VBARE Iberian Properties SOCIMI S A : Presentación de Resultados del ejercicio 2023 (6 MB)

Madrid, 7 de marzo de 2024

En virtud de lo previsto en el artículo 17 del Reglamento (UE) nº 596/2014, sobre abuso de mercados y en el artículo 228, del texto refundido de la Ley del Mercado de Valores, aprobado por el Real Decreto Legislativo 4/2015 de 23 de octubre y disposiciones concordantes, así como, en la Circular 3/2020 del segmento BME Growth de BME MTF Equity (en adelante "BME Growth"), VBARE Iberian Properties SOCIMI, S.A. (la "Sociedad" o "VBARE"), pone en conocimiento la siguiente:

OTRA INFORMACIÓN RELEVANTE

Por medio del presente hecho relevante, se adjunta la presentación de resultados del ejercicio finalizado el 31 de diciembre de 2023.

La documentación anterior también se encuentra a disposición del mercado en la página web de la Sociedad (www.vbarealestate.com).

De conformidad con lo dispuesto en la Circular 3/2020, se hace constar que la información comunicada por la presente ha sido elaborada bajo la exclusiva responsabilidad de la Sociedad y de sus administradores.

Quedamos a su disposición para cualquier aclaración que pueda ser necesaria.

D. Íñigo Sánchez del Campo Basagoiti

Secretario No Consejero del Consejo de Administración

VBARE Iberian Properties SOCIMI, S.A.

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THIS RELEVANT FACT IS A TRANSLATION OF THE SPANISH VERSION. IN CASE OF ANY

DISCREPANCIES, THE SPANISH VERSION SHALL PREVAIL.

Madrid, 7 March 2024

Pursuant to the terms set forth in Article 17 of EU Regulation No. 596/2014 with regard to abuse of markets and Article 228 of the Consolidated Text of the Stock Exchange Law, approved by Royal Legislative Decree 4/2015 dated October 23 and other related provisions, as well as Notice 3/2020 of the BME Growth de BME MTF Equity ("BME Growth"), VBARE Iberian Properties SOCIMI, S.A. (the "Company" or "VBARE") hereby publishes the following:

OTHER RELEVANT INFORMATION

By means of the present relevant fact, it is attached the Results Presentation for the year ended on December 31, 2023.

The documentation is also available to the market on the Company´s website (www.vbarealestate.com).

In compliance with the terms of Notice 3/2020, hereby declares that the information communicated has been prepared under the exclusive responsibility of the Company and its administrators.

We remain at your disposal for any clarification that may be necessary.

Mr. Íñigo Sánchez del Campo Basagoiti

Non-Board Secretary of the Board of Directors

VBARE Iberian Properties SOCIMI, S.A.

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2023 RESULTS PRESENTATION

March 7, 2024

DISCLAIMER

This document has been prepared by VBARE Iberian Properties SOCIMI, S.A. (the "Company") and its subsidiaries (the "Group").

This Presentation does not constitute or form part of, and should not be construed as, any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any purchase of or subscription for securities of the Company should be based solely on each investor's own analysis of all public information, the assessment of risk involved and its own determination of the suitability of any such investment. No reliance should be placed and no decision should be based on this Presentation.

This Presentation may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient to any other person, for any purpose other than the above. In addition, this Presentation may not be distributed, disseminated, published, or in any other way taken or transferred to any jurisdiction where it would be contrary to applicable law. Distributing this Presentation in other jurisdictions may be subject to restrictions according to applicable law and the recipients of this Presentation must find out for themselves the restrictions and their fulfilment. Not complying with the restrictions may be a breach of applicable law.

The information contained in this Presentation does not purport to be comprehensive or to include all information that may be required to fully analyze the issues referred to therein. Accordingly, no representation or warranty, express or implied, is made as to the truth, accuracy or completeness of the information in this Presentation. None of the Company, any of its subsidiaries, or any of their respective directors, officers or employees accepts any responsibility or liability whatsoever for any loss howsoever arising from any use of this Presentation or otherwise arising in connection therewith.

The information and opinions contained in this Presentation are provided as at the date of the Presentation and are subject to verification, correction, completion and change without notice. In giving this Presentation, no obligation to amend, correct or update this Presentation or to provide the recipient with access to any additional information that may arise in connection with it is undertaken.

This Presentation may include forward-looking statements relating to, among others, the Company's financial position, operating results, strategy, plans, targets or goals. Forward-looking statements are subject to risks, uncertainties and factors beyond the Company's control that may result in actual results materially differing from prospective results or the results implied in the forward-looking statements. Therefore, the results and actual performance may materially differ from those expressed or implied in the forward-looking statements. In the same way, the forward-looking statements must not be deemed to entail any statement, promise or warranty of the accuracy or completeness of the assumptions or hypotheses on which the forward-looking statements, expectations, estimations or provisions are based or, in the case of assumptions, of their full inclusion in the Presentation. No undue reliance should be placed on the forward-looking statements.

The Company and its employees, managers, directors, advisors, representatives, agents or affiliates accept no liability (for fault or negligence, whether direct or indirect, contractual or non-contractual) for damages caused by using this Presentation or its content or that, in any manner, relate to this Presentation.

When receiving or attending the Presentation, the recipient declares that he or she agrees with and thus is subject to the above restrictions.

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INDEX

1. 2023 Operating Performance
2. 2023 Financial Performance
3. Annex: Portfolio Overview

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2023 HIGHLIGHTS

PORTFOLIO SUCCESSFULLY REFURBISHED AND LEASED

COMMERCIAL ACTIVITY WITH 72 LEASES SIGNED IN 2023 AND AN ANNUALIZED RELETTING SPREAD1 OF +8.24%

(79 LEASES SIGNED IN 2022 WITH AN ANNUALIZED RELETTING SPREAD OF +4.56%)

NET OCCUPANCY ABOVE 95% FOR THE LAST 8 CONSECUTIVE QUARTERS

+27% LIKE-FOR-LIKE GROSS RENTAL INCOME vs 2022

+16% LIKE-FOR-LIKERENTS SIGNED AT DECEMBER 31, 2023 vs 2022

5.2% LIKE-FOR-LIKE PORTFOLIO REVALUATION (2.2% NET OF CAPEX INVESTED)

€1.95mn NET CONSOLIDATED GAIN EXPLAINED BY GRI IMPROVEMENT, PORTFOLIO REVALUATION AND COST REDUCTION

100% FINANCIAL DEBT FORMALIZED AT FIX INTEREST RATE2

4 UNITS SOLD IN 2023 FOR A TOTAL AMOUNT OF APPROXIMATELY €0.7 MILLION AND APPROXIMATE WEIGHTED LEVERAGED RETURNS OF AN IRR OF 13.36% AND A MULTIPLE OF 1.92x³

1. The reletting spread is calculated considering only units that have been leased at least 2 times by VBARE and excluding the buildings operated by 3rd parties
2. The Group has: 1) Mortgage loan with a pending principal as of December 31,2023 of €8 mn with 1.8% fix rate until 2030 and variable until maturity (2039). 2) Mortgage loan with a pending principal as of December 31,2023 of €4.7 mn with 1.8% fix rate until 2027 when

€3.4 mn became variable until maturity in 2039. €0.8 mn became variable in 2031 until 2034.

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3. IRR and Multiple calculated at asset level

1. 2023 OPERATING PERFORMANCE

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1. 2023 Operating Performance

LEASING PERFORMANCE

	Quarterly Leases Signed 1	Annualized Quarterly Reletting Spread 2
32	33
2022
		4.6%	10.02%

8.34%	9.10%

2023

8.2%

16	18	18
13	13
		8

6.81%

4.10% 4.50%

2.90%

6.06%

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Stable seasonal number of contracts signed

Quarterly Net Occupancy 3

97.86%

98.44%

97.41%

95.20%

99.12%

98.68%

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Stable Net occupancy over 98%

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Reletting spread remains positive and significantly higher than 2022

Time to Lease over Total Portfolio (Days) 4

160150

140125

120 107

100					89		73
80		70							58			54
60						52		48
										43	43
										37
											30
40									28
20																9
0
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4

2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023

1. It doesn't take into account residential units leased or operated to/by operators
2. The reletting spread is calculated considering only units that have been leased at least 2 times by VBARE
3. Occupancy calculated on the last day of the quarter over each period stabilized investments. From Q2 2023 the whole portfolio is considered stabilized
4. Calculated over Published Days (Only Residential and Loft Units taking into consideration). Residential units leased or operated to/by operators not considered in calculations

Time to Lease at minimum levels

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1. 2023 Operating Performance

OPERATING PERFORMANCE

Like-for-Like GRI Evolution (€ k)

Annualized Rents Potential Growth (€ k) 2

		Rents net of temporary rebates ¹		Total Rents
2,889	2,905	3,063	+16%
2,651

3,071

3,070

+10%

3,385

2,599

1,9932,018

3,061

3,070

Dec. 31, 22

Mar. 31, 23

Jun. 30, 23

Sept. 30, 23

Dec. 31, 23

Strong annualized GRI evolution (+16% vs Q4 2022, thanks to strong commercial

strategy and full portfolio stabilization)

Current Rents	Temporary Rebates	Rents	Vacant	Under	Reversionary
December. 2023	December. 2023	Below ERV	Units	Refurbishment	ERV

Yield3-6 on Invested Capital 4

Yield3-6 on GAV 5

			Gross Yield		Net Yield
	5.9%	5.8%	6.2%
4,2%	5.4%				5.7%

3.7%

+50%

6.3%

5.7%

Gross Yield		Net Yield

4.3%	4.2%	4.5%

3,1%	4.2%
	3.9%
2.7%

+55%

4.5%

4.1%

Dec. 31, 22

Mar. 31, 23

Jun. 30, 23

Sept. 30, 23

Dec. 31, 23

Net Yield vs Q4 2022 +50%

1. Rent including discounts equal to rent free periods in place
2. Potential Growth based on the Company´s estimated ERV (Estimated Rental Value) as of December 31, 2023
3. Current yields calculated over annualized rents as of December 31, 2023, and considering discounts granted
4. Total Invested Capital includes Total Acquisition Price, Total Transaction Costs and Total Accumulated CAPEX
5. GAV is based on external independent appraisal
6. Yield on invested capital and on GAV calculated over the whole portfolio in all periods to make it comparative as the whole portfolio is considered stabilized from Q2 2023

Dec. 31, 22

Mar. 31, 23

Jun. 30, 23

Sept. 30, 23

Dec. 31, 23

Stabilized Net Yield on GAV (+55% vs Q4 2022)

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2. 2023 FINANCIAL PERFORMANCE

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