Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — Investor Presentation (June 2020)
65 slides from Ca Immobilien Anlagen's investor presentation, June 2020
Slide 1: Company Presentation June 2020
COMPANY PRESENTATION June 2020 All figures (€) as at 31 March 2020, unless otherwise stated
Slide 2: Business Update / Covid-19: Asset management update
Covid-19 Strategy Portfolio Development Finance 1Q Results Business Update / Covid-19 Asset management update Status quo rent collection Rental income split 1 (1Q 2020) Incentives granted to date by type of incentive 2 All office buildings are fully operational for tenants. 3% Deferral 0% 2% CA
Slide 3: Business Update / Covid-19: No major disruptions to development business
Covid-19 Strategy Portfolio Development Finance 1Q Results Business Update / Covid-19 No major disruptions to development business Construction sites No major Covid-19 disruptions have occurred on CA Immo’s active construction sites (no negative impact in terms of increased costs and delays). Ac
Slide 4: Strong balance sheet and liquidity following Benchmark bond issue
Covid-19 Strategy Portfolio Development Finance 1Q Results Business Update / Covid-19 Strong balance sheet and liquidity following Benchmark bond issue Balance sheet and liquidity As at March 31, 2020 CA Immo’s cash on balance sheet amounted to € 800 m. CA Immo’s unencumbered asset pool ( € 2.4
Slide 5: Expected strategic implications and CA Immo's response (I)
Covid-19 Strategy Portfolio Development Finance 1Q Results Business Update / Covid-19 Expected strategic implications and CA Immo’s response to it (I) Expected strategic implications Uncertainty and wider economic slowdown should translate into flight to safety and back Germany as safe haven with
Slide 6: Expected strategic implications and CA Immo's response (II)
Covid-19 Strategy Portfolio Development Finance 1Q Results Business Update / Covid-19 Expected strategic implications and CA Immo’s response to it (II) Strategic positioning High-quality investment portfolio and tenant base with a rising share in Germany CA Immo’s portfolio strategy is based on
Slide 7: Strategy
STRATEGY
Slide 8: Company Snapshot and Strategy: CA Immo at a glance
Covid-19 Strategy Portfolio Development Finance 1Q Results Company Snapshot and Strategy Business model and portfolio introduction CA Immo at a glance Portfolio structure Investment portfolio split by property type Integrated platform across entire value-chain (book value) (book value) 1 2 Investmen
Slide 9: Portfolio strategy
Covid-19 Strategy Portfolio Development Finance 1Q Results Company Snapshot and 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 d
Slide 10: Key Investment Highlights
Covid-19 Strategy Portfolio Development Finance 1Q Results Key Investment Highlights 1 Outstanding asset quality combining prime locations with high-grade building quality High cash flow resilience through portfolio diversification, blue-chip tenant 2 base and strong asset management Organic growth
Slide 11: Portfolio
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Slide 12: Property portfolio key metrics
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Property portfolio key metrics Property portfolio 31.03.2020 31.12.2019 +/(-) Gross asset value (GAV) €m 5,245.8 5,186.4 1.1% thereof investment properties €m 4,563.2 4,307.9 5.9% thereof investment properties under
Slide 13: Total portfolio breakdown
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Total portfolio breakdown Key metrics (€ m) Portfolio by region and country (book value) 1Q 2020 FY 2019 11% 3% Germany 8% Gross asset value (GAV) 5,246 5,186 Austria 8% Germany Investment properties 1 4,563 4,308 H
Slide 14: Core office focussed yielding portfolio across key economic centres
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Core office focussed yielding portfolio across key economic centres in CE Key metrics Investment portfolio split by region and country (book value) 1Q 2020 FY 2019 4% Germany 13% Gross asset value (€ m) 1 4,563 4,30
Slide 15: Core market snapshots
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Core market snapshots Properties 15 Properties 8 Total area 210,100 sqm Total area 137,200 sqm Gross initial yield 3.9% Gross initial yield 6.0% Gross rental income € 38.6 m Gross rental income € 31.2 m Occupancy (e
Slide 16: Largest assets
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Largest assets Largest investment properties (value, € m) Largest investment properties (lettable area, sqm) Skygarden (Munich) 278 Millennium Towers (Budapest) 70,637 Kontorhaus (Munich) 221 River Place (Bucharest)
Slide 17: Largest assets
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Largest assets Skygarden, Munich Kontorhaus, Munich Millennium Towers, Budapest Cube, Berlin My.O, Munich Value € 278 m Value € 221 m Value € 199 m Value € 147 m Value € 147 m Occupancy 100% Occupancy 99% Occupancy
Slide 18: Largest assets
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Largest assets Kavci Hory, Prague Tour Total, Berlin InterCity Hotel, Berlin Galleria, Vienna Ambigon, Munich Value € 104 m Value € 98 m Value € 97 m Value € 93 m Value € 91 m Occupancy 99% Occupancy 100% Occupancy
Slide 19: Prime locations in all core markets
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Prime locations in all core markets Property portfolio split by city (book value) Berlin Munich 7% 8% 22% 8% Total GAV: € 5.2 bn 10% 17% 10% 8% 10% Berlin Munich Frankfurt Vienna Budapest Warsaw Prague Bucharest Oth
Slide 20: Prime locations in all core markets
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Prime locations in all core markets Property portfolio split by city (book value) Warsaw Bucharest 7% 8% 22% 8% Total GAV: € 5.2 bn 10% 17% 10% 8% 10% Berlin Munich Frankfurt Vienna Budapest Warsaw Prague Bucharest
Slide 21: Portfolio sustainability
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Portfolio sustainability Comments Office portfolio certifications 1 (book value) 45 office properties, making up 76% of CA Immo’s office DGNB Gold portfolio 1 have been certified according to DGNB, LEED or 15% 18%
Slide 22: Portfolio sustainability: Hochhaus am Europaplatz case study
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Portfolio sustainability Comments Case study sustainable project development – Hochhaus am Europaplatz, Europacity Berlin Developments for the own portfolio, especially in Construction of a new 84-metre class A
Slide 23: Leasing performance
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Leasing performance Leasing update 1Q 2020 Region Pre-leases New leases Lease extensions Total leasing In total, approximately 31,700 sqm of development investment investment (sqm) rentable effective area was newl
Slide 24: Acquisition of Karlsbad property
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Acquisition of Karlsbad property Acquisition of „Karlsbad 11“ office property in Berlin In the beginning of April 2020 CA Immo has closed the acquisition of a 10,098 sqm office building in the vicinity of the Pots
Slide 25: Acquisition of Karlsbad property: Highlights
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Acquisition of Karlsbad property Acquisition of „Karlsbad 11“ office property in Berlin Highlights Positive Berlin demographics, job growth and thriving Berlin rental market, in particular for larger space lots.
Slide 26: Project completion MY.O, Munich
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Project completion MY.O, Munich Key metrics Total investment volume € 101.3 m Rental area 26,986 sqm Yield on cost 6.7% Occupancy 100% Comments Total investment volume excl. plot € 85.2 m. Six to seven storey mu
Slide 27: Project completion MY.B, Berlin
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Project completion MY.B, Berlin Key metrics Total investment volume € 70.4 m Rental area 14,831 sqm Yield on cost 7.2% Occupancy 100% Comments Total investment volume excl. plot € 57.9 m. All rental spaces have
Slide 28: Project completion Cube, Berlin
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality Project completion Cube, Berlin Key metrics Total investment volume € 113.2 m Rental area 16,829 sqm Yield on cost 5.9% Occupancy 100% Comments Total investment volume excl. plot € 93.4 m. Forward sale of the pr
Slide 29: State of the art architecture fulfilling high ecological standards
Covid-19 Strategy Portfolio Development Finance 1Q Results Outstanding Asset Quality State of the art architecture fulfilling high ecological standards Case study Cube, Berlin Top-notch prime office building with a flexible floor plan, fully leased and highly profitably forward sold. Leasing has
Slide 30: Well-staggered lease maturity profile
Covid-19 Strategy Portfolio Development Finance 1Q Results High Cash Flow Resilience Well-staggered lease maturity profile Weighted average lease term (WALT) WALT (years) 7.0 6.5 The average WALT to first break is 4.4 years. The 6.0 average WALT to end is 7.5 years. 5.0 4.4 Lease terms vary due
Slide 31: High occupancy level maintained
Covid-19 Strategy Portfolio Development Finance 1Q Results High Cash Flow Resilience High occupancy level maintained Gross initial yield (%) 1 Occupancy (%, ecomomic) 1 9.0 8.5 100.0 98.8 8.0 7.6 98.0 96.4 6.8 95.3 95.2 7.0 96.0 6.0 93.6 93.5 6.0 5.5 94.0 93.1 5.3 5.4 91.5 5.0 92.0 3.9 90.0 4.0 88.0
Slide 32: Blue Chip tenant structure (I)
Covid-19 Strategy Portfolio Development Finance 1Q Results High Cash Flow Resilience Blue Chip tenant structure with a service and technology focus (I) Tenant base Tenant industry mix (annualized rent) Top 100 tenants (annualized rent) Business Services High degree of blue chip tenants with invest
Slide 33: Blue Chip tenant structure (II)
Covid-19 Strategy Portfolio Development Finance 1Q Results High Cash Flow Resilience Blue Chip tenant structure with a service and technology focus (II) Top 40 tenants (annualized rent) Tenant Industry City % PWC Professional Services Munich 2.9% InterCity Consumer Services & Leisure Berlin, Frankfu
Slide 34: Blue Chip tenant structure (III)
Covid-19 Strategy Portfolio Development Finance 1Q Results High Cash Flow Resilience Blue Chip tenant structure with a service and technology focus (III) Top 40 tenants (annualized rent) Tenant Industry City % BT Roc Business Services Budapest 0.8% Deutsche Bahn Consumer Services & Leisure Berlin 0.
Slide 35: Reversionary potential
Covid-19 Strategy Portfolio Development Finance 1Q Results High Cash Flow Resilience Reversionary potential Case study reversionary potential Europacity Berlin Due to development completions in Germany within the last 10 years, on average long rental contracts and the strong rental growth over rec
Slide 36: Like-for-like performance
Covid-19 Strategy Portfolio Development Finance 1Q Results High Cash Flow Resilience Like-for-like performance Market Fair value Rental income P&L Yield (%) 1 Occupancy (%) 2 1Q 2020 1Q 2019 +/(-) 1Q 2020 1Q 2019 +/(-) 1Q 2020 1Q 2019 +/(-) 1Q 2020 1Q 2019 +/(-) Austria 515.1 502.8 2.4% 7.1 6.9 2.1%
Slide 37: Development
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Slide 38: Significant prime asset growth opportunity in Germany
Covid-19 Strategy Portfolio Development Finance 1Q Results Future Access to German Prime Assets Significant prime asset growth opportunity in Germany Key facts CA Immo owns prime land reserves in sought-after locations primarily in Berlin, Frankfurt and Munich. Successful delivery of large-scale
Slide 39: Projects under construction
Covid-19 Strategy Portfolio Development Finance 1Q Results Future Access to German Prime Assets Projects under construction Projects under construction (€ m) Development investment volume for own portfolio & for sale (€ m) 800.0 5.0 744.1 451.0 25.0 9% 13% 700.0 600.0 2% 500.0 20% Total investment 4
Slide 40: Projects under construction
Covid-19 Strategy Portfolio Development Finance 1Q Results Future Access to German Prime Assets 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 (€
Slide 41: NEO, Munich (Completion in 2020)
Covid-19 Strategy Portfolio Development Finance 1Q Results Future Access to German Prime Assets NEO, Munich (Completion in 2020) Key metrics Total investment volume € 100.1 m Outstanding investment € 16.8 m Rental area 19,436 sqm Expected yield on cost 1 5.1% Scheduled completion 1Q 2021 Pre-let rat
Slide 42: Mississippi House & Missouri Park, Prague
Covid-19 Strategy Portfolio Development Finance 1Q Results Future Access to German Prime Assets Mississippi House & Missouri Park, Prague (Completion in 2021) Key metrics Total investment volume € 64.5 m Outstanding investment € 48.7 m Rental area 20,760 sqm Expected yield on cost 6.3% Scheduled com
Slide 43: ONE, Frankfurt (Completion in 2022)
Covid-19 Strategy Portfolio Development Finance 1Q Results Future Access to German Prime Assets ONE, Frankfurt (Completion in 2022) Key metrics Total investment volume € 411.0 m Outstanding investment € 267.7 m Rental area 66,451 sqm Expected yield on cost 5.4% Scheduled completion 1Q 2022 Formattin
Slide 44: Hochhaus am Europaplatz, Berlin
Covid-19 Strategy Portfolio Development Finance 1Q Results Future Access to German Prime Assets Hochhaus am Europaplatz, Berlin (Completion in 2023) Key metrics Total investment volume € 151.2 m Outstanding investment € 114.3 m Rental area 22,948 sqm Expected yield on cost 5.8% Scheduled completion
Slide 45: Development pipeline based on land reserves
Covid-19 Strategy Portfolio Development Finance 1Q Results Future Access to German Prime Assets Development pipeline based on land reserves Freimann BF A+B, Munich Development pipeline Project City Usage GLA 1 Freimann BF Munich office 28,300 A+B Flößer- und residential / Kaufmannshof Mainz 6,550 of
Slide 46: Finance
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Slide 47: Highly successful Benchmark bond issuance in 1Q 2020
Covid-19 Strategy Portfolio Development Finance 1Q Results Defensive Capital Structure Highly successful Benchmark bond issuance in 1Q 2020 Inaugural € 500 m 7-year senior benchmark issue Terms End of January 2020 CA Immo successfully priced its Issue ratings Baa2 by Moody‘s inaugural € 500 m benc
Slide 48: Well-balanced maturity profile and diversified debt structure
Covid-19 Strategy Portfolio Development Finance 1Q Results Defensive Capital Structure Well-balanced maturity profile and diversified debt structure Debt structure 1 Debt maturity profile (€ m) Well-staggered maturity profile with low amounts due 700 over the next two years. 600 500 Follow-up fi
Slide 49: Weighted average cost of debt and maturities
Covid-19 Strategy Portfolio Development Finance 1Q Results Defensive Capital Structure 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. de
Slide 50: Benchmark bond issuance has further improved capital structure
Covid-19 Strategy Portfolio Development Finance 1Q Results Defensive Capital Structure Benchmark bond issuance has further improved capital structure Key financing metrics 1 Average debt maturity (years) 1 7.0 Benchmark bond issuance in January 2020 has improved both average cost of debt and avera
Slide 51: Robust financial profile with strong equity base
Covid-19 Strategy Portfolio Development Finance 1Q Results Defensive Capital Structure Robust financial profile with strong equity base Leverage Interest coverage 60.0% 6.0 50.0% 47.8% 5.0 47.5% 40.0% 4.0 3.7 x 3.6 x 30.0% 32.5% 3.0 20.0% 2.0 10.0% 1.0 - - 2016 2017 2018 2019 Q1 2020 2016 2017 2018
Slide 52: Strong track record of value creation
Covid-19 Strategy Portfolio Development Finance 1Q Results Platform Strength Strong track record of value creation Key facts NAV growth 4,000 Continuous improvements in return on equity on the back of strong NAV and FFO I growth, which are driven by 3,500 3,000 Strong investment portfolio value
Slide 53: Rock solid balance sheet metrics
Covid-19 Strategy Portfolio Development Finance 1Q Results Platform Strength Rock solid balance sheet metrics Balance sheet 31.03.2020 31.12.2019 +/(-) Total assets €m 6,312.6 5,888.7 7.2% Property assets €m 5,245.8 5,186.4 1.1% Cash and cash equivalents €m 800.3 439.1 82.2% Shareholders‘ equity €m
Slide 54: 1Q 2020 Results
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Slide 55: 1Q 2020 Results: Highlights
Covid-19 Strategy Portfolio Development Finance 1Q Results 1Q 2020 Results Highlights Results Rental income rose by 7.2% to € 62.4 m, driven by organic portfolio growth of recent months and higher occupancy levels. FFO I stood at € 30.0 m (€ 0.32 per share) on the key date, an increase of 1.4% o
Slide 56: Key Metrics
Covid-19 Strategy Portfolio Development Finance 1Q Results 1Q 2020 Results Key Metrics Key metrics 1Q 2020 1Q 2019 +/(-) Rental income €m 62.4 58.3 7.2% Net rental income €m 49.6 46.7 6.1% EBITDA €m 38.8 38.1 1.8% EBIT €m 26.1 53.5 (51.1%) Earnings before tax (EBT) €m 46.6 13.7 >100% Consolidated ne
Slide 57: Solid start into business year 2020
Covid-19 Strategy Portfolio Development Finance 1Q Results 1Q 2020 Results Solid start into business year 2020 Profit and loss (€ m) 1Q 2020 1Q 2019 yoy Major earnings driver (1Q) Rental income 62.4 58.3 7.2% 1 1 Rental income increase driven by Net rental income 49.6 46.7 6.1% Rental organicinc
Slide 58: Development completions and higher occupancy rates drive top line
Covid-19 Strategy Portfolio Development Finance 1Q Results 1Q 2020 Results Development completions and higher occupancy rates drive top line Key drivers 1Q 2020 rental income bridge (€ m) Positive top line development driven by organic portfolio growth of recent months: Completion of development
Slide 59: Accounting treatment of Covid-19 effects
Covid-19 Strategy Portfolio Development Finance 1Q Results 1Q 2020 Results Accounting treatment of Covid-19 effects General Any lease payment, except pure variable lease payments that do not depend on an index or a rate, have to be recognized on a straight-line basis. Increase in rent and servic
Slide 60: FFO I at € 30.0 m 1.4% above value of 2019
Covid-19 Strategy Portfolio Development Finance 1Q Results 1Q 2020 Results FFO I at € 30.0 m 1.4% above value of 2019 Funds from operations (€ m) 1Q 2020 1Q 2019 yoy Major earnings driver (1Q) 1 1 Net rental income 49.6 46.7 6.1% Result from services Rental income increase driven by 2.3 1.9 23.7%
Slide 61: Rental income growth offsets higher expenses
Covid-19 Strategy Portfolio Development Finance 1Q Results 1Q 2020 Results Rental income growth offsets higher expenses 1Q 2020 FFO I bridge (€ m) 3 2 1 4 30.0 1 Higher occupancy in acquired office buildings Warsaw Spire C, Campus 6.1 (Bucharest) and Visionary (Prague) and completed development proj
Slide 62: Balance sheet as at March 31, 2020
Covid-19 Strategy Portfolio Development Finance 1Q Results 1Q 2020 Results Balance sheet as at March 31, 2020 Balance sheet (€ m) 31.03.2020 31.12.2019 +/(-) Comments Investment properties 4,548.7 4,292.9 6.0% 1 1 Properties under development 619.1 817.1 (24.2%) Completed development projects MY.B
Slide 63: EPRA NAV up 1.2% YTD
Covid-19 Strategy Portfolio Development Finance 1Q Results 1Q 2020 Results EPRA NAV up 1.2% YTD Net asset value (€ m) 31.03.2020 31.03.2020 31.12.2019 EPRA NAV per share (undiluted) yoy diluted undiluted undiluted 40.00 NAV (IFRS equity) 3,001.2 3,001.2 2,967.9 +16.0% 39.00 Exercise of options 203.5
Slide 64: CA Immo share and shareholder structure
Covid-19 Strategy Portfolio Development Finance 1Q Results Capital Markets CA Immo share and shareholder structure Share related key figures Largest shareholders (by number of shares) Shareholder structure (by number of shares) 31.03.20 31.12.19 # of shares 98,808,336 98,808,336 Starwood 6% Starwood
Slide 65: 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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