Montea Space for Growth 1
Table of content About Montea Real estate portfolio Space for Growth: Main objectives & Pipeline Financials Outlook 2
About Montea REIT listed on the NYSE Euronext Brussels & Paris since Oct. 2006 Development & Management of Logistic Real Estate Solutions in The Netherlands, Belgium and France FV Portfolio of 872 million (*) ( 13,1 mio solar panels) Market Cap. of 723 million (**) To resize chart data range, drag lower right corner of range. 0 Free Float 50,4% Family De Pauw 15,2% Patronale Life 8,3% Belfius Insurance 9,4% Ethias 8,4% Federale Verzekerin g 8,3% As per 30/09/2018 (*) 30/09/2018, including developments & solar panels (**) as per 30/09/2018, based on closing price of 56,40 3
About Montea Warehousing Land value has a higher share in the total value than in other asset classes Life cycle of warehousing > than other asset classes Renovation cost < than other RE asset classes Pure Player Ambition to be best in class through specialisation (Logistics, Real estate & Finance) Ambition to be top of mind towards other market players (logistic players, brokers,...) End Investor No speculative development Long term vision with focus on quality & sustainability Attractive landbank Shareholder Return Strong dividend track record Supported by stable reference shareholder base 4
Table of content About Montea Real estate portfolio Space for Growth: Main objectives & Pipeline Financials Outlook 5
Portfolio 2018: 872 mio (incl. solar panels 13,1 mio & developments 29 mio) 50% 16% 35% Nr of sites 29 Nr of sites 17 Nr of sites 15 M² ( 000) 629 M² ( 000) 183 M² ( 000) 372 Value ( m) 432 Value ( m) 138 Value ( m) 302 Yearly Rent ( m) 30,0 Yearly Rent ( m) 9,1 Yearly Rent ( m) 19,2 6 6
Portfolio 2018: 830 mio (excl. solar panels 13,1 mio & developments 29 mio) 1,2 million sqm 8,6y average lease duration 7% yield 61 sites 58 mio yearly contractual rental income 7y average age 97,9% occupancy rate Note: The Tiel land acquisition (479.000 sqm rented for 30 years), contributes to the average lease duration, yield, the # sites & contractual rent as a normal acquisition. The transaction contributes for 1/5 (since the land rental value is approx. 1/5 of building rental value) of its sqm to the total sqm and occupancy rate, in order to fairly present all KPIs. 7
Real estate portfolio: Transaction details - Investments in 2018 Location: Camphin-en-Carembault (France) Tenant: DSM 9y Danone 9y Inv. Value of 11,2 million 18.700 m² (100% let) Location: Camphin-en-Carembault (France) Tenant: Groupement des Bières Spéciales 6y XPO Logistics 6y Inv. Value of 14,4 million 24.400 m² (100% let) 8
Real estate portfolio: Transaction details - Investments in 2018 Location: Waddinxveen (the Netherlands) Tenant: Deltawines 11y Inv. Value of 3.3 million 4.500 m² (100% let) Location: Etten-Leur (the Netherlands) Tenant: Bas Logistics 12,5y Inv. Value of 8 million 10.000 m² (100% let) 9
Real estate portfolio: Transaction details - Investments in 2018 Location: Bilzen (Belgium) Tenant: Carglass 15y Inv. Value of 25 million 42.000 m² (100% let) Location: Schiphol Airport (the Netherlands) Tenant: Thomsen Select 10y Milestone 5y Inv. Value of 7,12 million 5.356 m² (100% let) 10
Real estate portfolio: Transaction details - Investments 2018 Location: Tiel (the Netherlands) Tenant: Recycling Kombinatie REKO & CRH Struyk Verwo 30y 3,5 million rental income Inv. Value of 58 million Land acquisition: 479.000 m² (100% let) Acquisition partly via contribution in kind ( 41,2 million ) 797.216 new shares Positive impact on: Occupation rate: +0,3% Lease length till first break: + 1,1y Debt Ratio: -1,6% EPRA Result: +0,04 /share 11
Table of content About Montea Real estate portfolio Space for Growth: Main objectives & Pipeline Financials Outlook 12
Space for Growth: Main objectives for 2018 Growth of Portfolio > 900 mio Portfolio > 95% occupancy rate Operational Margin of > 92% Earnings per share + 10 % Gross dividend per share + 3% P&L Debt Ratio between 50%-55% B/S 13
Space for Growth: Ongoing Build-to-Suit projects (Delivery 2018) Location: Brucargo - Brussels Airport (Belgium) Tenant: WFS 12y Inv. Value of 4,3 million 8.670 m² (100% let) Timing: Q1 2019 Location: Bornem (Belgium) Tenant: Edialux (Group Pelsis) 15y Inv. Value of 11 million 11.500 m² (100% let) Timing: Q4 2018 14
Space for Growth: Ongoing Build-to-Suit projects (Delivery 2018) Location: Liège Airport (Belgium) Tenant: Malysse-Sterima 20y ASFS 9y, Easylog 9y Sinotrans 9y Inv. Value of 14,5 million 20.000 m² (100% let) Timing: Q4 2018 15
Space for Growth: Ongoing Build-to-Suit projects (Delivery 2019) Location: Waddinxveen (The Netherlands) Tenant: ISERO 15y Inv. Value of 21,0 million 21.400 m² (60% let) Timing: Q2 2019 Location: Heerlen (the Netherlands) Tenant: DocMorris 15y Inv. Value of 19,5 million 23.000 m² (100% let) Timing: Q3 2019 16
Table of content About Montea Real estate portfolio Space for Growth: Main objectives & Pipeline Financials Outlook 17
Financials: EPRA result in line with expectations Evolution of EPRA result ( k) CAGR +17% 43.390 Evolution of EPRA result per share* & Dividend per share ( ) (* As of 2016: EPRA result per share instead of Net Current Result) 26.785 34.336 1,99 2,09 2,09 1,84 1,84 1,93 1,97 1,97 2,03 2,11 2,17 2,33 24.018 21.096 15.271 13.494 11.248 6.328 8.446 7.441 7.938 9.044 2,22 2,36 2,08 1,79 1,82 2,00 2,47 1,97 2,29 2,47 2,58 2,84 2,98 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Est. 2018 Est. 2019 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016* 2017* Est. 2018* DPS EPS 18 Est. 2019*
Financials: Solid financing structure (30/09/2018) Debt ratio (%) Debt ratio 51,2% 50,1% 56,4% 47,6% 49,9% 51,3% 52,8% 52,1% 55,8% 51,6% 51,9% 51,2% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Leasing; 1% Bonds; 25% Banks; generating a ROE of 6% 74% 4,6 Maturity Financing Maturity (y) 7,4 Maturity hedging Well diversified long term financing Low risk Variable credit lines 84% hedged Total running financing cost of 2,7% (excl. intercal. intrests & fin income) 19
Table of content About Montea Real estate portfolio today Space for Growth: Main objectives & Pipeline Financials Outlook 20
Outlook 2018: EPS + 10% - DPS + 3% Outlook 2019: EPS +5% - DPS +3% Evolution of EPRA result per share* & Dividend per share ( ) 1,84 1,84 1,93 1,97 1,97 2,03 2,11 2,17 2,24 2,31 1,79 1,82 2,00 2,05 1,97 2,29 2,47 2,58 2,84 2,98 2010 2011 2012 2013 2014 2015 2016 (*) 2017 (*) 2018 (*) (**) 2019 (*) (***) EPS DPS (*) As of 2016: EPRA result per share instead of Net Current Result (**) DPS subject to General Shareholders Meeting in May 2019 (***) DPS subject to General Shareholders Meeting in May 2020 21
Outlook 2019: with projects to reach more than 1 billion Overview of FV Portfolio ( m) 719 900 1.000 211 54 54 92 102 101 137 206 232 255 0 13 517 552 213 425 134 176 109 73 291 320 14 98 121 135 118 118 370 320 159 134 101 124 157 152 140 153 173 188 231 248 278 397 445 470 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Belgium France Netherlands