Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — CA Immo — Investor Presentation (May 2021)

62 slides from Ca Immobilien Anlagen's investor presentation, May 2021

  1. Slide 1: CA Immo Company Presentation May 2021

    We create and manage places where people love to work. CA IMMO COMPANY PRESENTATION May 2021 All figures (€) as at 31 March 2021, unless otherwise stated

  2. Slide 2: Strategy: Core pillars of business model

    Highlights Results Financing Property ESG Cap. Markets Strategy Core pillars of business model Entire value chain Urban cities Pure play office Resilient portfolio Solid balance sheet Acquire  Investment Management  Tier 1: Berlin, Munich,  A-class office to hold   85% investment  45–50% equit

  3. Slide 3: Portfolio strategy through the property cycle

    Highlights Results Financing Property ESG Cap. Markets Strategy Portfolio strategy through the property cycle  Monetise future profit where no further  Excellent locations in established and value creation exists. emerging submarkets.  Divest when future rate of return is  Old, inefficient, tire

  4. Slide 4: Solid start into business year 2021

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Key Achievements / Earnings yoy Soild start into business year 2021 NET RENTAL INCOME +2%  We have been able to deliver a top line growth in 1Q 2021 with rental income up 2% yoy to €63.6 m. €50.5 m  Net rental income increased to €50.5

  5. Slide 5: Portfolio Growth and Capital Rotation

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Key Achievements / Portfolio yoy Portfolio Growth and Capital Rotation GROSS ASSET VALUE +8%  Portfolio growth through development pipeline despite disposals of non-strategic assets. Completion of the ZigZag office building in Mainz and

  6. Slide 6: 1Q 2021 Results

    1Q 2021 RESULTS

  7. Slide 7: Strong operational result with solid EBITDA growth

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Results Strong operational result with solid EBITDA growth Profit and loss (€m) 1Q 2021 1Q 2020 +/(-) Major earnings drivers Rental income 63.6 62.4 1.8% 1 1 Net rental income 50.5 49.6 1.9%  Solid top line growth despite Covid- 19 pand

  8. Slide 8: Solid top-line growth due to acquisitions and development completions

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Results Solid top-line growth due to acquisitions and development completions Key drivers 1Q 2021 net rental income bridge (€m)  Rental income increase driven by portfolio growth through development completions and acquisitions of recen

  9. Slide 9: FFO I at €31.4 m 4.5% up

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Results FFO I at €31.4 m 4.5% up compared to previous year Funds from operations (€m) 1Q 2021 1Q 2020 +/(-) Major drivers 1 1 Net rental income 50.5 49.6 1.9%  Rental income increase driven by Result from services 2.2 2.3 (5.4%) develop

  10. Slide 10: FFO I bridge

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Results FFO I at €31.4 m 4.5% up compared to previous year 1Q 2021 FFO I bridge (€m) 3 4 6 5 2 31.4 1 Key drivers 1 Decrease in rental income mainly due to lower rental income in Hungary. 2 Positive contribution by acquisitions of invest

  11. Slide 11: Balance sheet as at March 31, 2021

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Results Balance sheet as at March 31, 2021 Balance sheet (€m) 31.03.2021 31.12.2020 +/(-) Comments 1 Investment properties 4,734.3 4,723.1 0.2% 1 853.0 791.1 7.8%  Sale of a logistics property in Kassel. 2 Properties under development O

  12. Slide 12: Balance sheet metrics as at March 31, 2021

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Results Balance sheet metrics as at March 31, 2021 Balance sheet (€m) 31.03.2021 31.12.2020 +/(-) Total assets 6,967.4 6,820.3 2.2% Property assets 5,672.0 5,596.2 1.4% Cash and cash equivalents 1,057.9 934.9 13.2% Shareholders‘ equity 3

  13. Slide 13: EPRA Net Asset Value (NRV, NTA, NDV)

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Results EPRA Net Asset Value (NRV, NTA, NDV) 31.03.2021 31.12.2020 (€m) EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 3,172.0 3,172.0 3,172.0 3,128.2 3,128.2 3,128.2 i) Hybrid instruments

  14. Slide 14: EPRA Net Asset Value bridge

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Results EPRA Net Asset Value (NDV, NTA, NRV) 1Q 2021 EPRA NDV/NTA/NRV bridge (€ per share) 4 45.00 2.53 44.52 3 0.71 0.03 0.40 41.14 0.12 4.87 0.26 40.00 2 1.18 0.30 1 35.31 35.00 (0.02) (0.40) 34.54 30.00 Diluted Reval- Goodwill Fixed E

  15. Slide 15: Key Metrics

    Highlights Results Financing Property ESG Cap. Markets 1Q 2021 Results Key Metrics Key metrics (€m) 1Q 2021 1Q 2020 +/(-) Rental income 63.6 62.4 1.8% Net rental income 50.5 49.6 1.9% EBITDA 43.8 38.8 12.9% EBIT 110.8 26.1 324.1% Earnings before tax (EBT) 68.7 46.6 47.4% Consolidated net income 41.4

  16. Slide 16: Financing

    BENCHMARKS. URBAN — _a ma" \ | | ee (US ee oe == es ws

  17. Slide 17: Well-balanced maturity profile and diversified debt structure

    Highlights Results Financing Property ESG Cap. Markets Financing Well-balanced maturity profile and diversified debt structure Debt structure 1 Debt maturity profile (€ m) 800  Well-staggered maturity profile with low amounts 99% of the convertible bond due over the coming years. 700 converted into

  18. Slide 18: Stable debt maturities and record low financing costs

    Highlights Results Financing Property ESG Cap. Markets Financing Stable debt maturities and record low financing costs Key financing metrics 1 Average debt maturity (years) 1  Bond issuances in 2020 improved key financing 7.0 metrics. 6.0 5.8  Average financing costs incl. interest rate hedges 5.0

  19. Slide 19: Weighted average cost of debt and maturities

    Highlights Results Financing Property ESG Cap. Markets Financing Weighted average cost of debt and maturities 1  CoD/Maturities (€ m) Outstanding Swaps Avg cost of debt Avg. cost of Avg. debt Avg. swap debt (nominal (nominal excl. derivatives debt maturity maturity value) value) incl. Derivatives (

  20. Slide 20: Robust financial profile with strong equity base

    Highlights Results Financing Property ESG Cap. Markets Financing Robust financial profile with strong equity base Leverage Interest coverage 55% 6.0x 5.0x 50% 49.6% 4.0x 3.6x 45% 45.5% 3.5x 3.0x 40% 2.0x 35% 1.0x 30.9% 0.0x 30% 2016 2017 2018 2019 2020 Q1 2021 2016 2017 2018 2019 2020 Q1 2021 Equity

  21. Slide 21: Portfolio

    : _ PORTFOLIO SURBAN” Jf '; BENCH MARIS:

  22. Slide 22: Property Portfolio: Key metrics

    Highlights Results Financing Property ESG Cap. Markets Property Portfolio Key metrics Property portfolio 31.03.2021 31.12.2020 +/(-) Gross asset value (GAV) €m 5,672.0 5,596.2 1.4% thereof investment properties €m 4,746.7 4,736.0 0.2% thereof investment properties under development 1 €m 853.0 791.1

  23. Slide 23: Property Portfolio Overview

    Highlights Results Financing Property ESG Cap. Markets Property Portfolio Overview Property portfolio by region (book value) Property portfolio by city (book value) Property portfolio by structure (book value) 1% Berlin 9% 5% Investment 7% Munich 10% properties 26% 5% 8% Vienna Germany Land Frankfur

  24. Slide 24: Investment Portfolio: Core market metrics

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Core market metrics Properties 16 Properties 9 Total area 219,200 sqm Total area 171,800 sqm Gross initial yield 3.5% Gross initial yield 6.2% Gross rental income €39.3 m Gross rental income €36.4 m Occupancy (economic) 98.1

  25. Slide 25: Investment Portfolio Overview

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Overview Book value (€m) 1Q 2021 1 1Q 2020 2 +/(-) Occupancy (%) 1Q 2021 1 1Q 2020 2 +/(-) Austria 524.4 565.5 (7.3%) Austria 89.7 91.5 (180 bps) Czechia 387.9 390.7 (0.7%) Czechia 93.8 95.3 (144 bps) Germany 2,130.7 1,681.2

  26. Slide 26: WAULT

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio WAULT Well-staggered lease maturity profile Weighted average unexpired lease term (WAULT, years) 14  Strong tenant retention rate across the portfolio. 12.9 12  CA Immo’s organic growth strategy and the corresponding high

  27. Slide 27: Like-for-like performance

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Like-for-like performance Market Fair value (€m) Rental income (P&L, €m) Yield (%) 1 Occupancy (%) 2 1Q 21 1Q 20 +/(-) 1Q 21 1Q 20 +/(-) 1Q 21 1Q 20 +/(-) 1Q 21 1Q 20 +/(-) Austria 524.4 531.6 (1.4%) 7.1 6.9 3 3.2% 5.2 5.2 +

  28. Slide 28: Leasing

    Highlights Results Financing Property ESG Cap. Markets Property Portfolio Leasing Leasing update 1Q 2021 Market Project pre- New leases / Lease Total leasing % of total Total leasing In % of total letting (sqm) expansions extensions (sqm) investment investment (sqm) (sqm) portfolio portfolio Austria

  29. Slide 29: Reversionary potential

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Reversionary potential Case study reversionary potential Europacity Berlin  A significant portion of CAI’s activity in Berlin is focused in the prime Europacity submarket, where significant development and leasing activity

  30. Slide 30: Tenant structure

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Tenant structure Tenant base Tenant industry mix (annualized rent) Top 200 tenants (annualized rent)  High degree of blue chip tenants with investment grade 1% Business & rating. Professional Services 9% 12% Technology Publ

  31. Slide 31: Blue chip tenant structure (I)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Blue chip tenant structure with a service and technology focus (I) Top 40 tenants (annualized rent) Tenant Industry City % PWC Professional Services Munich 3.2% InterCity Consumer Services & Leisure Berlin, Frankfurt 2.7% Fr

  32. Slide 32: Blue chip tenant structure (II)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Blue chip tenant structure with a service and technology focus (II) Top 40 tenants (annualized rent) Tenant Industry City % Thales Computers / Hi-Tech Bucharest 0.9% Bitdefender Computers / Hi-Tech Bucharest 0.8% BT Roc Busi

  33. Slide 33: Largest assets (I)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Largest assets (I) Skygarden, Munich Kontorhaus, Munich Millennium Towers, Budapest My.O, Munich JFK House, Berlin Value € 280 m Value € 224 m Value € 203 m Value € 169 m Value € 141 m Occupancy 100% Occupancy 98% Occupancy

  34. Slide 34: Largest assets (II)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Largest assets (II) Heidestraße 58, Berlin Postepu 14, Warsaw Warsaw Spire C, Warsaw Ambigon, Munich Galleria, Vienna Value € 98 m Value € 98 m Value € 94 m Value € 91 m Value € 90 m Occupancy 100% Occupancy 91% Occupancy 93

  35. Slide 35: Capital rotation (I)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Capital rotation (I) Latest acquisitions Am Karlsbad 11, Berlin Postepu 14, Warsaw Pohlstrasse 20, Berlin Country Germany Country Poland Country Germany Status Investment Status Investment Status Investment Sector Office Sec

  36. Slide 36: Capital rotation (II)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Capital rotation (II) Closed disposals 2021 YTD Property CAI Country City Property Sector GLA GRI at sale Gross Premium / share status (sqm) (€m) proceeds discount to (%) (€m) BV (%) 1 1Q 2021 Land plot Duesseldorf 100% GER

  37. Slide 37: Capital rotation (III)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Capital rotation (III) Selected planned disposals 2021 Meininger Hotel Rembrandstrasse, Vienna Canada Square, Budapest Wspólna, Warsaw Country Austria Country Hungary Country Poland Status Investment Status Investment Status

  38. Slide 38: Prime locations in all core markets

    Highlights Results Financing Property ESG Cap. Markets Property Portfolio Prime locations in all core markets Property portfolio split by city (book value) Berlin Munich 5% 7% 26% 8% 10% Total GAV €5.7 bn 9% 17% 9% 9% Berlin Munich Vienna Frankfurt Budapest Warsaw Prague Bucharest Other Key facts Fr

  39. Slide 39: Prime locations in all core markets

    Highlights Results Financing Property ESG Cap. Markets Property Portfolio Prime locations in all core markets Property portfolio split by city (book value) Warsaw Bucharest 5% 7% 26% 8% 10% Total GAV €5.7 bn 9% 17% 9% 9% Berlin Munich Vienna Frankfurt Budapest Warsaw Prague Bucharest Other Key facts

  40. Slide 40: Development

    BENCHMARKS. URBAN k- = Lu = o. G i) Lu > iu Q

  41. Slide 41: Development start Upbeat, Berlin (I)

    Highlights Results Financing Property ESG Cap. Markets Development Development start Upbeat, Berlin (I) Project overview Long-term lease agreement with investment grade leading financial institution Deutsche Kreditbank AG  Lease covers 34,850 sqm of office, storage, and other area types (F&B, tradi

  42. Slide 42: Development start Upbeat, Berlin (II)

    Highlights Results Financing Property ESG Cap. Markets Development Development start Upbeat, Berlin (II) Key metrics Total investment volume ~ €283 m Outstanding investment €249 m Rental area 34,911 sqm Expected yield on cost 5.2% Scheduled completion 1Q 2026 Economic pre-let ratio 100% Key facts 

  43. Slide 43: Development start Upbeat, Berlin (III)

    Highlights Results Financing Property ESG Cap. Markets Development Development start Upbeat, Berlin (III) Overview Europacity, Berlin 43

  44. Slide 44: Commercial value chain

    Highlights Results Financing Property ESG Cap. Markets Development 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 development Land reserve  High

  45. Slide 45: Residential value chain

    Highlights Results Financing Property ESG Cap. Markets Development Residential value chain Zoning/Planning Under construction/Completion Eggartensiedlung, Munich Ratoldstraße, Munich NEO residential, Munich  50:50 joint venture with local developer  In 2016 the urban landscape competition  Part o

  46. Slide 46: Mississippi House & Missouri Park, Prague

    Highlights Results Financing Property ESG Cap. Markets Development Projects Under Construction Mississippi House & Missouri Park, Prague (Completion in 2021) Key metrics Total investment volume €64.5 m Outstanding investment €24.8 m Rental area 20,760 sqm Expected yield on cost 6.5% Scheduled comple

  47. Slide 47: ONE, Frankfurt

    Highlights Results Financing Property ESG Cap. Markets Development Projects Under Construction ONE, Frankfurt (Completion in 2022) Key metrics Total investment volume €413.3 m Outstanding investment €172.4 m Rental area 68,575 sqm Expected yield on cost 5.6% Scheduled completion 1Q 2022 Economic pre

  48. Slide 48: Grasblau, Berlin

    Highlights Results Financing Property ESG Cap. Markets Development Projects Under Construction Grasblau, Berlin (Completion in 2023) Key metrics Total investment volume €67.0 m Outstanding investment €39.9 m Rental area 13,383 sqm Expected yield on cost 8.3% Scheduled completion 2Q 2023 Economic pre

  49. Slide 49: Hochhaus am Europaplatz, Berlin

    Highlights Results Financing Property ESG Cap. Markets Development Projects Under Construction Hochhaus am Europaplatz, Berlin (Completion in 2023) Key metrics Total investment volume €141.5 m Outstanding investment €73.5 m Rental area 22,948 sqm Expected yield on cost 6.3% Scheduled completion 4Q 2

  50. Slide 50: Development Projects Under Construction: Project overview

    Highlights Results Financing Property ESG Cap. Markets Development Projects Under Construction Project overview Investment portfolio Investment Outstanding Planned Gross yield Main usage Economic Scheduled volume investment rentable on cost (%) pre-let ratio completion (€m) 1 (€m) area (sqm) (%) Upb

  51. Slide 51: Environmental, Social & Corporate Governance

    ENVIRONMENTAL, SOCIAL & CORPORATE GOVERNANCE

  52. Slide 52: Organizational structure and reporting

    Highlights Results Financing Property ESG Cap. Markets Sustainability Organizational structure and reporting Organizational integration and management Strategy, Monitoring,  Key incorporation in the corporate strategy. Controlling Executive Board  Targeted definition and management of strategic su

  53. Slide 53: Agenda for sustainable business operations (I)

    Highlights Results Financing Property ESG Cap. Markets Sustainability Agenda for sustainable business operations (I) Agenda for sustainable business operations Climate & Energy Sustainable procurement & supply chain SDG goals SDG goals Targets & Principals: Targets & Principals:  Reduction of avera

  54. Slide 54: Agenda for sustainable business operations (II)

    Highlights Results Financing Property ESG Cap. Markets Sustainability Agenda for sustainable business operations (II) Agenda for sustainable business operations Sustainable urban district development Business ethics, Corporate Governance & Compliance SDG goals SDG goals Targets & Principals: Targets

  55. Slide 55: Initiatives for climate and environmental protection

    Highlights Results Financing Property ESG Cap. Markets Sustainability Initiatives for climate and environmental protection Sustainability certification Office investment portfolio according to certification standard  As of December 31, 2020, 71% of the total building stock (office: 74%) was DGNB Go

  56. Slide 56: Health & safety, social standards, working conditions

    Highlights Results Financing Property ESG Cap. Markets Sustainability Health & safety, social standards, working conditions Health & Safety - Covid 19 Protective Measures Covid 19 Employee Action Plan (excerpt).  Early (early March 2020) installation of an international Health &  Extended home off

  57. Slide 57: Capital Markets Appendix

    CAPITAL MARKETS APPENDIX

  58. Slide 58: Anticipated Mandatory Offer by Starwood

    Highlights Results Financing Property ESG Cap. Markets Anticipated Mandatory Offer by Starwood Update Starwood increases shareholding slightly after offer period  Following BidCo’s announcement on 8 January 2021 of its intention to launch an anticipated mandatory takeover offer to the shareholders

  59. Slide 59: Outlook: Further improving resilience and enhancing growth

    Highlights Results Financing Property ESG Cap. Markets Capital Markets Outlook Further improving resilience and enhancing growth Operational targets  Continuation of organic growth through profitable project developments.  Selective acquisitions of investment properties with value-creation potenti

  60. Slide 60: CA Immo share and shareholder structure

    Highlights Results Financing Property ESG Cap. Markets Capital Markets CA Immo share and shareholder structure Share related key figures Largest shareholders (by number of shares) 1 Shareholder structure (by number of shares) 31.03.2021 31.12.2020 Institutional # of shares 98,808,336 98,808,336 Star

  61. Slide 61: Analyst coverage & Conference attendance

    Highlights Results Financing Property ESG Cap. Markets Capital Markets Analyst coverage & Conference attendance Equity analyst coverage Analyst Date Target price (€) Recommendation  Median and average target price of analyst Erste Group April 21, 2021 43.00 Accumulate recommendations above current

  62. Slide 62: Contact Details

    Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Head of Capital Markets Capital Markets Co-Head of Corporate Development Committee 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

CA Immo — Investor Presentation (May 2021) on 6ix