Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — 9M 2020 Earnings Presentation
19 slides from Vbare Iberian Properties Socimi's earnings presentation, Nov 13, 2020
Slide 1: Results Presentation for the 9-Months Period Ended on September 30, 2020
RESULTS PRESENTATION FOR THE 9-MONTHS PERIOD ENDED ON SEPTEMBER 30, 2020 November1 3, 2020
Slide 2: Highlights
HIGHLIGHTS PACE OF NEW LEASES SIGNED ¹ SLOWING DOWN (68 IIN 2020 vs 93 IN 2019) BUT STILL STRONG RELETTING SPREAD ¹ (+18.32% IN 2020 vs +16.13% IN 2019) SIGNIFICANT VOLUME OF SALES IN 2020 WITH EXCELLENT RETURNS (13 ² UNITS FOR A TOTAL OF €1.8mn) 17.6% GRI INCREASE vs 2019 SLIGHT DECREASE IN OCCUPAN
Slide 3: 9-Months Period 2020 and Q3 2020 Performance
1. 9-MONTHS PERIOD 2020 AND Q3 2020 PERFORMANCE 3
Slide 4: Main KPIs Performance
MAIN KPIs PERFORMANCE ¹ 338 21,905 18,370 88.54% 1.65 TOTAL NUMBER TOTAL GLA TOTAL RESIDENTIAL 2020 AVERAGE TENANTS OF UNITS ² (SQM) GLA (SQM) ³ GROSS PER UNIT OCCUPANCY ⁴ OPERATIONAL & COMMERCIAL 68 18.32% 34.02 31.50% TOTAL LEASES 2020 AVERAGE LEASE AVERAGE VBARE SIGNED IN 2020 RELETTING SPREAD TE
Slide 5: Main KPIs Performance
MAIN KPIs PERFORMANCE ¹ € 2.1mn € 12.59 € 662 € 3.7mn CURRENT ANNUAL MONTHLY PASSING MONTHLY PASSING ANNUAL PASSING RENT RENT PER RENT PER REVERSIONARY RENT RESIDENTIAL SQM ² RESIDENTIAL UNIT ² € 51.7mn € 2,362 € 71.8mn € 3,278 FINANCIAL TOTAL INVESTED CAPITAL ³ TOTAL INVESTED CAPITAL ³ Q3 2020 GAV
Slide 6: Operational Performance
OPERATIONAL PERFORMANCE ¹ GLA (SQM) ² UNITS ² Q3 2020 21,556 Q3 2020 338 2019 22,070 2019 345 2018 16,200 2018 272 MADRID CITY CENTER INSIDE M30 ³ BUILDING OWNERSHIP > 50% ³ Q3 2020 64.86% Q3 2020 83.63% 2019 63.91% 2019 82.21% 2018 57.89% 2018 72.98% ¹ Information as of September 30, 2020 ² Only Re
Slide 7: Portfolio Description and Location
PORTFOLIO DESCRIPTION AND LOCATION ¹ TYPE OF OWNERSHIP ² PORTFOLIO LOCATION ² INSIDE M30 LOCATION ² 3% 4%3% 3% 13% Inside M30 17% Entire Building Outside M30 Chamberí Units in the same 29% 14% building (>50%) Tetuán 50% Units in the same Metropolitan Malasaña building (<50%) Area of Madrid Guindaler
Slide 8: 9-Months Period Leasing Performance (I)
9-MONTHS PERIOD LEASING PERFORMANCE (I) 68 (vs 93 IN 2019) +18.32% (vs +16.13% IN 2019) LEASES SIGNED ¹ IN 2020 2020 RELETTING SPREAD (20 IN Q3 2020) (+14.90% IN Q3 2020) 19 49 +19.42% +17.75% RENEWALS NEW CONTRACTS RENEWALS NEW CONTRACTS PACE OF NEW LEASES SIGNED SLOWING DOWN BUT STILL STRONG RELET
Slide 9: 9-Months Period Leasing Performance (II)
9-MONTHS PERIOD LEASING PERFORMANCE (II) AVERAGE GROSS OCCUPANCY ¹ 91.59% 90.01% 89.34% 89.27% 88.54% 2018 2019 Q1 2020 Q2 2020 Q3 2020 SLIGHT DECREASE IN OCCUPANCY DUE TO NEW STOCK COMING TO THE MARKET AND ECONOMIC UNCERTAINTY ¹ Average Accumulated Gross Occupancy calculated over Stabilized Assets
Slide 10: 2020 Divestment Information
2020 DIVESTMENT INFORMATION ¹ 13 €1.8mn UNITS SOLD TOTAL SELLING PRICE 4.8% €1.3mn TOTAL PROFIT ABOVE GAV ² TOTAL FREE CASH FLOW 16.03% 1.90x UNLEVERED IRR UNLEVERED MM SIGNIFICANT VOLUME OF SALES WITH EXCELLENT RETURNS ¹ 6 out of the 13 units were sold during Q4 2020 10 ² Gross Profit Above GAV bas
Slide 11: Lease Rents Analysis: Annualized GRI Evolution
LEASE RENTS ANALYSIS ¹ ANNUALIZED GRI EVOLUTION (€k) ² ANNUALIZED RENTS POTENTIAL GROWTH (€k) ³ Rents Dec. New Leases of New Vacancy of Divestments Increase Rents Sept. Units Rented Vacant Units Under Reversionary 2019 Vacant Dec. 2019 Leases Dec. 2019 2020 in Rents ⁴ 2020 Below ERV Units Refurbishm
Slide 12: Portfolio Performance: Yield Analysis
PORTFOLIO PERFORMANCE: YIELD ANALYSIS ¹ YIELD ON TOTAL INVESTED CAPITAL ² OVER YIELD ON GROSS ASSET VALUE ⁴ OVER STABILIZED ASSETS ³ STABILIZED ASSETS ³ GROSS YIELD NET YIELD GROSS YIELD NET YIELD 8.6% 7.5% 7.5% 7.0% 7.1% 7.7% 5.4% 6.4% 6.6% 6.2% 4.3% 4.5% 4.6% 4.4% 5.8% 4.8% 3.8% 4.0% 3.9% 3.6% 201
Slide 13: Default and Hedge Activity
DEFAULT AND HEDGE ACTIVITY STABILIZED ASSETS LEASE PAYMENT % GRI COVERED BY DEFAULT INSURANCES DEFAULT ¹ AND BANK GUARANTEES ² 70.3% +50% 3.72% 46.8% 3.50% 2.73% 21.6% 2018 2019 2020 2018 2019 2020 INCREASE OF DEFAULT PAYMENTS MITIGATED BY IMPORTANT PORTION OF THE PORTFOLIO COVERED ¹ Calculated as o
Slide 14: Financing Information
FINANCING INFORMATION ¹ € 3.5mn LOAN WITHDRAWN AND THREE NEW LOAN TO VALUE ² LOANS SIGNED DURING 2020 FOR € 1.1mn TO Q3 2020 33.60% REINFORCE CASH POSITION 1.75% 15.5 YEARS 2019 32.50% PORTFOLIO AVERAGE PORTFOLIO AVERAGE INTEREST RATE LOANS MATURITY 2018 33.50% OUTSTANDING DEBT MORTGAGE LOANS BY INS
Slide 15: Consolidated Balance Sheet as of September 30, 2020
CONSOLIDATED BALANCE SHEET ¹ AS OF SEPTEMBER 30, 2020 ASSETS (€k) EQUITY AND LIABILITIES (€k) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Non- Current Assets 72,058 73,113 Net Equity 52,179 55,626 Property, plant and equipment 34 4 Share capital 18,049 18,049 Investment
Slide 16: 2020 GAV and NAV Evolution
2020 GAV ¹ AND NAV EVOLUTION ² GAV EVOLUTION (€k) 72,945 1,012 -1.55% GAV DECREASE vs Q4 2019 71,811 (1,301) (845) € 1.01mn CAPEX INVESTED IN 2020 39% TOTAL PORTFOLIO REVALUATION SINCE INCEPTION GAV CAPEX Assets 2020 GAV Q4 2020 Revaluation Sales Q3 2019 2020 € 1.4mn SHARE PREMIUM DISTRIBUTED NAV EV
Slide 17: 9-Months Period P&L Account
9-MONTHS PERIOD P&L ACCOUNT ¹ P&L (€k) September 30, 2020 September 30, 2019 Gross Rental income 1,576 1,340 Other operating income 16 19 Property Operating expenses -438 -401 Gross profit 1,154 957 Gain from fair value on investment properties -1,283 3,312 Net result from real estate operations -12
Slide 18: Portfolio Gallery
PORTFOLIO GALLERY | Se is
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