Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — Q3 2022 Earnings Presentation
45 slides from Ca Immobilien Anlagen's earnings presentation, November 2022
Slide 1: All figures as at 30 September 2022
All figures (€) as at 30 September 2022, unless otherwise stated
Slide 2: Q3 2022 At a Glance
Highlights Results Financing Portfolio Development Appendix Q3 2022 At a Glance Successful Disposals of Non-Strategic Assets and Solid Operations Strong operational performance 1-3Q 2022 ▪ Rental income increased by 2.5% to €158.1 m despite non-strategic sales.1 ▪ Net income of €267.5 m significantl
Slide 3: Business Profile
Strategy Business Profile OUR MISSION: STAKEHOLDER OUR PURPOSE: NEW WORK OUR VISION: NET ZERO VALUE This is what drives us: We create and This is our commitment: Sustainable office This is our responsibility: Creating value for manage places where people love to work. space for generations to come.
Slide 4: Clear Focus on Portfolio Quality
Strategy Clear Focus on Portfolio Quality CLASS A OFFICE PORTFOLIO WITH GERMANY AS ANCHOR MARKET STRATEGIC HOLD PORTFOLIO ▪ Further increase portfolio focus on fundamentally attractive prime locations in key gateway cities with high growth perspectives and resilience. Berlin ▪ Expand the core market
Slide 5: Transformation to a Sustainable Company
Strategy Transformation to a Sustainable Company STRONG SUSTAINABILITY ENGAGEMENT AND COMMITMENT KEY TARGETS & MEASURES ▪ Committed to Group-wide carbon neutrality by 2050. Energy Intensity CA Immo Portfolio 2019-2021 ▪ Reduction of the average Scope 1+2 CO2 emission 250 intensity of the investment
Slide 6: Crystallising Organic Growth Potential
Strategy Crystallising Organic Growth Potential REINVEST NON-STRATEGIC SALES PROCEEDS INTO CORE BUSINESS CASH FLOW FOCUSED DEVELOPMENTS Capital recycling (€m) ▪ Office development landbank and pipeline: 600 ▪ Focus new development activities on prime 400 Total sites in tier-1 locations. Investments:
Slide 7: Creating Value for all Stakeholders
Strategy Creating Value for all Stakeholders DRIVING PLATFORM EFFICIENCY AND TOTAL RETURN CAPITAL ALLOCATION DISCIPLINE Total return (€m) ▪ Consistent optimisation of our financing and cost 2,500 +16% structure: 2,000 +16% ▪ Use of surplus liquidity to repay financial liabilities (e.g. corporate bon
Slide 8: Outlook
Outlook FINANCIAL GUIDANCE ▪ The FFO I target for the 2022 financial year of more than €125 m (FFO I 2021: €128.3 m) is confirmed. ▪ Over the medium term, we expect a significant organic increase in rental income from lease indexation and full occupancy of development projects (aside of the effect o
Slide 9: Results
All figures (€) as at 30 September 2022, unless otherwise stated
Slide 10: 1-3Q 2022 Results: Solid Operations Continued
Highlights Results Financing Portfolio Development Appendix 1-3Q 2022 Results Solid Operations Continued Profit and Loss (€m) 1-3Q ’22 1-3Q ’21 +/(-) Q3 ’22 Q3 ’21 +/(-) Major Earnings Drivers 1-3Q ‘22 restated restated Rental income 158.1 154.2 2.5% 52.6 49.5 6.3% R 1 Net rental income 136.3 135.4
Slide 11: Rental Income Slightly Up Despite Sales
Highlights Results Financing Portfolio Development Appendix 1-3Q 2022 Results Rental Income Slightly Up Despite Sales Key Drivers 1-3Q 2022 Rental Income Bridge (€m)1 ▪ Rental income growth driven by the completion of project developments and the purchase of Kasernenstrasse 67 asset in Duesseldorf (
Slide 12: Solid FFO I Slightly Above Previous Year's Figure
Highlights Results Financing Portfolio Development Appendix 1-3Q 2022 Results Solid FFO I Slightly Above Previous Year‘s Figure Funds from Operations (€m) 1-3Q ’22 1-3Q ’21 +/(-) Q3 ’22 Q3 ’21 +/(-) Major Drivers Net rental income 136.3 135.4 0.7% 44.7 45.7 (2.3%) 1 1 Income from services 4.5 6.1 (2
Slide 13: FFO I Growth Representing Resilient Operational Business
Highlights Results Financing Portfolio Development Appendix 1-3Q 2022 Results FFO I Growth Representing Resilient Operational Business 1-3Q 2022 FFO I Bridge (€m) 4 5 2 3 1 Key Drivers 1 COVID-19 effect: Positive result in 2022 mainly due to release of bad debt. Investment Properties: Change in vaca
Slide 14: Balance Sheet as at September 30, 2022
Highlights Results Financing Portfolio Development Appendix 1-3Q 2022 Results Balance Sheet as at September 30, 2022 Balance Sheet (€m) Q3 ’22 Q4 ’21 +/(-) Comments 1 Investment properties 5,237.4 4,984.3 5.1% 1 2 Properties under development 697.4 1,097.1 (36.4%) ▪ Mainly up because of reclassifica
Slide 15: Balance Sheet Metrics
Highlights Results Financing Portfolio Development Appendix 1-3Q 2022 Results Balance Sheet Metrics as at September 30, 2022 Balance Sheet (€m) Q3 ’22 Q4 ’21 +/(-) Total assets 7,409.6 7,114.4 4.1% Property assets 6,536.4 6,254.2 4.5% Cash and cash equivalents 442.5 633.1 (30.1%) Shareholders‘ equit
Slide 16: Key Metrics
Highlights Results Financing Portfolio Development Appendix 1-3Q 2022 Results Key Metrics Key Metrics (€m) 1-3Q 2022 1-3Q 20211 +/(-) Rental income 158.1 154.2 2.5% Net rental income 136.3 135.4 0.7% EBITDA 117.0 144.1 (18.8%) EBIT 319.7 328.7 (2.7%) Earnings before tax (EBT) 374.0 260.6 43.6% Conso
Slide 17: Financing
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Slide 18: Well-Balanced Maturity Profile and Diversified Debt Structure
Highlights Results Financing Portfolio Development Appendix Financing Well-Balanced Maturity Profile and Diversified Debt Structure Debt Structure Debt Maturity Profile (€m) 900 ▪ Follow-up financings have been secured for 800 construction loans (secured debt developments). 700 ▪ 100% of bank financ
Slide 19: Stable Debt Maturities and Record Low Financing Costs
Highlights Results Financing Portfolio Development Appendix Financing Stable Debt Maturities and Record Low Financing Costs Key Financing Metrics 1 Average Debt Maturity (years) 1 ▪ Repayment of corporate bond in February 2022. 7.0 6.0 ▪ Average financing costs incl. interest rate hedges 5.3 at 1.6%
Slide 20: Robust Financial Profile with Strong Equity Base
Highlights Results Financing Portfolio Development Appendix Financing Robust Financial Profile with Strong Equity Base Leverage (%) Interest Coverage (x) 55% 6.0x 5.0x 50% 48.0% 3.7x 4.0x 4.0x 45% 42.8% 3.0x 3.2x 40% 2.0x 35% 34.7% 1.0x 30% 0.0x 2016 2017 2018 2019 2020 2021 Q3 2022 2016 2017 2018 2
Slide 21: Portfolio
PORTFOLIO
Slide 22: Property Portfolio Key Metrics
Highlights Results Financing Portfolio Development Appendix Property Portfolio Key Metrics Property Portfolio Q3 ‘22 Q4 ‘21 +/(-) Gross Asset Value (GAV) €m 6,536.4 6,254.2 4.5% thereof Investment Properties 1 €m 5,250.1 4,995.5 5.1% thereof Active Development Projects €m 502.8 920.3 (45.4%) thereof
Slide 23: Property Portfolio Location Overview
Highlights Results Financing Portfolio Development Appendix Property Portfolio Location Overview Total Property Portfolio (€m, % Total GAV) 1 7,000 6,536 7,000 6,536 6,254 6,254 9% 5% 6,000 5,596 8% 6,000 5,596 4% 6% 6% 5,186 5,186 6% 7% 9% 8% 5,000 4,471 11% 30% 5,000 4,471 7% 7% 8% 8% 32% 8% 9% 9%
Slide 24: Investment Portfolio Sector Overview
Highlights Results Financing Portfolio Development Appendix Investment Portfolio Sector Overview Investment Portfolio (€m, % Total GAV) 1 Other Asset Classes Investment Portfolio 6,000 5,250 4,995 5,000 4,736 4% 4% 3% 4,308 4% 5% Asset City Main Use 6% 4,000 3,760 5% 7% 3,161 5% 2,930 7% InterCity H
Slide 25: Investment Properties KPI Overview (I)
Highlights Results Financing Portfolio Development Appendix Investment Properties KPI Overview (I) Investment Properties GAV Over Time (€m) 6,000 5,250 4,996 5,000 4,729 4,299 4,000 3,703 3,760 3,271 3,000 2,000 1,000 0 2016 2017 2018 2019 2020 2021 Q3 2022 Investment Properties (€m) Q3 ‘22 Q4 ‘21 +
Slide 26: Investment Properties KPI Overview (II)
Highlights Results Financing Portfolio Development Appendix Investment Properties KPI Overview (II) GLA Over Time (ksqm) Economic Occupancy Over Time (%) 1,500 1,458 100.0% 1,443 98.0% 1,404 96.1% 1,400 1,374 96.0% 95.2% 94.8% 1,356 94.4% 1,320 94.0% 92.3% 1,300 92.0% 88.9% 89.3% 90.0% 1,200 88.0% 1
Slide 27: Investment Properties KPI Overview (III)
Highlights Results Financing Portfolio Development Appendix Investment Properties KPI Overview (III) Gross Annualized Rent Over Time (€m) Gross Initial Yield Over Time (%) 250 7.0% 240.1 6.0% 6.1% 5.8% 226.4 225.7 6.0% 5.4% 223.7 5.1% 225 214.2 5.0% 4.6% 4.3% 203.1 4.0% 200 194.3 3.0% 2.0% 175 1.0%
Slide 28: Tenant and Lease Structure
Highlights Results Financing Portfolio Development Appendix Investment Properties Tenant and Lease Structure Weighted Average Unexpired Lease Term (years) Tenant Industry Mix 2 16 14 Business & 13.4 Professional Services 12% 12 2% Technology 10 29% 9.0 8 7% Consumer Services 6 6.3 6.3 6.1 & Leisure
Slide 29: Like-for-Like Performance
Highlights Results Financing Portfolio Development Appendix Investment Properties Like-for-Like Performance Balance Sheet Value Annualized In-Place GRI Yield Occupancy Market (€m) (€m) (%) 1 (%) 2 Q3 ‘22 Q3 ‘21 +/(-) Q3 ‘22 Q3 ‘21 +/(-) Q3 ‘22 Q3 ‘21 +/(-) Q3 ‘22 Q3 ‘21 +/(-) Austria 390.5 379.1 3.0
Slide 30: Leasing 1-3Q 2022
Highlights Results Financing Portfolio Development Appendix Property Portfolio Leasing 1-3Q 2022 Market Pre-leasing New Leasing Renewal (sqm) Total Leasing Annualized GRI Average Office +/(-) to ERV (%) (sqm) (sqm) (sqm) (€m) Rent (€ psqm) Austria - 5,783 7,163 12,946 1.6 12.3 4.3% Czechia - 18,546
Slide 31: Capital Rotation
Highlights Results Financing Portfolio Development Appendix Property Portfolio Capital Rotation Covid Transaction Activity (€m, #) 1 300 1 3 3 1 3 1 1 Total Acquisitions: 200 Headline volume: €850 m 100 # of properties: 14 0 Total GLA: 280,000 sqm (100) Total GRI: €50 m (200) (300) Total Dispo
Slide 32: Closed Disposals
Highlights Results Financing Portfolio Development Appendix Property Portfolio Closed Disposals Property Sales # of CAI Country City Property Sector GLA GRI at Proceeds +/(-) Date Properties Share Status (sqm) Sale (€m) to BV (%) 1 (%) (€m) R70 Q1 ‘22 1 100% HU Budapest Investment Office 19,241 2.0
Slide 33: Signed Disposals
Highlights Results Financing Portfolio Development Appendix Property Portfolio Signed Disposals Rennweg, Vienna Bodenseestraße 141, 149-151, Munich Country Germany Country Germany Status Investment Status Investment Sector Hotel/Office Sector Industrial GLA 38,150 sqm GLA 23,792 sqm GRI €5.8m GRI €1
Slide 34: Selected Pipeline Disposals
Highlights Results Financing Portfolio Development Appendix Property Portfolio Selected Pipeline Disposals Ratoldstraße, Munich Belgrade Office Park, Belgrade Rheinwiesen III, Mainz Country Germany Country Serbia Country Germany Status Development Status Investment Status Development Sector Resident
Slide 35: Development
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Slide 36: Development Project Completion: Grasblau, Berlin
Highlights Results Financing Portfolio Development Appendix Development Project Completion Grasblau, Berlin Key Metrics Total investment volume €69.7 m Rental area 13,350 sqm Yield on cost 8.0% First tenant handover Q3 2022 Occupancy (contracted) 76% Key Facts ▪ Successful completion in the third qu
Slide 37: Development Projects Under Construction: Project Overview
Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Project Overview For Own Portfolio CAI Investment Outstanding Planned Expected City Main Usage Pre-let Scheduled share Volume Investment Rentable Yield on Ratio GLA First Tenant (€m) 1 (€m) Area (sqm)
Slide 38: Hochhaus am Europaplatz, Berlin
Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Hochhaus am Europaplatz, Berlin Key Metrics Total investment volume €143.2 m Outstanding investment €28.6 m Rental area 22,948 sqm Expected yield on cost 6.1% Scheduled first tenant Q1 2024 handover P
Slide 39: Upbeat, Berlin
Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Upbeat, Berlin Key Metrics Total investment volume €334.4 m Outstanding investment €274.0 m Rental area 34,911 sqm Expected yield on cost 4.9% Scheduled first tenant Q1 2026 handover Pre-let ratio 100
Slide 40: Appendix
APPENDIX APPENDIX
Slide 41: EPRA Net Asset Value (NRV, NTA, NDV)
Highlights Results Financing Portfolio Development Appendix 1-3Q 2022 Results EPRA Net Asset Value (NRV, NTA, NDV) Q3 ‘22 Q4 ‘21 (€m) EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 3,557.3 3,557.3 3,557.3 3,290.9 3,290.9 3,290.9 i) Hybrid instruments (
Slide 42: EPRA Net Asset Value Bridge
Highlights Results Financing Portfolio Development Appendix 1-3Q 2022 Results EPRA Net Asset Value (NDV, NTA, NRV) 1-3Q 2022 EPRA NDV/NTA/NRV Bridge (€ per share) 3 2 1 EPRA Net Disposal Value: reflects a scenario where deferred tax, financial instruments, and certain other adjustments are calculate
Slide 43: CA Immo Share and Shareholder Structure
Highlights Results Financing Portfolio Development Appendix Capital Markets CA Immo Share and Shareholder Structure Share-related Key Figures Largest Shareholders (by Total Shares) 1 Largest shareholders (by Voting Rights) 1 30.09.2022 31.12.2021 # of shares 106,496,426 106,496,426 30% 32% Treasury
Slide 44: Analyst Coverage & Financial Calendar
Highlights Results Financing Portfolio Development Appendix Capital Markets Analyst Coverage & Financial Calendar Equity Analyst Coverage Analyst Date Target Price (€) Recommendation CA Immo was assessed by eight financial Wood & Company 14.11.2022 €22.00 Sell institutions in the third quarter of 20
Slide 45: Contact Details
Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Group Head of Capital Markets Deputy Head of Capital Markets Co-Head of Corporate Development Committee Tel.: +43 (1) 532 59 07 504 Tel.: +49 89 54548 517 E-Mail: christoph.thurnberger@caimmo.com E-Mail: julian.wo
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