Premia Real Estate Investment Company Societe Anomyme · ATHEX:PREMIA
Premia Real Estate Investment Company Societe Anomyme — Premia Properties — FY2021 Earnings Presentation
38 slides from Premia Real Estate Investment Company Societe Anomyme's earnings presentation, Apr 14, 2022
Slide 1: Analyst presentation | FY2021 financial results
Analyst presentation| FY2021 financial results 14 April 2022
Slide 2: Presentation team
Presentation team Konstantinos Markazos Pantelis Voutirakis Nikolaos Baziotis Financial Planning Manager CEO CFO/CIO 2
Slide 3: Agenda
Agenda ✓ Premia at-a-glance ✓ Portfolio ✓ Financial summary ✓ The Share ✓ ESG ✓ Strategy update ✓ Q&A Appendix 3
Slide 4: Premia at-a-glance
Premia at-a-glance PREMIA Pe
Slide 5: A listed real estate investment company
A listed real estate investment company ▪ Founded in 1991 and listed in Athens Stock Exchange since 2008 ▪ Property investment and management company ▪ REIC status obtained in April 2022 ▪ Primarily active in logistics, big-boxes, serviced-residential and social real estate 27 4 €198.9 m 37.1% Prope
Slide 6: Fast-growing and dynamic company
Fast-growing and dynamic company 2019 2020 2021 Today Initial Entry Portfolio into the 1st Share 1st Share Capital Capital Increase 2nd Share Capital Increase 3rd Share Capital Increase ✓ Asset base1 @ Resolution Agreement Increase (July 2020) (December 2020) (July 2021) €199m(31.12.21) 5 properties
Slide 7: Strong, strategically invested key shareholders & significant free-float
Strong, strategically invested key shareholders & significant free-float Shareholding structure (5.01.2022) Sterner Stenhus Greece AB 41.6% 100% subsidiary of Sterner Stenhus Holding (SSH) Fastighets AB Balder which is onwed by Elias and Tomas Georgiadis 17.2% SSH holds, among others, participations
Slide 8: Robust financials
Robust financials Top-line growth & increased profitability Strong asset base & healthy capital structure Capital discipline & conservative debt profile Total revenue Investment portfolio Gross debt / Net debt €9.5 m €198.9 m € 103.0m / € 73.7m +459% yoy Dec 2021 Dec 21 EBITDA NAV Gross LTV / Net LT
Slide 9: Solid foundations to deliver long-term performance
Solid foundations to deliver long-term performance Experienced management Strong shareholder base team & solid corporate governance High quality portfolio Sound financials Clear investment strategy 9
Slide 10: Portfolio
Portfolio PREMIA Pe
Slide 11: High-quality asset portfolio comprising 27 properties plus 4 preliminary agreements
High-quality asset portfolio comprising 27 properties plus 4 preliminary agreements GLA: 173k sqm 2 9 Logistics GAV1: €114.6 mn 1 Largest logistics portfolio among GLA: 7k sqm listed REICs 3 Big Box GAV: €10.2 mn 1 Income producing 22 assets (58 units) 1 Serviced GLA: 4k sqm 1 Apts GAV: €11.1 mn (sc
Slide 12: Income-producing investment properties
13 income-producing investment properties... # of properties per Sector properties by GAV properties by Revenue Serviced apartments 1 8% 9% 7% 8% 3 13 assets €135.9m €10.2m1,3 Logistics 9 84% 83% Big Box 6. 0yrs WALT4 (31.12.2021) 7.6 % Gross yield2,3 180.5 k sqm GLA 100% Occupancy 1. Calculated as
Slide 13: 100% occupancy, long-term contracts & diversified tenant mix
… with 100% occupancy, long-term contracts & diversified tenant mix. Rental Income expiring (as % of the annualized rent2) Creditworthy tenants (In terms of annualized rent2) Annualized rental income €10.2m 2 Other tenants Total portfolio WALT 1 6.0 yrs Annual rent adjustments at (31.12.2021) CPI/CP
Slide 14: 10 state-of-the-art schools under management through a PPP agreement
10 state-of-the-art schools under management through a PPP agreement A unique exposure to social real estate through a Public Private Partnership (PPP) agreement with KTYP • Partnership Agreement Term: until 2041 c.20 yrs 10 Assets 35.9k sqm GBA remaining duration • Scope: Management of 10 school un
Slide 15: 4 legacy properties with significant development potential
4 “legacy” properties with significant development potential PREMIA is currently assessing its options with respect to the below properties Address: 166 Orfeos str., Elaionas Address: Public road Chalkida – Nea Lampsakou Acquisition date: 2007 Acquisition date: 2008 Plot area: 10,799 sqm/ GBA: 10,85
Slide 16: 4 binding preliminary agreements for new acquisitions in 2021
4 binding preliminary agreements for new acquisitions in 2021 Binding preliminary agreements in 2021 Property in which a Student Housing Preliminary agreement 3 Preliminary agreements biotechnology park Athens, Thessaloniki, will be developed Patras Paiania Industrial Area Land Plot: 23,000 sqm GLA:
Slide 17: Financial summary
Financial summary PREMIA Pe
Slide 18: Income Statement summary
Income Statement summary Consolidated Income Statement amounts in € (mn) FY 2020 FY 2021 Notes: Rental revenue 1.5 6.5 → Revenues in FY 2021 incorporate ▪ on a full year basis: (3) assets which existed as of 31.12.20, namely Service revenue 0.2 3.0 Elefsina, Kyrilos, JPA (PPP) Total revenue 1.7 9.5
Slide 19: Step change in top-line and EBITDA
Step change in top-line and EBITDA Total Revenue Evolution (in € m) EBITDA Evolution (in € m) 2.8 7.11 9.52 10.84 2.83 0.05 (0.99) (0.75) 2.15 (2.24) 3.73 8.46 (1.22) 1.70 0.47 1.03 (0.57) 1 2 3 FY 2020 Existing assets 1H acquistions & SCI Pireus apartments JPA Total Revenue EBITDA FY 2020 Adusted R
Slide 20: Current revenue capacity
Current revenue capacity Annualized rental revenue (property portfolio as of 31.12.21) (in € m) 0.9 13.3 2.9 9.5 PPP 3.0 Rents 6.5 PPP 0.2 ents 1.5 0 revenue FY 2021 revenue Annualized revenue from properties acquired up to Annualized revenue from Piraeus serviced Group revenue (annualized) June 202
Slide 21: Balance Sheet summary
Balance Sheet summary Consolidated Balance Sheet amounts in € (m) FY 2020 FY 2021 Assets Notes: Investment property 65.9 146.8 → Total investments Advances related to investment property 0.0 12.9 ▪ €146.8m GAV of income-producing assets PPP Asset (IFRIC 12) 40.4 39.2 ▪ €12.9m in advance payments (Bi
Slide 22: Property portfolio expansion and healthy capital structure
Property portfolio expansion and healthy capital structure Total investments (year-to-date) (in € m) NAV Bridge (31.12.21) (in € m) Assets Liabilities 25.0 12.9 7.1 73.7 (1.2) 198.9 6.1 93.8 * 17.1 0.4 125.9 (54.0) 106.3 0.3 * 37.9 Total investments (FY New investments Revaluation Gain Property inve
Slide 23: The Share
The Share PREMIA Pe
Slide 24: The Share
The Share Share data NAV/share evolution (in € m) VWAP 1.58 Period high 2.08 Period low 1.32 1.45 1.31 1.25 1.08 31/12/2020 30/6/2021 30/9/2021 31/12/2021 Stock price NAV / share 24
Slide 25: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) 25
Slide 26: Commitment to best-in-class corporate governance practices
Commitment to best-in-class corporate governance practices Board of Directors ▪ 3 Executive Members ▪ 5 Non-Executive Members (including 3 Independent Non-Executive Members compliant with Law 4706/2020) Supporting committees 1 Audit Committee 2 Remuneration & Nomination Committee 3 Investment Commit
Slide 27: Embedding sustainability initiatives
Embedding sustainability initiatives During 2021 PREMIA incorporated in its activities the principles of Responsible Entrepreneurship and Sustainable Development, proving in practice its dedication to achieve high ESG standards 1 of the 49 listed companies included in the ATHEX ESG index Successfull
Slide 28: Strategy update
Strategy update PREMIA Pe
Slide 29: Clear strategy & vision to reach €1bn GAV in 5 years
Clear strategy & vision to reach € 1bn GAV in 5 years Property portfolio Growth strategy Environmental & Social responsibility • Balanced, high-quality and well-diversified • Pursue off-market superior yield investment • Active property management & systematic portfolio opportunities facilities mana
Slide 30: From vision to action
From vision to action Attracting strategic partners and acquiring well ▪ 7 assets added through contributions in kind from Sterner Stenhus and NOE • 3 new acquisitions including new market segments such as big-boxes and serviced residential • Property portfolio average yield 7.6% • 4 preliminary agr
Slide 31: Outlook 2022
Outlook 2022 The Company has a solid asset base and sufficient current firepower of c. €75m to fund its growth. Being cognizant of the severe challenges of the macro-environment, we are well-equipped to continue execution of our investment plan and remain on a growth trajectory • Significant cash po
Slide 32: Questions & Answers
Questions & Answers PREMIA Properties
Slide 33: Appendix
Appendix PREMIA Pe
Slide 34: Appendix – Income producing properties in the existing portfolio (1/3)
Appendix – Income producing properties in the existing portfolio (1/3) Acquisition date: 2020 Acquisition date: 2021 GLA: 53,781 sqm (5 buildings) GLA: 15,664 sqm Appraisal: €32.6 mn Appraisal: €7.0 mn Logistics Centre Logistics Centre Tenants: Various Tenant: Aspropirgos “Kyrillos” Mandra, “Xiropig
Slide 35: Appendix – Income producing properties in the existing portfolio (2/3)
Appendix – Income producing properties in the existing portfolio (2/3) Acquisition date: 2021 Acquisition date: 2021 GLA: 9,443 sqm GLA: 4,462 sqm Appraisal: €5.9 mn Appraisal: €5.1 mn Logistics Centre Big-box Tenant: Tenant: Aspropirgos, “Lakka” Kalamata Acquisition date: 2021 Acquisition date: 202
Slide 36: Appendix – Income producing properties in the existing portfolio (3/3)
Appendix – Income producing properties in the existing portfolio (3/3) Acquisition date: 2021 Rental Building Area: 3,597.60 sqm Tenants: ▪ The acquisition of the stand-alone property of serviced apartments has been completed on 30.11.2021 ▪ The transaction was financed from funds raised from the Sh
Slide 37: Important Notice and Disclaimer of Liability
Important Notice and Disclaimer of Liability THIS DOCUMENT MAY ONLY BE USED IN CONJUNCTION WITH AND SUBJECT TO THE TERMS OF THIS NOTICE & DISCLAIMER OF LIABILITY THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITI
Slide 38: PREMIA Properties
PREMIA Properties