Investor Presentaiton
9
Secure Financial Profile with Investment Grade Ratings from
ctp
S&P and Moody's
€5.7 Bn Freehold Portfolio
+
Solid Cash Flow Generation
+
Tenant-Led Development Strategy
Note:
~100% freehold assets
<9 year average age
94% occupancy
6.0 years WAULT
6.3% yield
Prudent Approach to Leverage
Robust credit metrics
Net LTV
(%)
€400 MM total exceptional dividends paid in
Dec-18 to Jun-19 in connection with R. Vos
acquiring the ownership interests in CTP
from the estate of his late partner
50%
2019A
50%
Sept-20A
+
Profits reinvested in the business
•
Low dividend payout
Steady increase in shareholders' equity(1)
€Bn
€400 MM total exceptional dividends paid in
dec-18 to jun-19 in connection with R. Vos
acquiring the ownership interests in CTP
from the estate of his late partner
High quality landbank
(5% of total GAV)
Controlled development: only
€190 MM committed
development capex (~3% of total
GAV)
•
•
•
2.3
2.5
2.7
2.1
1.7
1.4
1.7
1.9
2.0
2.2
2016A
2017A
2018A 2019A Sept-20A
Reported
Before deduction of DTL
85% of new business from
existing clients in H1 2020
Sustainable Debt Maturity Profile
No material short-term maturities
Amortizing debt
Proven access to long-term funding /
lending relationships
+
Strategic objective to gradually
diversify funding sources by accessing
the public credit markets as an
investment grade issuer in 2020 and
maintain financial policy consistent
with Investment Grade rating
CTP current ratings:
Current Debt Repayment Schedule
ЄMM
CZ Facility: End of early
prepayment penalty in
June 2022
1,207
781
592
343
160 141
137
4 14 36
'21 22 23 24 '25 '26 '27 '28 '29 '30
S&P Global
Ratings
BBB-
(Stable Outlook)
Baa3
MOODY'S (Stable Outlook)
1. Shareholders' equity in 2018 is pro forma to include only external and cash dividends to be paid as of December 2019, which incorporated €36MM to CTP Invest CZ shareholders, €195MM to CTP CEE Properties to CTP Holding BV and annual profit of
€366MM and €2.0MM other equity componentsView entire presentation