Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — FY2023 Earnings Presentation
34 slides from Ca Immobilien Anlagen's earnings presentation, Dec 31, 2023
Slide 1: Full Year 2023 Analyst & Investor Update
«FULL YEAR 2023 ZANALYST & INVESTOR UPDATE
Slide 2: Solid Business Profile & Stable Operational Performance
FY 2023 Results Solid Business Profile & Stable Operational Performance Key Metrics (€m) FY ‘23 FY ‘22 +/(-) 2023 Key Highlights Gross rental income 231.4 213.8 8.3% • Increased annualized rental income by 8% yoy and maintained stable occupancy of c. 89% with a simultaneous average Net rental income
Slide 3: Strong EBITDA Driven By Highly Profitable Sales Activities
FY 2023 Results Strong EBITDA Driven By Highly Profitable Sales Activities Key Metrics Profit and Loss (€m) FY ‘23 FY ‘22 +/(-) Q4 ‘23 Q4 ‘22 +/(-) Rental income 231.4 213.8 8.3% 58.7 55.7 5.5% 1 Rental Income up 8.3% at €231.4m and Net Rental 1 Net rental income 192.8 180.7 6.6% 49.4 44.4 11.2% Inc
Slide 4: Topline Growth Despite Ongoing Capital Rotation
FY 2023 Results Topline Growth Despite Ongoing Capital Rotation FY Q4 FY Q4 Rental Income Bridge (€m)1 Rental Rental Net Rental Net Rental Income Income Income Income €231m €59m €193m €49m +8% yoy +6% yoy +7% yoy +11% yoy Key Drivers ▪ Sales activities overcompensated by development completions and
Slide 5: Market Yield Expansion Partly Counterbalanced by Rising Rents
FY 2023 Results Market Yield Expansion Partly Counterbalanced by Rising In-Place and Market Rents FY Q4 Property Revaluation Result by Property Type & City (€m) Revaluation Revaluation Result Result Austria Germany CEE Total % of FY ‘22 BV (€532.0m) (€376.3m) Investment properties (29.2) (341.3) (86
Slide 6: FFO
FY 2023 Results FFO Funds From Operations (€m) FY ‘23 FY ‘22 +/(-) Q4 ‘23 Q4 ‘22 +/(-) Net rental income 192.8 180.7 6.6% 49.4 44.4 11.2% Income from services 2.8 5.2 (46.5%) 0.1 0.8 (86.6%) Other operating income/expenses excl. services 1.6 1.2 41.9% 1.3 0.7 92.8% Other operating income/expenses 4.
Slide 7: FFO I Bridge Reflecting Improved Quality and Market Concentration
FY 2023 Results FFO I Bridge Reflecting Improved Quality and Market Concentration YTD YTD FFO I Bridge (€m) FFO I FFO II €113.8m €244.7m (9%) yoy +87.2% yoy Key Drivers ▪ Net Rental Income growth mainly from ONE and Grasblau development completions, as well as higher rental income in investment prop
Slide 8: Balance Sheet Overview
FY 2023 Results Balance Sheet Overview Balance Sheet (€m) FY ‘23 FY ‘22 +/(-) Key Drivers 1 Investment properties 4,743.4 4,965.8 (4.5%) 1 Investment Properties down at €4,743m due to successful 2 Properties under development 344.1 596.6 (42.3%) non-core disposal activity and revaluation loss. Own-u
Slide 9: Total Shareholder Return
FY 2023 Results Total Shareholder Return 5Y Total Shareholder Return1 80 60 40 20 0 (20) (40) 2018 2019 2020 2021 2022 2023 CA Immo Peer Index 2 EPRA Developed ex UK Quarter To Date 12 Months 3 Years 5 Years CA Immobilien Anlagen AG 13% 30% 41% 71% Peer Index2 14% 0% (23%) (16%) EPRA Developed Europ
Slide 10: Priorities & Outlook
Priorities & Outlook Focus Areas €582m disposals closed in 2023 and additional non-core 1 Acceleration of non-core disposals disposals closed / signed / planned in 2024 Focus geographic footprint, divest JVs and outsource non- 2 Simplify business model core operations 3 Increase economies of scale /
Slide 11: Rendering: Potential development Hallesches Ufer, Berlin
Rendering: Potential development Hallesches Ufer, Berlin
Slide 12: Financing
Financing Financial Profile Debt Maturity Profile (€m) Hedging Ratio Total Debt 900 91% €2,670m 800 700 (100bps) yoy (5.4%) ytd 600 Already 500 repaid 400 Key Drivers 300 200 ▪ Total (re-)financing / repayment volume in 2023 of c. €350m. 100 - ▪ In 2024, secured financing activities will focus on th
Slide 13: Financing: Leverage and Interest Coverage
Financing Financial Profile Leverage (%) Interest Coverage (x) 55% 6.0x 50% 51.8% 5.0x 4.1x 45% 43.8% 4.0x 3.5x 40% 3.0x 3.1x 36.6% 35% 2.0x 30% 1.0x 25% 0.0x 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 FFO I Interest Cover FFO I Net Interest Cover Equity Ratio Loan-to-Value (Gross)
Slide 14: Rendering: Potential development Hallesches Ufer, Berlin
Rendering: Potential development Hallesches Ufer, Berlin
Slide 15: Total Portfolio
Portfolio Overview Total Portfolio Total Portfolio (GAV) 2018 2019 2020 2021 2022 2023 + / (-) Total Portfolio 1 €m 4,471 5,186 5,596 6,254 5,911 5,159 (12.7%) Investment Properties1 €m 3,760 4,299 4,729 4,995 4,979 4,754 (4.5%) Active Development Projects Under Construction €m 406 561 426 766 463 1
Slide 16: Investment Properties – KPIs (I)
Portfolio Overview Investment Properties – KPI‘s (I) Investment Properties1 2018 2019 2020 2021 2022 2023 + / (-) Properties # 74 77 79 74 64 63 (1) Gross Leasing Area (GLA) ‘000 sqm 1,404 1,443 1,374 1,320 1,115 1,101 (1.2%) Gross Asset Value (GAV) €m 3,760 4,308 4,736 4,995 4,979 4,754 (4.5%) Offi
Slide 17: Investment Properties – KPIs (II)
Portfolio Overview Investment Properties – KPI‘s (II) GLA (ksqm) FY ‘23 FY ‘22 +/(-) GAV (€ FY ‘23 FY ‘22 +/(-) GAV (€psqm) FY ‘23 FY ‘22 +/(-) Austria 129 132 (2.7%) Austria 319 377 (15.4%) Austria 2,475 2,848 (13.1%) Czechia 146 146 0.0% Czechia 464 473 (2.0%) Czechia 3,178 3,243 (2.0%) Germany 47
Slide 18: Investment Properties – Leasing Overview FY 2023
Portfolio Overview Investment Properties – Leasing Overview FY 2023 Market New Leasing Renewal Total Leasing Total GRI p.a. Average Office + / (-) to WAULT to WAULT to WAULT to (sqm) (sqm) (sqm) (€m) Rent (€ psqm) ERV (%) Break (Yrs.) End (Yrs.) Last Ext. (Yrs.) Berlin 8,337 11,956 20,293 4.7 33.9 2
Slide 19: Investment Properties – Like-for-Like Performance FY 2023
Portfolio Overview Investment Properties – Like-for-Like Performance FY 2023 Market Gross Asset Value (€m) Annualized Rent (€m) Gross Initial Yield (%) 1 SQM Occupancy (%) FY ‘23 FY ‘22 +/(-) FY ‘23 FY ‘22 +/(-) FY ‘23 FY ‘22 +/(-) FY ‘23 FY ‘22 +/(-) Austria 318.6 345.8 (7.9%) 20.9 18.2 14.8% 6.6 5
Slide 20: Development Properties – Overview
Portfolio Overview Development Properties – Overview Book Value Book Value Outstanding Main CAI # Buildable Total Costs Gross Yield Pre-Leased / City incl. JV‘s excl. JV‘s Construction Use Ownership Assets GLA (sqm) (€m) on Cost (%) Sold (%) (€m) (€m) Costs (€m) Upbeat Berlin Office 100% 1 34,911 11
Slide 21: Development Properties – Near-Term Pipeline (Europacity Submarket)
Portfolio Overview Development Properties – Near-Term Pipeline (Europacity Submarket) Reversionary Potential Europacity Berlin • A significant portion of CAI’s activity in Berlin is focused in the prime Europacity submarket, where significant development and leasing activity has taken place over the
Slide 22: Development Properties – Near-Term Pipeline – BF02
Portfolio Overview Development Properties – Near-Term Pipeline – BF02 Key Metrics GLA 15.820 sqm Total Costs (incl. Land plot) €131m Occupancy - Expected Yield on Cost 6.4% Expected Construction Start 2024 Key Features ▪ New beacon of sustainability made visible through hybrid timber construction ▪
Slide 23: Development Properties – Near-Term Pipeline – Humboldthafen
Portfolio Overview Development Properties – Near-Term Pipeline – Humboldthafen Key Metrics GLA 6.015 sqm Total Costs (incl. Land plot) €57m Occupancy -- Expected Yield on Cost 5.8% Expected Construction Start 2025 Key Features ▪ Exceptional waterfront location ▪ Unique architecture from UK based arc
Slide 24: Capital Rotation: Closed Disposals
Capital Rotation Closed Disposals 2023 # Property City Stage Sector Closing CAI GLA Annualized Headline + / (-) Ownership (sqm)1 Rent (€m) Price (€m)2 Book Value3 1 Rennweg 16 / Mechelgasse 1 Vienna Investment Property Mixed Use Q1 2023 100% 38,150 5.8 125.0 25% 2 Bodenseestraße 141 Munich Landbank
Slide 25: Capital Rotation: Select Pipeline Disposals
Capital Rotation Select Pipeline Disposals Ladehof Moosach, Munich Hafenblick II, Mainz Lassallestraße 47, Munich Country Germany Country Germany Country Germany Status Landbank Status Landbank Status Landbank Sector Light Industrial Sector Residential Sector Residential GLA 13,519 sqm GLA 17,000 sq
Slide 26: Consumption Overview
Consumption, Certification, Regulation Consumption Overview Whole Building Energy Intensity CA Immo Portfolio (kwh/sqm/a) Whole Building Energy Intensity Overview Peers (kwh/sqm/a)1 197 0 50 100 150 200 250 300 200 190 Peer 1 73 180 173 Peer 2 102 170 Peer 3 123 160 154 Peer 4 125 150 136 CA Immo 13
Slide 27: Certification Overview
Consumption, Certification, Regulation Certification Overview Certification Overview Peers1 Certified Portfolio (€m) 4,500 90% Sustainability Sustaina- 4,000 80% Company Certificates MSCI ISS ESG CDP EPRA sBPR lytics (% Portfolio) 3,500 70% CA Immo 67% A 9.6 C C Gold 3,000 60% Peer 4% AA 11.3 C+ A-
Slide 28: Regulation Milestones and Outlook
Consumption, Certification, Regulation Regulation Milestones and Outlook Key Year EU Regulation CA Immo Preparation and Reporting ▪ First Analysis and evaluation of the TSC of the EU Taxonomy. ▪ The Delegated Act on the first 2 environmental targets of EU ▪ Definition of first set of measurable ESG
Slide 29: Rendering: Potential development Hallesches Ufer, Berlin
Rendering: Potential development Hallesches Ufer, Berlin
Slide 30: Strategic Pillars
Corporate Strategy Strategic 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
Slide 31: Capital Rotation: Value Chain
Capital Rotation Value Chain • 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 • Mone
Slide 32: Balance Sheet Metrics
FY 2023 Results Balance Sheet Metrics Balance Sheet (€m) FY ‘23 FY ‘22 +/(-) Total assets 6,221.8 7,170.6 (13.2%) Property assets 5,159.0 5,910.5 (12.7%) Cash and cash equivalents 663.5 748.8 (11.4%) Cash deposits 75.1 75.0 0.1% Shareholders‘ equity 2,724.6 3,358.5 (18.9%) Total debt 2,670.1 2,822.5
Slide 33: Financial Calendar & Event Attendance
Capital Markets Financial Calendar & Event Attendance Financial Calendar 2023 20 March 2024 Publication of the Annual Result 2023 (Annual Financial 22 April 2024 Record date (AGM) Report) Cum Date/ Ex Date / Record Date / Payment Date 2 May 2024 37th Annual General Meeting (AGM) 6/7/8/13 May 2024 (D
Slide 34: 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