Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (January 2020)

55 slides from Ca Immobilien Anlagen's investor presentation, Jan 16, 2020

1. Slide 1: Company Presentation January 2020

   Company Presentation January 2020 All figures (€) as at 30 September 2019, unless otherwise stated

2. Slide 2: Company Snapshot and Strategy: CA Immo at a glance

   Strategy Portfolio Development Finance Appendix 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 Investment propertie

3. Slide 3: Portfolio strategy

   Strategy Portfolio Development Finance Appendix 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 diversificat

4. Slide 4: Key Investment Highlights

   Strategy Portfolio Development Finance Appendix 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 potential i

5. Slide 5: Outstanding Asset Quality: Total portfolio breakdown

   Strategy Portfolio Development Finance Appendix Outstanding Asset Quality Total portfolio breakdown 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 48% 48

6. Slide 6: Core office focussed yielding portfolio

   Strategy Portfolio Development Finance Appendix Outstanding Asset Quality Core office focussed yielding portfolio across key economic centres Key metrics Investment portfolio split by region and country (book value) 3Q 2019 FY 2018 Germany Gross asset value (€ m) 3,948 3,760 5% 14% 10% Austria Letta

7. Slide 7: Best in class portfolio

   Strategy Portfolio Development Finance Appendix Outstanding Asset Quality Best in class portfolio Key facts High portfolio share of sustainability certifications 1 (by book value)  Focus on high quality large-scale office assets in prime inner-city locations in eight core urban gateway cities: Berl

8. Slide 8: Largest assets

   Strategy Portfolio Development Finance Appendix Outstanding Asset Quality 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% Occupa

9. Slide 9: Largest assets

   Strategy Portfolio Development Finance Appendix Outstanding Asset Quality 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% Occupancy 98

10. Slide 10: Prime locations in all core markets

    Strategy Portfolio Development Finance Appendix Outstanding Asset Quality Prime locations in all core markets Property portfolio split by city (book value) Berlin Munich 8% 8% 21% 8% Total GAV: € 4.9 bn 11% 16% 10% 11% 7% Berlin Munich Vienna Frankfurt Budapest Warsaw Bucharest Prague Other Key fact

11. Slide 11: Prime locations in all core markets

    Strategy Portfolio Development Finance Appendix Outstanding Asset Quality Prime locations in all core markets Property portfolio split by city (book value) Warsaw Bucharest 8% 8% 21% 8% Total GAV: € 4.9 bn 11% 16% 10% 11% 7% Berlin Munich Vienna Frankfurt Budapest Warsaw Bucharest Prague Other Key f

12. Slide 12: Blue Chip tenant structure with a service and technology focus

    Strategy Portfolio Development Finance Appendix High Cash Flow Resilience Blue Chip tenant structure with a service and technology focus 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

13. Slide 13: Well-staggered lease maturity profile

    Strategy Portfolio Development Finance Appendix High Cash Flow Resilience Well-staggered lease maturity profile WALT (to first break option) WALT (years) 7.0 6.2  The average WALT to first break is 4.2 years. The 6.0 average WALT to end is 7.3 years. 5.0  Original lease term varies due to differen

14. Slide 14: Strong portfolio management track record

    Strategy Portfolio Development Finance Appendix High Cash Flow Resilience Strong portfolio management track record Key facts Occupancy (economic) 1 96%  Experienced teams on the ground in every core city ensure close ties to tenants and relevant market participants. 95%  Strong track record of hig

15. Slide 15: Significant prime asset growth opportunity in Germany

    Strategy Portfolio Development Finance Appendix 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 projects (

16. Slide 16: Secured access to prime assets in Germany drives recurring cash flow

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets Secured access to prime assets in Germany drives recurring cash flow Development pipeline under construction Projects under construction (€ m) Landbank composition (€ m)  CA Immo’s development pipeline is almost ex

17. Slide 17: Leading office investor in Germany

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets 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

18. Slide 18: Projects under construction

    Strategy Portfolio Development Finance Appendix 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 (€ m) 1 (€ m)

19. Slide 19: MY.B, Berlin (under construction)

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets MY.B, Berlin (under construction) 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% Commen

20. Slide 20: Cube, Berlin (under construction)

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets Cube, Berlin (under construction) 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% Comm

21. Slide 21: My.O, Munich (under construction)

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets My.O, Munich (under construction) 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% Comme

22. Slide 22: NEO, Munich (under construction)

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets NEO, Munich (under construction) 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 - Comment

23. Slide 23: Mississippi House & Missouri Park, Prague

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets Mississippi House & Missouri Park, Prague (under construction) 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

24. Slide 24: ONE, Frankfurt (under construction)

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets ONE, Frankfurt (under construction) 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 2022 Formatting Pre-let r

25. Slide 25: Baufeld 04, Berlin (under construction)

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets Baufeld 04, Berlin (under construction) 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 10

26. Slide 26: Baufeld 04, Berlin (under construction)

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets Baufeld 04, Berlin (under construction) Reichstag MK8 Baufeld 04 (planned) Central Cube Station Baufeld 03 John F. Kennedy Tour KPMG Haus Total Federal Chancellery Intercity Hotel 26

27. Slide 27: Hallesches Ufer, Berlin (in preparation)

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets Hallesches Ufer, Berlin (in preparation) 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 - C

28. Slide 28: Projects in planning stage

    Strategy Portfolio Development Finance Appendix Future Access to German Prime Assets 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 / Hafenins

29. Slide 29: Well-balanced maturity profile and diversified debt structure

    Strategy Portfolio Development Finance Appendix Defensive Capital Structure Well-balanced maturity profile and diversified debt structure Debt structure (September 30, 2019) Debt maturity profile (€ m) 350  Total debt € 2.1 bn, net debt € 1.7 bn (100% of financings are euro-denominated). 300 250 

30. Slide 30: Robust financial profile with strong balance sheet ratios

    Strategy Portfolio Development Finance Appendix Defensive Capital Structure Robust financial profile with strong balance sheet ratios Leverage Interest coverage 60.0% 7.0x 6.0x 6.0x 50.0% 48.4% 42.8% 5.0x 40.0% 35.5% 4.0x 4.1x 30.0% 3.0x 20.0% 2.0x 10.0% 1.0x - 0.0x 2015 2016 2017 2018 Q3 2019 2015

31. Slide 31: Strong track record of value creation

    Strategy Portfolio Development Finance Appendix Platform Strength Strong track record of value creation Key facts NAV growth 3,500  Continuous improvements in return on equity on the back of strong NAV and FFO I growth, which are driven by 3,000 2,500  Strong investment portfolio value growth due

32. Slide 32: Rock solid balance sheet metrics

    Strategy Portfolio Development Finance Appendix Platform Strength Rock solid balance sheet metrics 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‘ equity €m 2,756.4 2,639

33. Slide 33: Appendix

    a= CA IMMO URBAN BENCHMARKS. APPENDIX

34. Slide 34: 1-3Q Results 2019 Highlights

    Strategy Portfolio Development Finance Appendix 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 of 8.2%

35. Slide 35: 1-3Q Results 2019 Overview

    Strategy Portfolio Development Finance Appendix 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 €m 132.1 1

36. Slide 36: Net profit up 31% yoy

    Strategy Portfolio Development Finance Appendix 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%  Rental income

37. Slide 37: Strong rental income growth of 10% yoy

    Strategy Portfolio Development Finance Appendix 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 projects KPMG

38. Slide 38: Revaluation result reflects strong operations in Germany

    Strategy Portfolio Development Finance Appendix 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 held for

39. Slide 39: 9M FFO I at € 101.4 m

    Strategy Portfolio Development Finance Appendix 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 -28.9% 2.

40. Slide 40: FFO I FY 2019 guidance confirmed

    Strategy Portfolio Development Finance Appendix 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 18 3Q 19

41. Slide 41: Balance sheet as at September 30, 2019

    Strategy Portfolio Development Finance Appendix 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 reserves in Ger

42. Slide 42: EPRA NAV up 8.8% YTD

    Strategy Portfolio Development Finance Appendix 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 options 2

43. Slide 43: Property Portfolio Key metrics

    Strategy Portfolio Development Finance Appendix 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% thereof sho

44. Slide 44: Core market snapshots

    Strategy Portfolio Development Finance Appendix 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) 95.7% O

45. Slide 45: High occupancy levels

    Strategy Portfolio Development Finance Appendix Investment Portfolio High occupancy levels 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 84.0 1.0 82.0 0.0 8

46. Slide 46: Like-for-Like performance

    Strategy Portfolio Development Finance Appendix 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% 20.0 20.3 -1

47. Slide 47: State of the art architecture fulfilling high ecological standards

    Strategy Portfolio Development Finance Appendix Investment Portfolio 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 set new prime st

48. Slide 48: Largest assets

    Strategy Portfolio Development Finance Appendix 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 Kontorhaus (Mu

49. Slide 49: Development structure

    Strategy Portfolio Development Finance Appendix 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 200 125 10

50. Slide 50: Commercial development pipeline

    Strategy Portfolio Development Finance Appendix 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 portfolio,

51. Slide 51: Residential development pipeline

    Strategy Portfolio Development Finance Appendix 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 Immo wil

52. Slide 52: Weighted average cost of debt and maturities

    Strategy Portfolio Development Finance Appendix 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) (years) Aus

53. Slide 53: Favourable market environment

    Strategy Portfolio Development Finance Appendix Macroeconomic Exposure Favourable market environment Overview of Central European metropolitan regions Key macro statistics GDP, $bn Strongest GDP rebound vs European Union (CAGR 2014 – 2018) (2018) EU CAGR Berlin 154 4.9% 4.2% 3.8% Munich 295 3.7% 2.5

54. Slide 54: CA Immo share and shareholder structure

    Strategy Portfolio Development Finance Appendix 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 Institutional # of shares 98,808,336 98,808,336 Capital

55. Slide 55: 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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