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Success in city retail VFB Dag van de Tips Qrf Update September, 2014

Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

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Page 1: Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

The golden mile

Success incity retail

VFB Dag van de TipsQrf Update September, 2014

Page 2: Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

ON SCHEDULE

1I Introducing Qrf

2I City Retail because…

3I Acquisition strategy and activities

4I Portfolio management

5I Facts and figures first half year of 2014

6I The share ‘Qrf’

7I Conclusion

Page 3: Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

1I INTRODUCING QRF

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QRF IS A BELGIANFIXED-CAPITAL REALESTATE INVESTMENTTRUST AND LISTED ONEURONEXT BRUSSELS(QRF:BB) AS OFDECEMBER 2013

4

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5

QRF WAS FOUNDED IN2013. IT AROSE FROM AFORMER SUCCESFULLRETAIL FUND THAT WASMANAGED BY QUARES

Quares stands forQuality Real EstateServices.

Quares is a real estatespecialist operating inBelgium, theNetherlands,Luxembourg, Germanyand France.

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Management team

6

ANNELEENDESMYTERCEO

FRANCISHENDRICKXCFO

BERTWEEMAESCOO

• Founding Partner of Quares

• Founded CC Company NV,currently Quares ResidentialAgency, in 2004

• Formerly project developer incorporate real estate for Eurinpro

Retail fund experience with QuaresRetail Fund, Quares Retail Fund 2and the bond issue for theacquisition of the high streetshopping centre Century CenterAntwerpen

• Former CFO of Uplace andEurinpro, both internationalreal estate developers

• Prior CEO of Sicafi Siref, whichwas acquired by IntervestOffices & Warehouses

• Holds MD-position at ResolveNV, a real estate developer

Retail experience with Uplace

• Former director at City Mall, areal estate retail developer

• Previously held positions asmember of the Board, CFO andDevelopment & Real EstateDirector at Decathlon Benelux

Retail experience withk Kortrijk, Les Grands Prés Monsexpansion and Shopping Le CôtéVerre Namur and the expansionof Decathlon Benelux

With years of experience in Retail Real Estate

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7

1) (B-)REIT aimingfor GVV/SIR status

2) Investors inPrime City Retail

• Same advantages as B-REIT;• Avoid classification as AIFMD;• Focus on operational activity.

Characteristics• Real estate focus

• FSMA accredited +supervision

• Maximum leverage of65%

• Distribution of atleast 80% of the profit

• Risk diversificationover larger portfolio(+20% max)

• Increased liquidity

• No corporate tax

(B-)REIT AIMING FOR GVV/SIR status

• Same advantages, but avoidclassification as AIFMD

• Strategy instead of policy

• Focus on operational activity

GVV/SIR license approved on 09/09/2014

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8

WE INVEST IN, (RE)DEVELOP ANDRENT OUT PRIME RETAIL REALESTATE IN THE ‘GOLDEN MILE’OF BELGIAN CITIES

INVESTORS IN RETAIL REAL ESTATE

Page 9: Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

2I CITY RETAIL BECAUSE…

Page 10: Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

… urbanisation

10

KEY DRIVERS:

• Vibrant social &cultural life

• Mobility & destinationproximity

• Economic activity &employment

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… population growth

11

0,95

1

1,05

1,1

1,15

1,2

1,25

1,3

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Antwerpen Mechelen Beringen

Genk Hasselt Aalst

Dendermonde Gent Sint-Niklaas

Leuven Brugge Kortrijk

Oostende Roeselare Turnhout

Brussels Hoofdstedelijk Gewest

Population growth in the 15 largest flemish cities and brusselsSource: Belgian FOD Economie & Studiedienst Vlaamse Regering

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… the city shopping experience

12

• An authentic shoppingexperience

• A healthy mix of fun &run, leisure, food &drinks, …

• A fun combination oftypes of stores,brands, chains versuslocal

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… city shopping is fun shopping

13Source: Vlerick, “City Centres become more and more popular”, 2012

36%

45%

51%

56%

30%

43%

0% 10% 20% 30% 40% 50% 60%

50+

35-50 year

18-34 year

woman

man

total

I like to go shopping for fun - % (totally) agrees

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… we choose to shop in the city

14

47%

35%

28%

13%

8%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

the centre of the city (near) where I live

the centre of the city (near) where I work

a shopping centre outside or on the edge of a city

a website where I can order online

an out-of-town store

How many times do you shop with a clear purpose in any of these locations? Aclear purpose means that you go shopping because you have planned to buy

something sustainable (shoes, jacket, dvd, …) - % (very) often

Source: Vlerick, “City Centres become more and more popular”, 2012

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… supporting government policies

15

• Investment budgetsfor city retail locations

• City managers

• Government policiespromote city retail

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… the future and value of omni-channel

16Source: CBRE Global Investors, 2014

- Webshop, mobile site, store areindividual channels

- E-commerce is threat

- No data interaction betweenchannels

- Channels cross, but…

- Generating traffic to storeremains first priority

- Few data interaction

- Not store-, but customer-centric view

- Path-to-purchase interchangeable

- Posibilities to perform data-analysis

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17

Page 18: Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

3I ACQUISITION STRATEGY & ACTIVITIES

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Acquisition strategy: real estate criteria

19

• Quality andaccessibility of theassets

• Quality of the tenantsand the underlyingrental contracts

• Clear focus toadherence to laws andregulations

• Re-rental potential ofthe property

Asset type- Focus on high quality retail

properties on city locations

Location- Located in high streets that

are dominant for theircatchment area

- i.e. the golden mile incatchment areas of >50,000 consumers

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Attractive locations

20

• Streets with highfootfall in Belgiancities with catchmentarea of min. 50,000

• Cities with an activecity development andmarketing policy

• Support of expansionplans & introductionin Belgian market

• Strong portfoliogrowth

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Golden mile as a preferred location

21

• Must-have location

• Growing rents

• Scarcity

• Solid liquidity

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Acquisition strategy: financial criteria

22

• Sustainablecontribution to theearnings per shareand dividend policy

Investment size- Additional investments for

EUR 35m in investmentvalue in 1H 2014

Leverage ratio- Overall leverage ratio of

maximum 55%

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Straight-forward

23

Page 24: Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

Portfoliowith potential

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25

Dendermonde, Oude Vest

• The Phone House, Twice as Nice,Panos, Hunkemöller, Neckerman,WE, Hans Anders

• 93,3% of budget spent in own city

• Coverage area of +- 80.000consumers

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Heist-op-den-Berg, Bergstraat

• Esprit, Hunkemöller

• Performant location forinternational retail brands

• Purchase binding of 80%

• Main shopping street

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27

Antwerpen, Century Center

• Shopping Center: McDonalds, BartSmit, Blokker, Media Markt, …

• Footfall around 90.000 on Saturday’s

• Catchment area of +- 713.000consumers

• International top location

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28

Leuven, Diestsestraat

• Bershka (Inditex group)

• Frontage of 9m – great visibility

• Footfall of 150.000 each week andpresence of almost 56.000 students

• Purchasing power exceeds nationalaverage

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29

Hasselt, Koning Albertstraat

• G-Star

• Coverage area of +- 270.000consumers

• Footfall of 94.000 each week

• Purchasing power exceeds nationalaverage

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30

Initial publicoffering

18th of December

End financial year(18/12 – 30/12)

30th of December 28th of Februari

AcquisitionTongeren

AcquisitionDendermonde

1st of April

Acquisition Heist-op-den-Berg & Antwerpen

22th of April

2013 2014

2014

AcquisitionLeuven

13th of August

Publication half-yearlyreport (31/12 – 30/06)

20th of August

AcquisitionHasselt*

4th of September End of 2014

Estimated growthof 35 MEUR FV

*4th of September 2014 Fair Value of 139,1 M EUR

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4I PORTFOLIO MANAGEMENT

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Active portfolio management

32

Propertyimprovement

Dialogue withstakeholders

Anticipationon retailmarkets oftomorrow

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Creativity team

33

HERMANKONINGS

TINADEBO

SASKIASCHATTEMAN

• Manager of trend and futureresearch bureau PocketMarketing / nXt.

• VP Product and Design forKipling

• Member of the board withNMBS

• Former CMO Lead forMicrosoft and former VicePresident with Telenet.

Advisory group on the marketing and positioning of Qrf in regards to currentand future retail, e-commerce and city shopping trends

Page 34: Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

Qrf - An interesting investment opportunity

34

CITYRETAIL

2 Focus on high street inprime and regional cities

3 Offering solid risk-returnprofile4 Quality of

underlying portfolio

5Steered byexperienced andmotivatedmanagement team

1 Resilient retail market

Goal: 1,3 EUR Gross Dividend per share (= 0,975 Net per share)

Page 35: Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

5I FACTS AND FIGURES H1 2014

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Focus on inner-city

36

66%72,59%

34%27,41%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Situation on IPO 18/12/2013 Situation on 11/09/2014

Type of property (% of Fair value)

Inner-City Periphery

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37

• Rental levels remainstable in primelocations

• Vacancy in high streetsremain relatively lowcompared tosecondary locations

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Well-spread tenant profile

38

FASHION50%

6%

6%

5%

5%

4%

4%

3%

3%

3%3%

2% 2% 2% 2%

Sectoral spread (% Rental income)

Fashion (H&M, HEMA, Bershka, G-Star, …)

Sport & Leisure (Neckerman, Oxygen, Standaard,..)Interior & Decoration (Casa, Euro Center, …)

Horeca (Panos, Mc'Donalds, …)

Car (Citroën)

Electro & Telecom (Van den Borre, Phone House,…)Parking

Jewelry (Twice as Nice, ...)

Guarantee on vacany

Beautycare (Kruidvat, Hans Anders, …)

Garden & do-it-yourself (Brico, …)

Office articles (Ava papierwaren, …)

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39

Low

Low

Hig

h

High

Low tenant and sector risk

7%

14%

Food

Health &beauty

SECTOR IMPACT

RIS

KO

FP

RIC

EC

OM

PET

ITIO

N

Fashion

Toys & Games

2% Media

2%

Consumer electronics

50%

Not included: parkings, guarantee on vacany, office articles, cars, …Source: CBRE Global Investors, 2014

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High and stable occupancy rate

40

96,60%

94,50%

96,09%

99,20%99,59% 99,75%

91,00%

92,00%

93,00%

94,00%

95,00%

96,00%

97,00%

98,00%

99,00%

100,00%

1/12/2013 1/01/2014 1/02/2014 1/03/2014 1/04/2014 1/05/2014 1/06/2014

Physical and financial occupancy rate

Physical occupancy rate Financial occupancy rate

Page 41: Success in city retail The golden mile - Vfb - Vfb€¦ · Success in city retail VFB Dag van de Tips Qrf Update September, 2014 . ON SCHEDULE 1I Introducing Qrf 2I City Retail because…

First half year of 2014 consolidated balancesheet & income statement

41

DESCRIPTION (30/06/2014) (x EUR 1.000)

59.848

FINANCIALDEBTS

EQUITY TOTALASSETS

74.395 143.500

FIXEDASSETS

129.491

3.832

RENTAL INCOME

3.030

OPERATIONALRESULT EX PTF

1.170

NET RESULTDISTRIBUTABLERESULT

2.129

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Debt & Interest rate hedging

42

Debt ratioAt 30/06/2014 the debtratio of Qrf was 46,65%(compared to 40,89% on30/12/013)

AimQrf aims to hedge at least75% of her credits

Current hedging100%

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First half year of 2014 key figures

43

DESCRIPTION (30/06/2014) (in EUR)

8.213.057

YEARLY PASSINGRENT

YEARLY ERV ACQUISITIONS1H 2014

8.375.734 16.500.000

PORTFOLIOVALUE 30/06*

129.448.000

46,65%

DEBT RATIO

99,75%

DEGREE OFFINANCIAL

OCCUPANCY

96,09%

DEGREE OFPHYSICAL

OCCUPANCY

RENTAL GROWTH1H 2014

1.093.634

* Today: 139,1 M EUR

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2014 goals on schedule

44

FLASHBACK +35 M EUR

FV 30/12/2013

114.201.27 EUR

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2014 goals on schedule

45

FLASHBACK

1,3 EUR gross dividend per share

0,975 EUR net dividend per share

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After 2014

46

LOOKING FORWARD

Growth by

• Capital injection

• Capital increase

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6I THE SHARE ‘QRF’

47

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First half year of 2014 per Share key figures

48

DESCRIPTION (30/06/2014)

22,73

NAV

(IFRS)

NUMBER OF SHARES ISSUED

OPERATIONALDISTRIBUTABLE

RESULT PER SHARE

PROPOSEDDIVIDEND

0,65 1,3 EUR*

NAV

(EPRA)

23,57

3.272.911

* At payout ratio 97%

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Shareholder structure

49* Nominal shares

6%2%

6%

5%

81%

Shareholder structure Qrf

Dembitzer* Quares* BNP Paribas Capfi Delen Floating

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8I CONCLUSION: A VALUED PARTNER

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Summary

51

WRAPUP

2 Strong balance sheet

3 Straight-forward operating4 Potential ofnew acquisitions

5 Growth on schedule

1 Confirmed dividend

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52

QUESTIONS?

THANK YOU

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Income Statement

53

In EUR x1.000 30.06.2014 30.12.2013

(+) Rental income 3.832 270

Net rental result 3.832 270

(+) Recovery of rental charges and taxes normally paid by tenantson let properties

0 16

(-) Rental charges and taxes normally paid by tenants on letproperties

-40 -17

Property result 3.792 269

(-) Property costs -165 -24

(-) Corporate overheads -597 -119(+/-) Changes in fair value of investment properties -1.013 -1.785

Operating results 2.017 -1.659

(+/-) Financial result -847 -56

(-) Taxes -54 0

(+) Minority interest 6 0

Net Result 1.122 -1.715

(+/-) Changes in Fair Value of financial assets and liabilities -1.426 4

Net Result (group share) -304 -1.711

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Balance sheet

54

In EUR x1.000 30.06.2014 30.12.2013

Property investments 129.448 114.201

Other fixed assets 43 4

Fixed Assets 129.491 114.205

Trade debitors receivables 405 527

Tax receivables and other current assets 3.893 3.847

Cash and cash equivalents 9.689 8.497

Deferrals and accruals 22 47

Current Assets 14.009 12.918

Total Assets 143.500 127.123

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Balance sheet

55

In EUR x1.000 30.06.2014 30.12.2013

Capital 70.369 70.369

Reserves 2.597 5.738

Net Results 1.122 -1.715

Minority interest 307 314

Equity Capital 74.395 74.706

Long-term financial debt 61.270 39.826

Other long-term liabilities 739 306

Long-term Liabilities 62.009 40.132

Short-term financial debts 6.197 11.521

Other short-term liabilities 899 764

Short-term Liabilities 7.096 12.285

Total Liabilities 143.500 127.123