COIMA RES S.P.A. SIIQ H1 2021 RESULTS
July 30th, 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 H1 2021
A consistent operational & portfolio performance leading to solid financial results
OPERATIONAL & PORTFOLIO PERFORMANCE
- Collected 100% of H1 2020 rent due1 (98.1% at same date in 2020)
- Leased/renewal c. 12,300 sqm accounting for c. €6.7m (c. +45% upside vs previous rents) per annum in H1 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.) - A2A leased c. 700sqm at Sarca (€0.2m 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 following planned PwC relocation
- PwC release in line with expectation at the time of acquisition
- Refurbishment of c. 60% of Monte Rosa sqm now possible
- Meaningful potential upside achievable in terms of rent / sqm (+35% ERV vs current rent)
- Strip-out& demolition works starting from Q3-2021
Note: | |
1) | Data as of July 26th, 2021 |
FINANCIAL RESULTS
- Gross rent at €21.7m in H1 2021
- -2.2%vs H1 2020 (64% due to PwC and 24% to disposals)
- Like for like rental growth at -1.7%
- Excluding Monte Rosa, office like for like rental growth at 1.6%
- Net operating profit (EPRA Earnings) at €8.3m in H1 2021
- -5.9%vs H1 2020 level of €8.8m
- Net profit at €9.1m in H1 2021
- >100% vs H1 2020 level of €3.6m
- EPRA NTA per share at €12.47 as of Jun-21
- EPRA NTA growth of 0.4% in H1 2021
- Sustainable capital structure with ample liquidity
- Net LTV at 38.0% on a consolidated basis (35.2% pro-quota)
- €52.0m of cash on balance sheet (consolidated)
- Paid 2020 dividend of €0.30 per share
- In line with 2019 and 2018 level
H1 2021 RESULTS 3
FOCUS ON CAPEX PLAN
Value creation through capex plan in order to capture the potential rent upside (+25% on ERV; +36% on Prime Yield)
MONTE ROSA
TOCQUEVILLE
DERUTA1
Total
Expected Capex
AmountExpected Start Capex
(€/M)
40-453Q-21
30-352Q-22
13-182Q-22
83-98n.m.
Current Rent | ERV | |
(€/sqm) | (€/sqm) | |
~310~420
+35% (ERV vs Rent)
~400~500
+25% (ERV vs Rent)
~260~280
+8% (ERV vs Rent)
~330 | 2 | ~4152 |
+25% (ERV vs Rent) |
Business District
Prime Rent
(€/sqm)
420
+35% (Prime Rent vs Rent)
- (Prime Rent vs ERV)
600
+50% (Prime Rent vs Rent)
+20%(Prime Rent vs ERV)
280
+8% (Prime Rent vs Rent)
- (Prime Rent vs ERV)
~4502
+36% (Prime Rent vs Rent)
+9% (Prime Rent vs ERV)
1) Candidate to refurbishment | H1 2021 RESULTS | 4 | |
2) Weighed on GAV | |||
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 | 02 |
Questo è un estratto del contenuto originale. Per continuare a leggere, accedi al documento originale.
Attachments
- Original document
- Permalink
Disclaimer
COIMA RES S.p.A. SIIQ published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 07:28:08 UTC.
