Key figures... 3 Portfolio valuation... 4 Financing... 6 Yield spread... 7
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- Gilbert Melton
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From this document you will learn the answers to the following questions:
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1 P O R T F O L I O R E P O R T
2 Table of contents Financial update Key figures... 3 Portfolio valuation... 4 Financing... 6 Yield spread... 7 Appendix Highlights... 8 Tenants lease expiry... 9 Exposure overview Exposure to locations Emil Eriksrød Chairman
3 Financial update Overview and key figures Q Key figures of Properties no 10 Portfolio size (ex. New space in development projects) m² Average size per property m² Gross rent per year (run rate) NOK mill. 54,2 Operational expences per year 1) NOK mill. 3,3 Net rent per year (run rate) NOK mill. 50,9 Average gross rate per m2 per year NOK Gross market value (Inc. Development project "land") NOK mill. 815,5 Average value per property NOK mill. 81,6 Average value per m2 (including "land") NOK Gross yield, actual % 6,6 Net yield, actual % 6,7 Gross yield at market rent fullt let ²) % 7,3 Net yield at market rent fully let ²) % 6,9 Duration, WALE ³) Years 5,2 CPI adjustments annual % 88,3 Vacancy (space including strategic vacancy) % 4,6 1) Assuming 6% operating expenses on property levels 2) Assuming market rent, adjusted for county and location 3) WALE, stands for "weighted average lease expiry" by rent
4 Telemark Financial update Portfolio valuation by area Q * External valuation conducted by Newsec Area Total space (m2) Space 3) not generating revenue (%) Weighted Average Lease Expiry (years) Valuation Gross rent pr year NOK mill. NOK/m2 NOK mill. NOK/m2 Net yield 1) Gross marked rent fully let Skien Sentrum ,6 % 2,0 35, , ,7 % 2,5 Kjørbekk ,0 % 4,1 77, , ,1 % 6,7 Porsgrunn Sentrum ,0 % 6,1 30, , ,8 % 1,7 Porsgrunn Næringspark ,0 % 3,7 202, , ,1 % 16,0 Skjelsvik E ,0 % 4,5 29, , ,3 % 2,5 Vestfold Tønsberg (Korten) ,6 % 6,2 389, , ,5 % 26,5 Running operations ,6 % 5,2 763, , ,7 % 56,0 Redevelopment projects Total office portfolio ,6 % 5,2 763, , ,7 % 56,0 1) Based on gross rent as of 31 December 2015 and estimated operating expences of 6% 2) Estimated fully let gross marked rent, based on local knowledge 3) Parking and storage is excluded from the calculation of space vacancy
5 Financial update Development projects Q Area Gross space estimated (sqm) Letting ratio (%) Before development Valuation (NOK mill.) Fully developed Gross rent pr year (NOK mill.) Net yield on market rent Telemark ,3 % 20,0 350,0 24,5 6,6 % Powerhouse Telemark ,7 % 8,0 185,0 12,5 6,4 % Torggata ,1 % 14,0 40,0 3,0 7,1 % Kammerherreløkka ,1 % 12,0 125,0 9 6,8 % Vestfold ,3 % 18,0 110,0 7,7 6,6 % Nordre Fokserød ,3 % 18,0 110,0 7,7 6,6 % Development projects ,5 % 52,0 460,0 32,2 6,6 % 1) Powerhouse Telemark is a planned Powerhouse in cooperation with Snøhetta Architecture 2) Kammerherreløkka is a joint venture with Rom Eiendom. All figures are based on 50 % ownership 3) Start of construction will be in Q Property tenent ratio is 100 % on building 1. Main tenant KPMG.
6 Financial update Financing Q Bank financing Amount 1 Maturity 3m Nibor Market int. Total DNB Bank ASA 557, ,13 % 1,98 % 4,07 % Finance composition 1 % Swap 1 80 mnok of DNB bank financing are bounded to a 10 year SWAP beginning 7.July 2014 with total interest, 4,63 %. Swap 2 18,3 mnok of DNB bank ASA financing are bounded to a 10 year SWAP beginning 10 May 2014 with total interest, 6,00 % Swap 3 7,9 mnok of DNB Bank ASA financing are bounded to a 10 years SWAP beginning 30. June 2014 with total interest, 5,34 % Swap 4 96,4 mnok of DNB Bank ASA financing are bounded to a 10 year SWAP beginning 01. March 2013 with total interest, 5,22 % Swap 5 49,4 mnok of DNB Bank ASA financing are bounded to a 10 year SWAP beginning 01. June 2015 with total interest 4,05 % Swap 6 50,0 mnok of DNB Bank ASA financing are bounded to a 5 year SWAP beginning 13. August 2015 with total interest 3,49 % 85 % 54 % 3M Nibor + margin (DNB) 45 % Fixed rate / Swap (DNB) Vendor financing Loan to value 80 % Vendor credit Amount 1 Maturity Totalt interest Veidekke Eiendom AS 1, ,00 % Dynam AS 1, ,00 % Dione AS 1, ,00 % 75 % 70 % 65 % Target for LTV ratio % Amount 1 Market int. Margin ² Total interest ² Total financing (Bank & vendor) 562,07 1,81 % 1,88 % 4,08 % 1) Amount presented in mnok 2) Total margin / interest is presented weighted by amount, SWAP contracts taken into account 3) 54 % of bank financing is secured by 6 SWAP contracts, risk diversification Net LTV incl. Vendor credit Net LTV
7 2012 Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 Financial update Yield spread 9,00 9,00 8,00 8,00 7,00 7,00 6,00 6,00 5,00 5,00 4,00 3,00 2,00 1,00 3 mnd Nibor NOK GOV 10 Y Prime Yield R8 Net Yield 4,00 3,00 2,00 1,00 1) Source: Norges Bank 2) Source: Oslo Børs
8 Highlights in Q Sale of properties - Stangsgate 1, Storgata and Vipeveien 51 are sold in Q Positive value changes - Gross increase in property values with 0,6 % in Q Total portfolio value is NOK 815,5 million. Sales are taken into consideration. 7 new contracts signed - Total annual revenue of NOK 4,2 million signed in Q Total area signed 4338 sqm in Q Telemarksavisa Torggata 8 - Bemanningsbyraaet Torggata 8 - Kontorfellesskap Dokkvegen 8 Porsgrunn Næringspark - Maskineriet salg & Booking Bedriftsveien Fretex Bedriftsveien Letting ratio increasing in Q Porsgrunn Sentrum increasing to 100 % - Porsgrunn Næringspark increasning to 100 % - Total letting ratio portfolio 95,4 %
9 Overview portfolio lease expiry Revenue expiring Number of contracts expiring kr kr kr kr kr kr kr x 2016 kr x 2017 kr x 2018 kr x kr x 2020 kr x 2021 kr kr kr kr kr kr kr
10 Exposure to locations in Q Portfolio gross rent by area Skien sentrum Kjørbekk 6 % 5 % 9 % 15 % Porsgrunn Sentrum Porsgrunn Næringspark 42 % 50 % 4 % 28 % 4 % Skjelsvik E18 Vestfold 6 % 4 % 27 % Portfolio total space by area
11 Porsgrunn Sentrum Storgata 106 Tenant: Multi-tenant Total space: m² Duration: 6,1 year Land for development Total space: m²
12 Skien - Kjørbekk Bedriftsveien Tenant: Multi-tenant Total space: m² Duration: 4,5 year Grønlikroken 5 Tenant: Multi-tenant Total space: m² Duration: 3,6 year
13 Skien sentrum Hessel berggaten 4 Tenant: DNB, multi-tenant Total space: m² Duration: 2,0 year
14 Porsgrunn Skjelsvik E18 Versvikveien 6B Tenant: Furmanite AS Total space: m² Duration: 7,6 year
15 Porsgrunn Næringspark Dokkveien 8 Tenant: Multi-tenant Total space: m² Duration: 4,4 year Dokkveien 10 Tenant: Multi-tenant Total space: m² Duration: 3,3 year Land for development Total space: m² (Telemark Powerhouse)
16 Tønsberg (Korten) Vinkelbygget Tenant: Multi-tenant Total space: m² Duration: 5,9 year Sentralbygget Tenant: Multi-tenant Total space: m² Duration: 8,6 year Parkbygget Tenant: Multi-tenant Total space: m² Duration: 3,0 year Land for development Total space: m² (Nordre Fokserød 14
17 R8 Property AS A: Dokkvegen 10, 3920 Porsgrunn T: M: W: r8property.no
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