Helios Re Socimi, S.a. · BME:SCHLR
Helios Re Socimi — Lar España Real Estate SOCIMI — 9M 2016 Earnings Presentation
25 slides from Helios Re Socimi's earnings presentation, Nov 15, 2016
Slide 1: 9M 2016 Results
9M 2016 www.larespana.com Results Nov 2016 15th November, 2016 Lar España Real Estate SOCIMI, S.A. (LRE) – November 2016 Gran Vía de Vigo, Pontevedra
Slide 2: Disclaimer
Disclaimer This document has been prepared by Lar España Real Estate SOCIMI, S.A. (the “Company”) for information purposes only and it is not a regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission. This document neit
Slide 3: Lar España's presenting team
9M 2016 Results - Lar España Real Estate Lar España’s presenting team MIGUEL PEREDA Board Member and Co-CEO of Grupo Lar SERGIO CRIADO CFO JON ARMENTIA Corporate Director JOSE MANUEL LLOVET Head of Retail Operations of Grupo Lar HERNÁN SAN PEDRO Head of Investor Relations Lar Lar España España Real
Slide 4: Key Facts 9M 2016
9M 2016 Results - Lar España Real Estate Key Facts 9M 2016 1,201 Mn +71% vs GAV 1 Q3 2015 €42.2Mn Rental +80% vs €8.4 EPRA NAV €757.9 EPRA NAV Income Q3 2015 per share (€ ‘000s) 35% Net LTV2 2.24% 6.1% EPRA “topped-up” NIY 5.8% EPRA Cost of Debt Net Initial Yield Tenants Sales Growth +56% vs +9.2% o
Slide 5: Agenda
9M 2016 Results - Lar España Real Estate Agenda 1 Highlights 2 9M 2016 Financial Results 3 Business Performance 4 Growth Drivers 5 Closing Remarks Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. S.A. (LRE) (LRE) – – November November 2016 2016 5
Slide 6: Highlights
1 Highlights Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. S.A. (LRE) (LRE) – – November November 2016 2016 As Termas Shopping Centre, Lugo 6
Slide 7: Strong Operational and Financial Results in 9M 2016
9M 2016 Results - Lar España Real Estate Strong Operational and Financial Results in 9M 2016 Rental Income of €42.2 Mn +80% vs Q3 2015 +71% GAV of €1,201 Mn vs Q3 2015 Annualised Gross rent of €70 Mn +123% Financial vs Q3 2015 EPRA earnings of €18.8Mn +56% Results vs Q3 2015 EBITDA of €30.
Slide 8: 9M2016 Financial Results
2 9M2016 Financial Results Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. S.A. (LRE) (LRE) – – November November 2016 2016 Anecblau Shopping Centre, Barcelona
Slide 9: Consolidated Income Statement (€ Millions)
9M 2016 Results - Lar España Real Estate Consolidated Income Statement (€ Millions) Chg (%) 9M 2016 9M 2015 9M16/9M15 Recurring Non-Recurring Total Recurring Non-Recurring Total Rental Income 42.2 - 42.2 23.5 - 23.5 Other income 1.3 - 1.3 0.8 - 0.8 Property Operating Expenses (7.4) - (7.4) (3.9) - (
Slide 10: Business Performance
3 Business Performance Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. S.A. (LRE) (LRE) – – November November 2016 2016 Albacenter Shopping Centre, Albacete 10
Slide 11: Portfolio at a glance
9M 2016 Results - Lar España Real Estate Portfolio at a glance GAV (Mn€) EPRA Annualized Net Rent (Mn€) Development & Refurbishment Logistics Residential 5% Logistics 10% 6% 8% Rental Properties Offices Offices 90% 7% 14% €1,2011 €1,2011 €62.7 Retail 85% Retail 75% EPRA NIY & EPRA Topped-up NIY EPRA
Slide 12: Top international tenants showing great interest in our assets
9M 2016 Results - Lar España Real Estate Top international tenants showing great interest in our assets High quality and diversified tenant base in all assets New tenants improve profitability and risk adjusted returns of our assets Main Signed in Q3 2016 2,416 Sqm 7.78% TOTAL RENTS 5.85% TOTAL RENT
Slide 13: Outperforming the market on an intense letting activity and excellent operating performance
9M 2016 Results - Lar España Real Estate Retail Outperforming the market on an intense letting activity and excellent operating performance 16% Rotation rate +20,051 Sqm leasing activity Since Acquisition 9M 2016 Average holding period 16.3 months REPOSITIONING +4.9% NOI Since Acquisition +4% Improv
Slide 14: Active asset management in place
9M 2016 Results - Lar España Real Estate Retail Active asset management in place P. Marina As Termas Albacenter Txingudi NOI vs NOI vs NOI vs NOI vs +12% Acquisition +10% Acquisition +15% Acquisition +9% Acquisition 9M 9M 9M 9M 4 New Lettings 4 New Lettings 3 New Lettings 2 New Lettings 5 Relettings
Slide 15: A turnaround case study: Txingudi
9M 2016 Results - Lar España Real Estate Retail A turnaround case study: Txingudi Rotation to more 68% 97% €3.2 Mn profitable tenants Occupancy rate Investment Capex Rotation Rate pro-forma1 Yield on Capex >8% Since acquisition CINEMA Tenant mix Increase in X4 Rents/Sqm Relocation of improvement GLA
Slide 16: Active management case study: Vistahermosa
9M 2016 Results - Lar España Real Estate Retail Active management case study: Vistahermosa Acquisition Date Strong performance in a record time as a result of ongoing 16th June 2016 asset management actions New tenants New image and renovation Improvement of common spaces 2 new tenants since acquisi
Slide 17: Investment in developments will improve our existing portfolio
9M 2016 Results - Lar España Real Estate Retail Investment in developments will improve our existing portfolio c.60% of GLA signed and pre-signed Anchoring Phase: 25% of GLA pre-agreed by December 2016 Leases signed with anchors: Leroy Merlin and Urban Planet High interest shown by international
Slide 18: Proven asset management though intense tenant Rotation
9M 2016 Results - Lar España Real Estate Retail Proven asset management though intense tenant Rotation 16% of Total Tenant Rotation is upgrading tenant profile, mix, and Rotation Rate in 9M 2016 re-tenanting at double digit growth vs. previous rents Rotation Rate Occupancy (Sqm) Total SC 16% 91.6% T
Slide 19: Non-retail assets
9M 2016 Results - Lar España Real Estate Non-retail assets Residential Offices Logistics Offices Logistics 43% 88.5%1 100% Pre-sales EPRA occupancy rate EPRA occupancy rate Launched the marketing to the market in Intense commercial activity to reduce Stability of logistics assets maintaining O
Slide 20: Growth Drivers
4 Growth Drivers Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. S.A. (LRE) (LRE) – – November November 2016 2016 Vidanova Retail Park, Sagunto 20
Slide 21: Significant potential upside in rents from reversion potential and developments project
Significant potential upside in rents from reversion potential and developments project – For illustrative purposes – Estimated Future Investments c.110 Existing Developments c.14 c.96 Existing Income Generating Assets c.13 c.4 c.2 c.77 c.4 c.8 63 3 Annualised net rent Reversionary Reversionary Marc
Slide 22: Closing Remarks
5 Closing Remarks Egeo Lar Office Lar España Building, España Real Real Estate Madrid Estate SOCIMI, SOCIMI, S.A. S.A. (LRE) (LRE) – – November November 2016 2016 22
Slide 23: Closing Remarks
9M 2016 Results - Lar España Real Estate Closing Remarks EPRA earnings of €18.8 Mn, +56% YoY, and EPRA Cost Ratio improving 3.1 pp vs. 9M 2015 Attractive portfolio of €1,201 Mn, out of which €1,076.2 Mn are rental assets that generate €62.7 Mn underpinned by the acquisition of the prime Shopping
Slide 24: Key Facts 9M 2016
9M 2016 Results - Lar España Real Estate Key Facts 9M 2016 1,201 Mn +71% vs GAV 1 Q3 2015 €42.2Mn Rental +80% vs €8.4 EPRA NAV €757.9 EPRA NAV Income Q3 2015 per share (€ ‘000s) 35% Net LTV2 2.24% 6.1% EPRA “topped-up” NIY 5.8% EPRA Cost of Debt Net Initial Yield Tenants Sales Growth +56% vs +9.2% o
Slide 25: Lar España Real Estate SOCIMI, S.A. (LRE) – November 2016
Lar España Real Estate SOCIMI, S.A. (LRE) – November 2016
Lar España Real Estate SOCIMI — 9M 2016 Earnings Presentation on 6ix