Noval Property Real Estate Investment Company · ATHEX:NOVAL
Noval Property Real Estate Investment — Noval Property Reic — Investor Presentation (October 2023)
48 slides from Noval Property Real Estate Investment's investor presentation, October 2023
Slide 1: NOVAL PROPERTY REIC Management Presentation
NOVAL PROPERTY REIC Management Presentation October 2023
Slide 2: Disclaimer
Disclaimer Important Notice THIS DOCUMENT MAY ONLY BE USED IN CONJUNCTION WITH AND SUBJECT TO THE TERMS OF THIS NOTICE By viewing or receiving this Presentation (as defined below), you agree to be bound by the following limitations/terms of use of the Presentation: This corporate presentation (the P
Slide 3: Table of Contents
Table of Contents 01 NOVAL PROPERTY Overview 02 Key Investment Highlights Greek Macro Environment and Real 03 Estate Market 04 Appendix 2
Slide 4: Company at a Glance
Company at a Glance Business Overview Key Financials(3) Key Portfolio KPIs(3) The 2nd largest Greek REIC (1) with €516 mn €30 mn (9) diversified and resilient portfolio GAV (4) Annualized Rental Income comprising 62 properties (2) €12.8 mn (FY 2022) 344,000 / €7.5 mn (H1 2023) Footprint across Greec
Slide 5: Key Milestones
Key Milestones 15.10.2019 Establishment of NOVAL IKEA Mare West PROPERTY Completion of EGM K29 Apartment Megastore, Retail Park, REIC RIVER WEST Resolution Hotel, Athens Corinth expansion Athens on ATHEX listing 2011 2016 2018 2022 (IPO) 2020 2008 2015 2017 2019 2021 2023 River West WYNDHAM GRAND Li
Slide 6: Portfolio Growth Strategy
Portfolio Growth Strategy Develop captive Acquire and develop Actively asset pipeline new properties manage existing portfolio • NOVAL PROPERTY has • NOVAL PROPERTY owns a Lease any remaining vacancies scanned the Greek market • number of former of the core income- and has collated and industrial pr
Slide 7: Table of Contents
Table of Contents 01 NOVAL PROPERTY Overview 02 Key Investment Highlights Greek Macro Environment and Real 03 Estate Market 04 Appendix 6
Slide 8: Key Investment Highlights
Key Investment Highlights 2nd largest REIC in Greece (1), holding a diversified and resilient portfolio of modern, high-quality 1 and sustainable assets with long term inflation-adjusted leases and strong tenant mix Positioned to exploit increased demand for high-quality and bioclimatic assets havin
Slide 9: Well Diversified Portfolio
1 Well Diversified Portfolio NOVAL PROPERTY’s footprint (1) 62 Properties(2) Bulgaria 2% Rest of Greece Bulgaria 1,3% 9.8% Rest of 1 Sofia Thessaloniki 1.6% Greece 34% Attica GAV(1) Thessaloniki 6% 58% €516mn 2 Kilkis Greece Attica 98.7% 87.3% 4 Thessaloniki 1 Ioannina Portfolio breakdown by Annuali
Slide 10: Selected Properties
1 Selected Properties Green Buildings * River West IKEA Mare West The Orbit The Butterfly Wyndham Athens Athens Corinth Athens Athens Grand Athens 5* (Hotel) Green BREEAM In-Use LEED Platinum LEED Gold certification Commercial V6 WiredScore GOLD WiredScore Silver GAV €95.3 mn €52.9 mn €19.5 mn €88.3
Slide 11: "Green" Portfolio Investments
1 “Green” Portfolio Investments Sustainable development Particular emphasis is placed on environmentally friendly and sustainable development (LEED-certified buildings, design respecting the adjoining landscape and the local communities needs) Compliance with all applicable local and internation
Slide 12: Strong Tenant Mix
1 Strong Tenant Mix Top 3 Tenants (1) Tenant Mix Annualized Rental Lease VIOHALCO's Subsidiaries Tenants HOUSEMARKET S.A. Income (2) Expiration 12.4% 18.6% IKEA €5.6 mn 2033 ZEUS Total Annualized 8.4% VIOHALCO €3.7 mn Various Rental Income €30 mn(1) WYNDHAM GRAND €2.5 mn 2034 Other 60,6% €11.8 mn (1
Slide 13: Investment Pipeline
2 Investment Pipeline NOVAL PROPERTY has designed and is implementing a strategic investment growth plan, with promising prospects aimed at enhancing and enriching the balanced mix of its real estate portfolio Current investment pipeline amounts to €384mn (2023-2029) • Asset Class: 47% Mixed use
Slide 14: Projects in Progress
2 Projects in Progress 199 Kifisias Ave. 248-252 Pireos str. – 10-12 Chimarras 40-42 Ardittou str., 16 Chimarras str., Marousi – Reconstruction of str., Marousi – Mets – Marousi – Reconstruction of Mandra – former industrial Development of a Reconstruction of Construction of existing office Construc
Slide 15: Investment Pipeline (1/6)
2 Investment Pipeline (1/6) Description GBA Expected Certification 10-12, Chimarras Construction of an office campus str., Marousi – LEED Platinum / (through the JV c. 61,400 sqm Development of a “THE GRID S.A.”) EU TAXONOMY aligned new office campus 14
Slide 16: Investment Pipeline (2/6)
2 Investment Pipeline (2/6) Description GBA Expected Certification 16, Chimarras str., Marousi – Construction of an additional, new LEED GOLD / Construction of a office building 20,769 sqm EU TAXONOMY aligned new office building 15
Slide 17: Investment Pipeline (3/6)
2 Investment Pipeline (3/6) Description GBA Expected Certification Ardittou str., Mets – Reconstruction Construction of a residential & LEED GOLD / 4,034 sqm of mixed-use office building EU TAXONOMY aligned building 16
Slide 18: Investment Pipeline (4/6)
2 Investment Pipeline (4/6) Description GBA Expected Certification Construction of a Construction of sustainable LEED GOLD / 9,441 sqm logistics center logistics / buildings EU TAXONOMY aligned 17
Slide 19: Investment Pipeline (5/6)
2 Investment Pipeline (5/6) Description GBA Expected Certification 199, Kifisias Ave. Marousi – LEED GOLD / Renovation / refurbishment of an Reconstruction of existing office building 6,673 sqm NET ZERO CARBON/ an existing office EU TAXONOMY aligned building 18
Slide 20: Investment Pipeline (6/6)
2 Investment Pipeline (6/6) Description GBA Expected Certification 252, Pireos str. – Reconstruction of former industrial LEED/LEED Neighborhood Urban buildings into offices, hotel, 106,000 sqm Development or BREEAM Regeneration residences, sports facilities and Communities other (e.g., cultural) Pr
Slide 21: LT Contracts With Favourable Lease Terms Supporting Stable Cash Flows
2 LT Contracts With Favourable Lease Terms Supporting Stable Cash Flows % of rental income expiring (as a % of the Annualized Rent)(1) 59,0% 7,2% 7,3% 9,5% 6,0% 6,8% 4,1% 2023 2024 2025 2026 2027 2028 >2028 Favourable lease terms minimizing cash flow leakage 7.3 / 5.5 years WAULT based on the mi
Slide 22: Healthy Financials Along With NAV Growth to Reward Shareholders
3 Healthy Financials Along With NAV Growth to Reward Shareholders Key Financials Total Debt (including lease liabilities) & LTV 24.9 350.0 55.1% 43.5% € mn 40.8% 300.0 23.9% 245.4 15.9 250.0 224.2 221.8 13.9 12.8 200.0 9.7 142.3 7.2 135.8 150.0 116.3 5.0 4.4 106.4 101.8 3.8 100.0 € mn 50.0 Rental In
Slide 23: Internally Managed by a Highly Experienced Team
4 Internally Managed by a Highly Experienced Team Panagiotis Kapetanakos Aikaterini Apergi Evgenia Mourousia CEO CFO CIO 29 years of experience 27 years of experience 22 years of experience Previously, Previously, Previously, • Co-CEO and CFO of the redevelopment of the • Assistant Director of Whole
Slide 24: Corporate Governance Structure
4 Corporate Governance Structure 1 Board of Directors 1 • It is composed of 9 members, appointed by the Board of Directors General Assembly: 2 4 executives and 5 non-executives (3 Investment independent members) Committee Elected on 08.06.2023 (until 08.06.2024) 3 33% of the board is comprised
Slide 25: Viohalco, a Strong and Committed Shareholder
5 Viohalco, a Strong and Committed Shareholder NOVAL PROPERTY’s Shareholder Other NOVAL PROPERTY’s main shareholder is VIOHALCO. 18.6% VIOHALCO, based in Belgium, is the holding company of various metal processing companies in Europe. VIOHALCO companies specialize in the manufacture of alumini
Slide 26: Table of Contents
Table of Contents 01 NOVAL PROPERTY Overview 02 Key Investment Highlights Greek Macro Environment and Real 03 Estate Market 04 Appendix 25
Slide 27: Positive Greek Macro Fundamentals
Positive Greek Macro Fundamentals GDP & Inflation (%) GGB Yield (10Y) 15.0% 9.3% 14.0% 10.0% 8.4% 12.0% 5.9% 4.0% 2.9% 2.3% 2.0% 1.9% 1.8% 5.0% 10.0% 1.7% 1.9% 2.6% 1.5% 1.4% 1.4% 1.3% 1.2% 0.0% 1.1% -1.3% 8.0% 0.0% 6.0% -0.5% 1.1% 0.8% 0.5% 0.6% 4.0% -5.0% 2.0% -10.0% 0.0% -9.0% 2016 2017 2018 2019
Slide 28: Real Estate Market in Greece
Real Estate Market in Greece Retail Prime Yields (%) Athens Office Prime Rental Values (€/sqm) 7.2% 7.2% 30.0 7% 7% 6.9% 6.9% 25.0 6.7% 6.6% 20.0 6.2% 6.25% 6.25% 15.0 6.1% 6.1% 6% 6% 6% 6% 10.0 5.55% 5.55% 5.5% 5.0 5.35% 0.0 2016 2017 2018 2019 2020 2021 2022 H1 2023 2017 2018 2019 2020 2021 2022 Q
Slide 29: Table of Contents
Table of Contents 01 NOVAL PROPERTY Overview 02 Key Investment Highlights Greek Macro Environment and Real 03 Estate Market 04 Appendix 28
Slide 30: Financials | Statement of Financial Position – IFRS
Financials | Statement of Financial Position – IFRS Amounts in € ’000s 31.12.2020 31.12.2021 31.12.2022 30.06.2023 Assets Non-current assets Investment property 377,028 416,293 483,963 511,052 Property and equipment 539 663 746 839 Rights of use 2,596 2,825 2,586 2,682 Intangible assets 269 247 214
Slide 31: Financials | Income Statement – IFRS
Financials | Income Statement – IFRS Amounts in € ’000s 01.01 – 31.12.2020 01.01 - 31.12.2021 01.01 - 31.12.2022 01.01 - 30.06.2023 01.01 - 30.06.2022* Continuing Operations Revenue 13,876 15,937 24,880 13,786 12,158 Net gain / (loss) from fair value adjustment (4,323) 27,475 18,208 19,467 11,688 of
Slide 32: Financials | Cash Flow Statement – IFRS (1/2)
Financials | Cash Flow Statement – IFRS (1/2) Amounts in € ’000s 01.01 – 31.12.2020 01.01 - 31.12.2021 01.01 - 31.12.2022 01.01 – 30.06.2023 01.01 – 30.06.2022* Operating Activities Profit/(Loss) after tax (1,542) 35,204 24,479 23,201 15,034 Tax 324 429 830 1,191 283 Depreciation 126 199 204 112 97
Slide 33: Financials | Cash Flow Statement – IFRS (2/2)
Financials | Cash Flow Statement – IFRS (2/2) Amounts in € ’000s 01.01 – 31.12.2020 01.01 - 31.12.2021 01.01 - 31.12.2022 01.01 – 30.06.2023 01.01 – 30.06.2022* Investing Activities Acquisition of PP&E (126) (201) (153) (131) (59) Acquisition of intangible assets (4) (11) - - - Acquisition of invest
Slide 34: NAV break-down
NAV break-down Amounts in € ’000s 31.12.2020 31.12.2021 31.12.2022 30.06.2023 Shareholders’ Equity 281,920 314,904 365,854 386,758 Number of Shares* Adj. for RS 1/2.5 98,929 98,929 107,467 107,467 NAV per share* in € 2.85 3.18 3.40 3.60 33 *Number of shares has been adjusted for the reverse split 1/
Slide 35: Captive Pipeline Investment
Captive Pipeline Investment S/No in Investment Estimated Project Budget Schedule dated Type of asset Description Estimated Project Completion Date (in € mil) 30.06.2023 48 Logistics Modern logistics complex in Mandra, Attica 7,6 2023 Energy upgrade of an office complex on 57, Ethnikis Antistaseos St
Slide 36: Analysis per Type of Asset
Analysis per Type of Asset *Any deviations in the totals are due to rounding. Fair Value Annualized Number of Source: Processing of unaudited information by the Company based on as at G.L.A. rental income Gross yield Occupancy (in '000 €)* Properties % of total % of total % of total the Valuation Re
Slide 37: Geographical Sector Analysis & Lease Maturities
Geographical Sector Analysis & Lease Maturities Annualized Number of Occupancy (in '000 €) Fair Value % of total G.L.A. (sq.m.) (2) % of total Rental Income % of total Properties (3) rate (4) [30.06.2023] (1) Greece (Total) 60 495.746 98,70% 340 99,00% 29.548 98,50% 97,10% Attica 35 435.326 86,70% 2
Slide 38: Leverage Ratios & FFO
Leverage Ratios & FFO Leverage Ratios (amounts in '000 €)* 30.06.2023 31.12.2022 31.12.2021 31.12.2020 Long-term Debt Liabilities (a) 197.378 200.168 172.184 62.469 Short-term Debt Liabilities (b) 10.930 10.486 57.081 27.483 * Any deviations in the totals are due to rounding. Long-term Lease Liabili
Slide 39: EBITDA / a-EBITDA & Operating Profit
EBITDA / a-EBITDA & Operating Profit EBITDA and a-EBITDA 1.1- 1.1- 1.1- 1.1- 1.1- (amounts in '000 €)* 31.12.2022 31.12.2021 31.12.2020 30.06.2023 30.06.2022 Profit / (Loss) after tax 24.479 35.204 (1.542) 23.201 15.034 Plus: Depreciation 204 199 126 112 97 Plus: Net financial result 5.305 3.429 3.9
Slide 40: Portfolio Data
Portfolio Data Α. INVESTMENT PROPERTY S/No Land Plot & Current Annualized rental income as at Fair Value as at Occupancy rate S/No Investment Address Perfecture Country Acquisition Date Acquisition value Category TENANT G.L.A. Building Description Property Use 30.06.2023 30.06.2023 (%) Schedule Rent
Slide 41: Portfolio Data
Portfolio Data Α. INVESTMENT PROPERTY S/No Investment Land Plot & Building Current Property Annualized rental income as at Fair Value as at Occupancy rate S/No Address Perfecture Country Acquisition Date Acquisition value Category TENANT G.L.A. Schedule Description Use 30.06.2023 30.06.2023 (%) GREE
Slide 42: Portfolio Data
Portfolio Data Α. INVESTMENT PROPERTY S/No Land Plot & Current Annualized rental income as at Fair Value as at Occupancy rate S/No Investment Address Perfecture Country Acquisition Date Acquisition value Category TENANT G.L.A. Building Description Property Use 30.06.2023 30.06.2023 (%) Schedule NATO
Slide 43: Portfolio Data
Portfolio Data Α. INVESTMENT PROPERTY S/No Land Plot & Current Annualized rental income as at Fair Value as at Occupancy rate S/No Investment Address Perfecture Country Acquisition Date Acquisition value Category TENANT G.L.A. Building Description Property Use 30.06.2023 30.06.2023 (%) Schedule DEKA
Slide 44: Portfolio Data
Portfolio Data Α. INVESTMENT PROPERTY S/No Land Plot & Current Annualized rental income as at Fair Value as at Occupancy rate S/No Investment Address Perfecture Country Acquisition Date Acquisition value Category TENANT G.L.A. Building Description Property Use 30.06.2023 30.06.2023 (%) Schedule "Ast
Slide 45: Portfolio Data
Portfolio Data Α. INVESTMENT PROPERTY S/No Land Plot & Current Annualized rental income as at Fair Value as at Occupancy S/No Investment Building Address Perfecture Country Acquisition Date Acquisition value Category TENANT G.L.A. Property Use 30.06.2023 30.06.2023 rate (%) Schedule Description Agio
Slide 46: IPO – Income Producing Properties
IPO – Income Producing Properties Property Name Asset Category RIVER WEST Retail IKEA Retail Mare West, Κόρινθος Retail Μουζάκη Retail Χαϊδαρίου 2, Πειραιάς Retail Ευήνου 7, Πύργος Αθηνών Retail Μιχαλακοπούλου 177, Αμπελόκηποι Retail Ξενίας 17, Κηφισιά Residential Κηφισίας 115, Αμπελόκηποι Offices Α
Slide 47: Glossary
Glossary Financials Earnings Before Interest, Tax, Depreciation and Amortization adjusted for (gain)/loss from fair value adjustment of investment 1 Adj. EBITDA property, gain/loss from impairment on financial assets, (gain)/loss from sale of investment property, non-recurring (income)/expense and (
Slide 48: Follow us
Follow us … https://noval-property.com https://www.linkedin.com/mwlite/company/noval-property
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