Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — CA Immo — Investor Presentation (October 2015)

51 slides from Ca Immobilien Anlagen's investor presentation, October 2015

1. Slide 1: Company Presentation October 2015

   COMPANY PRESENTATION October 2015

2. Slide 2: Strategy and Guidance

   wae CA IMMO URBAN BENCHMARKS. STRATEGY AND GUIDANCE

3. Slide 3: Company Profile

   Company Profile Leading Investor and Developer of High-Quality Offices in Central Europe COMPANY PROFILE  Largest listed office real estate player in Central Europe  Exposure to high-quality core offices in stable and growing markets of Germany Poland Germany and Austria combined with high growth

4. Slide 4: Strategy

   Strategy Strategic Agenda 2015-2017 Gains Momentum STRATEGY 2012-2015 STRATEGY 2015-2017 2012 2015* 2017 GAV Portfolio € 4.8 bn € 3.4 bn € 3.9 bn thereof income-producing 83% 85%  95% Office Share/Investment Portfolio 79% 80%  90% Economic Vacancy 13.3% 9.1% < 9% Equity ratio 30% 52%  50% Net Loa

5. Slide 5: Strategy 2015-2017

   Strategy 2015-2017 Portfolio Growth Towards € 4 bn in 2017 GROWTH STRATEGY 2015-2017  BOOSTING THE RECURRING PROFITABILITY OF CA IMMO  Core office portfolio expansion in existing core cities in Central Europe  Replacement of remaining non-core assets  Further increase of platform strength and co

6. Slide 6: Buy-out of EBRD Minority Stake

   Buy-out of EBRD Minority Stake Transaction Immediately Accretive to Recurring Earnings Amazon Court Europe House BUY-OUT OF JV – PARTNER EBRD (EFFECTIVE AS OF JULY 1, 2015)  Gross purchase price of € 60 m reflects a discount to the portfolio NAV  Acquisition of 100% leads to full consolidation of

7. Slide 7: Strategy 2015-2017

   Strategy 2015-2017 German Development Major Organic Growth Driver and Key Differentiator WELL POSITIONED TO DRIVE GROWTH RENTAL INCOME SPLIT BY SOURCE GERMAN LAND RESERVES (€ 338 M)  Top 3 office developer in supportive German market with strong track record of blue chip tenant projects 4% 24%  Av

8. Slide 8: Outlook

   Outlook Company Targets 2015 Confirmed, Strong Second Half-year Expected STRATEGIC/OPERATIONAL TARGETS 2015 FINANCIAL TARGETS AND OUTLOOK 2H 2015  Property disposals  Financial targets 2015 confirmed  Target sales volume € 150-200 m (excl. CEE logistics closed in 1Q)  (Recurring) FFO I target €

9. Slide 9: Portfolio

   wae CA IMMO URBAN BENCHMARKS. PORTFOLIO

10. Slide 10: Property Portfolio (€ 3.5 bn)

    Property Portfolio (€ 3.5 bn)* Germany and Austria Account for 63% of Regional Exposure PORTFOLIO STRUCTURE PORTFOLIO SPLIT BY REGION AND COUNTRY (€ M)  Total property asset base of € 3.5 bn 6% Austria  € 2.7 bn fully owned 6% 19% 668 19% Germany  € 750 m held in joint ventures (CA Immo 8% 1,283

11. Slide 11: Investment Portfolio (€ 2.9 bn)

    Investment Portfolio (€ 2.9 bn) 80% of Yielding Assets located in Key Economic Centres of Central Europe CORE CITIES GAV (€ m) % Rent (€ m)* % Vienna 490.5 17% 28.6 15% Munich 312.8 11% 15.9 8% Frankfurt 193.2 6% 10.9 6% Berlin 348.9 12% 19.1 10% Warsaw 352.4 12% 25.9 14% Prague 184.3 6% 14.9 8% Bud

12. Slide 12: Investment Portfolio (€ 2.9 bn): Performance Metrics

    Investment Portfolio (€ 2.9 bn) Performance Metrics GROSS INITIAL YIELDS** WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY 9% 8.5% 9.0 8.1% 7.8% 8% 7.3% 8.0 7.0% 7% 6.5% 7.0 5.7% 5.6% 6% 6.0 5% 5.0 4% 4.0 8.5 3% 3.0 4.7 4.8 2% 2.0 3.4 2.5 2.2 2.6 2.7 1% 1.0 0% 0.0 Romania Czech Other* Poland

13. Slide 13: Investment Portfolio: Austria - Vienna

    Investment Portfolio Austria - Vienna PORTFOLIO METRICS AUSTRIA ASSET LOCATIONS VIENNA PORTFOLIO SPLIT (BY VALUE) 21% 5.7% Portfolio share Gross initial yield 13% 2% 41 96.3% Yielding assets Economic occupancy 17% € 619 m 4.7 years 50% Portfolio value WALT 484,000 sqm € 35 m 18% Lettable area Annual

14. Slide 14: Investment Portfolio: Germany - Munich

    Investment Portfolio Germany - Munich PORTFOLIO METRICS GERMANY ASSET LOCATIONS MUNICH PORTFOLIO SPLIT (BY VALUE) 37% 5.6% Portfolio share Gross initial yield* 2% 7% 22 92.7% 13% Yielding assets Economic occupancy* € 1,073 m 8.5 years Portfolio value WALT 452,000 sqm € 55 m 78% Lettable area Annuali

15. Slide 15: Investment Portfolio: Germany - Frankfurt

    Investment Portfolio Germany - Frankfurt PORTFOLIO METRICS GERMANY ASSET LOCATIONS FRANKFURT PORTFOLIO SPLIT (BY VALUE) 37% 5.6% Portfolio share Gross initial yield* 2% 7% 22 92.7% 13% Yielding assets Economic occupancy* € 1,073 m 8.5 years Portfolio value WALT 452,000 sqm € 55 m 78% Lettable area A

16. Slide 16: Investment Portfolio: Germany - Berlin

    Investment Portfolio Germany - Berlin PORTFOLIO METRICS GERMANY ASSET LOCATIONS BERLIN PORTFOLIO SPLIT (BY VALUE) 37% 5.6% 2% Portfolio share Gross initial yield* 7% 22 92.7% 13% Yielding assets Economic occupancy* € 1,073 m 8.5 years Portfolio value WALT 452,000 sqm € 55 m 78% Lettable area Annuali

17. Slide 17: Investment Portfolio: Poland - Warsaw

    Investment Portfolio Poland- Warsaw PORTFOLIO METRICS POLAND ASSET LOCATIONS WARSAW PORTFOLIO SPLIT (BY VALUE) 13% 7.3% Portfolio share Gross initial yield 11 91.2% Yielding assets Economic occupancy € 365 m 2.5 years Portfolio value WALT 132,000 sqm € 26 m 100% Lettable area Annualized rent Office

18. Slide 18: Investment Portfolio: Czech Republic - Prague

    Investment Portfolio Czech Republic - Prague PORTFOLIO METRICS - CZECH REPUBLIC ASSET LOCATIONS PRAGUE PORTFOLIO SPLIT (BY VALUE) 6% 8.1% Portfolio share Gross initial yield 15% 5 91.0% Yielding assets Economic occupancy € 184 m 3.4 years Portfolio value WALT 97,000 sqm € 15 m Lettable area Annualiz

19. Slide 19: Investment Portfolio: Hungary - Budapest

    Investment Portfolio Hungary - Budapest PORTFOLIO METRICS HUNGARY ASSET LOCATIONS BUDAPEST PORTFOLIO SPLIT (BY VALUE) 10% 7.0% 4% Portfolio share Gross initial yield 7% 10 79.9% Yielding assets Economic occupancy € 280 m 2.6 years Portfolio value WALT 179,000 sqm € 20 m 89% Lettable area Annualized

20. Slide 20: Investment Portfolio: Romania - Bucharest

    Investment Portfolio Romania - Bucharest PORTFOLIO METRICS ROMANIA ASSET LOCATIONS BUCHAREST PORTFOLIO SPLIT (BY VALUE) 7% 8.5% Portfolio share Gross initial yield 5 95.6% Yielding assets Economic occupancy € 198 m 2.2 years Portfolio value WALT 84,000 sqm € 18 m Lettable area Annualized rent 100% T

21. Slide 21: Investment Portfolio (€ 2.9 bn): Top Tenants and Properties

    Investment Portfolio (€ 2.9 bn) Top Tenants and Properties TOP 15 TENANTS BY ANNUALIZED RENT (€ 189 M) TOP 15 YIELDINGS ASSETS BY VALUE (€ M) Ministry of Agriculture 0.8% Silbermoewe (AT) 58 4.3 0.8% 7.5 InterCity Hotel (DE) 60 0.8% 8.5 Kavci Hory (CZ)* 62 0.8% 3.1 Bucharest Business Park (RO) 63 0.

22. Slide 22: Investment Portfolio At Equity

    Investment Portfolio At Equity (€ 677 m)* EBRD Buy-Out Reduces At Equity Portfolio Substantially CAI CAI % CEE % Germany JV EBRD JV Other JV Pension Institutions 65% River Place (RO) 44% Megapark (BG) 33% Tower 185 65% Europe House (RO) 50% Poleczki Business Park (PL) 65% Amazon Court (CZ) JV Union

23. Slide 23: Development

    wae CA IMMO URBAN BENCHMARKS. DEVELOPMENT

24. Slide 24: Office Project Completions 2015

    Development Office Project Completions 2015 to Add € 13 m Rental Income Annually* KONTORHAUS, MUNICH JOHN F. KENNEDY – HAUS, BERLIN MONNET 4, BERLIN  Book value € 91.2 m  Book value € 74.7 m  Book value € 23.9 m  Yield on cost 7.1%  Yield on cost 6.2%  Yield on cost 5.7%  Lettable area 28,400

25. Slide 25: Development – Completions 2015: John F. Kennedy – Haus

    Development – Completions 2015 John F. Kennedy – Haus, Berlin: Prime Office Opposite German Chancellery KEY FACTS  Market value € 74.7 m  Lettable area 17,800 sqm  Investment volume approx. € 70 m  Yield on cost 6.2%  Main tenants: White & Case, JLL, Airbus, Regus, Expedia  Occupancy:  82% (O

26. Slide 26: Development – Completions 2015: Kontorhaus, Munich

    Development – Completions 2015 Kontorhaus, Munich: Prime Office Near Central Train Station KEY FACTS  Market value € 91.2 m  Lettable area 28,400 sqm  Investment volume approx. € 97 m  Yield on cost 7.1%  Main tenants: Google  Occupancy:  92% (October 2015)  Final completion stage  handover

27. Slide 27: New Development Starts in 2015/2016

    Development New Development Starts in 2015/2016 BAUFELD 03, BERLIN MANNHEIMER STRASSE, FRANKFURT NEW OFFICE PROJECT „VIE“, VIENNA  Phase 1  Multi-phase development project (mixed use  Part of Laende 3 city quarter development  Investment volume € 58 m office/hotel/parking)  Investment volume ap

28. Slide 28: Project Pipeline 2016-2018

    Development Project Pipeline 2016-2018 BUCHAREST: ORHIDEEA ( 37,000 SQM GFA) BERLIN: CUBE (19,500 SQM GFA) MUNICH: NEO (18,500 SQM GFA), NYMPHENBURG (25,000 SQM GFA) FRANKFURT: TOWER ONE (80,000 SQM GFA) NEO Nymphenburg MK2 28

29. Slide 29: Baumkirchen Residential Project, Munich

    Development Baumkirchen Project to Benefit from Strong Residential Market in Munich KEY FACTS PHASE 1 (15,500 SQM GFA)  Residential development (development and sale of freehold apartments); 50/50 joint venture with Patrizia  Phase 1  170 apartments  95% have been accredited or reserved  Phase

30. Slide 30: Austria/Vienna - Lände 3: Residential Development

    Development Austria/Vienna - Lände 3: Residential Development LAENDE 3 – B SUED  Next development step of the city quarter Lände 3 in Vienna‘s 3rd district  Residential project (Forward sale to Austrian investor)  220 appartments, around 19,000 sqm GFA  Planned construction start 4Q 2015  Plann

31. Slide 31: Germany/Mainz - Zollhafen

    Development Germany/Mainz - Zollhafen Rheinallee III ZOLLHAFEN MAINZ  Joint venture with Stadtwerke Mainz  Mixed/use development site of around 30 ha  Realisation of approx. 355,000 sqm (GFA) in several construction phases  Rheinallee III  Forward sale to Aberdeen Asset Management (€ 66 m)  Re

32. Slide 32: Landbank (€ 400 m)

    Landbank (€ 400 m) 85% of Land Reserves Located in Germany KEY FACTS LANDBANK SPLIT (FAIR VALUE) LANDBANK GERMANY (FV)  Exposure to high-quality inner-city locations in Munich, Frankfurt, Berlin 4% 4% 4% 4% 4% 19%  Strategic land reserves support strong position as one of the leading 37% office de

33. Slide 33: Landbank: Frankfurt

    Landbank Frankfurt KEY FACTS  Three high-rise plots with a total book value of around € 133 m  Millenium plot (1): located in Europaviertel; book value € 80 m; building permit up to 229,000 sqm GFA; optimization process to increase marketability  Tower 1 plot (2): located in Europaviertel; book v

34. Slide 34: Landbank: Munich and Berlin

    Landbank Munich and Berlin KEY FACTS BERLIN  Inner-city located land reserves with a total book value of around € 200 m  Development of strategic land reserves (most attractive office-zoned plots)  Sale of non-strategic plots  strong demand for plots with residential zoning  Europacity Berlin:

35. Slide 35: Europacity Berlin: CA Immo Shapes New Prime Location

    Development Europacity Berlin: CA Immo Shapes New Prime Location 2 3 10 8 4 9 5 7 1 6 SOUTHERN PART NORTHERN PART  1 John F. Kennedy – Haus (under construction)  6 Cube office project (in planning stage)  8 Monnet 4 (under construction)  2 Office project (plot sold)  7 Baufeld 03/KPMG (planned

36. Slide 36: Development Case Study: Skygarden Office, Munich

    Development Case Study Skygarden Office, Munich DEVELOPMENT METRICS KEY ACHIEVEMENTS MARKET POSITIONING  Short construction period of less than three  53% pre-lets at construction start  Landmark building of Arnulfpark city quarter years (December 2008 – June 2011)  Full occupancy reached within

37. Slide 37: Development Case Study: Tour Total, Berlin

    Development Case Study Tour Total, Berlin DEVELOPMENT METRICS KEY ACHIEVEMENTS MARKET POSITIONING  Two year construction period (June 2010 –  100% pre-let at construction start  Landmark building of Europacity in Berlin September 2012)  Energy Group Total chose the building as  Close proximity

38. Slide 38: Development Case Study: John F. Kennedy - Haus, Berlin

    Development Case Study John F. Kennedy - Haus, Berlin DEVELOPMENT METRICS KEY ACHIEVEMENTS MARKET POSITIONING  Construction start in May 2013  42% pre-lets at construction start  Prime location opposite the Cancellery and Government Quarter, next to central train  Completion in June 2015 accordi

39. Slide 39: 1H 2015 Earnings

    wae CA IMMO URBAN BENCHMARKS. 1H 2015 EARNINGS

40. Slide 40: Profit and Loss

    Profit and Loss Half-year Net Profit Up 67% yoy €m 1H 15 1H 14 yoy 2Q 15 2Q 14 yoy Comments Rental income 68.8 73.7 -6.7% 34.1 36.3 -6.1% Net rental income (NRI) 60.5 65.3 -7.4% 29.3 32.1 -8.8% Rental income decline related to non-core sales Result from hotel operations 0.3 0.8 -66.6% 0.3 0.6 -54.9%

41. Slide 41: Funds from Operations (FFO)

    Funds from Operations (FFO) Half-year FFO I Up 5.4% yoy €m 1H 15 1H 14 yoy Comments Net rental income (NRI) 60.5 65.3 -7.4% Rental income decline related to non-core sales (in particluar Lipowy) Result from hotel operations 0.3 0.8 -66.6% Income from services 8.9 7.7 14.6% Other development expenses

42. Slide 42: Balance Sheet

    Balance Sheet Strong Metrics Maintained, Use of Cash to Optimize Financing Structure €m 30.06.2015 31.12.2014 +/- Comments Investment properties 2,249.6 2,092.9 7.5% Excl. assets held at equity (JVs with EBRD/Union Investment, Tower 185 stake)* Properties under development 370.5 496.3 -25.3% Develop

43. Slide 43: Balance Sheet: Strong Capital Base Increases Scope for Growth

    Balance Sheet Strong Capital Base Increases Scope for Growth BALANCE SHEET METRICS EQUITY RATIO  Long-term debt ratio targets 2,000 60% 53% 53%  Equity ratio of 45-50% 1,950 55% 50%  Net-LTV 40-45% 1,900 44% 45% 1,850 31%  Cash position 40% 1,800  Liquid funds end of 2Q 15 stood at € 244.6 m 35

44. Slide 44: Net Asset Value (NAV)

    Net Asset Value (NAV) EPRA NNNAV € 20.50 per Share (June 30, 2015) 30.06.2015 31.12.2014 €m NAV IFRS (€ PER SHARE) diluted = undiluted diluted = undiluted 25.0 22.05 21.74 NAV (IFRS equity) 1,951.9.0 1,951.7 20.0 Exercise of options 0.0 0.0 15.65 15.0 NAV after exercise of options 1,951.9 1,951,7 10

45. Slide 45: Financing

    wae CA IMMO URBAN BENCHMARKS. FINANCING

46. Slide 46: Financing: Debt Profile

    Financing Debt Profile FINANCING STRUCTURE DEBT MATURITY PROFILE (€ M)* 594  Current focus of financing on property project level 600 488  Secured debt: non-recourse loans from banks and 500 186 insurance companies 400 175  Unsecured debt: corporate bond 2006-2016 (€ 186 m, 287 300 211 43 77 5.12

47. Slide 47: Financing: Declining Cost of Funding

    Financing Declining Cost of Funding Major Recurring Earnings Driver in 2015 FINANCING STRUCTURE OPTIMIZATION AVERAGE COST OF DEBT  Average cost of debt 5.5% 5.1%  FY 2015 target < 3.5% already reached at end of second quarter 5.0%  Downward drivers LTM: repayment of corporate bond 2009-2014 in 4.

48. Slide 48: Weighted Average Cost of Debt and Maturities

    Financing Weighted Average Cost of Debt and Maturities* Outstanding Nominal  Cost of debt  Cost of debt  Debt  Swap €m nominal value value swaps excl. derivatives incl. derivatives maturity maturity Austria 261.2 35.7 2.4% 2.7% 6.6 8.5 Germany 424.9 198.9 2.5% 3.5% 4.3 2.6 Czech Republic 91.8 41

49. Slide 49: Appendix

    wae CA IMMO URBAN BENCHMARKS. APPENDIX

50. Slide 50: Capital Markets Profile

    Capital Markets Profile CA Immo Share and Shareholder Structure CA IMMO SHARE SHAREHOLDER STRUCTURE INSTITUTIONAL INVESTORS (48%)  Market capitalisation: € 1.6 bn 10% 26% 26% 13%  Number of shares outstanding (June 30, 2015): 97,943,723  Listing: Vienna Stock Exchange, Prime Market 11% 6%  Indic

51. Slide 51: Investor Relations

    Investor Relations Contact Details Christoph Thurnberger Claudia Höbart Head of Capital Markets Investor Relations / Capital Markets Tel.: +43 (1) 532 59 07 504 Tel.: +43 (1) 532 59 07 502 E-Mail: christoph.thurnberger@caimmo.com E-Mail: claudia.hoebart@caimmo.com www.caimmo.com/investor_relations/

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