Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Q3 2020 Earnings Presentation

57 slides from Ca Immobilien Anlagen's earnings presentation, Nov 25, 2020

1. Slide 1: 3Q 2020 Results Analyst and Investor Update

   3Q 2020 Results Analyst and Investor Update November 25, 2020 All figure s (€) as at 30 September 2020, unless otherwise stated

2. Slide 2: Highlights

   Highlights Results Property Financing Appendix 1-3Q 2020 Results Highlights CA Immo’s business continues to show resilience with all operational key metrics up in annual comparison  Net rental income rose by 10.5% to € 159.5 m driven by internal and external portfolio growth and higher occupancy ra

3. Slide 3: Asset management update in light of Covid-19

   Highlights Results Property Financing Appendix 1-3Q 2020 Results Asset management update in light of Covid-19 Status quo rent collection Rental income split 1-3Q 2020 (€ m)  With a YTD rent collection rate of more than 96% the portfolio and our tenants have shown great resilience throughout the pan

4. Slide 4: Outlook

   Highlights Results Property Financing Appendix Outlook FFO I 2020 guidance > € 126 m confirmed Earnings guidance confirmed  The annual target for recurring earnings (FFO I) remains unchanged at > € 126 m (annual target 2019: > € 125 m). Continuous strategic capital rotation  We will continue our c

5. Slide 5: 1-3Q 2020 Results

   1-3Q 2020 RESULTS Hania! eae | = piney r Wail! lars ib a Tali Gecrerahl eT ol: GE i ATT

6. Slide 6: Key Metrics

   Highlights Results Property Financing Appendix 1-3Q 2020 Results Key Metrics Key metrics 1-3Q 2020 1-3Q 2019 +/(-) Rental income €m 177.6 164.8 7.7% Net rental income €m 159.5 144.4 10.5% EBITDA €m 136.1 132.1 3.0% EBITDA adjusted 1 €m 161.6 132.1 22.3% EBIT €m 110.7 325.2 (66.0%) Earnings before ta

7. Slide 7: Strong operational result with solid rental income and EBITDA growth

   Highlights Results Property Financing Appendix 1-3Q 2020 Results Strong operational result with solid rental income and EBITDA growth Profit and loss (€ m) 1-3Q 20 1-3Q 19 yoy 3Q 2020 3Q 2019 yoy Major earnings driver (1-3Q) Rental income 177.6 164.8 7.7% 59.4 53.4 11.4% 1 1 Net rental income 159.5

8. Slide 8: 10.5% growth in net rental income on the previous year

   Highlights Results Property Financing Appendix 1-3Q 2020 Results 10.5% growth in net rental income on the previous year Key drivers 1-3Q 2020 net rental income bridge (€ m)  Rental income increase driven by organic portfolio growth through development 159.5 completions and acquisitions in the last

9. Slide 9: Covid 19-related valuation losses largely offset by gains in Germany/Austria

   Highlights Results Property Financing Appendix 1-3Q 2020 Results Covid 19-related valuation losses largely offset by gains in Germany/Austria 1-3Q 2020 revaluation result (€ m) Key drivers (1-3Q) Austria CEE Germany Total  A rise in fair values in Germany was mainly driven by zoning/planning progre

10. Slide 10: FFO I at € 104.7 m 3.3% above value of 2019

    Highlights Results Property Financing Appendix 1-3Q 2020 Results FFO I at € 104.7 m 3.3% above value of 2019 Funds from operations (€ m) 1-3Q 20 1-3Q 19 yoy 3Q 2020 3Q 2019 yoy Major earnings driver (1-3Q) Net rental income 159.5 144.4 10.5% 53.6 48.3 11.1% 1 1 Result from services 5.9 6.6 (10.1%) 1

11. Slide 11: FFO I bridge

    Highlights Results Property Financing Appendix 1-3Q 2020 Results FFO I at € 104.7 m 3.3% above value of 2019 1-3Q 2020 FFO I bridge (€ m) 2 3 4 5 1 104.7 Key drivers 1 Higher occupancy in acquired office buildings Warsaw Spire C, Campus 6.1 (Bucharest) and Visionary (Prague) and completed developmen

12. Slide 12: Balance sheet as at September 30, 2020

    Highlights Results Property Financing Appendix 1-3Q 2020 Results Balance sheet as at September 30, 2020 Balance sheet (€ m) 30.09.2020 31.12.2019 +/(-) Comments Investment properties 4,442.4 4,292.9 3.5% 1 1 Properties under development 666.3 817.1 (18.5%)  Completed development projects MY.B (Berl

13. Slide 13: Balance sheet metrics as at September 30, 2020

    Highlights Results Property Financing Appendix 1-3Q 2020 Results Balance sheet metrics as at September 30, 2020 Balance sheet 30.09.2020 31.12.2019 +/(-) Total assets €m 6,183.2 5,888.7 5.0% Property assets €m 5,210.4 5,186.4 0.5% C ash and cash equivalents €m 739.1 439.1 68.3% Shareholders‘ equity

14. Slide 14: EPRA NAV up 2.6% YTD at € 38.36 per share

    Highlights Results Property Financing Appendix 1-3Q 2020 Results EPRA NAV up 2.6% 1 YTD at € 38.36 per share Net asset value (€ m) 30.09.2020 30.09.2020 31.12.2019 EPRA NAV per share (undiluted) yoy diluted undiluted undiluted 40.0 NAV (IFRS equity) 2,961.1 2,961.1 2,967.9 39.0 +8.6% Exercise of opt

15. Slide 15: Robust financial profile with strong equity base

    Highlights Results Property Financing Appendix 1-3Q 2020 Results Robust financial profile with strong equity base Leverage Interest coverage 60.0% 6.0 50.0% 47.9% 5.0 4.9 47.0% 4.5 40.0% 4.0 32.8% 30.0% 3.0 20.0% 2.0 10.0% 1.0 - - 2016 2017 2018 2019 3Q 2020 2016 2017 2018 2019 3Q 2020 Equity ratio

16. Slide 16: Portfolio

    _ PORTFOLIO BENCIIMARKS.

17. Slide 17: Property Portfolio Key metrics

    Highlights Results Property Financing Appendix Property Portfolio Key metrics Property portfolio 30.09.2020 31.12.2019 +/(-) Gross asset value (GAV) €m 5,210.4 5,186.4 0.5% thereof investment properties €m 4,455.8 4,307.9 3.4% thereof investment properties under development 1 €m 666.3 817.1 (18.5%)

18. Slide 18: Income-producing standing assets account for 86% of total portfolio

    Highlights Results Property Financing Appendix Property & Investment Portfolio Income-producing standing assets account for 86% of total portfolio Property portfolio by region (book value) Property portfolio by city (book value) Property portfolio by structure (book value) 2% 7% Berlin Investment 11

19. Slide 19: Core market snapshots

    Highlights Results Property Financing Appendix Investment Portfolio Core market snapshots Prope rties 15 Prope rties 8 Total area 210,800 sqm Total area 137,200 sqm Gross initial yield 4.0% Gross initial yield 6.1% Gross re ntal income € 36.3 m Gross re ntal income € 30.9 m O ccupancy (economic) 97.

20. Slide 20: Portfolio update – Yield

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio update – Yield Gross initial yield 2015-2020 (%) 7.0% 6.5% 6.2% 6.1% 5.8% 6.0% 5.4% 5.4% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2015 2016 2017 2018 2019 3Q 2020 Average core city yield 3Q 2020 (%) Gross initial yield (%) 1 3Q 2020

21. Slide 21: Portfolio update – Occupancy

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio update – Occupancy Occupancy 2015-2020 (economic) 97.0% 96.1% 96.0% 95.2% 95.0% 95.0% 94.4% 94.0% 92.7% 93.0% 92.4% 92.0% 91.0% 90.0% 2015 2016 2017 2018 2019 3Q 2020 Core city occupancy 3Q 2020 (%, ecomomic) Occupancy (%,

22. Slide 22: Portfolio update – Lease expiries

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio update – Lease expiries Well-staggered lease maturity profile Weighted average lease term WALT (years) 13.4  Strong tenant retention rate across the portfolio. 14.0  CA Immo’s organic growth strategy and the 12.0 corresp

23. Slide 23: Portfolio update – Reversionary potential

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio update – Reversionary potential Case study reversionary potential Europacity Berlin  Due to development completions in Germany within the last 10 years, on average long rental contracts and the strong rental growth over r

24. Slide 24: Portfolio Update – Leasing

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio Update – Leasing Leasing update 1-3Q 2020 Leasing case study Am Karlsbad, Berlin  In the three quarters of 2020, a total of around 110,000 sqm of rentable  Lease extension and expansion to a total of around 4,700 sqm of

25. Slide 25: Portfolio update - Like-for-like performance

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio update - Like-for-like performance Market Fair value Rental income (P&L) Yield (%) 1 Occupancy (%) 2 (€ m) 3Q 2020 3Q 2019 +/(-) 1-3Q 2020 1-3Q 2019 +/(-) 3Q 2020 3Q 2019 +/(-) 3Q 2020 3Q 2019 +/(-) Austria 525.4 525.1 0.1

26. Slide 26: Blue chip tenant structure with a service and technology focus (I)

    Highlights Results Property Financing Appendix Investment Portfolio Blue chip tenant structure with a service and technology focus (I) Tenant base Tenant industry mix (annualized rent) Top 200 tenants (annualized rent)  High degree of blue chip tenants with investment grade 1% rating. Business & 9%

27. Slide 27: Blue chip tenant structure with a service and technology focus (II)

    Highlights Results Property Financing Appendix Investment Portfolio Blue chip tenant structure with a service and technology focus (II) Top 40 tenants (annualized rent) Tenant Industry City % PWC Professional Services Munich 3.0% InterC ity C onsumer Services & Leisure Berlin, Frankfurt 2.5% Frontex

28. Slide 28: Blue chip tenant structure with a service and technology focus (III)

    Highlights Results Property Financing Appendix Investment Portfolio Blue chip tenant structure with a service and technology focus (III) Top 40 tenants (annualized rent) Tenant Industry City % BT Roc Business Services Budapest 0.8% Henkel Manufacturing Industrial & Energy Bratislava 0.8% NXP Semicon

29. Slide 29: Development completions / start of operation

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio update - Development completions / start of operation Development completion MY.B, Berlin Key metrics  Total investment volume excl. plot € 57.9 m. Total investment volume € 67.9 m  Transferred to the investment portfoli

30. Slide 30: Portfolio update – Capital rotation YTD (I)

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio update – Capital rotation YTD (I) Capital rotation / Investment strategy  Disposal of remaining non-core portfolio  Re-deployment into development pipeline (zoning, planning and construction).  Non-core markets (Serbia,

31. Slide 31: Portfolio update – Capital rotation YTD (II)

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio update – Capital rotation YTD (II) Closed disposals 2020 Property CAI Country City Sector Site area GLA Premium / discount share (%) (sqm) (sqm) to BV (%) 1 Hafenallee I 50% GER Mainz Mixed Use 3,112 12,500 300% C ube 100%

32. Slide 32: Investment property acquisition (I)

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio update – Investment property acquisition (I) Acquisition of Postepu 14 office property in Warsaw  CA Immo closed the acquisition of a 34,490 sqm Class A office building located in the Mokotów district of Warsaw, a sustain

33. Slide 33: Investment property acquisition (II)

    Highlights Results Property Financing Appendix Investment Portfolio Portfolio update – Investment property acquisition (II) Postepu 14 office property in Warsaw Investment rationale  High quality class A modern office, young age (completed in 2015), efficient specification and investment grade tena

34. Slide 34: Sustainability strategy and initiatives (I)

    Highlights Results Property Financing Appendix Sustainability Sustainability strategy and initiatives (I) Sustainability strategy 1  The CA Immo business model is based on sustainable value creation for the long-term, taking account of environmental, economic, social and legal considerations at Gro

35. Slide 35: Sustainability strategy and initiatives (II)

    Highlights Results Property Financing Appendix Sustainability Sustainability strategy and initiatives (II) Key components and ongoing initiatives of the CA Immo sustainability strategy Office portfolio certifications 1 (book value)  Sustainability certification for development projects and investme

36. Slide 36: Development

    az= CA IMMO SS URBAN BENCHMARKS. DEVELOPMENT

37. Slide 37: Commercial value chain

    Highlights Results Property Financing Appendix Development Commercial value chain Zoning Planning Under construction Completion Millennium plot, Frankfurt Upbeat, Berlin Hochhaus am Europaplatz, Berlin MY.B, Berlin I nvestment property U nder c onstruction Former development L and reserve  High ris

38. Slide 38: Residential value chain

    Highlights Results Property Financing Appendix Development Residential value chain Zoning/Planning Under construction Eggartensiedlung, Munich Ratoldstraße, Munich NEO residential, Munich  50:50 joint venture with local developer  In 2016 the urban landscape competition  Part of residential/mixed

39. Slide 39: Mississippi House & Missouri Park, Prague

    Highlights Results Property Financing Appendix Development Projects Under Construction Mississippi House & Missouri Park, Prague (Completion in 2021) Key metrics Total investment volume € 64.9 m Outstanding investment € 38.1 m Rental area 20,760 sqm Expected yield on cost 6.5% Scheduled completion 3

40. Slide 40: ONE, Frankfurt

    Highlights Results Property Financing Appendix Development Projects Under Construction ONE, Frankfurt (Completion in 2022) Key metrics Total investment volume € 411.9 m Outstanding investment € 211.1 m Rental area 68,451 sqm Expected yield on cost 5.6% Scheduled completion 1Q 2022 Formatting Pre-let

41. Slide 41: Grasblau, Berlin

    Highlights Results Property Financing Appendix Development Projects Under Construction Grasblau, Berlin (Completion in 2022) Key metrics Total investment volume € 67.4 m Outstanding investment € 46.8 m Rental area 13,258 sqm Expected yield on cost 8.5% Scheduled completion 4Q 2022 Pre-let ratio - Ke

42. Slide 42: Hochhaus am Europaplatz, Berlin

    Highlights Results Property Financing Appendix Development Projects Under Construction Hochhaus am Europaplatz, Berlin (Completion in 2023) Key metrics Total investment volume € 149.1 m Outstanding investment € 102.5 m Rental area 22,948 sqm Expected yield on cost 6.0% Scheduled completion 4Q 2023 P

43. Slide 43: Project overview

    Highlights Results Property Financing Appendix Development Projects Under Construction Project overview Investment portfolio (projects Investment Outstanding Planned Gross yield Main usage % Pre-let Scheduled currently earmarked for own volume investment rentable on cost completion balance sheet) (€

44. Slide 44: Financing

    * \ wa \emem |GET SS =| el |_| CA IMMO URBAN — BENGHMARKS.

45. Slide 45: Well-balanced maturity profile and diversified debt structure

    Highlights Results Property Financing Appendix Financing Well-balanced maturity profile and diversified debt structure Debt structure 1 Debt maturity profile (€ m) 800  Well-staggered maturity profile with low amounts due over the coming years. 700 600  Follow-up financings have been secured for 5

46. Slide 46: Bond issues further improve capital structure

    Highlights Results Property Financing Appendix Financing Bond issues further improve capital structure Key financing metrics 1 Average debt maturity (years) 1  € 500 m benchmark bond issuance in February 7.0 2020 has improved both average cost of debt and 6.0 average debt maturity. 5.0 4.9 ye ars 

47. Slide 47: Highly successful green bond issuance

    Highlights Results Property Financing Appendix Financing Highly successful green bond issuance Inaugural € 350 m 5-year green bond issuance Terms  CA Immo was able to build on the great success of the Issue rating Baa2 by Moody‘s debut issue of a benchmark bond in the first quarter Format Senior un

48. Slide 48: Appendix

    APPENDIX CAIMMO- 4 URBAN BENCHMARKS.

49. Slide 49: Prime locations in all core markets

    Highlights Results Property Financing Appendix Property Portfolio Prime locations in all core markets Property portfolio split by city (book value) Berlin Munich 7% 8% 21% 8% Total GAV 10% € 5.2 bn 17% 10% 9% 10% Berlin Munich Vienna Frankfurt Budapest Warsaw Prague Bucharest Other Key facts Frankfu

50. Slide 50: Prime locations in all core markets

    Highlights Results Property Financing Appendix Property Portfolio Prime locations in all core markets Property portfolio split by city (book value) Warsaw Bucharest 7% 8% 21% 8% Total GAV 10% € 5.2 bn 17% 10% 9% 10% Berlin Munich Vienna Frankfurt Budapest Warsaw Prague Bucharest Other Key facts Prag

51. Slide 51: Largest assets (I)

    Highlights Results Property Financing Appendix Investment Portfolio Largest assets (I) Largest investment properties (value, € m) Largest investment properties (lettable area, sqm) Skygarden (Munich) 279 Millennium Towers (Budapest) 70,630 Kontorhaus (Munich) 224 Millennium Towers (Budapest) 46,960

52. Slide 52: Largest assets (II)

    Highlights Results Property Financing Appendix Investment Portfolio Largest assets (II) Skygarden, Munich Kontorhaus, Munich Millennium Towers, Budapest My.O, Munich JFK House, Berlin Value € 279 m Value € 224 m Value € 196 m Va lue € 155 m Value € 123 m O ccupancy 100% O ccupancy 98% O ccupancy 94%

53. Slide 53: Largest assets (III)

    Highlights Results Property Financing Appendix Investment Portfolio Largest assets (III) Tour Total, Berlin InterCity Hotel, Berlin A mbigon, Munich Galleria, Vienna Office Heidestraße 58, Berlin Value € 98 m Value € 93 m Va lue € 91 m Va lue € 90 m Value € 87 m O ccupancy 100% O ccupancy 100% O ccu

54. Slide 54: Weighted average cost of debt and maturities

    Highlights Results Property Financing Appendix Financing Weighted average cost of debt and maturities 1  CoD/Maturities (€ m) Outstanding Swaps  Cost of debt  Cost of debt  Debt  Swap debt (nominal (nominal excl. derivatives incl. derivatives maturity maturity value) value) (years) (years) Aust

55. Slide 55: Development Pipeline Based On Land Reserves

    Highlights Results Property Financing Appendix Development Pipeline Based On Land Reserves Overview Comments  CA Immo currently holds land reserves with a book value  € 315 m (partly recognized at cost on balance sheet). 1  The current estimated development volume on the basis of these existing l

56. Slide 56: CA Immo share and shareholder structure

    Highlights Results Property Financing Appendix Capital Markets CA Immo share and shareholder structure Share related key figures Largest shareholders (by number of shares) Shareholder structure (by number of shares) 30.09.20 31.12.19 # of shares 98,808,336 98,808,336 Starwood 6% Starwood Capital Cap

57. Slide 57: Contact Details

    Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Head of Capital Markets Capital Markets Co-Head of Corporate Development Tel.: +43 (1) 532 59 07 504 Tel.: +43 (1) 532 59 07 654 E-Mail: christoph.thurnberger@caimmo.com E-Mail: julian.woehrle@caimmo.com www.caimm

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