Noval Property Real Estate Investment Company · ATHEX:NOVAL
Noval Property Real Estate Investment — Noval Property Reic — Investor Presentation (September 2022)
30 slides from Noval Property Real Estate Investment's investor presentation, September 2022
Slide 1: NOVAL PROPERTY REIC Management Presentation
NOVAL PROPERTY REIC Management Presentation September 2022
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 corporate presentation (the P
Slide 3: Table of Contents
Table of Contents 01 NOVAL PROPERTY Overview 02 Key Investment Highlights Greek Macro Environment and Real 03 Estate Market 04 Appendix 2
Slide 4: Company at a glance
Company at a glance Business Overview Key portfolio KPIs (1) The 2nd largest Greek REIC with diversified and resilient portfolio comprising 61 properties €465 mn(2) 341,300 sqm 1.8% GAV GLA FFO Yield Footprint across Greece, selectively positioned in Bulgaria 95% 6.8 / 9.2 6.8% years Occupancy Annua
Slide 5: Key Milestones
Key Milestones 15.10.2019 Establishment of NOVAL PROPERTY IKEA Mare West K29 Apartment Completion of REIC Megastore, Retail Park, Hotel, Athens RIVER WEST Athens Corinth expansion 2011 2016 2018 2020 2022 2008 2015 2017 2019 2021 License to operate The Orbit The Butterfly • €120 mn River West WYNDHA
Slide 6: Company Strategy
Company Strategy 01 02 03 Develop captive pipeline Acquire and develop new Actively asset manage existing properties portfolio NOVAL PROPERTY owns a number of former industrial properties, most NOVAL PROPERTY has scanned the Lease any remaining vacancies of of which are located within the urba
Slide 7: Table of Contents
Table of Contents 01 NOVAL PROPERTY Overview 02 Key Investment Highlights Greek Macro Environment and Real 03 Estate Market 04 Appendix 6
Slide 8: Key Investment Highlights
Key Investment Highlights 2nd largest REIC in Greece, holding a diversified and resilient portfolio of modern, high-quality and 1 sustainable assets with long term inflation-adjusted leases and strong tenant mix Positioned to exploit increased demand for high-quality and bioclimatic assets having a
Slide 9: Well Diversified Portfolio
1 Well Diversified Portfolio NOVAL PROPERTY’s footprint (1) 61 Properties Rest of Greece 31,1% Bulgaria 1,6% 1 Sofia Thessaloniki 6,6% GAV €465 mn 2 Kilkis Greece Attica 4 Thessaloniki 98.4% 60,7% 1 Ioannina Portfolio breakdown by Annualized Rental Income (2) 1 Corfu 5 Phthiotis 1 Skyros Industrial
Slide 10: Selected Properties
1 Selected Properties Green Buildings River West IKEA Mare West The Orbit The Butterfly Wyndham Athens Athens Corinth Athens Athens Grand Athens 5* (Hotel) BREEAM In-Use LEED Platinum LEED Gold Commercial V6 WiredScore GOLD WiredScore Silver Fair Value €67 mn €53 mn €18 mn €80 mn €11 mn €35 mn GLA 1
Slide 11: "Green" Portfolio Investments
1 “Green” Portfolio Investments Sustainable development Particular emphasis is placed on environmentally friendly and sustainable development (LEED-certified buildings, design respecting the adjoining landscape and the local communities needs). Compliance with all applicable local and internatio
Slide 12: Strong Tenant Mix
1 Strong Tenant Mix Top 3 Tenants (1) Tenant Mix VIOHALCO's HOUSEMARKET S.A. Subsidiaries Tenants Annualized Rental Income Lease Expiration 21,0% 12,3% ZEUS 7,5% €5.3 mn 2033 Total Annualized Rental Income €25.2 mn(1) €3.1 mn Various Other 59,1% €1.9 mn 2030 €10.6 mn (1) As of 30.06.2022 11
Slide 13: Investment Pipeline and Targeted GAV evolution
2 Investment Pipeline and Targeted GAV evolution NOVAL PROPERTY has designed and is implementing a strategic investment growth plan, with promising prospects aimed at enhancing and enriching the balanced mix of its real estate portfolio. Current investment pipeline amounts to €352 mn • Type: 100
Slide 14: Projects in Progress (1/2)
2 Projects in Progress (1/2) 43 Amarousiou 248-252 Pireos str. – 10-12 Chimarras str., 40-42 Ardittou str., 16 Chimarras str., Chalandriou str., Reconstruction of Marousi – Mets – Marousi – Marousi – former industrial Development of a Reconstruction of Construction of new Construction of new buildin
Slide 15: Projects in Progress (2/2)
2 Projects in Progress (2/2) Marousi – Kifissia – Spetses – Spetses – Heraklion – Mandra – Reconstruction of Construction of Reconstruction of Construction of Construction of Construction of new office residential residential new residential logistics center logistics center building (1) complex bui
Slide 16: LT Contracts With Favourable Lease Terms Supporting Stable Cash Flows
2 LT Contracts With Favourable Lease Terms Supporting Stable Cash Flows % of rental income expiring (as a % of the Annualized Rent)(1) 47% 16% 12% 8% 5% 5% 4% 4% 2022 2023 2024 2025 2026 2027 2028 >2028 Favourable lease terms minimizing cash flow leakage 6.8 / 5.3 years WAULT(2) excluding / incl
Slide 17: Healthy Financials Along With NAV Growth to Reward Shareholders
3 Healthy Financials Along With NAV Growth to Reward Shareholders Key Financials Total Debt & LTV 350,0 55,1% 70,0% YoY growth +15% +34% +33% 49,3% 300,0 50,0% 15,9 23,9% 245,1 238,5 13,9 250,0 17,9% 30,0% 200,0 10,0% € mn 9,7 7,2 150,0 116,0 119,0 -10,0% 106,4101,8 5,0 100,0 € mn 72,7 69,6 -30,0% 3
Slide 18: Internally Managed by a Highly Experienced Team
4 Internally Managed by a Highly Experienced Team Evgenia Mourousia Panagiotis Kapetanakos Aikaterini Apergi Investment Director & Asset Management CEO CFO Director 28 years of experience 26 years of experience 23 years of experience Previously, Previously, Previously, • Co-CEO and CFO of the redeve
Slide 19: Corporate Governance Structure
4 Corporate Governance Structure 1 Board of Directors 1 • It is composed of 9 members, appointed by the General Assembly: Board of Directors 2 4 executives and 5 non-executives (3 Investment independent members) Committee Elected on 01.06.2022 (until 31.05.2023) 3 33% of the board is comprised
Slide 20: Viohalco, a strong & committed shareholder
5 Viohalco, a strong & committed shareholder NOVAL PROPERTY’s Shareholder NOVAL PROPERTY’s main shareholder is Viohalco a leading metal processing group Other Viohalco, based in Belgium, is the holding company of various metal processing companies in Europe 19,0% Viohalco Viohalco companies sp
Slide 21: Table of Contents
Table of Contents 01 NOVAL PROPERTY Overview 02 Key Investment Highlights Greek Macro Environment and Real 03 Estate Market 04 Appendix 20
Slide 22: Positive Greek Macro Fundamentals
Positive Greek Macro Fundamentals GDP & Inflation (%) GGB Yield (10Y) 16,0% 8,3% 14,0% 4,5% 1,1% 1,8% 1,9% 1,9% 12,0% 3,5% 2,6% 2,0% 1,7% 1,8% 1,6% 1,4% 1,2% 10,0% 1,1% 0,6% 0,0% 1,3% 8,0% 0,8% 1,6% -0,2% -0,5% 0,5% 6,0% -1,1% -1,3% 4,0% 2,0% 0,0% -9,0% 2015 2016 2017 2018 2019 2020 2021 2022E 2023E
Slide 23: Real Estate Market in Greece
Real Estate Market in Greece Retail Prime Yields (%) Athens Office Prime Rental Values (€/sqm) 7,20% 7,20% 7,20% 7,00% 7,00% 7,00% 30,0 6,90% 6,90% 6,90% 6,70% 25,0 6,60% 20,0 6,20% 6,25% 6,25% 6,25% 6,10% 6,10% 6,00% 15,0 10,0 5,55% 5,55% 5,55% 5,0 0,0 2016 2017 2018 2019 2020 2021 Q1 2022 2015 201
Slide 24: Table of Contents
Table of Contents 01 NOVAL PROPERTY Overview 02 Key Investment Highlights Greek Macro Environment and Real 03 Estate Market 04 Appendix 23
Slide 25: Financials | Statement of Financial Position – IFRS
Financials | Statement of Financial Position – IFRS Amounts in € ’000s 31.12.2019 31.12.2020 31.12.2021 Assets Non-current assets Investment property 312,331 377,028 416,293 Property and equipment 433 539 663 Rights of use 1,411 2,596 2,825 Intangible assets 204 269 247 Participations - - 8,252 Othe
Slide 26: Financials | Income Statement – IFRS
Financials | Income Statement – IFRS Amounts in € ’000s 15.10 – 31.12.2019 01.01 – 31.12.2020 01.01 - 31.12.2021 Continuing Operations Revenue 3,647 13,876 15,937 Net gain/(loss) from fair value adjustment of investment property (290) (4,323) 27,475 Impairement of right of use assets - - (61) Direct
Slide 27: Financials | Cash Flow Statement – IFRS (1/2)
Financials | Cash Flow Statement – IFRS (1/2) Amounts in € ’000s 15.10 – 31.12.2019 01.01 – 31.12.2020 01.01 - 31.12.2021 Operating Activities Profit/(Loss) after tax 740 (1,542) 35,204 Tax 61 324 429 Depreciation 32 126 199 (Profit)/Loss from derivatives valuation 172 853 (644) (Profit)/Loss from f
Slide 28: Financials | Cash Flow Statement – IFRS (2/2)
Financials | Cash Flow Statement – IFRS (2/2) Amounts in € ’000s 15.10 – 31.12.2019 01.01 – 31.12.2020 01.01 - 31.12.2021 Investing Activities Acquisition of PP&E (120) (126) (201) Acquisition of intangible assets - (4) (11) Acquisition of investment property (4,003) (22,474) (12,838) Proceeds from
Slide 29: NAV break-down
NAV break-down Amounts in € ’000s 31.12.2019 31.12.2020 31.12.2021 Shareholders’ Equity 253,688 281,920 314,904 Number of Shares 225,359 247,322 247,322 NAV per share in € 1.13 1.14 1.27 28
Slide 30: Glossary
Glossary Financials Earnings Before Interest, Tax, Depreciation and Amortization adjusted for (gain)/loss from fair value adjustment of investment property, gain/loss from impairment on financial assets, (gain)/loss from sale of investment property, non-recurring (income)/expense and (gain)/ loss fr
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