First Results
of the new strategy
1Q2016 Revenues
Milan, May 3rd 2016
AGENDA
> 1. KEY EVENTS OF THE PERIOD
> 2. 1Q2016 REVENUES
> 4. ACHIEVEMENTS
> 5. DETAILS FIGURES
BENI STABILI
2
KEY EVENTS OF THE PERIOD
BENI STABILI STRATEGIC POSITIONING
A leading property player in Italy
FOCUS ON
MILAN
PORTFOLIO
Milan, Via Cornaggia
€ 3.9Bn
€ 2.0Bn
51%
Milan, Garibaldi Complex
FOCUS ON QUALITY
« PREFERRED PROPERTIES »
SMART WORKING
Milan, Via San Nicolao
FOCUS ON
OFFICE
91%
Milan, Garibaldi Complex
1
Milan, Corso Italia
GREEN
YIELD1
5.4%
(5.7% TOPPPED-UP)
Milan, Via Amedei
Figure refers to Core+Dyn
BENI STABILI
3
KEY EVENTS OF THE PERIOD
SHAREHOLDER STRUCTURE AND GOVERNANCE
Foncière des
Régions
50,1%
Crédit
Agricole
Assurances
Free float
5,7%
44,2%
Milan, Garibaldi Complex
Best-in-class governance, confirmed by the General Meeting
Nomination of the new BoD;
66% of independent members;
33% of women members;
44% of international members;
BENI STABILI
Milan, Via Cornaggia
4
KEY EVENT OF THE PERIOD
RENTING ACTIVITY: INCREASE OF OCCUPANCY RATE
TOTAL PORTFOLIO
+1.5
94,3%
92,8%
12
FY2015
1Q2016
EXCLUDING TI
89,0%
Milan, via Messina
NEW CONTRACTS
FOR €4.2M
ANNUALIZED
RENTS FOR
14,679 SQM
Milan, via Dante
+3
86,1%
FY2015
Figure refers to Core+Dyn
BENI STABILI
1Q2016
Milan, via Durini
5
KEY EVENT OF THE PERIOD
FOCUS ON ACTION PLAN FOR VACANT ASSETS
Action plan on vacant
asset
28%
of new rents
€60m investment
(€14m rents and €16m net
recurring income)
ALREADY SECURED
Year to date
Milan, Via Messina 38
Via Messina 38
Tower D + 1 Floor Tower B
Key figures
6,344 sqm (office GLA);
6-years lease;
Strategic position closed to Garibaldi Station;
Capex planned: c. €5.0m;
Rent (€/sqm): €240 office GLA
BENI STABILI
6
KEY EVENT OF THE PERIOD
VIA CERNAIA PROJECT
Restructuring project of the asset
€11.1m capex
Total GLA: c. 8,300sqm (including a new attic floor of c.500sqm)
Very good location: in the bank district, 15 mins walk from Piazza Duomo;
Prestigious building;
Area extremely well connected with public transports (MM1, MM2, MM3, plus
bus and tram lines);
The project consists in a complite refurbishment of the entire asset and the
construction of an additional floor;
Energy certification minimum target LEED Silver
VALUE
CREATION
BENI STABILI
IMPROVEMENT
OF
THE QUALITY
Milan, via Cernaia 8/10
7
KEY EVENT OF THE PERIOD
PRELETTING OF PHASE 1 OF SYMBIOSIS DEVELOPMENT
PROJECT
Total project for 125.000 sqm GLA;
Ideally located at a short drive to Linate airport and only 2km from Duomo;
Directly across from the new Prada Foundation;
Competitive rent: 300 €/sqm
Parco Sud
Fondazione Prada
1H2015 RESULTS
BENI STABILI
8
KEY EVENTS OF THE PERIOD
SYMBIOSIS: NEW PROJECT FOR THE FIRST BUILDING
Preletting of 16.000
Milan :
sqm (+option for 3.000 sqm) of Symbiosis development project in
launching of the first buildings for 19.000 sqm
Italian telecommunications company specialized in
Internet and telephony, part of the Swiss
Communications Group «Swisscom» (2014: Turnover of
D
B
€1,688 bn, Operating income of € 515 m, 2 500 employees)
Surfaces:
E
SQUARE





6 floors
15.172 sqm for office use
930 sqm warehouse
266 parkings
Option for 3.074 sqm (100% of the building)
Prada Fondation
A
Project taylor-made for Fastweb
Turn-key Headquarters for Fastweb;
Total Investment: € 86m (including land)
Typical floor
Delivery: October 2018
(base on building permit obtained by October 2016)
BENI STABILI
9
KEY EVENTS OF THE PERIOD
SYMBIOSIS: NEW HEADQUARTERS FOR FASTWEB
Iconic transaction
Total rent: €4.8m for 16,000sqm
(+€1.0m for the option of 3,000sqm)
Lease maturity: October 2028 (10.5 years)
Yield on cost: 6.8%
Milan, Symbiosis
This first pre-let development
validating the attractiveness of this
new Office Area
Discussions with other tenants are
ongoing
BENI STABILI
Milan, Symbiosis
10
2. 1Q 2016
Revenues
11
1Q2016 REVENUES
1
Q1 2016 REVENUES1: AT €49.5 MILLION
Rental income1 evolution
€m
1Q2015
1Q2016
∆
(€m)
∆
(%)
∆ L-f-L
(%)
1Q 2016 Rental Income1 of €49.5m due to:
 Disposals effect (€-3.9m)
Office TI
Office non TI
Total Office
Retail
Total Core+Dyn
1
29.4
25.0
-4.4
-15.0%
-6.9%
20.9
19.6
-1.3
-6.0%
1.2%
50.3
44.6
-5.7
-11.3%
-3.9%
4.9
4.9
0.1
1.5%
2.0%
55.2
49.5
-5.6
-10.2%
-3.1%
 TI renegotiation impact (€-1.9m)
 End of lease for development (Cernaia) (€-0.8m)
 Relettings/releases/new contracts (€0.4m)
 Acquisition (€0.6m)
L-f-L
L-f-L
change1
YoY
growth
excluding TI
-3.1%
+1.3%
Figure refers to Core+Dyn
BENI STABILI
12
3. Achievements
13
ACHIEVEMENTS
1Q2016 ACHIEVEMENTS
TARGETS
2020
80% Milan
focus on office
50%
green assets
BS strategy
 Acceleration of the real estate
strategy
1Q2016 mail stone
 Capex plan: starting of works;
 Preletting of 16,000 sqm (+3,000 sqm) on
Symbiosis project in Milan to Fastweb;
TARGETS
2020
 12 new significant contracts;
More diversified
tenant base
(20% TI)
TARGETS
2020
 Increase operating performance
 Increase of occupancy rate at 94.3% (89.0%
without TI) from 92.8% (86.1% without TI) due
to two years action plan on vacant assets.
 Strengthening the team
 Recruitment of a General Manager
LTV
<45%
BENI STABILI
14
CALENDAR

1H 2016 results
July 20st 2016

3Q 2016 turnover
November 3th 2016
Milan, Linkedin – Garibaldi Complex
IR contact
Francesca Perani
t. +39 02 3666 4682
[email protected]
BENI STABILI
15
4. Detailed
figures
16
DETAILED FIGURES
REAL ESTATE PORTFOLIO DETAILS
31/03/2016
Number of
GLA (sqm)
Book value
Market value
Annual rent
assets
(excl. land)
(€m)
(€m)
(€m)
TI offices
Other offices1
Offices
Gross Yield % on
Market Value
Occupancy2
(%)
150
50
200
1.075.652
499.192
1.574.844
1.556,6
1.688,3
3.244,9
1.556,6
1.690,5
3.247,1
98,7
76,8
175,6
6,3%
4,5%
5,4%
100,0%
88.3%
94.5%
Retail
18
98.224
345,0
345,0
20,0
5,8%
94.7%
Other assets
18
4.567
9,0
9,2
0,0
0,1%
1.0%
Core + Dyn
236
1.677.635
3.598,8
3.601,3
195,5
5,4%
94.3%
DEV
5,0
209.557
297,8
297,8
TOTAL
241
1.887.192
3.896,7
3.899,1
Portfolio details2
3
1. Milan (44.3%)
Market value: € 1,729m
Occupancy rate: 91.7%
1
2
1
2
2.
Rome (5.7%)
Market value: € 224m
Occupancy rate: 98%
3.
Turin (4.3%)
Market value: € 168m
Occupancy rate: 100%
Considering the four buildings of Garibaldi complex as one asset
Percentages are based on market value at 31/03/2016. Occupancy rate refers to financial occupancy on core+dyn portfolio
BENI STABILI
17
DETAILED FIGURES
FOCUS ON PORTFOLIO (EXC. DEVELOPMENT)
Rental activity
Breakdown of annualised topped-up rents by tenant Main lease maturities
(Core + dynamic portfolio)
(Core +dyn portfolio)
TELECOM ITALIA
60%
2030
48%
50%
INTESA GROUP
40%
2022
MAIRE TECNIMONT
2019
25%
30%
GOVERNMENT
20%
8%
10%
6%
4%
4%
3%
2%
Government
Auchan
Luxottica
Coin
0%
Telecom Italia
Intesa San
Paolo Bank
Tecnimont
Others
2022
AUCHAN
2023
LUXOTTICA
2021
€0m
€10m
€20m
€30m
€40m
€50m
€60m
46,5
46,5
Lease maturity profile topped-up (€m): 9.7 years (Core +dyn portfolio – post TI renegotiation)
12,4
12,4
21,9
21,9
mar‐16
‐
0,0
‐
1,1
‐
0,0
‐
0,0
‐
0,0
‐
1,3
9,4
9,4
‐
0,0
0,2
0,3
3,7
4,1
11,0
11,2
23,6
20,2
7,1
8,3
7,8
7,6
7,4
7,3
5,9
2,9
20
24,5
24,3
40
dic‐15
26,1
26,9
60
0
BENI STABILI
18
DISCLAIMER
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express or implied, is made as to the accuracy, completeness or correctness of the information or opinions contained herein.
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objectives and expectations with respect to future operations, products and services, and statements regarding plans, performance.
In any case, investors and holders of the Company are cautioned that forward-looking information and statements are subject to various risk and
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developments to differ materially from those expressed in, or implied or projected by, the forward-looking statements. No representation, warranty
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BENI STABILI
19
IR contacts
Francesca Perani
Tel.: +39 (0)2 36664682
[email protected]
Milan
Via Carlo Ottavio Cornaggia 10
20123 Milano
Tel.: +39 (0)2 36664100
Rome
Via Piemonte 38
00187 Roma
Tel.: +39 (0)6362221