Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — Q1 2022 Earnings Presentation
21 slides from Vbare Iberian Properties Socimi's earnings presentation, May 19, 2022
Slide 1: Q1 2022 Results Presentation
Q1 2022 RESULTS PRESENTATION May 19, 2022 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. Q1 2022 Operating Performance 2. Q1 2022 Financial Performance 3. Annex: Portfolio Overview 3
Slide 4: 2022 Highlights
2022 HIGHLIGHTS STRONG COMMERCIAL ACTIVITY WITH A SIGNIFICANT RELETTING SPREAD OF +17.54% STABLE NET OCCUPANCY OVER 95% CONFIRMING MARKET MOMENTUM LIKE-FOR-LIKE GRI INCREASE +12% Vs. Q4 2021 and +26% Vs. Q1 2021 CONFIRMING MARKET RECOVERY € 510K NET CONSOLIDATED GAIN THANKS TO GRI IMPROVEMENT AND PO
Slide 5: 1. 2022 Operating Performance
1. 2022 OPERATING PERFORMANCE 5
Slide 6: Leasing Performance
1. 2022 Operating Performance LEASING PERFORMANCE Quarterly Leases Signed Quarterly Net Occupancy ¹ +19% 42 94.81% 97.92% 95.86% 37 87.18% 80.41% 28 19 16 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Mar. 31, 21 Jun. 30, 21 Sept. 30, 21 Dec. 31, 21 Mar. 31, 22 Minor number of signed contract due to highe
Slide 7: Operative Performance
1. 2022 Operating Performance OPERATIVE PERFORMANCE Like-for-Like Annualized GRI Evolution (€ k) Annualized Rents Potential Growth (€ k) 2 Passing Rents 1 Total Rents +57% +1% +32% 2.023 2.040 1.915 1.729 1,920 1,948 1.550 1,789 1,597 1,450 Mar. 31, 21 Jun. 30, 21 Sept. 30, 21 Dec. 31, 21 Mar. 31, 2
Slide 8: Operative Performance: Yields
1. 2022 Operating Performance OPERATIVE PERFORMANCE Yield1 on Invested Capital 2 over Stabilized Assets 3 Yield1 on GAV 4 over Stabilized Assets3 Gross Yield Net Yield +1% Gross Yield Net Yield +27% 7.9% 8.0% 8.1% 7.0% -2% 6.4% 7.1% 7.2% +15% 6.9% 6.1% 4.4% 4.7% 4.8% 4,7% 5.5% 4.1% 4.1% 4.2% 4.1% 3.
Slide 9: 2. 2022 Financial Performance
2. 2022 FINANCIAL PERFORMANCE 9
Slide 10: IFRS 2022 Consolidated Profit & Loss Account
2. 2022 Financial Performance IFRS 2022 CONSOLIDATED PROFIT & LOSS ACCOUNT Profit & Loss Account (€ k) €k March 31, 2022 March 31, 2021 Variation Gross Rental income (Like-for-Like Assets) 486 386 25,7% Gross Rental income (Units sold) 2 81 -97,0% Gross Rental Income 488 467 4,4% Other operating inc
Slide 11: March 31, 2022 Consolidated Balance Sheet
2. 2022 Financial Performance MARCH 31, 2022 CONSOLIDATED BALANCE SHEET Assets (€ k) Liabilities (€ k) March 31, 2022 December 31, 2021 Variation March 31, 2022 December 31, 2021 Variation Non- Current Assets 65.026 64.373 1,0% Net Equity 46.030 46.368 -0,7% Property, plant and equipment 31 32 -2,9%
Slide 12: 2022 GAV and NAV Evolution
2. 2022 Financial Performance 2022 GAV AND NAV EVOLUTION 2022 GAV Evolution¹ (€ k) 2022 NAV Evolution (€ k) (-1.36%) +1.15% +1.23% (+1.10%) (+0.03%) (-0.05%) (-1.81%) GAV 31/12/2021 Sales GAV 31/12/2021 CAPEX Fair Value GAV NAV Own Shares Share Premium NAV Pre-Sales Post-Sales Invested Adjustment 31
Slide 13: VBARE NAV per Share vs. Share Price
2. 2022 Financial Performance VBARE NAV PER SHARE vs. SHARE PRICE (21.0%) (22.0%) (31.4%) (45.3%) (47.6%) (44.7%) 13.92 13.59 12.97 13.07 12.98 12.83 11.00 10.60 8.90 7.15 6.80 7.10 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 May 19, 2022 Closing NAV per Share Significant Current Discount vs NAV (-44.7%
Slide 14: March 31, 2022 Financing Information
2. 2022 Financial Performance MARCH 31, 2022 FINANCING INFORMATION Outstanding Debt by Institution Loan to Value¹ 10% 35.4% 35.7% 1% 45% 44% 2021 2022 Sabadell Banca Pueyo Bankinter Laboral Kutxa 1.78% 16YEARS Portfolio average Portfolio average Mortgage Loans Interest Rate interest rate loans matur
Slide 15: Annex: Portfolio Overview
ANNEX: PORTFOLIO OVERVIEW 15
Slide 16: Main KPIs Performance: Operational & Commercial
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: OPERATIONAL & COMMERCIAL 250 18,681 14,823 95.86% 1.50 Total Number Total GLA Total Residential Q4 2021 Tenants of Units ¹ (SQM) GLA (SQM) ² Net Occupancy ³ Per Unit 16 Total Leases Signed in 17.54% 78.84% 24.2 32.29% Q1 2022 (+6 Parkings) 2022 Relett
Slide 17: Main KPIs Performance: Financial & Corporate
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: FINANCIAL & CORPORATE € 1.9mn € 13.64 € 737 € 3.1mn Current Annual Monthly Passing Monthly Passing Annual Passing Rent Rent Per Rent Per Reversionary Rent Residential SQM ¹ Residential Unit ¹ € 47.5mn € 2,922 € 64.8mn € 3,986 Total Total 2022 2022 GAV
Slide 18: Q1 2022 Operational Performance
Annex: Portfolio Overview Q1 2022 OPERATIONAL PERFORMANCE GLA (SQM) Units ¹ 2022 18,681 2022 250 2021 19,103 2021 254 2020 21,372 2020 331 Madrid City Center Inside M30 ² Building Ownership > 50% ² 2022 65.65% 2022 88.63% 2021 64.90% 2021 87.46% 2020 65.54% 2020 84.93% 1. Only Residential and Retail
Slide 19: Q1 2022 Portfolio Description and Location
Annex: Portfolio Overview Q1 2022 PORTFOLIO DESCRIPTION AND LOCATION Type of Ownership ¹ Portfolio Location ¹ Inside M30 Location ¹ 3% 3% 11% 0% Entire 3% Building Inside M30 18% Chamberí 18% 28% Outside M30 Tetuán Units in Metropolitan Malasaña the same Area of Madrid 59% building 66% 20% Other Cit
Slide 20: Portfolio Gallery
Annex: Portfolio Overview PORTFOLIO GALLERY 20
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