Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — Q1 2020 Earnings Presentation
26 slides from Vbare Iberian Properties Socimi's earnings presentation, May 27, 2020
Slide 1: Results Presentation for the 3-Month Period Ending on March 31, 2020
RESULTS PRESENTATION FOR THE 3-MONTH PERIOD ENDING ON MARCH 31, 2020 May 27,12020
Slide 2: Index
INDEX 1. Q1 2020 PERFORMANCE 2. COMPANY ACTIVITY UPDATE FOLLOWING THE DECLARATION OF THE STATE OF ALARM ON MARCH 14, 2020 2
Slide 3: Q1 2020 Highlights
Q1 2020 HIGHLIGHTS 28 LEASES SIGNED WITH A RELETTING SPREAD OF 18.43% +19.2% GRI INCREASE vs Q1 2019 & +10.8% vs Q4 2019 3 DEPOSIT AGREEMENTS FOR THE SALE OF SCATTERED UNITS SIGNED WITH PROFIT ABOVE GAV OF 6.2% ACTIVE ASSET MANAGEMENT TO FACE COVID-19 CRISIS € 0.8 M NET CONSOLIDATED LOSS (DUE TO SLI
Slide 4: 1. Q1 2020 Performance
1. Q1 2020 PERFORMANCE 4
Slide 5: Main KPIs Performance
MAIN KPIs PERFORMANCE 345 22,427 18,871 89.34% 1.60 TOTAL NUMBER TOTAL GLA TOTAL RESIDENTIAL Q1 2020 AVERAGE TENANTS OF UNITS (SQM) GLA (SQM) GROSS PER UNIT ² OCCUPANCY ¹ OPERATIONAL & COMMERCIAL 28 18.43% 35.8 31.67% TOTAL LEASES ³ Q1 2020 AVERAGE LEASE AVERAGE VBARE SIGNED IN RELETTING TERM (MONTH
Slide 6: Main KPIs Performance
MAIN KPIs PERFORMANCE € 2.2 M € 12.36 € 654 € 3.7 M CURRENT ANNUAL MONTHLY PASSING MONTHLY PASSING ANNUAL PASSING RENT RENT PER RENT PER REVERSIONARY RENT RESIDENTIAL SQM ¹ RESIDENTIAL UNIT ¹ € 51.6 M € 2,300 € 73 M € 3,241 FINANCIAL TOTAL INVESTED TOTAL INVESTED Q1 2020 Q1 2020 & CAPITAL ² CAPITAL
Slide 7: Operational Performance
Q1 2020 OPERATIONAL PERFORMANCE GLA (SQM) UNITS ¹ Q1 2020 22,070 Q1 2020 345 2019 22,070 2019 345 2018 16,200 2018 272 MADRID CITY CENTER INSIDE M30 (% GAV) BUILDING OWNERSHIP > 50% ² Q1 2020 64.07% Q1 2020 82.41% 2019 63.91% 2019 82.21% 2018 57.89% 2018 72.98% ¹ Only Residential and Retail units ta
Slide 8: Portfolio Description and Location
PORTFOLIO DESCRIPTION AND LOCATION TYPE OF OWNERSHIP ¹ PORTFOLIO LOCATION ¹ INSIDE M30 LOCATION ¹ 2%3% 3% 13% 16% Entire Building Inside M30 Salamanca 27% 31% 14% Outside M30 Tetuán Scattered Asset Metropolitan Area Chamberí 4% Units in the same of Madrid building (>50%) Malasaña 69% 64% Other Citie
Slide 9: Leasing Performance
Q1 2020 LEASING PERFORMANCE 28 LEASES SIGNED IN Q1 2020 ¹ 12 16 RENEWALS NEW CONTRACTS AVERAGE GROSS OCCUPANCY ² Q1 2020 89.34% 18.43% 2019 91.59% Q1 2020 RELETTING SPREAD ¹ 2018 90.01% 14.81% 20.92% RENEWALS NEW CONTRACTS SLIGHT DECREASE OF OCCUPATION DUE TO “LOST” MARCH, BUT STRONG RELETTING SPREA
Slide 10: Commercial Performance
Q1 2020 COMMERCIAL PERFORMANCE LEASE PAYMENT DEFAULT ¹ % LEASES COVERED BY DEFAULT INSURANCE ² 55.50% 3.50% +35% 2.97% 2.73% 41.11% 18.67% 2018 2019 Q1 2020 2018 2019 Q1 2020 ACTIVE MANAGEMENT IN Q1 TO INCREASE % OF DEFAULT PAYMENT INSURANCE TO COVER DEFAULT RISK ¹ Calculated over Stabilized Assets
Slide 11: Financial Performance: Rental Analysis
Q1 2020 FINANCIAL PERFORMANCE: RENTAL ANALYSIS ANNUALIZED GRI EVOLUTION (€ k) ¹ ANNUALIZED RENTS POTENTIAL GROWTH (€ k) ² 784 3,700 299 451 128 2,182 17 2,165 -161 Rents Dec. New Leases of New Vacancy of Increase Rents Mar. Units Rented Vacant Units Under Reversionary 2019 Vacant Dec. 2019 Leases De
Slide 12: Financial Performance: Yield Analysis
Q1 2020 FINANCIAL PERFORMANCE: YIELD ANALYSIS YIELD ON TOTAL INVESTED CAPITAL OVER YIELD ON GROSS ASSET VALUE OVER STABILIZED ASSETS ¹ STABILIZED ASSETS ² GROSS YIELD NET YIELD GROSS YIELD NET YIELD 8.9% 7.5% 7.5% 7.4% 7.0% 7.8% 5.4% 6.6% 6.6% 4.5% 4.6% 4.6% 6.4% 4.3% 4.8% 5.8% 4.0% 4.0% 3.8% 3.6% 2
Slide 13: Operational Performance: Divestments
Q1 2020 OPERATIONAL PERFORMANCE: DIVESTMENTS 3 ADDITIONAL DEPOSIT AGREEMENTS SIGNED FOR THE SALE OF SCATTERED UNITS WITH THE FOLLOWING EXCELLENT RESULTS: €321K 6.2% TOTAL SELLING PRICE TOTAL PROFIT ABOVE GAV ¹ 16.29% 1.78x UNLEVERED IRR UNLEVERED MM +4 SALES PENDING TO BE EXECUTED IN Q2 2020 13 ¹ GA
Slide 14: Financial Performance: Financing
Q1 2020 FINANCIAL PERFORMANCE: FINANCING € 3.5 M LOAN WITHDRAWN LOAN TO VALUE ¹ Q1 2020 32.48% 1.75% 16 YEARS 2019 32.50% PORTFOLIO AVERAGE PORTFOLIO AVERAGE INTEREST RATE LOANS MATURITY 2018 33.50% OUTSTANDING DEBT MORTGAGE LOANS BY INSTITUTION INTEREST RATE 8% LOAN PRINCIPAL OUTSTANDING (€ M) ² 2%
Slide 15: Financial Performance: Consolidated Balance Sheet
Q1 2020 FINANCIAL PERFORMANCE: CONSOLIDATED BALANCE SHEET ASSETS (€ k) EQUITY AND LIABILITIES (€ k) March 31, December 31, March 31, December 31, 2020 2019 2020 2019 Non- Current Assets 72,893 73,113 Net Equity 54,265 55,626 Property, plant and equipment 31 4 Share capital 18,049 18,049 Investment p
Slide 16: Financial Performance: P&L Account
Q1 2020 FINANCIAL PERFORMANCE: P&L ACCOUNT P&L (€ k) March 31, 2020 March 31, 2019 +19.2% GRI INCREASE vs Q1 2019 +10.8% vs Q4 2019 Gross Rental income 546 458 Other operating income 6 3 Personal expenses (120) (119) General and administrative expenses (553) (742) Gain / Loss from fair value on inve
Slide 17: Corporate Performance
Q1 2020 CORPORATE PERFORMANCE GAV EVOLUTION (€ M) -0.37% GAV DECREASE vs Q4 2019 332 72,945 0 € 0.32 M CAPEX INVESTED 72,677 -600 41% TOTAL PORTFOLIO REVALUATION SINCE INCEPTION GAV Acquisitions CAPEX Assets Revaluation GAV Q4 2020 2020 Q4 2019 2019 € 15.16 NAV PER SHARE (7.7% ABOVE MARKET PRICE) NA
Slide 18: 2. Company Activity Update Following the State of Alarm
2. COMPANY ACTIVITY UPDATE FOLLOWING THE DECLARATION OF THE STATE OF ALARM ON MARCH 14, 2020 18
Slide 19: Market Evolution Year to Date
MARKET EVOLUTION YEAR TO DATE NEW MADRID LISTINGS OVER TOTAL LISTINGS ¹ RENT OF MADRID LISTINGS (€ / SQM) ¹ 0,000 State of Alarm State of Alarm 5,000 0,000 5,000 THE LISTING OF AIRBNB FLATS INCREASED STOCK ALTHOUGH PRICES REMAIN STABLE 19 ¹ Data provided by BRAINSRE. Rent of Madrid Listings refers t
Slide 20: Vbare's Leasing Activity (I)
VBARE’S LEASING ACTIVITY (I) VBARE’S ADVERTS VISITS IN 2020 ¹ CONTACTS RECEIVED IN 2020 ¹ 2,200 State of Alarm 160 State of Alarm 2,000 140 1,800 1,600 120 1,400 100 1,200 80 1,000 800 60 600 40 400 20 200 0 0 Jan. Feb. Mar. Apr. May Jan. Feb. Mar. Apr. May AFTER INITIAL SLOW DOWN DUE TO SLIGHT DECR
Slide 21: Vbare's Leasing Activity (II)
VBARE’S LEASING ACTIVITY (II) SUCCESSFUL INTRODUCTION OF ONLINE LEASING PROCESS AND VIRTUAL TOURS 14 23 (vs PREVIOUS YEAR) +27.49%(vs +17.14% PREVIOUS YEAR) LEASES SIGNED SINCE RELETTING SPREAD SINCE DECLARATION OF STATE OF ALARM DECLARATION OF STATE OF ALARM 3 11 +41.76% +21.16% RENEWALS NEW CONTRA
Slide 22: Selling Activity
SELLING ACTIVITY 3 SALES 2 SALES 2 DEPOSIT TOTAL OF EXECUTED IN EXECUTED IN AGREEMENTS PENDING 7 SALES 2019 Q2 2020 TO BE EXECUTED APPROVED ¹ €322K €211K €215K €748K TOTAL SELLING PRICE TOTAL SELLING PRICE TOTAL SELLING PRICE TOTAL SELLING PRICE 13% 12% 10% 11% TOTAL PROFIT ABOVE GAV ² TOTAL PROFIT
Slide 23: Financing Activity and Cash Position
FINANCING ACTIVITY AND CASH POSITION STRONG AND REINFORCED CASH POSITION TO NAVIGATE COVID-19 CRISIS AND TAKE ADVANTAGE OF INVESTMENT OPPORTUNITIES €1.1M CREDIT LINES €785K BANK LOANS RENEWED DURING FORMALIZED ON Q2 Q1 & Q2 2020 2020 €7.5 M CASH AVAILABLE WITH CREDIT LINES AVAILABLE AND LOAN NOT WIT
Slide 24: COVID-19 Potential Impact on Rent Collection and Portfolio Fair Value
COVID-19 POTENTIAL IMPACT ON RENT COLLECTION PORTFOLIO FAIR VALUE - RISK OF INCREASE IN THE DELAY OF RENT COLLECTION AND DEFAULT RATE GIVEN THE PARALYSIS OF THE ECONOMIC ACTIVITY ORIGINATED BY THE OUTBURST OF THE COVID-19 - CURRENTLY ANALYSING CASE BY CASE AGREEMENTS WITH THOSE TENANTS WHO ARE IN A
Slide 25: Portfolio Gallery
PORTFOLIO GALLERY 25
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