Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Q1 2019 Earnings Presentation

50 slides from Ca Immobilien Anlagen's earnings presentation, May 21, 2019

  1. Slide 1: 1Q 2019 Results Analyst and Investor Update

    1Q 2019 Results Analyst and Investor Update May 21, 2019 All figures (€) as at 31 March 2019, unless otherwise stated

  2. Slide 2: 1Q 2019 Highlights

    1Q 2019 Highlights 1  The first three months of 2019 produced a significant 9.8% rise in rental income to € 50.7 m (adjusted for the IFRS 16 1Q 2019 effect in the amount of € 7.6 m), largely due to strong portfolio expansion in 2018 4 Results  A FFO I of € 29.6 m was earned in the first three mont

  3. Slide 3: 1Q 2019 Key metrics

    1Q 2019 Key metrics 31.03.2019 31.12.2018 +/- 1 Net rental income € / share 0.47 0.43 9.4% FFO I € / share 0.32 0.30 6.7% Earnings FFO II € / share 0.27 0.28 -3.6% Consolidated net profit € / share 0.06 0.31 -81.2% EPRA NAV (undiluted) € / share 33.46 30.30 0.5% 2 Average financing costs % 1.7 1.7 0

  4. Slide 4: 1Q 2019 Results

    wae CA IMMO URBAN BENCHMARKS. 1Q 2019 RESULTS

  5. Slide 5: Reaping the first benefits of last year's strong portfolio growth

    1 1Q 2019 Results Reaping the first benefits of last year’s strong portfolio growth Profit and loss (€ m) 1Q 1Q +/- Earnings driver 1Q 2019 2019 2018 Rental income* 58.3 46.2 26.2%  In the first three months of 2019, rental income for CA Immo rose by a strong Net rental income 46.7 42.7 9.4% 9.8% t

  6. Slide 6: Strong start into the year with FFO I up

    1 1Q 2019 Results Strong start into the year with FFO I up 7% Funds from operations (€ m) 1Q 1Q +/- Earnings driver 1Q 2019 2019 2018 Net rental income 46.7 42.7 9.4%  Higher net rental income mainly driven by Warsaw Spire B, Visionary and Campus 6.1 acquisitions as well as the development project

  7. Slide 7: Strong start into the year with FFO I up

    1 1Q 2019 Results Strong start into the year with FFO I up 7% 1Q 2019 FFO I per share (yoy) (€) 1Q 2019 FFO II per share (yoy) (€) FFO I (€ m) 0.34 0.29 +7% 29.6 (1Q 2018: 27.7) +7% 0.32 0.28 -4% 0.30 0.27 0.28 0.26 FFO I per share (€) 0.26 0.25 0.32 (1Q 2018: 0.30) +7% 0.24 0.24 0.22 0.23 0.30 0.32

  8. Slide 8: Balance sheet as at March 31, 2019

    1 1Q 2019 Results Balance sheet as at March 31, 2019 Balance Sheet (€ m) 31.03.2019 31.12.2018 +/- Total debt* (€ bn) Investment properties 3,778.1 3,755.2 0.6% 2.0 (4Q 2018: 1.9) Properties under development 709.0 651.6 8.8% Own-used properties 14.3 5.2 173.5% Net debt (€ bn) Other long-term assets

  9. Slide 9: Balance sheet ratios

    1 1Q 2019 Results Balance sheet ratios Shareholders‘ equity / equity ratio** Equity ratio 53% 2.8 51% 51% 49% 55% 48% 48.4% (4Q 2018: 49.3%) 2.6 2.4 50% 45% 2.2 40% 2.0 35% Loan-to-value 1.8 30% 44.5% (4Q 2018: 43.5%) 1.6 1.4 2.1 2.2 2.4 2.6 2.7 25% 20% 2015 2016 2017 2018 2019 Equity (€ bn), lhs Eq

  10. Slide 10: EPRA NAV per share (undiluted) at € 33.46

    1 1Q 2019 Results EPRA NAV per share (undiluted) at € 33.46 31.03.2019 31.03.2019 NET ASSET VALUE Net Asset Value (€ m)* diluted undiluted 31.12.2018  EPRA NAV per share (undiluted) was up 0.5% NAV (IFRS equity) 2,651.6 2,651.6 2,639.6 since the beginning of the year. Exercise of options 211.8 0.0

  11. Slide 11: Financing

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  12. Slide 12: Stable financing structure

    2 Financing Stable financing structure* Average cost of debt Average financing costs** 3.10% 1.7% (4Q 2018: 1.7%) 2.90% 2.70% 2.50% Average debt maturity (years) 2.30% 2.10% 6.5 (4Q 2018: 6.4) 1.90% 1.7% 1.70% 1.50% 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2

  13. Slide 13: Well-balanced maturity profile and debt structure

    2 Financing Well-balanced maturity profile and debt structure DEBT STRUCTURE Debt maturity profile (€ m) 350  CA Immo’s debt structure is well-balanced between secured debt provided by a number 300 of financial institutions and capital markets 250 financings 200  Unsecured bonds do not carry a con

  14. Slide 14: Weighted average cost of debt and maturities

    2 Financing Weighted average cost of debt and maturities*  CoD/Maturities Outstanding debt Swaps  Cost of debt  Cost of debt  Debt maturity  Swap maturity (nominal value) (nominal value) excl. derivatives incl. derivatives (years) (years) Austria 168 81 1.89% 2.31% 8.6 10.0 Germany 509 286 1.02

  15. Slide 15: Portfolio

    wae CA IMMO URBAN BENCHMARKS. PORTFOLIO

  16. Slide 16: Property Portfolio (€ 4.6 bn) Core markets

    3 Property Portfolio (€ 4.6 bn) Core markets 16

  17. Slide 17: Property Portfolio: GAV growth of 2% qoq

    3 Property Portfolio* GAV growth of 2% qoq Portfolio by region and country (book value) Gross asset value (GAV) (€ bn) 4% 4.6 (4Q 2018: 4.5) 12% 9% Germany Austria Germany 8% Hungary 45% 45% Investment portfolio** (€ bn) CEE 11% Poland 3.8 (4Q 2018: 3.8) 42% Austria 11% Czechia Romania 12% Other Dev

  18. Slide 18: Core office focussed yielding portfolio across key economic centres in CE

    3 Investment Portfolio Core office focussed yielding portfolio across key economic centres in CE Investment portfolio split by region and country (book value) Gross asset value (GAV) (€ bn) 5% 3% 3.8 (4Q 2018: 3.8) 554 Germany Austria 15% 10% CEE Hungary 34% Investment portfolio size (m sqm) Germany

  19. Slide 19: High occupancy level and stable GIY maintained

    3 Investment Portfolio High occupancy level and stable GIY maintained Gross initial yield* 9.0 Gross initial yields 1Q 2019 4Q 2018 +/- 8.3 8.0 7.3 7.2 Investment portfolio 5.8 5.8 0.2% 7.0 6.2 6.0 Austria 5.3 5.3 -0.3% 5.8 6.0 5.3 Germany 4.5 4.5 0.5% 5.0 4.5 4.0 Czechia 6.0 6.6 -9.5% 3.0 Hungary 7

  20. Slide 20: Stable WALT level maintained / Balanced lease expiry profile

    3 Investment Portfolio Stable WALT level maintained / Balanced lease expiry profile WALT (years) WALT Austria (years) 7.0 6.7 4.5 (4Q 2018: 4.1) 6.0 5.0 4.5 4.4 4.3 4.0 3.7 3.1 WALT Germany (years) 3.0 2.9 2.3 6.7 (4Q 2018: 6.8) 2.0 1.0 0.0 WALT CEE (years) Germany Austria Romania Poland Other Czech

  21. Slide 21: Like-for-Like Performance

    3 Investment Portfolio Like-for-Like Performance Like-for-like Fair value Rental income** Yield (%) Occupancy (%) 1Q 2019* 1Q 2018 +/- 1Q 2019 1Q 2018 +/- 1Q 2019 1Q 2018 1Q 2019 1Q 2018 Austria 502.8 483.2 4.1% 26.7 27.3 -2.4% 5.3 5.7 89.2 92.6 Germany 1,239.9 1,168.9 6.1% 56.6 54.1 4.6% 4.6 4.6 99

  22. Slide 22: Major assets

    3 Investment Portfolio Major assets Largest investment properties (by value, € m) Largest investment properties (by sqm) Skygarden (Munich) 233 Millennium Towers (Budapest) 70,712 Kontorhaus (Munich) 188 River Place (Bucharest) 46,960 Millennium Towers (Budapest) 183 Kavci Hory (Prague) 42,265 River

  23. Slide 23: Major tenants

    3 Investment Portfolio Major tenants Top 20 tenants (by annualized rent) PWC 2.9% Frontex 2.7% Morgan Stanley 2.0% Google 2.0% Land Berlin 1.9% Total 1.8% Verkehrsbüro 1.7% Robert Bosch 1.6% Bundesanstalt für Immobilienaufgaben 1.6% KPMG 1.6% British American Tobacco 1.4% Top 20 31% of total InterCi

  24. Slide 24: Property Portfolio Overview

    3 Property Portfolio Overview Investment Investment Short-term Total property Total property Rentable area in Annualised Properties* properties under property assets assets assets (%) sqm *** rental income development ** (€ m) Austria 554 0 12 565 12 308,840 26.7 Germany 1,324 694 47 2,065 45 319,48

  25. Slide 25: External portfolio growth

    3 Portfolio Strategy External portfolio growth CEE ACQUISITIONS Investment portfolio growth by selective acquisitions in CEE (by value) 250  Around € 800 m were invested into core investment properties (incl. joint venture buy- 200 outs) in Central and Eastern Europe since 2013 150  CA Immo is wel

  26. Slide 26: Portfolio growth in 2018

    3 Portfolio Strategy Portfolio growth in 2018 PORTFOLIO GROWTH 2018 Investment portfolio additions in 2018* (€ m, book value) 500 + ~ € 485 m  Acquisitions of  € 220 m investment volume 450 with  70,600 sqm rental space and a 400 annualized rental income of  € 13 m 350  Achieving critical size

  27. Slide 27: Development

    wae CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  28. Slide 28: Portfolio / Development structure

    4 Portfolio & Development Portfolio / Development structure Total portfolio bridge (€ bn) Development investment volume bridge (€ m) 5.0 900.0 63 835 0.1 4.6 0.4 800.0 143 4.5 0.3 700.0 418 4.0 3.8 600.0 500.0 3.5 400.0 3.0 300.0 212 200.0 2.5 100.0 2.0 0.0 Investment Landbank Active Short-term Prop

  29. Slide 29: Growth strategy

    4 Development Growth strategy ORGANIC PORTFOLIO GROWTH Investment portfolio growth by own developments (by value) 700  Following completion of the KPMG building in 600 Berlin’s Europacity and VIE office in Vienna, two more newly developed buildings were added to 500 the portfolio in 4Q 2018: 400 

  30. Slide 30: Core market development activity

    4 Development Core market development activity 30

  31. Slide 31: Projects under construction

    4 Development Projects under construction Investment portfolio projects Investment Outstanding Planned Gross yield Main usage Share Pre-letting Construction volume* investment rentable on cost ratio phase area MY.O (Munich) 101.3 50.0 26,986 6.6 Office 100% 82% 2Q 17 – 2Q 20 Bürogebäude am Kunstcamp

  32. Slide 32: Projects under construction: Cube, Berlin

    4 Development Projects under construction (expected completion in 2019) - sold CUBE, BERLIN  Highly profitable forward sale of office property development  Development and initial letting by CA Immo on behalf of buyer   16,600 sqm planned lettable area  Total investment volume of approx. € 110

  33. Slide 33: Projects under construction: MY.B, Berlin

    4 Development Projects under construction (expected completion in 2019) MY.B, BERLIN  Total investment volume (incl. plot)  € 67 m  Outstanding investment  € 28 m  Rental area  14,700 sqm  Expected yield on cost  7.1%  Construction phase 3Q 2017 – 4Q 2019  Pre-let ratio  78% (incl. signed

  34. Slide 34: Büro am Kunstcampus BT 1 and BT 2, Berlin

    4 Development Projects under construction (expected completion in 2019) BÜRO AM KUNSTCAMPUS BT 1, Berlin BÜRO AM KUNSTCAMPUS BT 2, Berlin  Forward sale to ABDA (German Pharmacist  Total investment volume (incl. plot)  € 13 m Association)  Outstanding investment  € 6 m  Total investment volume

  35. Slide 35: Projects under construction: MY.O, Munich

    4 Development Projects under construction (expected completion in 2020) MY.O, MUNICH  Lettable area  27,000 sqm  Investment volume  € 101 m (incl. plot)  Outstanding investment  € 50 m  Expected yield on cost  6.6%  Construction phase 2Q 2017 – 2Q 2020  Pre-let ratio  82% (incl. signed co

  36. Slide 36: Projects under construction: NEO, Munich

    4 Development Projects under construction (expected completion in 2020) NEO, MUNICH  Mixed use  Office (8,500 sqm), hotel with 143 rooms  55 apartments (5,000 sqm)  Investment volume total  € 92 m (incl. plot)  Outstanding investment  € 43 m  Expected yield on cost  4.9%  Construction phas

  37. Slide 37: Projects under construction: ONE, Frankfurt

    4 Development Projects under construction (expected completion in 2021) ONE, FRANKFURT  Mixed use hotel/office high-rise (190 m, 49 floors)  Lettable area 66,200 sqm ( 85,000 sqm GFA)  Investment volume  € 367 m (incl. plot)  Outstanding investment  € 290 m  Expected yield on cost  5.1%  C

  38. Slide 38: Projects in planning stage: River City Prague

    4 Development Projects in planning stage MISSISSIPPI & MISSOURI OFFICES, RIVER CITY PRAGUE  Prime property development on plot adjacent to fully-let River City properties in Prague 8, one of Pragues‘ best developing city quarters  Lettable area  20,000 sqm  Investment volume  € 54 m (incl. plot

  39. Slide 39: Projects in planning stage

    4 Development Projects in planning stage Nordhafen, Berlin BF 4, Berlin DEVELOPMENT PIPELINE (lettable area)  Nordhafen, Berlin (office,  27,700 sqm)  BF 4, Berlin (office,  21,800 sqm)  HUB, Berlin (office,  10,200 sqm)  Hafeninsel IV, Mainz (residential, office,  6,400 sqm*)  Hafeninsel V

  40. Slide 40: Development Pipeline

    wae CA IMMO URBAN BENCHMARKS. DEVELOPMENT PIPELINE

  41. Slide 41: Total volume incl. projects under construction and pipeline

    4 Development Pipeline Total volume incl. projects under construction and pipeline ( € 5.6 bn)* THREE DEVELOPMENT PHASES Total pipeline including projects under construction and redevelopments (€ bn) 7.0  CA Immo divides its development pipeline based on current land reserves into three phases: 6.

  42. Slide 42: Pipeline projects out of land reserves

    4 Development Pipeline Pipeline projects out of land reserves ( € 4.05 bn)* SIGNIFICANT EMBEDDED VALUE OF LANDBANK Development pipeline by asset class (€ m) 5.0  CA Immo currently holds land reserves worth 4.5 1.99 0.12 4.20  € 290 m in addition to its projects under 4.0 Munich construction (with

  43. Slide 43: Pipeline projects for own investment portfolio

    4 Development Pipeline Pipeline projects for own investment portfolio ( € 1.8 bn)* DEVELOPMENT VOLUME FOR OWN PORTFOLIO Development pipeline for own investment portfolio (€ bn)  Office and hotel properties are developed 2,000 0.26 1,76 primarily for the company's own portfolio, whereas residential

  44. Slide 44: Residential pipeline projects for sale

    4 Development Pipeline Residential pipeline projects for sale ( € 1.9 bn)* RESIDENTIAL PIPELINE Residential pipeline by city (€ bn) 2,000 1.60 1.86  To make the best possible use of the significant organic growth potential in terms of profitability, CA Immo will develop also plots dedicated to 1,5

  45. Slide 45: Pipeline projects - Munich

    4 Development Pipeline Pipeline projects - Munich MUNICH CITY AND PERIHPERY  CA Immo has a successful residential development track record ( 1,600 apartments successfully developed standalone or in joint ventures), in particular on the Munich market.  The majority of CA Immo‘s building plots in M

  46. Slide 46: Pipeline projects - Berlin

    4 Development Pipeline Pipeline projects - Berlin EUROPACITY BERLIN  CA Immo has played a key role in shaping the Europacity district around Berlin’s main railway station, near the Reichstag building and the Chancellery.  In addition to the income-producing portfolio CA Immo is currently realizing

  47. Slide 47: Pipeline projects - Mainz

    4 Development Pipeline Pipeline projects - Mainz ZOLLHAFEN MAINZ  In a joint venture with Stadtwerke Mainz, CA Immo is developing one of the most attractive waterside locations in the region, in the heart of the city (mixed used quarter for around 2,500 people which will also create space for 4,000

  48. Slide 48: Governance

    wae CA IMMO URBAN BENCHMARKS. GOVERNANCE

  49. Slide 49: AGM / New CFO

    5 Governance AGM / New CFO AGM 2019  The 32nd Ordinary General Meeting of CA Immo was held on 9 May 2019.  The dividend proposal of 90 cents per share was approved (+12.5% yoy).  Dr. Monika Wildner and Jeffrey G. Dishner were elected to the Supervisory Board of CA Immo until 2023.  The resolutio

  50. Slide 50: 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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