Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (January 2016)

50 slides from Ca Immobilien Anlagen's investor presentation, January 2016

  1. Slide 1: Company Presentation January 2016

    COMPANY PRESENTATION January 2016

  2. Slide 2: Strategy and Guidance

    wae CA IMMO URBAN BENCHMARKS. STRATEGY AND GUIDANCE

  3. Slide 3: Company Profile

    Company Profile Leading Investor and Developer of High-Quality Offices in Central Europe COMPANY PROFILE  Largest listed office real estate player in Central Europe  Exposure to high-quality core offices in stable and growing markets of Germany and Germany Poland Austria combined with high growth

  4. Slide 4: Strategy

    Strategy Implementation of Strategic Agenda 2015-2017 Bearing Fruits STRATEGY 2012-2015 STRATEGY 2015-2017 2012 2015* Key Targets GAV Portfolio € 4.8 bn € 3.6 bn  € 3.9 bn thereof income-producing 83% 85%  95% Office Share/Investment Portfolio 79% 83%  90% Economic Vacancy 13.3% 7.9% < 9% Equity

  5. Slide 5: Strategy 2015-2017

    Strategy 2015-2017 Portfolio Growth Towards € 4 bn in 2017 GROWTH STRATEGY 2015-2017  BOOSTING THE RECURRING PROFITABILITY OF CA IMMO  Core office portfolio expansion in existing core cities in Central Europe  Replacement of remaining non-core assets  Further increase of platform strength and co

  6. Slide 6: Buy-out of EBRD Minority Stake Concluded

    Buy-out of EBRD Minority Stake Concluded Transaction Immediately Accretive to Recurring Earnings Amazon Court Europe House BUY-OUT OF JV – PARTNER EBRD (EFFECTIVE AS OF JULY 1, 2015)  Gross purchase price of € 60 m reflects a discount to the portfolio NAV  Full consolidation of E-portfolio resulte

  7. Slide 7: Strategy 2015-2017

    Strategy 2015-2017 German Development Major Organic Growth Driver and Key Differentiator WELL POSITIONED TO DRIVE GROWTH RENTAL INCOME SPLIT BY SOURCE GERMAN LAND RESERVES (€ 308 M)  Among Top 3 office developers in Germany with strong track record of blue chip tenant projects 24% 23%  Average ren

  8. Slide 8: Outlook

    Outlook Company Targets 2015 Reaffirmed STRATEGIC/OPERATIONAL TARGETS 2015 FINANCIAL TARGETS FY AND OUTLOOK 4Q 2015  Property disposals  Financial targets 2015 reaffirmed  Target sales volume € 150-200 m (excl. CEE logistics closed in 1Q)  (Recurring) FFO I target € 80 m (14% uplift vs. FFO I FY

  9. Slide 9: Portfolio

    wae CA IMMO URBAN BENCHMARKS. PORTFOLIO

  10. Slide 10: Property Portfolio (€ 3.6 bn)

    Property Portfolio (€ 3.6 bn)* Slight Increase of CEE Exposure following EBRD Buy-out PORTFOLIO STRUCTURE PORTFOLIO SPLIT BY REGION AND COUNTRY (€ M)  Total property asset base of € 3.6 bn 7% Austria 626 17%  CEE portfolio share accounts for around 40% 7% 17% Germany (2Q 15: 37%) 9% 1,459 Poland 

  11. Slide 11: Property Portfolio (€ 3.6 bn)

    Property Portfolio (€ 3.6 bn) 87% of Property Asset Base Fully Owned Investment Short-term property €m Investment properties* properties under Total property assets Property assets in % assets** development FO AE  FO AE  FO AE  FO AE  FO AE  Austria 588.1 0.0 588.1 15.8 0.0 15.9 22.2 0.0 22.2 6

  12. Slide 12: Investment Portfolio (€ 3.0 bn)

    Investment Portfolio (€ 3.0 bn) Portfolio Metrics Annualized rental Fair value property assets Rentable area** Occupancy rate Yield income in € m in sqm in % in % in € m FO AE  FO AE  FO AE  FO AE  FO AE  Austria 583.4 0.0 583.4 422,487 0 422,487 96.3% 0.0% 96.3% 32.9 0.0 32.9 5.6% 0.0% 5.6% Ge

  13. Slide 13: Investment Portfolio (€ 3.0 bn)

    Investment Portfolio (€ 3.0 bn) Portfolio Metrics: Positive Performance Impact of EBRD Buy-out GROSS INITIAL YIELDS* WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY 9% 8.4% 9.0 8.1% 7.8% 8% 7.4% 7.3% 8.0 6.7% 7% 7.0 6% 5.6% 5.5% 6.0 5% 5.0 4% 4.0 8.6 3% 3.0 4.6 4.6 2% 2.0 3.1 1% 1.0 2.5 2.2 2

  14. Slide 14: Investment Portfolio (€ 3.0 bn)

    Investment Portfolio (€ 3.0 bn) 80% of Yielding Assets located in Key Economic Centres of Central Europe CORE CITIES GAV (€ m) % Rent (€ m)* % Vienna 485.7 16% 27.7 15% Munich 319.9 11% 14.7 8% Frankfurt 194.3 6% 10.2 5% Berlin 381.1 13% 19.8 10% Warsaw 355.5 12% 26.4 14% Prague 241.4 8% 19.5 10% Bu

  15. Slide 15: Investment Portfolio: Austria - Vienna

    Investment Portfolio Austria - Vienna PORTFOLIO METRICS AUSTRIA (3Q 15) ASSET LOCATIONS VIENNA PORTFOLIO SPLIT (BY VALUE) 20% 5.6% Portfolio share Gross initial yield 8% 4% 34 96.3% Yielding assets Economic occupancy 17% € 583 m 4.6 years 51% Portfolio value WALT 422,000 sqm € 33 m 20% Lettable area

  16. Slide 16: Investment Portfolio: Germany - Munich

    Investment Portfolio Germany - Munich PORTFOLIO METRICS GERMANY (3Q 15) ASSET LOCATIONS MUNICH PORTFOLIO SPLIT (BY VALUE) 33% 5.5% 1% Portfolio share Gross initial yield* 8% 6% 22 93.2% Yielding assets Economic occupancy* € 1,000 m 8.6 years Portfolio value WALT 314,000 sqm € 44 m Lettable area Annu

  17. Slide 17: Investment Portfolio: Germany - Frankfurt

    Investment Portfolio Germany - Frankfurt PORTFOLIO METRICS GERMANY (3Q 15) ASSET LOCATIONS FRANKFURT PORTFOLIO SPLIT (BY VALUE) 33% 5.5% 1% Portfolio share Gross initial yield* 8% 6% 22 93.2% Yielding assets Economic occupancy* € 1,000 m 8.6 years Portfolio value WALT 314,000 sqm € 44 m Lettable are

  18. Slide 18: Investment Portfolio: Germany - Berlin

    Investment Portfolio Germany - Berlin PORTFOLIO METRICS GERMANY (3Q 15) ASSET LOCATIONS BERLIN PORTFOLIO SPLIT (BY VALUE) 33% 5.5% 1% Portfolio share Gross initial yield* 8% 6% 22 93.2% Yielding assets Economic occupancy* € 1,000 m 8.6 years Portfolio value WALT 314,000 sqm € 44 m Lettable area Annu

  19. Slide 19: Investment Portfolio: Poland - Warsaw

    Investment Portfolio Poland- Warsaw PORTFOLIO METRICS POLAND (3Q 15) ASSET LOCATIONS WARSAW PORTFOLIO SPLIT (BY VALUE) 12% 7.4% Portfolio share Gross initial yield 11 93.3% Yielding assets Economic occupancy € 355 m 2.5 years Portfolio value WALT 132,000 sqm € 27 m Lettable area Annualized rent 100%

  20. Slide 20: Investment Portfolio: Czech Republic - Prague

    Investment Portfolio Czech Republic - Prague PORTFOLIO METRICS - CZECH REPUBLIC (3Q 15) ASSET LOCATIONS PRAGUE PORTFOLIO SPLIT (BY VALUE) 8% 8.1% Portfolio share Gross initial yield 18% 5 92.7% Yielding assets Economic occupancy € 241 m 3.1 years Portfolio value WALT 122,000 sqm € 20 m 82% Lettable

  21. Slide 21: Investment Portfolio: Hungary - Budapest

    Investment Portfolio Hungary - Budapest PORTFOLIO METRICS HUNGARY (3Q 15) ASSET LOCATIONS BUDAPEST PORTFOLIO SPLIT (BY VALUE) 11% 7.3% 7% Portfolio share Gross initial yield 3% 10 82.5% Yielding assets Economic occupancy € 315 m 2.5 years Portfolio value WALT 198,000 sqm € 23 m 90% Lettable area Ann

  22. Slide 22: Investment Portfolio: Romania - Bucharest

    Investment Portfolio Romania - Bucharest PORTFOLIO METRICS ROMANIA (3Q 15) ASSET LOCATIONS BUCHAREST PORTFOLIO SPLIT (BY VALUE) 8% 8.4% Portfolio share Gross initial yield 5 94.8% Yielding assets Economic occupancy € 251 m 2.2 years Portfolio value WALT 106,000 sqm € 21 m Lettable area Annualized re

  23. Slide 23: Top Tenants and Properties

    Investment Portfolio (€ 3.0 bn) Top Tenants and Properties TOP 15 TENANTS BY ANNUALIZED RENT TOP 15 YIELDINGS ASSETS BY VALUE (€ M) 6.4% Silbermoewe (AT) 58 1.9% InterCity Hotel (DE) 60 1.9% Bucharest Business Park (RO) 63 1.8% Spreebogen (DE) 64 1.8% Saski Crescent (PL) 65 1.7% Top 15: Tour Total (

  24. Slide 24: Investment Portfolio At Equity

    Investment Portfolio At Equity (€ 358 m)* EBRD Buy-Out Reduced At Equity Portfolio Substantially CAI CAI % CEE % Germany JV EBRD JV Other JV Pension Institutions 65% River Place (RO) 44% Megapark (BG) 33% Tower 185 65% Europe House (RO) 50% Poleczki Business Park (PL) SOLD 65% Amazon Court (CZ) JV U

  25. Slide 25: Development

    wae CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  26. Slide 26: Office Project Completions 2015

    Development Office Project Completions 2015 to Add € 13 m Rental Income Annually* KONTORHAUS, MUNICH JOHN F. KENNEDY – HAUS, BERLIN MONNET 4, BERLIN  Book value € 97.7 m  Book value € 77.7 m  Book value € 26.9 m  Yield on cost 7.1%  Yield on cost 6.2%  Yield on cost 5.7%  Lettable area 28,400

  27. Slide 27: Development – Completions 2015: John F. Kennedy – Haus

    Development – Completions 2015 John F. Kennedy – Haus, Berlin: Prime Office Opposite German Chancellery KEY FACTS  Market value € 77.7 m  Lettable area 17,800 sqm  Investment volume approx. € 70 m  Yield on cost 6.2%  Main tenants: White & Case, JLL, Airbus, Regus, Expedia  Occupancy:  82% 

  28. Slide 28: Development – Completions 2015: Kontorhaus, Munich

    Development – Completions 2015 Kontorhaus, Munich: Prime Office Near Central Train Station KEY FACTS  Market value € 97.7 m  Lettable area 28,400 sqm  Investment volume approx. € 97 m  Yield on cost 7.1%  Main tenants: Google  Occupancy:  92%  Final completion stage  handover of rental area

  29. Slide 29: New Development Starts in 2015/2016

    Development New Development Starts in 2015/2016 BAUFELD 03, BERLIN MANNHEIMER STRASSE, FRANKFURT  Phase 1  Multi-phase development project (mixed use office/hotel/parking)  Investment volume € 58 m  Construction of bus terminal has started  Rentable area approx. 12,000 sqm  Phase 1: Hotel deve

  30. Slide 30: New Development Starts in 2015/2016

    Development New Development Starts in 2015/2016 VIE - LAENDE 3, VIENNA ORHIDEEA, BUCHAREST  Planned office portfolio extension in core market Vienna (Part of  Planned office portfolio extension in core market Bucharest Laende 3 city quarter development)  Investment volume  € 75 m  Investment vo

  31. Slide 31: Laende - Urban City Quarter Development

    Development Austria/Vienna: Laende 3 - Urban City Quarter Development Laende 3 city quarter development LAENDE 3, VIENNA  Nord 1: Office „VIE“ (planned completion 2Q 2018)  Office addition to Austrian investment portfolio  Investment volume c. € 38 m  Nord 2: Residential (planned completion 4Q 2

  32. Slide 32: Project Pipeline Germany 2016-2018

    Development Project Pipeline Germany 2016-2018 FRANKFURT: TOWER ONE (80,000 SQM GFA) BERLIN: CUBE (19,500 SQM GFA) MUNICH: NYMPHENBURG MK2 (25,000 SQM GFA) MUNICH: NEO (18,500 SQM GFA) 32

  33. Slide 33: Baumkirchen Residential Development

    Development Germany/Munich: Baumkirchen Residential Development KEY FACTS PHASE 1 (15,500 SQM GFA)  Residential project (development /sale of freehold flats)  50/50 joint venture with Patrizia  Investment volume c. € 120 m (100%, phase 1 + 2)  Phase 1  170 apartments  100% of sales units have

  34. Slide 34: Germany/Mainz: Zollhafen

    Development Germany/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  Forward sale to Aberdeen Asset Management (€ 66 m)  Rentable space 18,5

  35. Slide 35: Landbank (€ 340 m)

    Landbank (€ 340 m) 91% of Land Reserves Located in Germany KEY FACTS LANDBANK SPLIT (FAIR VALUE) LANDBANK GERMANY (FV)  Exposure to high-quality inner-city locations in Munich, Frankfurt, Berlin 9% 23%  Strategic land reserves support strong position as one of the leading office developers in Germ

  36. Slide 36: Landbank: Frankfurt

    Landbank Frankfurt KEY FACTS  Three high-rise plots with a total book value of around € 135 m  Millenium plot (1): located in Europaviertel; book value € 80 m; building permit up to 229,000 sqm GFA; optimization process to increase marketability  Tower 1 plot (2): located in Europaviertel; book v

  37. Slide 37: Landbank: Munich and Berlin

    Landbank Munich and Berlin KEY FACTS BERLIN  Inner-city located land reserves with a total book value of around € 200 m  Development of strategic land reserves (most attractive office-zoned plots)  Sale of non-strategic plots  strong demand for plots with residential zoning  Europacity Berlin:

  38. Slide 38: Europacity Berlin: CA Immo Shapes New Prime Location

    Development Europacity Berlin: CA Immo Shapes New Prime Location 2 3 10 8 4 9 5 7 1 6 SOUTHERN PART NORTHERN PART  1 John F. Kennedy – Haus (under construction)  6 Cube office project (in planning stage)  8 Monnet 4 (under construction)  2 Office project (plot sold)  7 Baufeld 03/KPMG (planned

  39. Slide 39: 1-3Q 2015 Earnings

    wae CA IMMO URBAN BENCHMARKS. 1-3Q 2015 EARNINGS

  40. Slide 40: Profit and Loss

    Profit and Loss Strong 3Q Result Shaped by EBRD Buy-out; 1-3Q Net Profit up 153% €m 1-3Q 15 1-3Q 14 yoy 3Q 15 3Q 14 yoy Rental income 111.7 109.4 2.1% 42.9 35.6 20.5%  Top line turnaround driven by EBRD buy-out , fully effective throughout third quarter Net rental income (NRI) 98.1 96.4 1.8% 37.6 3

  41. Slide 41: Funds from Operations (FFO)

    Funds from Operations (FFO) 1-3Q FFO I up 3.3% yoy; FFO II boost in 4Q 15 €m 1-3Q 15 1-3Q 14 yoy 3Q 15 3Q 14 yoy  Top line turnaround driven by EBRD buy-out , fully Net rental income (NRI) 98.1 96.4 1.8% 37.6 31.1 20.9% effective throughout third quarter Result from hotel operations 0.3 1.3 -80.5%

  42. Slide 42: Balance Sheet

    Balance Sheet Debt ratios Stable Within Strategic Target Range After EBRD Buy-out €m 30.09.2015 31.12.2014 +/- Investment properties 2,623.5 2,092.9 25.4%  Full consolidation of E-portfolio (stated at equity before the EBRD buy-out) drives growth in investment properties Properties under developmen

  43. Slide 43: Net Asset Value (NAV)

    Net Asset Value (NAV) Dividend-adjusted NAV per Share Growth 5.4% YTD 30.09.2015 31.12.2014 NAV (IFRS EQUITY) PER SHARE €m diluted = undiluted diluted = undiluted 20.5 NAV (IFRS equity) 1,977.6 1,951.7 20.36 20.4 20.3 3.1% Exercise of options 0.0 0.0 20.2 NAV after exercise of options 20.1 1,977.6 1

  44. Slide 44: Financing

    wae CA IMMO URBAN BENCHMARKS. FINANCING

  45. Slide 45: Financing: Debt Profile

    Financing Debt Profile FINANCING STRUCTURE DEBT MATURITY PROFILE (€ M)*  Current focus of financing on property project level 578 600 500 469  Secured debt: non-recourse loans from banks and 186 insurance companies 400 175  Unsecured debt 300 214 227 59  Corporate bond 2006-2016 (€ 186 m, 5.125%

  46. Slide 46: Declining Cost of Funding

    Financing Declining Cost of Funding Major Recurring Earnings Driver in 2015 FINANCING STRUCTURE OPTIMIZATION AVERAGE COST OF DEBT  Average cost of debt 5.5% 5.1%  FY 2015 target of 3.0% almost reached at end of third quarter (3.1%) 5.0%  Further reduction of financing costs in 4Q 15 qoq driven by

  47. Slide 47: 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 161.2 35.7 2.4% 2.6% 6.4 8.3 Germany 422.7 171.2 2.5% 3.2% 4.1 2.4 Czech Republic 12

  48. Slide 48: Appendix

    wae CA IMMO URBAN BENCHMARKS. APPENDIX

  49. Slide 49: Capital Markets Profile

    Capital Markets Profile CA Immo Share and Shareholder Structure CA IMMO SHARE SHAREHOLDER STRUCTURE INSTITUTIONAL INVESTORS (48%)  Market capitalisation: € 1.7 bn 10% 26% 26% 13%  Number of shares outstanding (September 30, 2015): 97,133,481  Listing: Vienna Stock Exchange, Prime Market 11% 6% 

  50. Slide 50: 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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