Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — H1 2019 Earnings Presentation
23 slides from Vbare Iberian Properties Socimi's earnings presentation, Aug 8, 2019
Slide 1: Relevant Fact: Results Presentation Filing
THIS RELEVANT FACT IS A TRANSLATION OF THE SPANISH VERSION. IN CASE OF ANY DISCREPANCIES, THE SPANISH VERSION SHALL PREVAIL. Madrid, 8 August 2019 Pursuant to the terms set forth in Article 17 of EU Regulation No. 596/2014 with regard to abuse of markets and Article 228 of the Consolidated Text of t
Slide 2: Results Presentation for the 6 Months Period Ended on June 30, 2019
RESULTS PRESENTATION FOR THE 6 MONTHS PERIOD ENDED ON JUNE 30, 2019 August 8, 2019
Slide 3: 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 4: Index
INDEX 1. KEY FIGURES 2. VBARE AT A GLANCE 3. H1 2019 PERFORMANCE 4. FINANCIAL INFORMATION 5. H1 2019 SUBSEQUENT EVENTS 3
Slide 5: 1. Key Figures
1. KEY FIGURES 4
Slide 6: Key Figures
KEY FIGURES June 30, 2019 June 30, 2018 Var % KEY RESULTS FIGURES Gross Rental income (GRI) €k 902 648 39% • €1.7M PROFIT IN H1 2019 (+40%) Net Rental income €k 618 410 51% Net Rental Income Margin % 68.5% 63.3% 8% Profit for the period €k 1,676 1,195 40% • +39% GROSS RENTAL INCOME INCREASE Basic an
Slide 7: 2. VBARE at a Glance
2. VBARE AT GLANCE 6
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW NUMBER OF UNITS: 301 GLA: 17,717 SQM AVERAGE OCCUPANCY RATE IN 2019: 91.87% TOTAL INVESTED CAPITAL: €38.7M INVESTED CAPITAL € PER SQM: €2,183 GAV: €58.7M GAV € PER SQM: €3,311 CURRENT PASSING RENT: €1,746M ANNUAL REVERSIONARY RENT: €2,958M GROSS YIELD ON INVESTED CAPITAL OVER STAB
Slide 9: Portfolio Overview
PORTFOLIO OVERVIEW TYPE OF OWNERSHIP PORTFOLIO LOCATION 69% 17% Entire Building Scattered asset 8% Units in the same building 6% (>50%) 22% Units in the same building 69% (<50%) 6% 3% Inside M30 Outside M30 Metropolitan Area of Other Cities Madrid UNITS BY SURFACE NUMBER OF BEDROOMS 10% 1% 13% 12% 1
Slide 10: Key Metrics
KEY METRICS €609 €120,774 56 SQM AVERAGE LEASE RENT PER UNIT AVERAGE ACQUISITION COST PER UNIT AVERAGE SQM PER UNIT €11.0 AVERAGE LEASE RENT PER SQM 28.5 26% 1.58 MONTHS VBARE TENANTS’ TENANTS AVERAGE EFFORT RATE PER UNIT LEASE TERM Information as of June 30, 2019 Average lease rents without parking
Slide 11: 3. H1 2019 Performance
3. H1 2019 PERFORMANCE 10
Slide 12: Portfolio Evolution (I)
PORTFOLIO EVOLUTION (I) GLA (SQM) UNITS 301 17,717 +9% 272 +11% 16,200 +50% +38% 197 10,795 2017 2018 Q2 2019 2017 2018 Q2 2019 BUILDING OWNERSHIP > 50% (% GAV) MADRID CITY CENTER INSIDE M30 (% GAV) 77% 69% 73% +5% 64% +8% +35% +23% 52% 54% 2017 2018 Q2 2019 2017 2018 Q2 2019 SIGNIFICANT PORTFOLIO G
Slide 13: Portfolio Evolution (II)
PORTFOLIO EVOLUTION (II) AVERAGE GROSS OCCUPANCY (STABILIZED ASSETS) QUARTERLY RELETTING SPREAD AND LEASES SIGNED (AVERAGE RELETTING SPREAD PER CONTRACT: 17.94%) 35% 35 +2% 91.87% 31 29 90.11% 30% 30 25% 25 20 21.37% +9.4% 20% 22 17.83% 20 16.73% 16.10% 15% 15 82.39% 10% 10 5% 5 0% 0 Q3 18 Q4 18 Q1
Slide 14: Portfolio Rental Growth
PORTFOLIO RENTAL GROWTH +69% +6% Dec. Units Vacant Dec. Units Rented Dec. Rents’ Increase Acquisitions Jun. Jun. Units Rented Vacant Units Under Reversionary 2018 2018 & Rented 2018 & Vacated Units Rented Dec. 2018 2019 2019 2019 Below ERV Units Refurbishment GRI STRONG RENTAL GROWTH WITH SIGNIFICAN
Slide 15: Portfolio Yield Growth
PORTFOLIO YIELD GROWTH YIELD ON TOTAL INVESTED CAPITAL OVER STABILIZED ASSETS YIELD ON GROSS ASSET VALUE OVER STABILIZED ASSETS GROSS YIELD NET YIELD GROSS YIELD NET YIELD 8.77% 5.14% 7.54% 7.56% 4.47% 4.43% 7.01% 4.34% 7.71% 4.52% 6.37% 6.50% 3.78% 3.81% 5.82% 3.61% 2017 2018 Q2 2019 Reversionary 2
Slide 16: 4. Financial Information
4. FINANCIAL INFORMATION 15
Slide 17: H1 2019 Performance
H1 2019 PERFORMANCE • +17% GAV INCREASE VS. DECEMBER 2018 • +3% REVALUATION OF 2018 PORTFOLIO • €5.5M INVESTED IN H1 2019 ACQUISITIONS • +28.6% REVALUATION OF ASSETS ACQUIRED IN H1 2019 GAV Acquisitions CAPEX Revaluation Revaluation GAV 2018 2019 2019 2018 Assets Acquisitions Q2 2019 • 3% NAV INCREA
Slide 18: Financial Position
FINANCIAL POSITION • €3.4M LOANS OVER 2019 NEW INVESTMENTS • AVERAGE INTEREST RATE 1.75% • AVERAGE MATURITY 16.8 YEARS MODERATE FINANCIAL LEVERAGE WITH LOW RISK INTEREST RATE FLUCTUATIONS 17
Slide 19: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 ASSETS EQUITY AND LIABILITIES Non- Current Assets 58,795 50,205 Net Equity 38,399 37,145 Property, plant and equipment 3 3 Share capital 11,949 11,949 Share Premium 12,442 12,887 Investment properties 58,665 5
Slide 20: Consolidated Profit and Loss Account
CONSOLIDATED PROFIT AND LOSS ACOUNT June 30, 2019 June 30, 2018 P&L Gross Rental income 902 648 Property operating expenses -284 -238 Gross profit 618 410 Gain from fair value on investment properties 2,584 1,738 Net result from real estate operations 3,202 2,148 General and administrative expenses
Slide 21: 5. H1 Subsequent Events
5. H1 SUBSEQUENT EVENTS 20
Slide 22: H1 Subsequent Events
H1 SUBSEQUENT EVENTS • THE COMPANY HAS SIGNED A DEPOSIT CONTRACT ON A BUILDING LOCATED IN THE CENTRE OF MADRID WITH AN APPROXIMATELY PURCHASE PRICE IN THE EVENT THE ACQUISITION FINALLY BE FORMALIZED OF BETWEEN 6 AND 7 MILLION EUROS • THE PRESENT PURCHASE AND SALE DEAL IS SUBJECTED TO THE CONDITIONS
Slide 23: IVBARE
IVBARE 2
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