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Half-Yearly Results 2019 Presentation

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Half-Yearly Results 2019 Presentation Introduction Robert Noel Chief Executive Landsec ─ Half-yearly results 2019/20 3 H1 2019/20 Balance of business shifting more to London Portfolio split by segment Portfolio split by geography West End West End Office City City Mid-town Mid-town Regional Retail Southwark and other Southwark and other Office 38% 33% London London retail 50% London retail 67% Specialist Retail Regional retail 12% Regional retail Outlets Outlets Retail parks Retail parks Leisure and hotels Leisure and hotels Specialist Other Other Landsec ─ Half-yearly results 2019/20 4 H1 2019/20 Resilient results in mixed markets Office Specialist Retail Healthy market conditions Leisure and hotels virtually full Nuanced markets Portfolio virtually full Good demand from consumers Outlets and London steady and operators despite headwinds Myo and Fitted going well in F&B market Regional retail and retail parks impacted by declining values and Demonstrable progress on Cinema attendance up 9% poor investor sentiment development plan: Hotel revenues flat Same centre sales up 0.7% 1.4m sq ft planned to be on site down 0.7% excluding automotive next six months (40% pre-let) Piccadilly Lights ahead Benchmark down 3.8% TDC £1.5bn ERV £96m of expectations Landsec ─ Half-yearly results 2019/20 5 H1 2019/20 Progress on sustainability Ranked #1 in UK and Europe for mixed office and retail space European real estate leader Science based carbon reduction targets being raised for 1.5°C of warming Commitment to be a net zero carbon business by 2030 First net zero carbon building at Sumner Street Sumner Street, SE1 Landsec 6 Agenda for the day Financial results Martin Greenslade Portfolio review Colette O’Shea Outlook Robert Noel Q&A Financial results Martin Greenslade Chief Financial Officer Landsec ─ Half-yearly results 2019/20 8 Financial summary Resilient performance in a challenging market 30 Sept 2018 30 Sept 2019 Change % (1) Shaded rows for highlighting figs→ £224m Revenue profit £225m 0.4 ← Shaded rows for highlighting figs. £(188)m Valuation deficit(1) £(368)m -2.8(2) £42m Profit / (loss) before tax £(147)m 30.3p Adjusted diluted earnings per share(1) 30.4p 0.3 1,339p(3) EPRA net assets per share 1,296p -3.2 22.6p Dividend per share 23.2p 2.7 (1) Including our proportionate share of subsidiaries and joint ventures (2) The percentage change for the valuation deficit represents the fall in value of the Combined Portfolio over the period, adjusted for net investment (3) As at 31 March 2019 Landsec ─ Half-yearly results 2019/20 9 Revenue profit £m – – 224 225 Landsec ─ Half-yearly results 2019/20 10 Net rental income analysis Maintaining net rental income £m Like-for-like net rental income 308 309 Six months Office Retail Specialist Developments Acquisitions Other Six months ended and sales ended 30 Sept 2018 30 Sept 2019 Landsec ─ Half-yearly results 2019/20 11 Like-for-like net rental income analysis Office £m Like-for-like net rental income £m 2 1 308 125 309 122 Six months Office Retail Specialist Developments Acquisitions Other Six months ended and sales ended 30 Sept 2018 30 Sept 2019 Landsec ─ Half-yearly results 2019/20 12 Like-for-like net rental income analysis Retail £m Like-for-like net rental income 308 309 Six months Office Retail Specialist Developments Acquisitions Other Six months ended and sales ended 30 Sept 2018 30 Sept 2019 Landsec ─ Half-yearly results 2019/20 13 Like-for-like net rental income analysis Retail £m Like-for-like net rental income £m 1 - (3) 130 308 128309 Six months Office Retail Specialist Developments Acquisitions Other Six months ended and sales ended 30 Sept 2018 30 Sept 2019 Landsec ─ Half-yearly results 2019/20 14 Like-for-like net rental income analysis Specialist £m Like-for-like net rental income 308 309 Six months Office Retail Specialist Developments Acquisitions Other Six months ended and sales ended 30 Sept 2018 30 Sept 2019 Landsec ─ Half-yearly results 2019/20 15 Like-for-like net rental income analysis Specialist £m Like-for-like net rental income £m 2 1 42 308 39 309 Six months Office Retail Specialist Developments Acquisitions Other Six months ended and sales ended 30 Sept 2018 30 Sept 2019 Landsec ─ Half-yearly results 2019/20 16 Net rental income analysis Maintaining net rental income £m 308 309 Six months Office Retail Specialist Developments Acquisitions Other Six months ended and sales ended 30 Sept 2018 30 Sept 2019 Landsec ─ Half-yearly results 2019/20 17 Combined Portfolio valuation Other 0.4% Leisure and hotels -3.0% £13.4bn portfolio Retail parks -11.1% Outlets Valuation declined 2.8% 0.6% Office 0.0% Regional retail -9.4% London retail -3.5% Chart segments represent portfolio valuation. Segment labels indicate valuation surplus/(deficit) in the period. For further information on segment definitions, please refer to the appendices. Landsec ─ Half-yearly results 2019/20 18 Combined Portfolio valuation Office Other 0.4% Leisure and hotels -3.0% Like-for-like rental values up 1.9% Retail parks -11.1% +5bps like-for-like equivalent yield shift Outlets to 4.6% 0.6% Office Like-for-like assets up 0.3% 0.0% Regional retail Development programme increased -9.4% by 3.8% London retail Proposed developments declined -3.5% by 8.1% Landsec ─ Half-yearly results 2019/20 19 Combined Portfolio valuation London retail Other 0.4% Leisure and hotels -3.0% Like-for-like rental values down 2.7% Retail parks -11.1% +4bps like-for-like equivalent yield shift Outlets to 4.3% 0.6% London retail Office 0.0% Regional -3.5% retail -9.4% Landsec ─ Half-yearly results 2019/20 20 Combined Portfolio valuation Regional retail Other 0.4% Leisure and hotels -3.0% Like-for-like rental values down 3.7% Retail parks -11.1% +36bps like-for-like equivalent yield shift Outlets to 5.5% 0.6% Regional Office retail 0.0% -9.4% London retail -3.5% Landsec ─ Half-yearly results 2019/20 21 Combined Portfolio valuation Outlets Other 0.4% Leisure and hotels -3.0% Like-for-like rental values up 1.0% Retail parks -11.1% +2bps like-for-like equivalent yield shift to 5.4% Outlets Office 0.6% 0.0% Regional retail -9.4% London retail -3.5% Landsec ─ Half-yearly results 2019/20 22 Combined Portfolio valuation Retail parks Other 0.4% Leisure and hotels Like-for-like rental values down 2.0% -3.0% +58bps like-for-like equivalent yield shift Outlets to 6.7% 0.6% Retail parks Office 0.0% Regional -11.1% retail -9.4% London retail -3.5% Landsec ─ Half-yearly results 2019/20 23 Combined Portfolio valuation Leisure and hotels Other 0.4% Hotel values unchanged Retail parks -11.1% Casual dining sector impacted Outlets leisure assets 0.6% Leisure and hotels Office +9bps like-for-like equivalent yield shift 0.0% Regional -3.0% retail to 5.6% -9.4% London retail -3.5% Landsec ─ Half-yearly results 2019/20 24 Combined Portfolio valuation Other Leisure and hotels -3.0% Retail Piccadilly Lights rental values parks unchanged -11.1% Outlets 0.6% Other Office 0.4% 0.0% Regional retail -9.4% London retail -3.5% Landsec ─ Half-yearly results 2019/20 25 Development expenditure Estimated future spend Potential cash spend Impact on Sept 19 £m Group LTV(2) 600 Development programme £520m 30.7% 500 400 Proposed developments £290m 32.1% 300 In feasibility – office-led £440m 34.2% 200 100 In feasibility – mixed use(1) £800m 37.6% 0 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25+ Development programme Proposed developments (Landsec share) TOTAL £2,050m In feasibility – office-led In feasibility – mixed use(1) (1) Comprises O2, Finchley Road and W12, Shepherd’s Bush (2) Cumulative impact of capital expenditure on the current Group LTV of 28.1% assuming no profit realised on this spend and all other values remain the same Landsec ─ Half-yearly results 2019 26 Strong financing position Adjusted net debt (LHS) Group LTV(1) (RHS) WACD (LHS) ICR (RHS) Adjusted net debt to EBITDA (RHS) £bn % % Multiple 5.0 45 10 10 £3,798m 9 9 4.5 40 8 6.9x 8 28.1% 4.0 7 7 35 6 6 3.5 5 5 30 4 4.9x 4 3.0 3 3 25 2.5 2 2 1 2.6% 1 2.0 20 0 0 Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 Years Weighted average maturity of debt £bn Cash and available facilities 16 2.0 £1.6bn 15 1.8 14 11.8 1.6 13 years 1.4 12 1.2 11 1.0 10 0.8 9 0.6 8 0.4 7 0.2 6 0.0 Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 (1) On a proportionate basis Landsec ─ Half-yearly results 2019/20 27 Financial summary Resilient income Strong balance sheet Significant firepower for development expenditure and other opportunities Portfolio review Colette O’Shea Managing Director Landsec ─ Half-yearly results 20192019/20 29 Strengthening portfolio Portfolio split by segment West End Office Introducing new products City Mid-town Retail Southwark and other Office 38% Keeping ahead of market trends London retail 50% Specialist Retail Regional retail 12% New and better ways of working Outlets Retail parks Leisure and hotels Specialist Other Landsec ─ Half-yearly results 2019/20 30 A resilient performance across the portfolio £13.4bn portfolio 98% occupancy £14m of investment lettings with £17m in solicitors’ hands £16m of office rent reviews at 10% ahead of previous passing rent Office
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