Noval Property Real Estate Investment Company · ATHEX:NOVAL
Noval Property Real Estate Investment — Noval Property Reic — H1 2024 Earnings Presentation
30 slides from Noval Property Real Estate Investment's earnings presentation, Sep 18, 2024
Slide 1: NOVAL PROPERTY REIC H1 '24 Financial Results
NOVAL PROPERTY REIC H1 ’24 Financial Results Sep 2024 0
Slide 2: Disclaimer
Disclaimer Important Notice THIS DOCUMENT MAY ONLY BE USED IN CONJUNCTION WITH AND SUBJECT TO THE TERMS OF THIS NOTICE By viewing or receiving this Presentation (as defined below), you agree to be bound by the following limitations/terms of use of the Presentation: This Financial Results presentatio
Slide 3: Table of contents
Table of contents 1 NOVAL PROPERTY H1 2024 Highlights 2
Slide 4: Highlights
Highlights H1 2024 Key Highlights Key Portfolio Metrics(4) Key Financials(4) ▪ €38 mn increase in Gross Asset Value(1) through successful €609mn €494mn (FY 2023: €427mn) value-enhancement strategy NAV GAV(3) ▪ Delivered to the tenant the modern logistics center in Mandra, Attica, and obtained Leed G
Slide 5: Business Model and Strategy
Table of contents 1 2 Business Model and Strategy 4
Slide 6: Business Model and Strategy
Business Model and Strategy Who we are: A fully-integrated real estate Footprint across Greece, with Ideally positioned to Focus on developing or Backed by a strong & organization managed by a emphasis in Athens, both in capitalize on Greece's real transforming old building committed shareholder hig
Slide 7: H1 2024 Financial Results and Capital Structure
Table of contents 1 3 H1 2024 Financial Results and Capital Structure 6
Slide 8: H1 2024 Financial Results
H1 2024 Financial Results Rental Revenue € mn ➢ Significant growth in rental revenue in H1 2024 vs. H1 2023, 35,0 30,0 29,3 primarily driven from strong performance of the retail asset 24,9 25,0 class (H1 2024 at €15.9 mn vs. €13.8 mn. in H1 2023) 20,0 15,9 15,9 ➢ Increased footfall at River West an
Slide 9: H1 2024 Financial Results: GAV and NAV
H1 2024 Financial Results Gross Asset Value (GAV) ➢ Investment portfolio grew by € 38 mn (+7%) in H1 2024 +38.1 € mn +84.9 driven by the construction progress of our development +73.1 projects and fair value gains of €12.8 mn (excluding the JV 700 +48.7 609,3 600 +66.1 571,2 participation) 486,4 500
Slide 10: Capital Structure
Capital Structure Debt Key Figures(1) NOVAL PROPERTY’s Shareholder Structure (in €mn unless otherwise stated) Cash and Cash equivalents 95.9 Other Investment Property 582.6 15,1% Right-of-Use asset 2.9 Loan and Participation in JV 35.1 Net Asset Value 494.4 Free-Float 15,6% Viohalco Total Lease Liab
Slide 11: Greek Macro and Real Estate Market
Table of contents 1 4 Greek Macro and Real Estate Market 10
Slide 12: Positive Greek Macro Fundamentals
Positive Greek Macro Fundamentals GDP & Inflation (%)(1) GGB Yield (10Y)(2) 15,00% Greek economy upgrades 8,4% 9,3% 20% 9,0% 4,2% 10,00% S&P BBB- 2,7% 2,1% 2,0% 1,9% 1,9% 1,9% 18% (Apr 24) 1,1% 0,8% 0,5% 5,6% 5,00% 0,0% -1,3% 16% 4,0% 1,9% 0,6% 2,0% 2,0% 1,9% 1,7% 1,3% 1,3% 0,00% 14% Moody's 1,7% 1,
Slide 13: Real Estate Market in Greece
Real Estate Market in Greece Prime Office - Rents and Vacancy Rates Noval Property Office Yields vs Prime Office Yields(2) € 40,0 20,0% (selected markets) 14,0% 24,0 29,5 6,0% 5,8% 28,0 4,8% € 30,0 25,0 15,0% 4,6% 4,2% 4,5% 15,0% 12,0% € 20,0 17,0 18,5 14,0% 10,0% 10,0% 11,1% 2,1% 2,1% 2,3% 0,9% 1,5
Slide 14: Portfolio Overview
Table of contents 1 5 Portfolio Overview 13
Slide 15: Well-Balanced Portfolio
Well-Balanced Portfolio Average Gross Rental Yield per Asset Class (1) (3) GAV per Asset Class (2) (3) High yield returns from our income-producing asset classes Disciplined allocation across asset classes to maintain portfolio balance Offices 6,0% Shopping Other Retail Centers 0,3% 18,2% Logistics/
Slide 16: Healthy Lease Terms and Diversified Tenant Mix that Support Stable Cash Flows
Healthy Lease Terms and Diversified Tenant Mix that Support Stable Cash Flows Annualized Gross Rental Income WAULT per Asset Class (yrs) (1,2,3) % Occupancy Rate per Asset Class(2) Expirations (as a % of total)(1) 12,5 100,0% 99,9% 97,9% 95,3% 57,7% 10,1 4,6 5,0 39,6% 10,8% 2,5 6,1% 4,5% 7,2% 8,8% 5
Slide 17: Selected Income-producing Properties
Selected Income-producing Properties Sustainable Buildings River West* IKEA Mare West The Orbit The Butterfly Wyndham Athens Athens Corinth Athens Athens Grand Athens 5* (Hotel) Environmental BREEAM In-Use LEED Platinum LEED Gold certification Commercial V6 WiredScore GOLD WiredScore Silver GAV(1) €
Slide 18: Delivering Sustainable Properties
Delivering Sustainable Properties Sustainable development strategy • Transforming old stock into modern, sustainable, flexible and energy efficient properties that are high in demand and scarcely available in the Greek real estate market • Particular emphasis is placed on environmentally friendly an
Slide 19: Projects in Progress
Projects in Progress 248-252 Pireos str. – 10-12 Chimarras str., 40-42 Ardittou str., 16 Chimarras str., 199 Kifisias Ave. Marousi Reconstruction of Marousi – Development Mets – Reconstruction Marousi – Construction – Reconstruction of former industrial of a new office campus of building of new offi
Slide 20: Investment Pipeline-Projects in Progress (1/2)
Investment Pipeline-Projects in Progress (1/2) Description Development of an office campus (through the JV “The Grid S.A.”) GBA GLA c. 61.520 sqm 28.441 sqm + 577 parking spaces 10-12, Chimarras str., Marousi, Athens Expected Certification LEED Platinum / Energy Performance Certificate (Highest leve
Slide 21: Investment Pipeline-Projects in Progress (2/2)
Investment Pipeline-Projects in Progress (2/2) Description Renovation / refurbishment of an existing office building GBA GLA 6.678 sqm 4.186 sqm + 30 parking spaces 199, Kifissias Ave. Marousi, Athens Expected Certification LEED Gold / Operationally Decarbonized/ Energy Performance Certificate (High
Slide 22: Appendix
Table of contents 1 5 6 Appendix 21
Slide 23: Full in-house competencies
Full in-house competencies NOVAL PROPERTY is a fully-integrated real estate organization with substantial deal sourcing and execution capabilities: • In-house capability to identify, explore and execute deals across all asset types and strategies • Our team consists of professionals across all disci
Slide 24: Financials | Statement of Financial Position – IFRS
Financials | Statement of Financial Position – IFRS Amounts in € ’000s* 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 30.06.2024 Assets Non-current assets Investment property 312.331 377.028 416.293 483.963 557,312 582.615 Property and equipment 433 539 663 746 835 822 Rights of use 1.411 2
Slide 25: Financials | Income Statement – IFRS
Financials | Income Statement – IFRS Amounts in € ’000s* 01.01 - 31.12.2019 01.01 - 31.12.2020 01.01 - 31.12.2021 01.01 - 31.12.2022 01.01 - 31.12.2023 01.01 – 30.06.2024 Continuing Operations Revenue 3.647 13.876 15.937 24.880 29.339 15.893 Net gain / (loss) from fair value (290) (4.323) 27.475 18.
Slide 26: NAV break-down, a-EBITDA & FFO
NAV break-down, a-EBITDA & FFO Amounts in € ’000s 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 30.06.2024 Shareholders’ Equity 253.688 281.920 314.904 365.854 427.390 494.389 Number of Shares* Adj. for RS 1/2,5 90.143 98.929 98.929 107.467 107.467 126.432 NAV per share* in € 2,81 2,85 3,18
Slide 27: Analysis per Type of Asset
Analysis per Type of Asset Fair Value as Annualized Number of G.L.A. WAULT Gross yield Occupancy (in '000 €)* at % of total (3) % of total rental income as % of total WAULT (years) (8) WAULT (years) (8) Properties (1) 30.06.2024(2) (sq.m.) at 30.06.2024 (4) (years) (8) (%) (5) rate (%) (6) based on
Slide 28: Geographical Sector Analysis & Gross Asset Value
Geographical Sector Analysis & Gross Asset Value Annualized Number of Fair Value at G.L.A. (sq.m.) Occupancy *Any deviations in the totals are due to rounding (in '000 €) (1) % of total (2) % of total Rental Income % of total Properties 30.06.2024 (3) rate (4) Source: Company data Notes: 1. Represen
Slide 29: Glossary
Glossary Financials Earnings Before Interest, Tax, Depreciation and Amortization adjusted for (gain)/loss from fair value adjustment of investment property, 1 Adj. EBITDA gain/loss from impairment on financial assets, (gain)/loss from sale of investment property, non-recurring (income)/expense and (
Slide 30: Follow us…
Follow us… www.noval-property.com