Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — H1 2020 Earnings Presentation
21 slides from Vbare Iberian Properties Socimi's earnings presentation, Jul 24, 2020
Slide 1: 2020 Half Year Results Presentation
2020 HALF YEAR RESULTS PRESENTATION July 24, 12020
Slide 2: Highlights
HIGHLIGHTS 48 LEASES SIGNED IN H1 2020 WITH A RELETTING SPREAD OF +24.92% 17.2% GRI INCREASE vs H1 2019 5 SCATTERED UNIT SOLD WITH A GROSS PROFIT ABOVE GAV OF 7.1% ACTIVE ASSET MANAGEMENT TO FACE COVID-19 CRISIS € 1.67 M NET CONSOLIDATED LOSS (DUE TO SLIGHT DECREASE IN GAV AND CAPEX INVESTED) STRONG
Slide 3: 1. Half Year Performance
1. HALF YEAR PERFORMANCE 3
Slide 4: Main KPIs Performance
MAIN KPIs PERFORMANCE 340 22,078 18,524 89.27% 1.67 TOTAL NUMBER TOTAL GLA TOTAL RESIDENTIAL H1 2020 AVERAGE TENANTS OF UNITS ¹ (SQM) GLA (SQM) ² GROSS PER UNIT OCCUPANCY ³ OPERATIONAL & COMMERCIAL 48 24.92% 35.9 31.67% TOTAL LEASES H1 2020 AVERAGE LEASE AVERAGE VBARE SIGNED IN RELETTING TERM (MONTH
Slide 5: Main KPIs Performance
MAIN KPIs PERFORMANCE € 2.2 M € 12.55 € 658 € 3.7 M CURRENT ANNUAL MONTHLY PASSING MONTHLY PASSING ANNUAL PASSING RENT RENT PER RENT PER REVERSIONARY RENT RESIDENTIAL SQM ¹ RESIDENTIAL UNIT ¹ € 51.5 M € 2,333 € 72 M € 3,255 FINANCIAL TOTAL INVESTED CAPITAL ² TOTAL INVESTED CAPITAL ² Q2 2020 GAV Q2 2
Slide 6: H1 2020 Operational Performance
H1 2020 OPERATIONAL PERFORMANCE GLA (SQM) ¹ UNITS ¹ Q2 2020 21.724 Q2 2020 340 2019 22.070 2019 345 2018 16.200 2018 272 MADRID CITY CENTER INSIDE M30 ² BUILDING OWNERSHIP > 50% ² Q2 2020 64.42% Q2 2020 83.08% 2019 63.91% 2019 82.21% 2018 57.89% 2018 72.98% ¹ Only Residential and Retail units taken
Slide 7: Portfolio Description and Location
PORTFOLIO DESCRIPTION AND LOCATION TYPE OF OWNERSHIP ¹ PORTFOLIO LOCATION ¹ INSIDE M30 LOCATION ¹ 13% 4% 3% 16% 2% Entire Building Inside M30 31% Guindalera 14% 29% Outside M30 Tetuán Scattered Asset Metropolitan Area Chamberí 4% Units in the same of Madrid Malasaña building (>50%) 64% 69% Other Cit
Slide 8: H1 2020 Performance (vs H1 2019)
H1 2020 PERFORMANCE 48 (vs 54 H1 2019) LEASES SIGNED IN H1 2020 15 33 AVERAGE GROSS OCCUPANCY ¹ RENEWALS NEW CONTRACTS H1 2020 89.27% 2019 91.59% + 24.92% (vs +22.48 H1 2019) 2018 90.01% H1 2020 RELETTING SPREAD +21.47% +26.94% RENEWALS NEW CONTRACTS SLIGHT DECREASE OF OCCUPATION BUT STRONG RELETTIN
Slide 9: H1 2020 Leasing Performance vs H1 2019
H1 2020 LEASING PERFORMANCE VS H1 2019 MONTHLY LEASING PERFORMANCE 2020 vs 2019 2019 2020 40% State of Alarm 25 30% 22.66% 15.13% 20% Reletting Spread 20 Leases Signed 13.42% 10% 9.25% 15 14 0% 13 12 11 -10% 10 8 8 8 7 6 6 6 -20% 5 3 -30% 0 -40% January February March April May June SIGNIFICANT NUMB
Slide 10: H1 2020 Default and Hedge Activity
H1 2020 DEFAULT AND HEDGE ACTIVITY STABILIZED ASSETS LEASE PAYMENT % LEASES COVERED BY DEFAULT INSURANCE ² DEFAULT ¹ 58.49% +42% 3.50% 3.62% 41.11% 2.73% 18.67% 2018 2019 H1 2020 2018 2019 H1 2020 ACTIVE MANAGEMENT IN H1 TO INCREASE % OF DEFAULT PAYMENT INSURANCE TO COVER DEFAULT RISK ¹ Calculated a
Slide 11: H1 2020 Lease Rents Analysis
H1 2020 LEASE RENTS ANALYSIS ANNUALIZED GRI EVOLUTION (€ k) ¹ ANNUALIZED RENTS POTENTIAL GROWTH (€ k) ² 739 3,684 287 432 182 2,182 42 2,226 (163) (16) Rents Dec. New Leases of New Vacancy of Divestments Increase Rents Jun. Units Rented Vacant Units Under Reversionary 2019 Vacant Dec. 2019 Leases De
Slide 12: Portfolio Performance: Yield Analysis
PORTFOLIO PERFORMANCE: YIELD ANALYSIS YIELD ON TOTAL INVESTED CAPITAL ¹ OVER YIELD ON GROSS ASSET VALUE ³ OVER STABILIZED ASSETS ² STABILIZED ASSETS ² GROSS YIELD NET YIELD GROSS YIELD NET YIELD 8.9% 7.5% 7.5% 7.5% 7.0% 7.8% 5.4% 6.6% 4.5% 4.6% 4.6% 6.4% 6.5% 4.3% 4.8% 5.8% 4.0% 4.0% 3.8% 3.6% 2017
Slide 13: Divestment Information
DIVESTMENT INFORMATION 5 SCATTERED UNITS SOLD IN H1 WITH THE FOLLOWING EXCELLENT RESULTS: €541K 7.1% TOTAL SELLING PRICE TOTAL PROFIT ABOVE GAV ¹ 15.31% 1.79x UNLEVERED IRR UNLEVERED MM +1 SALE PENDING TO BE EXECUTED IN Q3 2020 13 ¹ GAV Q1 2020 based on Savills Aguirre Newman Valoraciones y Tasacion
Slide 14: Financing Information
FINANCING INFORMATION € 3.5 M LOAN WITHDRAWN AND TWO NEW LOAN TO VALUE ¹ LOANS SIGNED FOR € 785 K TO REINFORCE CASH POSITION DURING Q2 2020 Q2 2020 33.50% 1.74% 15.7 YEARS PORTFOLIO AVERAGE PORTFOLIO AVERAGE 2019 32.50% INTEREST RATE LOANS MATURITY 2018 33.50% OUTSTANDING DEBT MORTGAGE LOANS BY INST
Slide 15: June 30 Consolidated Balance Sheet
JUNE 30 CONSOLIDATED BALANCE SHEET ¹ ASSETS (€ k) EQUITY AND LIABILITIES (€ k) June 30, December 31, June 30, December 31, 2020 2019 2020 2019 Non-Current Assets 72,072 73,113 Net Equity 53,396 55,626 Property, plant and equipment 34 4 Share capital 18,049 18,049 Investment properties 71,856 72,945
Slide 16: H1 2020 P&L Account
H1 2020 P&L ACCOUNT ¹ P&L (€ k) June 30, 2020 June 30, 2019 Gross Rental income 1,057 902 Other operating income 10 12 Property operating expenses (300) (277) Personal expenses (253) (251) Management fee (459) (359) Success Fee - (402) General and administrative expenses (302) (334) Gain / Loss from
Slide 17: H1 2020 GAV and NAV Evolution
H1 2020 GAV ¹ AND NAV EVOLUTION GAV EVOLUTION (€ k) 1.50% GAV DECREASE vs Q4 2019 637 € 0.64 M CAPEX INVESTED 72,945 39% TOTAL PORTFOLIO REVALUATION SINCE INCEPTION (1,214) 71,856 (512) GAV CAPEX Assets 2020 GAV Q4 2020 Revaluation Sales Q2 2019 2020 € 14.92 NAV PER SHARE (6.2% ABOVE MARKET PRICE) N
Slide 18: Portfolio Gallery
PORTFOLIO GALLERY 18
Slide 19: 2. Pipeline Information
2. PIPELINE INFORMATION 19
Slide 20: Pipeline Overview
PIPELINE OVERVIEW CURRENT PIPELINE MAINLY LOCATED >€ 436 M ACTIVE PIPELINE INSIDE MADRID M-30 SELECTED PIPELINE Rented Rented OF €186 Selected Outside M-30 buildings buildings ROBUST Investments 43% 16% w/light capex 39% w/medium capex 14% POST-COVID PIPELINE DISCOUNTS IN SPECIFIC ASSETS, ESPECIALLY
Slide 21: VBARE
VBARE 21
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