Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (September 2020)

58 slides from Ca Immobilien Anlagen's investor presentation, September 2020

1. Slide 1: Company Presentation

   Company Presentation September 2020 All figures (€) as at 30 June 2020, unless otherwise stated

2. Slide 2: Strategy

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3. Slide 3: Company Snapshot and Strategy

   Strategy 1H Results Portfolio Development Finance Appendix Company Snapshot and Strategy Business model and portfolio introduction CA Immo at a glance Portfolio structure Investment portfolio split by property type Integrated platform across entire value-chain (book value) (book value) Investment pr

4. Slide 4: Company Snapshot and Strategy: Portfolio strategy

   Strategy 1H Results Portfolio Development Finance Appendix Company Snapshot and Strategy Portfolio strategy Strategic core markets Key highlights / business drivers  Outstanding asset quality combining prime locations with high-grade building quality.  High cash flow resilience through portfolio d

5. Slide 5: Key Investment Highlights

   Strategy 1H Results Portfolio Development Finance Appendix Key Investment Highlights 1 Outstanding asset quality combining prime locations with high-grade building quality High cash flow resilience through portfolio diversification, blue-chip tenant 2 base and strong asset management Organic growth

6. Slide 6: 1H 2020 Results

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7. Slide 7: Highlights – Strong earnings result despite Covid-19 impact

   Strategy 1H Results Portfolio Development Finance Appendix 1H 2020 Results Highlights – Strong earnings result despite Covid-19 impact Results  Net rental income rose by 10.2% to € 105.9 m, driven by organic portfolio growth of recent months and higher occupancy levels.  The Covid-19 pandemic impa

8. Slide 8: Business Update

   Strategy 1H Results Portfolio Development Finance Appendix Business Update Management update in light of Covid-19 Asset management  Status quo rent collection  99.4% of invoiced rent for 1Q 2020 and 91.9% for 2Q 2020 has been collected.  94.5% of invoiced rent for year to end July has been collec

9. Slide 9: Outlook

   Strategy 1H Results Portfolio Development Finance Appendix Outlook FFO I 2020 guidance > € 126 m FFO I guidance (FY 2020)  CA Immo generated a FFO I of € 133.3 m in business year 2019. Adjusted for the Immofinanz dividend in the amount of € 4.7 m, FFO I stood at € 128.6 m.  Highly successful dispo

10. Slide 10: Key Metrics

    Strategy 1H Results Portfolio Development Finance Appendix 1H 2020 Results Key Metrics Key metrics 1H 2020 1H 2019 +/(-) Rental income €m 118.1 111.4 6.0% Net rental income €m 105.9 96.1 10.2% EBITDA €m 90.3 82.7 9.1% EBITDA adjusted 1 €m 115.8 82.7 39.9% EBIT €m 60.7 195.8 (69.0%) Earnings before t

11. Slide 11: Adjusted EBITDA up 39.9% yoy

    Strategy 1H Results Portfolio Development Finance Appendix 1H 2020 Results Adjusted EBITDA up 39.9% yoy Profit and loss (€ m) 1H 2020 1H 2019 yoy 2Q 2020 2Q 2019 yoy Major earnings driver (1H) 1 Rental income 118.1 111.4 6.0% 55.7 53.2 4.7% 1  The Covid-19 pandemic impacted net Net rental income 10

12. Slide 12: 10.2% growth in net rental income on the previous year

    Strategy 1H Results Portfolio Development Finance Appendix 1H 2020 Results 10.2% growth in net rental income on the previous year Key drivers 1H 2020 net rental income bridge (€ m)  Rental income increase driven by organic portfolio growth through development 105.9 completions and acquisitions in t

13. Slide 13: Covid 19-related valuation losses largely offset by gains in German portfolio

    Strategy 1H Results Portfolio Development Finance Appendix 1H 2020 Results Covid 19-related valuation losses largely offset by gains in German portfolio 1H 2020 revaluation result (€ m) Key drivers Austria CEE Germany Total  A rise in fair values in Germany was mainly driven by zoning/planning prog

14. Slide 14: FFO I at € 68.2 m 5.7% above value of 2019

    Strategy 1H Results Portfolio Development Finance Appendix 1H 2020 Results FFO I at € 68.2 m 5.7% above value of 2019 Funds from operations (€ m) 1H 2020 1H 2019 yoy 2Q 2020 2Q 2019 yoy Major earnings driver (1H) 1 1 Net rental income 105.9 96.1 10.2% 56.3 49.4 14.0% Result from services 4.3 4.3 (0.

15. Slide 15: FFO I bridge

    Strategy 1H Results Portfolio Development Finance Appendix 1H 2020 Results FFO I at € 68.2 m 5.7% above value of 2019 1H 2020 FFO I bridge (€ m) 4 5 2 3 1 68.2 1 Higher occupancy in acquired office buildings Warsaw Spire C, Campus 6.1 (Bucharest) and Visionary (Prague) and completed development proj

16. Slide 16: Balance sheet as at June 30, 2020

    Strategy 1H Results Portfolio Development Finance Appendix 1H 2020 Results Balance sheet as at June 30, 2020 Balance sheet (€ m) 30.06.2020 31.12.2019 +/(-) Comments Investment properties 4,444.5 4,292.9 3.5% 1 1 Properties under development 692.1 817.1 (15.3%)  Completed development project MY.B O

17. Slide 17: EPRA NAV up 1.2% YTD

    Strategy 1H Results Portfolio Development Finance Appendix 1H 2020 Results EPRA NAV up 1.2% YTD Net asset value (€ m) 30.06.2020 30.06.2020 31.12.2019 EPRA NAV per share (undiluted) yoy diluted undiluted undiluted 40.00 NAV (IFRS equity) 3,012.3 3,012.3 2,967.9 +14.0% 39.00 Exercise of options 196.6

18. Slide 18: Portfolio

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19. Slide 19: Portfolio key metrics

    Strategy 1H Results Portfolio Development Finance Appendix Outstanding Asset Quality Portfolio key metrics Property portfolio 30.06.2020 31.12.2019 +/(-) Gross asset value (GAV) €m 5,184.5 5,186.4 (0.0%) thereof investment properties €m 4,458.5 4,307.9 3.5% thereof investment properties under develo

20. Slide 20: Stable property portfolio value

    Strategy 1H Results Portfolio Development Finance Appendix Outstanding Asset Quality Stable property portfolio value Key metrics (€ m) Portfolio by region and country (book value) 1H 2020 FY 2019 Germany 11% 3% Gross asset value (GAV) 5,184 5,186 7% Austria Germany 8% Investment properties 1 4,458 4

21. Slide 21: Core office focussed yielding portfolio across key economic centres in CEE

    Strategy 1H Results Portfolio Development Finance Appendix Outstanding Asset Quality Core office focussed yielding portfolio across key economic centres in CE Key metrics Investment portfolio split by region and country (book value) 1H 2020 FY 2019 Germany 13% 4% Gross asset value (€ m) 1 4,458 4,30

22. Slide 22: Core market snapshots

    Strategy 1H Results Portfolio Development Finance Appendix Outstanding Asset Quality Core market snapshots Properties 15 Properties 8 Total area 210,800 sqm Total area 137,200 sqm Gross initial yield 3.9% Gross initial yield 6.2% Gross rental income € 35.9 m Gross rental income € 31.4 m Occupancy (e

23. Slide 23: High occupancy level

    Strategy 1H Results Portfolio Development Finance Appendix Outstanding Asset Quality High occupancy level Gross initial yield (%) 1 Occupancy (%, ecomomic) 1 10.0 99.0 98.1 8.9 9.0 96.9 7.8 97.0 8.0 95.4 95.3 95.1 6.9 94.7 7.0 95.0 6.2 6.0 5.6 5.4 92.7 5.3 93.0 5.0 3.9 91.0 4.0 89.7 3.0 89.0 2.0 87.

24. Slide 24: Best in class portfolio

    Strategy 1H Results Portfolio Development Finance Appendix Outstanding Asset Quality Best in class portfolio Key facts Office portfolio certifications 1 (book value)  Focus on high quality large-scale office assets in prime inner- DGNB Gold city locations in eight core urban gateway cities: Berlin,

25. Slide 25: Sustainability update

    Strategy 1H Results Portfolio Development Finance Appendix Outstanding Asset Quality Sustainability update Centralized energy management to minimize CO2 Development of CO2 savings for the German investment portfolio emissions from investment properties Energy source as % CO2 emissions of total consu

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

    Strategy 1H Results Portfolio Development Finance Appendix High Cash Flow Resilience Blue chip tenant structure with a service and technology focus (I) Tenant base Tenant industry mix (annualized rent) Top 100 tenants (annualized rent) Business &  High degree of blue chip tenants with investment gr

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

    Strategy 1H Results Portfolio Development Finance Appendix High Cash Flow Resilience Blue chip tenant structure with a service and technology focus (II) Top 40 tenants (annualized rent) Tenant Industry City % PWC Professional Services Munich 2.9% InterCity Consumer Services & Leisure Berlin, Frankfu

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

    Strategy 1H Results Portfolio Development Finance Appendix High Cash Flow Resilience 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

29. Slide 29: Well-staggered lease maturity profile

    Strategy 1H Results Portfolio Development Finance Appendix High Cash Flow Resilience Well-staggered lease maturity profile Weighted average lease term (WALT) WALT (years) 7.0 6.1  The average WALT to first break is 4.2 years. The 6.0 average WALT to end is 7.4 years. 5.0 4.2  Lease terms vary due

30. Slide 30: Reversionary potential

    Strategy 1H Results Portfolio Development Finance Appendix High Cash Flow Resilience 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 rec

31. Slide 31: Future Access to German Prime Assets: Overview

    Strategy 1H Results Portfolio Development Finance Appendix Future Access to German Prime Assets 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 exist

32. Slide 32: Commercial value chain

    Strategy 1H Results Portfolio Development Finance Appendix Future Access to German Prime Assets Commercial value chain Zoning Planning Under construction Completion Millennium plot, Frankfurt Upbeat, Berlin Hochhaus am Europaplatz, Berlin MY.B, Berlin Investment property Under construction Former de

33. Slide 33: Residential value chain

    Strategy 1H Results Portfolio Development Finance Appendix Future Access to German Prime Assets 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 co

34. Slide 34: Project overview

    Strategy 1H Results Portfolio Development Finance Appendix Future Access to German Prime Assets Project overview Investment portfolio (projects Investment Outstanding Planned Gross Main Share 2 % Pre-let Scheduled for own balance sheet) volume investment rentable yield usage completion (€ m) 1 (€ m)

35. Slide 35: Development structure

    Strategy 1H Results Portfolio Development Finance Appendix Future Access to German Prime Assets Development structure Projects under construction (€ m) Development investment volume for own portfolio & for sale (€ m) 900.0 817.1 464.4 26.4 3.7 2% 800.0 8% 12% 700.0 600.0 500.0 Total investment 400.0

36. Slide 36: NEO, Munich (Completion in 2021)

    Strategy 1H Results Portfolio Development Finance Appendix Future Access to German Prime Assets NEO, Munich (Completion in 2021) Key metrics Total investment volume € 100.3 m Outstanding investment € 12.5 m Rental area 19,436 sqm Expected yield on cost 1 5.1% Scheduled completion 1Q 2021 Pre-let rat

37. Slide 37: Mississippi House & Missouri Park, Prague (Completion in 2021)

    Strategy 1H Results Portfolio Development Finance Appendix Future Access to German Prime Assets Mississippi House & Missouri Park, Prague (Completion in 2021) Key metrics Total investment volume € 64.9 m Outstanding investment € 39.9 m Rental area 20,760 sqm Expected yield on cost 6.3% Scheduled com

38. Slide 38: ONE, Frankfurt (Completion in 2022)

    Strategy 1H Results Portfolio Development Finance Appendix Future Access to German Prime Assets ONE, Frankfurt (Completion in 2022) Key metrics Total investment volume € 412.0 m Outstanding investment € 244.4 m Rental area 66,451 sqm Expected yield on cost 5.4% Scheduled completion 1Q 2022 Formattin

39. Slide 39: Grasblau, Berlin (Completion in 2022)

    Strategy 1H Results Portfolio Development Finance Appendix Future Access to German Prime Assets Grasblau, Berlin (Completion in 2022) Key metrics Total investment volume € 71.2 m Outstanding investment € 53.5 m Rental area 13,258 sqm Expected yield on cost 7.9% Scheduled completion 3Q 2022 Pre-let r

40. Slide 40: Hochhaus am Europaplatz, Berlin (Completion in 2023)

    Strategy 1H Results Portfolio Development Finance Appendix Future Access to German Prime Assets Hochhaus am Europaplatz, Berlin (Completion in 2023) Key metrics Total investment volume € 152.0 m Outstanding investment € 112.6 m Rental area 22,948 sqm Expected yield on cost 5.7% Scheduled completion

41. Slide 41: Well-balanced maturity profile and diversified debt structure

    Strategy 1H Results Portfolio Development Finance Appendix Defensive Capital Structure 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 fina

42. Slide 42: Benchmark bond issuance has further improved capital structure

    Strategy 1H Results Portfolio Development Finance Appendix Defensive Capital Structure Benchmark bond issuance has further improved capital structure Key financing metrics 1 Average debt maturity (years) 1 6.0  Benchmark bond issuance in February 2020 has improved both average cost of debt and aver

43. Slide 43: Robust financial profile with strong equity base

    Strategy 1H Results Portfolio Development Finance Appendix Defensive Capital Structure Robust financial profile with strong equity base Leverage Interest coverage 60.0% 6.0 48.1% 5.3 50.0% 5.0 47.5% 4.8 40.0% 4.0 32.5% 30.0% 3.0 20.0% 2.0 10.0% 1.0 - - 2016 2017 2018 2019 1H 2020 2016 2017 2018 2019

44. Slide 44: Rock solid balance sheet metrics

    Strategy 1H Results Portfolio Development Finance Appendix Platform Strength Rock solid balance sheet metrics Balance sheet 30.06.2020 31.12.2019 +/(-) Total assets €m 6,258.7 5,888.7 6.3% Property assets €m 5,184.5 5,186.4 (0.0%) Cash and cash equivalents €m 777.8 439.1 77.1% Shareholders‘ equity €

45. Slide 45: Appendix

    APPENDIX BENCHMARKS.

46. Slide 46: Portfolio update – Investment property acquisition (I)

    Strategy 1H Results Portfolio Development Finance Appendix Investment Portfolio Portfolio update – Investment property acquisition (I) Acquisition of „Karlsbad 11“ office property in Berlin  CA Immo closed the acquisition of a 10,098 sqm office building in the vicinity of the Potsdamer Platz in Ber

47. Slide 47: Portfolio update – Investment property acquisition (II)

    Strategy 1H Results Portfolio Development Finance Appendix Investment Portfolio Portfolio update – Investment property acquisition (II) „Karlsbad 11“ office property in Berlin Highlights  Positive Berlin demographics, job growth and thriving Berlin rental market, in particular for larger space lots

48. Slide 48: Prime locations in all core markets (I)

    Strategy 1H Results Portfolio Development Finance Appendix Investment Portfolio Prime locations in all core markets (I) Property portfolio split by city (book value) Berlin Munich 8% 7% 21% 8% Total GAV: € 5.2 bn 10% 17% 10% 9% 10% Berlin Munich Frankfurt Vienna Budapest Warsaw Prague Bucharest Othe

49. Slide 49: Prime locations in all core markets (II)

    Strategy 1H Results Portfolio Development Finance Appendix Investment Portfolio Prime locations in all core markets (II) Property portfolio split by city (book value) Warsaw Bucharest 8% 7% 21% 8% Total GAV: € 5.2 bn 10% 17% 10% 9% 10% Berlin Munich Frankfurt Vienna Budapest Warsaw Prague Bucharest

50. Slide 50: Like-for-like performance

    Strategy 1H Results Portfolio Development Finance Appendix Investment Portfolio Like-for-like performance Market Fair value Rental income (P&L) Yield (%) 1 Occupancy (%) 2 (€ m) 1H 2020 1H 2019 +/(-) 1H 2020 1H 2019 +/(-) 1H 2020 1H 2019 +/(-) 1H 2020 1H 2019 +/(-) Austria 561.5 552.0 1.7% 12.9 14.2

51. Slide 51: Portfolio update – Capital rotation 2019

    Strategy 1H Results Portfolio Development Finance Appendix Investment Portfolio Portfolio update – Capital rotation 2019 Closed non-strategic disposals 2019 Property CAI Country City Sector Site area GLA Premium / discount share (%) (sqm) (sqm) to BV (%) Austria Trend Hotel 100% SLO Ljubljana Hotel

52. Slide 52: Portfolio update – Capital rotation 1H 2020

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

53. Slide 53: Largest assets

    Strategy 1H Results Portfolio Development Finance Appendix Investment Portfolio Largest assets Largest investment properties (value, € m) Largest investment properties (lettable area, sqm) Skygarden (Munich) 279 Millennium Towers (Budapest) 70,630 Kontorhaus (Munich) 224 River Place (Bucharest) 46,9

54. Slide 54: Largest assets (I)

    Strategy 1H Results Portfolio Development Finance Appendix Outstanding Asset Quality Largest assets (I) Skygarden, Munich Kontorhaus, Munich Millennium Towers, Budapest My.O, Munich JFK House, Berlin Value € 279 m Value € 224 m Value € 196 m Value € 154 m Value € 123 m Occupancy 100% Occupancy 99% O

55. Slide 55: Largest assets (II)

    Strategy 1H Results Portfolio Development Finance Appendix Outstanding Asset Quality Largest assets (II) Tour Total, Berlin InterCity Hotel, Berlin Ambigon, Munich Galleria, Vienna Office Heidestraße 58, Berlin Value € 98 m Value € 93 m Value € 91 m Value € 90 m Value € 87 m Occupancy 100% Occupancy

56. Slide 56: Weighted average cost of debt and maturities

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

57. Slide 57: CA Immo share and shareholder structure

    Strategy 1H Results Portfolio Development Finance 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) 30.06.20 31.12.19 # of shares 98,808,336 98,808,336 Starwood 6% Starwood

58. Slide 58: 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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