Prodea Real Estate Investment Co. Sa · ATHEX:PRODEA
Prodea Real Estate Investment Co. Sa — Investor Presentation (March 2023)
25 slides from Prodea Real Estate Investment Co. Sa's investor presentation, Mar 31, 2023
Slide 1: Prodea Investments Company Presentation
PRODEA INVESTMENTS Company Presentation as at 31 March 2023
Slide 2: Agenda
AGENDA • PRODEA Snapshot • Market Overview • Existing Portfolio • Secured & New Projects • Capital Structure & Financials 2
Slide 3: PRODEA Overview
PRODEA OVERVIEW The leading company in Real Estate investments in the Hellenic market PRODEA has a well-balanced and diversified asset exposure, expanding into the best performing sectors of Greek Real Estate, including green office, hotels, logistics and residential. PRODEA Investments' real estate
Slide 4: Investment Approach
INVESTMENT APPROACH PRODEA has a strong track record achieved with a well-defined strategy Disciplined acquisition Active asset management Optimal financing ▪ Acquisitions driven by fundamentals and a ▪ Maintain revenue visibility - high occupancy ▪ Target c.40-45% Gross LTV, c.35-40% Net LTV long-t
Slide 5: Portfolio Metrics
PORTFOLIO METRICS High-quality diversified Largest REIC in Greece(1) portfolio €2.6bn 94.2% GAV(2) Occupancy €2.9bn 12.3 (4) / 8.2 (5) AUM (7) WAULT (years) 382 €172.0m Number of properties(2) Annualized gross rent 1.5m 7.0% GLA (sqm) Gross rental yield(3) Strong financials €113.6m €1.5bn Adj. EBITD
Slide 6: Well Diversified Portfolio
WELL DIVERSIFIED PORTFOLIO Hospitality 10% Bank branches 16% Retail / Big AUM(7): boxes €2.9bn 18% Offices 47% Logistics 4% Other 5% Hellenic Market: 328 properties in Greece and 24 properties in Cyprus with value of €2,341m. Italy(12): 26 properties in 16 cities with value of €417m. Bulgaria & Roma
Slide 7: Investment Footprint
INVESTMENT FOOTPRINT 51% 17% 19% 13% Offices Bank branches Retail Logistics / Hospitality Total / Other(8) No. of properties(9) 72 164 105 41 382 GLA(10) (000 sqm) 681 153 363 296 1,494 GAV 2,616 Appraised value 1,318 (in €m)(10),(2) 444 503 352 93% 98% 96% 94% 95% Occupancy : WAULT incl. break opti
Slide 8: Investment Footprint
INVESTMENT FOOTPRINT Hellenic market: 328 properties in Greece and 24 properties in Cyprus Italy(12): 26 assets in 16 cities AUM Value: €2,341m | GLA: 1,213k sqm | Occupancy: 97.4% | Key cities(13): 81.7% AUM Value: €417m | GLA: 201k sqm | Occ.: 75.2% | Key cities(13): 57.1% 8 Milan Breakdown by Geo
Slide 9: Strong Tenants
STRONG TENANTS Favorable lease terms minimizing cash flow leakage 8.2/ 12.3 years WAULT including/excluding break options c.86% of annualized rents not subject to break options c.93% of the annualized rent is subject to uplift linked to inflation rate or otherwise indexed TTEC 9
Slide 10: Strategic Goals
STRATEGIC GOALS Benefit from the positive momentum in the Greek market; with an aim of ensuring an increased recurring income Lack of new stock Increased tenant demand for quality spaces Increase in rents Compressing yields Strong emphasis on green portfolio of office aiming to become the biggest gr
Slide 11: Mediterranean Hospitality Venture
MEDITERRANEAN HOSPITALITY VENTURE • Focus on large high-end resort hospitality investments with development potential • PRODEA holds a 25% stake in MHV • MHV’s main hospitality markets are Greece and Cyprus, which both benefit from a combination of a strong tourism industry, world-class transport in
Slide 12: Green Certified Buildings (Indicative Projects)
GREEN CERTIFIED BUILDINGS (INDICATIVE PROJECTS (1)) Total GAV of certified and under certification Green buildings (upon completion of developments): €617m c.41 (2) % of Offices will be Green certified (in terms of GAV) ✓ Asset name: The Wave, Syggrou ✓ Asset name: Karela Office Park ✓ Asset name: e
Slide 13: Secured & New Projects
SECURED & NEW PROJECTS 13
Slide 14: Secured & New Projects
SECURED & NEW PROJECTS c.€870m of Projects(1) | More than 540,000sqm | 55% Secured | 70% Green Certified Mixed Use Other (Office & Retail) 3% 17% Conventional In Negotiations Offices 31% 23% 44,7% Segment Energy Progress Green Certified Secured Logistics 69% 54,9% 32% Hotels & Residential New 25% Ap
Slide 15: Rent Evolution
RENT EVOLUTION Potential Annualized Rent Evolution Generated from Secured Projects 30,0 24,4 25,0 21,7 20,0 15,0 11,5 11,5 21,9 19,2 10,0 6,3 9,0 9,0 5,0 1,8 3,8 €'mn 1,8 2,5 2,5 2,5 2,5 2,5 - - H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2026 (b) Management Estimates for Annualised Rents Generated f
Slide 16: Financials
16 PRODEJA Sp) —! < Oo Z < 2 Lo
Slide 17: Capital Structure
CAPITAL STRUCTURE Debt Split by Category Debt Split by Rate Type Fixed 22% Public Bonds 22% Key Figures as of 31 March 2023 Floating 37% (in €m unless otherwise stated) Gross Debt 1,382(1) Syndicated Cash & Restricted Cash 189 Bonds 78% Hedged GAV 2,616 41% Gross LTV (%) 52.8% 4.7(2) years weighted
Slide 18: Strong Financial Performance
STRONG FINANCIAL PERFORMANCE IRR: c.11%(1) Multiple: c.2.2x Financial Performance (in €m) Total shareholders’ return per share IRR: c.11%(1) 155.7 8.72 149.7 Multiple: c.2.2x 8.64 8.06 0,29 0,29 7.30 0,29 113.6 6.90 108.5 6.09 2,58 2,58 102.8(2) 105.4(2) 5.63 2,30 1,34 1,95 5.10 5.31 4.93 1,05 0,63
Slide 19: Consolidated Statement of Financial Position – IFRS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION – IFRS Amounts in € ’000s Dec-2021 Dec-2022 Mar-2023 Assets Non-current assets Investment property 2,279,958 2,491,284 2,539,353 Equity method investments and investments in joint ventures 104,972 157,336 150,923 Property and equipment 10,632 10,171 10,09
Slide 20: Consolidated Income Statement – IFRS
CONSOLIDATED INCOME STATEMENT – IFRS Amounts in € ’000s Dec-2021 Dec-2022 LTM Mar-2023 Continuing Operations Revenue 134,204 186,923 192,127 Net gain / (loss) from fair value adjustment of investment property 96,723 59,669 65,900 Gain from disposal of investment property 197 1,367 1,237 Direct prope
Slide 21: EBITDA and FFO Calculations
EBITDA AND FFO CALCULATIONS EBITDA Amounts in € ’000s Dec-2021 Dec-2022 LTM Mar-2023 Profit for the period from continuing operations 175,081 123,771 122,373 Plus: Depreciation and Amortization 556 549 545 Plus: Net Finance costs 37,776 42,754 49,849 Plus: Taxes 3,222 861 2,303 EBITDA 216,635 167,93
Slide 22: NAV Break-down
NAV BREAK-DOWN Amounts in € ’000s Dec-2021 Dec-2022 Mar-2023 Shareholders’ Equity 1,396,080 1,465,735 1,484,482 Plus: IFRS Adjustment (1) 251 9,500 9,241 NAV 1,396,311 1,475,235 1,493,723 (1) Difference between the NBV and the market value (as determined by the independent statutory valuers) of the
Slide 23: Notes
NOTES Source: Company information for 31 March 2023 & Financial Statements for financial year 2022. Note: Unless stated otherwise, all data refers to the period ended 31 March 2023. (1) Based on GAV. (2) GAV includes Investment properties plus Company’s headquarters (€10.1m) and real estate inventor
Slide 24: Disclaimer
DISCLAIMER By viewing or receiving this presentation, you are agreeing to be bound by the following limitations. This corporate presentation (the CP) has been prepared by Prodea Real Estate Investment Company Societe Anonyme (the Company) and has not been independently verified. Τhe Company does not
Slide 25: Disclaimer (continued)
DISCLAIMER (CONTINUED) Forward Looking Statements Certain statements in this presentation are forward-looking. This presentation also includes certain forward-looking information related to the Company’s pipeline. Such information is given only based on Company’s reasonable expectations or estimates
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