November 15, 2014 1
15th anniversary Home Invest Belgium : evolution towards pure player in real estate Why invest in Home Invest Belgium? 2
Topics 1. Company profile & strategy 2. Portfolio 3. Financials Results on June 30, 2014 Financial ressources Stock performance 4. SIR/GVV regulation 5. Market evolutions 3
1. COMPANY PROFILE & STRATEGY 4
Company profile Sicafi launched in 1999 15th anniversary Pure player in residential real estate Portfolio Investment value of 325 Mio EUR Located in Belgium (65% in Brussels Capital Region) Occupancy rate: around 95% Management of the full cycle of property - team of 30 people Debt ratio: 38,39% - pay-out ratio: ± 90% Listed on Nyse Euronext Brussels market capitalisation 260 Mio EUR 5
Executive Management Filip Van Wijnendaele Operations Toon Haverals Development Jean-Luc Colson Finance Sophie Lambrighs CEO Alexander Hodac Commercial 6
Strategy Qualitative growth as a core objective Pure player strategy maintained - target of 80% residential ratio Sufficient start yield + capital gain potential Internal management of the full cycle of real estate 7
Strategy - Management of full life cycle of real estate Acquisition Disposal Development Building management 8
Strategy - investment criteria Residential units and student housing Minimum transaction size: 3mio EUR for a building, 5mio EUR for a portfolio Good to excellent letting schedule with no structural vacancy Sustainability and energy performance of the construction(s) City center (or proximity) with good accessibility to public transport Cities with more than 50.000 inhabitants in a healthy economic state and a favorable demographic evolution Security from a technical point of view (no risk of any major renovation works in the short term if the building is older than 10y) Share or asset deal 9
2. PORTFOLIO 10
Investment value Evolution of the Investment value and gross yield 11
Segmentation 3,8% 3,7% Apartments 16,3% Furnished apartments One family houses Retirement homes Commercial buildings 1,9% 3,6% 64,2% 6,5% Residential: 76,2% 12
Portfolio in operation Overall figures 30/09/2014 30/06/2014 31/12/2013 Fair value 326 Mio EUR 295,6 Mio EUR 290,4 Mio EUR Total surface area 149 172 m² 147 562 m² 147 935 m² Number of properties 76 75 75 Number of sites 45 44 44 Number of leases 1 332 1 315 1 318 Occupancy rate 94,67% 95,3% 95,0% 13
Projects under development - Trône Location Place du Trône Rue de la Pépinière and Rue Brederode - Brussels Project 15 apartments + 1 office Timing Delivery Q1 2015 Total investment 5,9 mio 14
Projects under development - Trône August 2014 15
Projects under development - Maurice Charlent Location Auderghem Vicinity of ULB/VUB sites Project Reconversion of office building 5.300 m² 127 (student) studios Min 28m² Timing Delivery H2 2015 Total investment 11,2 mio Identity & Modularity 16
Projects under development - Maurice Charlent September 2014 17
Projects under development - Ariane Location Marcel Thiry 208 Woluwe Saint-Lambert Project 13.000 m² 166 apartments large offer of services inter-generational approach Timing Start of works 09/2014 Delivery H2 2015 Total investment 19,2 mio Common space Quality of life 18
Projects under development - Marcel Thiry Location Next to Ariane Marcel Thiry 204C Woluwe Saint-Lambert Project 9.000 m² 101 apartments Classic typology Timing Permit demand april 2014 Concertation 10/2014 H2 2016 Total investment 17,4 mio 19
Projects under development - Reine Astrid Location Kraainem Site of Bpost Reine Astrid - Wezembeeklaan Project 40 apartments Apartments : 3.300 m² Retail : 1.100 m² (6 units) Parking plot : 1.700 ² (50 pp) Typology : rather larger app Large luxury duplexes Timing Permit demand sept 2014 Delivery : H1 2017 Total investment 8,5 mio 20
Portfolio Evolution of residential ratio 21
3. FINANCIALS 22
Financial results Evolution of net current result Distributable result Dividends : 2005-2013 3,80 3,60 3,40 3,20 3,00 2,80 2,60 2,40 2,20 2,00 1,80 2005 (restated 12m) 2006 2007 2008 2009 2010 2011 2012 2013 Net Current Result (exc. IAS 39) per share Distributable Result per share Dividend 23
Financial results Capital gain realized 18.000.000 16.000.000 14.000.000 12.000.000 10.000.000 8.000.000 6.000.000 4.000.000 2.000.000 0 4,29% 3,91% 3,00% 2,56% 1,31% 0,84% 0,71% 1,04% 0,86% 2006 2007 2008 2009 2010 2011 2012 2013 2014-9M Acquisition price + investments Net realized capital gain % of buildings sold compared to portfolio y-1 24
Financial results C o n s o lid a te d b a la n c e s h e e ts 3 0 / 0 6 / 1 4 3 1 / 1 2 / 1 3 3 1 / 1 2 / 1 2 In th o u s a n d I n v e s tm e n t p ro p e rtie s (F a ir v a lu e ) 1 2 9 5 6 2 4,3 2 2 9 0 4 3 8,6 6 2 4 2 4 1 8,2 1 I n v e s tm e n t v a lu e o f th e p o rf o lio 2 3 2 6 3 9 5,1 5 3 0 6 7 5 3,9 5 2 8 5 8 8 9,0 0 E q u ity 2 0 1 5 4 8,7 0 1 9 5 0 2 5,8 1 1 7 8 7 2 1,4 0 T o ta l d e b t 3 1 4 0 3 1 3,5 9 1 3 0 0 7 4,0 4 8 3 7 5 3,7 7 D e b t ra tio 3 3 8,7 0 % 3 8,3 9 % 3 0,9 7 % N A V 6 4,0 3 6 4,0 9 5 8,7 3 E P R A N A V 6 6,2 7 6 5,5 5 6 1,1 1 1 E x c lu d in g a s s e ts h e ld fo r s a le a n d d e v e lo p m e n t p ro je c ts. 2 In v e s tm e n t v a lu e, in c lu d in g tra n s fe r c o s ts, a s e s tim a te d b y th e p ro p e rty s u rv e y o r, e x c lu d in g lo n g a n d s h o rt- te rm re c e iv a b le s fo r th e lo n g - te rm le a s e o n th e ru e d e B e lg ra d e a n d th e p ro p e rty le a s in g o f th e R é s id e n c e L e m a ire (in c lu d in g p ro p e rtie s fo r s a le ). 3 T o ta l d e b t c a lc u la te d a c c o rd in g to th e p ro v is io n s o f th e R D o f 7 d e c e m b e r 2 0 10. 25
Financial ressources 30 September 2014: Indebtness of 134,1 millions Total assets of 344,7 millions => Debt ratio of 38,90% Capacity of 75 millions to reach 50% debt ratio (total assets of ± 420 millions) Capacity of 255 millions to reach 65% debt ratio (total assets of ± 600 millions) 26
Nr of shares / month Stock price ( ) Stock performance 110.000 100.000 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 Evolution of the Stock Price since floatation 1999-2014 87 81 75 69 63 57 51 45 39 33 27 Volume Stock price 27
Stock performance Return Return of the year Average yearly return 20,00% 18,00% 16,00% 14,00% 12,00% 10,00% 8,00% 6,00% 4,00% 2,00% 0,00% 28
Basis 100 on June 18,1999 Stock performance 240 220 200 Comparison Stock price evolution: Home Invest Belgium - BEL 20 - EPRA Belgium Index 180 160 140 120 100 80 60 40 Home Invest Belgium BEL 20 EPRA Belgium 29
4. SIR/GVV Home Invest Belgium was the first belgian Sicafi/Bevak to get the new SIR/GVV status on 25 september 2014 30