Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Q1 2017 Earnings Presentation

29 slides from Ca Immobilien Anlagen's earnings presentation, May 23, 2017

  1. Slide 1: 1Q 2017 Results – Analyst and Investor Update

    1Q 2017 RESULTS ANALYST AND INVESTOR UPDATE May 23, 2017

  2. Slide 2: 1Q 2017 Highlights

    1Q 2017 Highlights  Buy-out of joint venture partner Patrizia in NEO project in Munich Accelerated crystallisation of development pipeline values  Construction start of NEO ( 21,000 sqm of gross floor space)  Decision to realise My.B office building in Europacity Berlin (16,500 sqm) CEE portfoli

  3. Slide 3: 1Q 2017 Highlights

    1Q 2017 Highlights  Solid top line growth by 12% per share despite rental income losses linked to non-strategic asset sales Net rental income per share  Major driver: acquisition of Millennium Towers in Budapest, buy-out of JV – partner Union Investment in CEE 0.47 (1Q 2016: 0.42) +12% FFO I per s

  4. Slide 4: Profit and Loss

    Profit and Loss Solid Start into Financial Year 2017 P&L 1Q 2017 1Q 2016 +/- Rental income 43.8 40.2 8.9%  Rental income up 9% yoy driven by CEE portfolio expansion Net rental income 38.2 35.3 8.5% Other property development expenses  Acquisision of Millennium Towers in Budapest -1.0 -1.0 2.2% Pro

  5. Slide 5: Funds from Operations (FFO)

    Funds from Operations (FFO) FFO I per Share at € 0.25 (+16% yoy) FFO 1Q 2017 1Q 2016 +/- Net rental income 38.2 35.3 8.5%  Net rental income increase by 9% driven by portfolio expansion in CEE Result from services 2.7 3.1 -11.8% Other development expenses  Financing costs further reduced by 9% (po

  6. Slide 6: Funds from Operations (FFO I)

    Funds from Operations (FFO I) FY 2017 guidance > € 100 m FFO per share (yoy) FFO per share (qoq) FFO I 0.26 0.26 +16% +8.5% 23.6 (1Q 2016: 20.9) 0.25 0.25 0.24 0.24 FFO I per share 0.23 0.23 0.25 (1Q 2016: 0.22) 0.22 0.22 0.21 0.21 0.22 0.25 0.23 0.25 0.20 0.20 FFO I guidance FY 2017 1Q 16 1Q 17 4Q

  7. Slide 7: Balance Sheet as at March 31, 2017

    Balance Sheet as at March 31, 2017 Strong Equity Base Secures Growth Balance Sheet 31.03.2017 31.12.2016 +/- Investment properties 3,016.4 2,923.7 3.2% Properties under development 470.4 433.0 8.6%  Rock solid balance sheet metrics comfortably within strategic target range despite balance sheet ext

  8. Slide 8: Balance Sheet as at March 31, 2017

    Balance Sheet as at March 31, 2017 Rock Solid Financial Profile LTV (net) Equity ratio 1,300 45% 50.2% (4Q 2016: 51.2%) 1,200 1,100 40% 39% 37% 40% 34% 35% 1,000 35% 900 Loan-to-value (net) 800 30% 700 34.6% (4Q 2016: 34.2%) 600 1,079 1,061 1,191 1,168 1,225 25% 500 20% 2013 2014 2015 2016 1Q 2017 N

  9. Slide 9: Net Asset Value (NAV)

    Net Asset Value (NAV) EPRA NAV per Share € 26.74 Net Asset Value 31.03.2017 31.12.2016 +/- NAV (IFRS equity) 2,228.3 2,204.4 Exercise of options 0.0 0.0 NAV after exercise of options 2,228.3 2,204.5 1.1% NAV per share 23.87 23.60 1.1% Value adjustment for* Own use properties 6.1 6.0 Properties held

  10. Slide 10: Financing

    Financing February Bond Issuance to Further Drive Down Financing Costs Cost of debt Average weighted cost of debt 5.5% 5.1% 2.2% (1Q 2016: 2.9%) 5.0% 4.5% 4.1% 4.0% 3.5% Interest rate hedging ratio 3.0% 2.9% 83% (1Q 2016: 65%) 2.5% 2.3% 2.2% 2.0% 2Q 2014 2014 2015 2016 1Q 2017 Average debt maturity

  11. Slide 11: Financing

    Financing* Hedging Ratio Up at 83% (1Q 2016: 65%) Hedging ratio Debt split Currency split Financing split Corporate bonds 5% UniCredit 17% 5% 6% Other 34% 34% 7% Erste Group 9% 25% 58% DG Hyp Fixed 66% Helaba 16% Hedged 100% 18% Corporate bonds EUR Deutsche Floating Hypo/Nord LB Secured debt BVK Deb

  12. Slide 12: Financing

    Financing Weighted Average Cost of Debt and Maturities*  CoD/Maturities Outstanding debt Swaps  Cost of debt  Cost of debt  Debt maturity  Swap maturity (nominal value) (nominal value) excl. derivatives incl. derivatives (years) (years) Austria 146 47 2.2% 2.8% 5.3 7.0 Germany 571 119 1.4% 1.9%

  13. Slide 13: Property Portfolio (€ 3.9 bn)

    Property Portfolio (€ 3.9 bn)* Germany Accounts for  45% of Portfolio Value Portfolio structure Portfolio split by region and country (€ m)  Total property asset base of € 3.9 bn 6% 572 15%  Germany largest single core market 7% 15% Austria  Income- producing investment portfolio of € 3.3 bn 7%

  14. Slide 14: Investment Portfolio

    Investment Portfolio Portfolio Performance Remains Strong Portfolio occupancy Occupancy rate 96% 91.1% (1Q 2016: 92.2%) 95% 94% 93% 92.4% 92% 91.1% 90.7% 91% 90.4% Gross initial yield 90% 6.0% (1Q 2016: 6.4%) 89% 88% 87% 86% 4Q 2014 4Q 2015 4Q 2016 1Q 2017 Like-for like rental income (€ m)* Portfoli

  15. Slide 15: Investment Portfolio

    Investment Portfolio Portfolio Metrics* Gross initial yields Weighted average lease term (years) 8.0% 7.6% 7.4% 8.0 7.1% 6.7% 6.6% 7.0% 7.0 6.0% 6.0% 5.6% 6.0 4.9% 5.0% 5.0 4.0% 4.0 3.0% 3.0 2.0% 2.0 1.0% 1.0 6.9 4.2 3.4 3.1 2.9 2.7 2.5 4.3 0.0% 0.0 Romania Other** Hungary Czechia Poland Austria Ger

  16. Slide 16: Investment Portfolio

    Investment Portfolio Top Tenants and Properties Top 15 tenants (by annualized rent)* Top 15 yielding assets (by value) 6.3% Tower 185 (DE)** 194 2.3% Skygarden (DE) 189 2.0% Millennium Towers (HU) 173 1.9% Kontorhaus (DE) 151 1.9% River Place (RO) 109 1.7% John F. Kennedy - Haus (DEU) 98 1.7% Kavci

  17. Slide 17: Investment Portfolio

    Investment Portfolio Prague/Budapest – Buy-out of JV Partner Union Investment Infopark, Budapest CEE portfolio expansion  Buy-out of 49% JV-partner Union Investment*  Danube House, Prague (21,400 sqm)  Infopark, Budapest (13,700 sqm)  Acquisition of 100% led to full consolidation of assets  Pro

  18. Slide 18: Development Strategy

    Development Strategy Development Major Competitive Advantage and Growth Driver Prime-quality landbank with high optionality as key competitive advantage Landbank (€ 238 m)* 1  Major organic growth driver 0%  Focus on prime locations German cities Munich, Frankfurt and Berlin 6 3%  Expansion of ad

  19. Slide 19: Development

    Development Projects under Construction for Own Balance Sheet Investment portfolio Investment Outstanding Planned Gross yield Main Share** Pre-letting Construction projects volume* investment rentable area on cost usage ratio phase ViE (Vienna) 38 30 14,700 6.3 Office 100% 6% 3Q 16 – 3Q 18 MY.O (Mun

  20. Slide 20: Development

    Development Projects under Construction for Sale Trading portfolio projects Investment Outstanding Planned Main usage Share** Utilisation Construction volume* investment rentable area rate phase Cube (Berlin) 99 72 17,000 Office 100% 100% 4Q 16 – 4Q 19 Rieck I/ABDA (Berlin) 26 21 5,200 Office 100% 1

  21. Slide 21: Development Pipeline Potential

    Development Pipeline Potential* Total Development Volume by Market (2017 – 2025) Volume increase vs. 2016 € 4.1 bn (2016: € 2.1 bn) 4.5  Inclusion and realisation of land plots previously earmarked 4.0 for sale 3.5 3.0  Full realisation of all land plots in core cities (incl. residential) 2.5 2.0

  22. Slide 22: Development Pipeline Potential

    Development Pipeline Potential* Total Development Volume by Segment (2017 – 2025) Volume increase vs. 2016 € 4.1 bn (2016: € 2.1 bn) 4.5  Inclusion and realisation of land plots previously earmarked for 4.0 sale 3.5 3.0  Full realisation of all land plots in core cities (incl. residential) 2.5 2.0

  23. Slide 23: Development Pipeline Potential

    Development Pipeline Potential Munich – Significant Embedded Value in Residential Plots 23

  24. Slide 24: Development

    Development NEO, Munich - Buy-out of JV Partner Patrizia CEE portfolio expansion  Buy-out of 50% JV-partner Patrizia  Mixed use  Office (8,5000 sqm)  Hotel with 143 rooms  55 apartments (for sale)  Investment volume  € 61 m (incl. plot)  Expected yield on cost  5.4%  Construction start in

  25. Slide 25: Development Pipeline Potential

    Development Pipeline Potential Frankfurt - Significant Embedded Value in High-rise Plots 25

  26. Slide 26: Development

    Development Project in Preparation Stage Tower 1, Frankfurt  Mixed use hotel/office high-rise  Height  180 m   80.000 sqm gross floor area  Plot neighboring Tower 185 (Europaviertel)  All internal approvals for construction start obtained All figures (€) as at 31 March 2017, unless otherwise

  27. Slide 27: Development Pipeline Potential

    Development Pipeline Potential Europacity Berlin – CA Immo is Shaping a Prime Office Location 27

  28. Slide 28: Agenda and Targets 2017

    Agenda and Targets 2017 FFO I of at least € 100 m as Key Financial Target Confirmed  Buy-out of of joint venture partner Union Investment in CEE portfolio Investment portfolio  Expansion of CEE portfolio through property acquisition Growth Development  Buy-out of JV partner Patrizia and construct

  29. Slide 29: 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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