presentation be-reit association€¦ · 2% 0% 4% 4% 6% 1% 7% 2% 20% 1% 5% 4% market capitalization...

PRESENTATIONBE-REIT ASSOCIATION

OUTLINE

Introduction History EPRA

Legal framework

General figures Appendices

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OUTLINE


Legal framework


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)

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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)

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OUTLINE


Legal framework


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


Legal framework


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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)

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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


Legal framework


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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

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OUTLINE


Legal framework


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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


Cofinimmo

Home Invest Belgium

Immo Moury


Leasinvest RE

Montea

Qrf

Retail Estates


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


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)


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


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


Retail Estates

Qrf

Montea

Leasinvest RE


Immo Moury

Home Invest Belgium

Cofinimmo


Befimmo

Ascencio

Aedifica

Occupancy rate at 31/12/20188 (%)

GENERAL FIGURES – FINANCE

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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


Cofinimmo

Home Invest Belgium

Immo Moury


Leasinvest RE

Montea

Qrf

Retail Estates


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


Retail Estates

Qrf

Montea

Leasinvest RE


Immo Moury

Home Invest Belgium

Cofinimmo


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


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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

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APPENDIX A: BE-REITs IN A NUTSHELL

* Gereglementeerde Vastgoedvennootschap/Société Immobilière Réglementée

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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


Cofinimmo

Home Invest Belgium

Immo Moury

Intervest O&W

Leasinvest RE

Montea

Qrf

Retail Estates


WDP

WEB

Wereldhave Belgium

Xior

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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: [email protected]

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

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CONTACT

mailto:[email protected]

presentation be-reit association€¦ · 2% 0% 4% 4% 6% 1% 7% 2% 20% 1% 5% 4% market capitalization...

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