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TR STOR REIC Company Presentation June 2020

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TR STOR REIC Company Presentation June 2020 TR STOR REIC Company Presentation June 2020 1 Contents Company Overview 04 Portfolio Overview 16 Financial Results 21 Corporate Governance 26 Appendix 31 2 Section A Company Overview 3 Company Overview At a Glance Business Overview #63 €271mn Properties Trastor REIC is the first real estate investment company to be established in Investment Value (1) Greece under law 2778/99 and it is listed on the Athens Stock Exchange The Company invests in high quality and high yielding assets with creditworthy tenants and through active asset management delivers attractive returns to its €14.8mn 5.5% shareholders Annualized Rental Annualized (2) (2) Experienced and qualified management team with deep understanding of the Income GRY local market, proven sourcing, execution, and value creation track record The Company maintains high corporate governance standards: international BoD, clear risk, internal audit and compliance frameworks, effective control 84% 5.6 years functions, strong oversight from the BOD and its Committees OCC by area WALT Shareholders Strategy Trastor REIC is seeking to capitalize on the unique 3.1% investment opportunities in the Greek real estate market created by the macro-economic environment, liquidity constraints, and the ensuing WRED LLC deleveraging of the Greek banking sector 44.8% 52.1% Piraeus Bank Free Float Trastor aims to deliver superior shareholder returns and become the leading REIC in Greece 4 (1) Based on FV as of 30.06.2020 (2) June rent per lease multiplied by 12; assuming 84% occupancy Company Overview Key Milestones H1 2020 2019 Trastor completed a Rights Trastor completed a Rights Issue raising €37.2mn Issue in August raising €22.8mn Enhanced its portfolio with 5 new acquisitions Enhanced its portfolio with 13 new acquisitions and the acquisition of 4 companies 2015 (owners of 4 assets) PB’s shareholding increases to 2016 91.67% through a debt to Värde Partners equity swap and following a acquired a 33.8% of 2018 mandatory public offer (Sept the Company from PB Trastor enhanced its 2015). The Bank assumed the portfolio with 13 new managementof the company acquisitions 2008 - 2014 Pasal Development, a Greek Real Estate firm, assumes 2017 the management of Trastor Trastor completed a Rights Issue raising €20.2mn and Värde Partners’ stake increased to 56.0%. Värde 1999-2008 assumed control Founded by Piraeus Bank (“PB”) under the name “Piraeus REIC” and in 2003 was granted a license to operate as a REIC by Hellenic Capital Market Commission. In 2005 became the first REIC to be listed on Athens Stock Exchange. 5 Company Overview Investment Values Since 2017 the Company has completed 41 acquisition transactions and sold 2 assets As of 30.06.2020 the Company owns 63 assets providing a total Portfolio FV of €271mn Trastor’s new management positioned the Company for sustainable growth 271.0 71.3 200.7 84.8 85.5 (€’mn) 113.3 79.5 33.7 34.3 34.4 60.1 Investment Values Investment 19.9 21.5 23.1 22.7 60.1 59.6 58.0 58.6 57.2 (1) (1) (1) (1) (2) 2016 2017 2018 2019 2020 24 properties 32 properties 43 properties 58 properties 63 properties Legacy Assets 2017 2018 2019 2020 6 (1) Valuation by the independent statutory valuer as of 31 December of each year (2) Valuation as of 30.06.2020 Company Overview Strategic Pillars Investment Focus S o u r c e s ▪ Acquire core and value-added ▪ Leveraging the team’s local assets at attractive valuations knowledge ▪ Collaborating with credible and ▪ Utilizing relationships to We create investment reputable tenants to support originate deals opportunities by applying their current business and ▪ Auctions and foreclosures expansion plans our local knowledge and ▪ Consensual surrenders and ▪ Repositioning of real estate debt-for-asset swaps in tapping into our extensive assets to optimize value collaboration with creditor banking and business ▪ Driving operational and scale banks partner relationships to efficiencies to increase cash flow ▪ Cooperation with NPL service originate deals ▪ Building a balanced and platforms diversified portfolio Asset Classes O u r P e o p l e Trastor’s Executive team consists ▪ Prime Location of Class A and of professionals with investment, B+ Offices asset management, banking, and private equity backgrounds and ▪ High Street Retail exceeds 100 years of professional ▪ Mixed Use experience with long-term ▪ Logistics experience in the Greek real estate market 7 Company Overview Acquisitions (2017 - Η1 2020) Number of Asset Acquisitions Money Deployed (1) (€mn) 17 13 €190.5 mn Total Investments (2017- H1 2020) 8 75.0 66.5 5 30.1 18.9 2017 2018 2019 H1 2020 2017 2018 2019 H1 2020 GAV Evolution Acquisitions by Asset Type (€mn) 2% 7% 18% 271.0 200.7 73% 113.3 79.5 2017 2018 2019 H1 2020 Office Retail Mixed Use Logistics Parking 8 (1) Net Acquisition Cost Company Overview Portfolio Overview Geographical Breakdown # 63 €271mn 2 3 (1) 15% Properties Investment Value 24.5% 8% 14 By GAV by revenue #63 €271mn €14.8mn 6.1% €14.8mn €18mn 6.9% Rental Income with Rental Income with 61.8% 38 (2) 2% 84% OCC (2) 100% OCC 5.2% 68.9% 6 1.6% years 5.6 years 2.9 Athens Athens CBD Rest of Greece Thessaloniki Crete WALT WALT to break clause Asset Type Breakdown 16% 17.7% 1.5% 1.7% 1.2% 2.2% 1.9% 1.2% 1.7% Vacancy rate Financial Vacancy 2.3% 1 rate (2) 3 2 10.9% 3 13.9% 5.5% GRY 6.6% GRY 21 Rental Income Rental Income By GAV by revenue 10 with 84% OCC with 100% OCC #63 19.1% €271mn €14.8mn 59.6% 63.8% 19.1% NOI 5% 8 179k sqm Rental Income GLA with 84% OCC 15 Office Retail Mixed Use Gas Station Bank Branch Logistics Parking Land Plots 9 (1) Based on fair values as of 30.06.2020 (2) Annualized rent calculated as monthly rent per lease agreement multiplied by 12 and assuming 84% occupancy Company Overview Key Portfolio Metrics - by revenue Bank Offices Retail Branches % % % 21.3 59.6% 19.1 2.2 Piraeus Bank 28.4% Inditex 20.9% GAV 56mn GAV 172.9mn AVAX SA 22.8% Ermenegildo Zegna 8.7% Annualized Income 3.2mn Annualized Income 8.8mn Bristol Myers Squibb 4.7% Kalogirou 6.6% OCC 98% OCC 78.8% Cosmote 4.2% Imanoglou 6.2% P&G 4.1% Yamamay 6% GLA 26k (14.5%) GLA 100.4k (56.1%) Katouni, Thessaloniki 18% Logistics 36.3% Mesogeion 515, Ag. Paraskevi 17.9% Gas Stations 44.1% GAV 12.6mn Ag. Konstantinou 47, Maroussi 13.3% Parking 19.6% GAV 29.5mn Kifisias 278, Chalandri 10.7% Land Plots 0% Annualized Income 778.9k Annualized Income 2.1mn Iasonos & Kartali Volos 8.8% OCC 84.3% OCC 100% GLA 31.4k (17.6%) GLA 21.1k (11.8%) Other Mixed Use % 13.9% 5.3 10 Company Overview Office Overview Key Metrics Geographical Breakdown #21 €172.9mn Properties Investment Value (1) by GAV by revenue # offices €8.8mn €11.7mn 1.5% 1 Rental Income with Rental Income with 17.4% 3 (2) (2) 78.8% OCC 100% OCC 31.1% #21 €172.9mn €8.8mn 21.2% 25% Financial Vacancy Vacancy ) rate (2 67.4% 17 82.6% 5.1% GRY 6.8% GRY Rental Income with Rental Income with 78.8% OCC 100% OCC Athens Athens Athens Athens CBD Athens CBD Athens CBD 100.4k Rest of Greece Rest of Greece sqm GLA TOP 5 tenants 11 (1) Based on fair values as of 30.06.2020 (2) Annualized rent calculated as monthly rent per lease agreement multiplied by 12 Company Overview Retail Overview Key Metrics Geographical Breakdown #18 €56mn Properties Investment Value (1) by GAV by revenue # retails (+Bank branches) mn €3.3mn 1 €3.2 17.4% 16.7% 1 Rental Income Rental Income with 94.8% OCC (2) with 100% OCC (2) 2 36.4% 36.6% €56mn €3.2mn #18 5.2% 2% 17.1% 16.7% Vacancy Financial Vacancy 3 11 rate (2) 6.8% 8.3% 5.6% GRY 5.8% GRY 22.4% 21.8% Rental Income Rental Income with 94.8% OCC with 100% OCC Athens Athens Athens Athens CBD Athens CBD Athens CBD Crete Crete Crete 26k sqm Rest of Greece Rest of Greece Rest of Greece GLA Thessaloniki Thessaloniki Thessaloniki TOP 5 tenants 12 (1) Based on fair values as of 30.06.2020 (2) Annualized rent calculated as monthly rent per lease agreement multiplied by 12 Company Overview Mixed Use Overview Key Metrics Geographical Breakdown #8 € mn 29.5 by GAV by revenue # assets Properties Investment Value (1) 14.6% 1 €2.1mn 0% 18.4% Rental Income Vacancy 1 with 100% OCC (2) 9.3% €29.5mn €2.1mn #8 18.7% 0% 7% GRY 63.0% Financial Vacancy Rental Income 76.1% 6 rate (2) with 100% OCC Athens 21.1k Athens Athens Rest of Greece sqm Rest of Greece Rest of Greece GLA Thessaloniki Thessaloniki Thessaloniki 13 (1) Based on fair values as of 30.06.2020 (2) Annualized rent calculated as monthly rent per lease agreement multiplied by 12 Company Overview Tenant Overview st 1 23.1% 2nd 15% rd 3 4.6% th 4 4.3% th 5 3.2% th 6 2.8% Diversified portfolio driven by a strong tenant base 14 www.youtube.com/powerupwithpowerpoint Section B Portfolio Overview 15 Portfolio Overview Landmark Properties Gravias & Granikou, 16, Amarousiou Halandriou, Maroussi Maroussi GAV: 12,768,000 GAV: 28,162,000 Anchor tenant: ENEL GREEN Anchor tenant: AVAX S.A.
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