Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (September 2017)

55 slides from Ca Immobilien Anlagen's investor presentation, September 2017

  1. Slide 1: Company Presentation September 2017

    COMPANY PRESENTATION September 2017

  2. Slide 2: Company Profile

    Company Profile Leading Investor and Developer of High-Quality Offices in Central Europe COMPANY PROFILE  Highly stable and resilient portfolio of high-quality core offices  Focus on eight core business hubs in Germany, Austria and CEE  Vienna  Berlin, Frankfurt, Munich  Warsaw, Prague, Budapes

  3. Slide 3: Strategic Framework in Exceptional Market Environment

    Strategy Strategic Framework in Exceptional Market Environment Portfolio strategy Financing strategy Core markets / assets Financing structure 1  Expansion of existing core cities  Maintain conservative financing structure with healthy equity base 1  Portfolio focus on high-quality large-scale of

  4. Slide 4: Agenda and Targets 2017

    Agenda and Targets 2017 FFO I of at least € 100 m as Key Financial Target Confirmed  Buy-out of of joint venture partner Union Investment in CEE portfolio Investment portfolio  Expansion of CEE portfolio through property acquisition Growth Development  Buy-out of JV partner Patrizia and construct

  5. Slide 5: 2Q 2017 Results

    a= CA IMMO URBAN BENCHMARKS. 2Q 2017 RESULTS

  6. Slide 6: 1H 2017 Highlights

    1H 2017 Highlights Strong letting performance  Anchor tenant leases signed for development projects MY.O, NEO and Tower ONE  Second anchor tenant lease signed for Orhideea Towers development project in Bucharest  Large scale letting at Königliche Direktion office building in Berlin  Large scale

  7. Slide 7: 1H 2017 Highlights

    1H 2017 Highlights  Solid top line growth by 13% per share despite rental income losses linked to non-strategic asset sales Net rental income per share  Improved operating margin at 90.4% (1H 2016: 88.7%) 0.86 (1H 2016: 0.76) +13%  Major driver: acquisition of Millennium Towers in Budapest, buy-o

  8. Slide 8: Profit and Loss

    Profit and Loss Strong 2Q EBITDA Uplift (+29%) and Lower Financing Expenses (-23%) P&L 1H 1H +/- 2Q 2Q +/- 2Q earnings driver 2017 2016 2017 2016 Rental income 88.6 81.3 8.9% 44.8 41.1 8.8%  Rental income up 9% yoy driven by CEE portfolio expansion Net rental income 80.1 72.1 11.0% 41.8 36.9 13.5%

  9. Slide 9: Funds from Operations (FFO)

    Funds from Operations (FFO) Half-year FFO I per Share at € 0.60 (+31% yoy) FFO 1H 1H 2Q 2Q +/- 2Q earnings driver 2017 2016 2017 2016 Net rental income  Net rental income increase by 11% driven by 80.1 72.1 11.0% 41.8 36.9 13.5% Result from services 5.8 6.1 -6.3% 3.0 3.1 -0.9%  Portfolio expansion

  10. Slide 10: Funds from Operations (FFO I)

    Funds from Operations (FFO I) FY 2017 guidance > € 100 m 1H FFO I per share (yoy) 2Q FFO I per share (yoy) FFO I 0.70 0.40 56.3 (1H 2016: 43.8) 0.60 +31% 0.35 +44% 0.50 0.30 FFO I per share 0.40 0.25 0.60 (1H 2016: 0.46) 0.30 0.20 0.20 0.15 0.46 0.60 0.24 0.35 0.10 0.10 FFO I guidance FY 2017 1H 16

  11. Slide 11: Balance Sheet as at June 30, 2017

    Balance Sheet as at June 30, 2017 Strong Equity Base Secures Growth Balance Sheet 30.06.2017 31.12.2016 +/- Investment properties 3,037.0 2,923.7 3.9% Properties under development 501.5 433.0 15.8%  Rock solid balance sheet metrics comfortably within Own-used properties 6.5 6.6 -2.7% strategic targ

  12. Slide 12: Rock Solid Financial Profile

    Balance Sheet as at June 30, 2017 Rock Solid Financial Profile LTV (net) Equity ratio 1,400 42% 51.0% (4Q 2016: 51.2%) 1,300 1,200 40% 39% 40% 1,100 37% 38% 1,000 35% 34% 36% 900 Loan-to-value (net) 800 34% 35.4% (4Q 2016: 34.2%) 700 600 1,079 1,061 1,191 1,168 1,280 32% 500 30% 2013 2014 2015 2016

  13. Slide 13: Net Asset Value (NAV)

    Net Asset Value (NAV) NAV Up 5.4% YTD (Dividend Adjusted) Net Asset Value 30.06.2017 31.12.2016 +/- NAV per share YTD 24.5 NAV (IFRS equity) 2,262.5 2,204.5 +2.7% Exercise of options 0.0 0.0 24.0 NAV after exercise of options 2,262.5 2,204.5 2.6% NAV per share 24.23 23.60 2.7% 23.5 Value adjustment

  14. Slide 14: Financing

    Financing February Bond Issuance Lowers Costs and Improves Maturity Profile Cost of debt Average weighted cost of debt 5.5% 5.1% 5.0% 2.2% (2Q 2016: 2.8%) 4.5% 4.1% 4.0% 3.5% 2.9% Interest rate hedging ratio 3.0% 2.3% 2.5% 2.2% 2.2% 85% (2Q 2016: 65%) 2.0% 2Q 2014 2014 2015 2016 1Q 2017 2Q 2017 Bond

  15. Slide 15: Financing: Hedging Ratio Up at 85%

    Financing* Hedging Ratio Up at 85% (2Q 2016: 65%) Hedging ratio Debt split Currency split Financing split Corporate bonds 15% 5% 5% UniCredit 6% 35% 35% Other 7% DG Hyp 28% 57% 7% Fixed 65% Erste Group Hedged 17% Helaba 100% EUR 18% Floating Corporate bonds Deutsche Hypo Secured debt BVK Debt maturi

  16. Slide 16: Weighted Average Cost of Debt and Maturities

    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 145 90 1.9% 2.2% 6.2 8.3 Germany 567 182 1.4% 2.8%

  17. Slide 17: Portfolio

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO

  18. Slide 18: Property Portfolio (€ 4.0 bn)

    Property Portfolio (€ 4.0 bn)* Germany Accounts for 46% of Portfolio Value PORTFOLIO STRUCTURE Portfolio split by region and country (€ m)  Total property asset base of € 4.0 bn 6%  Germany largest single core market 580 15% 7% 15%  Income- producing investment portfolio of € 3.3 bn Austria 7% 1,

  19. Slide 19: Investment Portfolio

    Investment Portfolio Stable Portfolio Yield qoq, Occupancy Up by 130 bps Portfolio occupancy (economic) Occupancy rate (economic) 95% 92.4% (2Q 2016: 92.3%) 94% 93% 92.4% 92.4% 92% 91.1% Gross initial yield 91% 90.7% 90.4% 6.0% (2Q 2016: 6.4%) 90% 89% 88% 4Q 2014 4Q 2015 4Q 2016 1Q 2017 2Q 2017 Like

  20. Slide 20: Investment Portfolio Metrics

    Investment Portfolio Portfolio Metrics* Gross initial yields Weighted average lease term (years) 8.0 9.0% 7.8% 7.7% 8.0% 7.0 7.1% 6.9% 6.6% 7.0% 6.0 5.7% 6.0% 6.0% 5.0 5.0% 4.6% 4.0 4.0% 3.0 3.0% 2.0 2.0% 1.0% 1.0 6.7 4.1 3.6 3.2 2.7 2.7 2.5 4.2 0.0% 0.0 Other** Romania Hungary Czechia Poland Austri

  21. Slide 21: Top Tenants and Properties

    Investment Portfolio Top Tenants and Properties Top 15 tenants (by annualized rent)* Top 15 yielding assets (by value) 6.3% Tower 185 (DE)** 2.2% Skygarden (DE) 1.9% Millennium Towers (HU) 1.9% Kontorhaus (DE) 1.9% River Place (RO) 1.9% John F. Kennedy - Haus (DE) 1.6% Kavci Hory (CZ) 1.6% Rennweg 1

  22. Slide 22: Königliche Direktion, Berlin

    Investment Portfolio Königliche Direktion, Berlin NEW LETTING UNLOCKS HIGHER RENTAL VALUE  Modern office space in historical setting located at Schöneberger Ufer close to Potsdamer Platz  Lettable area 24,800 sqm  New rental contract with the Institute for Federal Real Estate (BImA) for 15,000 sq

  23. Slide 23: Buy-out of JV Partner Union Investment

    Investment Portfolio Buy-out of JV Partner Union Investment (Prague/Budapest) Infopark, Budapest CEE PORTFOLIO EXPANSION  Buy-out of 49% JV-partner Union Investment*  Danube House, Prague (21,400 sqm)  Infopark, Budapest (13,700 sqm)  Acquisition of 100% led to full consolidation of assets  Pro

  24. Slide 24: Development

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  25. Slide 25: Significant Organic Growth Potential Decoupled from Investment Market

    Development Significant Organic Growth Potential Decoupled from Investment Market Tower 185, Frankfurt Tour Total, Berlin STRONG VALUE CREATION TRACK RECORD  Among leading office developers in Germany  Strong track record of blue chip tenant projects  Highly valuable land reserves in inner-city l

  26. Slide 26: Excellent Market Position to Fully Capture Strong Cycle in Germany

    Development Excellent Market Position to Fully Capture Strong Cycle in Germany Development anchor tenants Development track record (completed volume of  € 1.7 bn over last seven years) Completed… 196 Volume per year 68 542 527 € 1.7 bn 208 98 102 2009 2010 2011 2012 2013 2014 2015 Total All figures

  27. Slide 27: Development Pipeline Potential

    Review in progress Development Pipeline Potential* Total Development Volume by Segment (2017 – 2025) EXPANDED POTENTIAL VS INITIAL € 2 BN PIPELINE € 4.1 bn (2016: € 2.1 bn) 4.5  Inclusion and realisation of land plots previously earmarked for 4.0 sale 3.5  Full realisation of all land plots in cor

  28. Slide 28: Monetization of Development Pipeline

    Development Strategy Monetization of Development Pipeline Prime-quality landbank Development volume* ( € 300 m book value,  90% located in Germany) ( € 4.1 bn, 2017 – 2025) Office / Hotel (Core strategy: Develop to own) Residential (Core strategy: Develop to sell) Core asset in core investment Co

  29. Slide 29: Extension of Development Value Chain by Residential Segment

    Development Strategy Extension of Development Value Chain by Residential Segment Baumkirchen, Munich NEO, Munich RESIDENTIAL PROJECTS  Strategic decision to develop land earmarked for residential construction  Significant residential share (> 25%) of total development volume ( € 4 bn) between 201

  30. Slide 30: Investment Portfolio Strategy

    Investment Portfolio Strategy Europaviertel, Frankfurt TOWER ONE – START OF CONSTRUCTION TOWER 185 – START OF SALES PROCESS  Mixed use hotel/office high-rise (  85,000 sqm GFA)  Office high-rise (  100,000 sqm GFA)  CA Immo holding 100%  CA Immo holding 1/3  Construction start in 2Q 2017  Sa

  31. Slide 31: Tower ONE, Frankfurt

    Development Tower ONE, Frankfurt PROJECT UNDER CONSTRUCTION  Mixed use hotel/office high-rise (190 m, 49 floors)  Lettable area 63,400 sqm ( 85,000 sqm GFA)  Investment volume  € 332 m (incl. plot)  Outstanding investment  € 294 m  Expected yield on cost  5.4%  Construction phase 2Q 2017 –

  32. Slide 32: Steigenberger, Frankfurt

    Development Steigenberger, Frankfurt PROJECT UNDER CONSTRUCTION  Main usage hotel  Total investment volume (incl. plot) € 58 m  Outstanding construction costs  € 36 m  Planned lettable area 17,300 sqm  Yield on cost  6.3%  Pre-letting-ratio 94%  Construction phase 3Q 2016 – 1Q 2019 All figu

  33. Slide 33: Zollhafen, Mainz

    Development Zollhafen, Mainz Rheinallee III PROJECT UNDER CONSTRUCTION  Joint venture with Stadtwerke Mainz  Mixed/use development site of around 30 ha (realisation of approx. 355,000 sqm GFA in several phases  Rheinallee III (under construction)  Forward sale to Aberdeen Asset Management (€ 66

  34. Slide 34: MY.O, Munich

    Development MY.O, Munich PROJECT UNDER CONSTRUCTION  Lettable area  26,100 sqm  Investment volume  € 96 m (incl. plot)  Outstanding investment  € 76 m  Expected yield on cost  6.1%  Construction phase 2Q 2017 – 4Q 2019  Pre-lets  20%   5,000 sqm signed with consultancy in 2Q All figures

  35. Slide 35: NEO, Munich

    Development NEO, Munich PROJECT UNDER CONSTRUCTION  Mixed use  Office (8,5000 sqm), hotel with 143 rooms  55 apartments (for sale)  Investment volume  € 65 m (incl. plot)  Outstanding investment  € 48 m  Expected yield on cost  5.1%  Construction phase 1Q 2017 – 3Q 2019  Hotel tenant sign

  36. Slide 36: Berlin - Europacity

    Development Berlin - Europacity 36

  37. Slide 37: Europacity Berlin – Shaping a Prime Office Location

    Development Pipeline Potential Europacity Berlin – CA Immo is Shaping a Prime Office Location 37

  38. Slide 38: KPMG, Berlin

    Development KPMG, Berlin PROJECT UNDER CONSTRUCTION PHASE 2  Phase 1 (100% pre-let to KPMG)  Planned lettable area 12,700 sqm  Total investment volume (incl. plot) € 56 m  Outstanding construction costs  € 21 m  Expected yield on cost  5.8%  Construction phase 4Q 2015 - 2Q 2018  Phase 2 (hi

  39. Slide 39: Cube, Berlin

    Development Cube, Berlin PROJECT UNDER CONSTRUCTION  Highly profitable forward sale of office property development  Trophy Asset deal terms reflect booming market conditions in Berlin  Development and initial letting by CA Immo on behalf of buyer   17,000 sqm gross floor area  Total investment

  40. Slide 40: Orhideea Towers, Bucharest

    Development Orhideea Towers, Bucharest PROJECT UNDER CONSTRUCTION  Lettable area 36,900 sqm  Investment volume  € 74 m (incl. plot)  Outstanding investment  € 53 m  Expected yield on cost  8.3%  Construction phase 4Q 2015 – 2Q 2018  Pre-lets  65%  Misys  8,000 sqm  Bitdefender  9,300 s

  41. Slide 41: ViE, Vienna

    Development ViE, Vienna PROJECT UNDER CONSTRUCTION  Lettable area 14,700 sqm  Investment volume  € 38 m (incl. plot)  Outstanding investment  € 29 m  Expected yield on cost  6.3%  Construction phase 3Q 2016 – 3Q 2018  Excellent location between airport and city center  Negotiatons with pot

  42. Slide 42: Lände Residential Projects, Vienna

    Development Lände 3 Residential Projects, Vienna Laendyard Living Laendyard Living PROJECT UNDER CONSTRUCTION  Laendyard Living ( 18,400 sqm)  50/50 joint venture with Austrian residential expert JP Immobilien  Investment volume  € 58 m; 270 apartments (100%)  Construction phase 3Q 2016 – 3Q 2

  43. Slide 43: Projects under Construction for Own Balance Sheet

    Development Projects under Construction for Own Balance Sheet Investment portfolio Investment Outstanding Planned Gross yield Main usage Share Pre-letting Construction projects volume* investment rentable on cost ratio phase area ViE (Vienna) 38 29 14.700 6.3 Office 100% 6% 3Q 16 – 3Q 18 MY.O (Munic

  44. Slide 44: Projects under Construction for Sale

    Development Projects under Construction for Sale Trading portfolio projects Investment Outstanding Planned Main usage Share** Utilisation Construction volume* investment rentable area rate phase Cube (Berlin) 100 70 17,000 Office 100% 100% 4Q 16 – 4Q 19 Rieck I/ABDA (Berlin) 26 20 5,200 Office 100%

  45. Slide 45: Share Buy-Back Programme

    Share Buy-Back Programme Programme 2016/2017 to Continue SHARE BUY-BACK PROGRAMME 2015 SHARE BUY-BACK PROGRAMME 2016 (1Q) SHARE BUY-BACK PROGRAMME 2016 (2Q/3Q)  May 2015 – Dezember 2015  January 2016 – February 2016  April 2016 – September 2016  2,000,000 shares repurchased  1,000,000 shares re

  46. Slide 46: Appendix

    a= CA IMMO URBAN BENCHMARKS. APPENDIX

  47. Slide 47: Core Markets: Vienna

    Core Markets Vienna I CA IMMO-Projects under construction / in preparation HVE By Laendyard Districts a Innere Stadt Wien (City Center) 2) Loopoldstadt 3 LandstraBe Wien 4 Wieden 5 Margareten 6 Mariahilf 7 Neubau @ Josefstadt 9 Alsorgrund 10 Favoriten ii Simmering 2 Meidling 13 Hietzing 14 Ponzing 1

  48. Slide 48: Core Markets: Munich

    Core Markets Munich = CA IMMO CA IMMO-Projects under construction / in preparation MY.O NEO Urban quarter Baumkirchen Mitte CA IMMO Land Reserve AW Freimann Eggartensiedlung Ratoldstrafe Moosach Feldkirchen, Gleisdreieck Pasing Districts Altstadt - Lehel Ludwigsvorstadt - Isarvorstadt Maxvorstadt Sc

  49. Slide 49: Core Markets: Berlin

    Core Markets = CA IMMO Berlin Landmarks Central Station B Reichstag, Kanzleramt Brandenburger Tor Tift Potsdamer Platz I Reinickendorf Alexanderplatz — Airport Tegel 3 Airport Schénefeld a 1B D LE] Spandau CA IMMO Investment Properties Marzahn- Kirchstrahe 7 Hellersdorf Joachimsthaler StraBe 20 Char

  50. Slide 50: Core Markets: Frankfurt

    Core Markets Frankfurt HCA IMMO Investment Properties Meininger Hotel Skyline Plaza ‘Tower 185 HCA IMMO-Projects under construction / in preparation EE Mannheimer StraBe ‘Tower ONE © CA IMMO Land reserve ® Millenium Plot Districts Innenstadt I Innenstadt II Tnnenstadt IT Innenstadt IV Siid West Mitt

  51. Slide 51: Core Markets: Budapest

    Core Markets Budapest = CA IMMO BERBER BESHBESE05 wo Landmarks Central Station @ St.-Stephans-Basilika fd Parliament building (AY i Hero Squar Airport 9¢ CA IMMO Investment Properties IP West Infopark A Bartok Haz City Gate Millennium Towers R 70 Office Complex Vizivaros Office Center Canada Square

  52. Slide 52: Core Markets: Warsaw

    Core Markets Warsaw z= CA IMMO a Bas CA IMMO Investment Properties Saski Point Saski Crescent Sienna Center Warsaw Towers Wspolna Bitwy Warzawskiej Districts Bielany Bemowo Bialoteka Targéwek Praga Poludine Mokotéw Ocha Srédmiescie Wola Wiochy Wawer Prager Potnoc Ursynéw Wilanéw Wesola Ursus Zolibor

  53. Slide 53: Core Markets: Prague

    Core Markets Prague = CA IMMO | {BI D LE Landmarks Central Station ‘| Dancing House National Museum f@ Charles Bridge bet Prague Castle Ih Airport 3 CA IMMO Investment Prope: Kavci Hory Office Park Danube House Nile House Amazon Court CA IMMO Land reserve Plot River City Districts (1. - 22. District

  54. Slide 54: Core Markets: Bucharest

    Core Markets =z CA IMMO Bucharest @ Landmarks HN Central Station @ @ Palace of the Parliament D Airport x CA IMMO Investment Properties River Place Bf Opera Center 1 Opera Center 2 Europehouse Bucharest Business Park @ CA IMMO-Projects under construction / in preparation EI Orhideca "Sectors (1. - 6

  55. Slide 55: Investor Relations

    Investor Relations Contact Details Christoph Thurnberger Claudia Höbart Head of Capital Markets Investor Relations / Capital Markets Tel.: +43 (1) 532 59 07 504 Tel.: +43 (1) 532 59 07 502 E-Mail: christoph.thurnberger@caimmo.com E-Mail: claudia.hoebart@caimmo.com www.caimmo.com/investor_relations/

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