COIMA RES S.P.A. SIIQ Q1 2021 RESULTS
May 7th, 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 Q1 2021
A consistent operational & portfolio performance leading to solid financial results
OPERATIONAL & PORTFOLIO PERFORMANCE | FINANCIAL RESULTS |
- Collected 99.1% of Q1 2020 rent due1 (98.7% at same date in 2020)
- Corso Como Place development project completed
- Completion in Q4 2020, according to schedule
- Delivery to Accenture and Bending Spoons in Jan-21
- Capital value growth of 12.4% in 2020
- Further potential valuation upside
- Relet c. 400 sqm of retail portion of Microsoft HQ in Porta Nuova
- New 9-years lease signed with design company
- Space previously let by Microsoft as showroom
- Terms broadly aligned with previous one (€0.3m rent, €700/sqm)
- Redevelopment of Monte Rosa following planned PwC relocation
- 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
- Gross rent at €10.7m in Q1 2021
- -3.0%vs Q1 2020 (61% due to PwC and 17% to disposals)
- Like for like rental growth at -2.5%
- Excluding Monte Rosa, office like for like rental growth at -0.1%
- Net operating profit (EPRA Earnings) at €4.1m in Q1 2021
- Substantially in line vs Q1 2020 level of €4.2m
- Net profit at €4.0m in Q1 2021
- +20.4% vs Q1 2020 level of €3.3m
- EPRA NTA per share at €12.53 as of Mar-21
- EPRA NTA growth of 0.9% in Q1 2021
- Sustainable capital structure with ample liquidity
- Net LTV at 37.0% on a consolidated basis (34.2% pro-quota)
- €58.5m of cash on balance sheet (consolidated)
- Paid 2020 dividend of €0.30 per share
- In line with 2019 and 2018 level
Note: | Q1 2021 RESULTS | 3 | |
1) | Data as of April 30th, 2021 |
COIMA RES - NEXT 5 YEARS EXPECTED EVOLUTION
Planning to futher streamline and upgrade the portfolio through disposals and refurbishments
LAST
5 YEARS (2016-2020)
TODAY
(Q1 2021)
NEXT
5 YEARS (2021-2025)
LIKELY
LANDING POINT IN 2025
Notes:
- €360m of equity raised in IPO
- €851m of acquisitions1 completed, €259m of disposals1 performed
- €25m of capex1 spent, mainly related to Corso Como Place project
- Approx. 6-10% of portfolio under refurbishment in last 5 years (Corso Como Place project)
- Delivered +34% total return2 since IPO (or +6.8% on an annual basis)
- €689m portfolio: 91% in Milan, 53% in Porta Nuova, 87% offices, 66% LEED certified
- Current portfolio is predominantly Core
- Stay focussed on the office asset class
- Further concentrate portfolio in more central / resilient / prime areas of Milan
- Active portfolio rotation through disposals of mature / non-core /non-strategic assets
- Refurbishment of selected asset in portfolio (up to approx. 24% of the current portfolio)
- Corso Como Place stabilisation phase and potential investment in Gioia 22 to support cash flow
- Likely portfolio in 2025
- 100% in Milan (> 60% in Porta Nuova)
- ~ 100% offices
- > 80% LEED certified
BUILD-UP
AND
STREAMLINE
HIGH
QUALITY
PORTFOLIO
STREAMLINE
AND
UPGRADE
PRIME
PORTFOLIO
- On a pro-quota basis
- Total return calculated on the basis of IPO price, dividend distributed and NAV as of December 31st, 2020
Q1 2021 RESULTS 4
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 |
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COIMA RES S.p.A. SIIQ published this content on 07 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2021 10:09:06 UTC.
