Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — H1 2022 Earnings Presentation
44 slides from Ca Immobilien Anlagen's earnings presentation, Jun 30, 2022
Slide 1: Investor and Analyst Update H1 2022 Results
Investor and Analyst Update H1 2022 Results All figures (€) as at 30 June 2022, unless otherwise stated
Slide 2: H1 2022 At a Glance
Highlights Results Financing Portfolio Development Appendix H1 2022 AT A GLANCE Strong Operational Performance and Increased Business Resilience FFO I Rental EBITDA Portfolio Income quality further €73.9 m €121.1 m €93.2 m increased +7.9% yoy +1.0% yoy -18.9% yoy Revaluation ONE Frankfurt Net Profit
Slide 3: H1 2022: Portfolio
Highlights Results Financing Portfolio Development Appendix H1 2022: PORTFOLIO Increased Business Resilience Driven By Higher Quality Portfolio ▪ Stable Rental Income and FFO I development amid strategic capital rotation programme and profitable portfolio sales. ▪ Strong leasing performance of aroun
Slide 4: H1 2022: Development
Highlights Results Financing Portfolio Development Appendix H1 2022: DEVELOPMENT ONE Frankfurt Successfully Handed Over to First Tenants ▪ Successful handover to first tenants in high- quality development project ONE marking important milestone. ▪ Total investment volume of around €430 m, lettable f
Slide 5: H1 2022: Financial Performance
Highlights Results Financing Portfolio Development Appendix H1 2022: FINANCIAL PERFORMANCE Value-Accretive Business Translates Into Strong Financial Performance Substantial NAV Uplift Driven By Organic Growth €m 4,000 100% ▪ Strong NAV growth with CA Immo’s 90% 3,500 development business as key driv
Slide 6: H1 2022: Financial Profile
Highlights Results Financing Portfolio Development Appendix H1 2022: FINANCIAL PROFILE High Balance Sheet Resilience Gross Asset Value Growth with Stable Equity Base ▪ Robust capital structure with strong equity €m 7,000 100% base and defensive leverage. 90% 6,000 80% ▪ Hedging Ratio maintained at h
Slide 7: Outlook for 2022
Highlights Results Financing Portfolio Development Appendix OUTLOOK FOR 2022 Excellent Position Despite Challenging Environment ▪ CA Immo targets recurring earnings (FFO I) for 2022 of more than €125 m (2021: €128.3 m). ▪ The continued disposal of non-strategic properties within the strategic capita
Slide 8: H1 2022 Results
NW NG as) “Steg wm WwW Ie
Slide 9: H1 2022 Results: Positive Development Despite Challenging Environment
Highlights Results Financing Portfolio Development Appendix H1 2022 Results Positive Development Despite Challenging Environment Profit and Loss (€m) H1 ’22 H1 ’21 +/(-) Q2 ’22 Q2 ’21 +/(-) Major Earnings Drivers H1 2022 1 Rental income 121.1 119.9 1.0% 58.9 56.3 4.6% 1 Net rental income 102.9 101.6
Slide 10: Rental Income Slightly Up
Highlights Results Financing Portfolio Development Appendix H1 2022 Results Rental Income Slightly Up Key Drivers H1 2022 Rental Income Bridge (€m) ▪ Rental income growth driven by completion of project developments and the purchase of Kasernenstrasse 67 asset in Düsseldorf (+€3.8 m yoy) as well as
Slide 11: FFO Growth Despite Challenging Environment
Highlights Results Financing Portfolio Development Appendix H1 2022 Results FFO Growth Despite Challenging Environment Funds from Operations (€m) Major Drivers H1 ’22 H1 ’21 +/(-) Q2 ’22 Q2 ’21 +/(-) 1 Net rental income 102.9 101.6 1.3% 54.3 51.1 6.3% 1 Income from services 3.2 4.3 (26.7%) 1.6 2.1 (
Slide 12: FFO Growth Representing Resilient Operational Business
Highlights Results Financing Portfolio Development Appendix H1 2022 Results FFO Growth Representing Resilient Operational Business H1 2022 FFO I Bridge (€m) 1 2 5 1 3 4 Key Drivers 1 Positive contribution by the acquisition of the Kasernenstraße property in Duesseldorf and recent development project
Slide 13: Balance Sheet as at June 30, 2022
Highlights Results Financing Portfolio Development Appendix H1 2022 Results Balance Sheet as at June 30, 2022 Balance Sheet (€m) H1 ’22 Q4 ’21 +/(-) Comments 1 Investment properties 5,601.6 4,984.3 12.4% 1 2 Properties under development 787.2 1,097.1 (28.3%) ▪ Mainly up because of reclassification o
Slide 14: Balance Sheet Metrics as at June 30, 2022
Highlights Results Financing Portfolio Development Appendix H1 2022 Results Balance Sheet Metrics as at June 30, 2022 Balance Sheet (€m) H1 ’22 Q4 ’21 +/(-) Total assets 7,281.8 7,114.4 2.4% Property assets 6,495.3 6,254.2 3.9% Cash and cash equivalents 472.1 633.1 (25.4%) Shareholders‘ equity 3,516
Slide 15: Key Metrics
Highlights Results Financing Portfolio Development Appendix H1 2022 Results Key Metrics Key Metrics (€m) H1 2022 H1 2021 +/(-) Rental income 121.1 119.9 1.0% Net rental income 102.9 101.6 1.3% EBITDA 93.2 114.9 (18.9%) EBIT 269.2 310.8 (13.4%) Earnings before tax (EBT) 301.9 249.1 21.2% Consolidated
Slide 16: Financing
BENCHMARKS. URBAN — _a ma" \ | | ee (US ee oe == es ws
Slide 17: Well-Balanced Maturity Profile and Diversified Debt Structure
Highlights Results Financing Portfolio Development Appendix Financing Well-Balanced Maturity Profile and Diversified Debt Structure Debt Structure Debt Maturity Profile 1 (€m) 800 ▪ Follow-up financings have been secured for construction loans (secured debt developments). 700 600 ▪ 100% of bank fina
Slide 18: Stable Debt Maturities and Record Low Financing Costs
Highlights Results Financing Portfolio Development Appendix Financing Stable Debt Maturities and Record Low Financing Costs Key Financing Metrics 1 Average Debt Maturity (years) 1 ▪ Repayment of corporate bond in February 2022. 7.0 6.0 ▪ New sustainability-linked revolving credit facility 5.4 (RCF)
Slide 19: Robust Financial Profile with Strong Equity Base
Highlights Results Financing Portfolio Development Appendix Financing Robust Financial Profile with Strong Equity Base Leverage (%) Interest Coverage (x) 55% 6.0x 5.0x 50% 48.3% 3.9x 4.0x 4.1x 45% 3.0x 3.7x 41.6% 40% 2.0x 35% 1.0x 34.2% 30% 0.0x 2016 2017 2018 2019 2020 2021 Q2 2022 2016 2017 2018 2
Slide 20: Portfolio
PORTFOLIO
Slide 21: Property Portfolio Key Metrics
Highlights Results Financing Portfolio Development Appendix Property Portfolio Key Metrics Property Portfolio Q2 ‘22 Q4 ‘21 +/(-) Gross Asset Value (GAV) €m 6,495.3 6,254.2 3.9% thereof Investment Properties 1 €m 5,619.6 4,995.5 12.5% thereof Active Development Projects €m 592.9 920.3 (35.6%) thereo
Slide 22: Investment Properties KPI Overview (I)
Highlights Results Financing Portfolio Development Appendix Investment Properties KPI Overview (I) Investment Properties (GAV) Over Time (€m) 6,000 5,620 4,996 5,000 4,729 4,299 4,000 3,703 3,760 3,271 3,000 2,000 1,000 0 2016 2017 2018 2019 2020 2021 Q2 2022 Investment Properties (€m) Q2 ‘22 Q4 ‘21
Slide 23: Investment Properties KPI Overview (II)
Highlights Results Financing Portfolio Development Appendix Investment Properties KPI Overview (II) GLA Over Time (ksqm) Economic Occupancy Over Time (%) 1,600 100.0% 98.0% 96.1% 1,500 1,458 95.2% 94.8% 1,443 96.0% 94.4% 1,404 1,374 94.0% 92.3% 1,400 1,356 1,368 1,320 92.0% 90.7% 1,300 90.0% 88.9% 8
Slide 24: Investment Properties KPI Overview (III)
Highlights Results Financing Portfolio Development Appendix Investment Properties KPI Overview (III) Gross Annualized Rent Over Time (€m) Gross Initial Yield Over Time (%) 250 241.5 7.0% 240.1 6.0% 6.1% 5.8% 226.4 225.7 6.0% 5.4% 223.7 5.1% 225 214.2 5.0% 4.6% 4.7% 203.1 4.0% 200 3.0% 2.0% 175 1.0%
Slide 25: Tenant and Lease Structure
Highlights Results Financing Portfolio Development Appendix Investment Properties Tenant and Lease Structure Weighted Average Unexpired Lease Term (years) Tenant Industry Mix (Annualized Rent) 14.0 12.7 Business & 12.0 9% Professional Services 10.0 1% Technology 27% 13% 8.0 7.6 Consumer Services & L
Slide 26: Like-for-Like Performance
Highlights Results Financing Portfolio Development Appendix Investment Properties Like-for-Like Performance Balance Sheet Value Annualized In Place GRI Yield Occupancy Market (€m) (€m) (%) 1 (%) 2 H1 ‘22 H1 ‘21 +/(-) H1 ‘22 H1 ‘21 +/(-) H1 ‘22 H1 ‘21 +/(-) H1 ‘22 H1 ‘21 +/(-) Austria 469.2 449.1 4.5
Slide 27: Leasing H1 2022
Highlights Results Financing Portfolio Development Appendix Property Portfolio Leasing H1 2022 Market Pre-leasing New Leasing Renewal (sqm) Total Leasing Annualized GRI Average Office + / (-) to ERV (sqm) (sqm) (sqm) (€m) Rent (€ psqm) (%) Austria - 3,537 6,295 9,831 1.3 12.4 5.6% Czechia - 13,235 4
Slide 28: Capital Rotation
Highlights Results Financing Portfolio Development Appendix Property Portfolio Capital Rotation Covid Transaction Activity (€m, #) 1 €m 1 3 3 1 3 1 1 Total Acquisitions: 300 Headline volume: €850 m 200 # of properties: 14 Total GLA: 280,000 sqm 100 Total GRI: €50 m 0 (100) Total Disposals: (20
Slide 29: Closed Disposals 2022 YTD
Highlights Results Financing Portfolio Development Appendix Property Portfolio Closed Disposals 2022 YTD Property Sales CAI Country City Property Sector GLA GRI at Proceeds Premium / date Share Status (sqm) Sale (€m) Discount (%) (€m) to BV (%) 1 R70 Q1 ‘22 100% HU Budapest Investment Office 19,241
Slide 30: Selected Disposal Pipeline 2022
Highlights Results Financing Portfolio Development Appendix Property Portfolio Selected Disposal Pipeline 2022 Romanian Portfolio Rennweg/Mechelgasse, Vienna Bodenseestr. / Gleisdreieck, Munich Country Romania Country Austria Country Germany Investment Status Investment Status Investment Status / La
Slide 31: Development
INLINE (Un au UL ITT WUCHTUARY CUCITTTTE nH HUE ULE ] WHIT CCEA I HUGH gy eH IE TL NTT] TUTTE TUT TET NALA AL AEE i} mmc = HHH OCH an UU A ET quiere ee PLU DEVELOPMENT HH LU ren Hai \ iy pane
Slide 32: Development Projects Under Construction: Project Overview
Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Project Overview For Own Portfolio CAI Investment Outstanding Planned Expected City Main Usage Pre-let Scheduled share Volume Investment Rentable Yield on Ratio GLA First Tenant (€m) 1 (€m) Area (sqm)
Slide 33: Grasblau, Berlin
Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Grasblau, Berlin Key Metrics Total investment volume €69.7 m Outstanding investment €21.5 m Rental area 13,350 sqm Expected yield on cost 8.0% Scheduled first tenant Q3 2022 handover Pre-let ratio 47%
Slide 34: Hochhaus am Europaplatz, Berlin
Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Hochhaus am Europaplatz, Berlin Key Metrics Total investment volume €140.6 m Outstanding investment €33.1 m Rental area 22,948 sqm Expected yield on cost 6.2% Scheduled first tenant Q1 2024 handover P
Slide 35: Upbeat, Berlin
Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Upbeat, Berlin Key Metrics Total investment volume €328.1 m Outstanding investment €271.7 m Rental area 34,911 sqm Expected yield on cost 5.0% Scheduled first tenant Q1 2026 handover Pre-let ratio 100
Slide 36: Appendix
APPENDIX APPENDIX
Slide 37: EPRA Net Asset Value (NRV, NTA, NDV)
Highlights Results Financing Portfolio Development Appendix H1 2022 Results EPRA Net Asset Value (NRV, NTA, NDV) H1 ‘22 Q4 ‘21 (€m) EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 3,516.1 3,516.1 3,516.1 3,290.9 3,290.9 3,290.9 i) Hybrid instruments (Co
Slide 38: EPRA Net Asset Value (NDV, NTA, NRV)
Highlights Results Financing Portfolio Development Appendix H1 2022 Results EPRA Net Asset Value (NDV, NTA, NRV) H1 2022 EPRA NDV/NTA/NRV Bridge (€ per share) 3 2 1 EPRA Net Disposal Value: reflects a scenario where deferred tax, financial instruments, and certain other adjustments are calculated as
Slide 39: Property Portfolio Overview
Highlights Results Financing Portfolio Development Appendix Property Portfolio Overview Property Portfolio (GAV) by Region by City by Structure 1% 7% Berlin Investment 5% 9% 6% properties Munich 3% 8% 30% Frankfurt Germany Land 2 31% Warsaw reserves €6.5 bn CEE 7% €6.5 bn Budapest €6.5 bn Total GAV
Slide 40: Outstanding market position in Germany
Highlights Results Financing Portfolio Development Appendix Development Outstanding market position in Germany Key facts Cube, Berlin Tower 185, Frankfurt ▪ CA Immo owns prime land reserves in sought-after locations primarily in Berlin, Frankfurt and Munich. ▪ Successful delivery of large-scale proj
Slide 41: Commercial Value Chain
Highlights Results Financing Portfolio Development Appendix Development Commercial Value Chain Zoning & Planning Under Construction Completion Millennium, Frankfurt Upbeat, Berlin Hochhaus am Europaplatz, Berlin MY.B, Berlin ▪ Potential mixed use (commercial/ Technical parameters: Technical paramete
Slide 42: CA Immo Share and Shareholder Structure
Highlights Results Financing Portfolio Development Appendix Capital Markets CA Immo Share and Shareholder Structure Share-related Key Figures Largest Shareholders (by Total Shares) 1 Largest shareholders (by Voting Rights) 1 30.06.2022 31.12.2021 # of shares 106,496,426 106,496,426 32% 32% Treasury
Slide 43: Analyst Coverage & Conference Attendance
Highlights Results Financing Portfolio Development Appendix Capital Markets Analyst Coverage & Conference Attendance Equity Analyst Coverage Analyst Date Target Price (€) Recommendation ▪ CA Immo was assessed by eight financial Wood & Company 08.08.2022 €41.00 Hold institutions in the first half of
Slide 44: Contact Details
Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Group Head of Capital Markets Deputy Head of Capital Markets Co-Head of Corporate Development Committee Tel.: +43 (1) 532 59 07 504 Tel.: +43 (1) 532 59 07 654 E-Mail: christoph.thurnberger@caimmo.com E-Mail: juli
CA Immobilien Anlagen — H1 2022 Earnings Presentation on 6ix