Afi Properties Ltd · TASE:AFPR
Afi Properties — FY2024 Earnings Presentation
44 slides from Afi Properties's earnings presentation, March 2025
Slide 1: Company Presentation March 2025
C o m p a ny P re s e n t at i o n M a rc h 2 0 2 5 * AFI Properties financial reporting is in NIS. For convenience purposes the 1 financial data in the slides on AFI Properties was translated with EUR-NIS 4.00 exchange rate (1-12/2024 average) for income items and 3.80 exchange rate (as of 31.12.24
Slide 2: CEO Statement
In recent months, there have been growing indications that, after three years of bloodshed, the war in Ukraine may be nearing its end. Without delving into the numerous political and global implications of this potential conclusion (which will, of course, depend on how the war ends), if it does inde
Slide 3: AFI Properties At a Glance
Landmark, Tel-Aviv AFI Properties At a Glance The company is operating in Income Generating Properties segment in Israel and in Income Generating Property and Residential segments in 6 countries in Europe Portfolio (company share) c. 90% c. 271 c. 1,350 c. 4,000 c. 175 Average EUR Millions Thousands
Slide 4: AFI Properties At a Glance: Focus on countries
AFI Properties At a Glance Focus on 5 countries Romania Czech Republic | | | | | | | | | | | Israel | | | | | | | Serbia Poland | | | | | 4 Bulgaria Latvia
Slide 5: Objectives and Strategy
Objectives and Strategy The company intends to focus its activities on the income-generating real estate sector, primarily in the office and rental housing segments, both through the development of new projects and the acquisition of income- generating properties (including the purchase of assets or
Slide 6: Main Developments in 2024
Main Developments in 2024 Offices Completion of approximately 68,000 sqm of office space (mainly Landmark A). Acquisition of an office building in Romania intended for partial demolition and redevelopment of approximately 26,000 sqm. Completion of the sale of government floors in the HaYovel Tower t
Slide 7: Europe market outlook
Europe market outlook(1) Real GDP Growth CEE Real Estate Investment Volumes Q4 2024 and 12 trailing months 3.9% 2023 2024 2.5% 3.0% 2.1%1.9% 1.1% 0.2% -0.1% Serbia Romania Czechia Poland Central Bank key rate (end of period) 6.50%5.75% 7.00%6.50% 6.75% 5.75%5.75% 4.00% Serbia Romania Czechia Poland
Slide 8: Financial Overview
AFI Lakeview, Bucharest Financial Overview in EUR Millions NOI (company share)(1) 252.5 204.9 157.4 139.4 103.1 106.7 109.6 2018 2019 2020 2021 2022 2023 2024 (1) The NOI (company share) is NOI less the minority share in NOI and in addition of company share in NOI of equity accounted i nvestees. in
Slide 9: Financial Overview
Residential for Rent, Herzliya Financial Overview in EUR Millions Equity attributable to owners of the Company 1,736.1 1,805.3 1,558.0 1,123.8 1,176.6 1,058.9 901.1 31.12.18 31.12.19 31.12.20 31.12.21 31.12.22 31.12.23 31.12.24 174.7 9.8 1,805.3 1,736.1 (104.7) (10.7) 31.12.23 Profit for the year is
Slide 10: Financial Overview
Financial Overview in EUR Millions AFFO(1) from income generating properties activity 109.5 86.8 79.9 67.4 44.3 43.8 39.5 2018 2019 2020 2021 2022 2023 2024 In the last quarter of 2024 and 2023, the AFFO from the company's generating properties amounted to approximately EUR 28.2 million and approxim
Slide 11: Representative and future NOI
Representative and future NOI(1,3) in EUR Millions, company share Representative NOI Future NOI (until 2027) )4( 42 313 )2( 270 1 271 202 Normalizing NOI for full year NOI Q4/24 68 NOI for1the year 2 Increase in occupancy of Representative 3 Adding 4 Future 5 completed buildings NOI Assets under NOI
Slide 12: Representative and future AFFO
Representative and future AFFO(1,3) in EUR Millions, company share Representative AFFO Future AFFO (until 2027) )4( 31 155 )2( 11 124 113 Normalizing AFFO for 85 full year AFFO Q4/24 28 AFFO for the 1 year Increase in occupancy 2 of Representative 3 Adding 4 Future 5 completed buildings AFFO Assets
Slide 13: AFI Properties Assets
AFI Properties Assets 31.12.24, EUR Millions Under construction, 330.5, 7% Apartments Inventory, 55.7, 1% Income Generating Total Land, 409.8, 8% Properties, 4,272.4, 84% 5,068 Retail, 874.4, 20% Resi for Rent, 720.0, 17% Offices, 2,678.1, 63% * Composition of assets on the basis of the Company’s sh
Slide 14: Structure of the Company's Financial Debt
Landmark, Tel-Aviv AFI Properties Structure of the Company’s Financial Debt 31.12.24, EUR Millions Balance 31.12.24 NIS CPI linked bonds (8,11,13,14,15,16) 1,065.4 NIS Bonds (10,12) - SWAP to EUR (fixed interest) 267.3 Bank debt in Israel (including BOT, CP & credit facilities) 744.0 Institutional d
Slide 15: Liquidity
Liquidity 31.12.24, EUR Millions To t a l c a s h EUR 346 Millions Assets free of pledge Signed credit facilities EUR 755 Millions (company share) EUR 242 Millions 15 Airport City Belgrade, Belgrade
Slide 16: Income Generating Properties
Income Generating Properties 31.12.24, Company share TOTAL GLA (000'S SQM) (1) ANNUAL REVENUE RUN RATE * (EUR MILLIONS) (2) BOOK VALUE (EUR MILLIONS) (1) Serbia Serbia 252.1 Serbia 548 19% Romania Romania 43.7 13% Romania 120.4 1,459 Poland 42% 15% Poland 471.1 34% 143.8 Poland 417 35% Total Total T
Slide 17: Income Generating Properties - main assets
Income Generating Properties - 5 main assets 31.12.24, by book value, company share TOTAL GLA (000'S SQM) ANNUAL REVENUE RUN RATE* (EUR MILLIONS) BOOK VALUE (EUR MILLIONS) Airport City Landmark A Landmark A Landmark A Belgrade Kiryat AFI AFI Airport City 142.1 Weizmann Cotroceni 23.5 Airport City 45
Slide 18: Landmark A Tel Aviv
Landmark A Tel Aviv 31.12.24, company share Company share 50% GLA (thousands sqm) 52.5 Fair Value 454 (EUR M) Full occupancy annual income 31 (EUR M) 94% as of the date of the Occupancy publishment of financial statements Parking spaces 891 18
Slide 19: AFI Cotroceni Mall
Cotroceni Mall, Bucharest AFI Cotroceni Mall 31.12.24 Location Bucharest, Romania GLA 87,597 sqm (100% of the asset) Occupancy 100% Parking spaces 2,500 Fair Value EUR 591 Million Full Occupancy NOI EUR 48.4 Million Outstanding Loan EUR 291 Million (Book Value) 20 movie screens Various Ice skating r
Slide 20: IGP Projects under construction
Weizmann 3, Ness Ziona IGP Projects under construction(1) 1) The forward looking Company plans are based, to a substantial extent, on current expectations and assessments of the Company with regard to future developments. The Company has no assurance that its expectations and assessments will indeed
Slide 21: Building B
Corner of HaArba'a and Da-Vinci streets Building B Offices & Retail Holding % 50% (1) GLA (sqm) 23,200 Book Value 31.12.24 (in EUR Millions) (1)(2) 81.4 (1)(3) Expected costs for completion (in EUR Millions) 62.7 (1)(3) Total expected rent in full occupancy (in EUR Millions) 11.2 Completion Date 202
Slide 22: Weizmann 3 Ness Ziona, Israel
Visualization Weizmann 3 Offices Ness Ziona, Israel Holding % 60% (2) GLA (sqm) 22,027 Book Value 31.12.24 (in EUR Millions) (1)(2) 14.8 (2) Expected costs for completion (in EUR Millions) 57.2 (2) Total expected rent in full occupancy (in EUR Millions) 5.9 Completion Date 2027 1) The book value inc
Slide 23: T22 (B) Warsaw, Poland
68% leased T22 (B) and appx. 25% Offices Warsaw, Poland under negotiation Holding % 70% (2) GLA 22,731 Book Value 31.12.24 (in EUR Millions) (1)(2) 59.1 Expected costs for completion (in EUR Millions) 34.2 Total expected rent in full occupancy (in EUR Millions) 5.7 Completion Date Q2 2025 Subject to
Slide 24: ACB Business Avenue Office 1 Belgrade, Serbia
Visualization ACB Business Avenue Office 1 Offices Belgrade, Serbia 13% Leased and 76% under negotiations Holding % 100% GLA 24,874 Book Value 31.12.24 (in EUR Millions) (1) 45.4 Expected costs for completion (in EUR Millions) 17.4 Total expected rent in full occupancy (in EUR Millions) 5.5 Completi
Slide 25: ACB Business Avenue Office 3 and AC Hotel Belgrade
Visualization ACB Business Avenue Office 3 Offices Belgrade, Serbia Holding % 100% GLA 13,108 Book Value 31.12.24 (in EUR Millions) (1) 11.2 Expected costs for completion (in EUR Millions) 19.6 Total expected rent in full occupancy (in EUR Millions) 2.8 Completion Date Q4 2026 ACB AC Hotel by MArrio
Slide 26: Find your home with AFI
AFI Home Metro Swedzka, Warsaw Residential for Rent Platform Find your home with AFI 1) The forward looking Company plans are based, to a substantial extent, on current expectations and assessments of the Company with regard to future developments. The Company has no assurance that its expectations
Slide 27: AFI Home backlog
AFI Home backlog* about 5,900 units 27 * According to updated plans; Company share; Includes projects under construction, projects that have not yet begun construction and projects for which final master plan wasn’t approved yet
Slide 28: Expected completion of Residential for Rent units
Expected completion of Residential for Rent units(1,2) Company share NOI (EUR Millions) Czechia Poland Serbia Romania Israel 64 6 50 6 42 6 3 37 33 5 24 25 52 33 3 21 52 19 17 9 25 10 12 18 9 2025 2026 2027 2028 2029 Number of apartments (end of period) 5,649 5,908 272 272 679 679 141 141 3,707 3,70
Slide 29: Warsaw, Poland
Warsaw, Poland Holding % 100% GLA (517 units) 24,198 Book Value 31.12.24 (in EUR Millions) (1) 70.9 Expected costs for completion (in EUR Millions) 8.8 Total expected rent in full occupancy (in EUR Millions) 4.6 Completion Date Q3 2025 29 1) The book value includes valuation gains if recognized unti
Slide 30: Prague, Czechia
Visualization Prague, Czechia Holding % 100% GLA (291 units) 17,569 Book Value 31.12.24 (in EUR Millions) (*) Expected costs for completion (in EUR Millions) 81.2 Total expected rent in full occupancy (in EUR Millions) 5.3 Completion Date Q2 2027 The company will pay the full consideration upon rece
Slide 31: Bucharest, Romania
A+C Bucharest, Romania Holding % 100% GLA (244 units) 15,778 Book Value 31.12.24 (in EUR Millions) (1) 39.9 Expected costs for completion (in EUR Millions) 12.4 Total expected rent in full occupancy (in EUR Millions) 3.5 C: Q2/25 Completion Date A: Q4/25 31 1) The book value includes valuation gains
Slide 32: Leading and Diversified Company
AFI Home Zlota 83, Warsaw Financial Stability Focus on Geographic Risk Spread Management Leading and Diversified Company Track Asset record Diversification Experienced Management 32 32
Slide 33: Appendixes
AFI Karlin, Prague 33 Appendixes
Slide 34: Balance Sheet Summary
Balance Sheet Summary in EUR Thousands At September 30 At September 30 2024 2023 Non-Current Assets Investment property 4,041,947 3,349,311 Investment property under construction 460,960 790,222 Property, plant and equipment, net 12,702 9,229 Investments in and loans to investee companies 255,286 23
Slide 35: Balance Sheet Summary
Balance Sheet Summary in EUR Thousands At September 30 At September 30 2024 2023 Equity Total equity attributable to the Company’s owners 1,805,283 1,736,092 Non‑controlling interests 7,788 6,481 Total equity 1,813,071 1,742,572 Non-Current Liabilities Loans from banks 1,533,025 1,517,373 Debentures
Slide 36: P&L Summary
P&L Summary in EUR Thousands EUR 000's For the Year Ended December 31 2024 2023 2022 Revenues from rental and operation of properties 247,004 199,464 154,183 Service charge income 82,381 67,537 67,088 Service charge expenses )88,042( )73,865( )74,467( Net rental and related income 241,343 193,136 14
Slide 37: Funds from operations (FFO) and Adjusted funds from operations (AFFO)
Funds from operations (FFO) and Adjusted funds from operations (AFFO) in EUR Millions EUR Millions For the Year Ended December 31 2024 2023 2022 FFO calculated using Israeli Securities Authority approach Net income for the period from continuing operations 167.4 53.3 146.8 Adjustments to income: Adj
Slide 38: Investment Properties in Israel
Investment Properties in Israel 31.12.24 Book value as at Revenues for Total GLA Holding Revenues runrate Occupancy Property name Country City Property Type (1) 31.12.24 (EUR 1-12/24 (EUR (m2) % (EUR thousands)(2) rates 31.12.24 Thousands) (1) thousands)(1) Kiryat Weizmann Israel Ness Ziona Science
Slide 39: Investment Properties in Europe – Offices, Malls and retail
Investment Properties in Europe – Offices, Malls and retail 31.12.24 Book Value as Revenues for Revenues (1) of 31.12.24 Occupancy Property Name Country City Type GLA Holding % 1-12 2024 (EUR runrate (EUR (EUR rates 31.12.24 Thousands) (1) thousands) (2) Thousands) (1) AFI Palace Cotroceni Romania B
Slide 40: Investment Properties in Europe – AFI Home
Investment Properties in Europe – AFI Home (residential for rent) 31.12.24 New Projects opened in 2024 Book Value as Revenues Revenues for of 31.12.24 runrate (EUR Occupancy Number of Property Name Country City Type GLA (1) Holding % 1-12 2024 (EUR (EUR thousands) rates 31.12.24 Apartments Thousands
Slide 41: Land in Israel
Land in Israel 31.12.24 Book value as Name of project Designation Holding % of 31.12.24 (EUR Millions))1( Park Nave Neeman (Hod HaSharon) building rights Offices 50% 19.9 Land plots in Ness Ziona High tech industry 100% 10.2 Kiryat Weizmann – plot 4 Offices and high-tech 60% 3.4 41 1) The value refl
Slide 42: Lands in Europe
Lands in Europe 31.12.24, in EUR Thousands Development & Construction planned for next 3 Country Designation Existing projects future stages Land reserves years Bulgaria 3,048 5,002 2,625 Residential Malina Offices / Logistics Business Park Varna (additional phases) Plovdiv Czech Republic 32,448 - -
Slide 43: Disclaimer
Disclaimer This presentation was prepared by AFI Properties Ltd. (“the company”) as a presentation about the Company. This presentation is not intended to replace the necessity to read reports issued by the Company to the public, including the Report for 2024 published at March 10, 2025, Report for
Slide 44: AFI Properties
AFI Tech 1-2, Bucharest AFI Properties 44