Presentazione risultati

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