IREIT Global : Presentation Slides (2681 KB)

1Q2024 Business Update

29 April 2024

Joint Sponsors of IREIT Global:

Important Notice

This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events. The information contained in this presentation has not been independently verified. No representation or warranty, expressed 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 in this presentation. Neither IREIT Global Group Pte. Ltd. (the "Manager") or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. The past performance of IREIT Global ("IREIT") is not indicative of the future performance of IREIT. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager. The value of units in IREIT ("Units") and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the Singapore Exchange Securities Trading Limited (the "SGX-ST"). It is intended that unitholders of IREIT may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units.

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Pure Play Western Europe-Focused REIT

Investing in real estate used primarily for office, retail and industrial (including logistics) purposes

Joint Sponsors:	Tikehau Capital, City
	Developments Limited
Portfolio:	Germany: 5 office properties
	France: 44 retail properties
	Spain: 4 office properties

France

23%

Retail

23%

Valuation

Awards and Accolades in 2023:

Platinum Award for "Best

Office REIT (Singapore)" (2)

Gold Award for "Best Investor Relations" (2)

Winner for Growth in Profit after Tax over 3 years (3)

€874.5m (1)

Office

77%

Spain

15%

Germany

62%

(1) Based on fair valuation as at 31 Dec 2023 (excluding Il∙lumina which was subsequently divested on 31 Jan 2024)

(2) Mar 2023: 8th Edition REITs Asia Pacific 'Best of the Breeds' REITs Awards 2023 (less than US$1bn market cap)

(3) Nov 2023: Edge Singapore Centurion Club 2023 Awards for S-REITs category (under S$1bn Market Cap)

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Unique S-REIT focusing on Western Europe

	53	425,116 sqm	Rent	91.5%
€874.5m	108
Portfolio Valuation	Properties	Lettable area	Leases	Occupancy Rate
Germany		Spain		France

Berlin Campus		Bonn Campus		Delta Nova IV (Madrid)		Delta Nova VI (Madrid)		Cergy		Claye-Souilly

Darmstadt Campus (Greater Frankfurt)	Münster Campus	Sant Cugat Green (Barcelona)	Parc Cugat Green (Barcelona)	Evreux	Tours (Saint-Cyr-sur-Loire)

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Agenda

Key Highlights	6
Portfolio and Asset Management	8
Capital and Currency Management	15
Looking Ahead	17

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Key Highlights

Berlin Campus

6

Stable 1Q2024 Performance

Continued focus on maintaining portfolio resilience and healthy balance sheet

91.5%

Portfolio Occupancy

90.4% as at 31 Dec 2023

• Driven by new leases and divestment of Il∙lumina which has a low occupancy rate of 72.0% as at 31 Dec 2023.

4.9 years

Weighted Average Lease Expiry

4.9 years as at 31 Dec 2023

• Driven by new leases and divestment of Il∙lumina which has a short WALE of 2.7 years as at 31 Dec 2023.

37.0%

Aggregate Leverage

37.9% as at 31 Dec 2023

• Due mainly to repayment of existing borrowings in relation to divestment of Il∙lumina.

1.9%

Weighted Average Interest Rate

1.9% as at 31 Dec 2023

• No debt maturity until Jan 2026.
• 97.1% of all bank borrowings hedged.

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Portfolio

and Asset

Management

Il ∙lumina

8

Diversified Portfolio in Key European Markets

53

Properties

425,116 sqm

Lettable Area

• €874.5mValuation (2)

€899.0m as at 31 Dec 2023

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5 German Properties

Lettable Area (sqm)	201,103
Valuation (€ m) (1)	539.5
% of Portfolio	61.7%
Occupancy (%)	88.0%
WALE (years) (2)	3.4

44 French Properties

Lettable Area (sqm)	157,256
Valuation (€ m) (1)	203.0
% of Portfolio	23.2%

91.5%

Occupancy Rate

44

Germany

Occupancy	100%
WALE (years) (2)	7.4

4 Spanish Properties

90.4% as at 31 Dec 2023

4France

Lettable Area (sqm)	66,758
Valuation (€ m) (1)	132.0

4.9 years	Spain
WALE (3)
4.9 years as at 31 Dec 2023

% of Portfolio	15.1%
Occupancy (%)	82.1%
WALE (years) (2)	5.6

1. Based on fair valuations as at 31 Dec 2023
2. Based on gross rental income as at 31 Mar 2024

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Well-Staggered Leases with Blue-Chip Tenants

Key Tenants (1)	Lease Break and Expiry Profile (1)
	Weighted Average Lease Expiry: 4.9 years

15.7%

27.0%

21.1%

2.9%

4.5%

13.2%15.7%

To reposition Berlin Campus if main tenant vacates in Dec 2024 upon lease expiry

25.1% 23.8%

9.3%

1.7%

5.1%

3.1%

57.9%

35.4%

22.4%

11.2%

2.7% 2.3%

GMG - Deutsche Telekom	Deutsche Rentenversicherung Bund	2024	2025	2026	2027	2028	2029 and
Decathlon	B&M									Beyond
DXC Technology	Allianz Handwerker Services GmbH
			Based on lease break		Based on lease expiry
Others

Europe's largest

statutory pension insurance company with over 57m customers and 'AAA' credit rating.

One of the world's leading

integrated telcos with c.252m mobile customers, c.25m fixed- network lines and c.22m broadband lines. S&P's long- term rating stands at BBB.

One of the world's largest sporting goods retailer with over 1,700 stores across 78 countries. 2023 sales turnover of €15.6bn and S&P's short- term rating of A-2.

Leading discount retailer listed on the London Stock Exchange.

Constituent of FTSE100 index.

Fortune 500 company and investment grade IT services company listed on the NYSE. Represented in the S&P 500 Index.

A unit of Allianz SE, one of the world's largest insurance companies. S&P's long-term rating stands at AA.

(1) Based on gross rental income as at 31 Mar 2024

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