Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Q1 2018 Earnings Presentation

50 slides from Ca Immobilien Anlagen's earnings presentation, May 23, 2018

  1. Slide 1: 1Q 2018 Results Analyst and Investor Update

    1Q 2018 RESULTS ANALYST AND INVESTOR UPDATE May 23, 2018

  2. Slide 2: 1Q 2018 Highlights

    1Q 2018 Highlights Robust operating business  Operating margin of letting business remains on a high level at 92.5%  High portfolio occupancy maintained at 94.4%  Strong like-for-like rental income growth of 5.5% across the investment portfolio Tower 185 closing and cash inflow  CA Immo successf

  3. Slide 3: All Key Performance Indicators up for Another Consecutive Quarter

    1Q 2018 All Key Performance Indicators up for Another Consecutive Quarter  Solid top line growth by 12.0% per share despite rental income losses linked to non-strategic asset sales Net rental income per share  Improved operating margin at 92.5% (1Q 2017: 87.4%) 0.46 (2017: 0.41) +12%  Major drive

  4. Slide 4: Profit and Loss

    Profit and Loss Strong Start into Financial Year 2018 P&L 1Q 2018 1Q 2017** +/- Rental income 46.2 43.8 5.5%  Net rental income up 11.7% yoy despite losses linked to Net rental income 42.7 38.2 11.7% non-strategic sales Other property development expenses -1.9 -1.0 94.9%  Strong portfolio metrics

  5. Slide 5: Funds from Operations (FFO)

    Funds from Operations (FFO) Net Rental Income Uplift Drives Recurring Profitability FFO 1Q 2018 1Q 2017** +/- Net rental income 42.7 38.2 11.7%  Net rental income up 11.7% yoy despite losses linked to non-strategic sales Result from services 3.7 2.7 36.8% Other development expenses  Strong portfol

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

    Funds from Operations (FFO I) FFO I per Share at € 0.30 1Q 2018 FFO I per share (yoy) 1Q 2018 FFO II per share (yoy) FFO I 0.32 0.29 +32% 27.7 (2017: 23.5) +18% 0.30 +18% 0.27 0.25 0.28 0.23 FFO I per share 0.26 0.21 0.30 (2017: 0.25) +18% 0.24 0.19 0.22 0.17 0.25 0.30 0.21 0.28 0.20 0.15 FFO II 1Q

  7. Slide 7: Balance Sheet (March 31, 2018)

    Balance Sheet (March 31, 2018) Strong Equity Base Secures Growth Balance Sheet 31.03.2018 31.12.2017** +/- Investment properties 3,225.6 3,155.7 2.2%  Rock solid balance sheet metrics comfortably within Properties under development strategic target range despite balance sheet extension 539.7 579.3

  8. Slide 8: Net Asset Value (NAV)

    Net Asset Value (NAV) EPRA NAV per Share at € 30.03 EPRA NAV per share YTD Net Asset Value 31.03.2018 31.12.2017**** +/- 32.0 NAV (IFRS equity) 2,442.0 2,419.2 31.0 Exercise of options 0.0 0.0 30.0 NAV after exercise of options 2,442.0 2,419.2 0.9% 29.0 28.0 NAV per share 26.25 25.95 1.2% 27.0 Value

  9. Slide 9: Financing

    Financing Average Cost of Debt at 1.81% Reflect Financing Structure Optimsation CONTINUOUS COD OPTIMISATION CoD cut of  40 bps over last 12 months 3.00%  Average financing costs stood at 1.81% (incl. 2.80% 2.80% pro rata joint venture financing) at reporting date 2.60% 2.37% 2.34% 2.40% 2.21% 2.18

  10. Slide 10: Financing

    Financing Significant Financing Structure Optimisation Improves Cash Flow Resilience EXTENDED HEDGING RATIO AND MATURITIES Average debt maturity 6.5  92% of financial liabilities are hedged or fixed, 6.1 6.0 6.0 which strongly increases cash flow resilience 6.0 5.8 5.5  Average debt maturity stand

  11. Slide 11: Portfolio

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO

  12. Slide 12: Property Portfolio (€ 3.8 bn)

    Property Portfolio (€ 3.8 bn)* Largest Single Market Germany Accounts for 44% of Portfolio Value PORTFOLIO STRUCTURE Portfolio split by region and country (€ m)  Total property asset base of € 3.8 bn 5%  Excluding joint ventures with a property value of 524 8% 14% 14% € 130 m (CA Immo pro rata sha

  13. Slide 13: Investment Portfolio

    Investment Portfolio* Occupancy Rate Maintained Above 94% Portfolio occupancy (economic) Occupancy rate (economic) 96% 95.2% 94.4% (1Q 2017: 91.4%) 95% 94.4% 94% 93.6% 93% 92.4% Gross initial yield 92% 91.1% 6.1% (1Q 2017: 6.1%) 91% 90% 89% 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Like-for-like renta

  14. Slide 14: Investment Portfolio

    Investment Portfolio* Portfolio Metrics Weighted average lease term (years) Gross initial yields 8.0 9.0% 7.8% 7.8% 7.7% 7.0 8.0% 7.1% 7.1% 6.8% 6.0 7.0% 5.7% 6.1% 5.0 6.0% 4.6% 4.0 5.0% 4.0% 3.0 3.0% 2.0 2.0% 1.0 6.7 4.3 3.8 3.3 2.9 2.7 2.7 2.5 4.2 1.0% 0.0 0.0% Germany Austria Poland Romania Other

  15. Slide 15: Investment Portfolio

    Investment Portfolio Like-for-Like Performance Like-for-like Fair value Rental income* Yield (%) Occupancy (%) 1Q 2018 1Q 2017 +/- 1Q 2018 1Q 2017 +/- 1Q 2018 1Q 2017 1Q 2018 1Q 2017 Austria 494.2 506.6 -2.5% 28.1 28.7 -2.0% 5.7 5.7 92.7 94.3 Germany 1,102.3 981.8 12.3% 52.5 47.7 9.9% 4.7 4.9 97.7 9

  16. Slide 16: Investment Portfolio

    Investment Portfolio* Top Tenants and Properties Top 15 tenants (by annualized rent)** Top 15 yielding assets (by value)** 3.1% Skygarden (DE) 216 2.9% Millennium Towers (HU) 178 2.3% Kontorhaus (DE) 175 2.2% River Place (RO) 108 2.2% Warsaw Spire B (PL) 102 2.2% John F. Kennedy - Haus (DE) 101 1.9%

  17. Slide 17: Investment Portfolio

    Investment Portfolio Acquisition of a Prime Office Building in Bucharest in 1Q 2018 CEE PORTFOLIO EXPANSION  Acquisition of Campus 6.1 building in Bucharest with a lettable area of  22,000 sqm from Skanska  Transaction volume  € 53 m  Completion planned in 3Q 2018  By the end of the year, a fu

  18. Slide 18: Core Markets

    Core Markets Bucharest z= CA IMMO @ CA Immo Bestandsimmobilien CA Immo investment properties i River Place Bi Oper Center 1 El Oper Center 2 El Europehouse Bl Bukarest Business Park GB Campus 6.1 @ CA Immo Projekt in Umsetzung CA Immo projects under construction fl Orhideea @ Orientierungspunkte Lan

  19. Slide 19: Development

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  20. Slide 20: Strong Organic Portfolio Growth

    Development Strong Organic Portfolio Growth Investment portfolio (€ bn)* Current construction volume (total) 3.6  1.1 bn 3.4 3.2 3.0 Current construction volume 2.8 (own balance sheet) 2.6  800 m 2.4 2.2 2.0 2015 2016 2017 2018p 2019p Ø Yield on cost  5.8% Rental income (€ m)* 200.0 190.0 Complet

  21. Slide 21: Development

    Development Projects under Construction for Own Investment Portfolio Investment portfolio Investment Outstanding Planned Gross yield Main usage Share Pre-letting Construction projects volume* investment rentable on cost ratio phase area ViE (Vienna) 38 16 14.700 6.4 Office 100% 23% 3Q 16 – 3Q 18 MY.

  22. Slide 22: 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) 101 59 17,200 Office 100% 100% 4Q 16 – 4Q 19 Bürogebäude am Kunstcampus – 32 22 5,200 100%

  23. Slide 23: Development

    Development Projects Under Construction (Completed in 1Q 2018) KPMG, BERLIN PHASE 2  Phase 1 (12,800 sqm) successfully completed and handed over to the tenant in March 2018  100% of space let to KPMG  Total investment volume (incl. plot) € 57 m  Yield on cost  5.7%  Phase 2 (Baufeld 04 project

  24. Slide 24: Development

    Development Projects Under Construction (Completion in 2018) ORHIDEEA TOWERS, BUCHAREST  Lettable area 36,900 sqm  Investment volume  € 73 m (incl. plot)  Outstanding investment  € 34 m  Expected yield on cost  8.4%  Construction phase 4Q 2015 – 3Q 2018  Pre-let ratio  56% All figures (€)

  25. Slide 25: Development

    Development Projects Under Construction (Completion in 2018) VIE, VIENNA  Lettable area 14,700 sqm  Investment volume  € 38 m (incl. plot)  Outstanding investment  € 16 m  Expected yield on cost  6.4%  Construction phase 3Q 2016 – 3Q 2018  Excellent location between airport and city center

  26. Slide 26: Development

    Development Projects in Planning Stage B 2&3, PRAGUE  Prime property development on plot adjacent to fully-let River City properties  Lettable area 20,000 sqm  Investment volume  € 54 m (incl. plot)  Outstanding investment  € 44 m  Expected yield on cost  5.8%  Construction phase 3Q 2018 –

  27. Slide 27: Core Markets

    Core Markets = CA IMMO Prague Landmarks Central Station ‘| Dancing House National Museum f@ Charles Bridge bet Prague Castle Ih Airport 3 BEEBE f HE CA IMMO Investment Prope: Kavci Hory Office Park Danube House Nile House Moldova Amazon Court CA IMMO Land reserve Plot River City Districts (1. - 22.

  28. Slide 28: Appendix

    a= CA IMMO URBAN BENCHMARKS. APPENDIX

  29. Slide 29: Development Strategy

    Development Strategy Monetization of Land Reserves with Significant Embedded Value High-quality inner city land reserves Estimated development volume* ( € 300 m book value,  85% located in Germany) ( € 4.2 bn, 2018 – 2025) Office / Hotel (Core strategy: Develop to own) Residential (Core strategy:

  30. Slide 30: Development

    Development Projects Under Construction (Expected Completion in 2018) LAENDYARD LIVING, VIENNA  50/50 joint venture with Austrian residential expert JP Immobilien  Investment volume  € 31 m (CA Immo 50% share)  270 apartments ( 18,800 sqm)  Construction phase 3Q 2016 – 3Q 2018 All figures (€)

  31. Slide 31: Development

    Development Projects Under Construction (Expected Completion in 2019) MY.O, MUNICH  Lettable area  26,200 sqm  Investment volume  € 96 m (incl. plot)  Outstanding investment  € 69 m  Expected yield on cost  6.2%  Construction phase 2Q 2017 – 4Q 2019  Pre-let ratio  20% All figures (€) as

  32. Slide 32: Development

    Development Projects Under Construction (Expected Completion in 2019) INTERCITY HOTEL, FRANKFURT  Main usage hotel  Total investment volume (incl. plot) € 59 m  Outstanding investment  € 22 m  Planned lettable area 17,300 sqm  Yield on cost  6.2%  Pre-letting-ratio 99%  Construction phase 3

  33. Slide 33: Development

    Development Projects Under Construction (Expected Completion in 2019) CUBE, BERLIN  Highly profitable forward sale of office property development  Trophy Asset deal terms reflect booming market conditions in Berlin  Development and initial letting by CA Immo on behalf of buyer   17,100 sqm gros

  34. Slide 34: Development

    Development Projects Under Construction (Expected Completion in 2019) MY.B, BERLIN  Total investment volume (incl. plot)  € 65 m  Outstanding investment  € 44 m  Rental area  14,500 sqm  Expected yield on cost  5.7%  Construction phase 3Q 2017 – 3Q 2019 All figures (€) as at 31 March 2018,

  35. Slide 35: Development

    Development Projects Under Construction (Expected Completion in 2020) NEO, MUNICH  Mixed use  Office (8,500 sqm), hotel with 143 rooms  55 apartments  Investment volume  € 64 m (incl. plot)  Outstanding investment  € 42 m  Expected yield on cost  4.9%  Construction phase 1Q 2017 – 2Q 2020

  36. Slide 36: Development

    Development Projects Under Construction (Expected Completion in 2020) ONE, FRANKFURT  Mixed use hotel/office high-rise (190 m, 49 floors)  Lettable area 63,400 sqm ( 85,000 sqm GFA)  Investment volume  € 353 m (incl. plot)  Outstanding investment  € 302 m  Expected yield on cost  5.3 %  Co

  37. Slide 37: Pipeline Projects out of Landbank (€ 4.2 bn)

    Development Pipeline Projects out of Landbank ( € 4.2 bn)* SIGNIFICANT EMBEDDED VALUE OF LANDBANK Regional split (€ bn) 1%  CA Immo currently holds land reserves worth  € 300 m in addition to its projects under construction (with a total investment volume of around € 1.1 bn) 21% CEE  The majorit

  38. Slide 38: Total Volume incl. Projects under Construction and Pipeline (€ 6 bn)

    Development Total Volume incl. Projects under Construction and Pipeline ( € 6 bn)* THREE DEVELOPMENT PHASES Total pipeline including projects under construction and redevelopments (€ bn)  CA Immo divides its long-term development 3.89 5.95 5.95 6.00 pipeline based on current land reserves into thr

  39. Slide 39: Pipeline Projects out of Landbank (€ 4.2 bn)

    Development Pipeline Projects out of Landbank ( € 4.2 bn)* OUSTANDING MARKET POSITION IN GERMANY Sectoral split (€ bn) Regional split (€ bn) 1%  With German rental yields on production costs at 5.5% to 6% and development value after completion including profitability of 15–20%, the 21% CEE earning

  40. Slide 40: Pipeline Projects for Own Investment Portfolio (€ 2.1 bn)

    Development Pipeline Projects for Own Investment Portfolio ( € 2.1 bn)* DEVELOPMENT VOLUME FOR OWN PORTFOLIO Development pipeline for own investment portfolio (€ bn) 2.50  Office and hotel properties are developed 0.29 2.10 primarily for the company's own portfolio, whereas residential properties

  41. Slide 41: Pipeline Projects for Sale (€ 1.8 bn)

    Development Pipeline Projects for Sale ( € 1.8 bn)* RESIDENTIAL PIPELINE Residential pipeline by city (€ bn) 2.00  To make the best possible use of the significant 1.30 1.81 1.80 organic growth potential in terms of profitability, CA Immo will develop also plots dedicated to 1.60 residential usage

  42. Slide 42: Pipeline Projects - Munich

    Development Pipeline Projects - Munich MUNICH CITY AND PERIHPERY  CA Immo has a successful residential development track record ( 1,600 apartments successfully developed standalone or in joint ventures), in particular on the Munich market  The majority of CA Immo‘s building plots in Munich are lo

  43. Slide 43: Pipeline Projects - Berlin

    Development Pipeline Projects - Berlin EUROPACITY BERLIN  The Europacity district is taking shape around Berlin’s main railway station, near the Reichstag building and the chancellor's office  It has become a major office hub in the German capital, drawing together also residential, hotel and reta

  44. Slide 44: Pipeline Projects - Mainz

    Development Pipeline Projects - Mainz ZOLLHAFEN MAINZ  In a joint venture with Stadtwerke Mainz, Hafenspitze CA Immo is developing one of the most attractive waterside locations for the region, in the heart of the city (mixed used quarter for around 2,500 Rheinallee III people which will also creat

  45. Slide 45: Core Markets - Vienna

    Core Markets Vienna I CA IMMO-Projects under construction / in preparation HVE By Laendyard Districts a Innere Stadt Wien (City Center) 2) Loopoldstadt 3 LandstraBe Wien 4 Wieden 5 Margareten 6 Mariahilf 7 Neubau @ Josefstadt 9 Alsorgrund 10 Favoriten ii Simmering 2 Meidling 13 Hietzing 14 Ponzing 1

  46. Slide 46: Core Markets - Berlin

    Core Markets = CA IMMO Berlin Landmarks Central Station B Reichstag, Kanzleramt Brandenburger Tor Tift Potsdamer Platz I Reinickendorf Alexanderplatz — Airport Tegel 3 Airport Schénefeld a 1B D LE] Spandau CA IMMO Investment Properties Marzahn- Kirchstrahe 7 Hellersdorf Joachimsthaler StraBe 20 Char

  47. Slide 47: Core Markets - Frankfurt

    Core Markets Frankfurt HCA IMMO Investment Properties Meininger Hotel Skyline Plaza ‘Tower 185 HCA IMMO-Projects under construction / in preparation EE Mannheimer StraBe ‘Tower ONE © CA IMMO Land reserve ® Millenium Plot Districts Innenstadt I Innenstadt II Tnnenstadt IT Innenstadt IV Siid West Mitt

  48. Slide 48: Core Markets - Budapest

    Core Markets Budapest = CA IMMO BERBER BESHBESE05 wo Landmarks Central Station @ St.-Stephans-Basilika fd Parliament building (AY i Hero Squar Airport 9¢ CA IMMO Investment Properties IP West Infopark A Bartok Haz City Gate Millennium Towers R 70 Office Complex Vizivaros Office Center Canada Square

  49. Slide 49: Core Markets - Warsaw

    Core Markets Warsaw = CA IMMO Wi Landmarks Central Station @ By Palace of Culture & Science ik Royal Castle ; DD Mermaid of Warsaw Airport 3 CA IMMO Investment Properties Saski Point Saski Crescent Sienna Center Warsaw Towers Wspolna Bitwy Warszawskiej Warsaw Spire Building B BSGS555o o Districts 1

  50. Slide 50: Investor Relations Contact Details

    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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