Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (December 2016)

61 slides from Ca Immobilien Anlagen's investor presentation, December 2016

  1. Slide 1: Company Presentation December 2016

    COMPANY PRESENTATION December 2016

  2. Slide 2: Company Profile

    Company Profile Leading Investor and Developer of High-Quality Offices in Central Europe COMPANY PROFILE  Highly stable and resilient portfolio of high quality core offices  Focus on eight core business hubs in Germany, Austria and CEE: Berlin, Frankfurt, Munich, Vienna, Warsaw, Prague, Budapest a

  3. Slide 3: Key Investment Highlights

    Company Profile Key Investment Highlights CONSISTENT STRATEGY AND EXECUTION POWER 1 Management platform with considerable track-record of value creation over economic cycle HIGH-QUALITY INVESTMENT PORTFOLIO DERIVING STABLE RECURRING CASH FLOW 2 Highly stable and resilient yielding portfolio across k

  4. Slide 4: Consistent Strategy and Execution Power

    CONSISTENT STRATEGY AND EXECUTION POWER

  5. Slide 5: Integrated Business Model

    Strategy Integrated Business Model Investment Portfolio Management 1 1 INVESTMENT PORTFOLIO MANAGEMENT  Recurring Income  Recurring income and profitability through high portfolio occupancy of  92%  FFO I target of > € 0.90 per share in 2016 (33% 2012-15 CAGR) Optimized Financing CA 2 Developmen

  6. Slide 6: Strong Operations Platform Fundamental Basis for Future Growth

    Strategy Strong Operations Platform Fundamental Basis for Future Growth RECURRING PROFITABILITY (FFO I/SHARE) SHAREHOLDERS‘ EQUITY (NAV/SHARE) 100 > 0.92 1.00 24.00 60% 90 0.82 0.90 53% 51% 53% 0.75 23.00 55% 80 0.72 0.80 70 0.70 22.00 50% 44% 60 0.60 21.00 45% 50 0.50 31% 20.00 40% 40 0.35 0.40 19.

  7. Slide 7: Strategy - Investment Portfolio

    Strategy - Investment Portfolio Carefully Developed Investment Portfolio Strategy Focused on Key Pillars 6 Resilient Cash Flows 1 Core Competencies  High occupancy levels  Leading and well recognized platform  Primarily multi-tenant buildings  Focus on office  Blue-chip tenant base  Unique str

  8. Slide 8: Strategy - Development

    Strategy - Development Proven Strategic Framework  High quality landbank as key competitive advantage - Major organic growth driver - Focus on core German cities - Expansion in other core hubs (e.g. Vienna, Bucharest) Develop to own Develop to sell / Reposition Internalized business 1  Ownership o

  9. Slide 9: High-Quality Investment Portfolio Deriving Stable Recurring Cash Flow

    HIGH-QUALITY INVESTMENT PORTFOLIO DERIVING STABLE RECURRING CASH FLOW

  10. Slide 10: Property Portfolio (€ 3.8 bn)

    Property Portfolio (€ 3.8 bn)* Germany Accounts for  43% of Portfolio Value PORTFOLIO STRUCTURE PORTFOLIO SPLIT BY REGION AND COUNTRY (€ M)  Total property asset base of € 3.8 bn  Germany largest single core market 6% 578 15% 15% 8%  Income- producing investment portfolio of Austria 7% € 3.2 bn

  11. Slide 11: Investment Portfolio (€ 3.2 bn)

    Investment Portfolio (€ 3.2 bn) High-quality Asset Base in Key Economic Centres of Central Europe KEY METRICS* 30.09.2016 31.12.2015 PORTFOLIO OCCUPANCY Gross initial yield 6.1% 6.5% 93% Austria 5.5% 5.7% 92.7% Germany 5.0% 5.3% 93% 92.3% 92.2% CEE 92.1% 7.2% 7.6% 92% Occupancy 91.5% 92.7% 91.5% Aus

  12. Slide 12: Portfolio Metrics

    Investment Portfolio (€ 3.2 bn) Portfolio Metrics GROSS INITIAL YIELDS* WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY 9.0% 8.0 7.8% 7.0 8.0% 7.5% 7.5% 6.0 7.0% 6.7% 6.5% 5.0 6.1% 6.0% 4.0 5.4% 5.0% 3.0 5.0% 2.0 4.0% 1.0 7.2 4.1 3.3 2.9 2.4 2.1 2.1 4.1 3.0% 0.0 Romania Hungary Other** Czechi

  13. Slide 13: Top Tenants and Properties

    Investment Portfolio (€ 3.2 bn) Top Tenants and Properties TOP 15 TENANTS BY ANNUALIZED RENT* TOP 15 YIELDINGS ASSETS BY VALUE 6.4% Tower 185 (DE)** 184 2.2% Skygarden (DE) 181 2.0% Millennium Towers (HU) 172 1.9% Kontorhaus (DE) 140 1.8% River Place (RO) 109 1.7% Galleria (AT) 97 1.6% John F. Kenne

  14. Slide 14: Budapest – Acquisition of Core Office Complex Millenium Towers

    Property Portfolio Budapest – Acquisition of Core Office Complex Millenium Towers EXPANSION OF CORE OFFICE PORTFOLIO BUDAPEST  Office complex Millenium Towers consists of four fully let buildings with 70,400 sqm  Acquisition price of € 172 m ( 7.0% gross initial yield)  Annual rental income addi

  15. Slide 15: Investment Portfolio Hungary – Budapest

    Property Portfolio Investment Portfolio Hungary – Budapest Largest CEE Portfolio Segment PORTFOLIO METRICS  Acquisiton of office complex Millennium Towers has increased the Budapest core office market exposure  Fair value of € 485 m  15% of total investment portfolio  32% of CEE investment portf

  16. Slide 16: Austria - Vienna

    Property Portfolio Austria - Vienna 16

  17. Slide 17: Munich

    Property Portfolio Munich 17

  18. Slide 18: Berlin

    Property Portfolio Berlin 18

  19. Slide 19: Frankfurt

    Property Portfolio Frankfurt 19

  20. Slide 20: Warsaw

    Property Portfolio Warsaw 20

  21. Slide 21: Prague

    Property Portfolio Prague 21

  22. Slide 22: Bucharest

    Property Portfolio Bucharest 22

  23. Slide 23: Unique Organic Growth Story in the Listed European Real Estate Space

    UNIQUE ORGANIC GROWTH STORY IN THE LISTED EUROPEAN REAL ESTATE SPACE

  24. Slide 24: Well Positioned For Future Organic Growth

    Development Well Positioned For Future Organic Growth Tower 185, Frankfurt Tour Total, Berlin STRONG TRACK RECORD OF VALUE CREATION  Among Top 3 office developers in Germany  Strong track record of blue chip tenant projects  Highly valuable land reserves in inner-city locations  Average rental r

  25. Slide 25: Excellent Market Position to Fully Capture Strong Cycle in Germany

    Development Excellent Market Position to Fully Capture Strong Cycle in Germany DEVELOPMENT ANCHOR TENANTS LAND RESERVES ( € 320 M) 30 30 9% 9% 92 29% 127 39% CEE Germany 74 293 23% Frankfurt 91% CEE Berlin Munich DEVELOPMENT TRACK RECORD (COMPLETED VOLUME OF  € 1.7 BN OVER LAST SIX YEARS) Complete

  26. Slide 26: Significant Embedded Value of German Landbank

    Development Significant Embedded Value of German Landbank DEVELOPMENT PIPELINE GERMANY DEVELOPMENT POTENTIAL ( € 2 BN)  Existing landbank reserves (fair value  € 300 m) offer the  € 2 bn potential to realize  0.8 m sqm of new space at a fair 0.4 BER value of  € 2 bn 0.1 DUS  Landbank developm

  27. Slide 27: High-quality Development Pipeline Major Growth Driver (1)

    Development High-quality Development Pipeline Major Growth Driver (1) Planned Investment Oustanding Gross yield Main Pre-letting Construction INVESTMENT PORTFOLIO rentable Share volume* investment on cost usage ratio phase area KPMG, Berlin 56 31 12,700 5.8% Office 100% 100% 3Q 15 – 2Q 18 Mannheimer

  28. Slide 28: High-quality Development Pipeline Major Growth Driver (2)

    Development High-quality Development Pipeline Major Growth Driver (2) Planned Investment Outstanding Main Construction TRADING PORTFOLIO* rentable Share Status volume** investment usage phase area Rieck I/ABDA, Berlin 25 22 5,200 Office 100% 1H 17 – 2H 19 Forward sale to ABDA Baumkirchen, Munich Sal

  29. Slide 29: Berlin - Europacity

    Development Berlin - Europacity 29

  30. Slide 30: Berlin - Europacity

    Development Berlin - Europacity 30

  31. Slide 31: Berlin - Cube

    Development Berlin - Cube PROJECT IN PREPARATION STAGE  Prime office property development  Outstanding Europacity location between Central Station and German Chancellery   19.500 sqm gross floor area All figures (€ m) as at 30 September 2016, unless otherwise stated 31

  32. Slide 32: Berlin - Baufeld 03/KPMG

    Development Berlin - Baufeld 03/KPMG PROJECT UNDER CONSTRUCTION PHASE 2  Phase 1 (100% pre-let to KPMG)  Planned lettable area 12,700 sqm  Total investment volume (incl. plot) € 56 m  Outstanding construction costs  € 31 m  Expected yield on cost  5.8%  Construction phase 3Q 2015 - 2Q 2018 

  33. Slide 33: Berlin – Rieck I / Rieck II

    Development Berlin – Rieck I / Rieck II RIECK I (IN PREPARATION STAGE) RIECK II (IN PREPARATION STAGE)  Main usage office  Main usage office  Total investment volume (incl. plot)  € 35 m  Total investment volume (incl. plot)  € 65 m  Planned lettable area 8,000 sqm  Planned lettable area 17,

  34. Slide 34: Frankfurt

    Development Frankfurt = CA IMMO WH CA IMMO Investment Properties Meininger Hotel BI Shopping center Skyline Plaza Tower 185 Multy-storey car park %, pangeee X Mannheimer- Strafe Hi CA IMMO-Projects under construction / J Plot sold in preparation Tower ONE B Steigenberger Hotel B Mainline station © C

  35. Slide 35: Frankfurt - Mannheimer Straße

    Development Frankfurt - Mannheimer Straße PROJECT UNDER CONSTRUCTION*  Main usage hotel  Total investment volume (incl. plot) € 56 m  Outstanding construction costs  € 44 m  Planned lettable area 17,300 sqm  Yield on cost  6.4%  Pre-letting-ratio : 93% (Steigenberger)  Construction phase 2Q

  36. Slide 36: Frankfurt – Tower

    Development Frankfurt – Tower 1 PROJECT IN PREPARATION STAGE  Mixed use hotel/office high-rise  Height  180 m   80.000 sqm gross floor area  Plot neighboring Tower 185 (Europaviertel)  Development envisaged in joint venture All figures (€ m) as at 30 September 2016, unless otherwise stated 36

  37. Slide 37: Mainz - Zollhafen

    Development 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 phases  Rheinallee III (under construction)  Forward sale to Aberdeen Asset Management (€ 66 m)  Renta

  38. Slide 38: Munich – MY.O

    Development Munich – MY.O PROJECT IN PREPARATION STAGE  Expansion of investment portfolio in Munich by a fourth high- quality office building (lettable area 26,100 sqm)  Located in the western part of Munich (Schlossviertel Nymphenburg neighbourhood) with good public transport connections (along S

  39. Slide 39: Munich - Baumkirchen

    Development Munich - Baumkirchen PROJECT UNDER CONSTRUCTION PHASE 1 PHASE 2  Residential project  Development and sale of freehold flats  50/50 joint venture with Patrizia  525 apartments , > 90% sold  Investment volume  € 100 m (CA Immo share)  Phase 1 completed, Phase 2/3 under construction

  40. Slide 40: Vienna – ViE Office

    Development Vienna – ViE Office PROJECT UNDER CONSTRUCTION  Office investment portfolio expansion in core market Vienna  Investment volume  € 38 m  Rentable area 14,700 sqm  Construction phase  Expected yield on cost  6.3%  Excellent location between Vienna airport and city centre Project Su

  41. Slide 41: Vienna - Laende Residential Projects

    Development Vienna - Laende 3 Residential Projects Project Nord 2 Project Nord 2 RESIDENTIAL PROJECTS UNDER CONSTRUCTION  Project Nord 2 ( 18,400 sqm)  Joint venture with Austrian residential expert JP Immobilien  Investment volume  € 67 m; 270 apartments  Planned completion 3Q 2018  Project

  42. Slide 42: Bucharest – Orhideea Towers

    Development Bucharest – Orhideea Towers PROJECT UNDER CONSTRUCTION  Expansion of office investment portfolio in Bucharest  Monetization of a prime plot with excellent public transport connections in the western part of the city  Lettable area 36,900 sqm  Investment volume approx.  € 74 m (incl.

  43. Slide 43: 3Q 2016 Results

    a= CA IMMO URBAN BENCHMARKS. 3Q 2016 RESULTS

  44. Slide 44: Profit and Loss

    Profit and Loss 1-3Q EBITDA up 39%, EPS Boost by 46% yoy €m 1-3Q 16 1-3Q 15 yoy 3Q 16 3Q 15 yoy Rental income 3Q 2016 EARNINGS DRIVER 122.6 111.7 9.8% 41.3 42.9 -3.7% Net rental income (NRI) 108.8 98.1 10.9% 36.7 37.6 -2.4%  Net rental income slightly down due to property sales Result from hotel op

  45. Slide 45: Funds from Operations (FFO)

    Funds from Operations (FFO) 3Q 16 FFO I at € 26.1 m 44% Above Value of Last Year €m 1-3Q 2016 1-3Q 2015 yoy 3Q 16 3Q 15 yoy 3Q 2016 EARNINGS DRIVER Net rental income (NRI) 108.8 98.1 10.9% 36.7 37.6 -2.4% Result from hotel operations 0.0 0.3 n.m. 0.0 0.0 n.m.  Net rental income slightly down due to

  46. Slide 46: Funds from Operations (FFO)

    Funds from Operations (FFO) Extremely Robust Operational Development Drives Dividend CONTINUOUSLY INCREASING RECURRING EARNINGS POWER 3Q 16 FFO I PER SHARE (YOY) 1-3Q 16 FFO I PER SHARE (YOY) 0.30 0.80 +29%  1-3Q 2016 FFO per share of € 0.73 up 29% yoy +48% 0.28 0.70  Extremely robust operational

  47. Slide 47: Balance Sheet as at September 30, 2016

    Balance Sheet as at September 30, 2016 Robust Balance Sheet Solid Basis for Growth €m 30.09.2016 31.12.2015 +/- BALANCE SHEET Investment properties 2,910.230 2,714.3 7.2% Properties under development  Rock solid balance sheet metrics comfortably within strategic 459.9 409.0 12.5% target range despi

  48. Slide 48: Balance Sheet as at September 30, 2016

    Balance Sheet as at September 30, 2016 Solid Financial Ratios BALANCE SHEET RISING RECURRING PROFITABILITY  Equity ratio 51.2% 2.8 2.8 35 3.0 2.5  Conservative loan-to-value ratio (net debt to 30 2.2 2.5 property assets) of 36.4% 2.0 25 2.0 1.4  Gearing 57.7% 20 1.5  Long-term debt ratio targets

  49. Slide 49: Net Asset Value (NAV)

    Net Asset Value (NAV) Positive NAV - Development Reflects Value Enhancing Strategy STRONG NAV GROWTH MOMENTUM EPRA NAV PER SHARE (YTD) EPRA NAV PER SHARE (YOY) 26.5 +8% 27.0  NAV (IFRS equity) per share at balance sheet date € 23.09 +19% (31.12.2015: € 21.90) 26.0 26.0 25.5 25.0  EPRA NAV per shar

  50. Slide 50: Net Asset Value (NAV)

    Net Asset Value (NAV) EPRA NAV per Share € 26.25 € m (diluted = undiluted) 30.09.2016 31.12.2015 +/- NAV (IFRS equity) 2,166.4 2,120.5 Exercise of options 0.0 0.0 NAV after exercise of options 2,166.4 2,120.5 2.2% NAV per share 23.09 21.90 5.4% Value adjustment for* Own use properties 5.8 5.1 Proper

  51. Slide 51: Financing

    a= CA IMMO URBAN BENCHMARKS. FINANCING

  52. Slide 52: Debt Profile

    Financing Debt Profile FINANCING STRUCTURE FINANCING SPLIT (€ M) DEBT STRUCTURE  Financing metrics at reporting date 3% Corporate bonds 5%  Average cost of debt 2.4% 6% UniCredit 26% 26% 5% Other  Average debt maturity 4.1 years 6% DG Hyp  100% of financial liabilities euro-denominated Helaba 7%

  53. Slide 53: Average Cost of Funding Further Reduced to 2.4%

    Financing Average Cost of Funding Further Reduced to 2.4% FINANCING STRUCTURE OPTIMIZATION HEDGING RATIO (3Q 16) HEDGING RATIO (TARGET)  Cost of debt  Average financing costs significantly reduced during last 18 months ~25%  Repayment of corporate bond 2006-2016 (€ 186 m, 5.125%) upon 32% maturit

  54. Slide 54: Weighted Average Cost of Debt and Maturities

    Financing Weighted Average Cost of Debt and Maturities* Outstanding debt Nominal  Cost of debt  Cost of debt  Debt  Swap €m nominal value value swaps excl. derivatives incl. derivatives maturity maturity Austria 169.3 35.7 2.1% 2.6% 5.1 7.2 Germany 564.4 93.2 1.4% 1.9% 4.9 1.7 Czech Republic 119

  55. Slide 55: Share Buy-Back Programme

    a= CA IMMO URBAN BENCHMARKS. SHARE BUY-BACK PROGRAMME

  56. Slide 56: Share Buy-Back Programme

    Share Buy-Back Programme 5 m Shares Repurchased Over Last 6 Quarters - New Programme to Start SHARE BUY-BACK PROGRAMME 2015 SHARE BUY-BACK PROGRAMME 2016 (1Q) SHARE BUY-BACK PROGRAMME 2016 (2Q/3Q)  May 2015 – Dezember 2015  January 2016 – February 2016  April 2016 – September 2016  2,000,000 sha

  57. Slide 57: CA Immo and Immofinanz

    a= CA IMMO URBAN BENCHMARKS. CA IMMO AND IMMOFINANZ

  58. Slide 58: Sequence Of Events

    CA Immo and Immofinanz Sequence Of Events 2016 2017 Step 1 Step 2 Step 3  Acquisition of a 26% stake in  Disposal/spin-off of  Merger of IMMOFINANZ and CA Immo CA Immobilien Anlagen AG IMMOFINANZ Russian by IMMOFINANZ AG portfolio  Preparations for merger have started  External advisors mandate

  59. Slide 59: Value-enhancing opportunity to combine highly complementary portfolios

    CA Immo and Immofinanz Value-enhancing opportunity to combine highly complementary portfolios Pro-forma data as of Sep-2016 1 Creating a leading commercial real estate company in Europe €6.2bn portfolio value(a) Regionally balanced portfolio with leading positions in Germany, Austria and the 2 main

  60. Slide 60: Value-enhancing opportunity to combine highly complementary portfolios

    CA Immo and Immofinanz Value-enhancing opportunity to combine highly complementary portfolios Corporate structure Structure and governance Shareholders Shareholders  Statutory merger of the two entities 74% 94% 26%  IMMOFINANZ exit from Russia prior to the respective CA Immo IMMOFINANZ general mee

  61. Slide 61: 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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