Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (December 2019)

54 slides from Ca Immobilien Anlagen's investor presentation, December 2019

  1. Slide 1: Company Presentation December 2019

    Company Presentation December, 2019 All figures (€) as at 30 September 2019, unless otherwise stated

  2. Slide 2: CA Immo at a glance

    Strategy Results Portfolio Development Financing Markets Strategy Business model CA Immo at a glance Portfolio structure Investment portfolio split by property type Integrated platform utilises entire value-chain depth (book value) (book value) 1 2 Investment properties Landbank Office Hotel Investm

  3. Slide 3: Portfolio strategy

    Strategy Results Portfolio Development Financing Markets 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 diversification, blue-ch

  4. Slide 4: 1-3Q 2019 Results

    a= CA IMMO URBAN BENCHMARKS. 1-3Q 2019 RESULTS

  5. Slide 5: 1-3Q Results 2019 Highlights

    Strategy Results Portfolio Development Financing Markets 1-3Q Results 2019 Highlights Results  In the first nine months of 2019, net rental income rose by 9.8% to € 143.2 m 1, largely due to strong portfolio expansion in 2018.  FFO I stood at € 101.4 (€ 1.09 per share) on the key date, an increase

  6. Slide 6: 1-3Q Results 2019 Overview

    Strategy Results Portfolio Development Financing Markets 1-3Q Results 2019 Overview Key metrics 1-3Q 2019 1-3Q 2018 +/- Rental income €m 164.8 141.5 18.9% Rental income (adjusted) 1 €m 155.3 141.5 9.7% Net rental income €m 144.4 130.5 10.7% Net rental income (adjusted) 1 €m 143.2 130.5 9.8% EBITDA €

  7. Slide 7: Net profit up 31% yoy

    Strategy Results Portfolio Development Financing Markets 1-3Q Results 2019 Net profit up 31% yoy Profit and loss (€ m) 1-3Q 1-3Q yoy 3Q 3Q yoy Major earnings driver (3Q) 2019 2018 2019 2018 1 Rental income 164.8 141.5 16.4% 53.4 47.8 11.7% 1 Net rental income 144.4 130.5 10.7% 48.3 43.7 10.6%  Rent

  8. Slide 8: Strong rental income growth of 10% yoy

    Strategy Results Portfolio Development Financing Markets 1-3Q Results 2019 Strong rental income growth of 10% yoy 1 Key drivers 1-3Q 19 rental income bridge (adjusted) 1 (€ m)  Positive top line development largely due to 250 strong portfolio expansion in 2018. 200  Completion of development proje

  9. Slide 9: Revaluation result reflects strong operations in Germany

    Strategy Results Portfolio Development Financing Markets 1-3Q Results 2019 Revaluation result reflects strong operations in Germany 1-3Q 19 revaluation result (€ m) 1-3Q 19 revaluation result (in % of 2018 value) Austria CEE Germany Total Austria CEE Germany Assets held for sale - -0.5 - -0.5 Assets

  10. Slide 10: 9M FFO I at € 101.4 m

    Strategy Results Portfolio Development Financing Markets 1-3Q Results 2019 9M FFO I at € 101.4 m 8.1% above value of 2018 Funds from operations (€ m) 1-3Q 1-3Q yoy 3Q 3Q yoy Earnings driver (3Q) 2019 2018 2019 2018 1 Net rental income 144.4 130.5 10.7% 48.3 43.7 10.6% 1 Result from services 6.6 9.3

  11. Slide 11: FFO I FY 2019 guidance confirmed

    Strategy Results Portfolio Development Financing Markets 1-3Q Results 2019 FFO I FY 2019 guidance of > € 125 m confirmed 1-3Q 19 FFO I (€ m) 1-3Q 19 FFO I bridge 102.5 +8.1% 100.0 97.5 95.0 92.5 93.7 101.4 101.4 90.0 1-3Q 18 1-3Q 19 3Q 19 FFO I (€ m) 38.0 +20.6% 36.0 34.0 32.0 30.0 30.5 36.8 28.0 3Q

  12. Slide 12: Balance sheet as at September 30, 2019

    Strategy Results Portfolio Development Financing Markets 1-3Q Results 2019 Balance sheet as at September 30, 2019 Balance sheet (€ m) 30.09.2019 31.12.2018 +/- Comments Investment properties 3,934.0 3,755.2 4.8% 1 Properties under development 844.8 651.6 29.7% Own-used properties  Incl. land reserv

  13. Slide 13: Balance sheet metrics

    Strategy Results Portfolio Development Financing Markets 1-3Q Results 2019 Balance sheet metrics as at September 30, 2019 Balance sheet 30.09.2019 31.12.2018 +/- Total assets €m 5,692.3 5,355.5 6.3% Property assets €m 4,851.3 4,470.6 8.5% Cash and cash equivalents €m 352.1 374.3 -5.9% Shareholders‘

  14. Slide 14: EPRA NAV up 8.8% YTD

    Strategy Results Portfolio Development Financing Markets 1-3Q Results 2019 EPRA NAV up 8.8% YTD (dividend adjusted) Net asset value (€ m) 30.09.2019 30.09.2019 31.12.2018 EPRA NAV per share (undiluted) YTD diluted undiluted 36.5 +8.8% 36.23 NAV (IFRS equity) 2,756.3 2,756.3 2,639.6 36.0 Exercise of

  15. Slide 15: Portfolio

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO

  16. Slide 16: Property Portfolio Key metrics

    Strategy Results Portfolio Development Financing Markets Property Portfolio Key metrics Property portfolio 30.09.2019 31.12.2018 +/- Gross asset value (GAV) €m 4,851 4,471 8.5% thereof investment properties €m 3,948 3,760 5.0% thereof investment properties under development 1 €m 844.8 651.6 29.7% th

  17. Slide 17: Gross asset value up 8.5% YTD

    Strategy Results Portfolio Development Financing Markets Property Portfolio Gross asset value up 8.5% YTD Key metrics (€ m) Portfolio by region and country (book value) 3Q 2019 FY 2018 Germany 12% 4% 8% Gross asset value (GAV) 4,851 4,471 Austria 8% Germany Hungary Investment properties 3,948 3,760

  18. Slide 18: Core market snapshots

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Core market snapshots Properties 13 Properties 8 Total area 179,100 sqm Total area 137,200 sqm Gross initial yield 4.3% Gross initial yield 6.0% Gross rental income € 28.9 m Gross rental income € 31.1 m Occupancy (economic

  19. Slide 19: Core office focussed yielding portfolio across key economic centres

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Core office focussed yielding portfolio across key economic centres in CE Key metrics Investment portfolio split by region and country (book value) 3Q 2019 FY 2018 Germany 5% 14% Gross asset value (€ m) 3,948 3,760 10% Aus

  20. Slide 20: High occupancy level maintained

    Strategy Results Portfolio Development Financing Markets Investment Portfolio High occupancy level maintained Gross initial yield 1 Occupancy (economic) 1 9.0 8.4 100.0 98.9 8.0 98.0 7.3 96.1 95.8 6.8 95.6 96.0 95.0 7.0 94.1 6.0 5.9 94.0 6.0 5.6 5.2 91.6 92.0 5.0 4.3 90.0 89.2 4.0 88.0 3.0 86.0 2.0

  21. Slide 21: Strong leasing momentum continues

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Strong leasing momentum continues WALT (to first break option, years) WALT (years) 7.0 6.2 3Q 2019 FY 2018 6.0 Austria 3.7 4.1 5.0 4.1 4.2 4.0 3.7 3.6 Germany 6.2 6.8 3.4 2.9 3.0 2.7 CEE 3.3 3.3 2.0 Office portfolio 3.8 4.

  22. Slide 22: Like-for-Like performance

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Like-for-Like performance Market Fair value Rental income P&L Yield (%) 1 Occupancy (%) 2 1-3Q 1-3Q 3Q 2019 3Q 2018 +/- 2019 2018 +/- 3Q 2019 3Q 2018 +/- 3Q 2019 3Q 2018 +/- 3Q 2019 3Q 2018 +/- Austria 510.0 500.1 2.0% 20.

  23. Slide 23: Largest assets

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Largest assets Largest investment properties (value, € m) Largest investment properties (sqm) Skygarden (Munich) 233 Millennium Towers (Budapest) 70,637 Millennium Towers (Budapest) 192 River Place (Bucharest) 46,960 Konto

  24. Slide 24: Largest assets

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Largest assets Skygarden, Munich Millennium Towers, Budapest Kontorhaus, Munich JFK House, Berlin Warsaw Spire B, Warsaw Value € 233 m Value € 192 m Value € 188 m Value € 113 m Value € 113 m Occupancy 100% Occupancy 96% Oc

  25. Slide 25: Largest assets

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Largest assets Rennweg 16, Vienna Capital Square, Budapest InterCity Hotel, Berlin Ambigon, Munich KPMG Building, Berlin Value € 86 m Value € 82 m Value € 82 m Value € 81 m Value € 80 m Occupancy 97% Occupancy 96% Occupanc

  26. Slide 26: Major tenants

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Major tenants Tenant industry mix (annualized rent) 1 Top 20 tenants (annualized rent) 1% Tenant Industry City % 9% PWC Audit / Tax / Advisory Munich 3.0% 25% Frontex Government / Public Administration Warsaw 2.7% 11% Inte

  27. Slide 27: Portfolio sustainability

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Portfolio sustainability Comments Office portfolio certifications 1 (book value)  Developments for the own portfolio, especially in 14% Germany, lead to a young, state of the art high 20% class investment portfolio in sou

  28. Slide 28: Prime locations in all core markets

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Prime locations in all core markets Property portfolio split by city (book value) Berlin Munich 7% 8% 21% 8% Total GAV: € 3.9 bn 8% 16% 11% 10% 11% Berlin Munich Budapest Vienna Warsaw Bucharest Other Prague Frankfurt Comm

  29. Slide 29: Prime locations in all core markets

    Strategy Results Portfolio Development Financing Markets Investment Portfolio Prime locations in all core markets Property portfolio split by city (book value) Warsaw Bucharest 7% 8% 21% 8% Total GAV: € 3.9 bn 8% 16% 11% 10% 11% Berlin Munich Budapest Vienna Warsaw Bucharest Other Prague Frankfurt C

  30. Slide 30: Development

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  31. Slide 31: Development (Completed): Bürogebäude am Kunstcampus, Berlin

    Strategy Results Portfolio Development Financing Markets Development (Completed) Bürogebäude am Kunstcampus, Berlin Key metrics Total investment volume € 14.4 m Rental area 2,728 sqm Yield on cost 6.1% Completion 3Q 2019 Occupancy 100% Comments  Total investment volume excl. plot € 13.6 m.  100% l

  32. Slide 32: Development structure

    Strategy Results Portfolio Development Financing Markets Development Development structure Projects under construction (€ m) Projects under construction for own portfolio & for sale (€ m) 1 800 732 145 142 2% 700 8% 600 140 23% 500 406 135 21% 400 Total investment 817.4 130 volume: 300 130 € 874 m 2

  33. Slide 33: Projects under construction

    Strategy Results Portfolio Development Financing Markets Development Projects under construction 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) area (sqm) on c

  34. Slide 34: MY.B, Berlin

    Strategy Results Portfolio Development Financing Markets Development (Construction Phase) MY.B, Berlin Key metrics Total investment volume € 69.1 m Outstanding investment € 20.4 m Rental area 14,719 sqm Expected yield on cost 7.1% Scheduled completion 1Q 2020 Pre-let ratio 93% Comments  Total inves

  35. Slide 35: Cube, Berlin

    Strategy Results Portfolio Development Financing Markets Development (Construction Phase) Cube, Berlin Key metrics Total investment volume € 113.4 m Outstanding investment € 31.0 m Rental area 16,829 sqm Expected yield on cost 5.8% Scheduled completion 2Q 2020 Pre-let ratio 100% Comments  Total inv

  36. Slide 36: My.O, Munich

    Strategy Results Portfolio Development Financing Markets Development (Construction Phase) My.O, Munich Key metrics Total investment volume € 101.3 m Outstanding investment € 34.0 m Rental area 26,986 sqm Expected yield on cost 6.7% Scheduled completion 2Q 2020 Pre-let ratio 92% Comments  Total inve

  37. Slide 37: NEO, Munich

    Strategy Results Portfolio Development Financing Markets Development (Construction Phase) NEO, Munich Key metrics Total investment volume € 96.1 m Outstanding investment € 29.4 m Rental area 19,273 sqm Expected yield on cost 1 5.4% Scheduled completion 2Q 2020 Pre-let ratio - Comments  Total invest

  38. Slide 38: ONE, Frankfurt

    Strategy Results Portfolio Development Financing Markets Development (Construction Phase) ONE, Frankfurt Key metrics Total investment volume € 411.7 m Outstanding investment € 314.0 m Rental area 66,249 sqm Expected yield on cost 5.3% Scheduled completion 1Q 22 Pre-let ratio 34% Comments  Total inv

  39. Slide 39: Mississippi House & Missouri Park, Prague

    Strategy Results Portfolio Development Financing Markets Development (Construction Phase) Mississippi House & Missouri Park, Prague (River City) Key metrics Total investment volume € 66.2 m Outstanding investment € 55.3 m Rental area 21,300 sqm Expected yield on cost 6.2% Scheduled completion 3Q 202

  40. Slide 40: Baufeld 04, Berlin

    Strategy Results Portfolio Development Financing Markets Development (Preparation Phase) Baufeld 04, Berlin Key metrics Total investment volume € 151.0 m Outstanding investment € 118.6 m Rental area 22,950 sqm Expected yield on cost 5.8% Scheduled completion 4Q 2023 Pre-let ratio 100% Comments  Tot

  41. Slide 41: Baufeld 04, Berlin

    Strategy Results Portfolio Development Financing Markets Development (Preparation Phase) Baufeld 04, Berlin Reichstag MK8 Baufeld 04 (planned) Central Cube Station Baufeld 03 John F. Kennedy Tour KPMG Haus Total Federal Chancellery Intercity Hotel 41

  42. Slide 42: Hallesches Ufer, Berlin

    Strategy Results Portfolio Development Financing Markets Development (Preparation Phase) Hallesches Ufer, Berlin Key metrics Total investment volume € 70.4 m Outstanding investment € 56.6 m Rental area 12,700 sqm Expected yield on cost 7.1% Scheduled completion 2Q 2022 Pre-let ratio - Comments  Tot

  43. Slide 43: Development Pipeline

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT PIPELINE

  44. Slide 44: Development Pipeline Overview

    Strategy Results Portfolio Development Financing Markets Development Pipeline Overview Comments  In 2007, CA Immo acquired the former Deutsche Bahn subsidiary Vivico with substantial land reserves in main German cities and an experienced development team. These land reserves set the basis for today

  45. Slide 45: Projects in planning stage

    Strategy Results Portfolio Development Financing Markets Development Pipeline Projects in planning stage Development pipeline Nordhafen, Berlin Freimann BF A, Munich Project City Usage GLA Freimann BF A Munich office 14,800 residential / Hafeninsel IV Mainz 6,400 office residential / Hafeninsel V Ma

  46. Slide 46: Leading office investor in Germany

    Strategy Results Portfolio Development Financing Markets Development Pipeline Leading office investor in Germany Development pipeline by project status (sqm) Timeline projects under construction & future pipeline (sqm) 0 40,000 80,000 120,000 160,000 22% 2019 2020 Total area: 817.4  770,000 sqm 202

  47. Slide 47: Commercial development pipeline

    Strategy Results Portfolio Development Financing Markets Development Pipeline Commercial development pipeline (earmarked for own portfolio) Comments Development pipeline for own investment portfolio (€ bn)  Office and hotel properties are developed primarily for the 2,000 0.26 1.76 company's own po

  48. Slide 48: Residential development pipeline

    Strategy Results Portfolio Development Financing Markets Development Pipeline Residential development pipeline (earmarked for sale) Comments Residential pipeline by city (€ bn) 1 2,000 1.60 1.86  To make the best possible use of the significant organic growth potential in terms of profitability, CA

  49. Slide 49: Financing

    a= CA IMMO URBAN BENCHMARKS. FINANCING

  50. Slide 50: Well-balanced maturity profile and diversified debt structure

    Strategy Results Portfolio Development Financing Markets Financing Well-balanced maturity profile and diversified debt structure Debt structure 1 Debt maturity profile (€ m) 350  Well-staggered maturity profile with limited amounts due over the next two years. 300 250  Follow-up financings have be

  51. Slide 51: Weighted average cost of debt and maturities

    Strategy Results Portfolio Development Financing Markets 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) (y

  52. Slide 52: Capital Markets

    a= CA IMMO URBAN BENCHMARKS. CAPITAL MARKETS

  53. Slide 53: CA Immo share and shareholder structure

    Strategy Results Portfolio Development Financing Markets Capital Markets CA Immo share and shareholder structure Share related key figures Largest shareholders (by number of shares) Shareholder structure (by number of shares) 30.09.19 31.12.18 Starwood # of shares 98,808,336 98,808,336 Capital 6% In

  54. Slide 54: 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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