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Merlin Properties Company Overview

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Merlin Properties Company Overview MERLIN PROPERTIES COMPANY OVERVIEW NOVEMBER 2016 DISCLAIMER This presentation has been prepared by Certain statements in this document presentation in other jurisdictions may RELIED ON IN CONNECTION WITH ANY MERLÍN Properties, SOCIMI, S.A. (the regarding the market and competitive also be restricted by law and persons CONTRACT OR COMMITMENT TO SELL Company) for informational use only. position data may be based on the into whose possession this presentation OR PURCHASE SHARES. ANY DECISION internal analyses of the Company, which comes should inform themselves about TO SELL OR PURCHASE SHARES IN ANY The information contained in this involve certain assumptions and estimates. and observe any such restrictions. In OFFERING SHOULD BE MADE SOLELY presentation does not purport to be These internal analyses may have not particular, any offer that might result from ON THE BASIS OF PUBLICLY AVAILABLE comprehensive or to contain all the been verified by any independent the transaction herein escribed will not be INFORMATION. information that a prospective purchaser sources and there can be no assurance made, directly or indirectly, in the United of securities of the Company may desire This presentation may include forward- that the assumptions or estimates are States of America, or by use of mails, or by or require in deciding whether or not to looking statements. These forward- accurate. Additionally, certain information any means or instrumentality (including, purchase such securities, and has not looking statements involve known and in this presentation may be based on without limitation, facsimile transmission, been verified by the Company or any unknown risks, uncertainties and other management accounts and estimates of telephone and internet) of interstate or other person. The information contained factors, which may cause such actual the Company and may have not been foreign commerce of, or any facilities of in this document is subject to change results, performance or achievements, or audited or reviewed by the Company’s any national securities exchange of, the without notice. Neither the Company industry results, to be materially different auditors, whereas the information United States, Canada, Australia or Japan. nor any of affiliates, advisors or agents from those expressed or implied by on Metrovacesa S.A. and on certain The securities of the Company have not makes any representation or warranty, these forward-looking statements. These competitors contained herein is based been and, should there be an offering, will express or implied, as to the accuracy forward-looking statements are based on publicly available information which not be registered under the U.S. Securities or completeness of any information on numerous assumptions regarding the has not been verified by the Company. Act of 1933, as amended (the Securities contained or referred to in this document. present and future business strategies Accordingly, recipients should not place Act) and, subject to certain exceptions, Each of the Company and its employees, of the Company and the environment undue reliance on this information. may not be offered or sold in the United officers, directors, advisors, agents or in which they expect to operate in the States. The securities of the Company affiliates expressly disclaims any and all future. Forward-looking statements speak This information is provided to the have not been and, should there be an liabilities whatsoever (in negligence or only as of the date of this presentation recipients for informational purposes offering, will not be registered under the otherwise, whether direct or indirect, in and the Company expressly disclaim any only and recipients must undertake their applicable securities laws of any state contract, tort or otherwise) for any loss obligation or undertaking to release any own investigation of the Company. The or jurisdiction of Canada or Japan and, howsoever arising from any use of this update of, or revisions to, any forward- information providing herein is not to subject to certain exceptions, may not be presentation, the information contained looking statements in this presentation, be relied upon in substitution for the offered or sold within Canada or Japan or referred to therein, any errors therein or any change in their expectations or recipient’s own exercise of independent or to or for the benefit of any national, omissions therefrom or otherwise arising any change in events, conditions or judgment with regard to the operations, resident or citizen of Canada or Japan. in connection with this presentation. financial condition and prospects of the circumstances on which these forward- Neither the Company, nor any of its Company. THIS PRESENTATION DOES NOT looking statements are based. affiliates, advisors or agents undertakes CONSTITUTE OR FORM PART OF ANY In reviewing this presentation, the any obligation to provide the recipients Neither this presentation nor any copy OFFER FOR SALE OR SOLICITATION OF recipient is agreeing to, and accepting, the with access to additional information or of it shall be taken, transmitted into, ANY OFFER TO BUY ANY SECURITIES IN foregoing restrictions and limitations. to update this document or to correct any disclosed, diffused, send, published or THE UNITED STATES OR IN ANY OTHER inaccuracies in the information contained distributed in the United States, Canada, JURISDICTION, NOR SHALL IT OR ANY or referred to therein. Australia or Japan. The distribution of this PART OF IT FORM THE BASIS OF OR BE ı 2 ı COMPANY OVERVIEW October 2016 MERLIN at a glance 4 Deepening on Metrovacesa Integration 9 Portfolio performance 25 Investment activity 31 Appendix 37 MERLIN AT A GLANCE MERLIN at a glance Strategy A CLEARLY DEFINED STRATEGY Company Assets Listed REIT, member of the Spanish Focused on high quality commercial real estate Stock Exchange (IBEX-35), with a large, (Core/Core Plus) diversified, high-yielding asset base Target portfolio by 2018: Office (40%) high-street €9.6bn GAV and ca. €5.1bn Market Cap retail (20-25%) shopping centers (20-25%) and logistics (10-15%) Operating in Spain and Portugal Selective development focused on AAA buildings Critical mass across several commercial property classes Ambitious efficiency program to achieve LEED / BREEAM certification over 90% of the portfolio by 2018 Governed by the best REIT practices Capital structure Management Investment grade capital structure: Maximizes profitability of the existing portfolio and BBB rating from S&P seeks to enhance quality and returns through new acquisitions Target annual levered return of 8-10% Acquisitions focused on under managed properties Attractive, sustainable dividend yield with upside potential Limited rotation of assets targeting mature product Retains best-in-class internal asset management teams to optimize portfolio performance ı 5 ı MERLIN at a glance History TWO INTENSE YEARS TO POSITION MERLIN AS THE REFERENCE PLAYER IN THE SPANISH REAL ESTATE INDUSTRY AND AMONG THE TOP 10 EUROPEAN REITS Acquisition of Acquisition of Acquisition of Testa for an equity Acquisition of Acquisition 17 assets for Acquisition of 43 Tree portfolio value of 3 logistic assets in Acquisition of of Saba an aggregate assets and ZAL port (888 BBVA ca. €2.0bn Spain and 2 office Metrovacesa Parques Merger of amount of for an aggregate branches) creating the buildings in Portugal for an equity Logisticos Testa and €652m amount of €325m for €740m leading Spanish for an aggregate value of ca. for an equity Metrovacesa in MERLIN of equity July RE company Sep amount of €142m €1.7bn of €115m 2014 2015 July June June Jan March June Oct Oct 2014 2015 2015 2016 2016 2016 2016 2016 June Dec May July Dec Dec Feb April Oct Oct 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 €1,290m Refinancing €614m €1,034m capital Inclusion in Refinancing of BBB S&P Inaugural Baa 2 Bond IPO of Tree debt Capital increase to IBEX 35 Testa debt and rating bond Moody’s issuance €940m increase partially finance Index repayment of the issuance rating €800m the Testa Testa acquisition €850m acquisition bridge loan (€1.7bn) ı 6 ı MERLIN at a glance Fast facts Fast facts THE INTEGRATION OF METROVACESA BRINGS A CHANGE IN SCALE ACROSS ALL METRICS GLA GLA WAULT 3,048,864 sqm 502,915 sqm 90% 7.1 IN STOCK EXPANSION PROJECTS OCCUPANCY YEARS GRI(1) EPRA EPRA € 448 m 90% 5.1% 4.6% ANNUALIZED GRI/NRI RATIO GROSS YIELD NET YIELD EPRA EPRA PF 2016 € 9.6 bn € 5 bn € 10.85 p.s € 0.60 p.s GAV (2) NAV NAV/SHARE RECURRING FFO PF 1H16 PF 1H16 PF 1H16 SPOT € 4,550 m € 420 m 47.4% 2.3% NET DEBT REVOLVING FACILITIES LTV COST OF DEBT Source: Company (1) Annualized gross rents/net rents calculated as passing gross rent/net rent as of June 30, multiplied by 12. GRI and net rents include fully consolidated assets. Pro-forma with MVC rents oa of Dec-15. ı 7 ı (2) Includes June 16 Savills/CBRE appraisals for MERLIN+Dec-15 appraisals for MVC. MERLIN at a glance Portfolio #1 PLAYER IN OFFICE, HIGH STREET RETAIL AND LOGISTICS + #2 PLAYER IN SHOPPING CENTERS #1 #1 #1 #2 Office High street retail Logistics Shopping Centers • Capacity to relocate tenants • Negotiation power • “One-stop-shop” solution • Reference landlord for top within MERLIN portfolio with tenants for logistics operators retailers • Ability to accommodate • Possibility to offer a wishing to operate across • Footprint in high GDP/capita the expansionary needs diversity of suitable Spain areas in Spain of tenants locations that fit tenants • Big footprint to match the • Asset management • Flexibility to offer multitenant needs rapid development of 3PL opportunities through Capex or headquarter buildings activity in Spain On Full Existing(1) production(2) 84 ASSETS 922 ASSETS 79 ASSETS 91 ASSETS 20 ASSETS 1,159,750 SQM 450,611 SQM 1,161,130 SQM 1,666,007 SQM 531,165 SQM €4,172m GAV €2,040m GAV €543m GAV €781m GAV €1,713m GAV €192.1m GRI €98.8m GRI €43.5m GRI €63.1m GRI €95.4m GRI ı 8 ı (1) Including CILSA and SPL existing operating assets.
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