Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — Q1 2019 Earnings Presentation
22 slides from Vbare Iberian Properties Socimi's earnings presentation, May 14, 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, 14 May 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 the
Slide 2: Results Presentation for the 3 Months Period Ended March 31, 2019
RESULTS PRESENTATION FOR THE 3 MONTHS PERIOD ENDED ON MARCH 31, 2019 May 14th, 2019
Slide 3: Index
INDEX 1. KEY FIGURES 2. VBARE AT A GLANCE 3. Q1 2019 PERFORMANCE 4. FINANCIAL INFORMATION 2
Slide 4: 1. Key Figures
1. KEY FIGURES 3
Slide 5: Key Figures
KEY FIGURES March, 31 2019 March, 31 2018 Var % KEY RESULTS FIGURES • €1.1M PROFIT IN Q1 2019 (+52%) Gross Rental income (GRI) k€ 461 307 50% Net Rental income k€ 323 189 71% • +50% GROSS RENTAL INCOME INCREASE Net Rental Income Margin Profit for the period % k€ 70.1% 1,128 61.6% 742 14% 52% Basic a
Slide 6: 2. VBARE at a Glance
2. VBARE AT A GLANCE 5
Slide 7: Portfolio Overview
PORTFOLIO OVERVIEW NUMBER OF UNITS: 301 GLA: 17,717 SQM AVERAGE OCCUPANCY RATE IN 2019: 91.56% TOTAL INVESTED CAPITAL: €38.4M INVESTED CAPITAL € PER SQM: €2,166 GAV: €57.4M GAV € PER SQM: €3,239 CURRENT PASSING RENT: €1,735M ANNUAL REVERSIONARY RENT €2,947M GROSS YIELD ON INVESTED CAPITAL OVER STABI
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW MAJORITY OF THE PORTFOLIO LOCATED IN ASSETS WITH >50% OWNERSHIP, IN MADRID CITY CENTER AND WITH THE APPROPRIATE SIZE Information as of March 31st, 2019. 7
Slide 9: Key Metrics
KEY METRICS €595 AVERAGE LEASE RENT PER UNIT €120,769 56 SQM €10.6 AVERAGE ACQUISITION AVERAGE SQM AVERAGE RENT PER COST PER UNIT PER UNIT SQM 30.1 27% 1.6 MONTHS VBA TENANTS TENANTS PER UNIT AVERAGE EFFORT RATE LEASE TERM Information as of March 31st, 2019. 8
Slide 10: 3. Q1 2019 Performance
3. Q1 2019 PERFORMANCE 9
Slide 11: Portfolio Evolution (I)
PORTFOLIO EVOLUTION (I) +9% +11% +50% +38% +5% +35% +8% +24% SIGNIFICANT PORTFOLIO GROWTH WITH IMPROVED ASSET QUALITY 10
Slide 12: Portfolio Evolution (II)
PORTFOLIO EVOLUTION (II) 0,1% +10,4% +23,6% -43% -19% EXCELLENT PERFORMANCE DUE TO ACTIVE MANAGEMENT Lease Payment Default ratio calculated over Stabilized Assets Stabilized Assets are those assets that do not require significant capex investments and are mostly leased at market rents 11 Leases cove
Slide 13: Portfolio Rental Growth
PORTFOLIO RENTAL GROWTH +7% ACQUISITIONS BELOW MARKET VACANT UNITS UNDER REVERSIONARY DECEMBER 2018 RENTS INCREASE MARCH 2019 MARCH 2019 2019 RENTED UNITS UNITS REFURBISHMENT GRI STRONG RENTAL GROWTH WITH SIGNIFICANT UPSIDE POTENTIAL Annualized GRI is calculated on December 2018 and March 2019 annua
Slide 14: Portfolio Yield Growth
PORTFOLIO YIELD GROWTH SOLID YIELD GENERATED BY STABILIZED ASSETS WITH EXCELLENT GROWTH PERSPECTIVES Information as of March 31, 2019. Yield calculation based on annualized rents at the end of each period Reversionary Yield is based on estimated ERV as of March 31st, 2019 13 Stabilized Assets are th
Slide 15: 4. Financial Information
4. FINANCIAL INFORMATION 14
Slide 16: Q1 2019 Performance
Q1 2019 PERFORMANCE • +15% GAV INCREASE VS. DECEMBER 2018 • +1% REVALUATION OF 2018 PORTFOLIO • €5.5M INVESTED IN Q1 2019 ACQUISITIONS • +24% REVALUATION OF ASSETS ACQUIRED IN Q1 2019 • 2% NAV INCREASE VS. DECEMBER 2018 GAV ASSETS CAPEX REVALUATION REVALUATION GAV DECEMBER ACQUIRED IN ASSETS ACQUIRE
Slide 17: 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 16
Slide 18: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET March, 31 2019 December, 31 2018 March, 31 2019 December, 31 2018 ASSETS EQUITY AND LIABILITIES Non- Current Assets 57,514 50,205 Net Equity 37,832 37,145 Share capital 11,949 11,949 Property, plant and equipment 3 3 Share Premium 12,442 12,887 Investment properties 57,384
Slide 19: Consolidated Profit and Loss Account
CONSOLIDATED PROFIT AND LOSS ACCOUNT March, 31 2019 March, 31 2018 P&L Gross Rental income 461 307 Property operating expenses -138 -118 Gross profit 323 189 Gain from fair value on investment properties 1,615 1,071 Net result from real estate operations 1,938 1,260 General and administrative expens
Slide 20: Events Occurred in 2019
EVENTS OCCURRED IN 2019 VALLEHERMOSO • ACQUISITION OF 100% OF A WELL-LOCATED ASSET IN 94 MADRID CHAMBERÍ, A NEIGHBORHOOD IN THE CITY CENTER OF MADRID • 27 RESIDENTIAL UNITS AND 2 RETAIL PREMISES (1,516 SQM TOTAL AREA) • €5.3M PURCHASE PRICE PLUS TRANSACTION COSTS • €3.43M MORTGAGE AT FIX INTEREST RA
Slide 21: Disclaimer
DISCLAIMER This presentation has been prepared by VBARE Iberian Properties SOCIMI, S.A. (“VBARE”). This presentation does not constitute and should not be construed as an offer to sell or issue, or the solicitation of an offer to buy or acquire securities. This Presentation is solely for information
Slide 22: IVBARE
IVBARE 2
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