Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — FY2023 Earnings Presentation
20 slides from Vbare Iberian Properties Socimi's earnings presentation, Mar 7, 2024
Slide 1: 2023 Results Presentation
2023 RESULTS PRESENTATION March 7, 2024 1
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by VBARE Iberian Properties SOCIMI, S.A. (the “Company”) and its subsidiaries (the “Group”). This Presentation does not constitute or form part of, and should not be construed as, any offer to sell or issue or invitation to purchase or subscribe for, or any
Slide 3: Index
INDEX 1. 2023 Operating Performance 2. 2023 Financial Performance 3. Annex: Portfolio Overview 3
Slide 4: 2023 Highlights
2023 HIGHLIGHTS PORTFOLIO SUCCESSFULLY REFURBISHED AND LEASED COMMERCIAL ACTIVITY WITH 72 LEASES SIGNED IN 2023 AND AN ANNUALIZED RELETTING SPREAD1 OF +8.24% (79 LEASES SIGNED IN 2022 WITH AN ANNUALIZED RELETTING SPREAD OF +4.56%) NET OCCUPANCY ABOVE 95% FOR THE LAST 8 CONSECUTIVE QUARTERS +27% LIKE
Slide 5: 1. 2023 Operating Performance
1. 2023 OPERATING PERFORMANCE 5
Slide 6: Leasing Performance
1. 2023 Operating Performance LEASING PERFORMANCE Quarterly Leases Signed 1 Annualized Quarterly Reletting Spread 2 32 33 2022 2023 4.6% 10.02% 8.2% 9.10% 8.34% 18 18 6.81% 16 6.06% 13 13 4.50% 4.10% 8 2.90% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2
Slide 7: Operating Performance
1. 2023 Operating Performance OPERATING PERFORMANCE Like-for-Like GRI Evolution (€ k) Annualized Rents Potential Growth (€ k) 2 Rents net of temporary rebates ¹ Total Rents +10% 3,385 3,070 3,063 +16% 3,071 2,889 2,905 2,651 3,061 3,070 2,599 1,993 2,018 Current Rents Temporary Rebates Rents Vacant
Slide 8: 2. 2023 Financial Performance
2. 2023 FINANCIAL PERFORMANCE 8
Slide 9: IFRS 2023 Profit & Loss Account
2. 2023 Financial Performance IFRS 2023 PROFIT & LOSS ACCOUNT Profit & Loss Account (€ k) 31 December 2023 31 December 2022 Variation Gross Rental income (Like-for-Like Assets) 2,268 1,785 27.1% Gross Rental income (Units sold) 12 135 -91.1% Gross Rental Income 2,280 1,920 18.8% Other operating inco
Slide 10: December 31, 2023 Consolidated Balance Sheet
2. 2023 Financial Performance DECEMBER 31, 2023 CONSOLIDATED BALANCE SHEET Assets (€ k) Liabilities (€ k) December 31, 2023 December 31, 2022 Variation December 31, 2023 December 31, 2022 Variation Non- Current Assets 69,024 66,295 4.1% Net Equity 46,309 44,405 4.3% Property, plant and equipment 9 2
Slide 11: 2023 GAV and NAV Evolution
2. 2023 Financial Performance 2023 GAV¹ AND NAV² EVOLUTION 2023 GAV Evolution (€ k) 2023 NAV Evolution (€ k) 66,060 (643) 65,417 1,022 2,388 68,827 44,405 1,948 58 (102) 46,309 +1.56% +2.19% (+4.39%) (+0.13%) (-0.23%) GAV Pre-Sales Sales GAV Capex Fair Value GAV NAV Own Shares NAV 31/12/2022 31/12/2
Slide 12: VBARE NAV per Share vs. Share Price
2. 2023 Financial Performance VBARE NAV PER SHARE vs. SHARE PRICE (47.6%) (44.2%) (42.6%) (42.3%) (43.3%) (54.9%) (50.2%) (50.2%) (52.8%) 12,98 12,99 13,04 13,04 12,62 12,48 12,71 12,74 12,66 7,25 7,25 7,20 7,20 6,80 6,50 6,30 6,15 5,75 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
Slide 13: December 31, 2023 Financing Information
2. 2023 Financial Performance DECEMBER 31, 2023 FINANCING INFORMATION Outstanding Debt by Institution Loan to Value¹ 9.7% 36.9% 0.3% 35.1% 37.1% 52.8% 2022 2023 Sabadell Banca Pueyo Bankinter Laboral Kutxa Other 1.78% 17YEARS Portfolio average Portfolio average loans Mortgage Loans Interest Rate2 in
Slide 14: 3. Annex: Portfolio Overview
3. ANNEX: PORTFOLIO OVERVIEW 14
Slide 15: Main KPIs Performance: Operational & Commercial
3. Annex: Portfolio Overview MAIN KPIs PERFORMANCE: OPERATIONAL & COMMERCIAL 228 17,454 13,635 98.7% 1.4 Total Number Total GLA Total Residential Q4 2023 Tenants of Units ¹ (SQM) GLA (SQM) ² Net Occupancy ³ Per Unit 72 8.2% Total Leases Signed in 83.1% 20.65 31.6% Annualized 2023 Q4 2023 VBARE’s Ave
Slide 16: Main KPIs Performance: Financial & Corporate
3. Annex: Portfolio Overview MAIN KPIs PERFORMANCE: FINANCIAL & CORPORATE €3.1 €2.0mn mn €16.54 €1,026 €3.4 €3.3mn mn Annual Monthly Passing Monthly Passing Annual Current Rent¹ Current Rent Rent per Rent per Reversionary Rent Residential SQM1 Residential Unit1 €49 mn €2,810Total €68.8 €68mnmn €4,60
Slide 17: 2023 Operational Performance
3. Annex: Portfolio Overview 2023 OPERATIONAL PERFORMANCE GLA (SQM) Units ¹ 2023 17.454 2023 228 2022 17.647 2022 232 2021 19.103 2021 254 Madrid City Center Inside M30 ² Building Ownership > 50% ² 2023 70.95% 2023 90.42% 2022 69.08% 2022 89.37% 2021 64.90% 2021 87.46% 1. Only Residential and Retail
Slide 18: 2023 Portfolio Description and Location
3. Annex: Portfolio Overview 2023 PORTFOLIO DESCRIPTION AND LOCATION Type of Ownership ¹ Portfolio Location ¹ Inside M30 Location ¹ Inside M30 10% 3% 3% Entire Building 10% Chamberí 20% Outside M30 13% Tetuán Units in the same 16% building (>50%) Bordering Malasaña M30 17% 60% Units in the same Sala
Slide 19: Portfolio Gallery
3. Annex: Portfolio Overview PORTFOLIO GALLERY 19
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