Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (June 2017)

56 slides from Ca Immobilien Anlagen's investor presentation, June 2017

  1. Slide 1: Company Presentation June 2017

    COMPANY PRESENTATION June 2017

  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: Strategic Framework in Exceptional Market Environment

    Strategy Strategic Framework in Exceptional Market Environment Portfolio strategy Financing strategy Core markets / assets Financing structure 1  Expansion of existing core cities  Maintain conservative financing structure with healthy equity base 1  Portfolio focus on high-quality large-scale of

  4. Slide 4: 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

  5. Slide 5: 1Q 2017 Results

    a= CA IMMO URBAN BENCHMARKS. 1Q 2017 RESULTS

  6. Slide 6: 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

  7. Slide 7: 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

  8. Slide 8: 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

  9. Slide 9: 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

  10. Slide 10: 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

  11. Slide 11: 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

  12. Slide 12: 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

  13. Slide 13: 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

  14. Slide 14: 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

  15. Slide 15: 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

  16. Slide 16: 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%

  17. Slide 17: Portfolio

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO

  18. Slide 18: 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%

  19. Slide 19: 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

  20. Slide 20: 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

  21. Slide 21: 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

  22. Slide 22: 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

  23. Slide 23: Development

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  24. Slide 24: Development

    Development Significant Organic Growth Potential Decoupled from Investment Market Tower 185, Frankfurt Tour Total, Berlin Strong value creation track record  Among leading office developers in Germany  Strong track record of blue chip tenant projects  Highly valuable land reserves in inner-city l

  25. Slide 25: Development Strategy

    Development Strategy Development Major Competitive Advantage and Growth Driver Prime-quality landbank with high optionality as key competitive advantage Landbank (€ 294 m)*  Major organic growth driver  Focus on prime locations German cities Munich, Frankfurt and Berlin 37 27 13% 9%  Expansion of

  26. Slide 26: Development

    Development Excellent Market Position to Fully Capture Strong Cycle in Germany Development anchor tenants Development track record (completed volume of  € 1.7 bn over last seven years) Completed… 196 Volume per year 68 542 527 € 1.7 bn 208 98 102 2009 2010 2011 2012 2013 2014 2015 Total All figures

  27. Slide 27: Value Crystallisation of Development Pipeline

    Value Crystallisation of Development Pipeline Construction Starts in 2016 Baumkirchen WA3, Munich ViE, Vienna Baumkirchen WA3, Munich Residential; € 66 m; 110 apartments ViE, Vienna Office; € 38 m; 14,700 sqm Laendyard Living, Vienna Residential; € 57 m; 500 apartments Wohnbau Süd, Vienna Residentia

  28. Slide 28: Projects under Construction for Own Balance Sheet

    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 (Munic

  29. Slide 29: Projects under Construction for Sale

    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

  30. Slide 30: Development Pipeline Potential

    Review in progress 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. re

  31. Slide 31: Development Pipeline Potential

    Review in progress 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. r

  32. Slide 32: Munich – Significant Embedded Value in Residential Plots

    Development Pipeline Potential Munich – Significant Embedded Value in Residential Plots 32

  33. Slide 33: NEO, Munich - Buy-out of JV Partner Patrizia

    Development NEO, Munich - Buy-out of JV Partner Patrizia Project under construction  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

  34. Slide 34: MY.O, Munich

    Development MY.O, Munich Project under construction  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-Ba

  35. Slide 35: Baumkirchen, Munich

    Development Baumkirchen, Munich Phase 1 Phase 2 Project under construction  Residential project  Development and sale of freehold flats  50/50 joint venture with Patrizia  525 apartments , > 90% sold  Total investment volume  € 200 m (CA Immo share)  Phase 1 completed  Phase 2/3 under constr

  36. Slide 36: Frankfurt - Significant Embedded Value in High-rise Plots

    Development Pipeline Potential Frankfurt - Significant Embedded Value in High-rise Plots 36

  37. Slide 37: Tower 1, Frankfurt

    Development Tower 1, Frankfurt Project in preparation stage  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

  38. Slide 38: Steigenberger, Frankfurt

    Development Steigenberger, Frankfurt Project under construction  Main usage hotel  Total investment volume (incl. plot) € 58 m  Outstanding construction costs  € 40 m  Planned lettable area 17,300 sqm  Yield on cost  6.3%  Pre-letting-ratio 94%  Construction phase 3Q 2016 - 3Q 2018 All figu

  39. Slide 39: Zollhafen, Mainz

    Development Zollhafen, Mainz Rheinallee III Projects under construction  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

  40. Slide 40: Berlin - Europacity

    Development Berlin - Europacity 40

  41. Slide 41: Europacity Berlin – CA Immo is Shaping a Prime Office Location

    Development Pipeline Potential Europacity Berlin – CA Immo is Shaping a Prime Office Location 41

  42. Slide 42: KPMG, Berlin

    Development KPMG, Berlin 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  € 24 m  Expected yield on cost  5.7%  Construction phase 4Q 2015 - 2Q 2018  Phase 2 (hi

  43. Slide 43: RIECK I / II, Berlin

    Development RIECK I / II, Berlin RIECK I, Berlin RIECK II (My.B), PHASE Berlin2  Main usage office  Main usage office  Total investment volume (incl. plot)  € 36 m  Total investment volume (incl. plot)  € 65 m  Planned lettable area 8,000 sqm  Planned lettable area  16,500 sqm  Partial for

  44. Slide 44: Sale of Cube Office Project in Berlin

    Value Crystallisation of Development Pipeline Sale of Cube Office Project in Berlin  Highly profitable forward sale of office property development to institutional investor Henderson Deal parameters  Trophy asset deal terms reflect booming market conditions in Berlin Throphy asset transaction  De

  45. Slide 45: ViE, Vienna

    Development ViE, Vienna Project under construction  Office investment portfolio expansion in core market Vienna  Investment volume  € 38 m  Rentable area 14,700 sqm  Construction phase 3Q 2016 – 3Q 2018  Expected yield on cost  6.3%  Excellent location between Vienna airport and city centre

  46. Slide 46: Residential projects Lände 3, Vienna

    Development Residential projects Lände 3, Vienna Laendyard Living Laendyard Living Projects under construction  Laendyard Living ( 18,400 sqm)  Joint venture with Austrian residential expert JP Immobilien  Investment volume  € 58 m; 270 apartments  Construction phase 3Q 2016 – 3Q 2018  Wohnba

  47. Slide 47: Orhideea Towers, Bucharest

    Development Orhideea Towers, Bucharest 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.

  48. Slide 48: Appendix

    a= CA IMMO URBAN BENCHMARKS. APPENDIX

  49. Slide 49: 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

  50. Slide 50: 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

  51. Slide 51: 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

  52. Slide 52: 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

  53. Slide 53: Core Markets: Warsaw

    Core Markets Warsaw z= CA IMMO a Bas CA IMMO Investment Properties Saski Point Saski Crescent Sienna Center Warsaw Towers Wspolna Bitwy Warzawskiej Districts Bielany Bemowo Bialoteka Targéwek Praga Poludine Mokotéw Ocha Srédmiescie Wola Wiochy Wawer Prager Potnoc Ursynéw Wilanéw Wesola Ursus Zolibor

  54. Slide 54: Core Markets: Prague

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

  55. Slide 55: Core Markets: Bucharest

    Core Markets =z CA IMMO Bucharest @ Landmarks HN Central Station @ @ Palace of the Parliament D Airport x CA IMMO Investment Properties River Place Bf Opera Center 1 Opera Center 2 Europehouse Bucharest Business Park @ CA IMMO-Projects under construction / in preparation EI Orhideca "Sectors (1. - 6

  56. Slide 56: 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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