COIMA RES as an investment

COIMA RES is a company managed according to the international best practices with the aim of creating value for its shareholders. Strarting from the IPO, the company consolidated its portfolio and generated solid economic and financial results, demonstrating that it is a solid and transparent vehicle offering Italian and foreign investors an attractive access point to the Italian real estate market.

Our governance, which was built on solid and well-organised foundations, is in line with the Code of Corporate Governance: a Board of Directors with nine members, seven of whom are independent and one non-executive director (two are women) with appropriate, diversified skills, an Investments Committee, a Remuneration Committee and a Control and Risk and Related-Parties Committee.

The COIMA platform, of which COIMA RES avails itself, offers the reliability of a team of over 150 professionals, experts in the real estate sector and with senior management who, having worked together for over 10 years, have gained first-rate experience in investments and the development and management of real estate projects.

The active management of our property portfolio, supported by a selective investment strategy and prudent cost management, has enabled us to achieve a total shareholder return of 8.0% in 2017. The significant component of core type properties in the portfolio, equal to 82%, has allowed us to announce a total dividend of Euro 0.27 per share for 2017. Financial management remains prudent, with an LTV of 38.1% as at December 31st, 2017.

In the future, our focus in the short-medium term will remain mainly focused on the office sector in Milan and we expect to increase the Core+ and value-add component in order to further develop the portfolio from a perspective of rental and net asset value growth, to offer even more attractive returns to our shareholders with a moderate incremental exposure to risk.

Why invest in COIMA RES

Main consolidated economic and financial data (figures as at 31 December 2018):

MAIN DATA 2018 2017 Delta
Gross Rents Euro million 36.3 Euro million 34.2 Euro million 5.9%
Net Operating Income (NOI) Euro million 32.3 Euro million 30.5 Euro million 5.9%
NOI margin % 89.1 % 89.1 % flat
EBITDA Euro million 25.0 Euro million 21.6 Euro million 15.9%
EBITDA margin % 69.0 % 63.1 % 5.9 p.p.
Net Profit Euro million 46.3 Euro million 28.9 Euro million 60.2%
EPRA Earnings Euro million 15.1 Euro million 15.3 Euro million (1.3)%
Recurring FFO Euro million 17.7 Euro million 16.8 Euro million 5.0%
Dividend Euro million 10.81 Euro million 9.7 Euro million 11.1%
EPRA Earnings per share Euro 0.42 Euro 0.42 Euro (1.3)%
Recurring FFO per share Euro 0.49 Euro 0.47 Euro 5.0%
Dividend per share Euro 0.301 Euro 0.27 Euro 11.1%
IFRS Equity Euro million 418.7 Euro million 383.4 Euro million 9.2%
EPRA NAV Euro million 421.6 Euro million 384.6 Euro million 9.6%
EPRA NNNAV Euro million 415.4 Euro million 380.2 Euro million 9.2%
IFRS NAV per share Euro 11.63 Euro 10.65 Euro 9.2%
EPRA NAV per share Euro 11.71 Euro 10.68 Euro 9.6%
EPRA NNNAV per share Euro 11.54 Euro 10.56 Euro 9.2%
Return on Equity % 11.8 % 8.0 % 3.8 p.p.
Gross debt2 Euro million 311.3 Euro million 259.7 Euro million n.m.
Cash2 Euro million 82.4 Euro million 27.1 Euro million n.m.
Net Debt2 Euro million 228.9 Euro million 232.6 Euro million n.m.
Loan to Value2 % 34.5 % 38.1 % (3.6) p.p.
Interest cover ratio x 4.0 x 3.2 x 0.8x
Average "all in" cost of debt % 2.03 % 1.97 % 6 bps
Average debt maturity anni 4.4 years 3.7 years 0.7
Number of assets - 77 99 n.m.
Value of the assets2 Euro million 665.03 Euro million 610.7 Euro million 8.9%
Gross annualised rents2 Euro million 32.6 Euro million 34.6 Euro million (5.8)%
Commercial surface mq 188,844 mq 188,844 mq n.m.
EPRA Net Initial Yield % 5.2 % 5.3 % (10) bps
EPRA Topped-up Net Initial Yield % 5.3 % 5.5 % (20) bps
EPRA Vacancy Rate % 4.6 % 4.8 % (20) bps
Like for like rental growth % 2.5 % 1.4 % 1.1 p.p.

1. Subject to approval by the shareholders’ meeting (April 2019)
2. Corso Como Place accounted on a pro-rata basis (35.7%)
3. Includes the fair value of a Deutsche Bank branch classified as inventory and valued at cost