Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — FY2022 Earnings Presentation
23 slides from Vbare Iberian Properties Socimi's earnings presentation, Mar 23, 2023
Slide 1: 2022 Results Presentation
2022 RESULTS PRESENTATION March 23, 2023 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. 2022 Operating Performance 2. 2022 Financial Performance 3. Annex: Portfolio Overview
Slide 4: 2022 Highlights
2022 HIGHLIGHTS HIGH COMMERCIAL ACTIVITY WITH 79 LEASES SIGNED IN 2022 WITH A STRONG RELETTING SPREAD RECORD NET OCCUPANCY OF 98.44% AT YEAR END 2022 SHOWING STRONG DEMAND LIKE-FOR-LIKE GRI INCREASE +21.3% Vs. 2021 8.69% LIKE-FOR-LIKE PORTFOLIO REVALUATION Vs. DEC. 2021 (2.78% NET OF CAPEX INVESTED)
Slide 5: 1. 2022 Operating Performance
1. 2022 OPERATING PERFORMANCE 5
Slide 6: Leasing Performance
1. 2022 Operating Performance LEASING PERFORMANCE Quarterly Leases Signed Quarterly Net Occupancy ¹ 32 +0.5% 28 97.92% 95.86% 96.43% 97.86% 98.44% 18 16 13 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Dec. 31, 21 Mar. 31, 22 Jun. 30, 22 Sept. 30, 22 Dec. 31, 22 Decrease in leases signed due to higher occ
Slide 7: Operative Performance
1. 2022 Operating Performance OPERATIVE PERFORMANCE Like-for-Like Annualized GRI Evolution (€ k) Annualized Rents Potential Growth (€ k) 2 +43% 2,879 Temporally 858 Rent free +13% 1,898 1,909 1,918 2,004 period3 Dec. 31, 21 Mar. 31, 22 Jun. 30, 22 Sept. 30, 22 Dec. 31, 22 Current New Long-Term Total
Slide 8: Operative Performance: Yields
1. 2022 Operating Performance OPERATIVE PERFORMANCE Yield1 on Invested Capital 2 over Stabilized Assets 3 Yield1 on GAV 4 over Stabilized Assets3 Gross Yield Net Yield Gross Yield Net Yield +13% +3% 8.7% 9.0% +2% = 8.0% 8.1% 8.4% 8.1% 4.8% 4.7% 4.7% 4.9% 4.9% 7.1% 7.2% 7.4% 7.7% 4.2% 4.3% 4.4% 4.1%
Slide 9: 2022 Sales Update
1. 2022 Operating Performance 2022 SALES UPDATE 2022 Investment 1 Vs. Selling Price (€) 2022 Quarterly Number of Units Sold 3,440,000 14 +40% 2,453,721 4 4 0 Accumulated Investment Prior to Sale Selling Price Q1 2022 Q2 2022 Q3 2022 Q4 2022 22 units sold in 2022 with the following excellent results:
Slide 10: 2. 2022 Financial Performance
2. 2022 FINANCIAL PERFORMANCE 10
Slide 11: 2022 IFRS Consolidated Profit & Loss Account
2. 2022 Financial Performance 2022 IFRS CONSOLIDATED PROFIT & LOSS ACCOUNT 2022 Consoldated Profit & Loss Account (€ k) December 31, 2022 December 31, 2021 Variation Gross Rental income (Like-for-Like Assets) 1,815 1,496 21.3% Gross Rental income (Units sold) 105 296 -64.5% Gross Rental Income 1,920
Slide 12: December 31, 2022 Consolidated Balance Sheet
2. 2022 Financial Performance DECEMBER 31, 2022 CONSOLIDATED BALANCE SHEET Assets (€ k) Liabilities (€ k) December 31, 2022 December 31, 2021 Variation December 31, 2022 December 31, 2021 Variation Non- Current Assets 66,296 64,374 3.0% Net Equity 44,405 46,368 -4.2% Property, plant and equipment 29
Slide 13: 2022 GAV and NAV Evolution
2. 2022 Financial Performance 2022 GAV¹ AND NAV EVOLUTION 2022 GAV Evolution (€ k) 2022 NAV Evolution (€ k) 64,144 (3,363) 60,780 3,588 1,691 66,060 46,368 648 151 (79) (2,683) 44,405 (-5.24%) +5.59% +2.78% (+1.40%) (+0.33%) (-0.17%) (-5.79%) GAV 31/12/2021 Sales GAV 31/12/2021 CAPEX Fair Value GAV
Slide 14: VBARE NAV per Share vs. Share Price
2. 2022 Financial Performance VBARE NAV PER SHARE vs. SHARE PRICE (21.0%) (22.0%) (31.4%) (45.3%) (47.6%) (44.2%) (42.6%) (42.3%) (41.9%) 13.92 13.59 12.97 13.07 12.98 12.99 12.62 12.48 12.48 11.00 10.60 8.90 7.15 7.25 7.25 7.20 7.25 6.80 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 20
Slide 15: Financing Information
2. 2022 Financial Performance SEPTEMBER 30, 2022 FINANCING INFORMATION Outstanding Debt by Institution Loan to Value¹ 37% 10% 35% 1% 37% 52% 2021 2022 Sabadell Banca Pueyo Bankinter Laboral Kutxa 1.78% 17YEARS Portfolio average Portfolio average Mortgage Loans Interest Rate interest rate loans matur
Slide 16: 3. Annex: Portfolio Overview
3. ANNEX: PORTFOLIO OVERVIEW 16
Slide 17: Main KPIs Performance: Operational & Commercial
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: OPERATIONAL & COMMERCIAL 232 17,647 13,796 98.44% 1.5 Total Number Total GLA Total Residential 2022 Tenants of Units ¹ (SQM) GLA (SQM) ² Net Occupancy ³ Per Unit 13 12.51% Total Leases Signed in 82,6% 19.3 30.83% Q4 2022 Reletting Q4 2022 VBARE’s Aver
Slide 18: Main KPIs Performance: Financial & Corporate
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: FINANCIAL & CORPORATE €2.0mn €14.33 €768 €3.3mn Annual Monthly Passing Monthly Passing Annual Current Rent¹ Rent per Rent per Reversionary Rent Residential SQM2 Residential Unit2 €48.4mn €3,069 Total €66.1mn €4,379 Total Invested Capital 3 Q4 2022 202
Slide 19: Current Portfolio Description and Location
Annex: Portfolio Overview CURRENT PORTFOLIO DESCRIPTION AND LOCATION GLA (SQM) Units ¹ 2022 17,647 2022 232 2021 19,103 2021 254 2020 21,372 2020 331 Madrid City Center Inside M30 ² Building Ownership > 50% ² 2022 69.08% 2022 89.37% 2021 64.90% 2021 87.46% 2020 65.54% 2020 84.93% 1. Only Residential
Slide 20: Current Portfolio Description and Location
Annex: Portfolio Overview CURRENT PORTFOLIO DESCRIPTION AND LOCATION Type of Ownership ¹ Portfolio Location ¹ Inside M30 Location ¹ 10% 0% 3%0% 3% Entire Building 10% Inside M30 Chamberí 19% 14% Units in the same Tetuán building (>50%) 18% Outside M30 Units in the same Malasaña building (<50%) 60% B
Slide 21: Portfolio Gallery
Annex: Portfolio Overview PORFOLIO GALLERY 21
Slide 22: Portfolio Gallery
Annex: Portfolio Overview PORFOLIO GALLERY 22
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