Rolf Buch, CEO Deutsche Annington: Innovation leader based on a long-term vision,
More informationFINANCIAL STATEMENTS. For the year ended December 31, 2013
2013CONSOLIDATED FINANCIAL STATEMENTS For the year ended December 31, 2013 BOARD OF DIRECTORS REPORT REPORT OF THE RÉVISEUR D ENTREPRISES AGRÉÉ (INDEPENDENT AUDITOR) OF COMPREHENSIVE INCOME OF FINANCIAL
More informationFY2016 Earnings Call March 7, 2017 Rolf Buch, CEO Dr. A. Stefan Kirsten, CFO
March 7, 2017 Rolf Buch, CEO Dr. A. Stefan Kirsten, CFO Highlights FFO Growth 2016 FFO1 per share * up 25.1%, driven by internal growth. 10% organic FFO1 growth guided for 2017 (i.e. excluding conwert).
More informationCONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS H1JUNE 30, 2015 BOARD OF DIRECTORS REPORT CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2015 1 CONTENT Board of Directors Report 2-31
More informationConference call presentation Q
Conference call presentation Q1 2018 2018 Content 2 I. TAG highlights Q1 2018 II. TAG financials Q1 2018 III. TAG portfolio Q1 2018 IV. TAG outlook FY 2018 V. Appendix 3 5 12 16 19 Portfolio details, vacancy
More informationANNUAL RESULTS 2015 MARCH 22, 2016
ANNUAL RESULTS 2015 MARCH 22, 2016 01 OVERVIEW & INVESTMENT HIGHLIGHTS Overview ADO the pure-play Berlin residential specialist Investment highlights 1 2 3 4 Berlin residential pure play with a 1.5bn quality
More informationINTERIM FINANCIAL REPORT. First Quarter of 2014
INTERIM FINANCIAL REPORT First Quarter of 2014 million 3M 2014 3M 2013 Change (%) Key Figures Rental income 180.5 182.0 0.8 Adjusted EBITDA Rental 109.5 109.3 0.2 Income from disposal of properties 60.2
More informationCompany Presentation. January 2018
Company Presentation January 2018 Disclaimer This document is for informational purposes only. This document is not intended to form the basis of any investment decision and should not be considered as
More informationDeutsche Wohnen AG.» Company presentation. September 2012
Deutsche Wohnen AG» Company presentation September 2012 1 » Agenda 1 Major highlights in H1/2012 2 BauBeCon acquisition 3 Proven asset and portfolio management track record in connection with the right
More informationCORESTATE Capital Group
CORESTATE Capital Group Q3 2017 Earnings Presentation November 2017 Disclaimer This presentation contains forward-looking statements that involve a number of risks and uncertainties. Such statements are
More information9M 2013 Results. November 6, 2013
Deutsche Annington Immobilien SE 9M 2013 Results November 6, 2013 Deutsche Annington Immobilien SE 06.11.2013 Disclaimer Confidentiality Declaration This presentation has been specifically prepared by
More informationQ Results. Conference Call Dusseldorf, 30 April Rolf Buch, CEO Dr. A. Stefan Kirsten, CFO
Deutsche Annington Immobilien SE Q1 2014 Results Conference Call Dusseldorf, 30 April 2014 Rolf Buch, CEO Dr. A. Stefan Kirsten, CFO Deutsche Annington Immobilien SE 30.04.2014 Presenting today Rolf Buch
More informationGermany Property Refocus on Fundamentals; Initiating on German Residential Property
INDUSTRY NOTE Germany Property & Real Estate Germany Property Germany Property Refocus on Fundamentals; Initiating on German Residential Property Key Takeaway With the sector down by 2 from peak valuations
More informationFIRST QUARTER 2017 INTERIM STATEMENT
DEMIRE Deutsche Mittelstand Real Estate AG FIRST QUARTER 2017 INTERIM STATEMENT Fiscal Year January 1 Dezember 31 2017 Foreword of the Executive Board Dear Shareholders, With the quarterly statement for
More informationCapital Markets Day 2016 / Essen / June 6 th Modernization Frederic Neumann / Managing Director Vonovia South
Capital Markets Day 2016 / Essen / June 6 th 2016 Modernization Frederic Neumann / Managing Director Vonovia South Agenda Portfolio strategy & modernization track record From a single product program to
More informationNINE MONTHS FINANCIAL RESULTS NOVEMBER 19, 2015
NINE MONTHS FINANCIAL RESULTS NOVEMBER 19, 2015 01 ADO OVERVIEW AND INVESTMENT HIGHLIGHTS Overview ADO the pure play Berlin residential specialist Investment highlights 1 2 3 Berlin residential pure play
More informationP R E S E N T A T I O N H1/ A U G U S T
P R E S E N T A T I O N H1/2014 0 5 A U G U S T 2 0 1 4 D I S CLAIMER The statements contained herein may include statements of future expectations and other forward-looking statements that are based on
More informationBERLINSIDERS HALF YEAR FINANCIAL REPORT
2 0 1 7 BERLINSIDERS HALF YEAR FINANCIAL REPORT 2017 KEY FIGURES HALF YEAR FINANCIAL REPORT 2017 KEY FIGURES KEY BALANCE SHEET FIGURES In EUR thousand Jun 30, 2017 Dec 31, 2016 Fair value of properties
More informationQ1 Results Conference Call May 29, 2008
Q1 Results 2008 Conference Call May 29, 2008 Agenda Operational Update Financial Highlights Outlook 2 Agenda Operational Update Financial Highlights Outlook 3 Portfolio Overview Deutsche Wohnen Group Residential
More informationACCENTRO Real Estate AG
ACCENTRO Real Estate AG Germany s Market Leader in Residential Property Privatisation Company Presentation, 6th November 2018 Interim Financial Report for the 3rd quarter 2018, 30th September 2018 ACCENTRO
More informationFINANCIAL RESULTS Q3 2018
FINANCIAL RESULTS Q3 2018 November 14, 2018 OVERVIEW & INVESTMENT HIGHLIGHTS Chapter 01 Kapitel Titel ADO THE PURE PLAY BERLIN RESIDENTIAL SPECIALIST Investment highlights 1 Berlin residential pure play
More informationUBS Global Real Estate CEO/CFO Conference. December 1/2, 2015
UBS Global Real Estate CEO/CFO Conference December 1/2, 2015 01 ADO OVERVIEW AND INVESTMENT HIGHLIGHTS Overview ADO the pure play Berlin residential specialist Investment highlights 1 2 3 Berlin residential
More information2017 HALF YEAR 25 JULY 2017
2017 HALF YEAR RESULTS 25 JULY 2017 Strong financial results and robust balance sheet Driving performance through operational excellence and disciplined capital allocation High quality pipeline of growth
More informationStrategic Financing of a Listed Company
Strategic Financing of a Listed Company Christian Hillermann ADLER Real Estate AG Dr. Sven Janssen Oddo Seydler Bank AG Contents ADLER Real Estate AG company presentation 1. Company highlights 2. Event
More informationFINANCIAL RESULTS Q2 2018
FINANCIAL RESULTS Q2 2018 August 15, 2018 OVERVIEW & INVESTMENT HIGHLIGHTS Chapter 01 Kapitel Titel ADO THE PURE PLAY BERLIN RESIDENTIAL SPECIALIST Investment highlights A focused residential portfolio(,4)
More informationCORESTATE Capital Group
CORESTATE Capital Group A Fully Integrated Real Estate Investment Manager As of Q3 2016 1 CORESTATE at a Glance Real Estate Investment Management Platform Real estate investment manager specialized in
More informationCatella Research. Housing Market Ranking Germany 2015 Regional Housing Markets under the Microscope
Catella Research Housing Market Ranking Germany 2015 Regional Housing Markets under the Microscope About Catella Catella is a leading financial advisor and asset manager in Europe, active in the property,
More informationPRELIMINARY INDICATION FOR FULL YEAR 2012 RESULT
PRELIMINARY INDICATION FOR FULL YEAR 2012 RESULT JANUARY 2013 AGENDA OVERVIEW OF EXTRAORDINARY EFFECTS AND IMPACT ON 2012 RESULT 1 2 EBT TARGET OF 50 MIO IN 2012 WRITE DOWN OF GOODWILL AND INTANGIBLE ASSETS
More informationFY2017 Annual General Meeting 19 April 2018
FY2017 Annual General Meeting 19 April 2018 Agenda Key Highlights About Tikehau Capital European Market Review Portfolio Overview Financial Highlights Conclusion 2 Key Highlights FY2017 Key Highlights
More informationSummary 1-2. Chairman's and Managing Director's report 3-9. Independent auditor s review report 10
REPORT AND ACCOUNTS June 2018 INDEX Page Summary 1-2 Chairman's and Managing Director's report 3-9 Independent auditor s review report 10 Condensed Consolidated Statements of Financial Position 11-12 Condensed
More informationCondensed Interim Consolidated Financial Statements
Condensed Interim Consolidated Financial Statements FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2018 Berlin Munich Condensed Interim Consolidated Financial Statements FOR THE NINE MONTH PERIOD ENDED
More informationCPI PROPERTY GROUP first-time investment grade rating by Moody s, issuance of Eurobonds and initiation of large-scale refinancing operation
Press Release Luxembourg, 27 November 2017 CPI PROPERTY GROUP first-time investment grade rating by Moody s, issuance of Eurobonds and initiation of large-scale refinancing operation Capital markets and
More informationDeutsche Wohnen SE.» Full year results Conference Call, 23 March 2018
Deutsche Wohnen SE» Full year results 2017 Conference Call, 23 March 2018 1 » Table of content 1 Highlights 2017 2 Portfolio & valuation update 3 Financials 4 Guidance 5 Appendix 2 » Highlights FY 2017
More informationCORESTATE Capital Group A Leading Real Estate Investment Manager
CORESTATE Capital Group A Leading Real Estate Investment Manager H1 2017 Earnings Presentation 16 August 2017 Page 1 CORESTATE Capital Holding S.A. Disclaimer This presentation contains forward-looking
More informationCORESTATE Capital Group A Fully Integrated Real Estate Investment Manager
CORESTATE Capital Group A Fully Integrated Real Estate Investment Manager 1 CORESTATE at a Glance Real Estate Investment Management Platform Real estate investment manager specialized in the creation and
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION Table of Contents Introduction to SEGRO 3 Market drivers 10 High quality development pipeline 15 Balance sheet and financing 21 Operating performance 26 Portfolio overview 30 APP
More information10th Annual General Meeting. Vienna, 20 May 2011
10th Annual General Meeting Vienna, 20 May 2011 Market overview and company development 2010 Earnings performance and balance sheet indicators 2010 Implementation of strategy Overview 1 st Quarter 2011
More informationCompany presentation November 2017
Company presentation November 2017 1 CONTENT Content I. TAG overview and strategy 3 2 II. III. IV. TAG portfolio TAG services business TAG return on capex 7 12 16 V. TAG acquisitions and disposals 21 VI.
More informationRoadshow Presentation. Dr. Rüdiger Mrotzek Hans Richard Schmitz January 2016
Roadshow Presentation Dr. Rüdiger Mrotzek Hans Richard Schmitz January 2016 Creating sustainable shareholder value Key investment highlights Increasing portfolio quality Enhancing efficiency, increasing
More informationGrowing Assets Q Figures
2014 Growing Assets Q1 2014 Figures CONTENT Content 22 I. TAG Highlights FY 2013 / Q1 2014 3 II. TAG Strategy/ Efficiency: Growth and Margins 5 III. TAG Achievements: Vacancy reduction / rent increases
More informationPrime Office REIT-AG EXCELLENCE IN GERMAN REAL ESTATE. Roadshow FY 2011 results Zurich, London, Frankfurt, Brussels, Paris and Amsterdam April 2012
Prime Office REIT-AG EXCELLENCE IN GERMAN REAL ESTATE Roadshow FY 2011 results Zurich, London, Frankfurt, Brussels, Paris and Amsterdam April 2012 0 Disclaimer The statements contained herein may include
More informationKempen conference. Amsterdam 30 May 2013
Kempen conference Amsterdam 30 May 2013 Company snapshot Description Dutch REIT: NSI is a real estate asset management company and qualifies as fiscal investment institution under Dutch law (REIT) Full
More informationDeutsche Wohnen SE.» Q results. Conference Call, 15 May 2018
Deutsche Wohnen SE» Q1 2018 results Conference Call, 15 May 2018 1 » Agenda 1 Highlights Q1 2018 2 Portfolio 3 Financials 4 Appendix 2 » Highlights Q1 2018 Operating business remains strong L-f-l rental
More informationHamburg. Düsseldorf Cologne. Frankfurt. Stuttgart. Munich. *As at September 23, 201 5
Hamburg Düsseldorf Cologne Frankfurt Stuttgart Munich *As at September 23, 201 5 2 Key metrics Occupancy 86.1% 85.3% Average in-place net rent per sf (1) 9.39 8.86 Average inplace rents 6% since Q4 2014
More informationHousing as a commodity? Operative behavior of German publicly listed housing organizations Presenter: Prof. Dr. Stefan Kofner, MCIH Tirana, 05.
Housing as a commodity? Operative behavior of German publicly listed housing organizations Presenter: Prof. Dr. Stefan Kofner, MCIH Tirana, 05. September, 2017 1. Publicly listed housing organizations
More informationDeutsche Wohnen SE. Full Year Results 2018 Conference Call 26 March 2019
Deutsche Wohnen SE Full Year Results 2018 Conference Call 26 March 2019 Agenda 01 02 03 04 Highlights Market and Portfolio Financials and Outlook Appendix deutsche-wohnen.com 2 Highlights FY 2018 Operating
More informationLEG Immobilien AG, Dusseldorf separate financial statement. (formerly LEG Immobilien GmbH; formerly Lancaster GmbH & Co. KG)
LEG Immobilien AG, Dusseldorf separate financial statement (formerly LEG Immobilien GmbH; formerly Lancaster GmbH & Co. KG) Management report as of December 31, 2012 and Financial statement as of December
More information12 th Annual General Meeting. + Vienna, 8 May 2013
12 th Annual General Meeting + Vienna, 8 May 2013 conwert is a fully integrated real estate company focusing on residential properties and apartment buildings in Germany and Austria. This focus is complemented
More informationFY 2016 Results. 28 April DEMIRE Deutsche Mittelstand Real Estate AG April 2017
FY 2016 Results 28 April 2017 Agenda Section Page Highlights 2016 3 Market Update 4 Portfolio Performance 5 Key Financials 9 Strategic Review and Next Steps 12 Share Information 13 Contact Details 14 2
More informationAgenda. About IREIT Global. Key Highlights. Portfolio Summary. Economy & Real Estate Review. Looking Ahead. Appendix : Overview of Tikehau Capital
4Q 2017 and FY 2017 Results Presentation 14 February 2018 Agenda About IREIT Global Key Highlights Portfolio Summary Economy & Real Estate Review Looking Ahead Appendix : Overview of Tikehau Capital 2
More informationDEMIRE Deutsche Mittelstand Real Estate AG
DEMIRE Deutsche Mittelstand Real Estate AG First in Secondary Locations April 2017 DEMIRE Deutsche Mittelstand Real Estate AG April 2017 Agenda and Presentation Team Section Page Company Overview 4 Andreas
More informationINTERIM REPORT ON THE 3RD QUARTER GROWING CASHFLOWS
INTERIM REPORT 2017 ON THE 3RD QUARTER GROWING CASHFLOWS 2 Group financials Group financials 3 GROUP FINANCIALS in EUR m 01 / 01 09 / 30 / 2017 01 / 01 09 / 30 / 2016 Income statement key figures Rental
More informationDREAM GLOBAL REIT ANNOUNCES TRANSFORMATIONAL ACQUISITION IN THE NETHERLANDS FOR $903 MILLION AND $300 MILLION PUBLIC OFFERING OF UNITS
DREAM GLOBAL REIT ANNOUNCES TRANSFORMATIONAL ACQUISITION IN THE NETHERLANDS FOR $903 MILLION AND $300 MILLION PUBLIC OFFERING OF UNITS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
More informationVonovia Company Presentation. Vonovia Company Presentation October 18, 2017
. Agenda 1 Who we are. Page 2 Vonovia. Germanys Leading Residential Real Estate Company. Management of 353,000 apartments in our possession. 1 million tenants nationwide. 13.5 years average tenure. Average
More informationCONTENT. 01 Highlights. 02 Portfolio Performance. 03 Optimisation of Financing Structure. 04 FY 2017 Results. 05 Outlook FY
CONTENT 01 Highlights 02 Portfolio Performance 03 Optimisation of Financing Structure 04 FY 2017 Results 05 Outlook FY 2017 2 IMMOFINANZ RESTRUCTURING 5/2015 12/2017 Sale of logistics asset class - focus
More informationCompany Presentation December 2016
Company Presentation December 2016 Market German Residential Safe Harbor and Low Risk German residential market: important pillar of the German economy With a GDP contribution of more than 430bn the German
More information2018 HALF YEAR 26 JULY 2018
2018 HALF YEAR RESULTS 26 JULY 2018 H1 2018 Another period of delivery Strong financial results and capital structure Disciplined capital allocation improving portfolio scale and quality, reducing risk
More informationCompany Presentation. Dr. Rüdiger Mrotzek Hans Richard Schmitz. April 2016
Company Presentation Dr. Rüdiger Mrotzek Hans Richard Schmitz April 2016 Agenda 1 History / Capital markets track record 2 Portfolio-Management 3 Asset-Management 4 Financial Figures / Financial Position
More informationCompany Presentation. Dr. Rüdiger Mrotzek Hans Richard Schmitz. February Preliminary Figures 2014
Company Presentation Dr. Rüdiger Mrotzek Hans Richard Schmitz February 2015 Preliminary Figures 2014 Agenda 1 History / Capital markets track record 2 Portfolio / Investments 3 Asset Management 4 Financial
More informationInterim Financial Report Vonovia SE
Interim Financial Report Vonovia SE for the first quarter of 2016 Key Figures in million Key Financial Figures 3M 2016 3M 2015 Change in % Rental income 392.0 263.6 48.7 Adjusted EBITDA Rental 269.0 177.1
More informationNext Generation Real Estate. HY 2008 Figures. Colonia Real Estate AG HY 2008 Figures 15 th of August 2008 Cologne
Next Generation Real Estate HY 2008 Figures Colonia Real Estate AG HY 2008 Figures 15 th of August 2008 Cologne Focused and Integrated Business Model Colonia Real Estate AG Investments Management Principal
More informationCompany presentation April 2017
Company presentation April 2017 CONTENT Content I. TAG overview and strategy 3 2 II. III. IV. TAG portfolio TAG return on capex TAG acquisitions and disposals 7 13 18 V. TAG financing structure 22 VI.
More informationQ HIGHLIGHTS MEUR MEUR % MEUR MEUR 48.4 MEUR 94.8 MEUR % 1.87% +2.2% +1.9 PP +3.5% +73.8% + >100% +19.9% +81.
Q1-2 2018 HIGHLIGHTS STRENGTHENED OPERATING PERFORMANCE Occupancy rate 94.7% Rental income MEUR 119.0 Rental income lfl MEUR 98.2 +1.9 PP +3.5% +2.2% KPIs SIGNIFICANTLY IMPROVED Results of AM MEUR 94.8
More informationinterim report Q To our shareholders interim report GSW IMMOBILIEN AG Q MY BERLIN. MY HOME.
GsW interim report Q1-2013 To our shareholders interim report GSW IMMOBILIEN AG Q1-2013 MY BERLIN. MY HOME. Highlights Operational Highlights 31.03.2013 31.03.2012 Vacancy rate (residential) 2.7 % 3.3
More informationCONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2016 Q Cologne
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2016 Q3 2016 Cologne Bremen CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH PERIOD
More informationTHREE MONTH FINANCIAL RESULTS 2016 MAY 19, 2016
THREE MONTH FINANCIAL RESULTS 20 MAY 19, 20 01 OVERVIEW & INVESTMENT HIGHLIGHTS Overview ADO the pure-play Berlin residential specialist Investment highlights Key portfolio metrics (end of Q1 20) 1 2 3
More informationAgenda. Key Highlights. Financial Highlights. Portfolio Summary. Economy & Real Estate Review. Looking Ahead
1Q 2017 Results Presentation May 2017 Agenda Key Highlights Financial Highlights Portfolio Summary Economy & Real Estate Review Looking Ahead 2 Key Highlights 1Q 2017 Key Highlights Gross revenue held
More informationCOMPANY PRESENTATION MARCH 2018 (AS PER )
COMPANY PRESENTATION MARCH 2018 (AS PER 31.12.2017) DIC ASSET AG KEY STRENGTHS INVESTMENT HIGHLIGHTS S-DAX listed player in the commercial real estate market in Germany, fully complying to highest market
More informationCircle Property. Lifting estimates again. Revaluation gains and strong rent growth. Upside potential from refurbished assets
Circle Property Lifting estimates again Review of trading update Real estate Circle will publish results for the year to 31 March 2018 in June but recent updates show further strong momentum. Ongoing asset
More informationForward-Looking Statements
William Blair & Company 27 th Annual Growth Stock Conference June 20, 2007 0 Forward-Looking Statements This presentation contains forward-looking statements that are subject to a number of risks and uncertainties,
More informationInterest Rates, Cap Rates, and the Real Estate Cycle
Interest Rates, Cap Rates, and the Real Estate Cycle Stephen Hester, Chief Executive We are real estate investors and create value by actively managing, financing and developing prime commercial property
More informationInterim Results Half Year July 2018
Interim Results Half Year 2018 July 2018 NSI will be the leading specialist in the Dutch office market, with a strong and efficient platform that will drive returns through pro-active asset management,
More informationCompany Presentation. Dr. Rüdiger Mrotzek Hans Richard Schmitz. May 2016
Company Presentation Dr. Rüdiger Mrotzek Hans Richard Schmitz May 2016 Agenda 1 History / Capital markets track record 2 Portfolio-Management 3 Asset-Management 4 Financial Figures / Financial Position
More informationCITYCON CAPITAL MARKETS DAY 16 MAY 2017, ISO OMENA CFO, EERO SIHVONEN
STRONG FINANCING FUNDAMENTALS CITYCON CAPITAL MARKETS DAY 16 MAY 2017, ISO OMENA CFO, EERO SIHVONEN MAIN FINANCING TARGETS Loan to Value 40-45% 47.1% Average maturity of loan portfolio > 5 yrs 5.2 Debt
More informationResults FY 2017 Schaeffler AG. Conference Call March 7, 2018 Munich
Results FY 2017 Schaeffler AG Conference Call Munich Disclaimer This presentation contains forward-looking statements. The words "anticipate", "assume", "believe", "estimate", "expect", "intend", "may",
More information1Q2018 Results Presentation 10 May2018
1Q2018 Results Presentation 10 May2018 Agenda About IREIT Global Key Highlights Portfolio Summary European Market Review Looking Ahead Appendix : Overview of Tikehau Capital 2 About IREIT Global About
More informationBoard of Directors' Report on the Corporation's State of Affairs
Board of Directors' Report on the Corporation's State of Affairs Brack Capital Properties NV (hereinafter: "the Company") hereby submits the Board of Directors' report for a period of twelve months ending
More informationTLG S TENDER OFFER FOR WCM: BUILDING THE LEADING GERMAN COMMERCIAL REAL ESTATE PLATFORM
MAY 207 TLG IMMOBILIEN AG TLG S TENDER OFFER FOR WCM: BUILDING THE LEADING GERMAN COMMERCIAL REAL ESTATE PLATFORM DISCLAIMER This presentation is for information purposes only and neither constitutes an
More informationAroundtown SA LATEST RUN RATES CONFIRM GROWTH PHASE. FIRST BERLIN Equity Research. Operational PRICE TARGET Ar ou
FIRST BERLIN Equity Research Aroundtown SA RATING Germany / Real Estate Operational Frankfurt Stock Exchange PRICE TARGET 8.20 Bloomberg: AT1 GR update Return Potential 26.1% ISIN: LU1673108939 Risk Rating
More informationRegional REIT. Retail eligible bond 4.5% Regional markets have remained robust. Retail eligible bond offering. Launch of bond issue.
Regional REIT Retail eligible bond 4.5% 2024 Launch of bond issue Real estate Despite continuing Brexit uncertainty and some slowing of UK economic growth regional property markets have remained robust
More informationBUWOG GROUP COMPANY PRESENTATION DEUTSCHE BANK GERMAN, SWISS & AUSTRIAN CONFERENCE BERLIN 8 JUNE 2016
BUWOG GROUP COMPANY PRESENTATION DEUTSCHE BANK GERMAN, SWISS & AUSTRIAN CONFERENCE BERLIN 8 JUNE 2016 HIGHLIGHTS 9M 2015/16 Highlights BUSINESS MODEL AUSTRIA & GERMANY ASSET MANAGEMENT RESIDENTIAL ONLY
More information