Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — FY2018 Earnings Presentation
22 slides from Vbare Iberian Properties Socimi's earnings presentation, Mar 5, 2019
Slide 1: Relevant Fact: Results Presentation Filing
THIS RELEVANT FACT IS A TRANSLATION OF THE SPANISH VERSION. IN CASE OF ANY DISCREPANCIES, THE SPANISH VERSION SHALL PREVAIL. Madrid, 5 February 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 Year Ended on December 31, 2018
RESULTS PRESENTATION FOR THE YEAR ENDED ON DECEMBER 31, 2018 March 5th, 2019
Slide 3: Index
INDEX 1. KEY FIGURES 2. VBARE AT A GLANCE 3. 2018 PERFORMANCE 4. FINANCIAL INFORMATION 2
Slide 4: 1. Key Figures
1. KEY FIGURES 3
Slide 5: Key Figures
KEY FIGURES st st December, 31 2018 December, 31 2017 Var. % KEY RESULTS FIGURES Gross Rental Income (GRI) k€ 1,427 1,076 33% Net Rental Income k€ 923 568 63% • €4.8M PROFIT IN 2018 Net Rental Income Margin % 65% 53% 23% Gross Profit k€ 870 543 60% Gross Profit Margin % 61% 50% 21% • +33% GROSS RENT
Slide 6: 2. VBARE at a Glance
2. VBARE AT A GLANCE 5
Slide 7: Portfolio Overview
PORTFOLIO OVERVIEW NUMBER OF UNITS: 272 GLA: 16,200 SQM AVARAGE OCCUPANCY RATE IN 2018: 90% TOTAL INVESTED CAPITAL: €32.7M INVESTED CAPITAL € PER SQM: €2,019 GAV: €50.1M GAV € PER SQM: €3,092 PASSING RENT: €1.65M GROSS YIELD ON INVESTED CAPITAL: 7.54% EPRA NIY: 3.76% EPRA LIKE FOR LIKE RENTAL GROWTH
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW MAJORITY OF THE PORTFOLIO LOCATED IN ASSETS WITH >50% OWNERSHIP, IN MADRID CITY CENTER AND WITH THE APPROPRIATE SIZE Information as of December 31st, 2018. It does not included assets acquired in 2019 7
Slide 9: Key Metrics
KEY METRICS €610 AVERAGE LEASE RENT €113,407 57 SQM PER UNIT AVERAGE ACQUISITION COST PER UNIT AVERAGE SQM PER UNIT €10.9 AVERAGE RENT PER SQM 26.6 MONTHS 29% 1.6 AVERAGE VBA TENANTS TENANTS PER UNIT LEASE TERM EFFORT RATE Information as of December 31st, 2018. It does not included assets acquired i
Slide 10: 3. 2018 Performance
3. 2018 PERFORMANCE 9
Slide 11: Portfolio Evolution (I)
PORTFOLIO EVOLUTION (I) +50% +38% (2018) (2018) +35% +24% SIGNIFICANT PORTFOLIO GROWTH WITH IMPROVED ASSET QUALITY 10
Slide 12: Portfolio Evolution (II)
PORTFOLIO EVOLUTION (II) +8,6% (2018) -43% EXCELLENT PERFORMANCE DUE TO ACTIVE MANAGEMENT Lease Payment Default ratio calculated over Stabilized Assets 11
Slide 13: Portfolio Rental Growth
PORTFOLIO RENTAL GROWTH +35% BELOW MARKET UNITS UNDER DECEMBER 2018 VACANT UNITS REVERSIONARY GRI RENTED UNITS REFURBISHMENT STRONG RENTAL GROWTH WITH SIGNIFICANT UPSIDE POTENTIAL Annualized GRI is calculated on December 2017 and 2018 annualized invoiced lease rents 12 Potential annualized rent is b
Slide 14: Portfolio Yield Growth
PORTFOLIO YIELD GROWTH SOLID YIELD GENERATED BY STABILIZED ASSETS WITH EXCELLENT GROWTH PERSPECTIVES Information as of December 31, 2018. It does not included assets acquired in 2019. Yield calculation based on annualized rents at year-end Reversionary Yield is based on estimated ERV as of December
Slide 15: 4. Financial Information
4. FINANCIAL INFORMATION 14
Slide 16: 2018 Performance
2018 PERFORMANCE • +76% GAV INCREASE VS. 2017 • +5.8% REVALUATION OF 2017 PORTFOLIO • €14M INVESTED IN 2018 ACQUISITION • +33% REVALUATION OF ASSETS ACQUIRED IN 2018 • 24% NAV INCREASE VS. 2017 GAV DECEMBER ASSETS REVALUATION OF REVALUATION OF GAV ACQUIRED IN CAPEX 2018 ASSETS ACQUIRED DECEMBER 2017
Slide 17: Financial Position
FINANCIAL POSITION • €3.2M LOANS OVER 2017 EXISTING PORTFOLIO • €7.4M LOANS OVER 2018 NEW INVESTMENTS • AVERAGE INTEREST RATE 1.75% • AVERAGE MATURITY 16.8 YEARS MODERATE FINANCIAL LEVERAGE WITH LOW RISK INTEREST RATE FLUCTUATIONS 16
Slide 18: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET st st st st December, 31 2018 December, 31 2017 December, 31 2018 December, 31 2017 ASSETS EQUITY AND LIABILITIES Non-Current Assets 50,205 28,620 Net Equity 37,145 29,973 Property, Plant and Equipment 3 4 Share Capital 11,949 10,746 Investment Properties 50,098 28,542 Sha
Slide 19: Consolidated Profit and Loss Account
CONSOLIDATED PROFIT AND LOSS ACCOUNT st st December, 31 2018 December, 31 2017 P&L Gross Rental Income 1,427 1,076 Property operating expenses (557) (533) Gross profit 870 543 Gain from fair value on investment properties 6,563 3,266 Net result from real estate operations 7,433 3,809 General and Adm
Slide 20: Events Occurred in 2019
EVENTS OCCURRED IN 2019 VALLEHERMOSO • ACQUISITION OF 100% OF A WELL-LOCATED ASSET IN 94 MADRID CHAMBERÍ, A NEIGHBORHOOD IN THE CITY CENTER OF MADRID • 27 RESIDENTIAL UNITS AND 2 RETAIL PREMISES (1,516 SQM TOTAL AREA) • €5.3M PURCHASE PRICE PLUS TRANSACTION COSTS • €3.43M MORTGAGE AT FIX INTEREST RA
Slide 21: Disclaimer
DISCLAIMER This presentation has been prepared by VBARE Iberian Properties SOCIMI, S.A. (“VBARE”). This presentation does not constitute and should not be construed as an offer to sell or issue, or the solicitation of an offer to buy or acquire securities. This Presentation is solely for information
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