9M 2021 RESULTS
November 5th, 2021
REAL ESTATE SIIQ
Key Highlights
Manfredi Catella, CEO
Financial Results
Fulvio Di Gilio, CFO
Portfolio & Asset Management
Matteo Ravà, Head of Asset Management
Market Outlook
Gabriele Bonfiglioli, Head of Investments
Closing Remarks
Manfredi Catella, CEO
Appendix | 01 |
COIMA RES - REVIEW OF 9M 2021
A consistent operational & portfolio performance leading to solid financial results
OPERATIONAL & PORTFOLIO PERFORMANCE
- Sold mature assets in non-core locations: Sarca property in Bicocca sold at 36% premium and with 39% IRR
- Disposal in line with COIMA RES' strategy
- Free up capital to perform further investments (opportunities in the market and/or investments on properties already in the portfolio).
- Collected 100% of 9M 2021 rent due1 (98.8% at same date in 2020)
- Leased/renewal c. 12,3002 sqm accounting for c. €6.72m (c. +45% upside vs previous rents) per annum in 9M 2021
- Relet c. 400 sqm of retail portion of Microsoft HQ (€0.3m p.a.)
-
Mooney (ex SisalPay) leased c. 3,250 sqm at Corso Como Place
(B) (€1.3m p.a.) - Sisal lease extension in Tocqueville (€4.9 p.a.)
- All new leases in line or at premium vs previous contract in place
- Redevelopment of Monte Rosa, Tocqueville and Deruta
- Value creation through capex plans to capture rent upside
- Meaningful potential upside achievable in terms of rent / sqm (+25% ERV vs current rent)
- High sustainability target (-65% of carbon emission)
- Refurbishment of c. 60% of Monte Rosa sqm ready to start
FINANCIAL RESULTS
- Gross rent at €31.7m in 9M 2021
- Like for like rental growth at +1.2% excluding Monte Rosa
- EBITDA at 38.2M in 9M 2021
- +64.4% vs 9M 2020 level of €23.2m
- Net profit at €25.7m in 9M 2021
- >100% vs 9M 2020 level of €7.7m
- Net operating profit (EPRA Earnings) at €12.1m (or Euro 0.34 per share) in 9M 2021
- EPRA NTA per share at €12.93 as of Sep-21
- EPRA NTA growth of 4.1% in 9M 2021
- Sustainable capital structure with ample liquidity
- Net LTV at 29.4% on a consolidated basis (27.6% pro-quota)
- €90.5m of cash on balance sheet (consolidated) to fund the capex plans
- EPRA Earnings guidance for 2021 revised upwards by 5%
- New guidance at €0.42 (vs previous guidance at €0.40)
- Interim dividend of €0.10 per share approved
Note: | ||||
1) | Data as of November 5th, 2021 | 9M 2021 RESULTS | 3 | |
2) | Including also the A2A lease in Sarca before the disposal | |||
SARCA DISPOSAL - SUMMARY
Disposal of office property in secondary location in Milan at 36% premium to acquisition price (Sept-19)
ACQUISITION | ASSET OVERVIEW |
- Sarca property sold to a primary international investor
- Disposal price €82.5m
- Net exit yield equal to 4.6% (10 bps tighter than market yield)
- Premium of 33% compared to the last valuation (Dec-20) and 36% compared to the acquisition price (Sept-19)
- Sarca is an office property in the Bicocca district in Milan
- 17,661 sqm of commercial area (12-storeys high)
- Fully let to international tenants (including Philips and Signify)
- WALT of approximately 5 years (June-21)
- Fully refurbished in 2017 by the COIMA platform, LEED Platinum
- COIMA RES acquired the Sarca property in 2019
- Purchase price of €60.7m
- EPRA Topped-up NIY of 5.9%
- Disposal implies an Unlevered IRR of 24% (Levered IRR of 39%)
- Active portfolio rotation since IPO
- Acquisitions totalling ca. €850m (on a pro-quota basis)
- Disposals totalling ca. €325m (on a pro-quota basis)
- Disposals at a blended premium of 10% vs acquisition price
9M 2021 RESULTS 4
MANAGEMENT VALUE CREATION
CRYSTALIZED VALUE AS OF TODAY (+10%)
350 | |||||
Deutsche bank branches | |||||
Eurcenter | |||||
Telecom Portfolio | 324.8 | ||||
250 | Vodafone | ||||
Sarca | 295.7 | +10% | |||
+€ 29M | |||||
150 | |||||
50 | |||||
Purchase priceDisposal Value
FUTURE VALUE CREATION (UP TO 40%)
350 | Deruta | |
MR93 | Value at market yield | |
Tocqueville | +40% | |
250 | ||
164.5 | 164.7 | |
150 | ||
50 | ||
Dec-20 | Sept-21 | At completion / stabilised | ||||||
(market value range) | ||||||||
Purchase price | Capex & other capitalised costs (including financing) | Revaluation component | ||||||
9M 2021 RESULTS | ||||||||
5 | ||||||||
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COIMA RES S.p.A. SIIQ published this content on 05 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2021 11:57:04 UTC.