Globalworth Real Estate Investments : 2021 Interim Results Presentation
September 28, 2021 at 05:42 am EDT
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Globalworth: CEE's Leading Office Landlord
H1 - 2021 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
Select Metrics
€3.1bn
66
1,303.0k
88.7%
GAV
Standing Properties
Standing GLA
Occupancy
€2.7bn
€185.2m
4.7yrs
99.7k*
Green GAV
An. Contracted Rent
WALL
Dev't GLA
39.2%
BBB - / Baa3
2.7%
€1.3bn
LTV
Credit Rating
Avg. debt cost
in 3 Eurobonds
and Bucharest
• Sustainable dividend policy
‒ 90% of EPRA Earnings
‒ €0.15 cents for the H1-21
• Strong and supportive shareholder base including
the consortium of CPI Property Group and
Aroundtown (via Zakiono Enterprises Limited )
currently holding 60.6% of the share capital of
the Company, and Growthpoint Properties
(29.5%)
Geographic Split
Property Type
(% GAV)
(% GAV)
Other
Romania
4.3%
47.8%
Industrial
5.6%
Mixed-
use
Office
8.8%
Poland
81.4%
52.2%
Note: Figures present the Combined Portfolio of Globalworth as at 30 June 2021.
Refer to projects prioritized by the Group for development with 73.1k sqm currently under construction.
Developments: Include Renoma and Supersam in Poland which is under extensive refurbishment / repositioning.
Property Status
(% GAV)
Land for Future
Development **
2.7%
Developments
5.0%
Standing Properties
92.3%
2
Portfolio Evolution Since 2017
Portfolio Value
GLA Standing
GLA Commercial Standing
GLA Commercial Standing Occupied
(€m)
('000s sqm)
('000s sqm)
(000's sqm and %)
3,500
1,400
1,400
1,200
93%
95%
95%
91%
89%
100%
3,000
1,200
1,200
1,000
80%
2,500
1,000
1,000
800
60%
2,000
800
800
600
40%
1,500
600
600
400
20%
1,000
400
400
200
500
200
200
-
0%
-
-
-
2017 2018
2019 2020 H1-2021
2017 2018
2019 2020 H1-2021
2017 2018
2019 2020
H1-2021
Romania
Poland
Romania
Poland
Romania
Poland
Romania
Poland
%
Portfolio Concentration
Green Portfolio
Green Certified Properties
Contracted Rent
(€m)
(€m)
(Number of Properties)
(€m)
3,500
3,000
60
250
3,000
2,500
50
200
2,500
2,000
40
150
2,000
1,500
30
1,500
100
1,000
20
1,000
50
500
10
500
-
-
-
-
2017 2018
2019 2020 H1-2021
2017 2018
2019 2020 H1-2021
2017 2018 2019
2020 H1-2021
2017 2018 2019 2020 H1-2021
Bucharest New CBD
Bucharest Other
Romania
Poland
Romania
Poland
Romania
Poland
Regional Romania
Warsaw
Regional Poland
3
Financial Performance Evolution since 2017
Rental Income
Adjusted Normalised EBITDA
EPRA earnings/share
Dividend per share
(€m)
(€m)
(€ cents)
(€ cents)
180.0
160.0
50
70.0
160.0
140.0
45
60.0
140.0
120.0
40
50.0
35
120.0
100.0
30
40.0
100.0
80.0
25
80.0
30.0
60.0
20
60.0
15
20.0
40.0
40.0
10
10.0
20.0
20.0
5
-
-
-
-
2017 2018 2019 2020 H1-21
2017 2018 2019 2020 H1-21
2017 2018 2019 2020 H1-21
2017 2018 2019 2020 H1-21
Group
Group
Group
Group
Loan to Value
EPRA NAV per Share
Total Annual Shareholder Return
Cost of Debt
(%)
(€)
(%)*
(%)
50.0
10.0
40.0
3.0
45.0
9.0
30.0
2.9
40.0
8.0
2.9
20.0
35.0
7.0
2.8
30.0
6.0
10.0
2.8
25.0
5.0
2.7
-
20.0
4.0
2.7
15.0
3.0
(10.0)
2.6
10.0
2.0
(20.0)
2.6
5.0
1.0
2.5
-
-
(30.0)
2.5
2017 2018 2019 2020 H1-21
2017 2018 2019 2020 H1-21
2017 2018 2019 2020 H1-21
2017 2018 2019 2020 H1-21
Group
Group
Group
Group
*Total annual shareholder return for H1-21 includes only dividend paid during the period of €15 cents
4
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Globalworth Real Estate Investments Limited published this content on 28 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2021 09:41:06 UTC.
Globalworth Real Estate Investments Limited is a real estate company. The Company is engaged mainly in real estate business, comprising offices, mixed-use, industrial, and residential investment properties segment and property management services, in two geographical areas, such as Romania and Poland. It acquires, develops, and manages commercial real estate assets, primarily in the office sector. Its segments include Office, Residential, Mixed-use, and Other. The Office segment acquires, develops, leases, and manages offices and spaces. The Residential segment builds, acquires, develops, and leases apartments. The High Street Mixed-use and the Other segment acquires, develops, leases, and manages industrial spaces and corporate offices. It owns about 50 standing Class A office buildings in locations within their respective sub-markets. Its portfolio also includes various investments, mainly in mixed-use (office/commercial) as well as some logistics and light-industrial properties.