Castellana Properties Socimi S A : Presentación de resultados FY2022

FY2022

April 2021 - March 2022

FINANCIAL

RESULTS PRESENTATION

KEY HIGHLIGHTS

• MAIN ACHIEVEMENTS
• HIGHLIGHTS
• MAIN KPI's PERFORMANCE

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KEY HIGHLIGHTS / RESULTS PRESENTATION

MAIN ACHIEVEMENTS

CASTELLANA PROPERTIES SIGNS €185 MILLION 7-YEAR FINANCING AGREEMENT

• Financing agreement signed of €185 million with Aareal Bank A.G. participating also Banco Santander S.A. in the financing
• This agreement, a clear sign of the confidence credit institutions have in Castellana Properties, places the company's average debt maturity at 5 years
• The aim is to refinance the syndicated loan for the retail park portfolio and the loan for the Habaneras Shopping Centre (Alicante), as well as the financing of phase two of the Pinatar Park Retail Park (Murcia)

CASTELLANA PROPERTIES ACQUIRES 21.7% OF LAR ESPAÑA REAL ESTATE

• Acquisition of a 21.7% stake in Lar España Real Estate. Castellana Properties becomes the largest shareholder in Lar España Real Estate, a leading Spanish REIT owning high quality retail assets with a GAV in excess of €1.4bn
• Closed at a c. 48% discount to Lar España's EPRA NTA, the transaction represents an attractive financial investment, combining a high dividend yield with long-term capital appreciation potential

FITCH ASSIGNS CASTELLANA PROPERTIES FIRST-TIME IDR 'BBB-'; INVESTMENT GRADE CREDIT RATING; OUTLOOK STABLE

• Obtained a BBB- Investment Grade long-term rating with a stable outlook Fitch, a renowned international rating agency, has positively assessed not only our stability, active management and the quality of our portfolio, but also the increase in rents and the improvement in cash flow.

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KEY HIGHLIGHTS / RESULTS PRESENTATION

HIGHLIGHTS

FINANCIAL

PERFORMANCE

OPERATIONAL	VALUE
PERFORMANCE	CREATION

• GAV of €1.091 million at March 2022 including Lar España stake acquisition (Like-for-Like 4.5% revaluation over March 2021). GAV investments properties Like-for-like value recovery of 0.2% from September 2019 improving pre-covid levels.
• Like-for-LikeGRI growth of 3.06% and increasing by 3.8% over pre-covid levels and Like-for-Like NOI growth of 5.94% compared to FY2021
• EPRA NTA of €616 million (+23.1% vs March 2021) or €6.24 per share.
• Net LTV of 43.04% (-11.33% compared to March 2021) at an all-in cost stabilized at 2.45% per annum and increased debt average maturity to 5 years.

• Capex investments of c. €21 million in FY2022 in value added projects mainly regarding repositioning projects accomplishment reaching a 6.32% Yield on investment and 10.0% average Cash-on-cash.
• Occupancy stabilized at 98.4% at 31 March 2022.
• 170 new leases signed (renewals and new lease agreements) generating additional new rent signed of c.€9.5 million.

• Repositioning projects are already completed. 100% of target rent already achieved.
• Disposal of Konecta Office Buildings generating a profit c.€4 million.
• Castellana Properties has developed its ESG Strategic Plan FY2022-2025 with the support of EY.
• • Castellana Properties receives the EPRA GOLD AWARD in its third year of operation.
  • 100% of the Company's Shopping centers are now BREEAM certified, improving grades from last certification.

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KEY HIGHLIGHTS / RESULTS PRESENTATION

MAIN KPI's PERFORMANCE

	16	350,271 sqm	5.94%	98.4 %	13.2 years	98.7%
OPERATIONAL	ASSETS	GLA	NOI	OCCUPANCY	WAULT	RENT
		LIKE-FOR-LIKE			COLLECTION
			GROWTH(1)
	€59m	€46m	€469m	2.45%	43.04%	0.23€/share
FINANCIAL	GRI(2)	NET PROFIT(3)	NET DEBT(4)	ALL-IN COST	NET LTV(5)	FY2022 DIVIDEND

	€1,091b		4.5%		0.2%		€616m		6.24 €/share
CORPORATE	GAV(6)		FY2022		FY2022 VALUE		EPRA NTA		EPRA NTA
		VALUE		GROWTH VS				PER SHARE
			GROWTH(7)		PRE-COVID
					GAV PEAK(8)

1. Like-for-LikeNOI growth compared to FY2021 excluding Konecta Office Buildings and Covid-19 discounts during FY2022
2. Excluding non-recurring income and expenses during FY2022 (April 2021 to March 2022)
3. Net profit including temporary discounts agreed with tenants amounting to €3.3m and Change in fair value of assets amounting to €21.9m
4. Net Debt calculated excluding restricted Cash and excluding €10m debt with related parties
5. Net LTV calculated considering Nominal Debt excluding restricted Cash and excluding €10m debt with related parties and including Lar España stake acquisition
6. Including Lar España stake acquisition
7. Versus March 2021 valuation of investment properties excluding mainly Konecta Office Buildings
8. Considering total Covid-19 effect versus September 2019 valuation of investment properties excluding mainly Konecta Office Buildings

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