Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Q3 2018 Earnings Presentation

49 slides from Ca Immobilien Anlagen's earnings presentation, Nov 20, 2018

  1. Slide 1: 3Q 2018 Results Analyst and Investor Update

    3Q 2018 RESULTS ANALYST AND INVESTOR UPDATE November 20, 2018

  2. Slide 2: 3Q 2018 Highlights

    3Q 2018 Highlights Robust operating business  Net rental income up 5% yoy at € 43.7 m in the third quarter sustained  High portfolio occupancy maintained at 95.3%  FFO I was up 8% yoy at € 30.5 m in 3Q 18  FFO I fully on track with regard to full-year guidance of > € 115 m Portfolio growth accel

  3. Slide 3: 1-3Q 2018 Key Performance Indicators

    1-3Q 2018 Key Performance Indicators  Net rental income increase to € 130.5 m (2017: € 121.8 m) Net rental income per share  High operating margin maintained at 92.2% (1-3Q 2017: 91.3%) 1.40 (2017*: 1.31) +7%  Major driver: acquisition of Warsaw Spire B, KPMG Berlin office completion, large-scale

  4. Slide 4: Profit and Loss

    Profit and Loss Top Line Maintains Upward Trend P&L* 1-3Q 1-3Q +/- 3Q 3Q +/- 3Q earnings driver 2018 2017 2018 2017 Rental income 141.5 133.5 6.0% 47.8 45.0 6.3%  Rental income up 6% yoy Net rental income 130.5 121.8 7.1% 43.7 41.8 4.6%  Acquisition of Warsaw Spire B Other property development exp

  5. Slide 5: Funds from Operations (FFO)

    Funds from Operations (FFO) 1-3Q FFO I up 11% at € 93.7 m (€ 1.01 per Share) 3Q 2018 FFO I per share (yoy) 1-3Q 2018 FFO I per share (yoy) FFO I 0.34 1.05 +9% 93.7 (2017*: 84.2) +11% 0.32 1.00 +12% 0.30 0.95 0.28 FFO I per share 0.26 0.90 1.01 (2017*: 0.90) +12% 0.24 0.85 0.22 0.30 0.33 0.90 1.01 0.

  6. Slide 6: Funds from Operations (FFO)

    Funds from Operations (FFO) 3Q FFO I at € 30.5 m (+8% yoy) FFO** 1-3QH 1-3Q 3Q 3Q +/- 3Q earnings driver 2018 2017 2018 2017 Net rental income  Net rental income up 4.6% 130.5 121.8 7.1% 43.7 41.7 4.6% Result from services 9.3 7.6 22.6% 2.0 1.8 7.7%  Acquisition of Warsaw Spire B Other development

  7. Slide 7: Balance Sheet (September 30, 2018)

    Balance Sheet (September 30, 2018) Strong Equity Base Secures Growth Balance Sheet* 30.09.2018 31.12.2017 +/- Investment properties 3,354.6 3,155.7 6.3%  Rock solid balance sheet metrics comfortably within Properties under development strategic target range despite continuous balance sheet 670.7 57

  8. Slide 8: Net Asset Value (NAV)

    Net Asset Value (NAV) EPRA NAV per Share at € 31.13 EPRA NAV per share YOY Net Asset Value 30.09.2018 31.12.2017**** +/- 31.5 +11% 31.0 NAV (IFRS equity) 2,478.0 2,419.20 30.5 Exercise of options 0.0 0.0 30.0 29.5 NAV after exercise of options 2,478.0 2,419.2 2.4% 29.0 NAV per share 26.64 25.95 2.6%

  9. Slide 9: Financing

    a= CA IMMO URBAN BENCHMARKS. FINANCING

  10. Slide 10: Financing

    Financing Significant Financing Structure Optimisation Improves Cash Flow Resilience EXTENDED HEDGING RATIO AND MATURITIES Average cost of debt 3.10%  Average financing costs stood at 1.72% at reporting date (1.56% excluding interest rate 2.90% hedges) compared to 2.0% in 3Q 2017 2.70% 2.50%  The

  11. Slide 11: Financing: Debt Structure

    Financing Debt Structure WELL-BALANCED DEBT STRUCTURE Debt structure* (€ m) Unsecured debt (€ m)  CA Immo’s debt structure is well-balanced 4% 4% 5% Bonds between secured debt provided by a number of UniCredit 200 financial institutions and capital markets 20% financings (> 40% of total financial l

  12. Slide 12: 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 170.0 82.0 1.88% 2.31% 9.1 10.4 Germany 513.7 288.

  13. Slide 13: Portfolio

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO

  14. Slide 14: Property Portfolio (€ 4.1 bn)

    Property Portfolio (€ 4.1 bn)* Largest Single Market Germany Accounts for 45% of Portfolio Value PORTFOLIO STRUCTURE Portfolio split by region and country (book value)  Total property asset base of € 4.1 bn 2% 2% Germany  Thereof income- producing investment 550 Austria 13% 8% properties of € 3.4

  15. Slide 15: Investment Portfolio (€ 3.4 bn)

    Investment Portfolio (€ 3.4 bn) Core Office Focussed Yielding Portfolio Across Key Economic Centres in CE STANDING INVESTMENTS Investment portfolio split by region and country (book value)  Total income-producing property asset base of 3% 3% Germany  € 3.4 bn 550 Austria 8%  Germany accounts for

  16. Slide 16: Investment Portfolio: Occupancy and Yield

    Investment Portfolio Stable Portfolio Yield qoq, Occupancy Exceeds 95% Portfolio occupancy (economic)** Occupancy rate (economic) 96% 95.3% 95.3% (3Q 2017: 93.6%) 95% 94% 93% Gross initial yield 92% 6.1% (3Q 2017: 6.0%) 91% 90% 89% 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 Like-for lik

  17. Slide 17: Investment Portfolio: Portfolio Metrics

    Investment Portfolio Portfolio Metrics Occupancy* (economic) Gross initial yields (economic) 100% 9% 98.7% 8.1% 8.1% 97.7% 98% 97.1% 8% 7.7% 7.2% 6.9% 6.9% 96% 95.3% 7% 94.2% 6.1% 94% 6% 5.5% 92.3% 92.1% 91.9% 91.9% 92% 5% 4.7% 90% 4% 88% 3% Germany Czechia Poland Romania Austria Other* Hungary Serb

  18. Slide 18: Investment Portfolio: Like-for-Like Performance

    Investment Portfolio Like-for-Like Performance Like-for-like Fair value Rental income* Yield (%) Occupancy (%) 3Q 2018 3Q 2017 +/- 3Q 2018 3Q 2017 +/- 3Q 2018 3Q 2017 3Q 2018 3Q 2017 Austria 511.1 503.3 1.6% 27.9 29.2 -4.4% 5.5 5.8 92.3 95.9 Germany 1,116.8 1,037.2 7.7% 53.4 50.3 6.1% 4.8 4.8 98.6 9

  19. Slide 19: Investment Portfolio: Major Assets

    Investment Portfolio Major Assets Largest investment properties (by value, € m) Largest investment properties (by sqm) Skygarden (Munich) 217 Millennium Towers (Budapest) 70,712 Millennium Towers (Budapest) 178 River Place (Bucharest) 46,960 Kontorhaus (Munich) 175 Kavci Hory (Prague) 42,265 River P

  20. Slide 20: Investment Portfolio: Major Tenants

    Investment Portfolio Major Tenants Top 20 tenants (by annualized rent) PWC 3.1% Frontex 2.9% Verkehrsbüro 2.2% Morgan Stanley 2.2% Google 2.1% Land Berlin 2.0% TOTAL 1.9% Robert Bosch 1.7% KPMG 1.7% Bundesanstalt für Immobilienaufgaben 1.7% InterCityHotel 1.5% Top 20 33% of total British American To

  21. Slide 21: Property Portfolio Overview

    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 549.9 0.0 0.0 549.9 13.5 316,322 27.9 Germany 1,190.2 593.5 40.8 1,

  22. Slide 22: Portfolio Growth

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO GROWTH

  23. Slide 23: Portfolio Strategy: Organic Portfolio Growth

    Portfolio Strategy Dual Growth Strategy Gains Further Momentum ORGANIC PORTFOLIO GROWTH Investment portfolio growth by own developments (by value) 400  Following completion of the KPMG building in 350 Berlin’s Europacity and VIE office in Vienna, two more newly developed buildings will be added to

  24. Slide 24: Portfolio Strategy: External Portfolio Growth

    Portfolio Strategy Dual Growth Strategy Gains Further Momentum EXTERNAL PORTFOLIO GROWTH 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) since 2013 150  CA Immo is well pos

  25. Slide 25: Portfolio Strategy: Portfolio Growth 2018

    Portfolio Strategy Dual Growth Strategy Gains Further Momentum PORTFOLIO GROWTH 2018 Investment portfolio growth in 2018* (€ m, book value) 4,500  Acquisitions of  € 220 m investment volume with  66,700 sqm rental space and a 4,400 + € 480 m annualized rental income of  € 13 m 4,300  Achieving

  26. Slide 26: Acquisition of a Prime Office Building in Prague

    Portfolio Strategy: External Growth Acquisition of a Prime Office Building in Prague in 2018 VISIONARY OFFICE BUILDING  Acquisition of Visionary building in Prague with a lettable area of  23,000 sqm from Skanska  Transaction volume  € 68 m  Completed in April 2018  Current occupancy of close

  27. Slide 27: Expansion of CEE Asset Base: Prague

    Portfolio Strategy: Expansion of CEE Asset Base Prague 27

  28. Slide 28: Acquisition of a Prime Office Building in Bucharest

    Portfolio Strategy: External Growth Acquisition of a Prime Office Building in Bucharest in 2018 CEE PORTFOLIO EXPANSION  Acquisition of Campus 6.1 building in Bucharest with a lettable area of  22,000 sqm from Skanska  Transaction volume  € 53 m  Completion planned in 3Q 2018  Closing conditio

  29. Slide 29: Expansion of CEE Asset Base: Bucharest

    Portfolio Strategy: Expansion of CEE Asset Base Bucharest 29

  30. Slide 30: Acquisition of a Prime Office Building in Warsaw

    Portfolio Strategy: External Growth Acquisition of a Prime Office Building in Warsaw in 2018 CEE PORTFOLIO EXPANSION  Acquisition of Warsaw Spire Building C in Warsaw with a lettable area of  21,700 sqm from Ghelamco  Transaction volume  € 100 m  100% let multi-tenant building with an average r

  31. Slide 31: Expansion of CEE Asset Base: Warsaw

    Portfolio Strategy: Expansion of CEE Asset Base Warsaw &C 31

  32. Slide 32: Development

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  33. Slide 33: Projects under Construction for Own Investment Portfolio

    Development Projects under Construction for Own Investment Portfolio Investment portfolio Investment Outstanding Planned Gross yield Main usage Share Pre-letting Construction projects volume* investment rentable on cost ratio phase area Orhideea Towers (Bucharest) 73.9 18.1 36,900 8.8 Office 100% 71

  34. Slide 34: 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 Rheinallee III (Mainz) 59.6 9.0 19,700 Residential 100% 100% 3Q 16 – 4Q 18 Bürogebäude am Kunstcampus – 3

  35. Slide 35: Completed Projects: KPMG, Berlin

    Development Completed Projects KPMG, BERLIN PHASE 2  Phase 1 (12,800 sqm) successfully completed and handed over to the tenant in March 2018  100% of space let to KPMG  Total investment volume (incl. plot) € 57 m  Yield on cost  5.7%  Phase 2 (Baufeld 04 project) in preparation  Adjacent high

  36. Slide 36: Completed Projects: VIE, Vienna

    Development Completed Projects VIE, VIENNA  Lettable area 14,700 sqm  Investment volume  € 38 m (incl. plot)  Outstanding investment  € 9 m  Expected yield on cost  6.6%  Construction phase 3Q 2016 – 3Q 2018  Letting ratio  40% All figures (€) as at 30 September 2018, unless otherwise stat

  37. Slide 37: Completed Projects (Sold): Laendyard Living, Vienna

    Development Completed Projects (Sold) LAENDYARD LIVING, VIENNA  50/50 joint venture with Austrian residential developer JP Immobilien  Investment volume  € 31 m (CA Immo share: 50%)  270 apartments ( 18,800 sqm)  Construction phase 3Q 2016 – 3Q 2018 All figures (€) as at 30 September 2018, unl

  38. Slide 38: Orhideea Towers, Bucharest

    Development Projects Under Construction (Completion in 2018) ORHIDEEA TOWERS, BUCHAREST  Lettable area 36,900 sqm  Investment volume  € 74 m (incl. plot)  Outstanding investment  € 18 m  Expected yield on cost  8.8%  Construction phase 4Q 2015 – 4Q 2018  Letting ratio  72% All figures (€)

  39. Slide 39: InterCity Hotel, Frankfurt

    Development Projects Under Construction (Completion in 2018) INTERCITY HOTEL, FRANKFURT  Main usage hotel  Total investment volume (incl. plot) € 58 m  Planned lettable area 17,300 sqm  Yield on cost  6.2%  Letting ratio  99%  Construction phase 3Q 2016 – 4Q 2018 All figures (€) as at 30 Sep

  40. Slide 40: Cube, Berlin

    Development Projects Under Construction (Expected Completion in 2019) CUBE, BERLIN  Highly profitable forward sale of office property development  Development and initial letting by CA Immo on behalf of buyer   17,200 sqm gross floor area  Total investment volume of approx. € 106 m (incl. plot)

  41. Slide 41: MY.B, Berlin

    Development Projects Under Construction (Expected Completion in 2019) MY.B, BERLIN  Total investment volume (incl. plot)  € 67 m  Outstanding investment  € 37 m  Rental area  14,800 sqm  Expected yield on cost  6.9%  Construction phase 3Q 2017 – 4Q 2019  Pre-let ratio  63% All figures (€)

  42. Slide 42: MY.O, Munich

    Development Projects Under Construction (Expected Completion in 2020) MY.O, MUNICH  Lettable area  27,000 sqm  Investment volume  € 96 m (incl. plot)  Outstanding investment  € 57 m  Expected yield on cost  6.4%  Construction phase 2Q 2017 – 2Q 2020  Pre-let ratio  33% (incl. signed contr

  43. Slide 43: NEO, Munich

    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  € 37 m  Expected yield on cost  4.9%  Construction phase

  44. Slide 44: ONE, Frankfurt

    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  € 363 m (incl. plot)  Outstanding investment  € 336 m  Expected yield on cost  5.2 %  Co

  45. Slide 45: Projects in Planning Stage: River City Prague

    Development Projects in Planning Stage MISSISSIPPI & MISSOURI OFFICES, RIVER CITY PRAGUE  Prime property development on plot adjacent to fully-let River City properties  Lettable area 20,000 sqm  Investment volume  € 54 m (incl. plot)  Outstanding investment  € 44 m  Expected yield on cost 

  46. Slide 46: Appendix

    a= CA IMMO URBAN BENCHMARKS. APPENDIX

  47. Slide 47: Market Environment CEE

    Market Environment CEE Strong Economic Framework Prime office yields Prime office rents (€/sqm/month) 10.50% 28.00 9.50% 26.00 8.50% 24.00 7.50% 22.00 6.50% 20.00 18.00 5.50% 16.00 4.50% 14.00 3.50% 12.00 2.50% 10.00 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3

  48. Slide 48: Market Environment Germany

    Market Environment Germany Outstanding Property Market Conditions Prime office yields Prime office rents (€/sqm/month) 6.00% 5.50% 45.00 5.00% 40.00 4.50% 35.00 4.00% 30.00 3.50% 3.00% 25.00 2.50% 20.00 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q

  49. Slide 49: Investor Relations Contact Details

    Investor Relations Contact Details Christoph Thurnberger Claudia Höbart Head of Capital Markets Head of Corporate Office 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/ DISCLAIMER T

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