Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — CA Immo — Investor Presentation (April 2020)

61 slides from Ca Immobilien Anlagen's investor presentation, April 2020

1. Slide 1: CA IMMO Company Presentation April 2020

   CA IMMO Company Presentation April 2020 All figures (€) as at 31 December 2019, unless otherwise stated

2. Slide 2: FY 2019 Results Highlights

   Results Property Financing Outlook FY 2019 Results Highlights Results  In 2019 net rental income rose by 10.4% to € 193.4 m 1, largely due to strong portfolio expansion in 2018 and development completions in 2019.  FFO I stood at € 133.3 (€ 1.43 per share) on the key date, an increase of 12.5% on

3. Slide 3: Key Metrics

   Results Property Financing Outlook FY 2019 Results Key Metrics Key metrics FY 2019 FY 2018 +/- Rental income €m 220.7 192.4 14.7% Rental income (adjusted) 1 €m 210.5 192.4 9.4% Net rental income €m 194.7 175.2 11.2% Net rental income (adjusted) 1 €m 193.4 175.2 10.4% EBITDA €m 171.7 145.1 18.4% EBIT

4. Slide 4: FY 2019 Results

   a= CA IMMO URBAN BENCHMARKS. FY 2019 RESULTS

5. Slide 5: Record result with significant increase of all key metrics

   Results Property Financing Outlook FY 2019 Results Record result with significant increase of all key metrics Profit and loss (€ m) FY FY yoy 4Q 4Q yoy Major earnings driver (4Q) 2019 2018 2019 2018 1 1 Rental income 220.7 192.4 14.7% 55.9 50.9 9.8%  Rental income increase driven by Net rental inco

6. Slide 6: Strong rental income growth of 10.4% yoy

   Results Property Financing Outlook FY 2019 Results Strong rental income growth of 10.4% yoy 1 Key drivers FY 2019 rental income bridge (adjusted) 1 (€ m)  Positive top line development largely due to 300 strong portfolio expansion in 2018. 250 62.0 66.2  Completion of development projects KPMG 200

7. Slide 7: Revaluation result reflects strong operations in Germany

   Results Property Financing Outlook FY 2019 Results Revaluation result reflects strong operations in Germany FY 2019 revaluation result (€ m) FY 2019 revaluation result (in % of FY 2018 value) Austria CEE Germany Total Austria CEE Germany Total Assets held for sale - - - - - - - - Investment properti

8. Slide 8: FY 2019 FFO I at € 133.3 m 12.5% above 2018

   Results Property Financing Outlook FY 2019 Results FY 2019 FFO I at € 133.3 m 12.5% above value of 2018 Funds from operations (€ m) FY 2019 FY 2018 yoy 4Q 4Q yoy Earnings driver (FY 2019) 2019 2018 1 Net rental income 194.7 175.2 11.2% 50.4 44.7 12.6% 1 Result from services 8.5 12.1 -30.0% 1.9 2.8 -

9. Slide 9: FFO I FY 2019 ahead of guidance of € 125 m

   Results Property Financing Outlook FY 2019 Results FFO I FY 2019 at € 133.3 m ahead of guidance of € 125 m FY 2019 FFO I (€ m) 4Q 2019 FFO I (€ m) FY 2019 FFO I (€ m) 34 135 +12.5% 135 +29.2% +6.6% 32 130 30 125 130 120 28 115 26 24 125 110 105 22 118.5 133.3 24.7 31.9 125 133.3 100 20 120 FY 2018 F

10. Slide 10: Balance sheet as at December 31, 2019

    Results Property Financing Outlook FY 2019 Results Balance sheet as at December 31, 2019 Balance sheet (€ m) 31.12.2019 31.12.2018 +/- Comments 1 Investment properties 4,292.9 3,755.2 14.3% 1 2 Properties under development 817.1 651.6 25.4%  Strong organic portfolio growth in 2019. Own-used propert

11. Slide 11: Balance sheet metrics

    Results Property Financing Outlook FY 2019 Results Balance sheet metrics as at December 31, 2019 Balance sheet 31.12.2019 31.12.2018 +/- Total assets €m 5,888.7 5,355.5 10.0% Property assets €m 4,851.3 4,470.6 8.5% Cash and cash equivalents €m 439.1 374.3 17.3% Shareholders‘ equity €m 2,968.0 2,639.

12. Slide 12: EPRA NAV up 17.9% YTD (dividend adjusted)

    Results Property Financing Outlook FY 2019 Results EPRA NAV up 17.9% YTD (dividend adjusted) Net asset value (€ m) 31.12.2019 31.12.2019 31.12.2018 EPRA NAV per share (undiluted) yoy diluted undiluted 40.0 +17.9% 39.27 NAV (IFRS equity) 2,967.9 2,967.9 2,639.6 39.0 0.90 Exercise of options 248.3 0.0

13. Slide 13: Robust financial profile with strong equity base

    Results Property Financing Outlook Balance Sheet Ratios Robust financial profile with strong equity base Leverage Interest coverage 60% 7.0 50% 50.4% 6.0 5.6 x 5.0 40% 40.4% 4.0 4.1 x 31.9% 30% 3.0 20% 2.0 10% 1.0 0% - 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Equity ratio Loan-to-value Loan

14. Slide 14: Strong track record of value creation continues

    Results Property Financing Outlook Financial Performance Strong track record of value creation continues 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 growth due

15. Slide 15: Portfolio

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO

16. Slide 16: Property Portfolio Key metrics

    Results Property Financing Outlook Property Portfolio Key metrics Property portfolio 31.12.2019 31.12.2018 +/- Gross asset value (GAV) €m 5,186 4,471 16.0% thereof investment properties €m 4,308 3,760 14.6% thereof investment properties under development 1 €m 817 652 25.4% thereof short-term assets

17. Slide 17: Gross asset value up 16% yoy

    Results Property Financing Outlook Property Portfolio Gross asset value up 16% yoy Key metrics (€ m) Portfolio by region and country (book value) FY 2019 FY 2018 Germany 11% 3% 8% Gross asset value (GAV) 5,186 4,471 Austria Germany 8% Hungary Investment properties 4,308 3,760 50% CEE 10% Total GAV:

18. Slide 18: Core market snapshots

    Results Property Financing Outlook Investment Portfolio Core market snapshots Properties 13 Properties 8 Total area 179,100 sqm Total area 137,200 sqm Gross initial yield 4.1% Gross initial yield 6.0% Gross rental income € 29.8 m Gross rental income € 30.9 m Occupancy (economic) 98.4% Occupancy (eco

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

    Results Property Financing Outlook Investment Portfolio Core office focussed yielding portfolio across key economic centres in CE Key metrics Investment portfolio split by region and country (book value) FY 2019 FY 2018 4% Germany 13% 9% Gross asset value (€ m) 4,308 3,760 Austria CEE 9% Lettable ar

20. Slide 20: High occupancy level maintained

    Results Property Financing Outlook Investment Portfolio High occupancy level maintained Gross initial yield (%) 1 Occupancy (%, ecomomic) 1 10.0 100.0 98.9 9.0 8.6 98.0 96.2 95.7 96.1 7.6 95.6 8.0 96.0 95.1 94.9 7.0 6.6 94.0 93.2 6.3 5.7 5.5 5.5 6.0 92.0 5.0 90.0 3.9 4.0 88.0 3.0 86.0 2.0 84.0 1.0 8

21. Slide 21: Well-staggered lease maturity profile

    Results Property Financing Outlook Investment Portfolio 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 7.2 years. 5.0 4.2  Lease terms vary due to different local market 4.0 3.9 4

22. Slide 22: Blue Chip tenant structure with a service and technology focus

    Results Property Financing Outlook Investment Portfolio Blue Chip tenant structure with a service and technology focus Tenant industry mix (annualized rent) 1 Top 20 tenants (annualized rent) Tenant Industry City % 10% 2% PWC Audit / Tax / Advisory Munich 3.1% 26% 11% Frontex Government / Public Adm

23. Slide 23: Like-for-Like performance

    Results Property Financing Outlook Investment Portfolio Like-for-Like performance Market Fair value Rental income P&L Yield (%) 1 Occupancy (%) 2 4Q 2019 4Q 2018 +/- FY 2019 FY 2018 +/- 4Q 2019 4Q 2018 +/- 4Q 2019 4Q 2018 +/- 4Q 2019 4Q 2018 +/- Austria 517.2 502.5 2.9% 27.9 27.2 2.8% 7.9 6.9 14.2%

24. Slide 24: Portfolio Update – Reversionary potential

    Results Property Financing Outlook Investment Portfolio Portfolio Update – 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 recent years

25. Slide 25: Portfolio Update – Leasing

    Results Property Financing Outlook Investment Portfolio Portfolio Update – Leasing Leasing update FY 2019 Region Pre-leases New leases Lease extensions Total leasing (sqm) Total leasing In % of total development investment investment investment investment projects (sqm) portfolio (sqm) portfolio (sq

26. Slide 26: Portfolio Update – Capital rotation

    Results Property Financing Outlook Investment Portfolio Portfolio Update – Capital rotation Closed non-strategic disposals 2019 Property Name CAI Country City Sector Site Area GLA Premium / Discount share (%) (sqm) (sqm) to BV (%) Austria Trend Hotel 100% SLO Ljubljana Hotel 2,902 17,930 27% Fürberg

27. Slide 27: Acquisition of Karlsbad office property in Berlin

    Results Property Financing Markets Investment Portfolio Portfolio Update – Capital rotation Acquisition of „Karlsbad“ office property in Berlin  In the beginning of April 2020 CA Immo has closed the acquition of a 10,098 sqm office building in the vicinity of the Potsdamer Platz in Berlin.  Situat

28. Slide 28: Portfolio Update - Sustainability

    Results Property Financing Outlook Investment Portfolio Portfolio Update - Sustainability Comments Office portfolio certifications 1 (book value)  45 office properties, making up 81% of CA Immo’s office DGNB Gold portfolio 1 have been certified according to DGNB, LEED or 14% 19% DGNB Platin BREEAM

29. Slide 29: Case study sustainable project development – Hochhaus am Europaplatz

    Results Property Financing Outlook Investment Portfolio Portfolio Update - 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 office-high-rise wit

30. Slide 30: Project completion MY.O, Munich

    Results Property Financing Outlook Investment Portfolio Portfolio Update – 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 multi-tenant

31. Slide 31: Development Projects Under Construction

    DEVELOPMENT PROJECTS UNDER CONSTRUCTION

32. Slide 32: Development structure

    Results Property Financing Outlook Development Projects Under Construction Development structure Projects under construction (€ m) Development investment volume for own portfolio & for sale (€ m) 1,000 30.3 923.9 2% 112.2 7% 900 10% 800 510.7 700 600 Total investment 500 817.4 volume: 36% € 924 m 40

33. Slide 33: Project overview

    Results Property Financing Outlook Development Projects Under Construction Project overview 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 cost M

34. Slide 34: MY.B, Berlin (Completion in 2020)

    Results Property Financing Outlook Development Projects Under Construction MY.B, Berlin (Completion in 2020) Key metrics Total investment volume € 69.7 m Outstanding investment € 15.8 m Rental area 14,831 sqm Expected yield on cost 7.2% Scheduled completion 1Q 2020 Pre-let ratio 98% Comments  Total

35. Slide 35: Cube, Berlin (Completion in 2020)

    Results Property Financing Outlook Development Projects Under Construction Cube, Berlin (Completion in 2020) Key metrics Total investment volume € 113.7 m Outstanding investment € 24.3 m Rental area 16,829 sqm Expected yield on cost 5.8% Scheduled completion 3Q 2020 Pre-let ratio 100% Comments  Tot

36. Slide 36: State of the art architecture fulfilling high ecological standards

    Results Property Financing Outlook Development Projects Under Construction 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 p

37. Slide 37: NEO, Munich (Completion in 2020)

    Results Property Financing Outlook Development Projects Under Construction NEO, Munich (Completion in 2020) Key metrics Total investment volume € 96.1 m Outstanding investment € 17.4 m Rental area 19,467 sqm Expected yield on cost 1 5.4% Scheduled completion 4Q 2020 Pre-let ratio 33% Comments  Tota

38. Slide 38: Mississippi House & Missouri Park, Prague

    Results Property Financing Outlook Development Projects Under Construction Mississippi House & Missouri Park, Prague Key metrics Total investment volume € 64.9 m Outstanding investment € 51.7 m Rental area 20,760 sqm Expected yield on cost 6.3% Scheduled completion 3Q 2021 Pre-let ratio 35% Comments

39. Slide 39: ONE, Frankfurt

    Results Property Financing Outlook Development Projects Under Construction ONE, Frankfurt Key metrics Total investment volume € 411.8 m Outstanding investment € 298.9 m Rental area 66,451 sqm Expected yield on cost 5.4% Scheduled completion 1Q 2022 Formatting Pre-let ratio 33% Comments  Total inves

40. Slide 40: Hochhaus am Europaplatz, Berlin

    Results Property Financing Outlook Development Projects Under Construction Hochhaus am Europaplatz, Berlin Key metrics Total investment volume € 151.0 m Outstanding investment € 119.4 m Rental area 22,948 sqm Expected yield on cost 5.8% Scheduled completion 4Q 2023 Pre-let ratio 100% Comments  Tota

41. Slide 41: Hochhaus am Europaplatz, Berlin

    Results Property Financing Outlook Development Projects Under Construction Hochhaus am Europaplatz, Berlin Reichstag Hochhaus am MK8 Europaplatz (planned) Central Cube Station John F. Kennedy Tour Baufeld 03 Haus Total Federal Chancellery Intercity Hotel 41

42. Slide 42: Financing

    a= CA IMMO URBAN BENCHMARKS. FINANCING

43. Slide 43: Well-balanced maturity profile and diversified debt structure

    Results Property Financing Outlook 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 been secured for 200 con

44. Slide 44: Highly successful Benchmark bond issuance

    Results Property Financing Outlook Financing Highly successful Benchmark bond issuance 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 benchmark bond with an orderbook Format Senior unsecured,

45. Slide 45: Outlook

    a= CA IMMO URBAN BENCHMARKS. OUTLOOK

46. Slide 46: Outlook 2020: well prepared for challenging market environment (I)

    Results Property Financing Outlook Outlook 2020 CA Immo is well prepared for challenging market environment ahead (I)  In light of the COVID-19 pandemic, we expect challenging conditions on CA Immo's core markets for the time being.  The full impact on individual sectors and regions cannot yet be

47. Slide 47: Outlook 2020: well prepared for challenging market environment (II)

    Results Property Financing Outlook Outlook 2020 CA Immo is well prepared for challenging market environment ahead (II)  Around 30% of the investment volume of projects under construction relate to projects nearing full completion (handover of rental areas to tenants ongoing). On average all active

48. Slide 48: BUWOG Case

    Results Property Financing Outlook BUWOG Case CA Immo sues Republic of Austria and Province of Carinthia for damages Damages in the amount of € 1.9 bn caused by unlawful and culpably biased influence on the best bidder procedure  CA Immo decided in February to bring an action for damages against th

49. Slide 49: Appendix

    a= CA IMMO URBAN BENCHMARKS. APPENDIX

50. Slide 50: Prime locations in all core markets

    Results Property Financing Outlook Investment Portfolio Prime locations in all core markets Property portfolio split by city (book value) Berlin Munich 7% 8% 22% 8% 8% Total GAV: € 5.2 bn 17% 10% 10% 10% Berlin Munich Vienna Budapest Warsaw Prague Bucharest Other Frankfurt Key facts Frankfurt Vienna

51. Slide 51: Prime locations in all core markets

    Results Property Financing Outlook Investment Portfolio Prime locations in all core markets Property portfolio split by city (book value) Warsaw Bucharest 7% 8% 22% 8% 8% Total GAV: € 5.2 bn 17% 10% 10% 10% Berlin Munich Vienna Budapest Warsaw Prague Bucharest Other Frankfurt Key facts Prague Budape

52. Slide 52: Largest assets

    Results Property Financing Outlook Investment Portfolio Largest assets Skygarden, Munich Kontorhaus, Munich Millennium Towers, Budapest My.O, Munich JFK House, Berlin Value € 278 m Value € 221 m Value € 199 m Value € 140 m Value € 123 m Occupancy 100% Occupancy 99% Occupancy 96% Occupancy 20% Occupa

53. Slide 53: Largest assets

    Results Property Financing Outlook Investment Portfolio Largest assets Tour Total, Berlin Galleria, Vienna Ambigon, Munich Office Heidestraße 58, Berlin Rennweg 16, Vienna Value € 98 m Value € 94 m Value € 91 m Value € 88 m Value € 87 m Occupancy 100% Occupancy 93% Occupancy 100% Occupancy 100% Occu

54. Slide 54: Largest assets

    Results Property Financing Outlook Investment Portfolio 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) 46,960 Millennium Towers (Bu

55. Slide 55: Grasblau, Berlin

    Results Property Financing Outlook Development Projects in Planning Stage Grasblau, Berlin Key metrics Total investment volume € 70.4 m Outstanding investment € 55.7 m Rental area 12,700 sqm Expected yield on cost 7.1% Scheduled completion 2Q 2022 Pre-let ratio - Comments  Total investment volume e

56. Slide 56: Development Projects in Planning Stage

    Results Property Financing Outlook Development Projects in Planning Stage Freimann, Munich 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 office (JV) Rheinwiesen II Mainz residential 4,400

57. Slide 57: Development Pipeline Based On Land Reserves

    Results Property Financing Outlook Development Pipeline Based On Land Reserves Overview Comments  CA Immo currently holds land reserves with a book value  € 280 m (partly accounted at cost). 1.  The current estimated development volume on the basis of these existing land reserves amounts to  € 4

58. Slide 58: Leading office investor in Germany

    Results Property Financing Outlook Development Pipeline Based On Land Reserves Leading office investor in Germany Development pipeline by project status (sqm) Development potential (€ bn) 4.5 1.6 4.3 4.0 22% 3.5 3.0 0.2 Office Total area: 1.3 817.4  790,000 sqm 2.5 Residential 2.0 Other 1.5 1.0 Plo

59. Slide 59: Weighted average cost of debt and maturities

    Results Property Financing Outlook 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) Austria 185.9 10

60. Slide 60: CA Immo share and shareholder structure

    Results Property Financing Outlook Capital Markets CA Immo share and shareholder structure Share related key figures Largest shareholders (by number of shares) Shareholder structure (by number of shares) 31.012.19 31.12.18 # of shares 98,808,336 98,808,336 Starwood 6% Starwood Capital Capital 26% 26

61. Slide 61: 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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