Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — 9M 2019 Earnings Presentation
24 slides from Vbare Iberian Properties Socimi's earnings presentation, Oct 31, 2019
Slide 1: Relevant fact: results presentation filing notice
THIS RELEVANT FACT IS A TRANSLATION OF THE SPANISH VERSION. IN CASE OF ANY DISCREPANCIES, THE SPANISH VERSION SHALL PREVAIL. Madrid, 31 October 2019 Pursuant to the terms set forth in Article 17 of EU Regulation No. 596/2014 with regard to abuse of markets and Article 228 of the Consolidated Text of
Slide 2: Results Presentation for the 9 Months Period Ended on September 30, 2019
RESULTS PRESENTATION FOR THE 9 MONTHS PERIOD ENDED ON SEPTEMBER 30, 2019 October 31, 2019
Slide 3: 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 4: Index
INDEX 1. KEY FIGURES 2. VBARE AT A GLANCE 3. 9 MONTH PERIOD PERFORMANCE 4. FINANCIAL INFORMATION 5. Q3 & Q4 ACQUISITIONS 3
Slide 5: 1. Key Figures
1. KEY FIGURES 4
Slide 6: Key Figures
KEY FIGURES September 30, 2019 September 30, 2018 Var % KEY RESULTS FIGURES Gross Rental income (GRI) €k 1,340 1,003 34% Net Rental income €k 909 656 39% Net Rental Income Margin % 67.8% 65.4% 4% • €2.6mn PROFIT IN 2019 (+41%) Profit for the period €k 2,582 1,836 41% Basic and diluted earnings per s
Slide 7: 2. VBARE at a Glance
2. VBARE AT GLANCE 6
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW NUMBER OF UNITS: 313 GLA: 19,113 sqm AVERAGE OCCUPANCY RATE IN 2019: 91.12% TOTAL INVESTED CAPITAL: €46.2mn INVESTED CAPITAL € PER SQM: €2,415 GAV: €66.9mn GAV € PER SQM: €3,498 CURRENT PASSING RENT: €1.8mn ANNUAL REVERSIONARY RENT: €3.3mn GROSS YIELD ON INVESTED CAPITAL OVER STAB
Slide 9: Portfolio Overview
PORTFOLIO OVERVIEW TYPE OF OWNERSHIP PORTFOLIO LOCATION 69% 15% Entire Building 7% Scattered asset 5% Units in the same building 24% (>50%) Units in the same building (<50%) 73% 5% 3% Inside M30 Outside M30 Metropolitan Area of Other Cities Madrid UNITS BY SURFACE NUMBER OF BEDROOMS 10% 2% 12% 21% 1
Slide 10: Key Metrics
KEY METRICS € 642 € 138,338 58 SQM AVERAGE LEASE RENT PER UNIT AVERAGE ACQUISITION COST PER UNIT AVERAGE SQM PER UNIT € 11.4 AVERAGE LEASE RENT PER SQM 29.6 31.8% 1.63 MONTHS VBARE TENANTS’ TENANTS AVERAGE EFFORT RATE PER UNIT LEASE TERM Information as of September 30, 2019 Average sqm only takes in
Slide 11: 3. 9 Month Period Performance
3. 9 MONTH PERIOD PERFORMANCE 10
Slide 12: Portfolio Evolution (I)
PORTFOLIO EVOLUTION (I) GLA (SQM) UNITS 19,113 313 +18% +15% 16,200 272 +50% +38% 197 10,795 2017 2018 Q3 2019 2017 2018 Q3 2019 BUILDING OWNERSHIP > 50% (% GAV) MADRID CITY CENTER INSIDE M30 (% GAV) 80% 69% +10% +19% 73% 58% +35% +38% 54% 42% 2017 2018 Q3 2019 2017 2018 Q3 2019 SIGNIFICANT PORTFOLI
Slide 13: Portfolio Evolution (II)
PORTFOLIO EVOLUTION (II) ACCUMULATED GROSS OCCUPANCY (STABILIZED ASSETS) QUARTERLY RELETTING SPREAD AND LEASES SIGNED 25% (AVERAGE 17.91%) 40 37 91.12% 21.37% 90.11% +1.1% 31 35 20% 17.83% 16.89% 30 16.10% 15% 22 25 +9.4% 20 20 10% 15 82.39% 10 5% 5 0% - Q4 18 Q1 19 Q2 19 Q3 19 2017 2018 Q3 2019 Rel
Slide 14: Portfolio Rental Growth
PORTFOLIO RENTAL GROWTH +83% +10% Rents Dec. Vacant Dec. 2018 Increase Rented Dec. 2018 Acquisitions Sept. Sept. Units Rented Vacant Units Under Reversionary 2018 Rented Sept. 2019 in Rents Vacant Sept. 2019 2019 2019 2019 Below ERV Units Refurbishment GRI STRONG RENTAL GROWTH WITH SIGNIFICANT UPSID
Slide 15: Portfolio Yield Growth
PORTFOLIO YIELD GROWTH YIELD ON TOTAL INVESTED CAPITAL OVER STABILIZED ASSETS YIELD ON GROSS ASSET VALUE OVER STABILIZED ASSETS GROSS YIELD NET YIELD GROSS YIELD NET YIELD 8.92% 7.54% 7.54% 7.01% 7.88% 5.35% 6.37% 6.49% 4.34% 4.47% 4.52% 5.82% 4.72% 3.78% 3.89% 3.61% 2017 2018 Q3 2019 Reversionary 2
Slide 16: 4. Financial Information
4. FINANCIAL INFORMATION 15
Slide 17: 9 Months Period Performance
9 MONTHS PERIOD PERFORMANCE • +33% GAV INCREASE VS. DECEMBER 2018 • +3% REVALUATION OF 2018 PORTFOLIO • €12.5mn INVESTED IN 2019 ACQUISITIONS • +22.2% REVALUATION OF ASSETS ACQUIRED IN 2019 GAV Acquisitions CAPEX Revaluation Revaluation GAV Q4 2018 2019 2019 2018 Assets Acquisitions 2019 Q3 2019 • 4
Slide 18: Financial Position
FINANCIAL POSITION LOAN TO VALUE LOAN TO COST 51.4% 33.5% 29.9% 43.3% 35.9% 22.5% 2017 2018 Q3 2019 2017 2018 Q3 2019 • €3.4mn LOANS OVER 2019 NEW INVESTMENTS LOAN PRINCIPAL OUTSTANDING (€ mn) MORTGAGE LOANS INTEREST RATE 19.9 • AVERAGE INTEREST RATE 1.75% 16.8 9% • WEIGHTED AVERAGE LOANS MATURITY 1
Slide 19: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 ASSETS (€ k) EQUITY AND LIABILITIES (€ k) Non- Current Assets 67,013 50,205 Net Equity 54,945 37,145 Property, plant and equipment 4 3 Share capital 18,049 11,949 Investment properties 66,868 50,098
Slide 20: Consolidated Profit and Loss Account
CONSOLIDATED PROFIT AND LOSS ACCOUNT September 30, 2019 September 30, 2018 P&L (€ k) Gross Rental income 1,340 1,003 Property operating expenses -431 -347 Gross profit 909 656 Gain from fair value on investment properties 3,312 2,644 Net result from real estate operations 4,221 3,300 General and adm
Slide 21: 5. Q3 & Q4 Acquisitions
5. Q3 & Q4 ACQUISITIONS 20
Slide 22: San Andrés
SAN ANDRÉS SAN ANDRÉS MADRID • LOCATED IN MALASAÑA, A NEIGHBORHOOD FULL OF NIGHTLIFE IN THE CITY CENTER OF MADRID • ACQUISITION DATE: 30/09/2019 • ACQUISITION PRICE: €6.6mn • RESIDENTIAL UNITS (all exterior): 10 • RETAIL UNITS: 2 21
Slide 23: Monte Igueldo
MONTE IGUELDO MONTE IGUELDO MADRID • ASSET LOCATED IN VALLECAS, BUILT IN 2009 • ACQUISITION DATE: 28/10/2019 • ACQUISITION PRICE : €4.6mn • RESIDENTIAL UNITS: 35 • PARKING UNITS: 35 22
Slide 24: IVBARE
IVBARE 23
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