Madrid, a 24 de julio de 2024
En virtud de lo previsto en el artículo 17 del Reglamento (UE) nº 596/2014, sobre abuso de mercados y en el artículo 227, del texto refundido de la Ley del Mercado de Valores, aprobado por el Real Decreto Legislativo 4/2015 de 23 de octubre y disposiciones concordantes, así como, en la Circular 3/2020 del segmento BME Growth de BME MTF Equity (en adelante "BME Growth"), VBARE Iberian Properties SOCIMI, S.A. (la "Sociedad" o "VBARE"), pone en conocimiento el siguiente:
OTRA INFORMACIÓN RELEVANTE
Por medio del presente documento, se adjunta la presentación de resultados del periodo de seis
(6) meses, finalizado el 30 de junio de 2024.
La documentación anterior también se encuentra a disposición del mercado en la página web de la Sociedad (www.vbarealestate.com).
De conformidad con lo dispuesto en la Circular 3/2020, se hace constar que la información comunicada por la presente ha sido elaborada bajo la exclusiva responsabilidad de la Sociedad y de sus administradores.
Quedamos a su disposición para cualquier aclaración que pueda ser necesaria.
D. Íñigo Sánchez del Campo Basagoiti
Secretario No Consejero del Consejo de Administración
VBARE Iberian Properties SOCIMI, S.A.
1
THIS RELEVANT FACT IS A TRANSLATION OF THE SPANISH VERSION. IN CASE OF ANY
DISCREPANCIES, THE SPANISH VERSION SHALL PREVAIL
Madrid, 24 July 2024
Pursuant to the terms set forth in Article 17 of EU Regulation No. 596/2014 with regard to abuse of markets and Article 227 of the Consolidated Text of the Stock Exchange Law, approved by Royal Legislative Decree 4/2015 dated October 23 and other related provisions, as well as Notice 3/2020 of the BME Growth de BME MTF Equity ("BME Growth"), VBARE Iberian Properties SOCIMI, S.A. (the "Company" or "VBARE") hereby publishes the following:
OTHER RELEVANT INFORMATION
By means of this document, it is attached the Results Presentation for the six (6) month period ended June 30, 2024.
The documentation is also available to the market on the Company´s website (www.vbarealestate.com).
In compliance with the terms of Notice 3/2020, hereby declares that the information communicated has been prepared under the exclusive responsibility of the Company and its administrators.
We remain at your disposal for any clarification that may be necessary.
Mr. Íñigo Sánchez del Campo Basagoiti
Non-Board Secretary of the Board of Directors
VBARE Iberian Properties SOCIMI, S.A.
2
H1 2024 RESULTS PRESENTATION
July 24, 2024
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 solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any purchase of or subscription for securities of the Company should be based solely on each investor's own analysis of all public information, the assessment of risk involved and its own determination of the suitability of any such investment. No reliance should be placed and no decision should be based on this Presentation.
This Presentation may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient to any other person, for any purpose other than the above. In addition, this Presentation may not be distributed, disseminated, published, or in any other way taken or transferred to any jurisdiction where it would be contrary to applicable law. Distributing this Presentation in other jurisdictions may be subject to restrictions according to applicable law and the recipients of this Presentation must find out for themselves the restrictions and their fulfilment. Not complying with the restrictions may be a breach of applicable law.
The information contained in this Presentation does not purport to be comprehensive or to include all information that may be required to fully analyze the issues referred to therein. Accordingly, no representation or warranty, express or implied, is made as to the truth, accuracy or completeness of the information in this Presentation. None of the Company, any of its subsidiaries, or any of their respective directors, officers or employees accepts any responsibility or liability whatsoever for any loss howsoever arising from any use of this Presentation or otherwise arising in connection therewith.
The information and opinions contained in this Presentation are provided as at the date of the Presentation and are subject to verification, correction, completion and change without notice. In giving this Presentation, no obligation to amend, correct or update this Presentation or to provide the recipient with access to any additional information that may arise in connection with it is undertaken.
This Presentation may include forward-looking statements relating to, among others, the Company's financial position, operating results, strategy, plans, targets or goals. Forward-looking statements are subject to risks, uncertainties and factors beyond the Company's control that may result in actual results materially differing from prospective results or the results implied in the forward-looking statements. Therefore, the results and actual performance may materially differ from those expressed or implied in the forward-looking statements. In the same way, the forward-looking statements must not be deemed to entail any statement, promise or warranty of the accuracy or completeness of the assumptions or hypotheses on which the forward-looking statements, expectations, estimations or provisions are based or, in the case of assumptions, of their full inclusion in the Presentation. No undue reliance should be placed on the forward-looking statements.
The Company and its employees, managers, directors, advisors, representatives, agents or affiliates accept no liability (for fault or negligence, whether direct or indirect, contractual or non-contractual) for damages caused by using this Presentation or its content or that, in any manner, relate to this Presentation.
When receiving or attending the Presentation, the recipient declares that he or she agrees with and thus is subject to the above restrictions.
2
INDEX
- H1 2024 Performance
- Annex: Portfolio Overview & Main KPIs
H1 2024 HIGHLIGHTS
PORTFOLIO FULLY OPERATIONAL FROM DECEMBER 2023 WITH POTENTIAL RENT GROWTH (+15%)
COMMERCIAL ACTIVITY WITH 22 LEASES SIGNED IN H1 2024 WITH AN ANNUALIZED RELETTING SPREAD1 OF
+4.1%
NET OCCUPANCY CLOSE TO 100% SINCE MORE THAN A YEAR AGO
+50% LIKE-FOR-LIKE GROSS RENTAL INCOME Vs. H1 2023
6% INCREASE LIKE-FOR-LIKE RENTS SIGNED vs. JUNE 30, 2023
1.02% LIKE-FOR-LIKE PORTFOLIO REVALUATION (0,44% NET OF CAPEX INVESTED) Vs. DECEMBER 2023
€754 NET CONSOLIDATED GAIN EXPLAINED BY SIGNIFICANT GRI IMPROVEMENT AND COSTS DECREASE
NAV PER SHARE INCREASE IN 2024 TO €13.25 (€13.04 AT. DECEMBER 2023)
100% FINANCIAL DEBT FORMALIZED AT FIX INTEREST RATE2
- The reletting spread is calculated considering only units that have been leased by VBARE at least 2 times and excluding the buildings operated by 3rd parties
- The Group has: 1) Mortgage loan with a pending principal as of June 30,2024 of €7.9 mn with 1.8% fix rate until 2030 and variable until maturity (2039). 2) Mortgage loan with a pending principal as of June 30,2024 of €4.6 mn with 1.8% fix rate until 2027 when €3.4 mn
became variable until maturity in 2039. €0.8 mn became variable in 2031 until 2034. | 4 |
1. H1 2024 PERFORMANCE
5
1. H1 2024 Performance
LEASING PERFORMANCE
Quarterly Leases Signed 1
33
Annualized Quarterly Reletting Spread 2
25
18
1111
8
10,02%
9,10%
6,81%
2023
8.2%
6,06%
3,71%
2024
4.1%
4,54%
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |
Stable seasonal number of contracts signed
Quarterly Net Occupancy 3
97,41% | 95,20% | 99,12% | 98,68% | 99,12% | 97,36% |
Mar. 31, 23 | Jun. 30, 23 Sept. 30, 23 Dec. 31, 23 Mar. 31, 24 | Jun. 30, 24 |
High Net occupancy but impacted by seasonal summer rotation
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |
Keeping positive Reletting Spread figures in H1 2024
Time to Lease over Total Portfolio (Days) 4
160 | 150 | |||||||||||||||
140 | 125 | |||||||||||||||
120 | 89 | |||||||||||||||
100 | 70 | 73 | ||||||||||||||
80 | 58 | 54 | ||||||||||||||
52 | ||||||||||||||||
60 | 48 | 43 | 43 | |||||||||||||
28 | 30 | |||||||||||||||
40 | 20 | 10 | 21 | |||||||||||||
20 | ||||||||||||||||
0 | ||||||||||||||||
Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |
2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 |
Time to lease still at low levels due to strong demand and limited supply
1. | It doesn't take into account residential units leased or operated to/by operators | |
2. | The reletting spread is calculated considering only units that have been leased by VBARE at least 2 times | |
3. | Occupancy calculated on the last day of the quarter over each period stabilized investments. From Q2 2023 the whole portfolio is considered stabilized | 6 |
4. Calculated over Published Days (Only Residential and Loft Units taking into consideration). Vacant Residential units not considered in calculations |
1. H1 2024 Performance
OPERATING PERFORMANCE
Like-for-Like GRI Evolution (€ k)
Rents including discounts1 | Total Rents | |
Annualized Rents Potential Growth (€ k) 2
+15% |
2,905 | 3,062 | 3,071 | 3,067 |
3.061 | 3.070 | 3.067 |
2.599 |
+6%
3,086
3.086
3,086 |
Jun. 30, 23 | Sept. 30, 23 | Dec. 31, 23 | Mar. 31, 24 | Jun. 30, 24 |
Strong annualized GRI evolution thanks to strong commercial strategy and full portfolio
stabilization
Current Rents | Rents | Vacant | Under refurbishment | Reversionary |
June 2024 | Below ERV | Units | Units | ERV |
28% of gap with potential rents will be reached in the short term due to coming
vacant units' leases and units under refurbishment
Yield3 on Invested Capital 4
Gross Yield | Net Yield | ||||
5.8% | 6.2% | 6.3% | 6.3% | ||
5.3% | 5.7% | 5.7% | 5.7% | ||
+9% |
6.3%
5.9%
Yield3 on GAV 5
Gross Yield | Net Yield | |
4.2% | 4.5% | 4.5% | 4.5% |
3.9% | 4.2% | 4.2% | 4.1% |
+5%
4.4%
4.2%
Jun. 30, 23 | Sept. 30, 23 | Dec. 31, 23 | Mar. 31, 24 | Jun. 30, 24 |
Net Yield vs Q2 2023 +9%
- Rent including discounts equal to rent free periods in place
- Potential Growth based on the Company´s estimated ERV (Estimated Rental Value) as of June 30, 2024
- Current yields calculated over annualized rents as of June 30, 2024, and considering discounts granted
- Total Invested Capital includes Total Acquisition Price, Total Transaction Costs and Total Accumulated CAPEX
- GAV is based on external independent appraisal
Jun. 30, 23 | Sept. 30, 23 | Dec. 31, 23 | Mar. 31, 24 | Jun. 30, 24 |
Stabilized Net Yield on GAV (+5% vs Q2 2023)
7
1. H1 2024 Performance
IFRS CONSOLIDATED PROFIT & LOSS ACCOUNT
Profit & Loss Account (€ k)
H1 2024 | H1 2023 | Variation | |||||||
Gross Rental income (Like-for-Like Assets) | 1,524 | 1,015 | 50.0% | ||||||
Gross Rental income (Units sold) | - | 12 | (100.0%) | ||||||
Gross Rental Income | 1,524 | 1,027 | 48.3% | ||||||
Other operating income | 1 | 10 | (86.9%) | ||||||
Staff Costs | 62.6% | ||||||||
(373) | (229) | ||||||||
General and administrative expenses | (471) | (968) | (51.4%) | ||||||
Realize gain (Loss) and change of fair value on investment properties | 305 | 1,211 | (74.8%) | ||||||
Operating result | 986 | 1,051 | |||||||
Finance result | (232) | (234) | (0.8%) | ||||||
Profit for the period | 754 | 817 | |||||||
Corporate income tax | - | - | |||||||
Profit for the period attributable to the shareholders | 754 | 817 | |||||||
Basic and diluted earnings per share (Euro) | 0.21 | 0.23 | |||||||
Consolidated Profit & Loss account according to International Financial Reporting Standards as adopted by the European Union (IFRS-EU) | 8 |
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