Globalworth Real Estate Investments : 2021 Interim Results Presentation

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