Sirius Real Estate : Presentation

March 24

DÜSSELDORF SÜD, GERMANY

BOCHUM, GERMANY

• 68 sites, clustered around the edge of all 7 major cities
• 5,915 tenants across those sites
• Ranging from blue chips to 100's of SME's
• €1.7bn gross asset value
• €129.7m rent roll
• 74 sites around the edge of all major cities
• 3,739 tenants
• Typically flexible terms, with higher rate in return for flexibility
• £394.7m gross asset value
• £55.6m rent roll

• Occupancy of 85.2%
• Valued at a 6.8% net yield
• Organic growth centred on
• • asset management
  • recycling capital into new acquisitions
  • capex programme
• Occupancy of 86.6%
• Valued at a 9.3% net yield
• BizSpace acquired in November 2021 - focus since then on improving quality of income
• 35% increase in rate delivered since acquisition

FFO: €110.2m | +7.9% (2023: €102.1m)

GROUP OPERATIONAL PERFORMANCE

LFL Rent Roll Growth

Germany: 7.1%

UK:7.7%

Occupancy

Germany:	85.2%	1.9%
UK:	86.6%	0.7%

>98%

Adjusted NAV per share: 111.12c | +1.8% (Mar 2023: 109.21c)

FINANCIAL PERFORMANCE	RESILIENCE
FFO per share:	8.95c	Group Net Yield 7.3%
	2.4%	Germany:	6.8%
		UK:	9.3%
Dividend per share:	6.05c	c.€60m
	6.5%
	Asset Recycling 5% Premium to Book Value
Adjusted NAV:	111.12c	>€244m
	1.8%	Cash Reserves (>€214m unrestricted)

4.0 years

Cash collection Rolling Rate 12 months

Weighted Average Debt Expiry

MAR 24

MAR 23

MOVEMENT

	€m	€m	%
	187.0	169.3	+10%
Titanium income	7.6	7.4
Service charge irrecoverable costs	(18.7)	(11.5)
Non-recoverable maintenance	(7.1)	(6.6)

€m

17.7

0.2

(7.2)

(0.5)

	168.8	158.6	+6%	10.2
Corporate costs and overheads	(43.3)	(40.4)		(2.9)
	125.4	118.2	+6%	7.3
Bank interest	(11.5)	(13.1)		1.6
Current tax (excluding tax on disposals)	(3.8)	(3.0)		(0.8)
	110.2	102.1	+8%	8.1
Depreciation & amortisation of financing fees	(6.8)	(6.7)		(0.1)
Add back current taxes (excluding tax on disposals)	3.8	3.0		0.8
IFRS 16 & foreign exchange effects	2.8	(2.4)		5.2
	110.0	96.0	+15%	14.0
Adjusting items *	(5.9)	(6.2)		0.3
Surplus/Deficit on revaluation of investment properties	13.1	(8.3)		21.4
Goodwill impairment	-	-		-
Gain/Loss on disposal of investment properties	0.9	4.7		(3.8)
Change in fair value of derivative financial instruments	(1.3)	1.0		(2.3)
Share of profit in associate not included in FFO	(1.6)	(0.2)		(1.4)
	115.2	87.0	+32%	28.2

* Adjusting items include costs relating to share awards, costs relating to non-recurring items

Cents per share

Note: All items in the chart above are calculated on the weighted average number of shares in issue during the period

• Adjusting items include adjustments relating to depreciation, IFRS 16, amortization of intangible assets and finance facility fees.
• EPRA adjusting items include adjustments relating to the impact on earnings of the cost associated with share awards, non -recurring items and IFRS 16.

	MAR 24	MAR 23	MOVEMENT
	€m	€m	%	€m
Investment properties (owned assets)	2,186.7	2,107.3	4%	79,4
Investment properties (leased assets)	*23.9	24.5	(2%)	(0.6)
Investment in associate	70.3	71.0	(1%)	(0.7)
Plant and equipment	11.1	11.3	(2%)	(0.2)
Trade and other receivables	59.0	50.3	17%	8.7
Cash and cash equivalents	244.2	124.3	96%	119.9
	2,595.2	2,388.7	9%	206.5
Trade and other payables	(114.7)	(101.5)	13%	(13.2)
Interest bearing bank loans	(945.1)	(964.4)	(2%)	19.3
Lease liabilities	**(37.8)	(39.6)	(5%)	1.8
Current & Deferred tax liabilities	(89.7)	(85.6)	5%	(4.1)
	(1,187.3)	(1,191.1)	0%	3.8
	1,407.9	1,197.6	18%	210.3

104.96c	102.46c	2%	2.5c
111.12c	109.21c	2%	1.91c
109.82c	108.11c	2%	1.71c

* Includes €12.6m Right of use assets ** Includes €14.8m Lease Liability for Right of use assets.

• Adjusting items includes property valuation gains relating to investment in associates and non-recurring items.
• EPRA adjustments add back deferred tax relating to investments in associates and intangible assets.

SITE	MAR 24	MAR 23	CHANGE
Rent Roll	€129.7m	€123.1m	5.4%
Rent Roll (LFL)	€128.0m	€119.5m	7.1%
Occupancy (LFL)	85.2%	83.3%	1.9%
Rate psm (LFL)	€7.23	€6.90	4.8%
Move-Ins	169,176sqm	154,110sqm	9.8%
Move-Ins Rate psqm	€8.81	€8.98	(1.9)%
Move-Outs Rate psm*	€8.20	€7.47	9.8%
Move-Outs*	137,992sqm	164,562sqm	(16.1)%

* Excluding acquisitions & disposals

HANNOVER, GERMANY

LFL Rent Roll increased 7.1% driven by an increase in Rate and Occupancy

M€