Investor Presentaiton
9
Continued Strength in Business throughout the Pandemic; Attractive
New Leases and Renewals and Strong Rent Collection
Recent Performance - Key Highlights (9M ended 30 September 2020)
Financial
Performance
(9 months to
Sept 2020)
Like-for-like gross rental income¹ growth for the 9 months year-on-year was +1.5%
• 2020 YTD gross rental income1 (excluding hotel operations) increased to €227.8 MM
•
•
2020 YTD adjusted EBITDA2 increased to €175.3 MM
GAV increased to €5.64 billion as of 30 September 2020
• Net LTV was stable at 50% as of 30 September 2020
•
Rental collections stable at ~98% in 2020, similar to 98% in 2019
Portfolio
Performance
(full year)
•
•
.
•
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• Occupancy rate stable at 94% as of 31 December 2020, compared to 95% as of 31 December 2019
At the end of Q4 2020, 585k sqm of developments were delivered
— 740k sqm for 2021 delivery already under construction, of which 63% pre-let
WAULT increased to 6.0 years as of 31 December 2020 from 5.4 years as of 31 December 2019
New rental activity showed strong momentum with new long-term rentals of 1,175k sqm of gross leasable area in 2020,
compared to 1,143 in 2019
Robust tenant retention rate at 92% for 2020, compared to 83% in 2019
Proportion of BREEAM certified properties as part of total portfolio of income producing properties reached 99% by 31
December 2020 (was >80% per 30 June 2020)
EMTN
Programme
Update
•
€4 Bn EMTN Programme set-up in September 2020
-
€650 MM and €400 MM unsecured green bonds raised in October / November 2020
Investment grade rating: BBB- from S&P and Baa3 from Moody's
Source: Company information
Notes:
1. Gross rental income refers to rental income and service charge income for the relevant period
2. Adjusted EBITDA is defined as EBITDA adjusted for other non-operating income, non-recurring income from development activities and non-recurring other income.
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