CPI Property : Investor Presentation FY 2023
O5G.DE
Investor Presentation (April 2024)
FY 2023
CPI PROPERTY GROUP INVESTOR PRESENTATION - FY 2023
Financial highlights for 2023
TOTAL ASSETS
PROPERTY PORTFOLIO
€21.9
€19.5
billion
billion
CONSOLIDATED
FUNDS FROM
ADJUSTED EBITDA
OPERATIONS (FFO)
€778
€390
million
million
UNENCUMBERED ASSETS
WAULT
3.5
48%
NET LTV
52.3/49.8%
pro-forma for
signed disposals
OCCUPANCY
92.1%
NET ICR
2.5/3.3×
CONTRACTED GROSS RENT
€929
million
LIKE-FOR-LIKE
RENTAL GROWTH
7.9% 2
EPRA NRV (NAV)
€7.0
years
excluding bridge
financing
billion
Group overview
Property portfolio by segment (as at 31 December 2023)
Ofce
€3,274m
Retail
17%
€8,808m
Residential
45%
€1,121m
Property
6%
Hotels & Resorts
portfolio
€19.5 billion
7%
Complementary Assets
€1,464m
25%
€4,864m
Property portfolio by geography (as at 31 December 2023)
Czech Republic
€878 m
€5,375m
Germany
€1,455m
4%
28%
Austria
7%
Poland
€1,325m
Property
7%
Romania
portfolio
Italy
8%
€19.5 billion
18%
€1,571m
€3,563m
Hungary
8%
6%
Other CEE
€1,614m
13%
€1,249m
Other
€2,502m
CPI PROPERTY GROUP INVESTOR PRESENTATION - FY 2023
myhive S-Park, Bucharest, Romania
3
Scale, diversification and quality
Property portfolio (€ million)
Ofce
€20.9bn
Retail
€19.5bn
2,965
Residential
3,274
Hotels & Resorts
995
Complementary Assets
2,112
1,121
€13.1bn
4,773
1,464
4,864
2,031
€10.3bn
823
1,121
1,214
10,010
749
2,697
8,808
889
2,220
5,336
6,354
2020
2021
2022
2023
Like-for-like rental income continues to grow*
7.6%
7.9%
3.3%
0.8%
2020
2021
2022
2023
CPI PROPERTY GROUP INVESTOR PRESENTATION - FY 2023
Gross and net rental income (€ million)
Gross rental income
Net rental income
% YoY change
934
749
+25%
796
+26%
+86%
632
+74%
402
363
+13%
356
338
+7%
2020
2021
2022*
2023
4
* Rental income in 2022 reflects ten months of contribution from IMMOFINANZ and six months of contribution from S IMMO.
Consolidated adjusted EBITDA (€ million)
Net Business Income
Consolidated adjusted EBITDA
% YoY change
874
+29% 778*
676
608*
+28%
+75%
+65%
385
368*
344
338*
+12%
+9%
2020
2021
2022
2023
* CPIPG standalone
* Includes pro-rata EBITDA of Equity accounted investees.
CPI PROPERTY GROUP INVESTOR PRESENTATION - FY 2023
Update on financing activities
More than €2.5 billion raised in 2023, including €1.2 billion of fresh cash
Q4 2023
€50 million secured loan
€404 million secured loan
Q3 2023
€65 million secured loan
Q2 2023
€489 million secured loans
Einsteinova, Bratislava, Slovakia
€122 million secured loans
Total liquidity
€1.4bn
€635 million bridge loan
€75 million green bond
€100 million RCF
€170 million secured loan
• Refinancing and upsizing (+33 m) of secured loan in Germany in May
• 5-year maturity at 170 bps
spread
Q1 2023
5
€100 million sustainable
bilateral loan
€110 million secured loan
Disposal pipeline: €2 billion target achieved, further €2 billion in execution
Granularity and diversification of pipeline is a significant advantage
Germany Crans Montana Ski Resort, Switzerland
CPI PROPERTY GROUP INVESTOR PRESENTATION - FY 2023
Overview of recently disposed properties
Adlerhof, Residential, Vienna, Austria
Disposals by geography*
Germany
34%
Austria
Czech Republic
10%
Croatia
4%
18%
Italy
16%
Other
38%
Disposals by segment*
Ofce
Residential
4%
Landbank
33%
21%
Hotel
Other
6%
36%
Residential Apartments, Leipzig, Germany Residential Apartments, Berlin,
Sunčani Hvar Hotels, Hvar, Croatia
Concept Tower, Warsaw, Poland
6
*split based on main usage
CPI PROPERTY GROUP INVESTOR PRESENTATION - FY 2023
Modest valuation declines due to good-yielding diversified portfolio
In 2023, the valuation result was a loss of €1.1 billion, equivalent to a 5.1% decline
EPRA topped-up net initial yield
5.4%
4.2%
CPIPG
Peers average
Note: Peer Group consisting of Merlin Properties, Aroundtown, CA Immo, Alstria, Colonial, Gecina
Like-for-like valuation movement by segment
Valuation movement of investment properties by geography
Other^
7
-€740m
-€160m
-€144m
+€129m
-€229m
Note: Others includes Landbank, Industrial, Development, Agriculture, Hotels rented * Owner-operated hotels only
^ Includes Austria, Romania, other CEE and other Western Europe
-9.4%
Office
-0.6%
Retail
-0.7%
Residential
+7.0%
Hotels*
-5.4%
Others
Focused on leverage, coverage and liquidity
Pro-forma impact from disposals on net LTV
Bridge loan effect on the Group's net ICR
LTV
Disposals
CPI PROPERTY GROUP INVESTOR PRESENTATION - FY 2023
Liquidity coverage for the next 24 months (€ bn)
Total liquidity YE 2023
Net proceeds from signed disposals
-2.5% impact on leverage from signed disposals
52.3%
49.8%
FY 2023
Pro-forma
The Group signed nearly €900 million of disposals in 2023 and Q1 2024 that were not reflected in the Group's year-end results due to the timing gap between signing and closing. While the disposal agreements are binding, closings are subject to antitrust approval, tax confirmations and other subsequent conditions.
Key signed disposals not included in the year-end figures are:
0.8×
3.3×
2.5×
0.8×
FY 2023
Impact of bridge loan
Net ICR excluding bridge
The Group's interest coverage declined over the last 24 months largely because of costs associated with bridge loans related to the acquisitions of IMMOFINANZ and S IMMO.
As of 28 March 2024, CPIPG has repaid over €2.1 billion of bridge loans; the current balance of €530 million is intended to be fully repaid around the end of H1 2024, despite a stated final maturity of October 2026.
Debt maturities 2024 & 2025
2×
0.7
Liquidity
coverage
1.4
8
1.1
Total liquidity
Debt maturities 2024 & 2025
Net proceeds from disposals (after repayment of debt attached to certain properties and fees) will further enhance the Group's liquidity position, which is expected to improve by about
€700 million once all signed disposals are closed and proceeds are received.
Business update
9
Balance Hall, Budapest, Hungary
CPI PROPERTY GROUP INVESTOR PRESENTATION - FY 2023
High occupancy reflects tenant and asset quality
Occupancy rate (%)*
Ofce
Retail
Residential*
X% Group
93.7%
93.8%
92.8%
92.1%
96.7%
97.0%
97.9%
97.5%
92.4% 92.9%
91.9%
95.5%
92.0%
89.9%
92.8%
88.7%
2020
2021
2022
2023
Top 10 tenants by rental income
€ million
Rent as
WAULT**
% of GRI*
(years)
9.5
1.0%
2.7
9.2
1.0%
5.6
8.8
0.9%
2.5
8.7
0.9%
3.4
8.7
0.9%
2.8
8.6
0.9%
9.2
8.3
0.9%
2.6
8.3
0.9%
5.3
7.6
0.8%
6.0
7.2
0.8%
3.1
Total
84.9
9.1%
4.3
89%
Office
occupancy
97%
Retail
occupancy
10
3.5 years
average
WAULT
5.4%
EPRA topped-up
net initial yield
* Occupancy based on rented units.
* Based on annualised headline rent. ** WAULT reflecting the first break option.
Disclaimer
CPI Property Group SA published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 08:40:08 UTC.