Prodea Real Estate Investment Co. Sa · ATHEX:PRODEA
Prodea Real Estate Investment Co. Sa — Shareholder Meeting (June 2024)
30 slides from Prodea Real Estate Investment Co. Sa's shareholder meeting presentation, Jun 11, 2024
Slide 1: Prodea Investments Company Presentation Q4 2023
PRODEA INVESTMENTS Company Presentation Q4 2023
Slide 2: Topics
TOPICS • Prodea Overview • Greek Market Overview • Projects in Progress/Pipeline • Capital Structure & Financials • ESG • Appendix 2
Slide 3: Portfolio Metrics
PORTFOLIO METRICS High-quality diversified Largest REIC in Greece(1) portfolio €3.0bn 92% GAV(2), (12) Occupancy (12) €3.1bn 10.9(4)/ 8.3(5) AUM (7), (12) WAULT (years) (12) 338 €145.8m Number of properties(2), (12) Annualized gross rent (12) 1.4m / 1,756 6.4% GLA (sqm) (15) / Hotel Rooms Gross rent
Slide 4: Strategic Goals
STRATEGIC GOALS Benefit from the positive momentum in the Greek market; with an aim of ensuring an increased recurring income Lack of new stock Tenant demand for quality, sustainable spaces Strong emphasis on green portfolio of office aiming to become the biggest green office owner in the region
Slide 5: Investment Approach
INVESTMENT APPROACH PRODEA has a strong track record achieved with a well-defined strategy Disciplined acquisition Active asset management Optimal financing Acquisitions driven by fundamentals and a Maintain revenue visibility - high occupancy Target c.40-45% Gross LTV, c.35-40% Net LTV long-t
Slide 6: Strong Tenants
STRONG TENANTS Quasi triple-net lease terms minimizing cash flow leakage 8.3 / 10.9 years WAULT including/excluding break options c.86% of annualized rents not subject to break options c.93% of the annualized rent is subject to uplift linked to inflation rate or otherwise indexed Best in class Greek
Slide 7: Well Diversified Portfolio
WELL DIVERSIFIED PORTFOLIO(15) Bank branches Hospitality 12% 17% Retail / Big boxes 16% AUM(12): €3.1bn Logistics 4% Residential Offices 7% 40% Other 4% Hellenic Market: 283 properties in Greece and 27 properties in Cyprus with value of €2,569m. Italy :24 properties in 16 cities with value of €381m.
Slide 8: Office Portfolio Overview
OFFICE PORTFOLIO OVERVIEW Possesses the largest Green office portfolio in Greece comprising of assets with solid fundamentals 3% 8% Total Office 20% 606k #69 €68.78m 5.9% €1,197m 8.6% 69% Total SQM Total Assets Passing Rent Yield Fair Value Vacancy (as of 31.12.2023) Greece Italy Cyprus Other Green
Slide 9: Retail Portfolio – GAV €867m
RETAIL PORTFOLIO – GAV €867M Consists of bank branches mainly leased long-term to NBG, Hyper Markets, Highstreet Retail and other retail stores Bank Branches €373m Market Value 113k #121 €30.24m 8.1% 0.0% €24.5m €333.9m Total SQM Total Assets Passing Rent Yield Vacancy 82% 92% Of Rents until 2038 Of
Slide 10: Logistics Portfolio Overview
LOGISTICS PORTFOLIO OVERVIEW Grade A logistics portfolio in best locations To Date 149k #8 €7.9m 8.8%(1) €100.7m €129.5m Total SQM Total Assets Passing Rent Yield on Cost Total Cost Market Value At Completion 257k #10 €15.1m 8.3% €181.3m Total SQM Total Assets Total Expected Yield on Cost Total Expe
Slide 11: Residential Portfolio Overview
RESIDENTIAL PORTFOLIO OVERVIEW Portfolio features eco-friendly buildings specifically designed to promote sustainable living and reduce carbon emissions. The Landmark Nicosia located in Cyprus elevates the capital’s most prestigious address, offering an unmatched fusion of residential, office, and e
Slide 12: Hospitality Overview
HOSPITALITY OVERVIEW Prodea strategically invests in the hospitality sector through three formats, balancing income certainty from leases with the growth potential of the expanding industry Mediterranean Hospitality Venture (“MHV”) Prodea owns 80% of MHV, a hotel development and management company w
Slide 13: Hospitality Portfolio Overview
HOSPITALITY PORTFOLIO OVERVIEW Unparalleled luxury and excellence with our best-in-class hospitality portfolio Total 13 1,756 29 €510m €200m+ €55m+ Properties Total Rooms F&B Outlets Fair Value Stabilised Turnover Stabilised EBITDA (as of 31.12.2023) MHV 4 829 20 €332m €160m+ €40m+ Properties Total
Slide 14: Projects in Progress / Pipeline
PROJECTS IN PROGRESS / PIPELINE 14
Slide 15: Pipeline Portfolio Summary
PIPELINE PORTFOLIO SUMMARY Development of a high-end pipeline portfolio with premium properties in prime locations. Commercial Real Estate Hotel Projects Build to Sell Projects 31,725 Residential Letting 68,856 Residential for Sale €352.3m €97.1m €68.8m Total Prodea’s Cost Total Prodea’s Cost Total
Slide 16: Pipeline Portfolio Summary | Rent Evolution
PIPELINE PORTFOLIO SUMMARY | RENT EVOLUTION Potential Annualized Rent Evolution Generated from Secured Projects (Offices, Logistics and Residential) 35,00 30,00 25,00 26,27 20,00 20,30 20,30 19,12 15,00 10,00 12,54 12,54 7,99 5,00 2,22 - €'mn H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H2 2026 H1 2027 H
Slide 17: Capital Structure & Financials
CAPITAL STRUCTURE & FINANCIALS 17
Slide 18: Capital Structure
CAPITAL STRUCTURE Debt Split by Category Debt Split by Rate Type Public Bonds 21% Floating 13% Fixed 21% 87% of debt is interest rate hedged or not exposed to EURIBOR fluctuations Key Figures as at 31 December 2023 (12) (in €m unless otherwise stated) Gross Debt 1,396 Syndicated Bonds 79% Floating -
Slide 19: Debt Initiatives
DEBT INITIATIVES The Management, in the context of the continuous process of monitoring and minimizing the effect of the increased Euribor, has taken the necessary actions during the last months as presented below: Hedging Agreements Prodea Group has in place interest rate caps of a total nominal
Slide 20: Strong Financial Performance
STRONG FINANCIAL PERFORMANCE Financial Performance (in €m) Total shareholders’ return per share 230.1 IRR: c.11%(1) Multiple: c.2.2x 8.64 9.02 8.06 0,29 0,29 0,29 165.5 6.90 7.30 2,84 149.7 6.09 2,58 5.63 2,30 1,34 1,95 121.9(2) 5.10 5.31 116.3 4.93 1,05 0,63 0,83 102.8(2) 4.05 0,43 5,56 5,35 5,47 5
Slide 21: Environmental, Social, Governance
ENVIRONMENTAL, SOCIAL,GOVERNANCE 21
Slide 22: Prodea's Strategic Vision and Goals
PRODEA’S STRATEGIC VISION AND GOALS PRODEA aims to create long term value for shareholders, employees, clients, and other stakeholders, by allocating capital to property investments in a sustainable and responsible way Sustainable Environmental investments responsibility PRODEA's strategic pillars H
Slide 23: Prodea's Sustainability Highlights
PRODEA’S SUSTAINABILITY HIGHLIGHTS (2022 assessment) (2023 assessment) EPRA Sustainability Performance Report, 2023 Inaugural Sustainability Report, 2023 Green Bond Investors Report, 2023 Environment Social Corporate Governance • Our portfolio includes the 1st LEED certified building in Greece, the
Slide 24: Prodea HQ WELL – Platinum Certification
PRODEA HQ WELL – PLATINUM CERTIFICATION PRODEA Investments Headquarters is the 1st WELL Platinum certified building in Greece by the International WELL Building Institute (IWBI) 24
Slide 25: Prodea HQ WELL – Platinum Certification
PRODEA HQ WELL – PLATINUM CERTIFICATION PRODEA Investments demonstrates its commitment to investing in healthy, sustainable and energy-efficient buildings by implementing the WELL standard at its head offices. WELL Certification is the 1st scheme globally to: A building must meet 108 requirements in
Slide 26: Focusing on the “E” Aspect of ESG
FOCUSING ON THE “E” ASPECT OF ESG Development of one of the largest Development of a shared savings privately-owned EV charging business model for the installation of stations network in Greece to be large-scale rooftop solar PV used by our tenants within our systems on our buildings. buildings. Ene
Slide 27: Digital Transformation & Technology
DIGITAL TRANSFORMATION & TECHNOLOGY PRODEA embraces technology and innovation to drive efficiency, enhance decision-making, and maintain a competitive edge in the market. MRI Horizon offers comprehensive property management solutions with advanced analytics and scalable integration capabilities. Goa
Slide 28: Notes
NOTES Source: Financial Statements and Company information for 31 December 2023 & 2022. Note: Unless stated otherwise, all data refers to the period ended 31 December 2023. (1) Based on GAV. (2) GAV includes Investment properties plus Company’s headquarters (€11.3m) and real estate inventories (€31.
Slide 29: Disclaimer
DISCLAIMER By viewing or receiving this presentation, you are agreeing to be bound by the following limitations. This corporate presentation (the CP) has been prepared by Prodea Real Estate Investment Company Societe Anonyme (the Company) and has not been independently verified. Τhe Company does not
Slide 30: Disclaimer (continued)
DISCLAIMER (CONTINUED) Forward Looking Statements Certain statements in this presentation are forward-looking. This presentation also includes certain forward-looking information related to the Company’s pipeline. Such information is given only based on Company’s reasonable expectations or estimates
Prodea Real Estate Investment Company — Shareholder Meeting (June 2024) on 6ix