More annual reports from Globalworth Real Estate Investments Limited:
2023 ReportGlobalworth: CEE’s Leading Office Landlord 2020 Annual Results Presentation Globalworth Overview Green Court Complex, Bucharest 1 Globalworth Snapshot • Globalworth is a leading real estate Group with a primary focus on Poland and Romania, the two largest markets in the CEE • We acquire, develop and manage commercial real estate assets, primarily in the office sector Prime locations in key cities Modern assets with excellent environmental credentials Established, blue chip and mostly international tenants Primarily long term, Euro-denominated, triple-net and inflation-linked leases • • • Internal and multi-disciplinary management platform ‒ extensive experience in target markets ‒ +220 professionals mainly located in Warsaw and Bucharest Sustainable dividend policy ‒ 90% of EPRA Earnings ‒ €0.34 cents for the FY20 Strong and supportive shareholder base including and CPI Property Group (29.6%), Growthpoint Properties (29.5%) and Aroundtown (22.0%) Select Metrics €3.0bn GAV 64 Standing Properties 1,271.3k Standing GLA €2.3bn Green GAV €183.4m An. Contracted Rent 4.5yrs WALL 90.9% Occupancy 69.9k Dev’t GLA 37.8% LTV BBB – / Baa3 Credit Rating 2.7% Avg. debt cost €1.3bn in 3 Eurobonds Geographic Split (% GAV) Property Type (% GAV) Property Status (% GAV) Romania 46.9% Other 4.4% Industrial 4.8% Mixed- use 9.0% Poland 53.1% * Figures present the Combined Portfolio of Globalworth as at 31 December 2020. ** Developments: Include Renoma in Poland which is under extensive refurbishment / repositioning. Land for Future Development 2.7% Developments 4.8% Office 81.8% Standing Properties 92.5% 2 5-Year Portfolio Evolution Portfolio Value (€m) GLA Standing (‘000s sqm) GLA Commercial Standing (‘000s sqm) GLA Commercial Standing Occupied (000’s sqm and %) 3,500 3,000 2,500 2,000 1,500 1,000 500 - 1,400 1,200 1,000 800 600 400 200 - 1,400 1,200 1,000 800 600 400 200 - 1,200 1,000 83% 800 600 400 200 - 93% 95% 95% 91% 100% 80% 60% 40% 20% 0% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Romania Poland Romania Poland Romania Poland Romania Poland % Portfolio Concentration (€m) Green Portfolio (€m) Green Certified Properties (Number of Properties) Contracted Rent (€m) 3,500 3,000 2,500 2,000 1,500 1,000 500 - 2,500 2,000 1,500 1,000 500 - 60 50 40 30 20 10 - 250 200 150 100 50 - 2014 2015 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Bucharest New CBD Regional Romania Regional Poland Bucharest Other Warsaw Romania Poland Romania Poland Romania Poland 3 5-Year Financial Performance Rental Income (€m) Adjusted Normalised EBITDA (€m) (€m) EPRA earnings/share (€ cents) Dividend per share (€ cents) 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 - 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 - 50 45 40 35 30 25 20 15 10 5 - 70.0 60.0 50.0 40.0 30.0 20.0 10.0 - 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Group Group Group Group Loan to Value (%) EPRA NAV per Share (€) Total Annual Shareholder Return (%) Cost of Debt (%) 50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 - 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 - 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 40.0 30.0 20.0 10.0 - (10.0) (20.0) (30.0) 2016 2017 2018 2019 2020 6.0 5.0 4.0 3.0 2.0 1.0 - 2016 2017 2018 2019 2020 Group Group Group Group 4 2020 Key Highlights Skylight & Lumen, Warsaw 5 2020 Key Highlights Focus on safeguarding our business, protecting our assets and minimising our exposure to the impact of Covid-19 Covid-19 Pandemic & Impact in Poland and Romania Global Covid-19 pandemic outbreak in March 2020 impacting the way we live and operate • High number of confirmed cases, especially during the summer period, with more than 114.7m and 34.1m cases Globally and in Europe respectively as at 28 February 2021 Our Markets of Focus Poland and Romania, have reacted relatively well to the pandemic • Poland and Romania have performed relatively well since the beginning of the pandemic ranking 29th and 32nd in Europe with 45.1k (1.1k deaths) and 41.9k (1.1k deaths) of total confirmed cases per 1-million population respectively • No measures adopted result to any forced closure of office and industrial premises, or essential retail businesses ‒ Leasing from such spaces generate over 95% of our contracted rent. Ensuring Health & Safety for People in our Properties and the Wider Communities Protecting the people who work and visit our properties, as well as our wider communities • Implemented several measures aiming at minimising exposure to Covid-19 and raising awareness ‒ Established detailed action plan in case of a Covid-19 case being detected in one of our buildings ‒ Performed frequent disinfections in high traffic areas, maintained continuous communication with our partner on Covid-19 related matters, installed hand disinfection stations, established a circulation protocols and other The Globalworth Foundation • Globalworth Foundation focused its efforts primarily in the fight against the Covid-19 pandemic in Romania and Poland. • Maintained our strong focus of giving back to our community with Globalworth Foundation contributing over €1.6m in 26 initiatives, with the majority targeted directly or indirectly in the fight against Covid-19 in Romania and Poland. Strengthened Our Position in Our Markets Through Selected Risk-adjusted Investments • Reviewed our development and investment pipeline considering the Covid-19 pandemic outbreak • Focused only on development projects with significant pre-lets or advance level of construction, delivering two class “A” office and two high-quality industrial facilities in Romania and Poland with 95.8k sqm of GLA ‒ Reduced our original expected development capex for 2020 by more than €36.0m ‒ 1 class “A” office under construction at 31 December in Romania which upon completion will add 29.1k sqm ‒ Total investment of €54m in developments in 2020 • All other developments and new investments were suspended or put on hold / review * Covid-19 update as at 28th February 2021. 6 2020 Key Highlights (cont’d) Effective Asset & Property Management Initiatives • Highest volume in leasing with 303.5k sqm of GLA signed and/or extended at an average WALL of 3.9yrs ‒ 74.3% of our leasing activity involving lease renewals with our existing tenants; ‒ New agreements signed with c.20% of our office tenants for 132.2k sqm (ie 15.7% of our office leased space) • Standing commercial occupancy remained high at 90.9% (91.7% including tenant options), impacted by ‒ the delivery of properties under development still in lease-up stage ‒ a 3.3% decrease in LfL occupancy due to the very challenging market environment • From the net space returned c. 70% was directly or indirectly impacted by COVID-19, thus not relocating to other office properties • Annualised contracted rent of €183.4m ‒ 91.3% from office and industrial properties which remained largely unaffected by measures taken by the authorities against Covid-19 • Renovation & upgrade programme continued with €13.0 million invested in our properties in 2020. ‒ Additional works of over €12.0 million planned for this year to be carried out in the future. • Commenced in Q4-2020 the refurbishment / repositioning of the Renoma mixed-use property in Poland, aimed at converting it into an office building and model it based on the success of the Hala Koszyki redevelopment in Warsaw Preserved and/or Protected Operational Efficiency • Portfolio predominantly comprising of office and industrial spaces with limited exposure to retail • Rate of collections for rents invoiced and due remained high at 99% during 2020 • Continued to internalise property management, with c.89% (by value) of assets managed in-house driving enhanced customer focus (94% of office and mixed-use properties) • Approximately 54.0% of the claims by value were settled without a cash impact on the rental income and from the claims settled approximately half resulted to a lease maturity extension ‒ Impact on yearly Net Operating Income was limited to 2.3% 7 2020 Key Highlights (cont’d) Maintained an Efficient and Flexible Capital structure Investment in Sustainable Environment & Communities Solid Operating Financial Performance • Maintained investment grade rating by all three major rating agencies ‒ Moody’s affirmed Globalworth's Baa3 rating and changed its outlook to “negative” due to their change of outlook on Romania in April ‒ Fitch and S&P affirmed Globalworth’s BBB- rating and “stable” outlook in May 2020 and March 2021 respectively • Issued our inaugural green bond in July, raising €400m with a 6 year term (coupon 2.95%), in a transaction which was more than 2x oversubscribed • Further improved our debt maturity profile, through the repurchase of c.41% of the notes maturing in 2022 at a 2.0% premium to their par value • Liquidity of c.€743m (31 December 2020), including committed undisbursed credit facilities • Added 10 environmentally certified properties to our portfolio in 2020 • €2.3bn in environmentally friendly properties ‒ 47 green standing certified properties, accounting for +80% of our standing commercial portfolio ‒ 17 other properties in certification or re-certification process • Issued our second sustainable development report for the Group for the FY 2019 • Further formalised our commitment to green financing initiatives, though our Green Bond Framework for which we received a second-party confirmation by Sustainalytics • Net Operating Income of €157.3m for 2020, 6.5% higher compared to 2019 • Net profit (excl. revaluations) of €69.4m for 2020, 19% higher compared to 2019 • Revaluation losses mainly impacted by Covid-19, however counterbalanced by delivered developments, so overall GAV has remained stable ‒ Net loss (incl. revaluations) of €46.8m, however ‒ EPRA NAV of €1.92bn or €8.68 per share (€9.30 per share at YE-19) • Total dividend for FY2020 of €0.34 per share representing an amount of at c.90% of the EPRA Earnings for the first and second six months of the year, as stipulated by our articles of incorporation. Strengthened Shareholding Base • CPI Property Group became the largest shareholder in Globalworth, holding 29.6% of the share capital • Growthpoint Properties and Aroundtown hold 29.5% and 22.0% of the share capital respectively 8 Portfolio & Operational Performance Renault Bucharest Connected 9 Asset Management / Leasing Review • Record year in Leasing Key Metrics ‒ +303.5k sqm negotiated take-up (including expansions) or extension representing 25% of our standing commercial portfolio ‒ 75% of leasing involving extensions ‒ Agreements signed with 20% of office tenants for 132.2k sqm (15.7% of our leased offices) ‒ Average WALL of 3.9 years ‒ 280.5k sqm signed post Covid-19 outbreak Leasing Activity by Type (k sqm) Leasing Activity by Country (k sqm) 3.4 yrs 225.5 New Leases: 78.0k sqm 5.8 yrs 63.8 4.9 yrs 14.2 60.7% 184.3 39.3% 119.2 New Leases Expansions Extensions Romania Poland Focus mainly on lease extensions due to Notable Leases ‒ Expiration profile of leases, with c.18% of contracted rent expiring in 2020/21 POLAND Asset Tenant GLA Type Asset Tenant GLA Type ROMANIA ‒ Prevailing market environment ‒ Significant part (53.1%) of the office tenant in concessions claims exchange for extensions in lease duration settled by rent Effective rent 7%-30% lower vs headline ‒ the average for the year was c.21% (25% in 2019). West Gate & West Link Nokia Solutions 29,6k Renewal PIP Dacia 68,4k Renewal Renoma DXC 10,7k Renewal UniCredit HQ UniCredit 17,4k Renewal Hala Koszyki Mindspace 5,6k Renewal City Offices BRD 9,0k New Lease Renoma & Supersam Calypso 3,5k Renewal CBP 1 PepsiCo 6,4k New Lease Silesia Star Hireright 3,2k Renewal BOC Honeywell 4,7k Expansion 25 Assets Other 154 Tenants 66.8k 17 Assets Other 65 Tenants 78.4k 10 • • Asset Management / Occupancy • Standing Portfolio Occupancy Mainly Impacted by Covid-19 ‒ Standing Occupancy of 90.9% (91.7% incl. tenant options) at YE-20 down by c.4.0% compared to 31 Dec 2019 Poland: 89.4% occupancy Romania at 92.0% (93.5% incl. tenant options) occupancy ‒ Occupancy decreased mainly in the final part of the year ‒ LfL standing occupancy of 91.8% at YE-20, down by 3.3% vs 31-Dec-19 Occupancy Evolution 95.0% (incl. tenant options) 0.3% 94.2% (incl. tenant options) 0.9% 94.7% 93.3% 91.7% (incl. tenant options) 0.8% 90.9% 31-Dec-19 30-Jun-20 31-Dec-20 Standing Properties Tenant Options >70% of the net space returned did not relocate to other office properties Outlook Decision for the remainder of the space taken prior to pandemic outbreak ‒ Overall occupancy also impacted by new developments delivered in 2020 which are currently in their lease-up stage • • Ongoing strengthening of asset management function across Poland and Romania with c.78% of assets managed in-house driving enhanced customer focus Gradual market improvement in 2021-future as we share real estate experts sentiment of: ‒ the "wait-and-see" approach used by many corporates will have to turn to action in the short-medium term ‒ CEE being will be the preferred location in incorporating near-shoring strategies which are to be deployed by several international new corporates 11 Asset Management / Sustainable Rental Income • • Total contracted rent of €183.4m ‒ +97% from commercial spaces ‒ 97.9% from active leases Total commercial contracted GLA: +1.1m sqm • >650 tenants in our portfolio ‒ Most of the portfolio let to national and multinational corporates that are well- recognised names in their respective markets • WALL: 4.5 years Commercial Rent: Lease Expiration Profile (€m) Commercial Rent: Commencement Period (€m) 4.7 174.9 3.2 0.3 0.3 4.7 178.7 7% 12% 12% 12% 18% 9% 10% 16% 12% 19% 10% 8% 6% 6% 5% 3% 7% 10% 16% 12% 19% 10% 6% 5% 3% 11% 3% 16% 3% 11% 95% 5% 100% 2021 2022 2023 2024 2025 2026 2027 2028 2029 ≥2030 Active H1-21 H2-21 H1-22 H2-22 >2022 Total Standing Properties Refubishment Standing Commercial Rent: Tenant Origin (€m) Commercial Rent: Tenant Concertation State Owned, 1.9% National, 21.1% Multinational, 77.1% 100.0% 84.7 • • • Largest Tenant 5.0%, Top 3 Tenants 10.6% Top 10 Tenants 26.7% 46.6% 53.3% 70.1 38.2% 15.4 12.3 1-20 21-30 31-40 41-718 Rent (€m /yr) Cumulative % of total 12 Asset Management / Rent Collections & Impact on NOI % of Portfolio by Contracted Rent1 % of Portfolio % Collection rate4 Affected by Lockdown Now Operational2 2019 2020 Comments: GLA Space Type Office Retail Industrial Other 6% 5% 2% 87%3 0% 100% 69%* 100%* 99% 97% 99% 91% 0% 0% 100% 100% 100% 100% 97% 99% • Office areas are fully operational with activity level close to normal levels. • Part of retail spaces affected by Covid-19 restrictions in Poland and Romania. • Activity in industrial buildings is mainly unaffected. • “Other” type of areas include Upground than 1% of Residential Project contracted Rent) and other auxiliary areas (less TOTAL Portfolio 100% 6% 100% 99% 99% • Normal rental collection compared to 0% 100% 0% 100% previous year. • 6.1% of annualised contracted rent at YE received and settled • c.54.0% of the claims by value were settled without a cash Claims impact on rental income • From the claims settled c. ½ resulted to a lease maturity extension NOI Impact • Limited to 2.3% of NOI (1) % from Contracted rent for Standing Properties as of Dec 31st,2020 (2) As per local regulations on Covid-19; Info as of Dec 31st, 2020 (3) Includes contracted rent for parking spots (4) Data on amounts invoiced up to 20YE collected as of March 12th,2021 * Gyms and restaurants operating in office GLA are included in Retail Portfolio 13 Developments • Projects Delivered in 2020: 95.8k sqm ‒ Class “A” Offices: Globalworth Campus T3 in Bucharest offering 33.6k sqm (BREEAM Excellent) Podium Park II in Krakow offering 18.8k sqm (BREEAM Outstanding) ‒ Industrial (developed in JV where own 50% interest): Constanta Business Park (phase A) with 20.6k sqm Chitila Logistics Hub (phase A) 22.7k sqm ‒ Total GLA delivered by the Group in the past 6 years of 355.8k sqm • Under Construction: • ‒ A class “A” office project under construction in Bucharest - Globalworth Square ‒ Estimated Avg Development Yield: 9.8% Future Developments: ‒ Additional 872.4k sqm can be developed in phases in 7 locations in Romania and Poland in the future ‒ GAV of future developments accounting for 2.4% of total portfolio ‒ Estimated Avg Development Yield: 10.3% Developments Overview Number of Properties Poland Romania 2020 Deliveries Romania Under Construction Poland Romania Office Industrial Future Developments Total 1 3 4 1 1 - - - - - - GLA (K sqm) Est. Rent (100%) (€m) Capex Invested (€m) Remaining Capex (€m) Est. Yield on Cost (%) GAV (€m) 41.8 103.8 145.6 42.4 18.8 77.0 95.8 29.1 42.4 29.1 9.6 64.4 27.7 36.7 17.7 854.7 76.0 778.7 3.4 8.0 11.4 5.6 5.6 3.1 52.0 13.9 38.1 74.0 872.4 55.1 261.9 997.3 72.0 211.3 42.6 77.4 120.0 39.8 39.8 8.5 43.0 15.1 27.9 51.5 - - - 17.5 17.5 29.7 455.3 103.3 352.1 485.0 502.5 7.9% 10.3% 9.5% 9.8% 9.8% 8.1% 10.4% 11.7% 10.0% 10.3% 10.1% (1) Figures presented as at 31 December 2020,. Construction to start subject to tenant demand and market conditions 14 Developments: Completed in 2020 Projects Status Type GLA (k sqm) GAV (€m) Occupancy: Passing Rent: Potential Rent at 100% Occupancy Yield on Development Cost Globalworth Campus T3 Constanta Business Park Chitila Logistic Hub (Phase A) (Phase A) Podium Park II Delivered in Jan 2020 Delivered in Jul 2020 Delivered in Sep 2020 Delivered in Sep 2020 Office, Bucharest 33.6 78.0 70.7% (90.8% incl. options) 3.9 5.9 10.6% Industrial, Constanta 20.6 12.0 69.2% 0.6 0.9 8.9% Industrial, Bucharest 22.7 13.8 100% 0.9 1.1* 10.2% Office, Krakow 18.8 41.8 82.6% 2.9 3.4 7.9% *For calculation of Yield on cost we have applied ERV on short term leases GW Campus T3 (Bucharest) Constanta Business Park (Constanta) Chitila Logistics Hub (Bucharest) Podium Park II (Krakow) 15 Developments: Under Construction Secured Projects Status Type Est. GLA (k sqm) Cost / Capex to YE-2020 (€m) GAV (€m) Est. Remaining Capex (€m) Est. Rental Income (100%) Est. Yield on Cost Est. Yield on GAV + Capex Est. GLA (k sqm) Globalworth Square Under Construction Office, Bucharest 2021E 39.8 42.4 17.5 5.6 9.8% 9.3% 29.1 Occupancy as at 28 Feb. 2021 was 36.8%. Wipro, a leading global information technology, consulting and business process services company, is the anchor tenant in Globalworth Square. 16 Refurbishment / Repositioning: Renoma • Renoma is a landmark mixed-use property Refurbishment / Repositioning Overview in Wroclaw • • First opened in 1930 and was last renovated in 2009 Property is under refurbishment / repositioning, in a process which started in the second part of 2020, aiming at: ‒ increasing the offering of Class “A” office space on the higher-floors ‒ reconfiguring its high-quality retail & commercial spaces with food and entertainment offering on the ground and lower floors, including select retail • Works expected to be completed in H1- 2022, with a total capex investment expected at €20.0m ‒ Works to performed do not impact Renomas’ BREEAM Excellent certification status Renoma on delivery • Total GLA: 47.4k sqm ‒ 16% increase • Office GLA: 32.0k sqm ‒ +3x increase • Retail GLA: 14.5k sqm ‒ (50% reduction) • Indoor Parking: c.500 spaces • Bicycle parking : c.100 spaces 17 Standing Portfolio • Standing Portfolio: €2.8bn ‒ Overall standing portfolio value remained effectively unchanged in H1-20 ‒ LfL value decreased by 2.6% mainly as a result of widening yields and/or discount rates due to Covid-19 • New Additions: ‒ Two Class “A” offices in Bucharest and Krakow with 52.4k sqm GLA. ‒ Two high-quality industrial facilities in Romania with 43.4k sqm GLA (50% interest) • • 37 investments with 64 standing properties offering 1.3m sqm LfL Occupancy Rate: -3.3% ‒ 91.8% (94.9% in 2019) ‒ Occupancy decrease due to expiration of certain leases and longer than average time for signing new contracts as tenants re-assess their occupational plans due to Covid-19 • Overall Occupancy Rate: 90.9% (91.7% including options) ‒ -4.0% (94.7% in 2019) ‒ Delivery of 4 properties which are at their lease-up stage further impacted our overall average occupancy Key Metrics Standing GAV1 (€ m) 2,805 2,845 1,619 1,497 1,225 1,308 Standing GLA1 (k sqm) 1,271 1,214 Contracted Rent1(€ m) 184 179 586 627 566 705 105.0 97.0 79.5 81.7 2019 Romania 2020 Poland 2019 Romania 2020 Poland 2019 Romania 2020 Poland Green Portfolio (€ m) 2,350 2,262 1,226 1,172 Occupancy GLA (%)* WALL (years)* 94.7% 90.9% 94.1% 89.4% 4.5 3.7 4.5 3.5 1,036 1,177 95.3% 92.0% 5.6 5.6 2019 Romania 2020 Poland 2019 Romania 2020 Poland 2019 Romania 2020 Poland (1) Includes c.33.7k sqm and c.32.4k sqm of residential space in 31 December 2019 and 2020 respectively. * Refers to commercial 18 Our Portfolio Snapshot Podium Park 19 Globalworth’s Leading CEE Platform: YE2020 As of 31 Dec 2020 Standing Investments(2) GAV(3) / Standing GAV Occupancy(4) WALL Standing GLA sqm(5) Contracted Rent(6) Globalworth Poland(1) Globalworth Romania(1) Globalworth Group(1) 20 17 37 €1,610m / €1,497m €1,423m / €1,308m €3,033m / €2,805m 89.4% 3.6 years 566.2k sqm €101.7m 92.0% (93.5% including tenant options) 90.9% (91.7% including tenant options) 5.6 years 705.1k sqm €81.7m 4.5 years 1,271.3k sqm €183.4m GAV Split by Asset Usage(1) Mixed (Office / Retail) 17% Other 9% Light Industrial / Logistics 10% GAV Split by City(1) Office 83% Warsaw, 44% Pitesti, 3% Timisoara 6% Gdansk, 4% Lodz, 4% Katowice, 11% Wroclaw, 15% Krakow, 22% Logistics / Light Industrial 5% Mixed (Office / Retail) 9% Other 4% Office 82% Gdansk 2% Lodz 2% Katowice 6% Krakow 11% Wroclaw 8% Poland 53% Warsaw 23% Bucharest 42% Romania 47% Timisoara 3% Pitesti… Constanta 1% Office 81% Constanta, 2% Bucharest 89% (1) Assets owned under JV are presented at 100% (e.g. Chitila Logistics Hub and Constanta Business Park), to reflect “Combined Portfolio”. (2) Standing Investments representing income producing properties, not in redevelopment phase (e.g. Renoma). 1 investment can comprise multiple buildings. e.g. Quattro Business Park comprises 5 buildings or 1 investment . Includes all property assets, land and development projects at 30 Dec 2020 valuation. (3) (4) Occupancy of standing commercial properties, and in the case of Poland, including office rental guarantees. Including 32.4k sqm of residential units in Romania. (5) (6) Total contracted rent comprises: • Rent from commercial and residential standing properties (€177.7m & €1.0m respectively), which includes contracted rent under master lease agreements, €4.7m rent in assets under redevelopment (Renoma), as of 31 December 2020. * Occupancy level in Poland and Group level, adjusting for Renoma which is under partial redevelopment of 87.6% and 89.9% respectively 20 Best In Class Office & Mix-Use Portfolio in Poland … Gdansk 53.1% of our portfolio by value is in 6 cities in Poland Wroclaw WARSAW Lodz Katowice Krakow Warsaw GAV Standing Properties Standing GLA Standing Occupancy Standing Contracted Rent: Standing 100% Potential Rent Regional Poland GAV Standing Properties Standing GLA Standing Occupancy Standing Contracted Rent: Standing 100% Potential Rent Future GLA Future ERV €711.3m 14 210.9k sqm 85.6% €42.4m €49.8m €898.9m 24 355.4k sqm 91.7% €54.6m €59.7m 58.6k sqm (25.2k sqm let) €10.5m (€4.7m contracted) Tryton Business House (Gdansk) Nokia Campus (Wroclaw) Quattro Business Park (Krakow) Skylight & Lumen (Warsaw) Hala Koszyki (Warsaw) 21 … and Best In Class Office & Industrial Portfolio in Romania 705k of high-quality standing space, and a further 884k sqm that can be developed in the future, in 4 cities Timisoara Pitesti BUCHAREST Bucharest’s new CBD although has the highest concentration by value this has decreased from 73.4% in 2016 to 30.8% in 2020 Constanta Bucharest GAV Standing Properties Standing GLA Standing Occupancy Standing Contracted Rent Standing 100% Potential Rent Future GLA Future ERV Regional Romania GAV Standing Properties Standing GLA Standing Occupancy Standing Contracted Rent Standing 100% Potential Rent Future GLA Future ERV €1,259.1m 19 494.7k sqm 87.9% (89.9% incl. options) €72.2m €81.0m 158.1k sqm (10.7k sqm let) €21.8m (€2.6m contracted) €163.7m 7 210.4k sqm 97% €9.5m €9.8m 725.7k sqm €35.8m GW Tower, Green Court & GW Plaza (Bucharest) Globalworth Campus (Bucharest) Unicredit Tower (Bucharest) Renault Bucharest Connected (Bucharest) Pitesti Industrial Park (Pitesti) 22 Sustainable Development Update 23 Sustainable Development Update: (Green) Places Green Buildings • 10 environmentally certified properties added to our portfolio in 2020 ‒ Podium Park II: Our 2nd property to receive BREEAM Outstanding ‒ Globalworth Campus Tower 3, became the highest BREEAM Excellent rated property in our portfolio • 48 green certified properties valued at €2.3bn at YE20 ‒ 81.8% of our standing commercial portfolio by value is Green ‒ 1 property green certified property under refurbishment • BREEAM accredited properties account for 76.9% (by value) of green portfolio • 17 properties currently in certification or re-certifying process principally targeting BREEAM accreditations Green Status of Standing Portfolio (€ GAV) BREEAM – 62% 35% 24% LEED – 17% EDGE – 2% 20% 3% 10% 7% 2% Green Bond Framework • Issued the Globalworth Green Bond Framework to further demonstrate our commitment in sustainable development and access to Green Financing • Received a 2nd party confirmation by Sustainalytics, one of the leading providers for external reviews in the Green Bond Market Sustainalytics: “Globalworth’s Sustainable Development Strategy demonstrates a strong commitment to sustainability, with a focus on three key environmental principles: • integrate efficient and sustainable operating policies, procedures and actions; be accountable as a team of professionals for environmental stewardship; • • work with stakeholders to make environmentally responsible decisions Outstanding Excellent Very Good Platinum Gold EDGE U.C. 24 Sustainable Development Update: People Our Communities • We view our role as increasingly responsible towards the people that work at and visit our properties, as well as towards the wider community of which we consider ourselves to be an integral part. • We own >1.2m sqm of high-quality real estate space where more than 200k people work or visit daily under “normal” conditions. • Health and safety has been of increased focus due to Covid-19 ‒ Close monitoring of the pandemic outbreak, respecting measures and recommendations at a European level, by the WHO, and at country and local levels ‒ Implementation of preventive measures in our properties ‒ Increased awareness ‒ Detailed action plan in place should a case of Covid-19 case be detected in our properties or development sites ‒ Cancelled all physical events planned at our properties, including Globalworth District events • Maintained our strong focus of giving back to our community with Globalworth Foundation contributing €1.6 million in 26 initiatives, with the majority targeted directly or indirectly in the fight against Covid-19 in Romania and Poland ‒ Further engaged with our communities though our very successful “I miss my office” campaign allowing our tenants in Poland and Romania to interact with us and each other over social media and radio. ‒ Became a founder partner of Endeavor Romania. Endeavor is a mission driven non-profit global organization that supports and accelerates high-impact entrepreneurs. 25 Sustainable Development Update: Technology Selected Initiatives Venture Capitals Globalworth Square: Ice Storage Total commitment of €4.4m in two leading venture capital funds, where we are principally focused on real estate solutions Ice storage unit which allows the use of ice produced at night hours to be used at daytime Hi-Tech Learning Center Continued investing directly or indirectly in selected opportunities and initiatives Venture Capitals • We participate in 2 venture capital funds ‒ Principally focused on real estate solutions in the domain of smart buildings/smart city, mobility and energy, property automation and real estate software Other Technology Initiatives: ‒ The ice storage system and geothermal energy systems in our Globalworth Square development targeting to lower energy/occupational costs and efficiencies in the property ‒ The Property App, which is focused on providing smart touchless solutions in the property ‒ The Hi-Tech Learning Center, developed in collaboration of the Globalworth Foundation and the University of Architecture and Urbanism in Bucharest The center provides a mix of technologies such as a modular space equipped with a complete VR solution The center to benefit over 3.5k future architects annually, as it will provide a mix of technologies, allowing the building and communication of their creative ideas. 26 Sustainable Development Update: Reporting Annual Reporting • The 2nd Sustainable Development report, covering the year 2019 is available at: www.globalworth.com/sustainability ‒ The 3rd update to become available later in 2021 in line with reporting cycle • Annual reporting prepared in accordance with: ‒ the Global Reporting Initiative (GRI) Standards - core option, ‒ the EPRA’s Sustainability Best Practice Reporting Recommendations (EPRA sBPR) • Received 16.0 Low risk ESG Risk Rating from Sustainalytics in 2020 • Received two awards by EPRA ‒ EPRA sBPR Silver Award ‒ EPRA sBPR Most Improved Award Reporting EPRA Awards 27 2020 Capital Markets Performance Renoma 28 Capital Market Performance / Equity • • • CPI Property Group became the largest shareholder in Globalworth, holding 29.6% of the share capital Share price performed well in the first part of 2020: ‒ trading at par or above EPRA NAV level ‒ weighted average trading price of €9.71 between 1 January and 4 March ‒ year-high price reached at the end of January at €10.1 / share investment The limited free float and liquidity following the CPI in the company has impacted Globalworth's 2020 share price performance as our top 5 and very credible shareholders own +90% of the share capital: ‒ 2020 Total share price performance for the year: -23.8% ‒ 2020 Total shareholder return (including dividends): -18.6% 2020 Share Price Performance 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 0 2 - n a J 0 2 - b e F 0 2 - r a M 0 2 - r p A 0 2 - y a M 0 2 - n u J 0 2 - l u J 0 2 - g u A 0 2 - p e S 0 2 - t c O 0 2 - v o N 0 2 - c e D Globalworth Share Price FTSE/EPRA Developed Europe (ex UK) FTSE/EPRA Global Shareholding Structure 31 December 2019 Other 24.5% Growthpoint Properties 29.3% 31 December 2020 Other (sub-5%) 8.6% EBRD 5.0% CPI Property Group 29.6% EBRD 5.0% Altsuler Group 6.2% I. Papalekas 13.1% Aroundtown 21.9% Oak Hill Advisors 5.3% Aroundtown 22.0% Growthpoint Properties 29.5% 29 Capital Market Performance / Eurobonds Simple capital structure, with 3 Eurobonds of Euro 1.3bn outstanding at year-end accounting for 77.7% of our total debt • Our progress in 2020 ‒ H1-2020, €1.1bn in two Eurobonds maturing in 2022 and 2025 ‒ In July, we issued a €400m inaugural green bond, with part of the proceeds used for repurchasing c.41% from the 2022 notes €1.5bn EMTN program in place ‒ €550m raised in 2018 (GWI 18/25 bond) ‒ €400m raised in 2020 (GWI 20/26 bond) Eurobonds rated at Investment Grade by all 3 agencies ‒ Moody’s: Baa3 ratings and changed its outlook to negative ‒ S&P & Fitch: BBB- rating and maintained • • their stable outlook • Unsecured revolving credit facility in place ‒ €200m fully used in March 2020 and repaid in August 2020 ‒ Increased limit to €215m 2020 Eurobond Yield Performance 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% - Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 1.44% 0.67% 1.87% 1.48% 0.67% GWI bond 17/22 GWI bond 18/25 GWI bond 18/26 Selected Metrics Performance of the Globalworth Bonds GWI bond 17/22 Closing price Yield to maturity at period-end GWI bond 18/25 Closing price Yield to maturity at period-end GWI bond 20/26 Closing price Yield to maturity at period-end Dec 31st 2019 105.4% 0.671% Dec 31st 2020 103.2% 0.674% 107.8% 1.440% - - 106.2% 1.475% 105.4% 1.874% 30 2020 Financial Results 31 FY 2020 – FINANCIAL HIGHLIGHTS • Globalworth maintained its Operational profitability growth trend despite the global impact of COVID-19 in 2020 aided by the further expansion of its platform during 2019 • Valuation and underlying per share metrics impacted by negative revaluations due to Covid-19, and higher share base mainly from equity capital markets activity in 2019 Portfolio Value1 €3.0bn YE-2019: €3.0bn Rental Income €160.5m +5.9% NOI €157.3m +6.5% EPRA Net Asset Value €1.92bn -7.2% IFRS Earnings before tax -€30.5m 2019: +207.7m Adj. Normalised EBITDA2 €141.6m +9.8% EPRA NAV / share €8.68 -6.7% LTV 37.8% YE-2019: 34.7% Av. Debt Interest Rate 2.73% 2019: 2.83% IFRS Earnings -€46.8m 2019: +170.2m EPRA Earnings €82.3m +1.7% Dividend3 €75.1m 2019: €124.7m IFRS EPS -€0.21 2019: €0.93 EPRA EPS €0.37 -15.9% Dividend / Share3 €0.34 2019: €0.60 Please refer to the published Audited 2020 Financial Statements for full disclosures. (1) Combined real estate portfolio includes the Group’s Investment Property - Freehold as at 31 December 2020, plus investment properties held as Joint Ventures presented at 100%. Earnings Before Interest (finance cost), tax, depreciation, amortisation of other non-current assets, gain on acquisition of subsidiaries, fair value movement on investment property, and other non-operational and/or non-recurring income and (2) expense items. This includes the share of minority interests for 2019 only as there was no minority interests in 2020. The 2019 comparative has been adjusted downwards by €5.8 million, related to the apportionment of part of the NOI G/RGA settlement amount, recorded in full in 2018 in line with related IFRS provisions. Dividend related to the year ended 31 December 2020. (3) 32 Financial Highlights: Income Statement Condensed Income Statement Comments 1. The main drivers for the increase in rental income were: • +€8.2m recognised in 2020 Vs 2019 from standing properties acquired in Poland in 2019 • +€8.1m from properties fully consolidated or completed in Romania ‒ of which RBC (50% JV partner’s share acquired in Dec. 19): €5.7m • Increases in rental income partially offset by €7.3m due to LfL reductions in standing properties (€6.0m in Poland and €1.3m in Romania) 2. Fair value loss of €116.2m in 2020, mainly from our Polish portfolio • Poland accounted for 75% and Romania 25% 3. Finance costs Higher following the issue of €400m green bond (GWI 20/26) in July 2020 (€1.3bn total bonds outstanding), and the interest paid for the €200m RCF facility which was outstanding for a few months in 2020. 4. Joint Venture profits decreased mainly due to acquisition of the RBC subsidiary in Dec-19, which was consolidated as a 50% owned joint venture for 11-months in 2019. 5. Deferred tax expense Lower mainly due to fair value losses on investment property, tax depreciation recorded under local GAAP and decline in RON and PLN exchange rate against EURO compared to 2019. 6. Non-controlling interests: Globalworth Poland ownership gradually increased to 100% by YE-19. 7. Adjusted normalised EBITDA removes certain items, including fair value gains on property and non-recurring income and expenses. Increased by €12.6m mainly due to €9.6m increase in NOI and €1.3m decrease in administrative expenses. Please refer to published audited 2020 Financial Statements for full disclosures. Note that numbers may not add correctly due to rounding. 33 Financial Highlights: Balance Sheet Condensed Balance Sheet Comments 2019 Variance % Chg 1 2 3 4 5 €m Investment property Investment in joint ventures Equity investments Other non-current assets Financial Assets (ROFOs) Non-current assets Financial Assets (ROFOs) Other current assets Cash and cash equivalents Current assets Total assets Share capital & related reserves Retained earnings Total equity Interest-bearing loans and borrowings Deferred tax liability Lease liabilities Other non-current liabilities Non-current liabilities Interest-bearing loans and borrowings Current portion of lease liabilities Other current liabilities Current liabilities 2020 3,013 28 10 20 - 3,049 18 10 50 3 3,072 3,130 8 23 528 558 20 40 292 352 3,630 3,482 1,698 58 1,755 1,604 145 27 6 1,702 213 1,915 1,300 134 30 6 1,783 1,470 26 2 64 92 24 2 71 97 Total equity and liabilities 3,630 3,482 148 IFRS Book Value per share (basic) EPRA Net Asset Value per share (diluted) € 7.97 € 8.68 € 8.64 € 9.30 Shares Outstanding (diluted) - ('000) 221,486 222,410 (€ 0.67) (€ 0.62) (924) (36) 11 1 (30) (3) (58) (13) (17) 236 206 148 (4) (155) (159) 304 11 (3) 1 313 2 (0) (7) (5) -1% 59% 5% -60% -100% -2% -62% -43% 81% 59% 4% 0% -73% -8% 23% 8% -9% 9% 21% 7% -6% -9% -5% 4% -8% -7% 0% 1. Net reduction of 1% in investment property mainly from: • Loss on revaluation of portfolio of €116.2m; Less: • €14m CAPEX on standing portfolio (Poland 58% / Romania 42%); • €41m CAPEX on developments (Poland 54% / Romania 46%) • €27m net additional lease incentive movement (Poland 73% / Romania 27%) 2. Investments in Joint-Ventures: • Share of profit of joint ventures of €1.9m and interest income on outstanding loans of €0.7m ; plus • Net loans to joint ventures movement of €7.9m 3. Cash and Cash Equivalents of €528m at 31 December 2020 increased as a result of: • Net cash inflow from operations of €105.2m, less • Cash outflow for investing activities of €46m, plus • Net cash inflows from financing activities of €177.1m. 4. Retained Earnings: • Loss for the year of €46.8m and dividends of €108.3m resulted in total reduction of €155m. 5. Interest-bearing loans and borrowings higher due to: • €147.3m from secured debt facilities (4 properties) in Poland and Romania • €163.9m net increase in unsecured facilities following the issue of €400m green bond (net of partial buy-back of GWI 17/22 bond and issuance costs) • repayment of secured bank loans of €3.3m and net movement of accrued interest of €5.0m. Please refer to published audited 2020 Financial Statements for full disclosures. Note that numbers may not add correctly due to rounding 34 EPRA NAV and Earnings Metrics €m Earnings Attributable to Equity Holders (IFRS) Adjustments per EPRA Guidelines: Fair Value movement on investment property Chg. in FV of financial instruments & resp. close-out costs Losses on disposal of investment properties Chg. in value of financial assets through P&L Acquisition costs Tax credit relating to losses on disposals Deferred tax charge in respect to above Adjustments in respect of JVs and other items Non-controlling interests in respect of the above EPRA Earnings EPRA Earnings per share (basic) 2020 (46.8) 116.2 (0.6) 0.4 0.0 2.7 - 12.5 (2.0) - 82.3 € 0.37 2019 170.2 (117.7) 0.5 1.6 (1.9) 0.2 (0.0) 29.7 (4.4) 2.7 80.9 € 0.44 €m Equity Attributable to Equity Holders (IFRS) 2020 2019 1,755.4 1,914.7 Adjustments per EPRA Guidelines: Deferred tax liability in respect to property revaluations 171.2 157.6 FV of interest rate swap Goodwill as a result of deferred tax Adjustments in respect of JV for above items EPRA Net Asset Value EPRA NAV per share (diluted) 0.9 (5.7) 1.7 1.5 (5.7) 1.3 1,923.5 2,069.4 € 8.68 € 9.30 IFRS to EPRA Earnings Bridge (€m) Change in EPRA NAV (€m) 35 Financing Metrics ■ 37.8% LTV Key Balance Sheet Metrics ■ 2.73% weighted average interest rate ■ 77.7% debt via unsecured, public debt markets Debt Instruments ■ 4.5 years average maturity of debt ■ GWI 17/22 bond: €323.1m @ 2.875% coupon ■ GWI 18/25 bond: €550m (EMTN) @ 3.000% coupon ■ GWI 20/265 bond: €400m (EMTN) @ 2.950% coupon ■ Selective use of secured financing facilities ■ €200m 4.5Y unsecured RCF (undrawn at 31 Dec-20) ■ Long-term LTV target of below 40% Financing Strategy ■ Largely unsecured debt structure, but seeks to optimise flexibility around portfolio and financing management ■ Target diversification across debt maturities Investment ■ Fitch: BBB-, stable outlook Grade ■ S&P: BBB-, stable outlook Credit Rating ■ Moody’s: Baa3, negative outlook Consolidated Loan to Value Ratio Extended Debt Maturity Profile – Dec-20 (€m) €m 31-Dec-20 31-Dec-19 Balance Sheet Debt (at Face Value) Less: Cash/Cash Equivalents Net Debt Add: 50% Share of JV Debt Less: 50% Share of JV Cash Combined Net Debt Investment Property1 Less: Other operating lease commitment Group Open Market Value Add: 50% share of JV Property OMV Group Share of Total Open Market Value Loan-to-value ratio (“LTV”) 1,661 -528 1,133 4 -0 1,342 -292 1,050 - -0 1,136 1,050 2,982 - 2,982 26 3,007 37.8% 3,017 -1 3,016 15 3,030 34.7% 700 600 500 400 300 200 100 - 2021 2022 2023 2024 2025 2026 >2027 1Carrying value of lease liability and investment property – leasehold were excluded from the LTV calculation above. 36 Other Supporting Material 37 Strong Growth Potential from Development Pipeline Future Developments Globalworth has a number of developments to be developed in the future in phases, mainly office and industrial projects, in Bucharest and other principal regional cities in Romania, and on completion will offer c.872.4k sqm of high-quality real estate space, providing an expected blended yield on investment cost of 10.4%. The execution of these development projects will be pursued depending on market conditions and tenant demand. Secured Projects Podium III Globalworth West Chitila Logistics Hub (Other Phases)(2) Constanta Business Park (Other Phases)(2) Timisoara Industrial Park (I & II) (Other Phases) The Luterana Development Green Court D Status Type Future Development Future Development Future Development Future Development Future Development Future Development Future Development Office, Krakow Office, Bucharest Industrial, Bucharest Mix-Use, Constanta Industrial, Timisoara Office, Bucharest Office, Bucharest Est. GLA (k sqm) Cost / Capex to 2020YE (€m) GAV (€m) Est. Remaining Capex (€m) Est. Rental Income (100%) Est. Yield on Cost Est. Yield on GAV + Capex(1) 17.7 8.5 9.6 29.7 3.1 8.1% 7.9% Note: Figures presented as at 31 December 2020. (1) (2) Calculated as Est. Rental Income/ (GAV (Dec 20) + Est. Remaining Capex) 50:50 Joint Venture; figures shown on 100% basis 33.4 5.2 7.8 38.7 5.1 11.5% 10.9% 53.0 3.4 4.0 21.7 2.3 9.3% 9.1% 540.6 11.9 21.4 259.3 28.2 10.4% 10.1% 185.1 7.6 11.3 71.1 7.6 9.6% 9.2% 26.4 7.4 14.0 40.2 5.8 12.2% 10.7% 16.2 2.5 5.9 24.4 3.0 11.2% 9.9% 38 Combined Standing Commercial Portfolio Snapshot: (data as of 31 December 2020) Office Portfolio Bucharest New CBD Bucharest Other Romania: Office Warsaw Krakow Wroclaw Lodz Katowice Gdansk Poland: Office Total Office Portfolio Mixed-Use Portfolio Warsaw Katowice Total Mixed-Use Portfolio Logistics / Light-Industrial Timisoara Pitesti Constanta Bucharest Total Logistics / Light-Ind. Portfolio Other Portfolio Bucharest New CBD Upground Complex - Residential Bucharest New CBD Upground Complex - Commercial Total Other Portfolio Total Standing Commercial Portfolio Of which Romania Of which Poland Number of Investments Properties (#) (#) Value GAV (€m) Area GLA (k sqm) Occupancy Rate by GLA (%) Rent Contracted Rent (€m) WALL Years 100% Rent (€m) 7 4 11 8 4 2 1 2 1 18 29 1 1 2 2 1 1 1 5 1 -- 36 16 20 11 6 17 9 12 3 2 5 1 32 49 5 1 6 5 1 1 1 8 1 -- 816.3 277.6 1,093.9 590.0 338.8 146.8 69.3 125.9 57.0 1,327.8 2,421.7 121.3 48.4 169.7 69.6 49.4 12.0 13.8 144.8 59.6 9.8 69.4 315.4 118.2 433.6 188.6 150.1 56.6 35.5 63.3 25.6 519.6 953.3 22.3 24.3 46.6 121.3 68.4 20.6 22.7 233.1 32.4 6.0 38.4 63 25 38 2,745.9 1,248.5 1,497.4 1,238.9 672.7 566.2 87.7% 93.7% 89.4% 85.0% 85.7% 97.7% 92.3% 96.7% 99.6% 89.3% 89.3% 89.9% 92.9% 91.5% 100.0% 100.0% 69.2% 100.0% 97.3% nm 80.9% nm 90.9% 92.0% 89.4% 51.1 18.6 69.7 36.1 22.7 9.4 4.9 10.0 4.2 87.3 157.0 6.3 3.4 9.7 5.5 3.4 0.6 0.9 10.4 1.0 0.6 1.6 177.7 80.7 97.0 5.1 6.2 5.4 3.3 3.0 6.8 3.4 2.2 1.9 3.4 4.3 4.6 3.1 4.1 6.3 9.9 5.8 3.3 7.2 0.9 9.7 4.3 4.5 5.6 3.5 57.9 20.4 78.3 42.8 26.3 9.7 5.4 10.2 4.2 98.6 176.9 7.0 3.8 10.8 5.5 3.4 0.9 0.9 10.7 1.0 0.8 1.8 199.2 89.8 109.4 Contracted Headline Rent / Sqm or Unit Commercial (€/sqm/m) Office (€/sqm/m) Logistics / L.I. (€/sqm/m) 14.1 13.3 13.9 17.1 13.3 13.3 11.7 12.8 12.5 14.4 14.2 22.5 13.8 19.6 6.3 4.2 7.0 7.1 6.0 -- -- -- 14.2 13.6 14.6 14.1 13.1 13.8 17.0 13.3 13.2 11.8 12.6 12.4 14.3 14.1 24.0 11.6 17.5 3.7 4.2 3.6 3.3 3.8 -- 9.9 9.9 12.1 10.1 14.6 -- -- -- -- -- -- -- -- -- -- -- -- -- -- 3.5 4.2 3.3 3.2 3.7 -- -- -- 3.7 3.7 -- 39 Disclaimer This presentation is published solely for information purposes, and it may not be reproduced or redistributed or republished, in whole or in part, for any purpose by any person other than Globalworth Real Estate Investments Limited (the “Company”) . By accessing this presentation, you are agreeing to be bound by the following limitations. FORWARD LOOKING STATEMENTS This presentation may include certain statements that are, or may be deemed to be, "forward-looking statements" in respect of Globalworth Real Estate Investments Limited’s ("Globalworth") operations, performance, prospects and/ or financial position. 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