Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — FY2020 Earnings Presentation

72 slides from Ca Immobilien Anlagen's earnings presentation, Mar 24, 2021

  1. Slide 1: FY 2020 Earnings Presentation

    We create and manage places where people love to work. FY 2020 EARNINGS PRESENTATION March 24, 2021 All figures (€) as at 31 December 2020, unless otherwise stated

  2. Slide 2: Key Achievements / Earnings

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Key Achievements / Earnings yoy ‘16-’20 CAGR Earnings Growth and Business Resilience NET RENTAL INCOME +8% +9%  We have been able to deliver a solid earnings success in 2020 with rental income up 7% to €236 m. €209.7 m  Net rental inco

  3. Slide 3: Key Achievements / Portfolio

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Key Achievements / Portfolio yoy 16-20 CAGR Portfolio Growth and Capital Rotation GROSS ASSET VALUE +8% +13%  Expansion of our footprint in some of the most promising real estate markets in Europe with five portfolio additions and a tot

  4. Slide 4: Key Achievements / Financing

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Key Achievements / Financing Benchmark Bond and Green Bond Issuances ISSUANCE VOLUME 1  CA Immo tapped the Eurobond market twice with its inaugural benchmark and green €850 m bond issuances in 2020: AVG. COUPON BONDS  Benchmark bond: €

  5. Slide 5: Key Achievements / ESG

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Key Achievements / ESG Strategic ESG Initiatives  Sustainability certification as objective proof of building quality:  69% of investment portfolio is certified by LEED, BREAM or DGNB (78% incl. properties in certification processes).

  6. Slide 6: 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

  7. Slide 7: 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

  8. Slide 8: Outlook 2021

    Highlights Results Financing Property ESG Cap. Markets Outlook 2021 Annual targets Further enhance Resilience of Business Model  Operational targets  Continuation of organic growth through profitable project development activities. The 34,850 sqm pre-lease with Deutsche Kreditbank AG (DKB) signals

  9. Slide 9: FY 2020 Results

    FY 2020 RESULTS

  10. Slide 10: Strong operational result with solid rental income and EBITDA growth

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results Strong operational result with solid rental income and EBITDA growth Profit and loss (€m) FY 20 FY 19 +/(-) 4Q 2020 4Q 2019 +/(-) Major earnings drivers Rental income 235.6 220.7 6.7% 58.1 55.9 3.8% 1 1 Net rental income 209.7 19

  11. Slide 11: 7.7% growth in net rental income

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results 7.7% growth in net rental income on the previous year Key drivers FY 2020 net rental income bridge (€m)  Rental income increase driven by portfolio growth through development completions and 209.7 acquisitions in the last 24 mon

  12. Slide 12: Covid 19-related valuation losses offset by gains in Germany

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results Covid 19-related valuation losses offset by gains in Germany FY 2020 revaluation result (€m) Key drivers (FY 2020) Austria CEE Germany Total  The result reflects the continued attractive market environment in Germany, and partic

  13. Slide 13: FFO I at €133.8 m stable compared to previous year

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results FFO I at €133.8 m stable compared to previous year Funds from operations (€m) FY 2020 FY 2019 +/(-) 4Q 20 4Q 19 +/(-) Major earnings driver (FY 20) 1 1 Net rental income 206.0 194.7 5.8% 50.2 50.0 0.4%  Rental income increase dr

  14. Slide 14: FFO I beats guidance

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results FFO I at €133.8 m beats guidance FY 2020 FFO I bridge (€m) 2 3 4 1 5 133.8 Key drivers 1 Increase in rental income and decrease of direct expenses. Higher occupancy in acquired office buildings Warsaw Spire C, Campus 6.1 (Buchare

  15. Slide 15: Balance sheet as at December 31, 2020

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results Balance sheet as at December 31, 2020 Balance sheet (€m) 31.12.2020 31.12.2019 +/(-) Comments 1 Investment properties 4,723.1 4,292.9 10.0% 1 Properties under development 791.1 817.1 (3.2%)  Completed development projects MY.B (

  16. Slide 16: Balance sheet metrics

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results Balance sheet metrics as at December 31, 2020 Balance sheet 31.12.2020 (€m) 31.12.2019 (€m) +/(-) Total assets 6,820.3 5,888.7 15.8% Property assets 5,596.2 5,186.4 7.9% Cash and cash equivalents 934.9 439.1 112.9% Shareholders‘

  17. Slide 17: EPRA NAV up 7.0% yoy at €41.05 per share

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results EPRA NAV up 7.0% yoy at €41.05 per share Net asset value (€ m) 31.12.2020 31.12.2020 31.12.2019 diluted undiluted undiluted EPRA NAV per share (undiluted) yoy NAV (IFRS equity) 3,128.2 3,128.2 2,967.9 42.0 Exercise of options 235

  18. Slide 18: EPRA Net Asset Value (NRV, NTA, NDV)

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results EPRA Net Asset Value (NRV, NTA, NDV) 31.12.2020 31.12.2019 (€ m) EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 3,128.2 3,128.2 3,128.2 2,967.9 2,967.9 2,967.9 i) Hybrid instruments

  19. Slide 19: EPRA Net Asset Value bridge

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results EPRA Net Asset Value (NRV, NTA, NDV) FY 2020 EPRA NRV/NTA/NDV bridge (€ per share) 45.00 4 2.53 43.58 3 0.80 0.03 0.57 40.09 0.12 40.00 0.38 4.53 1 2 35.00 1.19 0.30 34.32 33.72 (0.02) (0.57) 30.00 Diluted Reval- Goodwill Fixed E

  20. Slide 20: Key Metrics

    Highlights Results Financing Property ESG Cap. Markets FY 2020 Results Key Metrics Key metrics FY 2020 (€m) FY 2019 (€m) +/(-) Rental income 235.6 220.7 6.7% Net rental income 209.7 194.7 7.7% EBITDA 195.6 171.7 13.9% EBITDA adjusted 1 221.1 171.7 28.7% EBIT 375.4 633.7 (40.8%) Earnings before tax (

  21. Slide 21: Financing

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  22. Slide 22: 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 due over the coming years. 700 600  Follow-up financings have been secur

  23. Slide 23: 2020 bond issuances further improve capital structure

    Highlights Results Financing Property ESG Cap. Markets Financing 2020 bond issuances further improve capital structure Key financing metrics 1 Average debt maturity (years) 1  €500 m benchmark bond issuance in February 2020 7.0 has improved both average cost of debt and 6.0 5.9 average debt maturit

  24. Slide 24: 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 50.5% 5.0x 50% 4.5x 4.0x 4.2x 45.9% 45% 3.0x 40% 2.0x 35% 33.8% 1.0x 30% 0.0x 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Equity ratio Loan-to-v

  25. Slide 25: Portfolio

    : _ PORTFOLIO SURBAN” Jf '; BENCH MARIS:

  26. Slide 26: Property Portfolio: Key metrics

    Highlights Results Financing Property ESG Cap. Markets Property Portfolio Key metrics Property portfolio 31.12.2020 31.12.2019 +/(-) Gross asset value (GAV) €m 5,596.2 5,186.4 7.9% thereof investment properties €m 4,736.0 4,307.9 9.9% thereof investment properties under development 1 €m 791.1 817.1

  27. Slide 27: 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) Investment 1% properties 9% 6% Berlin 8% 7% Munich 25% 6% Land 8% Vienna reserves 2 German

  28. Slide 28: Investment Portfolio: Yield

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Yield Gross initial yield 2015-2020 (%) 7.0% 6.5% 6.1% 6.2% 5.8% 6.0% 5.5% 5.2% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2015 2016 2017 2018 2019 2020 Average core city yield FY 2020 (%) 2 Gross initial yield 1 2020 2019 +/(-) 9.0% 8.1

  29. Slide 29: Investment Portfolio: Occupancy

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Occupancy Occupancy 2015-2020 (economic) 97.0% 96.1% 96.0% 95.2% 94.8% 95.0% 94.4% 94.0% 92.7% 93.0% 92.4% 92.0% 91.0% 90.0% 2015 2016 2017 2018 2019 2020 Core city occupancy FY 2020 2 Occupancy 1 2020 2019 +/(-) 100.0% 99.3

  30. Slide 30: Investment Portfolio: WAULT

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio WAULT Well-staggered lease maturity profile Weighted average unexpired lease term (WAULT, years)  Strong tenant retention rate across the portfolio. 16.0 15.2  CA Immo’s organic growth strategy and the 14.0 corresponding h

  31. Slide 31: 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 2020 2019 +/(-) 2020 2019 +/(-) 2020 2019 +/(-) 2020 2019 +/(-) Austria 471.6 483.4 (2.4%) 25.4 26.1 3 (2.4%) 5.6 5.6 (7 bp

  32. Slide 32: 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 3% rating. Business & Professional 9% Services 12% Public Technolo

  33. Slide 33: Leasing (I)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Leasing (I) Leasing update FY 2020 Region New leases / Lease extensions Total leasing % of total Total leasing In % of total expansions (sqm) (sqm) (sqm) investment investment portfolio portfolio Germany 13,293 15,829 29,122

  34. Slide 34: Leasing (II)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Leasing (II) Selected pre-leases 2020 & 2021 YTD NEO, Munich M&M, Prague ZigZag, Mainz # leases signed 1 # leases signed 2 # leases signed 2 Signed GLA (sqm) 3,500 Signed GLA (sqm) 2,300 Signed GLA (sqm) 2,400 Signed GRI (p.

  35. Slide 35: Leasing (III)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Leasing (III) Selected leases investment properties 2020 & 2021 YTD Millennium Towers, Budapest Kavci Hory, Prague Karlsbad, Berlin # leases signed 11 # leases signed 7 # leases signed 1 Signed GLA (sqm) 13,400 Signed GLA (s

  36. Slide 36: Development completions / start of operation

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Development completions / start of operation MY.B, Berlin Key metrics  Total investment volume excl. plot €57.9 m. Total investment volume €67.9 m  Transferred to the investment portfolio and Rental area 14,831 sqm start o

  37. Slide 37: Capital rotation (I)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Capital rotation (I)  Excellent locations in established and  Monetise future profit where no further emerging submarkets value creation exists  Old, inefficient, tired existing assets in  Divest when future rate of retu

  38. Slide 38: Capital rotation (II): Closed disposals

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Capital rotation (II) Closed disposals 2020 & 2021 YTD Property CAI Country City Property Sector GLA GRI at sale Gross Premium / share (%) status (sqm) (€ m) proceeds discount to (€ m) BV (%) 1 Hafenallee I 50% GER Mainz Lan

  39. Slide 39: Capital rotation (III): Planned disposals

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Capital rotation (III) Planned disposals 2021 Belsenpark, Duesseldorf Land plot, Dortmund Logistic property, Kassel Country Germany Country Germany Country Germany Status Land plot Status Land plot Status Investment Sector R

  40. Slide 40: Capital rotation (IV): Acquisitions

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Capital rotation (IV) Acquisitions 2020 Am Karlsbad 11, Berlin Postepu 14, Warsaw Pohlstrasse 20, Berlin Country Germany Country Poland Country Germany Status Investment Status Investment Status Investment Sector Office Sect

  41. Slide 41: Investment property acquisition (I)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Investment property acquisition (I) Acquisition of Pohlstrasse 20 office property in Berlin  End of 2020 CA Immo closed the acquisition of a 7,788 sqm office building located in the Potsdamer Platz submarket in Berlin.  Si

  42. Slide 42: Investment property acquisition (II)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Investment property acquisition (II) Pohlstrasse 20 office property in Berlin Investment rationale  Positive Berlin demographics, job growth and thriving Berlin rental market, in particular for larger space lots.  Strong l

  43. Slide 43: Development

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  44. Slide 44: 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

  45. Slide 45: Development start Upbeat, Berlin (II)

    Highlights Results Financing Property ESG Cap. Markets Development Development start Upbeat, Berlin (II) Key metrics Total investment volume ~ €300 m Outstanding investment €260 m Rental area 34,850 sqm Expected yield on cost 5.3% Scheduled completion 3Q 2025 Pre-let ratio 100% Key facts  Located a

  46. Slide 46: Development start Upbeat, Berlin (III)

    Highlights Results Financing Property ESG Cap. Markets Development Development start Upbeat, Berlin (III) Overview Europacity, Berlin 46

  47. Slide 47: 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

  48. Slide 48: 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

  49. Slide 49: 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 €28.5 m Rental area 20,760 sqm Expected yield on cost 6.5% Scheduled comple

  50. Slide 50: ONE, Frankfurt

    Highlights Results Financing Property ESG Cap. Markets Development Projects Under Construction ONE, Frankfurt (Completion in 2022) Key metrics Total investment volume €412.0 m Outstanding investment €191.8 m Rental area 68,548 sqm Expected yield on cost 5.6% Scheduled completion 1Q 2022 Pre-let rati

  51. Slide 51: Grasblau, Berlin

    Highlights Results Financing Property ESG Cap. Markets Development Projects Under Construction Grasblau, Berlin (Completion in 2022) Key metrics Total investment volume €67.0 m Outstanding investment €43.4 m Rental area 13,258 sqm Expected yield on cost 8.5% Scheduled completion 4Q 2022 Pre-let rati

  52. Slide 52: 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 €141.3 m Outstanding investment €81.8 m Rental area 22,948 sqm Expected yield on cost 6.3% Scheduled completion 4Q 2

  53. Slide 53: 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 Pre-let ratio Scheduled volume investment rentable on cost (%) (%) completion (€m) 1 (€m) area (sqm) ZigZag (Main

  54. Slide 54: Development Pipeline

    Highlights Results Financing Property ESG Cap. Markets Development Pipeline Potential development volume based on existing land reserves Landbank accounting (%) 1 Gross development volume potential (€ bn) 2 5.00 1.40 4.58 9% 4.00 1.62 0.05 Total book value: 3.00 Office €355 m Residential 2.00 1.32 P

  55. Slide 55: Environmental, Social & Corporate Governance

    ENVIRONMENTAL, SOCIAL & CORPORATE GOVERNANCE

  56. Slide 56: Sustainability strategy and initiatives (I)

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

  57. Slide 57: Sustainability strategy and initiatives (II)

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

  58. Slide 58: Capital Markets Appendix

    CAPITAL MARKETS APPENDIX

  59. Slide 59: 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) Shareholder structure (by number of shares) 31.12.20 31.12.19 # of shares 98,808,336 98,808,336 Starwood 6% Starwood Cap

  60. Slide 60: Anticipated Mandatory Offer by Starwood

    Highlights Results Financing Property ESG Cap. Markets Anticipated Mandatory Offer by Starwood Key facts Starwood offer at €36 per share runs until 9 April 2021  Following BidCo’s announcement on 8 January 2021 of its intention to launch an anticipated mandatory takeover offer to the shareholders a

  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 Wood & Company 3 March 2021 €41.00 Hold recommendations above current share De

  62. Slide 62: Appendix

    APPENDIX BENCHMARKS.

  63. Slide 63: 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 (

  64. Slide 64: Prime locations in all core markets (I)

    Highlights Results Financing Property ESG Cap. Markets Property Portfolio Prime locations in all core markets Property portfolio split by city (book value) Berlin Munich 6% 7% 25% 8% 11% Total GAV €5.6 bn 17% 9% 8% 9% Berlin Munich Vienna Frankfurt Budapest Warsaw Prague Bucharest Other Key facts Fr

  65. Slide 65: Prime locations in all core markets (II)

    Highlights Results Financing Property ESG Cap. Markets Property Portfolio Prime locations in all core markets Property portfolio split by city (book value) Warsaw Bucharest 6% 7% 25% 8% 11% Total GAV €5.6 bn 17% 9% 8% 9% Berlin Munich Vienna Frankfurt Budapest Warsaw Prague Bucharest Other Key facts

  66. Slide 66: Core market metrics

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Core market metrics Properties 16 Properties 9 Total area 218,600 sqm Total area 171,800 sqm Gross initial yield 3.4% Gross initial yield 6.2% Gross rental income €38.3 m Gross rental income €36.8 m Occupancy (economic) 98.6

  67. Slide 67: 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

  68. Slide 68: 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

  69. Slide 69: Largest assets (II)

    Highlights Results Financing Property ESG Cap. Markets Investment Portfolio Largest assets (II) Tour Total, 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 93% Occupancy 93% Oc

  70. Slide 70: 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 3.1% InterCity Consumer Services & Leisure Berlin, Frankfurt 2.5% Fr

  71. Slide 71: 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 % Bitdefender Computers / Hi-Tech Bucharest 0.8% BT Roc Business Services Budapest 0.8% Henkel Manufac

  72. Slide 72: 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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