Noval Property Real Estate Investment Company · ATHEX:NOVAL
Noval Property Real Estate Investment — Noval Property Reic — Investor Presentation (March 2024)
46 slides from Noval Property Real Estate Investment's investor presentation, March 2024
Slide 1: NOVAL PROPERTY REIC Corporate Presentation
NOVAL PROPERTY REIC Corporate Presentation March 2024 0
Slide 2: Disclaimer
Disclaimer Important Notice THIS DOCUMENT MAY ONLY BE USED IN CONJUNCTION WITH AND SUBJECT TO THE TERMS OF THIS NOTICE By viewing or receiving this Presentation (as defined below), you agree to be bound by the following limitations/terms of use of the Presentation: This corporate presentation (the P
Slide 3: Table of contents
Table of contents 1 NOVAL PROPERTY Overview 2
Slide 4: Company at a Glance
Company at a Glance Business Overview A dynamically growing and well-diversified Real Key Portfolio Metrics(3) Key Financials(3) Estate Investment Company1 that aims to offer investors capital growth potential and attractive dividend yield €571 mn €427mn Ideally positioned to capitalize on Greece's
Slide 5: Key Milestones
Key Milestones €21mn Share Capital Increase through in-kind 15.10.2019 contribution of assets and Mare West Retail Park, Establishment of legal entities that hold real IKEA Megastore, Completion of Corinth NOVAL PROPERTY REIC estate assets Athens Mandra Logistics K29 Apartment Hotel, Centre, Attica
Slide 6: Portfolio Growth Strategy
Portfolio Growth Strategy Execute on Noval Property owns a number of former industrial properties, most of which are located within the urban our exceptional 1 perimeter of Athens and other major cities in Greece captive pipeline of development projects • Our platform of captive assets gives Noval P
Slide 7: Table of contents
Table of contents NOVAL PROPERTY Overview 2 Greek Macro Environment and Real Estate Market 6
Slide 8: Positive Greek Macro Fundamentals
Positive Greek Macro Fundamentals GDP & Inflation (%) GGB Yield (10Y) 8,4% Greek economy upgrades 9,3% 10,00% 8,00% 12,00% 5,9% 4,1% S&P BBB- 2,8% 2,2% 2,0% 6,00% 1,9% 1,9% 7,00% (Oct 23) 4,00% 2,5% 2,0% 1,4% 1,4% 2,00% 0,0% 1,1% 1,7% 1,8% -1,3% 1,2% 1,1% 2,00% Moody's Ba1 Fitch 0,00% -3,00% (Sep 23
Slide 9: Real Estate Market in Greece
Real Estate Market in Greece Noval Property vs Prime Office Yields(2) Prime Office - Rents and Vacancy Rates (selected markets) 28,0 6,0% 5,8% € 30,0 14,0% 16,0% 15,0% 14,0% 25,0 4,6% 4,8% 4,5% 4,2% 24,0 12,0% € 20,0 17,0 18,5 12,0% 3,0% 2,8% 10,0% 2,6% 1,6% 2,2% 8,0% € 10,0 0,8% 4,0% € 0,0 0,0% Nov
Slide 10: Table of contents
Table of contents NOVAL PROPERTY Overview 3 Key Investment Highlights 9
Slide 11: Key Investment Highlights
Key Investment Highlights High yield returns from one of the biggest and most well-balanced portfolios 1 held by a Greek REIC Robust portfolio growth, largely visible through the execution of developments 2 from the captive project pipeline to meet the growing tenant demand for modern, high quality
Slide 12: Well-Balanced Portfolio
Well-Balanced Portfolio Average Gross Rental Yield per Asset Class (1) (3) GAV per Asset Class (2) (3) High yield returns from our income-producing asset classes Disciplined allocation across asset classes to maintain portfolio balance Shopping Offices 6,0% Centers Other Retail 18,4% 0,4% Retail 8,3
Slide 13: Lease Terms that Support Stable Cash Flows
Lease Terms that Support Stable Cash Flows Annualized Gross Rental Income Expirations (as a % of total) (1) 57,7% 9,0% 8,5% 6,2% 8,9% 4,7% 5,0% 2024 2025 2026 2027 2028 2029 >2029 WAULT per Asset Class (yrs) (2) % Occupancy Rate per Asset Class (2) 10,6 100,0% 100,0% 99,7% 8,4 5,1 5,1 96,2% 95,8% 2,
Slide 14: Strong and Diversified Tenant Mix
Strong and Diversified Tenant Mix Top 3 Tenants (1) Annualized Rental % over total annualized Lease Tenants Income (2) gross rental income Expiration IKEA €5.3mn 16.9% 2033 VIOHALCO €3.8mn 12.1% Various WYNDHAM GRAND €2.7mn 8.6% 2034 €11.8mn 37.6% Tenant Mix Viohalco's Subsidiaries HOUSEMARKET S.A.
Slide 15: Selected Income-producing Properties
Selected Income-producing Properties Sustainable Buildings River West* IKEA Mare West The Orbit The Butterfly Wyndham Athens Athens Corinth Athens Athens Grand Athens 5* (Hotel) Environmental BREEAM In-Use LEED Platinum LEED Gold certification Commercial V6 WiredScore GOLD WiredScore Silver GAV(1) €
Slide 16: Delivering Sustainable Properties
Delivering Sustainable Properties Sustainable development strategy • Transforming old stock into modern, sustainable, flexible and energy efficient properties that are high in demand and scarcely available in the Greek real estate market • Particular emphasis is placed on environmentally friendly an
Slide 17: Key Investment Highlights
Key Investment Highlights High yield returns from one of the biggest and most well-balanced portfolios 1 held by a Greek REIC Robust portfolio growth, largely visible through the execution of developments 2 from the captive project pipeline to meet the growing tenant demand for modern, high quality
Slide 18: Portfolio growth - Investment pipeline
Portfolio growth - Investment pipeline ❑ NOVAL PROPERTY has designed and has been implementing a strategic investment growth plan that aims to further enhance and enrich the current portfolio of assets ❑ Current investment pipeline, of c. €340mn, is scheduled to be executed within the next 7-year pe
Slide 19: Projects in Progress
Projects in Progress 199 Kifisias Ave. 248-252 Pireos str. – 10-12 Chimarras 40-42 Ardittou str., 16 Chimarras str., Marousi – Reconstruction of str., Marousi – Mets – Marousi – Reconstruction of Mandra – former industrial Development of a Reconstruction of Construction of new existing office Constr
Slide 20: Investment Pipeline-Projects in Progress (1/6)
Investment Pipeline-Projects in Progress (1/6) Description Development of an office campus (through the JV “The Grid S.A.”) GBA GLA 10-12, Chimarras str., c. 61.520 sqm 28.441 sqm + 577 parking spaces Marousi, Athens Expected Certification LEED Platinum / Energy Performance Certificate (Highest leve
Slide 21: Investment Pipeline-Projects in Progress (2/6)
Investment Pipeline-Projects in Progress (2/6) Description Development of an additional office building on existing property (Build-to-Suit) GBA GLA 16, Chimarras str., 20.769 sqm 6.025 sqm + 348 parking spaces Marousi, Athens Expected Certification LEED Gold / Energy Performance Certificate (Highes
Slide 22: Investment Pipeline-Projects in Progress (3/6)
Investment Pipeline-Projects in Progress (3/6) Description Repurpose and renovation of a mixed-use building (residential & office) GBA GLA Ardittou str., Mets, 4.258 sqm 2.632 sqm + 11 parking spaces Athens Expected Certification LEED Gold / Energy Performance Certificate (Highest level) Status Unde
Slide 23: Investment Pipeline-Projects in Progress (4/6)
Investment Pipeline-Projects in Progress (4/6) Description Construction of sustainable logistics buildings GBA GLA Mandra, Attica 9.814 sqm 9.441 sqm Expected Certification LEED Gold / Energy Performance Certificate (Highest level) Status Completed and Delivered to tenant in Q1 2024 22
Slide 24: Investment Pipeline-Projects in Progress (5/6)
Investment Pipeline-Projects in Progress (5/6) Description Renovation / refurbishment of an existing office building GBA GLA 199, Kifissias Ave. 6.678 sqm 4.186 sqm + 30 parking spaces Marousi, Athens Expected Certification LEED Gold / Operationally Decarbonized/ Energy Performance Certificate (High
Slide 25: Investment Pipeline-Projects in Progress (6/6)
Investment Pipeline-Projects in Progress (6/6) Description Urban regeneration and repurposing of former industrial buildings into offices, hotel, residences, museum, sports facilities etc. GBA GLA 252, Pireos str., 106.000 sqm 56.045 sqm Tavros, Athens Expected Certification LEED/LEED Neighborhood D
Slide 26: Key Investment Highlights
Key Investment Highlights High yield returns from one of the biggest and most well-balanced portfolios 1 held by a Greek REIC Robust portfolio growth, largely visible through the execution of developments 2 from the captive project pipeline to meet the growing tenant demand for modern, high quality
Slide 27: Healthy Financial Position to Promote Shareholder NAV Growth
Healthy Financial Position to Promote Shareholder NAV Growth Net Asset Value (NAV) & NAV per share* € mn 450,0 427,4 400,0 365,9 350,0 314,9 300,0 281,9 3,98 253,7 3,40 250,0 2,81 € / share 3,18 2,85 200,0 150,0 100,0 50,0 0,0 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 NAV NAV/SHARE *Num
Slide 28: Sound Capital Structure
Sound Capital Structure Key Figures(1) Debt Split by Rate Type (2) (in €mn unless otherwise stated) Variable Rate Cash and Cash equivalents 74,6 Loans (non- hedged) Investment Property 557,3 36% Fixed Rate Right-of-Use asset 2,8 Loans 56% Participation JV 22,5 Total Lease Liabilities (3) 13,7 Gross
Slide 29: Key Investment Highlights
Key Investment Highlights High yield returns from one of the biggest and most well-balanced portfolios 1 held by a Greek REIC Robust portfolio growth, largely visible through the execution of developments 2 from the captive project pipeline to meet the growing tenant demand for modern, high quality
Slide 30: Viohalco, a Strong and Committed Shareholder
Viohalco, a Strong and Committed Shareholder NOVAL PROPERTY’s Shareholder Viohalco (indirect) • NOVAL PROPERTY’s main shareholder is VIOHALCO. 8,3% • VIOHALCO, based in Belgium, is the holding company of various metal processing companies in Europe. Other • VIOHALCO companies specialize in the manuf
Slide 31: Key Investment Highlights
Key Investment Highlights High yield returns from one of the biggest and most well-balanced portfolios 1 held by a Greek REIC Robust portfolio growth, largely visible through the execution of developments 2 from the captive project pipeline to meet the growing tenant demand for modern, high quality
Slide 32: Full in-house competencies
Full in-house competencies NOVAL PROPERTY is a fully-integrated real estate organization with substantial deal sourcing and execution capabilities: • In-house capability to identify, explore and execute deals across all asset types and strategies • Our team consists of professionals across all disci
Slide 33: Corporate Governance Structure
Corporate Governance Structure 1 Board of Directors • It is composed of 9 members, appointed by the General Assembly on 08.06.2023 and the BoD 1 Board of Directors Formation into body took place on 08.06.2023 and later again on 05.03.2024: Investment ✓ 3 executives and 6 non-executives (3 2 Committe
Slide 34: Table of contents - Appendix
Table of contents NOVAL PROPERTY Overview 4 Appendix 33
Slide 35: Financials | Statement of Financial Position – IFRS
Financials | Statement of Financial Position – IFRS Amounts in € ’000s 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 Assets Non-current assets Investment property 312.331 377.028 416.293 483.963 557.312 Property and equipment 433 539 663 746 835 Rights of use 1.411 2.596 2.825 2.586 2.751 I
Slide 36: Financials | Income Statement – IFRS
Financials | Income Statement – IFRS Amounts in € ’000s 01.01 - 31.12.2019 01.01 - 31.12.2020 01.01 - 31.12.2021 01.01 - 31.12.2022 01.01 - 31.12.2023 Continuing Operations Revenue 3.647 13.876 15.937 24.880 29.339 Net gain / (loss) from fair value adjustment of (290) (4.323) 27.475 18.208 47.640 in
Slide 37: Financials | Cash Flow Statement – IFRS (1/2)
Financials | Cash Flow Statement – IFRS (1/2) Amounts in € ’000s 01.01 – 31.12.2019 01.01 – 31.12.2020 01.01 - 31.12.2021 01.01 - 31.12.2022 01.01 - 31.12.2023 Operating Activities Profit/(Loss) after tax 740 (1.542) 35.204 24.479 64.607 Tax 61 324 429 830 2.853 Depreciation 32 126 199 204 238 (Prof
Slide 38: Financials | Cash Flow Statement – IFRS (2/2)
Financials | Cash Flow Statement – IFRS (2/2) Amounts in € ’000s 01.01 – 31.12.2019 01.01 – 31.12.2020 01.01 - 31.12.2021 01.01 - 31.12.2022 01.01 - 31.12.2023 Investing Activities Acquisition of PP&E (120) (126) (201) (153) (164) Acquisition of intangible assets 0 (4) (11) 0 0 Acquisition of invest
Slide 39: NAV break-down
NAV break-down Amounts in € ’000s 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 Shareholders’ Equity 253.688 281.920 314.904 365.854 427.390 Number of Shares* Adj. for RS 90.143 98.929 98.929 107.467 107.467 1/2.5 NAV per share* in € 2,81 2,85 3,18 3,40 3,98 *Number of shares has been adjus
Slide 40: Captive & Development Pipeline
Captive & Development Pipeline (in '000 €) Type of asset Description Estimated Project Budget(1) Estimated Project Completion Date Logistics Mandra 782 2024 Mixed-use building at 40-42, Ardittou Str. and 2-6, Markou Mixed use 6.629 2024 Mousourou Str. and 1, Kosmas Balanou Str., in Mets Office Build
Slide 41: Analysis per Type of Asset
Analysis per Type of Asset Annualized Fair Value as rental Number of Gross at % of G.L.A. income as % of Occupancy (in '000 €)* Properties % of total yield *Any deviations in the totals are due to rounding. (1) 31.12.2023 total (sq.m.) (3) at total rate (%) (6) (2) (%) (5) 31.12.2023 Source: Process
Slide 42: Geographical Sector Analysis & Gross Asset Value
Geographical Sector Analysis & Gross Asset Value Annualized Number of Fair Value at Occupancy (in '000 €) % of total G.L.A. (sq.m.) (2) % of total Rental Income % of total Properties 31.12.2023(1) (3) rate (4) *Any deviations in the totals are due to rounding. Source: Processing of audited informati
Slide 43: Leverage Ratios
Leverage Ratios Leverage Ratios (1) * Any deviations in the totals are due to rounding. (amounts in '000 €)* 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 Long-term Debt Liabilities (a) 31.100 62.469 172.184 200.168 203.467 1. All amounts as reported in the Annual Audited Financial Short-te
Slide 44: EBITDA / a-EBITDA & Operating Profit
EBITDA / a-EBITDA & Operating Profit EBITDA and a-EBITDA (amounts in '000 €)* 1.1-31.12.2019 1.1-31.12.2020 1.1-31.12.2021 1.1-31.12.2022 1.1-31.12.2023 Profit / (Loss) after tax 740 (1.542) 35.204 24.479 64.607 Plus: Depreciation 32 126 199 204 238 Plus: Net financial result 797 3.945 3.429 5.305 6
Slide 45: Glossary
Glossary Financials Earnings Before Interest, Tax, Depreciation and Amortization adjusted for (gain)/loss from fair value adjustment of investment property, 1 Adj. EBITDA gain/loss from impairment on financial assets, (gain)/loss from sale of investment property, non-recurring (income)/expense and (
Slide 46: Follow us…
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