Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — Q1 2021 Earnings Presentation
26 slides from Vbare Iberian Properties Socimi's earnings presentation, May 12, 2021
Slide 1: Q1 2021 Results Presentation and Activity Update
Q1 2021 RESULTS PRESENTATION AND ACTIVITY UPDATE May 12th, 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. Q1 2021 OPERATING PERFORMANCE 2. Q1 2021 FINANCIAL PERFORMANCE 3. ANNEX: PORTFOLIO OVERVIEW 3
Slide 4: Highlights
HIGHLIGHTS RENTAL DEMAND POSITIVELY INCREASING WITH 19 LEASES SIGNED IN Q1 2021 WITH A RELETTING SPREAD OF +16.95% STILL OCCUPANCY LOWER THAN PRE-COVID LEVELS BUT POSITIVE SIGNS OF RECOVERY 4 UNITS SOLD IN Q1 2021 IN LINE WITH GAV (+1.9%) GENERATING A FREE CASH FLOW OF € 235k GRI DECREASE Vs. Q1 202
Slide 5: 1. Q1 2021 Operating Performance
1. Q1 2021 OPERATING PERFORMANCE 5
Slide 6: Leasing activity and reletting spread improving to pre-Covid levels
Q1 2021 LEASING PERFORMANCE 19 ¹ LEASES SIGNED IN Q1 2021 12-MONTH-PERIOD (vs 26 ² IN Q1 2020) ACCUMULATED OCCUPANCY ³ 5 14 RENEWALS NEW CONTRACTS 90.55% 90.34% 90.32% 85.95% 83.88% +16.95% Q1 2021 RELETTING SPREAD (+5.40% IN STABILIZED UNITS) +6.05% +20.97% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 R
Slide 7: Stable net default at portfolio level; 72.4% of GRI protected
OVERALL PORTFOLIO RENT COLLECTION STABILIZED ASSETS % GRI COVERED BY DEFAULT INSURANCE DEFAULT YTD ¹ AND BANK GUARANTEES Net Debt Gross Debt 71.7% 72.4% 46.8% 4.56% 5.97% 3.18% 3.55% 2.45% 2.52% 2019 2020 Q1 2021 2019 2020 Q1 2021 STABLE NET DEFAULT AT PORTFOLIO LEVEL STILL HIGH 72.4% OF GRI PROTECT
Slide 8: Rental analysis: decrease in rents from vacancy, 84% potential increase
Q1 2021 RENTAL ANALYSIS ANNUALIZED GRI EVOLUTION (€ k) ¹ ANNUALIZED RENTS POTENTIAL GROWTH (€ k) ² +84% -5% Rents Dec. New Leases of New Vacancy of Divestments Increase Rents Mar. Units Rented Vacant Units Under Reversionary 2020 Vacant Dec. 2020 Leases Dec. 2020 2021 ³ in Rents ⁴ 2021 Below ERV Uni
Slide 9: Yield analysis
Q1 2021 YIELD ANALYSIS YIELD ON TOTAL INVESTED CAPITAL¹ OVER YIELD ON GROSS ASSET VALUE³ OVER STABILIZED ASSETS² STABILIZED ASSETS² Gross Yield Net Yield Gross Yield Net Yield 8.5% 6.9% 7.6% 6.4% 6.0% 5.4% 5.5% 4.4% 4.1% 4.9% 3.8% 3.5% 2020 Q1 2021 Reversionary 2020 Q1 2021 Reversionary SOLID YIELD
Slide 10: Sale activity summary
Q1 2021 SALE ACTIVITY SUMMARY €384k SALES EXECUTED IN Q1 2021 WITH UNLEVERED IRR 10% AND MOIC 1.55 (1.9%>GAV & €235mn FREE CF) €384k 1.9% TOTAL SELLING PRICE TOTAL PROFIT ABOVE GAV ¹ 9.82% 1.55x UNLEVERED IRR UNLEVERED MM 10 ¹ Gross Profit Above GAV is calculated over GAV Q4 2020 (last available qua
Slide 11: 2. Q1 2021 Financial Performance
2. Q1 2021 FINANCIAL PERFORMANCE 11
Slide 12: Consolidated profit & loss account
Q1 2021 CONSOLIDATED PROFIT & LOSS ACCOUNT ¹ PROFIT & LOSS ACCOUNT (€ k) March 31, 2021 March 31, 2020 Variation Gross Rental income 470 546 -13.9% Other operating income 5 6 -16.7% Property Operating expenses -182 -158 15.2% Gross profit 293 394 -25.6% Realize gain (Loss) and change of fair value o
Slide 13: Strong balance sheet with a solid cash position
Q1 2021 CONSOLIDATED BALANCE SHEET ¹ ASSETS (€ k) March 31, 2021 December 31, 2020 Variation Non- Current Assets 69,478 69,459 0.0% Property, plant and equipment 34 35 -2.9% Investment properties 69,250 69,210 0.1% Non - Current financial assets 194 214 -9.3% Current Assets 5,661 4,065 39.3% Advance
Slide 14: Like for like portfolio appreciation based on GAV
Q1 2021 GAV ¹ EVOLUTION 0.61% LIKE FOR LIKE PORTFOLIO APPRECIATION BASED ON SAVILLS AGUIRRE NEWMAN APPRAISAL (0.54%) +0.51% +0.10% 14 ¹ GAV is based on Savills Aguirre Newman Valoraciones y Tasaciones S.A.U. external independent appraisal
Slide 15: Q1 2021 consolidated balance sheet: liabilities
Q1 2021 CONSOLIDATED BALANCE SHEET ¹ LIABILITIES (€ k) Net Equity 49,663 49,870 -0.4% Share capital 18,049 18,049 0.0% Share Premium 20,605 20,605 0.0% Treasury shares -524 -518 1.2% Retained earnings 11,533 11,734 -1.7% Non-current Liabilities 24,350 22,350 8.9% Non-current financial liabilities 24
Slide 16: NAV evolution
Q1 2021 NAV EVOLUTION 0.42% NAV DECREASE IN 2021 (0.41%) 0.01% (0%) €201k NET CONSOLIDATED LOSS (€ 0.06 PER SHARE) 16
Slide 17: VBARE NAV per share vs. share price
VBARE NAV PER SHARE Vs. SHARE PRICE (7.7%) (9.5%) (17.0%) (21.1%) (21.0%) 15.16 14.92 14.58 14.00 13.50 13.94 13.92 12.10 11.00 11.00 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Closing NAV per Share STABLE GAP BETWEEN SHARE PRICE AND NAV MAKING VBARE AN APPEALING INVESTMENT OPPORTUNITY 17
Slide 18: Debt evolution
Q1 2021 DEBT EVOLUTION 2021 DEBT EVOLUTION 25,026 22,900 2,400 -133 -142 PRINCIPAL OUTSTANDING NEW LOAN FORMALIZED EARLY AMORTIZATION DUE TO PRINCIPAL AMORTIZED PRINCIPAL OUTSTANDING 31/12/2020 SALES 31/03/2021 € 2.4mn MORTGAGE LOAN FORMALIZED IN 2021 € 275k PRINCIPAL AMORTIZED IN 2021 (€ 133k EARLY
Slide 19: Financing information
Q1 2021 FINANCING INFORMATION OUTSTANDING DEBT MORTGAGE LOANS LOAN TO VALUE ¹ BY INSTITUTION INTEREST RATE 37.3% 34.2% 9% 2% 7% 32.5% 9% 45% 35% 93% Sabadell Banca Pueyo 2019 2020 2021 Bankinter Laboral Kutxa Variable Fixed Other 1.75% 15.5 YEARS PORTFOLIO AVERAGE PORTFOLIO AVERAGE INTEREST RATE LOA
Slide 20: 3. Annex: Portfolio Overview
3. ANNEX: PORTFOLIO OVERVIEW 20
Slide 21: Main KPIs performance
MAIN KPIs PERFORMANCE 327 21,087 17,607 83.88% 1.56 TOTAL NUMBER TOTAL GLA TOTAL RESIDENTIAL 12-MONTH-PERIOD TENANTS OF UNITS ¹ (SQM) GLA (SQM) ² Q1 2021 AVERAGE PER UNIT GROSS OCCUPANCY ³ OPERATIONAL & COMMERCIAL 19 16.95% 72.4% 36.4 31.74% TOTAL LEASES Q1 2021 Q1 2021 AVERAGE LEASE AVERAGE VBARE S
Slide 22: Main KPIs performance
MAIN KPIs PERFORMANCE € 1.9mn € 13.20 € 679 € 3.5mn CURRENT ANNUAL MONTHLY PASSING MONTHLY PASSING ANNUAL PASSING RENT RENT PER RENT PER REVERSIONARY RENT RESIDENTIAL SQM ¹ RESIDENTIAL UNIT ¹ € 51.3mn € 2,568 € 69.3mn € 3,607 FINANCIAL TOTAL INVESTED CAPITAL ² TOTAL INVESTED CAPITAL ² Q1 2021 GAV Q1
Slide 23: Q1 2021 operational performance
Q1 2021 OPERATIONAL PERFORMANCE GLA (SQM) ¹ UNITS ¹ Q1 2021 21,087 Q1 2021 327 2020 21,372 2020 331 2019 22,070 2019 345 MADRID CITY CENTER INSIDE M30 ² BUILDING OWNERSHIP > 50% ² Q1 2021 66.40% Q1 2021 85.74% 2020 65.54% 2020 84.93% 2019 63.91% 2019 82.21% ¹ Only Residential and Retail units taken
Slide 24: Portfolio description and location
Q1 2021 PORTFOLIO DESCRIPTION AND LOCATION TYPE OF OWNERSHIP ¹ PORTFOLIO LOCATION ¹ INSIDE M30 LOCATION ¹ 4%3% 3% 2% 12% 17% Inside M30 Entire Building Chamberí 27% Outside M30 Tetuán Units in the same building 15% 50% (>50%) Malasaña Metropolitan Units in the same building Area of Madrid Salamanca
Slide 25: Portfolio Gallery
PORTFOLIO GALLERY 25
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