TRASTOR REIC IC Co Corp rporate Prese sentatio ion December 2018 1
Table of Contents Sec Section Titl itle Pag age Section A. Company Overview 03 Section B. Financial Results 11 Section C. Corporate Governance 16 2
Section A Company Overview 3
Company Over Co erview At t a a Gla Glance # 43 43 € 113.3 mn mn Busin Bu ines ess Over erview Properties Investment Value (1) Trastor REIC is the first real estate investment company to be established in Greece under law 2778/99 and it is listed on the Athens Stock Exchange € 7.7 mn 6.8 .8 % The Company invests in high quality and high yielding assets with creditworthy mn tenants and through active asset management delivers attractive returns to its Annualized Rental GRY (2) shareholders Income (2) Experienced and qualified management team with deep understanding of the local market, proven sourcing, execution, and value creation track record 94.0 94.0 % 5.0 .0 ye years The Company maintains high corporate governance standards and its two main shareholders are Wert Red S.a.r.l (an investment vehicle of Värde Partners) and Occupancy by WALT Piraeus Bank S.A. area Strategy St Sharehold lders Trastor REIC is seeking to capitalize on the unique investment opportunities in the Greek real estate Wert Red S.a.r.l market created by the macro-economic environment, the acute liquidity constraints, and the ensuing 39.4% deleveraging of the Greek banking sector Piraeus Bank 56.0% Free Float Trastor ai aims to o be become the leading 4. 4.6% 6% Gr Greek re real estate Co Company 4 (1) Based on assets as of 31.12.2018 (2) Annualised rent calculated as of 31.12.2018 monthly rent per lease agreement, multiplied by 12 and assuming 94% occupancy
Co Company Over erview Strategy Pilla Str lars ✓ We create investment opportunities by applying our local knowledge and tapping into our extensive banking and business partner relationships to originate deals. We also look to unlock value from situations involving auctions and the restructuring of CRE NPLs ✓ We expect faster resolution of non-performing loans backed by commercial real estate and sale of banks’ non-core assets ✓ The next 2-3 years present an attractive opportunity to invest in Greek real estate which has suffered significant decline in value Asset Cl As Classes Investment Focus ocus So Sour urces ✓ ✓ ✓ Class A and B+ Office Acquire core and value added assets Leveraging the team’s local knowledge at attractive valuations ✓ ✓ High Street Retail Utilising relationships to originate ✓ Working with credible and reputable deals ✓ Logistics tenants to support their current ✓ Auctions and foreclosures ✓ Hotels in established tourism destinations business and expansion plans ✓ Consensual surrenders and debt-for- ✓ Repositioning of real estate assets to asset swaps in collaboration with optimize value creditor banks ✓ Driving operational and scale ✓ Cooperation with NPL service efficiencies to increase cash flow platforms ✓ Building a balanced and diversified portfolio 5
Co Company Over erview Key Mil Milestones PB’s shareholding Värde Partners Foun unde ded by Pira raeus eus Pas asal al De Develo elopm pmen ent, Trastor complet leted ed a a Trastor cont ntin inues ues to Ban ank (“PB”) under the a Greek Real Estate incr crea eases es to 91.67% 67% acqui ac uire red d a a 33.8% 8% of Share re Cap apit ital l enhan hance e its port rtfo foli lio ckground name “Piraeus REIC” firm, acquires a 37% through a debt to the Company from Incr creas ease e raising with new stake and assumes equity swap and PB €20.2mn and Värde and in 2003 03 was was acquisitions Backg gr grant anted ed a license to the management of following a Partners’ stake Trastor mandatory public increased to 56.0%. operate as a REIC by l Ba Hellenic Capital offer (Sept 2015). Värde assumed rical The Bank assumed Market Commission. control Histori In 2005 05 became the the management of first REIC to be listed ed the company Hi on Athens Stock Exchange 20 2008 08 - 2014 2014 201 2018 2015 2015 2016 2016 2017 2017 2019 201 19 1999 99 - 2008 2008 113. 3.3 Rationalization of Investment Values and positioning the Company for sustainable growth 33.7 79. 9.5 19. 19.9 Investment Values (€’mn) 79. 79.6 74.8 63.1 60.1 60. 59.6 59. 2017 2017 201 2018 2015 2015 2016 2016 2014 2014 Asset Acquisitions Investment Values on prior year’s asset base (1) 6 (1) Valuation by the independent statutory valuer as of 31 December of each year
Com ompany Ov Overview Port ortfol olio io Ov Overv rvie iew Key y Figures Geog ograph phical l Breakdown # 43 43 € 11 113.3 mn mn 5 12% 12% 18% 18% Investment Value (1) Properties 14 14 4% 4% by Asset sset by Va Value ue # 43 12% 12% € 113. 13.3mn mn 92.2 92 .2 k sqm 10 102.7 .7 k sqm 19 19 sqm sqm 3 54% 54% 2 GLA GBA Athens CBD Attika Thessaloniki Crete Rest of Greece 6.0 6.0 % 5.0 5.0 ye 9.3 9.3 % years Asset Type Breakdown WALT Vacancy by Financial area Vacancy 5% 3% 3% 5% 3 1 rics (2) 2) Ann nnualiz lized Met etric 19% 19% 15 15 39% 39% 10 10 by Va Value ue by Asset sset 6.8 6.8 % € 7.7 7.7 mn 5.4 5.4 % mn € 113. 13.3mn mn # 43 GRY NOI Yield Annualized Rental Income 6 35% 35% 8 Gas Station Retail Office Mixed Use G.S Parking Land 7 (1) Based on assets as of 31.12.2018 (2) Annualised rent calculated as of 31.12.2018 monthly rent per lease agreement, multiplied by 12 and assuming 94% occupancy
Co Company Over erview Revenue Ana Analy lysis is Annualized Income Breakdown by… … a diversified portfolio driven by a strong tenant base 5%2% 2% 5% 8% 8% 18% 18% 4% 4% Asset sset 46% 46% Lo Locat ation Type pe 14% 14% 47% 47% 56% 56% Retail Office Athens CBD Attika G.S Gas Parking Thessaloniki Crete Station Rest of Greece Key y Tenan ants Inc ncome Con ontr trib ibutio ion 50.0% 40.0% 30.0% 42.5% 42. 20.0% 29.8% 29. 10.0% 11.7% 5.6% 6% 5.6% 6% 4.8% 8% 0.0% Other Piraeus Bank Inditex Archirodon P&G Hellenic Fuels 8
Company Over Co erview High High Qua ualit ity CRE CRE As Assets Urb rban re reta tail sto tore res at at th the bes est commerc rcial locati tions Pre resen ence of of HQ HQ quality ty Pr Prime office port rtfolio with esta tablished ed, affluent catc tchmen ent area eas single tenant buildings NRG Head Offices, Marousi PIRAEUS BANK Heraklion Kronos BC, Maroussi Syntagma Offices, Athens PIRAEUS BANK HQs, Athens NN Hellas Offices, Kifisia Alimou Retail, Alimos Jewelry shop, CBD HSBC Branch, Chalandri PWC Branch, Chalandri Kassaveti Retail, Kifisia GEK Terna, Ambelokipi Kosmopolis Centre, Komotini Wolford Retail, Kifisia Ethrio Parking Station, Marousi 9
Co Company Over erview Ac Acquis isit itio ions (2017 2017 – 2018 2018) Dec-18 Acq cquisit itions 2018 2018 13 Acquis 13 € 4. 4.0mn isitio itions € 1. 1.1mn € 1. 1.3mn completed in 2018 € 1. 1.6mn € 2. 2.1mn with total value of € 2. 2.5mn € 1. 1.0mn €30 .1m Dec -18 18 Acq cquisit itions 2017 2017 Nov ov -18 18 Nov ov-18 18 Kifissia, Nov ov-18 18 Othonos, € 4. 4.3mn € 45k 45k Oct -18 Oc 18 Kifisias Ave , Maki 3 RD Floor € 1. 1.9mn Kifisias Ave, Philosophy Oct -18 Oc 18 Cripe 8 Acquis Kifisias Offices Assets As Peugeot Sep ep-18 Voukou- Ave, € 1. 1.3mn Jun un -18 18 restiou, PwC Mesogeion , isit itio ions €113.3m Thon, Imanoglou Offices Dec-17 May -18 May 18 Attikat € 2. 2.6mn Parking completed in 2017 Office Floor Thon, Offices May May-18 with a total value of Mesogeion, #43 #43 € 6. 6.5mn Apr-18 Ap €18.8mn Mixed Use Chania, Mar-18 8 Properties Retail Ermou, Fe Feb-18 Retail Kronos, € 2. 2.1mn € 8. 8.5mn Office € 0. 0.8mn € 0. 0.7mn € 1. 1.4mn Dec-16 Assets As Nov-17 17 € 1. 1.6mn Oc Oct-17 Archirodon Aug ug-17 € 79 79.5 .5 m Jul ul-17 Tsimiski Office € 1. 1.1mn HSBC Jul ul-17 Retail Wolford Retail Apr pr-17 € 2. 2.6mn Kassaveti Retail #32 #32 Filellinon Retail Mar Mar-17 17 Office Eurobank Properties Feb-17 Fe 17 Aspis Miixed Use Jan-17 7 SCI Completion As Assets € 60 60.1 .1 m #24 #24 Properties 10
Section B Financial Results 11
Fin inancia ial Res esult lts Profi fit & Loss (2009 2009 - 2018) 2018) Reported Prof ofit it/L /Loss Trast stor retu turned ba back to o pr profitability afte ter 8 ye years 4,020 8 years ( € in thousands) 2,738 3 (600) (1,090) (1,530) (3,620) (4,160) (4,810) (9,380) 200 009 201 010 201 011 201 012 201 013 201 014 201 015 201 016 201 017 201 018 12
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