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Full Year 2019 Financial Results Presentation

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Full Year 2019 Financial Results Presentation FULL YEAR 2019 FINANCIAL RESULTS PRESENTATION MAR 2020 TABLE OF CONTENTS Munich HIGHLIGHTS FINANCIAL RESULTS Berlin OPERATIONS AND PORTFOLIO APPENDIX Frankfurt Cologne Amsterdam Paris 2 HIGHLIGHTS 2019 GUIDANCE ACHIEVED EXTERNAL GROWTH PORTFOLIO INTERNAL GROWTH PORTFOLIO M&A GROWTH TLG MERGER ➢ €3 bn acquired in 2019 ➢ 4.2% total like-for-like net rent growth ➢ In February 2020, the merger with TLG was fully ➢ High quality assets of mainly offices and larger footprint ➢ 3.6% in-place rent growth & 0.6% occupancy growth finalized and completed in Berlin, Munich, Frankfurt, Paris and BENELUX ➢ Together AT and TLG create the leading pan-European ➢ Net rental income +21% at €766m ➢ office/hotel/residential RE company with a well- Commercial portfolio as of December 2019: €18.1 bn, ➢ FFO I +24% at €503m diversified portfolio in top tier European cities, mainly in (Pro forma €23 bn including TLG as of Dec 2019) 1) ➢ FFO I per share +10% at €0.43, reflecting a 9.7% yield DE and the NL ➢ Dividend per share +10% at €0.28, reflecting a 6.3% ➢ The merger is credit rating positive as it enhances the 1)2) yield scale and diversity while reinforcing the portfolio quality and exposure to robust markets CAPITAL RECYCLING PORTFOLIO VALUE CREATION SHAREHOLDER VALUE FINANCIAL PROFILE DEBT FINANCING ➢ Approx. €750 million disposed in 2019, of mainly mature ➢ €1.7bn profit for the year, EPS (basic) at €1.12 ➢ Maintaining: offices, hotels, development rights and retail ➢ €1.2bn contribution from revaluation gains, supporting: ➢ Long average debt maturity: 7.2 years ➢ +72% over total costs & 2% over net book value ➢ +16%3) EPRA NAV per share growth at €8.7 ➢ Low average cost of debt: 1.7% resulting in: ➢ +27% EPRA NAV incl. perpetuals at €13.1bn ➢ High unencumbered assets €14.2bn (81% ratio) ➢ FFO II of €814 million, +42% ➢ Low LTV: 34% ➢ Increasing asset quality & firepower towards the ➢ Above is excluding TLG. Including TLG Ø cost of debt is 1.6%, Ø pipeline debt maturity is 6.8 years, unencumbered assets 16.2bn, and ➢ 2020 YTD signed disposals at €40m pro forma LTV as of Dec 2019 is 36% 3 Berlin 1) based on a share price of €4.4 2) 2019 dividend distribution is subject to the next AGM approval and based on a payout ratio of 65% of FFO I per share 3) adjusted for dividends CLICK ON THE ASSET TO SEE AT’S HIGH QUALITY ACQUISITIONS IN 2019 GOOGLE MAPS LOCATIONS Acquisitions €3.7bn €3.7bn1) Berlin Prime Center Rosa-Luxemburg-Platz Berlin Charlottenburg Office €3bn €2.2bn Frankfurt Main Central Train Station Office Frankfurt Messe (conference center) Office 2016 2017 2018 2019 1) including acquisitions through joint ventures of €0.6bn Berlin Prime Center Kurfürstendamm Frankfurt Office District Office Frankfurt Airport Office Paris Charles de Gaulle Airport Hyatt Hotel ➢ €3bn of acquisitions at an average multiple of 21x, AT acquired Office and Cologne Prime Center Steigenberger Hotel Vienna Center Penta Hotel Hotel properties in top tier locations, primarily: ➢ Munich ➢ Hamburg Germany & BENELUX - Center Parcs Resorts ➢ Berlin Paris City Center Marriott Conference Hotel ➢ Paris ➢ Frankfurt ➢ BENELUX ➢ Cologne For a comprehensive list of AT’s major assets, please visit the “Asset List” on AT’s website Frankfurt Messe office (conference Munich Office Campus center) Davos Promenade Hotel Brussels Prime Center Hotel 4 TLG MERGER FULLY FINALIZED AND COMPLETED IN 2020 CLICK ON THE ASSET TO SEE GOOGLE MAPS LOCATIONS BERLIN – OFFICE / HOTEL DRESDEN - HOTEL Enhanced scale and diversification post merger with €26bn portfolio value* BERLIN - OFFICE FRANKFURT - OFFICE BERLIN - OFFICE BERLIN - OFFICE Solid overlap and footprint in top tier cities with strong fundamentals BERLIN – OFFICE BERLIN - OFFICE DRESDEN - HOTEL DRESDEN - HOTEL BERLIN - OFFICE LEIPZIG - HOTEL BERLIN - OFFICE BERLIN - HOTEL DRESDEN - OFFICE BERLIN – OFFICE / RETAIL / FRANKFURT - OFFICE BERLIN – OFFICE / RETAIL BERLIN - OFFICE BERLIN - OFFICE *Pro forma including TLG portfolio and proportion in GCP RESIDENTIAL 5 including land for development & other rights AT’S CORPORATE GROWTH IN 2019 INDEX INCLUSION WITH OUTPERFORMER IN THE 94TH INCREASED VISIBILITY AND PERCENTILE GLOBALLY AMONG STOCK LIQUIDITY 339 PEERS, IMPROVED FOR THE 2ND CONSECUTIVE YEAR FROM RD TH Highest ESG-ranked real estate 93 PERCENTILE IN 2018 & 88 constituent, 10th highest ESG PERCENTILE IN 2017 03/2020 among all constituents S&P EUROPE 350 IMPROVED GOVERNANCE 09/2019 COMMITMENT TO Aroundtown improved its ranking by STRUCTURE SUSTAINABILITY AND Sustainalytics, one of the leading global FTSE EUROFIRST 300 STRONG GOVERNANCE sustainability rating agencies, to 09/2019 Outperformer in the 94th percentile Also included in the MSCI, MDAX, FTSE EPRA, STOXX 600 globally among 339 peers which eventually contributed towards DAX 50 ESG inclusion AT’s leadership is bolstered with strong additions to its boards: Mr. Ran Laufer and Ms. Simone Runge- In Sep 2019, Aroundtown received the Brandner joined the Board of Directors and EPRA BPR Gold award for the third Mr. David Maimon joined the Advisory Board consecutive year, the highest standard for The management will be strengthened further financial reporting and the EPRA sBPR with additional members nominated by TLG Gold award for the second consecutive year for its sBPR reporting initiatives 6 Frankfurt FINANCIAL RESULTS 7 PROFIT AND LOSS 2019 2018 Net rental income, recurring long-term* (in €m) in € millions REVENUE 894.8 747.1 RECURRING LONG-TERM NET RENTAL INCOME 756.1 613.8 CAGR 2016-2019 +9% PROPERTY REVALUATIONS AND CAPITAL GAINS 1,217.5 1,536.4 +48% 823 Share in profit from investment in equity-accounted investees 298.7 251.6 756 Property operating expenses (227.9) (219.1) 614 EBITDA 2,157.5 2,295.1 415 Finance expenses, net (141.7) (114.6) Current tax expenses (70.6) (44.4) 233 PROFIT FOR THE YEAR 1,709.1 1,827.8 Basic earnings per share (in €) 1.12 1.54 2016 2017 2018 2019 Dec 2019 Diluted earnings per share (in €) 1.11 1.49 Annualized * Excluding net rent from assets held for sale SOLID ORGANIC GROWTH FROM BOH EXTERNAL AND INTERNAL SOURCES Net profit (in €m) 1,828 IN-PLACE 1,709 TOTAL OCCUPANCY RENT 1,539 L-F-L L-F-L LIKE-FOR-LIKE +3.6% +4.2% +0.6% 2019 2019 2019 901 2016 2017 2018 2019 8 ADJUSTED EBITDA 2019 2018 in € millions Subtracted as these profits include AT’s share in non- Operating profit 2,155.8 2,293.5 operational profits generated by the equity accounted Total depreciation and amortization 1.7 1.6 investees EBITDA 2,157.5 2,295.1 Property revaluations, capital gains and other income (1,217.5) (1,536.4) Mainly related to adjusted EBITDA of the properties Share in profit from investment in equity-accounted investees (298.7) (251.6) marked for disposal to reflect the long-term recurring Other adjustments (0.3) (10.4) Adjusted EBITDA of the commercial portfolio ADJUSTED EBITDA COMMERCIAL PORTFOLIO, 641.0 496.7 RECURRING LONG TERM Adding back the contribution from GCP’s operations, Adjustment for GCP’s and other investments’ adjusted EBITDA 131.7 109.3 resulting from Aroundtown’s strategic investment of contribution 39%, as well as from other investments ADJUSTED EBITDA 772.7 606.0 ADJUSTED EBITDA CAGR +42% 773 606 429 268 2016 2017 2018 2019 9 FFO I & FFO II 2019 GUIDANCE ACHIEVED 2019 2018 FFO I per share FFO I PER SHARE (in €) FFO I per share after in € millions perpetual ADJUSTED EBITDA COMMERCIAL PORTFOLIO, 641.0 496.7 RECURRING LONG TERM Finance expenses, net (141.7) (114.6) CAGR 0.43 Current tax expenses (70.6) (44.4) 0.39 0.38 FFO I 0.36 Contribution to minorities (17.4) (6.7) per share 0.34 Other adjustments 3.4 7.9 +20% 0.32 FFO I COMMERCIAL PORTFOLIO, RECURRING LONG TERM 414.7 338.9 0.25 Adjustment for GCP’s and other investments’ FFO I contribution 88.7 66.8 FFO I 503.4 405.7 FFO I PER SHARE (IN €) 0.43 0.39 FFO I yield 1) FFO I per share after perpetual notes attribution (in €) 0.38 0.34 9.7% Result from disposal of properties 310.9 168.9 1) Based on a share price of €4.4 FFO II 814.3 574.6 2016 2017 2018 2019 2) 2019 dividend is subject to next AGM approval and based FFO I FFO I & FFO II (in €m) on a distribution DIVIDEND PER SHARE (in €) FFO II ratio of 65% of FFO I per share CAGR CAGR 2) FFO I 814 0.28 +21% 0.25 +45% 0.23 575 2) 503 406 0.16 339 Dividend 293 yield 166 166 6.3%1) 2016 2017 2018 2019 2016 2017 2018 2019 10 TOTAL ASSETS Total Assets (in €bn) ENHANCED SCALE Investment Property (in €bn) CAGR >30 CAGR 23 2016-2019 2016-2019 +46% 25.4 Over €30 billion total assets pro forma including +54% 18.1 TLG, positioning the combined company among 19.0 14.2 Top 3 listed Real Estate firm in Europe with 13.8 The largest diversified Office/Hotel/Residential 9.8 8.1 portfolio among the European listed RE 5.0 2016 2017 2018 2019 2019 pro forma* 2016 2017 2018 2019 2019 pro forma* * pro forma including TLG as of Dec 2019 * pro forma including TLG as of Dec 2019 11 EPRA NAV EPRA NAV (in €m) Dec 2019 Dec 2018 in € millions Per share in € millions Per share CAGR 13,117 NAV PER THE FINANCIAL STATEMENTS 13,378.9 9,944.3 EPRA NAV Equity attributable to perpetual notes investors (2,484.0) (1,547.7) incl. perpetual notes NAV EXCLUDING PERPETUAL NOTES 10,894.9 8,396.6 +44% 10,290 10,633 Fair value of derivative financial instruments (71.6) 25.1 8,742 Deferred tax liabilities 1,119.5 887.8 7,656 NAV 11,942.8 €9.8 9,309.5 €8.2 6,483 Non-controlling interests (1,309.4) (567.1) EPRA NAV 4,349 10,633.4 €8.7 8,742.4 €7.7 3,871 Equity attributable to perpetual notes investors 2,484.0 1,547.7 EPRA NAV INCLUDING PERPETUAL NOTES 13,117.4 €10.7 10,290.1 €9.1 Number of shares incl.
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