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PRESENTATIONBE-REIT ASSOCIATION
OUTLINE
Introduction History EPRA
Legal framework
General figures Appendices
2
OUTLINE
Introduction History EPRA
Legal framework
General figures Appendices
3
INTRODUCTION – WHAT IS A REIT?
GVVs1/SIRs2 are Real Estate Investment Trusts (REITs) that own, operate and finance income-producing real estate across a range of property sectors (offices, logistics, retail, healthcare, residential, …).
Purpose:
Give any shareholder the opportunity to own a diversified portfolio of real estate
Professional long-term management of property portfolio
Provide recurrent income to shareholders in the form of dividends
Flexibility and liquidity guaranteed through stock-based trade
Attention for Corporate Social Responsibility with special focus on sustainability
41 Gereglementeerde Vastgoedvennootschap 2 Société Immobilière Réglementée
INTRODUCTION – THE BE-REIT ASSOCIATION
The BE-REIT Association is a professional association that represents andpromotes the interests of the Belgian REIT sector towards various stakeholders.
• The Association provides a forum for developing and supporting all global initiatives of importance to the BE-REIT sector:• Collection of knowledge and relevant industry information as well as training
• Interaction on sector-level with public authorities, institutions, professional associations and other players of the real estate sector at the local, regional, federal and international levels
• Sharing of information on the sector
• Established at 10 December 2015 as a non-profit organization under Belgian law (asbl/vzw)
• Its members all have the status of Regulated Real Estate Company (RREC/GVV/SIR)
5
INTRODUCTION – BE-REIT ASSOCIATION: MEMBERS
6
INTRODUCTION – SOME FACTS
• The Belgian REIT regime is one of the first that was established in the world (1995)
• All 17 Belgian GVVs/SIRs are member of the BE-REIT Association
• Strong growth and internationalisation of the assets base
• BE-REITs represented 5% of the Belgian stock market at 31/03/2019
• 2018 was a strong year for Belgian Real Estate Investment Trusts (REITs) with an average total return of approx. 8.8%, outperforming the EPRA/NAREIT Europe developed index (EPRA, cf. infra)
7
OUTLINE
Introduction History EPRA
Legal framework
General figures Appendices
8
HISTORY - MILESTONES
1960
Origin in U.S.:
U.S. Federal Law of 14/09/1960: extending fiscaltransparancy to Real EstateInvestment Trusts
1995
Royal Decree of 10 April 1995: Regulatory framework in place for Vastgoedbevak/SICAFI
2010
Royal Decree of 7 December 2010:
•Introduction of regulatory framework for institutional SICAFIs
•Allow public SICAFIs to realise specific projects with third parties
2014
Creation of Operational REIT (GVV/SIR) status:
•Law of 12 May 2014
•Royal Decree of 13 July 2014
2015
Foundation of BE-REIT Association at 10 December 2015
2017
Law of 22 October 2017:
•Extension of authorized assets and more flexibility for partnerships
•Creation of new RREC category: the Social RREC/GVV/SIR
2019
Law of 2 May 2019: right to issue equity through ABB3
(within 10% limit)
93 Accelerated Bookbuilding
OUTLINE
Introduction History EPRA
Legal framework
General figures Appendices
10
11
EPRA4 AT 31/12/2018
31/12/2018Free Float Market Cap (%)
Weight
Div Yld
(%)
Total Rtn (%)
-20Yrs
Total Rtn (%)
-10Yrs
Total Rtn (%)
-5Yrs
Total Rtn (%)
-3Yrs
Total Rtn (%)
-1Yrs
10 Yrs Vlty
(%)
36M Vlty
(%)
FTSE EPRA/NAREIT Developed Europe
Index100,00 4,33 8,02 11,90 8,35 -0,01 -7,70 13,89 9,69
FTSE EPRA/NAREIT Belgium Index 4,67 5,07 7,25 9,92 12,23 9,49 8,80 10,50 7,97
• EPRA Best Practices set a standard that improved transparancy across the real estate sector
• 15 BE-REITs report in accordance with EPRA Financial Best Practices Recommendations
• Belgian REITs have been outperforming the EPRA/NAREIT Developed Europe Index with higher returns and
lower volatility
4 Non-profit organisation that represents, promotes and develops the European public real estate sector (visit www.epra.com for more information)
12
EPRA AT 31/12/2018
GDP
€ 16.715,411 Bln.
Commercial Real Estate:
€ 7.228,945 Bln.
Listed Real Estate: € 399,778 Bln.
EPRA Index:
€ 210,321 Bln.
GDP
€ 477,410 Bln.
Commercial Real Estate:
€ 201,020 Bln.
Listed Real Estate: € 20,070 Bln.
EPRA Index: € 9,765 Bln.
EUROPE BELGIUM
OUTLINE
Introduction History EPRA
Legal framework
General figures Appendices
13
LEGAL FRAMEWORK (RREC/GVV/SIR)
Supervision by the Belgian regulator (FSMA)
• At least 30% of the shares must be trading on a Belgian regulated market (Euronext Brussels)
• Statutory maximum gearing ratio of 65% of its assets
• Obligation to pay out at least 80% of its adjusted result
• Strict rules regarding conflicts of interest
• Quarterly valuation of the fair value of the real estate by an independent property expert
• Diversification of its real estate in such a manner that the risks are spread in an appropriate way, for each type of real
estate, for each geographical area, and for each category of user or tenant
• A transaction must not result in more than 20% of its consolidated assets constituting one single real estate complex
• Specific rules regarding internal control structures
14
OUTLINE
Introduction History EPRA
Legal framework
General figures Appendices
15
AGGREGATE GENERAL NUMBERS AT 31/12/2018
16
Total market capitalisation
€ 13.058 million
Fair value of total property portfolio
€ 20.593 million
Total number of employees ca 630
GENERAL FIGURES – MARKET CAPITALISATION
17
11%
3%
10%
3%
19%
2%
0%
4%4%6%
1%
7%
2%
20%
1%5%
4%
Market capitalization at 31/12/2018 (% of sector)
Aedifica
Ascencio
Befimmo
Care Property Invest
Cofinimmo
Home Invest Belgium
Immo Moury
Intervest Offices & Warehouses
Leasinvest RE
Montea
Qrf
Retail Estates
Vastned Retail Belgium
WDP
WEB
Wereldhave Belgium
Xior
Aedifica 1451
Ascencio 329
Befimmo 1242
Care Property Invest 390
Cofinimmo 2421
Home Invest Belgium 302
Immo Moury 19
Intervest Offices & Warehouses 500
Leasinvest RE 518
Montea 766
Qrf 78
Retail Estates 880
Vastned Retail Belgium 208
WDP 2657
WEB 155
Wereldhave Belgium 620
Xior 523
TOTAL 13058
€ million
GENERAL FIGURES – PROPERTY PORTFOLIO
18
13%
3%
13%
2%
18%
3%
0%4%
5%
5%
1%
4%
2%
17%
1%5%
4%
Fair value of property portfolio at 31/12/2018 (% of sector)
Aedifica
Ascencio
Befimmo
Care Property Invest
Cofinimmo
Home Invest Belgium
Immo Moury
Intervest Offices & Warehouses
Leasinvest RE
Montea
Qrf
Retail Estates
Vastned Retail Belgium
WDP
WEB
Wereldhave Belgium
Xior
Aedifica 1964Ascencio 624Befimmo 2655Care Property Invest 521Cofinimmo 3728
Home Invest Belgium 544Immo Moury (31/03/2019) 23
Intervest Offices & Warehouses 867Leasinvest RE 1037
Montea 912
Qrf 272
Retail Estates(31/03/2019) 1530Vastned Retail Belgium 372
WDP 3450WEB 267Wereldhave Belgium 957Xior 872TOTAL 20593
€ million
GENERAL FIGURES – PROPERTY PORTFOLIO
19
6761
95 95
66
90100
82
35
49
90
77
100
35
100 100
31
15
5
10
1118
35
10
23
48
69
3414
16
4
5
55
118
115
10 13
GEOGRAPHIC BREAKDOWN OF THE PORTFOLIO5 (%) AT 31/12/20186
Belgium The Netherlands France Luxembourg Germany Other
5 According to fair value except for Care property Invest (breakdown based on number of residential units)6 Except Ascencio (30/09/2018), Immo Moury (31/03/2019) and Retail Estates (31/03/2019)
GENERAL FIGURES – PROPERTY PORTFOLIO
207 Except Ascencio (30/09/2018), Immo Moury (31/03/2019) and Retail Estates (31/03/2019)
100
34
3
25
4051
7 10 1111
88
26
85100
50
15
17
60
6100 100
19
99
10
1643
100 97 100
70
90 87
4 1 1
16
3 4 2
SECTORAL BREAKDOWN OF THE PORTFOLIO (%) AT 31/12/20187
Offices Residential Healthcare Logistics Retail Student rooms Other
GENERAL FIGURES – PROPERTY PORTFOLIO
218 Except Ascencio (30/09/2018) and Immo Moury (31/03/2019)
98,9
96,2
96,2
97,5
98,0
98,0
94,8
99,1
94,3
93,0
95,5
96,4
95,8
100,0
94,5
97,3
99,0
90,0 91,0 92,0 93,0 94,0 95,0 96,0 97,0 98,0 99,0 100,0
Xior
Wereldhave Belgium
WEB
WDP
Vastned Retail Belgium
Retail Estates
Qrf
Montea
Leasinvest RE
Intervest Offices & Warehouses
Immo Moury
Home Invest Belgium
Cofinimmo
Care Property Invest
Befimmo
Ascencio
Aedifica
Occupancy rate at 31/12/20188 (%)
GENERAL FIGURES – FINANCE
22
GVV/SIR requirement: Statutory maximum gearing ratio of 65% of its assets.
44,3
40,8
45,8
45,7
43,0
50,2
17,3
43,5
53,5
51,3
52,1
52,6
27,5
51,8
40,7
29,7
49,3
0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0
Aedifica
Ascencio
Befimmo
Care Property Invest
Cofinimmo
Home Invest Belgium
Immo Moury
Intervest Offices & Warehouses
Leasinvest RE
Montea
Qrf
Retail Estates
Vastned Retail Belgium
WDP
WEB
Wereldhave Belgium
Xior
Debt ratio (%) at 31/12/2018 or closest financial year-end9
9 Cf. Appendix B: End of financial year
GENERAL FIGURES - PERFORMANCE
2310 Calculated as gross dividend divided by closing share price of financial year11 Cf. Appendix B: End of financial year
3,3
6,3
8,5
4,2
7,0
5,2
5,8
3,8
5,8
6,8
5,0
5,2
5,1
3,6
7,1
6,6
3,6
0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0
Xior
Wereldhave Belgium
WEB
WDP
Vastned Retail Belgium
Retail Estates
Qrf
Montea
Leasinvest RE
Intervest Offices & Warehouses
Immo Moury
Home Invest Belgium
Cofinimmo
Care Property Invest
Befimmo
Ascencio
Aedifica
Gross dividend yield10 (%) at 31/12/2018 or closest financial year-end11
GENERAL FIGURES - PERFORMANCE
2412 Cf. Appendix B: End of financial year13 Calculated as closing share price at 31/12/2018 divided by IFRS NAV
150,9
92,486,1
170,3
119,6111,7
91,4
105,0 108,8
176,8
60,5
131,0
77,4
168,2
98,891,4
127,6
0,0
20,0
40,0
60,0
80,0
100,0
120,0
140,0
160,0
180,0
200,0
Premium P/IFRS NAV13 (%)
At 31/12/2018 or closest financial year-end12
OUTLINE
Introduction History Mission
Legal framework
General figures Appendices
25
GVVs/SIRs* are Real Estate Investment Trusts (REITs) that own, operate and finance income-producing real estate across a large range of property sectors (offices, logistics, retail, healthcare, residential, …).
• The BE-REIT Association: • 17 members with an aggregate market capitalisation of € 13,1 billion at 31/12/2018, representing 5% of the Belgian
stock market
• Professional management of an aggregate property portfolio worth more than € 20,5 billion as of end 2018
• Obligation to distribute 80% of the adjusted result combined with tax transparancy
• For the financial year ending in 2018: average gross dividend yield of 5 %
• Supervision by the FSMA focused on the protection of the shareholders (specific legal framework)
• Internationalisation of the assets base
• GVVs/SIRs are considered as a reliable, defensive investment
26
APPENDIX A: BE-REITs IN A NUTSHELL
* Gereglementeerde Vastgoedvennootschap/Société Immobilière Réglementée
27
APPENDIX B: END OF FINANCIAL YEAR
Financial year-end Aedifica 30/06/2018
Ascencio 30/09/2018
Befimmo 31/12/2018
Care Property Invest 31/12/2018
Cofinimmo 31/12/2018
Home Invest Belgium 31/12/2018
Immo Moury 31/03/2019
Intervest O&W 31/12/2018
Leasinvest RE 31/12/2018
Montea 31/12/2018
Qrf 31/12/2018
Retail Estates 31/03/2019
Vastned Retail Belgium 31/12/2018
WDP 31/12/2018
WEB 31/12/2018
Wereldhave Belgium 31/12/2018
Xior 31/12/2018
31/12/2018
Aedifica
Ascencio
Befimmo
Care Property Invest
Cofinimmo
Home Invest Belgium
Immo Moury
Intervest O&W
Leasinvest RE
Montea
Qrf
Retail Estates
Vastned Retail Belgium
WDP
WEB
Wereldhave Belgium
Xior
28
APPENDIX C: FREE FLOAT
Free float (%)100,0
78,4
75,9
100,0
100,0
50,2
33,9
85,0
36,1
58,2
79,4
100,0
34,5
75,0
44,3
34,1
71,2
BE-REIT Association (p/a Citco Belgium sa/NV)
Boulevard Louis Schmidt 87
B-1040 Brussels
e-mail: info@be-reit.be
Laurent Carlier Cédric Biquet Mickaël Van den Hauwe
Chairman Secretary Treasurer
+ 32 (0)2 679 38 60 +32 (0)2 732 19 00 +32 (0)52 338 400
29
CONTACT
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