How to Become a Successful REIT Manager: Top 10 Strategies
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1 2011 Full Year Results 21 February
2 Headlines Strong operating results due to portfolio quality and operational focus Further momentum to come from mainly pre-let development programme Reduction in NAV impacted by write-down of non-core assets A clear strategy to become a leading income-focused REIT Early progress with portfolio reshaping 1
3 FinancialReview Justin Read, Finance Director 2
4 Key financial highlights Change % EPRA PBT ( m) EPRA EPS (pence) Dividend per share (pence) Change % EPRA NAV per share¹ (pence) (9.6) Net borrowings ( m) 2, , LTV (%) EPRA NAV per share and excluding fair value of interest rate derivatives but including trading property uplifts 3
5 Strong operating performance driving 8.8% EPRA PBT growth Gross rental income Property operating expenses Net rental income Joint venture management fee Share of joint ventures EPRA profit after tax 1 Administration expenses EPRA operating profit Net finance costs (excluding fair value movements on derivatives) EPRA profit before tax 2011 m (54.9) (32.1) (123.1) m (62.5) (39.2) (128.3) Net property rental income less administrative expenses, net interest expenses and taxation. 4
6 Net rental income bridge ( m) (5.1) (9.3) (6.5) Net rental income 2010 Development (lettings net of takebacks) Like-for-like rent Currency translation Acquisitions Other income Disposals to APP Disposals (excluding to APP) Lease surrenders (premium net of rent lost) Net rental income
7 Good progress with cost reduction 35 Total cost ratio* (%) % 29.9% 28.1% 24.3% ( m) 2010 ( m) Movement (%) Property operating costs (12.2) Administration expenses (18.1) *Total costs as a percentage of gross rental income. Total costs include property operating expenses (net of service charge income and management fees) and recurring administration expenses. 6
8 EPRA PBT bridge ( m) (10.9) EPRA PBT 2010 Net rental income JV management fee Share of JV EPRA PBT Administrative expenses Net finance cost EPRA PBT
9 Cash flow summary Cash flow from operations Net finance costs Dividends received (net) Tax paid Free cash flow Capital expenditure (excluding trading properties) Investment property sales (including joint ventures) Investment in joint ventures Net settlement of derivatives Dividends paid Other items Net funds flow 2011 m (120.3) 10.4 (4.9) (187.1) 79.9 (15.9) (8.1) (107.4) 7.9 (106.5) 2010 m (141.1) 8.8 (6.0) (61.1) (193.5) 23.4 (82.8)
10 EPRA NAV per share bridge (pence) 19 (1) (1) (3) (15) 376 (35) 340 EPRA NAV per share as 31 Dec 2010 EPRA PBT Exchange rate movement Other Unrecognised valuation movement on trading properties Dividends Realised and unrealised valuation movement (including JVs) EPRA NAV per share as 31 Dec
11 Solid balance sheet No significant debt maturities before m of funds available from cash balances and undrawn facilities Weighted average cost of debt now 4.8% 74% of net borrowings at fixed rates Net borrowings of 2.3bn; adjusted gearing of 89% and LTV of 50% SEGRO bonds rated A minus; reaffirmed by Fitch in December SEGRO debt maturity profile Average duration of debt 8.8 years m Year Bonds and Notes Bank Debt drawn Cash Undrawn facilities 10
12 954m of new Group and JV debt facilities arranged SEGRO and Aviva Investors APP JV refinancing September m five-year debt refinancing package Refinanced maturing facility, due March 2012 c4.0% p.a. all-in funding cost on drawn debt SEGRO Group refinancing November m of revolving, multi-currency, five-year bank facilities Refinanced 270m syndicated facility, due to mature Jan 2013 c2.75% p.a. funding cost on drawn debt under the facilities SEGRO and Moorfield financing for UKLF JV January m five-year facility Acquisition completed January 2012 <4.25% p.a. all-in funding cost; 80% fixed for 5 years 11
13 Currency management and hedging Balance sheet as at 31 December 2011 million 2,004 1, ,030 Euro gross assets Euro debt Euro currency swaps Other Euro liabilities 1.20: 1 as at 31 December 2011 assets 85% hedged by liabilities 303m ( 252m) of residual exposure 10% of Group NAV Annualised NAV sensitivity versus 1.20: 566 +/- 10% ( 1.32/ 1.08) = +/- c 25m (c3.4p per share) Income statement year to 31 December 2011 Euro net income Euro costs (incl 67m interest) Average rate for year to 31 December : 1 income 70% hedged by expenditure (including interest) Net income for the period 34m ( 30m) 22% of Group million Annualised net income sensitivity versus /- 10% ( 1.27/ 1.03) = +/- c 3m (c0.4p per share) 12
14 Financial summary Strong operational performance driving earnings growth EPRA EPS + 7.6% to 18.4p 3.5% dividend growth to 14.8p EPRA NAV 340p Non-core portfolio valuation decline in H2 Capital values more resilient for core portfolio Solid balance sheet No significant debt maturities before
15 Business Review David Sleath, Chief Executive 14
16 A clear strategy to create a successful income-focused REIT GOAL: High quality, progressive, sustainable dividends and NAV growth STRATEGY TO CREATE VALUE FOR SHAREHOLDERS: Disciplined Capital Allocation Right Portfolio Shape Active Portfolio Management Right Capital Structure Operational Excellence Leasing, Customer & Asset nmanagement Development Operational Efficiency A STRONG PLATFORM FOR SUCCESS: Industrial and logistics focus Strong market positions Diversified customer base Experienced operational team 15
17 Four key strategic priorities to deliver our vision 1. Re-shape the existing portfolio Divest assets which do not fit our strategic priorities Reduce land holdings and other non-income producing assets as a proportion of the total portfolio 2. Grow AUM in target areas through development and acquisition Light industrial in the largest and most vibrant conurbations Logistics in and around major ports, airports and distribution corridors Exploit opportunities to create higher value uses on industrial land 3. Reduce financial leverage over time and introduce third-party capital 4. Continue to focus on operational excellence and drive further improvement 16
18 Early progress with strategic priorities New organisation structure announced and implemented COO and CIO roles created Non-core disposals 111m smaller, secondary estates sold in m divestment of five estates to Ignis in February 2012 Acquisition of UK Logistics Fund in partnership with Moorfield 17
19 UKLF acquisition significantly increases our presence in logistics 50/50 JV partnership with Moorfield Real Estate Fund Royal Mail, Birmingham 14 prime logistics warehouses, located predominantly in the Midlands and South Excellent customer base, including Tesco, Sainsbury s, Royal Mail, DHL, GKN, Booker High-quality income stream c 18m in 2011; average 13 years to lease expiry Sainsbury s, Hoddesdon 9.4% cash running yield on SEGRO share of equity investment, rising to 12.8%; 6.3% ungeared net initial yield rising to 7.7% Potential to add further value through active asset management Booker, Hatfield In line with strategy to grow logistics with third-party capital 18
20 Operational excellence has created strong earnings momentum Leasing, Customer and Asset Management 38.4m of new annualised rental income from existing space and pre-lets Transactional rental values 1.7% above December 2010 ERVs Lease incentives of 11% Retention rate up to 74%, takebacks down 28% to 21.0m Vacancy rate 9.1% Development 14 developments completed; 9m annualised rental income 20 developments under construction or contracted 78% pre-let Current pipeline 117m capex and 19m annualised rental income Operational Efficiency Total costs down by 15% year on year ( 15m) Cost ratio reduced to 24.3% New management and operating structure to drive further efficiencies in 2012 and beyond 19
21 Operational excellence has created strong earnings momentum Leasing, Customer and Asset Management 38.4m of new annualised rental income from existing space and pre-lets Transactional rental values 1.7% above December 2010 ERVs Lease incentives of 11% Retention rate up to 74%, takebacks down 28% to 21.0m Vacancy rate 9.1% Development 14 developments completed; 9m annualised rental income 20 developments under construction or contracted 78% pre-let Current pipeline 117m capex and 19m annualised rental income Operational Efficiency Total costs down by 15% year on year ( 15m) Cost ratio reduced to 24.3% New management and operating structure to drive further efficiencies in 2012 and beyond 20
22 Significant improvement in retention reflects benefits of working closely with customers % of customers retained year on year* 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 87% 75% 74% 69% 63% 55% UK Continental Europe Group Focus on customer satisfaction Proactive and commercial approach to upcoming lease events Reduced availability of modern space in most markets 21 *Leases renegotiated ahead of break or expiry
23 Increased retention levels have contributed to the significant reduction in takebacks 35 m annualised rental income lost m 9.1m 20.2m Down 28% in m 4.8m 16.2m UK Continental Europe Low level of insolvencies ( 4.0m versus 7.2m in 2010) 41m of income at risk from potential break or expiry in 2012, down from 50m at June
24 Significant further improvement in Group vacancy from 12% to 9.1% the lowest level since % 14% 13.5% 14.0% % vacant by rental value 12% 10% 8% 6% 4% 12.0% 11.4% 9.1% 2% 0% FY 2009 H FY 2010 H FY 2011 UK 10.2%, Continental Europe 6.4% (2011) Target for Brixton portfolio of 15% by end of 2012 already delivered (2011: 13.4%) 23
25 Operational excellence has created strong earnings momentum Leasing, Customer and Asset Management 38.4m of new annualised rental income from existing space and pre-lets Transactional rental values 1.7% above December 2010 ERVs Lease incentives of 11% Retention rate up to 74%, takebacks down 28% to 21.0m Vacancy rate 9.1% Development 14 developments completed; 9m annualised rental income 20 developments under construction or contracted 78% pre-let Current pipeline 117m capex and 19m annualised rental income Operational Efficiency Total costs down by 15% year on year ( 15m) Cost ratio reduced to 24.3% New management and operating structure to drive further efficiencies in 2012 and beyond 24
26 14 developments completed in m of rent p.a Gliwice, Poland Tychy, Poland 2 projects for logistics customers across 35,600 sq m completed January & December ,900 sq m for logistics customer completed September 2011 Geopost, Enfield Selig UK, Slough 3,500 sq m completed September ,000 sq m completed December
27 Significant earnings momentum from current development programme DB Schenker Data centre operator 9,900 sq m at APP Portal, expected completion September ,600 sq m at Slough, expected completion February 2012 Alcatel Lonza 33,400 sq m at Vimercate, expected completion December ,500 sq m at Slough, expected completion May active projects, 78% pre-let 19m of annualised rental income and 117m of remaining capex 26
28 Land bank provides an attractive source of future developments Current land holdings by value ( m) 82m Under construction 49 hectares Estimated development costs 600m Estimated rental value 78m Indicative yield on TDC* 9-10% Largest development sites 171m Residual land bank 363 hectares 170m Potential projects 229 hectares UK Germany Park Royal Slough Düsseldorf Berlin Hectares Current BV ( m) Netherlands Amsterdam (Schipol) Poland & Czech Rep Warsaw Poznan Prague *Total development cost 27
29 Operational excellence has created strong earnings momentum Leasing, Customer and Asset Management 38.4m of new annualised rental income from existing space and pre-lets Transactional rental values 1.7% above December 2010 ERVs Lease incentives of 11% Retention rate up to 74%, takebacks down 28% to 21.0m Vacancy rate 9.1% Development 14 developments completed; 9m annualised rental income 20 developments under construction or contracted 78% pre-let Current pipeline 117m capex and 19m annualised rental income Operational Efficiency Total costs down by 15% year on year ( 15m) Cost ratio reduced to 24.3% New management and operating structure to drive further efficiencies in 2012 and beyond 28
30 Performance of core versus non-core UK Continental Europe Group Core Non-core Core Non-core Core Non-core Portfolio value ( m) (completed properties) 2, , ,283.0 Net initial yield (%) True equivalent yield (%) Valuation movement (%) (0.8) (10.5) 0.9 (16.3) (0.4) (13.0) Net absorption ( m) Vacancy (%) Pre-lets signed ( m)
31 Outlook Expect unsettled macro conditions to continue across UK and Continental Europe Good earnings momentum Strong pipeline of existing pre-let developments Good activity at start of 2012 Solid balance sheet Well-positioned to make further progress with portfolio reshaping 30
32 Summary Strong operating results due to portfolio quality and operational focus Further momentum to come from mainly pre-let development programme Reduction in NAV impacted by write-down of non-core assets A clear strategy to become a leading income-focused REIT Early progress with portfolio reshaping 31
33 2011 Full Year Results 21 February
34 APPENDICES 33
35 EPRA pro forma profit before tax: JVs proportionally consolidated Gross rental income Property operating expenses Net rental income Joint venture management fee Administration expenses EPRA operating profit Net finance costs (excluding fair value movements on derivatives) Joint venture tax EPRA profit before tax 2011 m (57.7) (32.1) (133.6) m (65.2) (39.2) (137.9)
36 Group vacancy bridge 11.5% 1.9% (0.1)% (0.4)% (0.5)% (2.6)% (12.7)% 12.0% 9.1% Vacancy rate as at 31 December 2010 Space returned Development completions Disposals Space made redundant Other (ERV changes) Development lettings Space let Vacancy rate as at 31 December
37 Our current development pipeline is 78% pre-let UK STE Bath Road, STE Farnham Road, STE Speculative developments Galvin Road, STE Total Project Pre-let projects under construction Ajax Avenue, STE Yeovil Road, STE Contracted projects APP Portal at Heathrow, London APP Portal at Heathrow, London Galvin Road, STE Customer Infinity Data centre operator Lonza Ragus Sugars Family Bargains DB Schenker Rolls-Royce n/a Under offer data centre *Includes APP Portal contracted projects at Group share Space to be built (sq m) 11,400 5,600 5,500 3,300 1,200 9,900 8,500 3,100 2,800 42,100* CONTINENTAL EUROPE Vimercate, Italy Lodz, Poland Krefeld, Germany Speculative developments Paris, France Berlin, Germany Total Project Pre-let projects under construction Vimercate, Italy Gliwice, Poland Tychy, Poland Frankfurt, Germany Poznan, Poland Contracted projects Dusseldorf, Germany Customer Alcatel-Lucent Sports retailer Zabka Pro Tex (30%) /speculative Esprinet (72%) /speculative OPEK Eurocash Wir Packens (80%) /speculative n/a Various 50% let 19m of annualised rental income and 117m of capex n/a Space to be built (sq m) 34,000 31,300 18,900 14,300 11,200 7,600 1,200 11,300 8,200 12,200 12, ,400 36
38 Industrial an attractive asset class IPD Total Returns % by Economic Cycle (annualised to 2010) IPD Income Returns % by Economic Cycle (annualised to 2010) Industrial Office Retail All Property Industrial Office Retail All Property IPD Total Returns % from 1986 to 2010 (annualised to 2010) IPD Income Returns % from 1986 to 2010 (annualised to 2010) Industrial Office Retail All Property 0 Industrial Office Retail All Property
39 Core and non-core valuation movements* Property assets Core Non-Core Total H ( m) 19.9 (33.6) (13.7) H ( m) (54.6) (187.0) (241.6) 50 Valuation movement ( m) Core Non-Core *Valuation movement relates to the total portfolio (completed properties, land and development). Joint ventures shown at share. 38
40 Large non-strategic assets Thales site (Crawley) Neckermann site (Frankfurt) IQ Farnborough (Farnborough) Pegasus Park (Brussels) MPM site (Munich) Total value: 515m Total headline rent: 45m Data as at 31 December 2011 Vimercate (Milan) 39
41 Forward-looking statements This presentation may contain certain forward-looking statements with respect to SEGRO s expectations and plans, strategy, management s objectives, future performance, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance. 40
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