Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — Q1 2023 Earnings Presentation
27 slides from Ca Immobilien Anlagen's earnings presentation, May 24, 2023
Slide 1: Analyst & Investor Update Q1 2023
ANALYST & INVESTOR UPDATE Q1 2023 24 MAY 2023
Slide 2: Q1 2023 Results: Strong Business Profile
Q1 2023 Results Strong Business Profile Solid start into business year 2023 ▪ Increased rental income (+15.8% to €61.7m) reflects recent project completions and higher rental income in the portfolio.1 ▪ Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 37.0% to €56
Slide 3: Financials
FINANCIALS
Slide 4: Results Overview
Q1 2023 Results Results Overview Key Drivers1 Rental Income 53.3 61.7 +15.8% ▪ Rental Income up 15.8% at €61.7m and Net Rental Income up 8.1% to €46.4m due to project 46.4 completions and higher rental income in standing assets (incl. indexations) despite non-strategic Net Rental 42.9 +8.1% property
Slide 5: Rental Income
Q1 2023 Results Rental Income Rental Income Bridge (€m)1 Rental Income Net Rental Income €61.7 m €46.4 m Including indexations +15.8% yoy +8.1% yoy Key Drivers ▪ Sales activities overcompensated by development completions, acquisitions and rental income increases for the standing asset portfolio (in
Slide 6: FFO I & FFO II
Q1 2023 Results FFO I & FFO II FFO I Bridge (€m) FFO I FFO II €23.9 m €38.8 m –18.3% yoy +69.3% yoy Key Drivers ▪ Net Rental Income growth from ONE development completion, Kasernenstraße 67 acquisition in Duesseldorf and counterweighing effect of numerous disposals. ▪ Negative effect from discontinu
Slide 7: Balance Sheet Overview
Q1 2023 Results Balance Sheet Overview Key Drivers Investment 4,966 4,943 Properties (0.5%) ▪ Investment Properties stable at €4,943m. Development 597 614 ▪ Development Properties slighty up due to ongoing investments in development projects Hochhaus am Properties +2.9% Europaplatz and Upbeat in Ber
Slide 8: Property
PROPERTY
Slide 9: Total Portfolio
Portfolio Overview Total Portfolio Total Portfolio 2018 2019 2020 2021 2022 Q1 2023 + / (-) qoq Total Portfolio €m 4,471 5,186 5,596 6,254 5,911 5,836 (1.3%) thereof Investment Properties €m 3,760 4,299 4,729 4,995 4,979 4,956 (0.5%) thereof Active Development Projects €m 406 597 472 924 463 481 3.7
Slide 10: Investment Properties - KPIs (I)
Portfolio Overview Investment Properties - KPI‘s (I) Investment Properties 2018 2019 2020 2021 2022 Q1 2023 + / (-) qoq # of Properties # 74 77 79 74 64 63 (1) Gross Leasing Area ‘000 sqm 1,404 1,443 1,374 1,320 1,115 1,103 (1.1%) Gross Asset Value €m 3,760 4,299 4,729 4,995 4,979 4,956 (0.5%) Annua
Slide 11: Investment Properties - KPIs (II)
Portfolio Overview Investment Properties - KPI‘s (II) GAV Over Time (€m) Portfolio Composition (€m, % Total GAV) GLA Over Time (ksqm) 6,000 6,000 1,600 1,404 1,443 4,995 4,979 4,956 1,374 4,995 4,979 4,956 4,736 1,400 1,320 5,000 4,736 5,000 4% 3% 3% 4,308 4,308 4% 5% 3% 3% 6% 1,200 1,115 1,103 3,76
Slide 12: Investment Properties - KPIs (III)
Portfolio Overview Investment Properties - KPI‘s (III) Economic Occupancy Over Time (%) Gross Annualized Rent Over Time (€m) Gross Initial Yield Over Time (%) 100.0% 250.0 7.0% 240.1 98.0% 5.8% 96.1% 6.0% 226.4 5.4% 96.0% 94.4% 94.8% 225.7 5.1% 225.0 5.0% 4.6% 4.6% 4.7% 94.0% 214.2 92.0% 204.4 4.0%
Slide 13: Investment Properties - Leasing Overview Q1 2023
Portfolio Overview Investment Properties – Leasing Overview Q1 2023 Market Pre-leasing New Leasing Renewal Total Leasing GRI p.a. Office GRI Average Office + / (-) to ERV WAULT to WAULT to End WAULT to Last (sqm) (sqm) (sqm) (sqm) (€m) p.a. (€m) Rent (€ psqm) (%) Break (Yrs.) (Yrs.) Ext. (Yrs.) Berl
Slide 14: Development Properties - Overview
Portfolio Overview Development Properties – Overview Property Name GLA Buildable (sqm) Book Value Consolidated Total Cost Costs Spent (€m) Costs To Be Spent (€m) (€m) (incl. GLV & Rentfree) (€m) Active Developments under Construction 64,230 337 495 198 241 Active Developments in Planning 142,751 143
Slide 15: Development Properties - Under Construction
Portfolio Overview Development Properties – Under Construction Hochhaus am Europaplatz, Berlin Upbeat, Berlin GLA 22.948 sqm GLA 34,911 sqm Total Investment Total Investment €142m €334m Volume Volume Occupancy (as at key Occupancy (as at key 100% 100% date) date) Expected Yield on Cost 6.1% Expected
Slide 16: Capital Rotation: Rationale
Capital Rotation Rationale • Excellent locations in established and emerging submarkets • Old, inefficient, tired existing assets in strong locations with value creation potential • New high quality, sustainable and certified existing assets with reversion and re-rating potential I. Acquire • Moneti
Slide 17: Capital Rotation: Closed & Signed Disposals
Capital Rotation Closed & Signed Disposals Closed Disposals Name City Sector Stage Closing CAI Ownership GLA In Place GRI Headline Price + / (-) (100%) BV/Val. at Closing1 Rennweg 16 / Mechelgasse 1 Vienna Mixed Use Income Q1 2023 100% 38,150 5.8 125.0 25% Bodenseestraße 141 Munich Mixed Use Land Q1
Slide 18: Capital Rotation: Select Pipeline Disposals
Capital Rotation Select Pipeline Disposals ZigZag, Mainz Storchengasse 1, Vienna Ladehof Moosach, Munich Country Germany Country Austria Country Germany Status Investment Status Investment Status Land Sector Office Sector Office Sector Office GLA GLA 4,712 sqm GLA 16,789 sqm 17,580 sqm buildable GRI
Slide 19: Appendix
APPENDIX
Slide 20: Corporate Strategy Core Pillars
Corporate Strategy 5 Core Pillars Entire Value Chain Urban Cities Pure Play Office Resilient Portfolio Solid Balance Sheet - Investment Management - Tier 1: Berlin, Munich, - A-class office to hold - 85% investment properties - Investment-Grade financing - Asset Management Warsaw, Prague, Vienna - L
Slide 21: Strategic Priorities
Strategic Priorities Current Focus Areas 2022 2023 Acceleration of non-core disposals €671m closed Additional non-core 1 disposals disposals planned Sale of Romanian platform, outsource Office concentration Simplify business model 2 property management to increase Germany Germany share at Increase e
Slide 22: P&L & FFO
Q1 2023 Results P&L & FFO Profit and Loss (€m) Q1 2023 Q1 2022 +/(-) Funds from Operations (€m) Q1 2023 Q1 2022 +/(-) Rental income 61.7 53.3 15.8% Net rental income 46.4 42.9 8.1% Net rental income 46.4 42.9 8.1% Income from services 0.9 1.6 (44.9%) Other property development expenses (0.5) (0.4) 7
Slide 23: Balance Sheet
Q1 2023 Results Balance Sheet Balance Sheet (€m) Q1 2023 Q1 2022 +/(-) Investment properties 4,942.6 4,965.8 (0.5%) Properties under development 613.9 596.6 2.9% Own-used properties 13.1 13.0 0.9% Other long-term assets 7.4 7.6 (3.1%) Investments in joint ventures 64.5 64.4 0.1% Financial assets 159
Slide 24: Key Metrics Overview
Q1 2023 Results Key Metrics Overview Balance Sheet (€m) Q1 2023 FY 2022 +/(-) Key Metrics (€m) Q1 2023 Q1 2022 +/(-) Total assets 7,011.0 7,170.6 (2.2%) Rental income 61.7 53.3 15.8% Property assets 5,836.3 5,910.5 (1.3%) Cash and cash equivalents 782.8 823.8 (5.0%) Net rental income 46.4 42.9 8.1%
Slide 25: Financial Profile
Financing Financial Profile Leverage (%) Interest Coverage (x) 55% 6.0x 50% 5.0x 48.0% 45.6% 4.0x 45% 3.1x 3.0x 2.8x 40% 2.8x 2.0x 35% 1.0x 31.3% 30% 0.0x 2018 2019 2020 2021 2022 Q1 2023 2018 2019 2020 2021 2022 Q1 2023 Equity ratio Loan-to-value Loan-to-value (net) FFO I interest cover FFO I net i
Slide 26: Like-for-Like Performance
Investment Portfolio Like-for-Like Performance Market Balance Sheet Value (€m) Annualized In Place GRI (€m) Yield (%) 1 Occupancy (%) 2 Q1 ‘23 Q1 ‘22 +/(-) Q1 ‘23 Q1 ‘22 +/(-) Q1 ‘23 Q1 ‘22 +/(-) Q1 ‘23 Q1 ‘22 +/(-) Austria 377.3 388.3 (2.8%) 20.6 19.5 5.4% 5.5 5.0 +42 bps 84.5 86.7 (222 bps) Czechi
Slide 27: Capital Markets/Investor Relations Contact Details
Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Group Head of Capital Markets & Corporate Office Deputy Head of Capital Markets Tel.: +43 (1) 532 59 07 504 Tel.: +49 89 54548 517 E-Mail: christoph.thurnberger@caimmo.com E-Mail: julian.woehrle@caimmo.de www.caim
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