Analysis for Good Value for Money of the characteristics and key figures of SCPI Primovie (Primonial REIM) specialized in retirement homes and care facilities

  • General condition analysis of contracts
  • Good value for money

SCPI Primovie

Good Value for Money Analysis of Features and Key Figures

Version from September 14, 2022

Reference items

  • RCS
  • Management company:
  • Creation date:

Characteristics of the SCPI

  • SCPI specializes in investment in furniture in the fields of health and education in France and Europe.

SCPI Investment Policy

  • Focused investments sectors that benefit from favorable demographic factors with the lengthening of life expectancy, the aging of the population and the more frequent entry of very old people into dependency.
  • Health and addiction sectors: retirement homes, EPHAD, MCO clinics (medicine, surgery, obstetrics), elderly residences
  • Sector of education and early childhood: crèches, schools, universities, training centers.

Labels obtained from SCPI and SFDR Classification

  • Government SRI marked SCPI since January 27, 2022.
  • SFDR positioning fall under thesection 9 translation a sustainable investment goal.
  • Systematic ESG rating of all investments made by the SCPI.
  • Primovie’s specific extra-financial objectives:
    • Reduce the final energy consumption of assets by 40% by 2030, in accordance with the objectives of the Tertiary Decree;
    • Place the asset on the trajectory of carbon neutrality by 2050, in accordance with the objectives of the national carbon strategy;
    • Reduce the proportion of double rooms in EHPAD assets managed by the fund;
    • Oversee significant work from a site charter that incorporates ESG standards;
    • It involves the tenants in a logic of partnership materialized by an environmental appendix to the new leases.

Heritage of the SCPI

  • Heritage area
    • June 30, 2022: 1,367,992 m²
    • December 31, 2021: 1,290,741 m²
    • December 31, 2020: 1,027,403 m²
    • December 31, 2019: 927,874 m²
    • December 31, 2018: 668,279 m²
    • December 31, 2017: 541,048 m²
    • December 31, 2016: 325,674 m²
    • December 31, 2015: 141,807 m²
  • Geographical distribution of assets (in m²) (% in market value as of June 30, 2022):
    • Bets: 5.9% (against 7.5% on June 30, 2021)
    • Paris region: 32.5% (vs. 40.9% at June 30, 2021)
    • Province: 31.2% (vs. 21.1% at June 30, 2021)
    • Germany: 17.8% (versus 20.5% on June 30, 2021)
    • Italy: 10.0% (vs. 7.9% on June 30, 2021)
    • Spain: 2.4% (vs. 2.1% on June 30, 2021)
    • Netherlands: 0.2% (until June 30, 2021)
  • Distribution of assets (in m²) by type (% in market value as of December 31, 2021):
    • Senior (boarding house) : 47.1% (versus 40.7% as of December 31, 2020)
    • Hi (clinics, medical centers, etc.) : 26.6% (against 27.9% as of December 31, 2020)
    • Offices: 17.3% (against 21.8% as of December 31, 2020)
    • Education: 3.7% (against 4.7% at December 31, 2020)
    • Nurseries: 1.9% (against 2.1% at December 31, 2020)
    • Other: 3.4% (against 2.8% as of December 31, 2020)
  • Lease risk breaks (values ​​as of December 31, 2021 as a percentage of rents received):
    • Korian (retirement home) 13.2%
    • Coliseum Group (retirement home) 11.5%
    • Charleston (retirement homes) 5.9%
    • Villa Maria Group (Healthcare) 3.3%
    • Elsan (Health) 3.3%
    • OECD (Offices) 3.3%
    • Zaffiro (retirement home) 3.2%
    • Dana (retirement homes) 3.0%
    • Advita (Health) 2.7%
    • Doctolib (Health) 2.6%
    • In total, these 10 tenants represented 51.8% of the rents collected by SCPI in 2021.
  • Risk sharing (in m²) by property (values ​​as of December 31, 2021 in % of the area purchased):
    • France – SCI Corton Santé – 32 locations (Healthcare) 9.5%
    • Italy – Primonial Italian Healthcare Fund (nursing homes) 7.9%
    • France – Chambray les Tours (Healthcare) 3.3%
    • France – Ivry sur Seine – Quai Jean Compagnon (Offices) 2.3%
    • Italy – Poliscare (4 locations) (Health) 2.2%
    • France – Paris IDF (6 locations) (Retirement cases) 2.2%
    • France – Saint-Denis – 5 avenue du Stade de France (Salute) 1.6%
    • Spain – SCI Primosalud 1 (Retirement home) 1.5%
    • Germany – Neustadt in Holstein (Retirement home) 1.4%
    • Spain – Barcelona – 6-8 Carrer de Sant Eloi (Health) 1.2%
    • In total, these 10 place they represent 33.0% of the surfaces acquired by the SCPI at the end of 2021.

Costs

  • Subscription fee: 9.15% tax included
  • Annual management fee : :
    • 10% excl. i.e. 12% including the amount tax HT rental products
    • 5% tax freei.e. 6% taxes included of net financial income collected by SCPI.
  • Period of enjoyment of shares: :
    • Actions bring pleasure to subscribers from 1er day of 6th month after the subscription.

The key figures

  • Physical Occupancy Rate (TOP)
    • December 31, 2021: 97.9%
    • December 31, 2020: 98.3%
    • December 31, 2019: 98.5%
    • December 31, 2018: 97.8%
    • December 31, 2017: 97.0%
    • December 31, 2016: 98.7%
    • December 31, 2015: 96.6%
  • Financial occupancy rate (TOF)
    • June 30, 2022: 96.4% (of which 4.8% franchised or available to a future tenant)
    • December 31, 2021: 96.9%
    • December 31, 2020: 93.2%
    • December 31, 2019: 95.7%
    • December 31, 2018: 95.2%
    • December 31, 2017: 98.8%
    • December 31, 2016: 98.1%
    • December 31, 2015: 96.2%
  • Capitalization evolution
    • June 30, 2022: €4,600 million
    • December 31, 2021: €4,237 million
    • December 31, 2020: €3,396 million
    • December 31, 2019: €2,968 million
    • December 31, 2018: 2,339 million euros
    • December 31, 2017: 1,850 million euros
    • December 31, 2016: 941 million euros
    • December 31, 2015: 451 million euros
  • Market Value Distribution Rate (TVDM)
    • TDVM 2021: 4.50%
    • TDVM 2020: 4.50%
    • TDVM 2019: 4.51%
    • TDVM 2018: 4.50%
    • TDVM 2017: 4.89%
    • TDVM 2016: 5.00%
    • TDVM 2015: 5.00%
  • Action price
    • December 31, 2021: €203
    • December 31, 2020: €203
    • December 31, 2019: €203
    • December 31, 2018: €203
    • December 31, 2017: €203
    • December 31, 2016: €191
    • December 31, 2015: €191
  • Withdrawal value
    • December 31, 2021: €184.73
    • December 31, 2020: €184.73
    • December 31, 2019: €184.43
    • December 31, 2018: €184.43
    • December 31, 2017: €184.43
    • December 31, 2016: €173.52
    • December 31, 2015: €173.52
  • 5-year internal rate of return (IRR)
    • 5-year IRR measured at the end of 2021: 4.20%
    • 5-year IRR measured at the end of 2020: 4.28%
    • 5-year IRR measured at the end of 2019: 4.25%
    • 5-year IRR measured at the end of 2018: 4.35%
    • 5-year IRR measured at the end of 2017: 4.41%
  • Real estate products
    (rents, charges, years of income)
    • 2021: €192.68 million
    • 2020: €169.13 million
    • 2019: €133.67 million
    • 2018: €115.22 million
    • 2017: €77.23 million
    • 2016: €30.78 million
    • 2015: €15.46 million
  • Financial debt
    • December 31, 2021: 450.9 million euros
    • December 31, 2020: 555.8 million euros
    • December 31, 2019: 595.7 million euros
    • December 31, 2018: 200.7 million euros
    • December 31, 2017: 274.8 million euros
    • December 31, 2016: 104.5 million euros
    • December 31, 2015: 3.3 million euros
  • Financial Debt / Capitalization
    • December 31, 2021: 10.64%
    • December 31, 2020: 16.37%
    • December 31, 2019: 20.07%
    • December 31, 2018: 8.58%
    • December 31, 2017: 14.85%
    • December 31, 2016: 11.10%
    • December 31, 2015: 0.74%
  • Financial Debt / Net Inflow
    • December 31, 2021: 53.66%
    • December 31, 2020: 123.76%
    • December 31, 2019: 94.63%
    • December 31, 2018: 41.05%
    • December 31, 2017: 33.58%
    • December 31, 2016: 21.33%
    • December 31, 2015: 1.45%
  • WALB (weighted residual lease term)
    • June 30, 2022: 9.71 years
    • December 31, 2021: 9.93 years
  • WALT (enterprise weighted residual lease duration to maturity)
    • June 30, 2022: 10.70 years
    • December 31, 2021: 10.57 years

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