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Quarterly reportQ2 2020
Letter to shareholdersQ2 2020
Vitruvio is holding up well in the crisis.
We have recently made public the estimated impact of the crisis on Vitruvio (see
link), and it is also included in this quarterly report.
A drop of only 15.75% in recurring revenues is estimated. This was mainly due to
the rent discounts and deferrals for tenants who had justifiably sought
assistance.
Vitruvio's tenants have in turn kept their commitments and overall portfolio
occupancy remains very high at 97%. Vacant assets not only do not earn rent,
but also generate expenses that, when rented, are paid by the tenant.
Maintaining such a high level of occupancy is very good news in such a
deteriorated environment.
It is also important to note that negotiations with tenants have consisted of aid
in the event forced closure, and not renegotiation of the leases, thus keeping
rentals unchanged.
The low level of debt (29%), the high liquidity, a positive cash flow at year-end
and strong diversification by property type and tenant, with assets located in
areas of high demand, continue to be the essential elements for holding up
well in the crisis. Investors have recognised this, with an increase in the number
of shareholders (up to 427) at the end of the quarter.
1
Change of plans.
The recent Fidelgés transaction involved the addition of assets with an
upside, but which, in the short term, led to a reduction in the dividend. To
avoid this and to keep up with dividends, a decision was taken to make a
number of disposals this year and in the next three years (a low percentage
of total assets, in any event). With the crisis, it has been agreed to delay
sales this year.
Without these sales, expected profit has dropped, and this fall is greater
than that of recurring revenues. For Vitruvio, a long-term real estate
company, it make little sense to waste the value of certain properties in such
an adverse environment as the current one. Basically, because we can wait.
And, despite the foregoing, Vitruvio will continue to remunerate
shareholders on a quarterly basis in such a complicated year. This limits
the problem to the fact that there would be less apportionment than last
year, unless, of course, an even more adverse scenario than that
experienced in the first half of the year were to occur.
Vitruvio usually pays three equal interim dividends and a fourth and
usually larger payment, distributing the remainder of profit. The first
payment is made in summer against profit for the current year, then in
autumn and winter in the same amounts, with the last and largest in spring.
Source: Vitruvio2
Contents
Impact of COVID-19 on Vitruvio
Quarterly report Q2 2020
Investment profile
3
Vitruvio is a classic real estate
company taking a non-speculative
long-term management approach
with a highly diversified portfolio
located mainly in central areas of
Madrid.
Target dividend (quarterly payment)
Target overall shareholder return
High occupancy rateActive management approach
Debt limit Diversification by use and tenants
3%yearly
Summary33%
5%yearly
95% 99% 100% 100% 100%
4
Occupancy analysis
In exchange for assistance, Vitruvio
has managed to maintain its usual
high occupancy at 97%.
High street properties were the
hardest hit by closures. On the whole,
74% in that segment was unable to
open its doors during lockdown and
certain tenants have permanently
shuttered. Nevertheless, there is still
an 89% occupancy rate.
COVID-19 effects97% occupancy rate maintained
Occupancy by use in portfolio(at end of Q2 2020)
Source: Vitruvio
Since 30 June there have been no significant changes in occupancy.
Hig
h S
treet
Un
its
Resi
den
tial
Off
ices
Lo
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tics
Sh
ort
Term
Resi
detc
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5
Analysis of affected tenants
A total of 66 of Vitruvio's 221 tenants
requested assistance because of the
crisis. Those 66 tenants represent 64%
of total rental income.
Agreements have been reached with
57 tenants and negotiations are at an
advanced stage with other nine as of
29 July.
The agreements have not entailed
changes in lease income, but rather
temporary assistance.
COVID-19 effects57 out of 66 negotiations closed
Tenants who have justifiably requested assistance(% of rent to total per use)
Source: Vitruvio
5%
35%
48%
74%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Residencial Logístico Oficinas Locales Residencial
CP
The decline in revenue is moderate
(15.75%). In addition to the fall in
revenue, disposals planned for 2020
that would halve profit have been put
off.
However, shareholders will continue
to be remunerated by means of a
share premium refund.
The cash flow in 2020 will be positive
and liquidity will be kept at 3x
expenses for the year.
6
Analysis of income statement
Source: Vitruvio
COVID-19 effectsShareholders will continue to be remunerated
Usual dividend
payment dates
1
23
4
Source: Vitruvio7
Contents
Impact of COVID-19 on Vitruvio
Quarterly report Q2 2020
€180M
Gross value1
Gross asset value (GAV)
221 tenants212 weigh < 2% of rental
income
29.0% debt2
of gross value (2% average interest)
€8.0M income3
Annualised income, June.(Rent = NRI/month x 12)
97% occupancyexcluding properties under
refurbishment
1% refurbishmentProperties being refurbished
427 shareholdersThe largest holding 4.80%
Introduction
Vitruvio is a listed long-term public real estate investment company. It focuses on the
purchase and subsequent rental of urban real estate and distributing the rental profits to
its shareholders. To become a Vitruvio shareholder suffice to buy shares on the MAB
(Ticker: YVIT and ISIN ES0105139002).
The properties are located in central locations with high occupancy demand, mainly in
Madrid and certain provincial capitals.
The assets that make up the portfolio are diversified by type, with high street retail
units, residential buildings, offices and a residual part in industrial and logistics. Strong
tenant diversification is also a hallmark.
The management approach focuses on income-producing assets. Investments are also
made in properties that require a transformation process, as a lever for generating
shareholder value. The shareholder base is broad and widely distributed, with 427
shareholders at the end of June, none of which hold a controlling position.
Vitruvio quarterly report
Q2 2020
> Long-term asset management
Vitruvio
8
Vitruvio’s main indicators
1 The GAV valuation is the sum of: a) the valuation conducted by Savills of the Vitruvio properties at 31/12/19; b) the carrying amount at 30/06/20 of the surface rights with the Madrid Social Housing Agency; and c) the valuation conducted by Savills of the Fidelgés, S.L. properties at 31/12/19.2 The percentage of debt is calculated as net debt (EUR 50 million at the end of March) divided by the valuation1 of the assets (EUR 180 million).3 In June Vitruvio reached agreements on reductions and/or deferrals. These are extraordinary conditions because the rental income from long-term contracts has not changed significantly.
€122M
Net Asset ValueNAV per share de 14,99 €
Madrid3 91%
Vizcaya 7%
Barcelona 3%
Other 2%
Locations, Spain Detail of Madrid, central “almond” region
Source: Vitruvio9
Q2 2020
> Geographical distribution
Vitruvio quarterly report
3 Madrid and Corredor del Henares in the province of Guadalajara
Valuation (€)1
Net Rental Income (%)2
Weight in the valuation1
Residential3High Street OfficesIndustrial &
logistics
63.5 million69.5 million 24.4 million 11.7 million
3.2%5.4% 5.5% 7.5%
38%41% 14% 7%
Tenants
Assets
Annualised NRI2
12959 26 5
971 8 3
€2,022,000€3,775,000 €1,331,000 €880,000
Occupancy 98%95% 100% 100%
Source: Vitruvio10
Data at the end of the second quarter
Q2 2020
Vitruvio quarterly report
Weight in income 25%47% 17% 11%
1 The GAV valuation is the sum of: a) the valuation conducted by Savills of the Vitruvio properties at 31/12/19; b) the carrying amount at 30/06/20 of the surface rights with the Madrid Social Housing Agency; and c) the valuation conducted by Savills of the Fidelgés, S.L. properties at 31/12/19. This table does not
include short-term residential use, which is valued at EUR 9.6 million.2 In June Vitruvio reached agreements on reductions and/or deferrals. These are extraordinary conditions because the rental income from long-term contracts has not changed significantly.3 Includes short-term residential.
Use
GLA (m²)
Valuation (GAV)
€/m²
Residential
4,731m²
€21,321,000
€4,506/m²
Sagasta 24
Madrid
Ayala 101
Madrid
Residential
2,983 m²
€11,321,000
€3,795/m²
Goya 5-7
Madrid
Retail & Offices
1,828 m²
€9,746,000
€5,331/m²
Fdz. de la Hoz 52
Madrid
Offices
2,708 m²
€12,776,000
€4,717/m²
Short-term residential
€9,600,000
€3,097/m²
Duque de Rivas 4
Madrid
3,099 m²
GLA: Gross leasable area.
Does not include the square metres of the car park (not included for the calculation of €/m² either)
> Our portfolio
Main assets
Q2 2020
Vitruvio quarterly report
Use
GLA (m²)
Valuation (GAV)1
€/m²
Av. Albufera 25 (VIPs)
Madrid
High Street Retail
568 m²
3,103,000
€5,463/m²
Aguirre 1
Madrid
Residential
1,349 m²
€5,978,000
€4,431/m²
Residential
€5,867,000
€3,586/m²
Tribulete 23
Madrid
1,636 m²
> Our portfolio
Main assets
Q2 2020
Vitruvio quarterly report
Residential
€8,278,000
€2,092/m²
Madrid Río
Madrid
3,956 m²
Mercamadrid
Madrid
Industrial and Logistics
5,358 m²
2,298,000
€428/m²
GLA: Gross leasable area.
Does not include the square metres of the car park (not included for the calculation of €/m² either)
24% 23%
18%
10% 10%
5,6% 6,4%
4,7%4,6%
4,3%
3,9%
3,9%
3,6%
3,3%
2,4%
2,1%
2,0%
64,0%
The Vitruvio portfolio is made up of the
following uses: high street retail
(predominant use with 41% of the
total); residential and short-term
residential (38%); offices (with a
weight of 14%); and, residually,
industrial and logistics (7%).
Tenant diversification is one of
Vitruvio's key advantages. The
Company manages 73 properties and
221 tenants. This diversification
strategy limits counterparty risk, thus
avoiding one single tenant from
holding too much weight. No single
tenant weighs more than 5% of total
rental revenue. From the outset, this
distribution of payers has played a key
part of the management strategy.
Unemployment has increased due to the
profound crisis unleashed these months.
However, Vitruvio has still managed to
maintain very high occupancy levels of
97%. As a result of the negotiation of
reasonable leases and limited effort rates for
tenants, optimal occupancy levels have been
achieved without speculating with higher
rent (and the counter effect of having vacant
properties, which would undermine the
conservative long-term strategy). Properties
undergoing refurbishment are excluded from
the calculation (1%).
Distribution by use (%)
Distribution by tenants (%) Distribution of retail units (%)
Occupancy by use (%)
Source: Vitruvio13
Q2 2020
212 tenants that
weigh < 2%
Vitruvio quarterly report
Retail is highly diversified by the tenant’s type
of business. This approach reaffirms the
diversification strategy implemented both
overall for the assets and individually for each
use, thus securing higher occupancy than
other portfolios that may be affected by
structural changes in demand. In the long
term, we continue to focus on restaurants
and leisure and health as the best segments.
Rest
au
ran
ts
En
tert
ain
men
t an
d h
ealt
h
Fo
od
stu
ffs
Ban
kin
g
Fash
ion
wear
Oth
er
Vacan
t
Resi
den
tial
Sh
ort
-term
resi
den
tial
Off
ices
Co
mm
erc
ial
log
isti
cs
44%30%
14%
7%5%
High Street Retail ResidentialOffices Industrial & LogisticsShort-term Residential
41%
32%
14%
7%6%
Comercial Residencial
Oficinas Industrial&Logístico
Residencial CP
95% 99% 100% 100% 100%
Hig
h S
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Un
its
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Lo
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Resi
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Diversified income
Net rental income for June (annualised) stood at EUR 8.01 million. There has been a drop in income due to
the departure of one tenant (announced before the crisis) and the reductions and deferrals agreed with
those tenants that have been forced into lockdown by the authorities and have thus closed their
establishments and companies.
Regardless, the effect of the pandemic has been limited in scope with rental income falling by only 0.4% on
the previous quarter as a result of Vitruvio's conservative strategy.
Net Rental Income (%)
Distribution of income by use among total income
> Overall portfolio data
Income details
4.7% Net Rental Income
(annualised data)
Source: Vitruvio14
Q2 2020
Vitruvio quarterly report
44%30%
14%
7%5%
High Street Retail ResidentialOffices Industrial & LogisticsShort-term Residential
44%30%
14%
7%5%
High Street Retail ResidentialOffices Industrial & LogisticsShort-term Residential
2,9%3,2%
5,4% 5,5%
7,5%
0,0%
2,0%
4,0%
6,0%
8,0%
Residencial CP Residencial
Comercial Oficinas
Industrial&Logístico
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
4.500.000
Repayment 2020 Repayment 2021
2,0%
4,5%
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
3,5%
4,0%
4,5%
5,0%
Coste medio deuda % rentabilidad actual(ingresos/GAV total)
72,2%
27,8%
GAV-deuda DeudaModerate leverage
The Company has a debt level of 29.04%, nearly two points lower than 2019 year-end and more than
four points lower than in the first quarter of 2019. The decision to lower debt was taken in 2019 in view of
the stage of the economic cycle.
In the second quarter, the management team negotiated a 12-month deferral of the principal
repayment for 75% of the outstanding debt. In addition, a 12-month extension to the term of these
loans has also been negotiated, with the aim that, when principal payments are resumed, the instalments
will not be higher than those previously paid. Net debt stands at EUR 50 million, divided between
mortgage loans (87% of the total) and credit facilities maturing at between three and five years (13% of
the total). Overall, 64% of the debt is hedged against interest rate changes.
It is reasonable to expect lower property valuations due to the crisis, which would increase Vitruvio's total
debt percentage. As a theoretical exercise, even with a 15% drop in valuation, the level of net debt would
still be low at 34.1%.
29.0% Level of indebtedness
(at quarter end)
Source: Vitruvio
> Financial data
Debt details
15
Net Rental Income yield and cost of debt (%)
Novations and repayment after negotiations1.1x
Coverage ratio
(2020)
Vitruvio quarterly report
Q2 2020
Pre
-neg
oti
ati
on
Pre
-neg
oti
ati
on
2,0%
4,5%
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
3,5%
4,0%
4,5%
5,0%
Average cost of debt Net Rental Income Yield(NRI/GAV)
72,2%
27,8%
GAV-debt Debt
Vitruvio's portfolio has been valued since 2015 by the real
estate consulting firm Savills following RICS standards.
This valuation methodology is based on the principles of
the Royal Institute of Chartered Surveyors (RICS), which
publishes the most widely used property valuation
guidelines on the professional investment market.
These guidelines consist of giving a specific value to
property assets based on the flows they generate. Assets are
valued based on their type, location, the type of tenant and
the contracted rent. Factors such as how much demand
there is (liquidity) for each asset also influence the final
value.
The valuations of the properties in the portfolio have
progressively gone up since the beginning, as explained in
the presentation; most remain within a conservative range
in Vitruvio's opinion. However, renewed contracts could
lead to the impairment of certain assets, with the related
impact on profit or loss. The crisis caused by COVID-19
could also affect these valuations.
The Company prefers constancy and stability in values over
sharp, short-term changes in valuation. Vitruvio undertakes
long-term investments.
> Appendix
Summary
Source: Savills valuation at 31/12/1916
Vitruvio quarterly report
Q2 2020
Cartera Vitruvio Ubicación Sup. m² Valoración € €/m² Cartera Vitruvio Ubicación Sup. m² Valoración € €/m²
Residencial 18.184 66.419.293 30.432 Comercial
Sagasta, 24 Madrid 4.731 21.321.000 4.507 Rambla Celler, 83-85 Barcelona 465 1.090.000 2.344
Ayala, 101 Madrid 2.983 11.321.000 3.795 Dos de Mayo, 26-L1 Madrid 93 1.081.000 11.659
Duque de Rivas, 4 Madrid 3.099 9.600.000 3.098 Marcelo Usera, 85 Madrid 228 1.078.000 4.736
Ermita del Santo, 14 Madrid 3.956 8.278.000 2.093 Augusto Figueroa, 31 Madrid 196 1.075.000 5.472
Aguirre, 1 Madrid 1.349 5.978.000 4.431 Olímpica, 26 Madrid 216 1.019.000 4.720
Tribulete, 23 Madrid 1.636 5.867.000 3.586 Orense, 22 Madrid 247 1.019.000 4.124
Valladolid, 57 Madrid 309 656.000 2.123 Monte Igueldo, 12 Madrid 300 981.000 3.273
Toledo, 101 Madrid 111 455.000 4.099 Mayor, 41 Madrid 196 957.000 4.886
Trasteros Madrid 10 27.000 2.700 Alcalá, 310 Madrid 240 931.000 3.881
Dº de superficie IVIMA Madrid - 2.916.293 - Goya, 30 Madrid 90 928.000 10.311
Oficinas 6.171 24.421.000 3.957 Concha Espina, 69 Madrid 204 927.000 4.543
Fernández de la Hoz, 52 Madrid 2.708 12.776.000 4.718 Dos de Mayo, 23-A Madrid 242 916.000 3.785
Goya, 5-7 Madrid 1.064 5.127.000 4.819 Fernández de los Ríos, 63 Madrid 229 886.000 3.867
General Álvarez de Castro, 26 Madrid 1.099 2.831.000 2.576 Hortaleza, 78 Madrid 40 876.000 21.966
Infanta Mercedes, 31 Madrid 1.008 2.641.000 2.620 Gaztambide, 36 Madrid 153 875.000 5.726
López de Hoyos, 10 Madrid 292 1.046.000 3.582 Lagasca, 80 Madrid 114 862.000 7.561
Comercial 19.129 69.485.000 3.632 Bravo Murillo, 170 Madrid 183 861.000 4.718
Parque Comercial Artea Pais Vasco 2.757 4.877.000 1.769 Núñez de Balboa, 64 Madrid 112 788.000 7.036
Goya, 5 Madrid 467 3.265.000 6.991 Constitución, 102-104 Barcelona 351 783.000 2.231
Cuchilleros, 7 Madrid 246 3.143.000 12.776 Habana, 41 Orense 480 777.000 1.619
Albufera, 25 Madrid 568 3.103.000 5.463 León, 25 Madrid 161 763.000 4.737
Sánchéz Barcaiztegui, 12 Madrid 980 2.738.000 2.794 Federico Mompou, 6 Madrid 110 751.000 6.827
Gran Vía Diego López de Haro, 61 Pais Vasco 608 2.678.000 4.405 Puerto de Balbarán, 45 Madrid 126 743.000 5.887
Bravo Murillo, 174 Madrid 534 1.986.000 3.719 Dos de Mayo, 26-L2 Madrid 300 735.000 2.446
Felipe II, 16 Madrid 434 1.743.000 4.016 Mossen Jaume Soler, 5 Barcelona 917 712.000 776
Concepción Jerónima, 29 Madrid 368 1.557.000 4.235 Reina Mercedes, 13 Madrid 283 683.000 2.413
Guzmán el Bueno, 28 Madrid 293 1.533.000 5.230 Dos de Mayo, 23-B Madrid 117 660.000 5.641
Pintor Rosales, 20 Madrid 157 1.419.000 9.038 Montecarlo, 20-24 Barcelona 300 633.000 2.110
Alcalde Luis de Marichalar, 5 Madrid 231 1.410.000 6.095 Rambla Anselm J.A Calvé, 4 Barcelona 302 614.000 2.033
Juan Carlos I, 4 Madrid 907 1.396.000 1.539 Zurbano, 56 Madrid 165 609.000 3.691
Goya, 7 Madrid 297 1.354.000 4.559 Gran Vía, 43 Salamanca 350 600.000 1.714
Marqués de la Ensenada, 16 Madrid 410 1.350.000 3.293 Dr. Reig, 44 Barcelona 210 460.000 2.190
Monte Igueldo, 16 Madrid 240 1.315.000 5.479 San Torcuato, 12 Zamora 269 403.000 1.498
Corregidor Diego de Valderrábano, 25 Madrid 209 1.287.000 6.158 Mayor principal, 21 Palencia 117 292.000 2.496
Bravo Murillo, 129 Madrid 232 1.280.000 5.517 Industrial 25.601 11.764.000 460
Alcalá, 223 Madrid 387 1.199.000 3.101 Encofradores, 4 -PI Mohedano YunqueraYunquera Henares 13.587 5.248.000 386
Alcalá, 183 Madrid 101 1.198.000 11.861 Torneros, 74 Madrid 6.656 4.218.000 634
Segovia, 8 Madrid 455 1.164.000 2.558 Mercamadrid Madrid 5.358 2.298.000 429
Goya, 143 Madrid 143 1.122.000 7.858
Total Valoración Vitruvio 69.085 172.089.293 2.491
NAV €: net asset value, i.e. Vitruvio’s equity adjusted by the valuation of an
independent party. The NAV is calculated and approved by the Board of Directors of
Vitruvio using the methodology described
NAV per share: NAV divided by the number of shares outstanding (excluding treasury
shares)
GAV €: gross asset value. Vitruvio obtains this information from the valuations made
by the consulting firm Savills AN España.
GRI €: gross rental income, agreed rent plus expenses borne by the tenant.
NRI €: net rental income, contractually agreed rent, discounting the charging of
expenses.
NOI €: net operating income, contractually agreed net rent, calculated as GRI less total
community association charges, property tax, insurance and any direct expense relating
to the assets.
Rental yield %: contractually agreed rent divided by valuation (NRI/GAV).
Vacancy %: calculated as the valuation of vacant assets to the total portfolio valuation
(vacant GAV/GAV), excluding assets that are being renovated.
EBITDA: Earnings before interest, taxes, depreciation and amortisation.
Earnings per share (EPS): profit for the year divided by the number of shares
outstanding (excluding treasury shares).
Dividend per share (DPS): dividend distributed in the year divided by the number of
shares outstanding (excluding treasury shares).
Dividend yield %: DPS/NAV/share
Leverage %: the Company's bank borrowings less cash, divided by the valuation (net
debt/GAV)
FFO/share: profit for the year + amortisations and depreciations - capital gains/losses
from disposal, divided by the number of shares outstanding.
DSCR: debt service coverage ratio (EBITDA/(finance costs + principal repayment).
> Appendix
Glossary
17
Vitruvio quarterly report
Q2 2020
Nota adicional
Vitruvio publica trimestralmente un informe con la descripción de la situación de la
compañía a cierre del periodo. Se incluyen los indicadores claves de la cartera
inmobiliaria, así como la información financiera más relevante. En ocasiones, se
presenta también información posterior al cierre trimestral cuando la misma es
relevante. En el presente informe se aporta la citada información sobre Vitruvio y se
añade información sobre el impacto que la compañía estima tendrá en las cuentas la
actual crisis provocada por el virus.
La valoración inmobiliaria de Savills AN es a cierre de 2019 y la valoración contable del
derecho de superficie con la Agencia Social de la Vivienda de Madrid (antiguo IVIMA)
es de 30 de junio. De la suma de ambos elementos se alcanzan las cifras de valoración
presentadas en el informe.
En esta ocasión, el informe se divide entre:
1. Informe del impacto de la crisis provocada por el COVID: las cifras que se
presentan son el resultado de estimar el cierre anual, recogiendo el impacto que la
compañía considera que tendrá en su cuenta de resultados la actual crisis y su
repercusión en las renegociaciones de alquileres que se han tenido que llevar a
cabo –y que aún se siguen- con los inquilinos afectados por el cierre obligado por
el estado de alarma.
2. Informe trimestral: los ingresos que se muestran son, como en los informes
anteriores, el resultado de anualizar los de junio. Este dato trata de ofrecer una
imagen estática, a última fecha, de la marcha de Vitruvio. En un entorno tan
inestable como el actual, anualizar los ingresos de cierre del trimestre puede
reflejar de forma menos aproximada los ingresos previstos para todo el año.
18
Por último, es importante destacar que este informe es provisional, puede contener
errores, información no actualizada o susceptible de ser finalmente determinada con
relación al cierre del ejercicio con la formulación de los EEFF sometidos a auditoría. Y,
en general, la evolución de los acontecimientos relacionados con la crisis sanitaria y las
medidas para combatir el virus pueden hacer que los datos del informe sufran rápidas
variaciones, en coherencia con el general clima de incertidumbre actual.
Aviso legal
Este documento contiene una presentación de la compañía con fines únicamente informativos. No constituye una recomendación, ni una oferta de venta, ni una solicitud de una
oferta de compra de ningún valor al que pueda hacerse referencia a lo largo de la presentación, ni en modo alguno puede considerarse una invitación a suscribir contrato o
compromiso alguno en relación con ningún valor, inversión, servicio de gestión de inversiones o servicio de asesoramiento.
Aunque Vitruvio Real Estate Socimi S.A. ha tomado todas las medidas necesarias para asegurar que la información suministrada sea lo más exacta posible y veraz al momento de la
presentación, los diferentes datos, estimaciones y proyecciones contenidas en esta presentación podrán sufrir modificaciones en cualquier momento, debido a que dicha
información tiene carácter preliminar.
Vitruvio advierte de que los datos y proyecciones se han estimado en condiciones regulares y que están sujetas a variaciones y expuestas a diversos factores y riesgos. En especial,
los riesgos derivados de pandemias que puedan ocasionar el cierre masivo de establecimientos abiertos al público, la imposibilidad de acudir al centro habitual de trabajo y el
resto de medidas restrictivas que se podrían derivar de un estado de alarma o de medidas similares impuestas legalmente o por la fuerza. Esta información se encuentra publicada
en la página web de Vitruvio, cuyo enlace es www.vitruviosocimi.com.
Los inversores potenciales deben considerar cuidadosamente si una inversión es adecuada para ellos a la luz de sus circunstancias, conocimientos y recursos financieros, por lo que
debe consultar a sus propios asesores para obtener asesoramiento profesional e independiente en relación con diversas consideraciones legales, fiscales y factores económicos
para evaluar y valorar la idoneidad, legalidad y riesgos antes de realizar una inversión en esta sociedad, especialmente durante períodos de pánico o euforia financiara que pudiera
alterar las valoraciones de la compañía.