Business
CA Immobilien Anlagen : Results as at 31 March 2026
CA Immobilien Anlagen : Results as at 31 March
About this update from Ca Immobilien Anlagen Ag
[{"type":"text","content":"\n Q1 2026 ANALYST &\n \n \n INVESTOR UPDATE\n \n \n \n ALL DATA AS AT 31 MARCH 2026 UNLESS OTHERWISE STATED\n \n \n Overview\n \n \n Key Achievements 1Q 2026\n \n \n \n Occupancy\n \n \n Occupancy increased from 93.5% to 94.6% yoy, with improvements in nearly all markets.\n \n \n 40% of current vacancy already leased with future lease start dates upcoming.\n \n \n \n Income\n \n \n Due to sales of non-core properties totaling 228,587 sqm of GLA (-25%) and €34m of annualised income (-15%) over the past 12 months, GRI is down 18.4% to 55.9m.\n \n \n Despite non-core sales, improved operating efficiency and lower landlord leakage has resulted in smaller decline of NRI of 15.5% to €45.8m and FFO I to €25.9m.\n \n \n On like-for-like basis In-Place GRI was up 2.3% yoy.\n \n \n \n Book Value\n \n \n Total Property Portfolio (GAV) down 1.9% to €4,586m ytd mainly because of non-core asset disposals, like-for-like GAV +1.2% yoy.\n \n \n \n Development\n \n \n Three active development projects are 100% pre-leased and advancing on time and on budget with a target blended yield on cost of 5.5%.\n \n \n Two more developments are in planning phase (with total costs of €183m and an average estimated yield on cost of 6.7%).\n \n \n \n Transactions\n \n \n Despite challenging market environment closed 3 disposals in 1Q 2026 totalling c. €134m in proceeds at 1% premium to book value.\n \n \n Five additional disposals closed in 2Q 2026 (c. €72m proceeds) with four additional future sales signed (c. €64m proceeds).\n \n \n \n Balance Sheet / P&L\n \n \n Maintained solid Balance Sheet with an Equity Ratio improving to 48.4%, Net LTV reducing to 33.4%, a stable Net Debt/EBITDA of 11.3x, and stable all-in Cost of Debt at 2.4%.\n \n \n All major P&L line items are down yoy because of successful disposals in the past.\n \n \n \n Capital Return\n \n \n Purchased c. 1.9m treasury shares until mid May returning c. €47m via share buybacks at 8% discount to IFRS NAV.\n \n \n Ordinary dividend distribution of €0.90 per share in May 2026 (3.3% dividend yield of IFRS NAV / 3.6% dividend yield on share price ex div date).\n \n \n Total capital returned to shareholders of c. €130m via the ordinary dividend distribution and share buybacks until mid May. Share buyback programme ongoing.\n \n \n Overview\n \n \n Macroeconomic & Market Environment\n ...