Castellana Properties Socimi Sa · BME:YCPS
Castellana Properties Socimi Sa — Castellana Properties — Investor Presentation (May 2019)
35 slides from Castellana Properties Socimi Sa's investor presentation, May 2019
Slide 1: Corporate Presentation
Corporate Presentation May 2019 1
Slide 2: Disclaimer
Disclaimer PURPOSE OF THIS PRESENTATION AND LIABILITY Castellana Properties does not assume liability for this document if it is used with a purpose other than the above. Except for the financial information included in this document (which has been extracted from the annual financial statements of
Slide 3: 1. Company Overview
1. Company Overview Información confidencial 3
Slide 4: At a glance
At a glance The company does not aspire to be the biggest player in the sector, but the most profitable Shareholding structure Focus on Retail 01 Castellana Properties is a Socimi specialist in the acquisition, management and rehabilitation of retail real estate assets Building robust growth 02 List
Slide 5: Values
Values Lead the Retail Property sector by applying a business philosophy founded on honesty, commitment, innovation and our vision for the future. Act with Make a integrity Passion for Shareholder - difference as a and what we do centric team transparency Proactive Committed with Sustainable Treasur
Slide 6: Milestones
Milestones 1 year and a half of non-stop activity MAY SEPTEMBER JUNE MAY NOVEMBER MARCH ➢ Castellana set up ➢ Integration ➢ Acquisition of first retail ➢ Acquisition of Habaneras ➢ Integration of the ➢ Reconfiguration of ➢ 2 office buildings on the portfolio of 10 retail parks Shopping Center (€80.6
Slide 7: Main KPIs
Main KPIs Proud of what we have accomplished ASSETS 17 EPRA NAV GAV €499M €916M GLA 317,106 sqm
Slide 8: 2. Portfolio
2. Portfolio Información confidencial 8
Slide 9: Portfolio
Portfolio Diversified portfolio by both region and asset class TYPE OF ASSET BY GAV Offices 8 4% 2,9% Retail Parks 32,9% 5 10% 10 7 Shopping 8% 16 Centers 23% 64,2% 15 11% 11 10 1 1 El Faro Edificio Alcobendas 12 2 Bahía Sur 11 La Heredad 6 3 Los Arcos 12 La Serena 3 17 1% 13 9 4 4 Granaita 13 Pinat
Slide 10: Retail portfolio with high diversification
Portfolio Retail portfolio with high diversification Assets GLA WAULT Occupancy 15 300,362 sqm 14.3 years 97.8% TENANT MIX BY GLA TENANT MIX BY RENT GLA Tenant Mix Contractual Rent 23% Fashion & Accessories 32% 12% DIY 7% 10% Food 7% 9% Household Goods 7% 9% Sports 7% 8% Electronics 6% 7% F&B 9% 4%
Slide 11: Strong portfolio revaluation: systematic GAV growth since inception
Portfolio Strong portfolio revaluation: systematic GAV growth since inception 576.684 (1) €916,500 588.700 25.816 €302,600 €308,050 6.050 277.140 282.300 301.600 €22,001 €24,488 22.001 24.488 (EUR K) 25.460 25.750 26.300 (2) FY 2015 FY 2016 FY 2017 FY 2018 Capex Revaluation Strategic FY 2019 Acquisi
Slide 12: 3. Value Creation
Cl CASTE 3. Value Creation
Slide 13: Core strategy
Value Creation Core strategy Generating long-term, predictable, sustainable, growing incomes for investors Strategic 1 Acquisitions Grow portfolio Active Asset 5 Dividend focus 2 Management Competitive NOI dividend yield optimization Debt Corporate 4 3 Management Governance 13
Slide 14: Our Approach
Value Creation Our Approach Strategic Active Asset Corporate Debt 1 2 3 4 5 Dividend focus Acquisitions Management Governance Management ✓ Dominant ✓ Keep high ✓ Implementation ✓ Diversification occupancy ✓ Predictable, assets in their of international of sources of levels stable & catchment REIT be
Slide 15: Active Asset Management
Value Creation Active Asset Management Inflation-beating Like for Like contractual rental growth of 3.5% Portfolio Top 5 assets Portfolio LfL Rental 19.029 6.357 Growth 6.024 18.384 3.5% 1.360 1.401 895 1.047 562 579 401 418 Portfolio Edificio Motril Retail Ciudad del Granaita La Serena Alcobendas P
Slide 16: Repositioning Case Study
Repositioning Case Study Granaita Retail Park reconfiguration: transforming assets into more social spaces Before After (1) Granaita, the largest retail and leisure park in Granada, has opened its doors. The new park is the result of a merger between Kinépolis and Alameda SC. Now, Granaita offers a
Slide 17: Active asset management
Active asset management Giving a step forward in retail Highly qualified staff, internalized in the Increase value into the portfolio through company, full time dedicated to Castellana operational excellence and value ad with a high knowledge of the sector projects Keep low levels of arrears, follow
Slide 18: Active asset management
Active asset management Giving a step forward in retail CUSTOMER ORIENTED GIVING AND EXTRA VALUE TO OUR LOYAL CUSTOMERS •Leverage customer’s behaviour though new sources of data VIP Events •Increasing our loyal customers and strengthening the connection with them Exclusive •Re-defining digital custo
Slide 19: 4. Financial Results
4. Financial Results 19
Slide 20: Financial Results: Consolidated P&L
Financial Results Consolidated P&L €k FY2019 FY2018 (3-months) Financial performance Gross rental income (GRI) 34,279 4,726 • Total recorded group GRI, excluding income related to the portfolio operating expenses Property operating expenses (1,607) (413) recoverable from tenants, was €34.3 million.
Slide 21: Castellana's key debt indicators
Financial Results Castellana’s key debt indicators Greater diversification of sources of finance Your text here. EUR m. 31/03/2018 31/03/2019 GAV 308.05 916.50 Gross Debt 146.21 452.70 Cash 16.00 29.40 Net Debt 130.18 423.30 Net LTV 42.26% 46.19% All-in cost 2.37% 2.24% Weighted avg. Maturity 5 year
Slide 22: Dividends
Financial Results Dividends Normalized dividend of €0.39 per share, 87% of the FFO • FY19 normalised dividend for the Group amounts €0.39 and represents 87% of the FFO generated by the Group. • Castellana Properties has approved a final dividend for FY19 of €0.21 to be paid in May 2019, resulting in
Slide 23: Positive stock price revaluation in addition to a dividend yield of 6.5%
Financial Results Positive stock price revaluation in addition to a dividend yield of 6.5% TSR 12.33% 0,39 6,74 0,35 6,35 6 (1) (2) Listing Price July 2018 FY19 Revaluation Stock Price 31st March FY19 DPS Normalized Stock Price 31st March 2019 2019 + FY19 DPS (1) Listing Price is the price per share
Slide 24: 5. Management Team
5. Management Team Información confidencial 24
Slide 25: Management Team
Management Team Key Senior Executives Name Role Description Alfonso Brunet Morales-Arce holds a Bachelor in Business Administration with Concentration in Finance from Boston University (1994-98). Since 2017, Alfonso is CEO of Castellana Properties. Since the beginning of his professional career, Alf
Slide 26: Board of Directors
Board of Directors Best in class experienced BoD Laurence Rapp Chairman and Non-Executive Proprietary Director Alfonso Brunet Debora Santamaría CEO & Executive Director CFO & Executive Director Michael John Potts Jorge Morán Non-Executive Proprietary Director Non-Executive Independent Director Nigel
Slide 27: Board of Directors: Detailed experience
Board of Directors Detailed experience Name Role Description Alfonso Brunet Morales-Arce holds a Bachelor in Business Administration with Concentration in Finance from Boston University (1994-98). Since 2017, Alfonso is CEO of Castellana Properties. Since the beginning of his professional career, Al
Slide 28: 6. Key Challenges & Opportunities
6. Key Challenges & Opportunities Información confidencial 28
Slide 29: E-Commerce is not impacting Spanish retailers as much as European
Key Challenges & Opportunities E-Commerce is not impacting Spanish retailers as much as European SPANISH SALES PER ACTIVITY IN SCs (1) **SPANISH E-COMMERCE / RETAIL CATEGORIES (2) FASHION 0.1% Only 5% of total sales transactions are done online in -0.8% Spain (vs 9% average across EU) 1.5% ACCESSORI
Slide 30: Appendix
Appendix 30
Slide 31: Castellana's Portfolio: Shopping Centres
Castellana’s Portfolio Shopping Centres EL FARO BAHÍA SUR LOS ARCOS VALLSUR HABANERAS €162.3M €120.2M €118.2M €92.8M €88.8M (1) (2) GAV PROVINCE Badajoz Cadiz Seville Valladolid Alicante GLA 43 423m² 24 789m² 17 906m² 35 211m² 24 165m² MONTHLY RENTAL €17/m² €25/m² €33/m² €15/m² €18/m² SECTOR Shoppin
Slide 32: Castellana's Portfolio: Retail Parks (1/2)
Castellana’s Portfolio Retail Parks (1/2) GRANAITA PARQUE OESTE PARQUE PRINCIPADO MARISMAS DEL POLVORIN LA HEREDAD GAV €113.7M €51.6M €34.6M €28.4M €20.0M PROVINCE Granada Madrid Oviedo Huelva Merida GLA 54 376m² 13 604m² 16 246m² 18 079m² 13 447m² MONTHLY RENTAL €10/m² €16/m² €10/m² €8/m² €8/m² SEC
Slide 33: Castellana's Portfolio: Retail Parks (2/2)
Castellana’s Portfolio Retail Parks (2/2) LA SERENA PINATAR PARK MEJOSTILLA MOTRIL RETAIL PARK CIUDAD DEL TRANSPORTE GAV €16.1M €11.8M €8.9M €8.9M €7.4M PROVINCE Badajoz Murcia Caceres Granada Castellon GLA 12 405m² 10 637m² 7 281m² 5 559 m² 3 250m² MONTHLY RENTAL €7/m² €6/m² €7/m² €9/m² €11/m² SECT
Slide 34: Castellana's Portfolio: Offices
Castellana’s Portfolio Offices ED. ALCOBENDAS ED. BOLLULLOS GAV €20.6M €5.7M PROVINCE Madrid Sevilla GLA 11 406m² 5 698m² MONTHLY RENTAL €10.6/m² €6.9/m² SECTOR Offices Offices WALE 12.2 years 12.2 years VACANCY Fully Let Fully Let 34 34
Slide 35: www.castellanasocimi.es
www.castellanasocimi.es Glorieta de Rubén Darío N.º 3 – 1 Dcha. Madrid 28010, Spain T: 91 426 86 86 35 35
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