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Eurobank Properties: Diversified Real Estate Portfolio Overview

Explore Eurobank Properties' portfolio of 48 commercial properties, valued at €491.8mn with annual base rents of €33.9mn as of December 31, 2007.

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Eurobank Properties: Diversified Real Estate Portfolio Overview

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  1. Eurobank Properties

    31 December 2007

  2. Company Overview

  3. Company Overview Diversified property portfolio of (as of December 31, 2007) 48 commercial properties with GLA of 240,462 sqm Appraised value of €491.8mn (1) Annualised base rents of €33.9mn (2) Promissory Contracts : a commercial property (total area of 543 sqm and total acquisition cost of €5.9mn) 2 companies, owners of commercial properties (total area of 31,084 sqm and total acquisition cost of €50.6mn, on a debt free basis) Valuation by SOE (Greek Body of Sworn-in Valuers) as of 31/12/2007. Annualized Base Rent as of 31/12/2007: Monthly Rents as of 31/12/2007 annualized without giving effect to future CPI adjustments (for the sake of clarity, includes rents from the Laodikeias 16, Athens and Ag. Kon/nou 59 – 61, Marousi properties commencing on 01/01/08).
  4. Shareholder Structure Post-Offering

  5. Portfolio Overview

  6. Portfolio Overview Offices Retail Logistics / Other (1) Total Total GLA(sqm) Annualised Base Rents (2) (€mn) Market Value (3) (€mn) Gross Yield (5) (%) “Other” includes gas station and parking spaces. Logistics account for 96.5% of the Annualized Base Rents included in the category "logistics/other". Annualized Base Rent as of 31/12/2007: Monthly Rents as of 31/12/2007 annualized without giving effect to future CPI adjustments (for the sake of clarity, includes rents from the Laodikeias 16, Athens and Ag. Kon/nou 59 – 61, Marousi properties commencing on 01/01/08). Based on SOE Valuation as of 31/12/2007. Excluding the value of the Spata property as appraised by SOE: € 489.7mn Gross Yield: Annualized Base Rent / Market Value. Spata property, which is held for disposal, is not included in the calculations.
  7. High Quality Property Portfolio 29 properties 67.0% of total GLA, 67.8% of total rents 96.1% leased (2) Offices Retail Logistics / Other (1) 15 properties 9.2% of total GLA,20.1% of total rents 100.0% leased 4 properties 23.8% of total GLA,12.1% of total rents 95.2% leased (3) Exposure to some of the best commercial real estate in Greece and the CEE “Other” includes gas station and parking spaces. By including N.Ionia property Building D, which is partly occupied by the Company, the occupancy rate for the Company’s offices space is 95.8%. By including Spata property, which is held for disposal, the occupancy rate for the Company’s logistics/other space is 85.8%.
  8. Overview of our Portfolio Belgrade Bucharest Romania Serbia Rest of Greece Athens and Greater Athens Greece Market value based on SOE valuation as of 31/12/2007.
  9. Geographic Distribution of our Greek Portfolio Geographic Distribution in Greece Geographic Distribution in Greater Athens(1) # of Properties: 5% of Total Market Value: 12.4% # of Properties: 17 % of Total Market Value: 20.7% Xanthi Thessaloniki Larisa Maroussi & Vrilissia Nea lonia Volos Centre Agrinio Chalkida Thiva Kallithea & Moschato Athens Patra Alimos # of Properties: 8 % of Total Market Value: 26.2% # of Properties: 2 % of Total Market Value: 6.0% # of Properties: 1 % of Total Market Value: 9.3% Heraklion, Crete Spata property, which is held for disposal, is not included in the calculations.
  10. Portfolio Diversification Portfolio Breakdown by Market Value (1) Portfolio Breakdown by Size Total Value: €491.8mn Total GLA: 240,462sqm Market value based on SOE valuation as of 31/12/2007.
  11. Portfolio Diversification – cont’d Breakdown by Asset Type – by Market Value (1) Breakdown by Asset Type – by Size (GLA) Breakdown by Origin of Rent (Annualised Basis) Market value based on SOE valuation as at 31/12/2007.
  12. Attractive Lease Profile Standard lease term of 12 years in Greece Weighted average remaining term of 10.7 years Signed agreements with several tenants under which they waive right to terminate leases for a period of 6 – 20 years 68.0% of the company’s leases are ”guaranteed” leases of this nature All tenants responsible for ordinary maintenance expenses Expiration Date (% of Annualised Rent) Contracted Indexation Profile % Rents Expiring per Year(1) Annualized Base Rent as of 31/12/2007: Monthly Rents as of 31/12/2007 annualized without giving effect to future CPI adjustments (for the sake of clarity, includes rents from the Laodikeias 16, Athens and Ag. Kon/nou 59 – 61, Marousi properties commencing on 01/01/08). CPI : Includes 12 contracts indexed against HICP (Harmonised Index of Consumer Prices).
  13. Strong Tenant Base Breakdown of Rents by Tenant (1) Other (3) (2) A tenant base that includes some of the best blue-chip names in Greece and the CEE Based on Annualized Base Rent as of 31/12/2007: Monthly Rents as of 31/12/2007 annualized without giving effect to future CPI adjustments (for the sake of clarity, includes rents from the Laodikeias 16, Athens and Ag. Kon/nou 59 – 61, Marousi properties commencing on 01/01/08). Marks & Spencer is part of Group Marinopoulos. Carrefour in Greece is part of Group Marinopoulos.

  14. New Investments after Share Capital Increase

  15. Details for the Acquisitions after the Share Capital Increase
  16. Details for the Acquisitions after the Share Capital Increase(cont’d) (1) We acquired a Greek SPV, Kalampokis Tours and Cargo, that owns the specific property.

  17. Financial Information – 31.12.2007

  18. Key Financials – IFRS (31.12.2007) Profit before Tax Profit before Tax and Revaluation 17.6% 22.2% Profit after Tax Distributed Profits 19.2% 12.5% Source: Consolidated and company financial statements of Eurobank Properties as of December 31, 2007.
  19. Key Financials – IFRS (31.12.2007) cont’d Rental Income (1) EBITDA (2) 23.6% 25.2% FFO (2) NAV as of December 31, 2007: € 701,321 thousandNAV per share as of December 31, 2007: € 11.50 6.8% In 2006, rental income increased by € 5.125, of which € 3,615 (70.5%) relates to income from new acquisitions in Greece and the CEE. See detailed calculation of EBITDA and FFO in the Appendix. Source: Consolidated and company financial statements of Eurobank Properties as of December 31, 2007.
  20. NAV Calculation (1) 11.50 € / share Source: Consolidated and company financial statements of Eurobank Properties as of December 31, 2007. (1) NAV Growth includes the net proceeds from the Company’s share capital increase in December 2007 of €322,745 (net of costs €6,655).

  21. Appendix

  22. Financial Information

  23. EBITDA and FFO (31.12.2007) EBITDA from Continuing Operations Funds from Operations (FFO) Note: EBITDA , adjusted EBITDA and FFO are not directly extracted from the financials of the company. The relevant info is provided by the Company and is based on consolidated and company financial statements of Eurobank Properties as of December 31, 2007.
  24. Consolidated Income Statement – IFRS Source: Consolidated and company financial statements of Eurobank Properties as of December 31, 2007.
  25. Consolidated Balance Sheet – IFRS Source: Consolidated and company financial statements of Eurobank Properties as of December 31, 2007.
  26. DISCLAIMER This presentation has been prepared by Eurobank Properties REIC (the “Company”). The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. Unless otherwise stated, all financials contained herein are stated in accordance with International Financial Reporting Standards (‘IFRS’). This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it or any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. The information included in this presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject to change without notices. This presentation is subject to any future announcements of material information made by the Company in accordance with law. This presentation is only for persons having professional experience in matters relating to investments and must not be acted or relied on by persons who are not Relevant Persons (as defined below). Solicitations resulting from this presentation will only be responded to if the person concerned is a Relevant Person. This presentation and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person, whether or not they are a Relevant Person. Nor should the recipient use the information in this presentation in any way which would constitute "market abuse". If you have received this presentation and you are not a Relevant Person you must return it immediately to the Company. This presentation does not constitute a recommendation regarding the securities of the Company.
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