Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — Q3 2021 Earnings Presentation
22 slides from Vbare Iberian Properties Socimi's earnings presentation, Dec 1, 2021
Slide 1: Q3 2021 Results Presentation
Q3 2021 RESULTS PRESENTATION December 1, 2021 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. 2021 Operating Performance 2. 2021 Financial Performance 3. Annex: Portfolio Overview 3
Slide 4: Highlights
HIGHLIGHTS CLEAR SIGNS OF MARKET STABILIZATION: ENDURING COMMERCIAL ACTIVITY WITH 37 LEASES SIGNED IN Q3 2021 WITH A RELETTING SPREAD OF +14.48% NET OCCUPANCY COMPLETELY RECOVERED (94.81%) AFTER PANDEMIC SLOWDOWN GRI DECREASE Vs. 2020 BUT COMPLETELY RECOVERED AT SEPTEMBER 30,2021 STRONG SALE PROGRES
Slide 5: 1. 2021 Operating Performance
1. 2021 OPERATING PERFORMANCE 5
Slide 6: Leasing Performance
1. 2021 Operating Performance LEASING PERFORMANCE Quarterly Leases Signed ¹ Quarterly Reletting Spread ¹ 42 Portfolio Stabilized Assets 37 20.94% 18.42% 26 16.95% 17.04% 14.90% 14.48% 19 19 19 13.08% 17 10.93% 10.52% 7.05% 5.40% 3.41% 2.26% 1.90% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 20
Slide 7: Operative Performance
1. 2021 Operating Performance OPERATIVE PERFORMANCE Like-for-Like Annualized GRI Evolution (€ k) ¹ Annualized Rents ¹ Potential Growth (€ k) ² +57% +9% 1,858 1,998 1,763 1,764 1,739 1,826 1,682 1,652 Total Rents Units Rented Vacant Units Under Reversionary Dec. 31, 19 Mar. 31, 20 Jun. 30, 20 Sept. 3
Slide 8: Operative Performance
1. 2021 Operating Performance OPERATIVE PERFORMANCE Yield ¹ on Invested Capital ² over Stabilized Assets ³ Yield ¹ on GAV ⁴ over Stabilized Assets ³ Gross Yield Net Yield +12% Gross Yield Net Yield 8.1% 7.5% 7.4% 7.5% 7.2% 7.1% 6.9% 6.4% 7.1% +7% 6.6% 6.6% 6.5% 6.3% 4.6% 4.6% 4.6% 4.8% 6.2% 6.0% 4.4
Slide 9: 2021 Sales Update
1. 2021 Operating Performance 2021¹ SALES UPDATE 2021 Investment ² Vs. Selling Price (€ k) 2021 Quarterly Number of Units Sold 8,452 47 +36% 6,222 13 4 3 Total Investment Selling Price Q1 2021 Q2 2021 Q3 2021 Q4 2021 67 units sold in 2021 with the following excellent results: Free Cash Flow: € 5,298
Slide 10: 2. 2021 Financial Performance
2. 2021 FINANCIAL PERFORMANCE 10
Slide 11: 2021 Profit & Loss Account
2. 2021 Financial Performance 2021 PROFIT & LOSS ACCOUNT Profit & Loss Account (€ k) YTD GRI still impacted by lower occupancy in early 2021 and units sold. Like for like decrease (net of units sold) of 3.8% Property Operating expenses increase due to higher vacancy G&A expenses reduction thanks to
Slide 12: September 30, 2021 Consolidated Balance Sheet
2. 2021 Financial Performance SEPTEMBER 30, 2021 CONSOLIDATED BALANCE SHEET Assets (€ k) Liabilities (€ k) September 30, 2021 December 31, 2020 Variation September 30, 2021 December 31, 2020 Variation Non- Current Assets 65,014 69,459 -6.4% Net Equity 46,197 49,870 -7.4% Property, plant and equipmen
Slide 13: 2021 GAV and NAV Evolution
2. 2021 Financial Performance 2021 GAV AND NAV EVOLUTION 2021 GAV Evolution 2021 NAV Evolution (9.90%) +1.97% +1.92% (0.54%) (0.16%) (6.67%) GAV 31/12/2020 Sales GAV 31/12/2020 CAPEX Fair Value GAV NAV 2021 2021 Own 2021 Share NAV Pre-Sales Post-Sales Invested Adjustment 30/09/2021 31/12/2020 Net Re
Slide 14: 2021 Debt Evolution
2. 2021 Financial Performance 2021 DEBT EVOLUTION 22,900 22,873 2,615 -417 -2,225 Principal Outstanding Loans Early Amortization Principal Principal Outstanding 31/12/2020 Withdrawn Due To Sales Amortized 30/09/2021 Stable Principal Outstanding vs 2020 14
Slide 15: September 30, 2021 Financing Information
2. 2021 Financial Performance SEPTEMBER 30, 2021 FINANCING INFORMATION Outstanding Debt by Institution Loan to Value¹ 36.4% 2% 13% 33.1% 3% 56% 26% 2020 2021 Sabadell Banca Pueyo Bankinter Laboral Kutxa Other 1.78% 14.6 YEARS Portfolio average Portfolio average Mortgage Loans Interest Rate interest
Slide 16: Annex: Portfolio Overview
ANNEX: PORTFOLIO OVERVIEW 16
Slide 17: Main KPIs Performance: Operational & Commercial
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: OPERATIONAL & COMMERCIAL 277 18,910 15,391 94.81% 1.55 Total Number Total GLA Total Residential Q3 2021 Tenants of Units ¹ (SQM) GLA (SQM) ² Net Occupancy ³ Per Unit 37 14.48% 78.0% 21.6 33.35% Total Leases Signed Q3 2021 Q3 2021 VBARE’s Average Avera
Slide 18: Main KPIs Performance: Financial & Corporate
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: FINANCIAL & CORPORATE € 2.0mn € 13.79 € 717 € 3.1mn Current Annual Monthly Passing Monthly Passing Annual Passing Rent Rent Per Rent Per Reversionary Rent Residential SQM ¹ Residential Unit ¹ € 47.8mn € 2,719 € 64.8mn € 3,838 Total Total Q3 2021 Q3 20
Slide 19: Q3 2021 Operational Performance
Annex: Portfolio Overview Q3 2021 OPERATIONAL PERFORMANCE GLA (SQM) Units ¹ Q3 2021 18,910 Q3 2021 277 2020 21,372 2020 331 2019 22,070 2019 345 Madrid City Center Inside M30 ² Building Ownership > 50% ² Q3 2021 56.31% Q3 2021 85.08% 2020 65.54% 2020 84.93% 2019 63.91% 2019 82.21% 1. Only Residentia
Slide 20: Q3 2021 Portfolio Description and Location
Annex: Portfolio Overview Q3 2021 PORTFOLIO DESCRIPTION AND LOCATION Type of Ownership ¹ Portfolio Location ¹ Inside M30 Location ¹ 2% 4%3% 3% 13% Entire Building Inside M30 18% Outside M30 Chamberí Units in the same building 29% 17% (>50%) Tetuán Metropolitan Area Units in the same building Malasañ
Slide 21: Portfolio Gallery
Annex: Portfolio Overview PORTFOLIO GALLERY 21
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