Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — Q1-3 2024 Earnings Presentation
31 slides from Ca Immobilien Anlagen's earnings presentation, Sep 30, 2024
Slide 1: Analyst & Investor Update Q1-3 2024
Q1-3 2024 ANALYST & INVESTOR = UPDATE ctl _
Slide 2: Highlights
Highlights Solid Business Profile and Stable Operational Performance Robust Operating Performance • Total leasing of c. 121,000 sqm of new and extended existing leases at rents around 5% above the expected rental value (ERV). • 40 leases representing 27.6% of current vacant space were signed with fu
Slide 3: Rendering: Development Hallesches Ufer, Berlin
Rendering: Development Hallesches Ufer, Berlin
Slide 4: Portfolio Overview: Total Portfolio
Portfolio Financials Capital Markets Appendix Portfolio Overview Total Portfolio Total Portfolio (GAV) 2018 2019 2020 2021 2022 2023 Q3 2024 + / (-) Total Portfolio1 €m 4,471 5,186 5,596 6,254 5,911 5,159 5,034 (2.4%) Investment Properties1 €m 3,760 4,299 4,729 4,995 4,979 4,754 4,486 (5.6%) Active
Slide 5: Investment Properties – KPIs (I)
Portfolio Financials Capital Markets Appendix Portfolio Overview Investment Properties – KPI‘s (I) Investment Properties1 2018 2019 2020 2021 2022 2023 Q3 2024 + / (-) Properties # 74 77 79 74 64 63 59 (4) Gross Leasing Area (GLA) ‘000 sqm 1,404 1,443 1,374 1,320 1,115 1,101 1,070 (2.8%) Gross Asset
Slide 6: Investment Properties – KPIs (II)
Portfolio Financials Capital Markets Appendix Portfolio Overview Investment Properties – KPI‘s (II) GLA (ksqm) Q3 ‘24 Q3 ‘23 +/(-) GAV (€m) Q3 ‘24 Q3 ‘23 +/(-) GAV (€psqm) Q3 ‘24 Q3 ‘23 +/(-) Austria 115 116 (0.4%) Austria 261 336 (22.4%) Austria 2,264 2,905 (22.1%) Czechia 142 146 (2.8%) Czechia 46
Slide 7: Investment Properties – Leasing Overview Q1-3 2024
Portfolio Financials Capital Markets Appendix Portfolio Overview Investment Properties – Leasing Overview Q1-3 2024 Market New Leasing Renewal Total Leasing Total GRI p.a. Average Office + / (-) to WAULT to WAULT to WAULT to (sqm) (sqm) (sqm) (€m) Rent (€ psqm) ERV (%) Break (Yrs.) End (Yrs.) Last E
Slide 8: Development Properties – Overview
Portfolio Financials Capital Markets Appendix Portfolio Overview Development Properties – Overview Costs Construction Buildable Book Value Total Costs Gross Yield on Pre-Leased City Main Use # Completion Outstanding Start GLA (sqm) (€m) (€m) Cost (%) (%) (€m) Upbeat Berlin Office 1 2021 2026 34,911
Slide 9: Capital Rotation: Closed Disposals
Portfolio Financials Capital Markets Appendix Capital Rotation Closed Disposals # Property CAI City Stage Sector Closing GLA In-Place Book Value + / (-) Ownership (sqm)1 GRI (€m) (€m)2 Book Value3 Investment 1 Mariahilferstraße 17 100% Vienna Mixed Use Q1 2024 3,654 1.4 28.5 0.2% Property 2 AW Freim
Slide 10: Capital Rotation: Pipeline Disposals
Portfolio Financials Capital Markets Appendix Capital Rotation Pipeline Disposals Intercity, Berlin Saski Point, Warsaw Hungary Portfolio Country Germany Country Poland Country Hungary Investment Investment Investment Status Status Status Property Property Property Sector Hotel Sector Office Sector
Slide 11: Rendering: Development Hallesches Ufer, Berlin
Rendering: Development Hallesches Ufer, Berlin
Slide 12: Q1-3 2024 Financials
Portfolio Financials Capital Markets Appendix Q1-3 2024 Financials Focus on Cost Discipline and Operational Excellence to Mitigate Negative Market Yield Shift Profit and Loss (€m) Q1-3 ‘24 Q1-3 ‘23 +/(-) Q3 ‘24 Q3 ‘23 +/(-) Key Metrics Rental income 179.1 172.7 3.7% 57.7 54.5 5.8% 1 Rental Income up
Slide 13: Topline Growth Despite Ongoing Capital Rotation
Portfolio Financials Capital Markets Appendix Q1-3 2024 Financials Topline Growth Despite Ongoing Capital Rotation Q1-3 Q3 Q1-3 Q3 Rental Income Bridge (€m) Rental Rental Net Rental Net Rental Income Income Income Income €179m €58m €149m €51m +3.7% yoy +5.8% yoy +4.1% yoy +6.8% yoy Key Drivers ▪ In
Slide 14: FFO I Bridge Reflecting Improved Asset Quality
Portfolio Financials Capital Markets Appendix Q1-3 2024 Financials FFO I Bridge Reflecting Improved Asset Quality and Ongoing Cost Discipline Q1-3 Q1-3 FFO I Bridge (€m) FFO I FFO II €86.5m €88.1m +4.7% yoy (44.5%) yoy Key Drivers ▪ Net Rental Income growth mainly from Hochhaus am Europaplatz, ONE a
Slide 15: Balance Sheet Overview
Portfolio Financials Capital Markets Appendix Q1-3 2024 Financials Balance Sheet Overview Balance Sheet (€m) Q3 ‘24 FY ‘23 +/(-) Key Drivers 1 Investment properties 4,480.1 4,743.4 (5.5%) 1 Investment Properties down at €4,480m due to 2 Properties under development 435.7 344.1 26.6% successful non-c
Slide 16: Resilient Financial Profile Despite Market Yield Shift
Portfolio Financials Capital Markets Appendix Financing Resilient Financial Profile Despite Market Yield Shift Leverage (%) Cost of Debt / Debt Maturity (%, Years) 6.0 3.00% 55% 2.58% 49.3% 50% 5.0 2.50% 1.97% 44.3% 45% 4.0 2.00% 40% 37.4% 3.0 1.50% 1.16% 35% 2.0 1.00% 30% 1.0 0.50% 5.1 4.5 4.9 4.3
Slide 17: Successful €350m Green Bond Issuance in October 2024
Portfolio Financials Capital Markets Appendix Financing Successful €350m Green Bond Issuance in October 2024 Supportive Market Environment (Base Rates (%))1 Key Terms 3.20 Issuer Ratings Baa3 (stable) by Moody’s 5Y MS had Format Green, Reg S Bearer 3.00 tightened c. 70bps since the peak in Trade dat
Slide 18: Pro-Forma Debt Maturity Profile
Portfolio Financials Capital Markets Appendix Financing Pro-Forma Debt Maturity Profile incl. €350m Green Bond Issuance Debt Maturity Profile (€m)1 800 784 700 600 514 500 Reduction of 2025 457 maturity by €74m tender in 424 connection with 13 400 new Green Bond issue 288 300 350 241 229 217 200 31
Slide 19: Rendering: Development Hallesches Ufer, Berlin
Rendering: Development Hallesches Ufer, Berlin
Slide 20: Key Capital Markets Information
Portfolio Financials Capital Markets Appendix Capital Markets Key Capital Markets Information Analyst Recommendations Investor Conference Attendance Institution Analyst Recommendation Target Price (€) Date • 3. December 2024: UBS EMEA Real Estate CEO Conference, London Wood & Company Jakub Caithaml
Slide 21: Rendering: Development Anna Lindh Haus, Berlin
Rendering: Development Anna Lindh Haus, Berlin
Slide 22: Five Strategic Core Pillars
Portfolio Financials Capital Markets Appendix Appendix Five Strategic Core Pillars Entire Value Chain Urban Cities Pure Play Office Resilient Portfolio Solid Balance Sheet - Investment - Tier 1: Berlin, Munich - Technology - Balance of income, - Balance of secured/ Management - Prime inner-city - Sp
Slide 23: Focus Areas
Portfolio Financials Capital Markets Appendix Appendix Focus Areas €146m disposals closed in 2024 (CAI share), additional Acceleration of non-core disposals 1 disposals signed Focus geographic footprint, divest JVs, and outsource non- Simplify business model 2 core operations Increase economies of s
Slide 24: Total Accounting Return
Portfolio Financials Capital Markets Appendix Appendix Total Accounting Return Total Accounting Return (TAR) per Share1 Key Drivers ▪ 37% Total Accounting Return (TAR) since FY 2018. ▪ Composition of TAR: NAV gain and +11% dividend distributions. ▪ Main drivers include: +37% ▪ Rent reversion (7%) +8
Slide 25: Total Shareholder Return
Portfolio Financials Capital Markets Appendix Appendix Total Shareholder Return Total Shareholder Return since 20181 80 60 40 20 0 (20) (40) 2019 2020 2021 2022 2023 2024 CA Immo Peer Index 2 EPRA Developed ex UK Quarter To Date YTD 1 Year 3 Years Since 2018 CA Immobilien Anlagen AG (14%) (19%) 1% (
Slide 26: Future Return Drivers and Outlook
Portfolio Financials Capital Markets Appendix Appendix Future Return Drivers and Outlook Future Return Drivers Lease up vacancy Current vacancy at 11.2% 1 Capture reversion ~ 25% reversionary potential in Germany 2 Four development projects committed / planned forecast Organic growth to generate >€3
Slide 27: Investment Properties – Like-for-Like Performance Q3 2024
Portfolio Financials Capital Markets Appendix Appendix Investment Properties – Like-for-Like Performance Q3 2024 Market Gross Asset Value (€m) In-Place GRI (€m) Gross Initial Yield (%) 1 SQM Occupancy (%) Q3 ‘24 Q3 ‘23 +/(-) Q3 ‘24 Q3 ‘23 +/(-) Q3 ‘24 Q3 ‘23 +/(-) Q3 ‘24 Q3 ‘23 +/(-) Austria 260.4 2
Slide 28: FFO
Portfolio Financials Capital Markets Appendix Appendix FFO Funds From Operations (€m) Q1-3 ‘24 Q1-3 ‘23 +/(-) Q3 ‘24 Q3 ‘23 +/(-) Net rental income 149.2 143.4 4.1% 51.0 47.8 6.8% Income from services 1.5 2.7 (44.3%) 0.4 0.8 (49.5%) Other operating income/expenses excl. services 0.1 0.3 (76.2%) 0.0
Slide 29: Balance Sheet Metrics
Portfolio Financials Capital Markets Appendix Appendix Balance Sheet Metrics Balance Sheet (€m) Q3‘ 24 Q4 ‘23 +/(-) Total assets 5,883.0 6,221.8 (5.4%) Property assets 5,034.1 5,159.0 (2.4%) Cash and cash equivalents 485.9 663.5 (26.8%) Cash deposits 75.0 75.1 (0.0%) Shareholders‘ equity 2,609.1 2,7
Slide 30: Financial Profile – Rating / Debt Metrics
Portfolio Financials Capital Markets Appendix Appendix Financial Profile – Rating / Debt Metrics Leverage (%) Interest Coverage (x) 55% 6.0x 49.3% 50% 5.0x 4.2x 45% 44.3% 4.0x 3.9x 40% 3.0x 37.4% 3.2x 35% 2.0x 30% 1.0x 25% 0.0x 2018 2019 2020 2021 2022 2023 Q3 2024 2018 2019 2020 2021 2022 2023 Q3 2
Slide 31: Contact Details
Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Group Head of Capital Markets & Corporate Office Deputy Head of Capital Markets Tel.: +43 (1) 532 59 07 504 Tel.: +49 89 54548 517 E-Mail: christoph.thurnberger@caimmo.com E-Mail: julian.woehrle@caimmo.de www.caim
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