Premia Real Estate Investment Company Societe Anomyme · ATHEX:PREMIA
Premia Real Estate Investment Company Societe Anomyme — Premia Properties — Hellenic Fund & Asset Management Association presentation May 2023
44 slides from Premia Real Estate Investment Company Societe Anomyme's conference presentation, May 2023
Slide 1: Hellenic Fund & Asset Management Association presentation, May 2023
Hellenic Fund & Asset Management Association presentation| May 2023
Slide 2: Presentation team
Presentation team Kostas Markazos Nikolaos Baziotis Constantin Pechlivanidis Pantelis Voutirakis CEO CFO/CIO Chief Property Investment FP&A Manager Officer 2
Slide 3: Agenda
AGENDA 1 Premia Properties at a glance 2 2022 full year performance 3 ESG 4 Prospects for 2023
Slide 4: Agenda
AGENDA 1 Premia Properties at a glance 2 2022 full year performance 3 ESG 4 Prospects for 2023
Slide 5: PREMIA at a glance
PREMIA at a glance ▪ Founded in 1991 and listed on Athens Stock Exchange since 2008 ▪ Property investment and management company ▪ REIC status obtained in April 2022 ▪ Primarily active in logistics, big-boxes, serviced-residential and social real estate 50 369K sqm €270 m €325 m Gross bulding area P
Slide 6: Fast-growing and dynamic company
Fast-growing and dynamic company 320 48 273 228 29 Cash 199 Investments 111 106 31 31 in € December 2019 December 2020 December 2021 December 2022 mn 5 assets under management 17 assets under management 27 assets under management 50 assets under management 2 SCIs (in-cash and in-kind) totaling € € 7
Slide 7: Listed company with strong shareholders, trading in line with European REITs
Listed company with strong shareholders, trading in line with European REITs Shareholding structure Share price vs indices Share data 200% 600,000 Share capital € 43,563,581.00 180% Fastighets AB 500,000 Shares outstanding 87,127,162 Balder 160% Sterner Stenhus 17.2% 140% Greece AB 400,000 Type of s
Slide 8: €100m public bond issued in January 2022 secured significant funds at attractive terms
€ 100m public bond issued in January 2022 secured significant funds at attractive terms Bond price evolution vs Greek corporate bonds Key bond terms * Investor relations activities 100 1400 Bonds outstanding 100,000 Premia is proactively approaching existing and Type Unsecured, bullet at maturity pu
Slide 9: Clear strategy & vision
Clear strategy & vision Growth strategy Asset management Financing Acquiring well, targeting properties with solid Creating value through a well-curated and actively Effective capital raising through equity/debt capital fundamentals and attractive yields managed portfolio markets and bank financing
Slide 10: 2022: from vision to action
2022: from vision to action Asset Investments Finance Management • 23 new properties added in FY 2022 • Fair value gains FY 2022: €16.9 million. • €100 million listed bond issued in January 2022. • Enhanced presence in serviced apartments, social • 7.5 years WALT plus a partnership right for the • 2
Slide 11: Important transactions completed in 2022
Important transactions completed in 2022 Social real estate (school) Residential (Student Residences) Industrial (Wineries & vineyards) Marousi-Athens Athens, Thessaloniki, Patras Naousa, Peloponnese, Santorini, Crete Transaction completed May 2022 Transactions completed by July Transaction complete
Slide 12: New projects in progress
New projects in progress Piraeus 180 (Tavros, Athens) Skyline Xanthi (Northern Greece) Logistics (Aspropyrgos, Attica) Re-development of a former shopping Largest real estate project in Greece with High quality student residencies High quality warehouse facility center to green office complex portfo
Slide 13: Unlocking value from existing properties
Unlocking value from existing properties Oraiokastro (Thessaloniki) Paiania (Attica) Dyo Pefka (Aspropyrgos) Partial development of one of PREMIA’s assets Construction and development of a retail Logistics property expansion and lease agreement with LEROY MERLIN store leased to PEPCO Development of
Slide 14: High-quality asset portfolio with strong KPIs
High-quality asset portfolio with strong KPIs #9 Logistics 2 Kilkis #3 4 2 1 Big-box retail Thessaloniki Naousa Katerini 7.3% #4 Gross rental yield* Serviced apartments 1 7.5 years #11 1 Chalkida Patra WALT* Schools 27 (weighted average lease term) 2 (10 under PPP agreement) 2 Tripoli Athens Nemea 1
Slide 15: Yielding properties with 100% occupancy, long term contracts & diversified tenant mix
Yielding properties with 100% occupancy, long term contracts & diversified tenant mix Income producing properties by sector GAV Revenue # of properties 8% 7% 11% 9% 9 11% 14 11% 5% 64% 6% 67% 3 1 4 Rental Income expiring (as % of annualized rent2) Creditworthy tenants (as % of annualized rent2) Tota
Slide 16: Agenda
AGENDA 1 Premia Properties at a glance 2 2022 full year performance 3 ESG 4 Prospects for 2023
Slide 17: Robust financials (FY 2022 snapshot)
Robust financials (FY 2022 snapshot) Top-line growth & increased profitability Strong asset base & healthy capital structure Capital discipline & conservative debt profile Total revenue Investments & cash Gross debt / Net debt €15.1 m € 320.4m € 176.6 m / € 128.9 m +58% yoy (+€5.6 m) December 2022 (
Slide 18: Active management of the capital structure maintaining a conservative debt profile
Active management of the capital structure maintaining a conservative debt profile Balance sheet management Leverage (as of 31.12.2022) Debt profile (as of 31.12.2022) Lease obligations, 47.30% 3% ▪ €100m public bond issued in January 2022 41.60% ▪ €50m credit line issued in November 2022 Bank debt,
Slide 19: Strong & consistently improving financial performance
Strong & consistently improving financial performance Revenue Adjusted EBITDA* € mn € mn +58% +100% yoy 15.1 yoy 7.5 +459% yoy 9.5 +697% yoy 3.7 1.7 0.5 FY 2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022 FFO* NAV € mn € mn +94% yoy 4.0 141.1 +87% vs 133.3 prev. 125.9 semester +188% +78% vs yoy 2.1 prev
Slide 20: Revenue capacity from the existing investment portfolio
Revenue capacity from the existing investment portfolio PREMIA’s FY 2022 income does not reflect the full annual revenue potential of its existing investment portfolio PREMIA’s revenue capacity from the existing investment portfolio (as of 31.12.2022) is based on: 22.3 6.1 PPP ▪ Rental income from t
Slide 21: Agenda
AGENDA 1 Premia Properties at a glance 2 2022 full year performance 3 ESG 4 Prospects for 2023
Slide 22: Commitment to best-in-class corporate governance practices
Commitment to best-in-class corporate governance practices BoD Management Organizational chart ▪ 5 Non-Executive Members (including 3 ▪ Executive BoD members and C-level executives GeneralBoD Assembly Independent Non-Executive Members with extensive professional experience compliant with Law 4706/20
Slide 23: Embedding ESG initiatives in everything we do
Embedding ESG initiatives in everything we do PREMIA aspires to be among the Sustainability leaders in Greece. Being a listed REIC, we are committed to the sustainability journey, as an employer, a business partner, a member of the community, creating long-term added value for our shareholders while
Slide 24: Agenda
AGENDA 1 Premia Properties at a glance 2 2022 full year performance 3 ESG 4 Prospects for 2023
Slide 25: Greek economy on the recovery path despite challenges
Greek economy on the recovery path despite challenges Real GDP growth (%) Unemployment rate 8.4% Greece EU average 21.7% 5.5% 5.7% 19.6% 3.6% 17.6% 17.0% 3.0% 2.2% 2.2% 1.7% 1.8% 2.0% 1.9% 1.9% 1.6% 14.8% 1.1% 1.4% 0.7% 12.2% 11.2% 10.4% 10.0% -5.8% -9.0% 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 26: Favorable Greek real estate market fundamentals
Favorable Greek real estate market fundamentals Despite the apparent yield compression in the past 10 years, the spread vs European prime yields, both in logistics and office markets, remains attractive. Transaction volumes continue a recovery trend in 2022, following the pandemic disruption of 2020
Slide 27: 2023: priorities looking ahead
2023: priorities looking ahead Facing challenges created by inflationary pressures and higher interest rates • Increased financing cost for almost half of our total debt (excl. bond) • Managing growth and risk in an evolving property market Timely execution of our 2023-2024 investment plan (c. € 150
Slide 28: Key investment highlights
Key investment highlights 1 Public company with strong key shareholders bringing know-how and experience from the Swedish and European real estate markets Differentiated proposition vs other Greek REICs, with a clear strategy and a proven track record in delivering growth through effective 2 deal so
Slide 29: Appendix
Appendix
Slide 30: Income producing properties in the existing portfolio (1/4)
Income producing properties in the existing portfolio (1/4) Aspropirgos “Kyrillos” Mandra, “Xiropigado/Kapsala” Acquisition date: 2020 Acquisition date: 2021 GBA: 53,781 sqm (5 independent GBA: 15,664 sqm buildings) GAV: €34.7 mn GAV: €7.1 mn Logistics Centre Tenants: Logistics Centre Tenant: Elefsi
Slide 31: Income producing properties in the existing portfolio (2/4)
Income producing properties in the existing portfolio (2/4) Thessaloniki Elefsina, “Stryfi” Acquisition date: 2021 Acquisition date: 2021 GBA: 24,703 sqm GBA: 10,149 sqm GAV: €15.6 mn GAV: €7.5 mn Logistics Centre Tenant: Logistics Centre Tenant: Aspropirgos, “Lakka” Aspropirgos, “Rykia” Acquisition
Slide 32: Income producing properties in the existing portfolio (3/4)
Income producing properties in the existing portfolio (3/4) Aspropirgos “Psari” Katerini Acquisition date: 2020 Acquisition date: 2021 GBA: 4,795 sqm GBA: 1,485 sqm GAV: €5.4 mn GAV: €2.3 mn Logistics Centre Tenant: Big-box Tenant: Kalamata Paiania-Athens Acquisition date: 2021 Acquisition date: 202
Slide 33: Income producing properties in the existing portfolio (4/4)
Income producing properties in the existing portfolio (4/4) Ag. Dionisios - Piraeus Thessaloniki Acquisition date: 2021 Acquisition date: 2022 GBA: 3,598 sqm GBA: 4,666 sqm GAV: €11.2 mn GAV: €4.9 mn Serviced Apartments Tenant: Student residence Tenant: Kipseli, Athens Patra Acquisition date: 2022 A
Slide 34: Income producing properties in the existing portfolio (4/4)
Income producing properties in the existing portfolio (4/4) Marousi, Athens Kryoneri, Attica Acquisition date: 2022 Acquisition date: 2022 GBA: 23,114 sqm GBA: 5,237 GAV: €20.2 mn GAV: €2.4 mn School Tenant: Industrial Tenant: Naousa, Peloponnese, Santorini, Crete Acquisition date: 2022 GBA: 16,730
Slide 35: 10 state-of-the-art schools under management through a PPP agreement
10 state-of-the-art schools under management through a PPP agreement A unique exposure to social real estate through a Public Private Partnership (PPP) agreement with KTYP c.18 yrs 10 Assets 35.9k sqm GBA remaining duration Selected Schools €38.1 m Partnership Right (PPP Financial Asset, as per FS 3
Slide 36: Actively exploring options with respect to non-core assets
Actively exploring options with respect to non-core assets Elaionas - Votanikos Nea Lampsakos-Chalkida Acquisition date: 2007 Acquisition date: 2008 Plot area: 10,799 sqm Total surface: 81,362 sqm GBA: 10,857 sqm Potential use: Industrial Logistics/Office/Commercial Land plot Potential use: Commerci
Slide 37: Active & experienced Board
Active & experienced Board Elias Georgiadis Frank Roseen Vasileios Andrikopoulos Panagiotis Vroustouris Rebecca Pitsika Dimitrios Tsiklos President Vice President - Non-Exec. Independent Non-Exec. Member Independent Non-Exec. Member Independent Non-Exec. Member Non-Exec. Member Member Professional E
Slide 38: Highly skilled team with strong track record
Highly skilled team with strong track record Kostas Markazos Nikolaos Baziotis Konstantinos Pechlivanidis Georgios Bakos Kalliopi Kalogera CEO CFO / CIO Chief Property Investment COO / Asset Management Chief Legal Counsel Officer Director Professional Experience: Professional Experience: Professiona
Slide 39: Consolidated statement of financial position - IFRS
Consolidated statement of financial position - IFRS Consolidated Balance Sheet amounts in € FY 2020 FY 2021 FY 2022 Assets Investment property 65,920 146,776 229,066 Advances related to investment property 0 12,934 2,869 Service Concession (IFRS 12) 34,305 37,641 36,644 Investments in affiliates 0 0
Slide 40: Consolidated income statement - IFRS
Consolidated income statement - IFRS Consolidated Income Statement amounts in € (000s) FY 2020 FY 2021 FY 2022 Total revenue 1,705 9,521 15,079 Direct Property expenses -238 -1,227 -1,984 PPP expenses -138 -2,238 -1,938 Personnel costs and expenses -340 -1,088 -1,905 Operating expenses -552 -1,914 -
Slide 41: P/NAV – European REITs
P/NAV – European REITs Country P/NAV (30.4.2023) Premia Greece 0.69x Diversified REITs Hamborner GER 0.59x Land Securities Group UK 0.59x Icade FR 0.44x Mobimo Holding SWIT 0.83x Wihlborgs Fastigheter SWED 0.49x Covivio FR 0.47x Allreal Holding SWIT 0.88x Intershop Holdings SWIT 1.32x Shaftesbury Pr
Slide 42: Greek REIC framework main characteristics
Greek REIC framework main characteristics Société Anonyme REIC REIC main characteristics ▪ Société anonyme with min share capital of € 25mn Average property portfolio ▪ REIC license from the Hellenic Capital Markets Corporate tax 22% on taxable profit value plus liquid assets taxed Commission at 10%
Slide 43: Important Notice and Disclaimer of Liability
Important Notice and Disclaimer of Liability THIS DOCUMENT MAY ONLY BE USED IN CONJUNCTION WITH AND SUBJECT TO THE TERMS OF THIS NOTICE & DISCLAIMER OF LIABILITY THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITI
Slide 44: PREMIA
PREMIA
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