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Citycon Equity Story

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Citycon Equity Story CITYCON INVESTOR PRESENTATION CITYCON – URBAN CONVENIENCE IN THE HEART OF COMMUNITIES LEADING OWNER, MANAGER AND DEVELOPER OF SHOPPING CENTRES IN THE NORDICS ▪ Net rental income in 2019 MEUR 217 ▪ Portfolio value EUR 4.4BN ▪ 40 shopping centres ▪ 241 employees ▪ 170 million visitors p.a. ▪ Investment grade credit ratings: ▪ GLA 1.2 million sq.m. Baa3 & BBB- 10 Stable business model and diversified tenant mix 2 Pan-Nordic reach with leading positions in Finland, 17 9 Sweden, Norway and Estonia Well-balanced portfolio with densification potential 2 3 Number of shopping centres WE HAVE FOUR STRATEGIC FOCUS AREAS OPERATIONAL EXCELLENCE GROWTH FROM SPECIALITY − Harmonize processes, policies and practices LEASING − Centralize procurement − 170 million visitors provide strong basis for specialty leasing opportunities − Re-negotiating large frame contracts with fixed prices − Largest potential in common area leasing − Maintain strict control on operating expenses and − Next action points: Mapping out new GLA in the capital expenditure. highest trafficked areas and creating appropriate pricing structure INCREASED FOCUS ON CAPITAL MIX USE DEVELOPMENT EXPENDITURE − We have significant opportunities to create further value through densification ‒ First step: Rigorous process implemented to review capital expenditure at all assets − Potential GBA can either be developed as residential or offices depending on demand and market situation ‒ Second step: Optimize capital expenditure spend and allocate money based on need / return. Thorough post- − Several options to realize densification potential mortem review of results. − Own development − Joint venture ‒ Third step: maintain strict capex control going forward 4 − Divestment to third party WE ARE A TRUE PAN-NORDIC PLAYER 262 132 110 92 63 FINLAND SPONDA KEVA IDEAPARK ELO 265 228 210 207 185 #1 SWEDEN OLAV THON ATRIUM UNIBAIL- STEEN &STROM LJUNGBERG RODAMCO- 1213 WESTFIELD #2 #5 #2 343 287 214 NORWAY OLAV THON STEEN & STROM SCALA RETAIL 178 PROPERTY 100 80 ESTONIA ASTRI LINSTOW Retail GLA (thousand sq.m.) Source: Company reports, Pangea Property Partners analysis, Finnish Shopping Centres. Includes only majority-owned shopping centres. Includes some 5 assumptions on retail proportion out of total GLA, where retail data not available. IN THE CONTINENTAL EUROPEAN CONTEXT WE ARE A MID-SIZED PLAYER TOTAL ASSETS, EUR BILLION PORTFOLIO VALUE 65.0 Sweden & Denmark 1) Finland & 26% Estonia 44% 4.4 24.4 EUR billion 4.6 4.4 4.2 3.2 3.0 Unibail- Klepierre Deutche Citycon Euro- Atrium Wereldhave Norway Rodamco- Euroshop commercial European 30% Westfield RE 6 Source: company reports 1)Including Kista Galleria WE HAVE ALMOST 30 YEARS OF RETAIL EXPERIENCE AND NORDIC EXPANSION 5 PORTFOLIO VALUE Q1/2020 SHAREHOLDER STRUCTURE 31 − Portfolio value EUR 4.4 billion MARCH 2020 2014 Gazit Globe 48.8% 4 − CPPIB becomes strategic CPP Investment Board shareholder, European Holdings 15.0% 15% ownership Free float 2005 36.2% 1998 3 − International expansion − Focus shifted to retail starts: first acquisitions in 2015 properties 1988 Sweden and Estonia − Acquisition of − Founded by Sampo Norwegian Sektor Pension Ltd, Gruppen for EUR 1.5 billion Imatran Voima Oy, 2003 Rakennustoimisto 2013 2 − Strategy to include also A. Puolimatka Oy and − Acquisition of Kista − Share listed on Nasdaq Helsinki since 1988 (re)development Postipankki Galleria in Stockholm of assets − Listed on Helsinki in JV with CPPIB − Ticker CTY1S − Ownership base Stock Exchange − Investment-grade credit internationalised − Office assets ratings by S&P and − 20,038 shareholders in total 1 2007 Moody’s − Acquisition of Iso Omena in the greater Helsinki area 0 1990 1995 2000 2005 2010 2015 2020 7 OUR INVESTMENT PROPOSITION 1 STABLE BUSINESS MODEL ENABLING A HIGH DIVIDEND YIELD − Steady and resilient cash flows across the cycle − Solid financial position − High and sustainable dividend yield WELL-BALANCED URBAN PROPERTY PORTFOLIO WITH TREMENDOUS 2 MIXED-USE POTENTIAL − Diversified Pan-Nordic portfolio bringing stability as well as scale − Actions in place to shift the current property portfolio more towards larger and higher quality urban assets − Significant opportunities to create further value through densification 3 FOCUSED STRATEGY IN A CHANGING MARKET ENVIRONMENT − Focus on larger multi-functional shopping centres in growing urban areas − Tenant mix with grocery-anchored and municipal tenants − Increased focus on asset management − Significant growth potential in specialty leasing business 8 STABLE OPERATING ENVIRONMENT NORDICS: A SAFE HAVEN IN AN UNSTABLE WORLD KEY ECONOMIC INDICATORS IN OUR OPERATING COUNTRIES Finland Norway Sweden Denmark Estonia Credit ratings AA+ AAA AAA AAA AA- 5.5M GDP growth, 2019 1.4% 2.5% 1.1% 2.0% 3.2% Unemployment, 2019 6.7% 3.4% 6.8% 4.9% 5.1% 5.3M 10M 1.3M Inflation, 2019 1.2% 1.4% 1.7% 0.8% 2.4% Retail sales growth, 2019 0.9% 0.8% 2.4% 0.8% 4.0% 5.8M 10 Sources: SEB Nordic Outlook, Nordea Economic Outlook, European Commission, Eurostat, Population Statistics Finland/Norway/Sweden/Estonia/Denmark. Some figures are based on estimates. WE OPERATE IN THE FASTEST GROWING CITIES IN EUROPE WITH CONTINUED DEMAND FOR HOUSING PERCENTAGE OF POPULATION IN URBAN AREAS POPULATION GROWTH 2015–2035 100% Sweden 93% 95% Denmark 92% 90% Norway 85% and Finland TAMPERE 12% 90% 80% HELSINKI Estonia 15% 77% 75% OSLO STOCKHOLM 29% 25% TALLINN 70% 10% GOTHEN- BURG 65% 22% 1980 2018 2030 2050 COPEN- Finland Norway Sweden Denmark Estonia HAGEN 16% 11 Source: UN World U rbanization Prospects 2018 THE NORDIC COUNTRIES HAVE A STRONG PURCHASING POWER GDP PER CAPITA GDP OF NORDICS 67,900 EUR Estonia 1.7% Denmark Finland 21.2% 16.4% 50,000 47,100 40,500 Euro area average 34,500 Equivalent 1.4 to Canada EU average 29,900 approx. 19,800 EUR trillion Norway 25.7% Sweden 35.1% Finland Norway Sweden Denmark Estonia 12 Source: IMF ONLINE RETAIL ACCOUNTS FOR AROUND 10% OF TOTAL RETAIL SALES IN THE NORDICS ONLINE PENETRATION IN GROCERIES REMAINS VERY LOW ACROSS THE NORDICS % 15 11.8 12.0 9.9 10.2 10 7.3 5 2.0 1.9 1.1 1.4 0.4 0 Denmark Finland Norway Sweden The Nordics Total Online Retail Sales Total Online Grocery Sales 13 Source: Ocado, Dansk Erhverv Analyse, Nielese and Svensk Digital Handel, Nordea PHYSICAL STORES REMAIN ESSENTIAL CUSTOMER ➢ Nearby physical stores are important when making online EXPERIENCE purchases PROFITABILITY ➢ Retailers lose business when they close a store BRAND ➢ Physical stores generate brand awareness and trust AWARENESS DIFFERENTATION ➢ Opening a store boosts online traffic 14 Source: ICSC WE HAVE A SOLID BUSINESS MODEL WHAT DOES OUR TYPICAL SHOPPING CENTRE LOOK LIKE? − Located at the heart of communities with access to public transport − ~26,800 sq.m. of gross leasable area − ~4,000,000 annual visitors − Average fair value MEUR 118 − Average catchment area − ~480,000 people with above EU average purchasing power of EUR 26,200 within 20 minutes of driving − ~65% linked to rail transportation − ~90% located in capital or major cities CONNECTION TO PUBLIC TRANSPORTATION PROVIDES NATURAL FOOTFALL 100% OF OUR SHOPPING ➢ We are focused on grocery-anchored shopping centers that are CENTRES integrated with public transportation. ➢ All of our centres are accessible by bus, 10 centres are directly CONNECTED TO connected to metro lines, 17 to train lines and 6 to tram lines. PUBLIC TRANSPORTATION 54% OF VISITORS ARRIVE ➢ Almost 4,000 dedicated bicycle parking spaces. BY PUBLIC ➢ Almost 90% of our shopping centres have dedicated areas for secure bicycle parking. TRANSPORTATION, FOOT OR BICYCLE ISO OMENA IS A GREAT ➢ Footfall increased +74 % to 20 million annual visitors after metro EXAMPLE OF opening. POWERFUL PUBLIC ➢ Tenant sales +17%, same-store sales +7%. TRANSPORTATION 17 OUR FOCUS ON GROCERY-ANCHORED, MULTIFUNCTIONAL SHOPPING CENTRES GIVES STABILITY TO OUR BUSINESS RENTAL INCOME BY CATEGORY OVER 30 % OF GROSS RENTAL INCOME IS FROM (2019) ”NECESSITY TENANTS” Groceries 17% ▪ Focus on the daily needs of customers Health care and ▪ 3 out of the top 5 tenants are grocery stores municipality services 5% Offices 3 % Pharmacies 3% Banks 3% GRI Residentials and hotels 1% SMALL PORTION OF TURNOVER BASED RENTS Cafés and Restaurants 10% ▪ In 2019 only 4% of our income was from Cosmetics 5% turnover based rents. 232 MEUR Wellness 4% Other services 3 % Leisure 1% PUBLIC SECTOR TENANTS ARE GROWING PART OF Specialty stores 1% OUR BUSINESS Home and Sporting Goods 19% ▪ Currently public sector tenants present approx. Fashion and Accessories 25% 4% of our GLA ▪ Newest municipal service square opened in January 2020 in our shopping centre Trio As per 31 December 2019 18 Including Kista Galleria (50%) WE HAVE A DIVERSIFIED TENANT PORTFOLIO REDUCING CONCENTRATION RISK TOP 5 TENANTS1) OCCUPANCY COST RATIO VS PEERS PROPORTION OF Citycon 9.4% 2019 RENTAL INCOME, % Peer 1 10.4% Kesko 5.0 Peer 2 11.6% Varner-Group 4.1 Peer 3 12.4% S Group 3.9 Peer group 14.4% ICA Group 2.3 average H&M 2.2 Peer 4 15.5% Top 5, total 17.5 Peer 5 22.2% 1) Including Kista Galleria (50%) Peer group: Hammersson, Klepierre, Mercialys, Unibail-Rodamco-Westfield, Wereldhave Source: Companies' annual reports 19 WE HAVE A STABLE AND HIGH OCCUPANCY RATE − 4,503 lease agreements with an average length of 3.1 years Clear majority of tenants pay fixed market rent. Only a small 96.0% 96.4% 95.9% 95.6% 95.3% 95.5% 94.5% − portion of tenants pay turnover-based rent − Majority of tenants pay service charge covering the running costs of the property, such as heating, electricity, water
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