Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (October 2016)

65 slides from Ca Immobilien Anlagen's investor presentation, October 2016

  1. Slide 1: Company Presentation October 2016

    COMPANY PRESENTATION October 2016

  2. Slide 2: Company Profile

    Company Profile Leading Investor and Developer of High-Quality Offices in Central Europe COMPANY PROFILE  Highly stable and resilient portfolio of high quality core offices  Focus on eight core business hubs in Germany, Austria and CEE: Berlin, Frankfurt, Munich, Vienna, Warsaw, Prague, Budapest a

  3. Slide 3: Key Investment Highlights

    Company Profile Key Investment Highlights CONSISTENT STRATEGY AND EXECUTION POWER 1 Management platform with considerable track-record of value creation over economic cycle HIGH-QUALITY INVESTMENT PORTFOLIO DERIVING STABLE RECURRING CASH FLOW 2 Highly stable and resilient yielding portfolio across k

  4. Slide 4: Consistent Strategy and Execution Power

    CONSISTENT STRATEGY AND EXECUTION POWER

  5. Slide 5: Strategy: Integrated Business Model

    Strategy Integrated Business Model Investment Portfolio Management 1 1 INVESTMENT PORTFOLIO MANAGEMENT  Recurring Income  Recurring income and profitability through high portfolio occupancy of  93%  FFO I of € 0.82 per share in 2015 (33% 2012-15 CAGR) Optimized Financing CA 2 Development 2 4  S

  6. Slide 6: Strong Operations Platform Fundamental Basis for Future Growth

    Strategy Strong Operations Platform Fundamental Basis for Future Growth RECURRING PROFITABILITY (FFO I/SHARE) SHAREHOLDERS‘ EQUITY (NAV/SHARE) 90 0,82 0,90 0,75 22,50 60% 80 0,72 0,80 22,00 53% 53% 55% 70 0,70 21,50 60 0,60 21,00 50% 44% 20,50 45% 50 0,50 0,35 20,00 31% 40 0,40 40% 19,50 30 0,30 19,

  7. Slide 7: Strategy - Investment Portfolio

    Strategy - Investment Portfolio Carefully Developed Investment Portfolio Strategy Focused on Key Pillars 6 Resilient Cash Flows 1 Core Competencies  High occupancy levels  Leading and well recognized platform  Primarily multi-tenant buildings  Focus on office  Blue-chip tenant base  Unique str

  8. Slide 8: Strategy - Development

    Strategy - Development Proven Strategic Framework  High quality landbank as key competitive advantage - Major organic growth driver - Focus on core German cities - Expansion in other core hubs (e.g. Vienna, Bucharest) Develop to own Develop to sell / Reposition Internalized business 1  Ownership o

  9. Slide 9: Strategy - CA Immo and Immofinanz

    Strategy - CA Immo and Immofinanz Sequence Of Events STEP 1: ACQUISITION OF 26% IN CA IMMO KEY TRANSACTION PARAMETERS  O1 sold 26% stake in CA Immo to Immofinanz  Fair and transparent process  Transaction closed on August 2, 2016   Pre- and post-merger corporate governance that conforms to inte

  10. Slide 10: High-Quality Investment Portfolio Deriving Stable Recurring Cash Flow

    HIGH-QUALITY INVESTMENT PORTFOLIO DERIVING STABLE RECURRING CASH FLOW

  11. Slide 11: Property Portfolio (€ 3.7 bn)

    Property Portfolio (€ 3.7 bn)* Germany Accounts for  45% of Portfolio Value PORTFOLIO STRUCTURE PORTFOLIO SPLIT BY REGION AND COUNTRY (€ M)  Total property asset base of € 3.7 bn  Germany largest single core market 7% 604,3 16% 8% 16%  Income- producing investment portfolio of Austria 1.424,9 7%

  12. Slide 12: Investment Portfolio (€ 3.1 bn)

    Investment Portfolio (€ 3.1 bn) High-quality Asset Base in Key Economic Centres of Central Europe KEY METRICS* 30.06.2016 31.12.2015 PORTFOLIO OCCUPANCY Gross initial yield 6.4% 6.5% 93% 92,7% Austria 5.6% 5.7% 93% 92,3% 92,2% Germany 92,1% 5.2% 5.3% 92% CEE 7.4% 7.6% 92% 91,3% Occupancy 92.3% 92.7%

  13. Slide 13: Property Portfolio: Austria

    Property Portfolio Austria PROPERTY PORTFOLIO AUSTRIA TOP TENANTS Portfolio value 611.4 Portfolio share 16% Investment portfolio 566.0 Portfolio share 15% Development portfolio 4.1 INVESTMENT PORTFOLIO AUSTRIA VIENNA Portfolio value 566.0 474.9 Yielding assets (#) 25 13 Lettable area (sqm) 385,700 2

  14. Slide 14: Property Portfolio: Austria - Vienna

    Property Portfolio Austria - Vienna 14

  15. Slide 15: Property Portfolio: Germany

    Property Portfolio Germany PROPERTY PORTFOLIO GERMANY TOP TENANTS Portfolio value 1,683.6 Portfolio share 45% Investment portfolio 1,118.3 Portfolio share 30% Development portfolio 310.0 INVESTMENT PORTFOLIO* GERMANY MUNICH FRANKFURT BERLIN Portfolio value (€ m) 857.3 398.3 200.9 426.4 Yielding asse

  16. Slide 16: Property Portfolio: Munich

    Property Portfolio Munich 16

  17. Slide 17: Property Portfolio: Berlin

    Property Portfolio Berlin 17

  18. Slide 18: Property Portfolio: Frankfurt

    Property Portfolio Frankfurt 18

  19. Slide 19: Property Portfolio: Eastern Europe

    Property Portfolio Eastern Europe PROPERTY PORTFOLIO CEE TOP TENANTS Portfolio value 1,538.7 Portfolio share 39% Investment portfolio 1,377.7 Portfolio share 37% Development portfolio 48.0 INVESTMENT PORTFOLIO CEE WARSAW PRAGUE BUDAPEST BUCHAREST Portfolio value (€ m) 1,377.7 291.2 263.1 281.5 260.9

  20. Slide 20: Property Portfolio: Warsaw

    Property Portfolio Warsaw 20

  21. Slide 21: Property Portfolio: Prague

    Property Portfolio Prague 21

  22. Slide 22: Property Portfolio: Budapest

    Property Portfolio Budapest 22

  23. Slide 23: Budapest – Acquisition of Core Office Complex Millenium Towers

    Property Portfolio Budapest – Acquisition of Core Office Complex Millenium Towers EXPANSION OF CORE OFFICE PORTFOLIO BUDAPEST  Office complex Millenium Towers consists of four fully let buildings with 70,400 sqm (developed between 2006 and 2011)  Annual rental income addition of € 12 m  FFO accre

  24. Slide 24: Property Portfolio: Bucharest

    Property Portfolio Bucharest 24

  25. Slide 25: Investment Portfolio: Portfolio Metrics

    Investment Portfolio (€ 3.1 bn) Portfolio Metrics GROSS INITIAL YIELDS* WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY 9,0% 8,0 8,0% 8,0% 7,7% 7,5% 7,4% 7,0 7,0% 6,7% 6,4% 6,0 6,0% 5,6% 5,2% 5,0 5,0% 4,0 4,0% 3,0 3,0% 2,0% 2,0 1,0% 1,0 7,3 4,2 3,4 2,6 2,6 2,2 2,0 4,2 0,0% 0,0 Romania Hungary

  26. Slide 26: Top Tenants and Properties

    Investment Portfolio (€ 3.1 bn) Top Tenants and Properties TOP 15 TENANTS BY ANNUALIZED RENT* TOP 15 YIELDINGS ASSETS BY VALUE 6,7% Tower 185 (DE)** 183 2,3% Skygarden (DE) 181 2,0% Kontorhaus (DE) 135 2,0% River Place (RO) 109 1,9% John F. Kennedy - Haus (DE) 92 1,9% Kavci Hory (CZ) 89 1,4% Rennweg

  27. Slide 27: Unique Organic Growth Story in the Listed European Real Estate Space

    UNIQUE ORGANIC GROWTH STORY IN THE LISTED EUROPEAN REAL ESTATE SPACE

  28. Slide 28: Development: Well Positioned For Future Organic Growth

    Development Well Positioned For Future Organic Growth Tower 185, Frankfurt Tour Total, Berlin STRONG TRACK RECORD OF VALUE CREATION  Among Top 3 office developers in Germany with strong track record of blue chip tenant projects  Highly valuable land reserves in inner-city locations  Average renta

  29. Slide 29: Major Office Player in Germany with Proven Track Record

    Development Major Office Player in Germany with Proven Track Record DEVELOPMENT ANCHOR TENANTS LAND RESERVES 30 30 9% 9% 91 27% 121 36% CEE 97 Frankfurt 310 Germany 28% 91% Berlin CEE Munich DEVELOPMENT TRACK RECORD (DEVELOPED ASSET VOLUME OF €  1.7 BN OVER LAST SIX YEARS) 196 68 542 € 1.7 bn 527 2

  30. Slide 30: Significant Embedded Value of German Landbank

    Development Significant Embedded Value of German Landbank DEVELOPMENT PIPELINE GERMANY DEVELOPMENT POTENTIAL ( € 2 BN)  Existing landbank reserves (fair value  € 300 m) offer the  € 2 bn potential to realize  0.8 m sqm of new space at a fair 0.4 BER value of  € 2 bn 0.1 DUS  Landbank developm

  31. Slide 31: Development: Berlin - Europacity

    Development Berlin - Europacity 31

  32. Slide 32: Development: Berlin - Europacity

    Development Berlin - Europacity 32

  33. Slide 33: Berlin - Cube

    Development Berlin - Cube PROJECT IN PREPARATION STAGE  Prime office property development  Outstanding Europacity location between Central Station and German Chancellery   19.500 sqm gross floor area All figures (€ m) as at 30 June 2016, unless otherwise stated 33

  34. Slide 34: Berlin - Baufeld 03/KPMG

    Development Berlin - Baufeld 03/KPMG PROJECT UNDER CONSTRUCTION  Phase 1 (100% pre-let to KPMG)  Planned lettable area 12,700 sqm  Total investment volume (incl. plot) € 56 m  Outstanding construction costs  € 36 m  Expected yield on cost  5.8%  Construction phase 4Q 2015 - 2Q 2018  Phase 2

  35. Slide 35: Berlin – Rieck I / Rieck II

    Development Berlin – Rieck I / Rieck II RIECK I (IN PREPARATION STAGE) RIECK II (IN PREPARATION STAGE)  Main usage office  Main usage office  Total investment volume (incl. plot)  € 35 m  Total investment volume (incl. plot)  € 65 m  Planned lettable area 9,500 sqm  Planned lettable area 17,

  36. Slide 36: Development: Frankfurt

    Development Frankfurt = CA IMMO WH CA IMMO Investment Properties Meininger Hotel BI Shopping center Skyline Plaza Tower 185 Multy-storey car park %, pangeee X Mannheimer- Strafe Hi CA IMMO-Projects under construction / J Plot sold in preparation Tower ONE B Steigenberger Hotel B Mainline station © C

  37. Slide 37: Frankfurt - Mannheimer Straße

    Development Frankfurt - Mannheimer Straße PROJECT UNDER CONSTRUCTION*  Main usage hotel  Total investment volume (incl. plot) € 54 m  Outstanding construction costs  € 45 m  Planned lettable area 17,200 sqm  Yield on cost  6.6%  Pre-letting-ratio : 94% (Steigenberger)  Construction phase 2Q

  38. Slide 38: Frankfurt – Tower

    Development Frankfurt – Tower 1 PROJECT IN PREPARATION STAGE  Mixed use hotel/office high-rise  Height  180 m   80.000 sqm gross floor area  Plot neighboring Tower 185 (Europaviertel)  Development envisaged in joint venture All figures (€ m) as at 30 June 2016, unless otherwise stated 38

  39. Slide 39: Mainz - Zollhafen

    Development 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 (under construction)  Forward sale to Aberdeen Asset Management (€ 66 m)  Renta

  40. Slide 40: Munich – MY.O

    Development Munich – MY.O PROJECT IN PREPARATION STAGE  Expansion of investment portfolio in Munich by a fourth high- quality office building (lettable area 26,500 sqm)  Located in the western part of Munich (Schlossviertel Nymphenburg neighbourhood) with good public transport connections (along S

  41. Slide 41: Munich - Baumkirchen

    Development Munich - Baumkirchen PROJECT UNDER CONSTRUCTION PHASE 1 PHASE 2  Residential project  Development and sale of freehold flats  50/50 joint venture with Patrizia  525 apartments , thereof 425 sold  Investment volume c. € 130 m (CA Immo share)  Phase 1 completed, Phase 2/3 under const

  42. Slide 42: Vienna – ViE Office

    Development Vienna – ViE Office PROJECT UNDER CONSTRUCTION  Office investment portfolio expansion in core market Vienna  Investment volume  € 38 m  Rentable area 14,700 sqm  Construction phase  Expected yield on cost  6.2%  Excellent location between Vienna airport and city centre Project Su

  43. Slide 43: Vienna - Laende Residential Projects

    Development Vienna - Laende 3 Residential Projects Project Nord 2 Project Nord 2 RESIDENTIAL PROJECTS UNDER CONSTRUCTION  Project Nord 2 ( 18,400 sqm)  Joint venture with Austrian residential expert JP Immobilien  Investment volume c. € 60 m; 270 apartments  Planned completion 3Q 2018  Project

  44. Slide 44: Bucharest - Orchideea

    Development Bucharest - Orchideea PROJECT UNDER CONSTRUCTION  Expansion of office investment portfolio in Bucharest  Monetization of a prime plot with excellent public transport connections in the western part of the city  Lettable area 36,900 sqm  Investment volume approx. € 74 m (incl. plot) 

  45. Slide 45: Projects Under Construction

    Development Projects Under Construction Planned Investment Oustanding Gross yield Main Pre-letting Construction INVESTMENT PORTFOLIO rentable Share volume* investment on cost usage ratio phase area KPMG, Berlin 56 36 12,700 5.8% Office 100% 100% 3Q 15 – 2Q 18 Mannheimer Strasse, Frankfurt Steigenber

  46. Slide 46: 2Q 2016 Results

    a= CA IMMO URBAN BENCHMARKS. 2Q 2016 RESULTS

  47. Slide 47: Profit and Loss

    Profit and Loss Strong First Half 2016 Following a Record Result Last Year €m 1H 16 1H 15 yoy 2Q 16 2Q 15 yoy Rental income 2Q 2016 EARNINGS DRIVER 81.3 68.8 18.3% 41.1 34.1 20.8% Net rental income (NRI) 72.1 60.5 19.2% 36.9 29.3 25.8%  Net rental income increased by a significant 26% Result from h

  48. Slide 48: Funds from Operations (FFO)

    Funds from Operations (FFO) 1H 2016 FFO I per Share € 0.46 (+21% yoy) €m 1H 2016 1H 2015 yoy 2Q 16 2Q 15 yoy 2Q 2016 EARNINGS DRIVER Net rental income (NRI) 72.1 60.5 19.2% 36.9 29.3 25.8% Result from hotel operations 0.0 0.3 n.m. 0.0 0.3 n.m.  Net rental income increased by a significant 26% Incom

  49. Slide 49: Funds from Operations (FFO)

    Funds from Operations (FFO) Extremely Robust Operational Development Drives Dividend CONTINUOUSLY INCREASING RECURRING EARNINGS POWER 2Q 16 FFO I PER SHARE (YOY) 1H 16 FFO I PER SHARE (YOY)  1H 2016 FFO per share of € 0.46 up 21% yoy 0,26 +49% 0,50 +21% 0,24 0,45  Extremely robust operational deve

  50. Slide 50: Balance Sheet as at June 30, 2016

    Balance Sheet as at June 30, 2016 Robust Balance Sheet Structure solid Basis for Growth €m 30.06.2016 31.12.2015 +/- BALANCE SHEET Investment properties 2,760.4 2,714.3 1.7% Properties under development 443.7 409.0 8.5%  Rock solid balance sheet metrics comfortably within strategic target range des

  51. Slide 51: Balance Sheet: Solid Financial Ratios

    Balance Sheet as at June 30, 2016 Solid Financial Ratios BALANCE SHEET RISING RECURRING PROFITABILITY 35 2,8 3,0  Equity ratio 51.7% 2,5 30 2,2 2,5  Conservative loan-to-value ratio (net debt to property assets) of 37.1% 2,0 25 2,0 1,4  Gearing 57.5% 20 1,5  Moody‘s investment grade rating (Baa2

  52. Slide 52: Net Asset Value (NAV)

    Net Asset Value (NAV) Positive NAV - Development Reflects Value Enhancing Strategy STRONG NAV GROWTH MOMENTUM EPRA NAV PER SHARE (YTD) EPRA NAV PER SHARE (YOY) 26,0 26,0 +17%  EPRA NAV per share at balance sheet date € 25.68 +6% (31.12.2015: € 24.32) 25,0 25,5  Strong uplift since beginning of the

  53. Slide 53: EPRA NAV per Share € 25.68

    Net Asset Value (NAV) EPRA NAV per Share € 25.68 € m (diluted = undiluted) 30.06.2016 31.12.2015 NAV (IFRS equity) 2,153.5 2,120.5 Exercise of options 0.0 0.0 NAV after exercise of options 2,153.5 2,120.5 NAV per share 22.58 21.90 Value adjustment for* Own use properties 5.7 5.1 Properties held as c

  54. Slide 54: Financing: Debt Profile

    Financing Debt Profile FINANCING STRUCTURE DEBT MATURITY PROFILE* 800 723  Average debt maturity 4.3 years Corporate bond 2006-2016 due in 700 September 2016 (€ 186 m, 5.125%)  Unsecured debt 600  Fully covered by corporate bond issuances 325  Corporate bond 2006-2016 (€ 186 m, 5.125%) 500 in 20

  55. Slide 55: Financing: Average Cost of Funding 2.8%

    Financing Average Cost of Funding 2.8% Outstanding debt Nominal  Cost of debt  Cost of debt  Debt  Swap €m nominal value value swaps excl. derivatives incl. derivatives maturity maturity Austria 158.3 35.7 2.6% 2.6% 6.1 8.0 Germany 452.9 94.0 1.7% 2.2% 5.5 2.5 Czech Republic 119.7 54.4 1.6% 2.5%

  56. Slide 56: CA Immo / IMMOFINANZ Merger Update

    CA IMMO / IMMOFINANZ MERGER UPDATE October 2016

  57. Slide 57: The combination of IMMOFINANZ and CA Immo

    The combination of IMMOFINANZ and CA Immo – a strategically compelling and value enhancing combination Pro-forma data as of Sep-2016 1 Creating a leading commercial real estate company in Europe €6.2bn portfolio value(a) Regionally balanced portfolio with leading positions in Germany, Austria and th

  58. Slide 58: Planned combination of IMMOFINANZ and CA Immo

    The combination between IMMOFINANZ and CA Immo, planned to be completed by H2 2017, provides an attractive opportunity of creating a European leader in commercial real estate 2016 2017 Step 1 Step 2 Step 3  Acquisition of a 26% stake in CA  Disposal/spin-off of  Merger of IMMOFINANZ and CA Immo I

  59. Slide 59: Proposed statutory merger and governance

    The proposed statutory merger is an opportunity to combine two highly complementary portfolios and implement best-in-class corporate governance Corporate structure Structure and governance Shareholders Shareholders  Statutory merger of the two entities 74% 94% 26%  IMMOFINANZ exit from Russia prio

  60. Slide 60: Regionally balanced portfolio

    Regionally balanced portfolio with leading positions in Germany, Austria and the main CEE markets, benefitting from strong macro conditions Regional distribution (standing assets) Asset classes (standing assets) Others(a) 8% Others(b) 5% Czech Republic 11% Austria 26% Retail 23% Hungary 12% Office 7

  61. Slide 61: Significant synergy potential in proposed combination

    Significant synergy potential in proposed combination Revenue synergies Cost synergies Financing synergies  Potential additional  Reduction of corporate  Reduced financing costs acquisition opportunities overheads through enlarged (better visibility in the platform and stronger market)  Combinat

  62. Slide 62: Creating a leading commercial Real Estate company in Europe

    Creating a leading commercial Real Estate company in Europe and the clear market leader in CEE Largest listed Continental Europe commercial Real Estate companies Largest listed European commercial Real Estate companies with CEE by GAV (Total GAV(a), €bn, latest available) portfolio by GAV (CEE GAV(a

  63. Slide 63: Leaders in major German office markets with combined development capabilities

    Among the leaders in the major German office markets with strong combined development capabilities Geographic breakdown of development pipeline (a) Complementary development capabilities  Existing landbank reserves secures organic growth strategy over the next decade CA Immo  Both companies with s

  64. Slide 64: Highly liquid and investable stock with re-rating potential

    Highly liquid and investable stock with re-rating potential Highly liquid… …with significant re-rating potential Daily trading volume CEE players (6m ADTV, €mm) Re-rating potential to peer group average Relative level 0.34% 0.34% 0.30% 0.11% 0.10% 0.18% of liquidity (a) Current and potential discoun

  65. Slide 65: Investor Relations Contact Details

    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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