Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — CA Immo — 1-3Q 2019 Earnings Presentation

48 slides from Ca Immobilien Anlagen's earnings presentation, Nov 20, 2019

  1. Slide 1: 1-3Q 2019 Results Analyst and Investor Update

    1-3Q 2019 Results Analyst and Investor Update November 20, 2019 All figures (€) as at 30 September 2019, unless otherwise stated

  2. Slide 2: Highlights

    Results Portfolio Development Financing Markets 1-3Q Results 2019 Highlights Results  In the first nine months of 2019, net rental income rose by 9.8% to € 143.2 m 1, largely due to strong portfolio expansion in 2018.  FFO I stood at € 101.4 (€ 1.09 per share) on the key date, an increase of 8.2%

  3. Slide 3: Overview: Key metrics

    Results Portfolio Development Financing Markets 1-3Q Results 2019 Overview Key metrics 1-3Q 2019 1-3Q 2018 +/- Rental income €m 164.8 141.5 18.9% Rental income (adjusted) 1 €m 155.3 141.5 9.7% Net rental income €m 144.4 130.5 10.7% Net rental income (adjusted) 1 €m 143.2 130.5 9.8% EBITDA €m 132.1 1

  4. Slide 4: 1-3Q 2019 Results

    a= CA IMMO URBAN BENCHMARKS. 1-3Q 2019 RESULTS

  5. Slide 5: Net profit up 31% yoy

    Results Portfolio Development Financing Markets 1-3Q Results 2019 Net profit up 31% yoy Profit and loss (€ m) 1-3Q 1-3Q yoy 3Q 3Q yoy Major earnings driver (3Q) 2019 2018 2019 2018 1 Rental income 164.8 141.5 16.4% 53.4 47.8 11.7% 1 Net rental income 144.4 130.5 10.7% 48.3 43.7 10.6%  Rental income

  6. Slide 6: Strong rental income growth of 10% yoy

    Results Portfolio Development Financing Markets 1-3Q Results 2019 Strong rental income growth of 10% yoy 1 Key drivers 1-3Q 19 rental income bridge (adjusted) 1 (€ m)  Positive top line development largely due to 250 strong portfolio expansion in 2018. 200  Completion of development projects KPMG

  7. Slide 7: Revaluation result reflects strong operations in Germany

    1-3Q Results 2019 Revaluation result reflects strong operations in Germany 1-3Q 19 revaluation result (€ m) 1-3Q 19 revaluation result (in % of 2018 value) Austria CEE Germany Total Austria CEE Germany Assets held for sale - -0.5 - -0.5 Assets held for sale - -3.4 - Investment properties -0.7 33.1 6

  8. Slide 8: 9M FFO I at €101.4m 8.1% above 2018

    Results Portfolio Development Financing Markets 1-3Q Results 2019 9M FFO I at € 101.4 m 8.1% above value of 2018 Funds from operations (€ m) 1-3Q 1-3Q yoy 3Q 3Q yoy Earnings driver (3Q) 2019 2018 2019 2018 1 Net rental income 144.4 130.5 10.7% 48.3 43.7 10.6% 1 Result from services 6.6 9.3 -28.9% 2.

  9. Slide 9: FFO I FY 2019 guidance confirmed

    Results Portfolio Development Financing Markets 1-3Q Results 2019 FFO I FY 2019 guidance of > € 125 m confirmed 1-3Q 19 FFO I (€ m) 1-3Q 19 FFO I bridge 102.5 +8.1% 100.0 97.5 95.0 92.5 93.7 101.4 101.4 90.0 1-3Q 18 1-3Q 19 3Q 19 FFO I (€ m) 38.0 +20.6% 36.0 34.0 32.0 30.0 30.5 36.8 28.0 3Q 18 3Q 19

  10. Slide 10: Balance sheet as at September 30, 2019

    Results Portfolio Development Financing Markets 1-3Q Results 2019 Balance sheet as at September 30, 2019 Balance sheet (€ m) 30.09.2019 31.12.2018 +/- Comments Investment properties 3,934.0 3,755.2 4.8% 1 Properties under development 844.8 651.6 29.7% Own-used properties  Incl. land reserves in Ger

  11. Slide 11: Balance sheet metrics

    Results Portfolio Development Financing Markets 1-3Q Results 2019 Balance sheet metrics as at September 30, 2019 Balance sheet 30.09.2019 31.12.2018 +/- Total assets €m 5,692.3 5,355.5 6.3% Property assets €m 4,851.3 4,470.6 8.5% Cash and cash equivalents €m 352.1 374.3 -5.9% Shareholders‘ equity €m

  12. Slide 12: EPRA NAV up 8.8% YTD (dividend adjusted)

    Results Portfolio Development Financing Markets 1-3Q Results 2019 EPRA NAV up 8.8% YTD (dividend adjusted) Net asset value (€ m) 30.09.2019 30.09.2019 31.12.2018 EPRA NAV per share (undiluted) YTD diluted undiluted 36.5 +8.8% 36.23 NAV (IFRS equity) 2,756.3 2,756.3 2,639.6 36.0 Exercise of options 2

  13. Slide 13: Portfolio

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO

  14. Slide 14: Property Portfolio: Key metrics

    Results Portfolio Development Financing Markets Property Portfolio Key metrics Property portfolio 30.09.2019 31.12.2018 +/- Gross asset value (GAV) €m 4,851 4,471 8.5% thereof investment properties €m 3,948 3,760 5.0% thereof investment properties under development 1 €m 844.8 651.6 29.7% thereof sho

  15. Slide 15: Gross asset value up 8.5% YTD

    Results Portfolio Development Financing Markets Property Portfolio Gross asset value up 8.5% YTD Key metrics (€ m) Portfolio by region and country (book value) 3Q 2019 FY 2018 Germany 12% 4% 8% Gross asset value (GAV) 4,851 4,471 Austria 8% Germany Hungary Investment properties 3,948 3,760 48% 48% P

  16. Slide 16: Core market snapshots

    Results Portfolio Development Financing Markets Investment Portfolio Core market snapshots Properties 13 Properties 8 Total area 179,100 sqm Total area 137,200 sqm Gross initial yield 4.3% Gross initial yield 6.0% Gross rental income € 28.9 m Gross rental income € 31.1 m Occupancy (economic) 95.7% O

  17. Slide 17: Core office focussed yielding portfolio across key economic centres

    Results Portfolio Development Financing Markets Investment Portfolio Core office focussed yielding portfolio across key economic centres in CE Key metrics Investment portfolio split by region and country (book value) 3Q 2019 FY 2018 Germany 5% 14% Gross asset value (€ m) 3,948 3,760 10% Austria 9% 3

  18. Slide 18: High occupancy level maintained

    Results Portfolio Development Financing Markets Investment Portfolio High occupancy level maintained Gross initial yield 1 Occupancy (economic) 1 9.0 8.4 100.0 98.9 8.0 98.0 7.3 96.1 95.8 6.8 95.6 96.0 95.0 7.0 94.1 6.0 5.9 94.0 6.0 5.6 5.2 91.6 92.0 5.0 4.3 90.0 89.2 4.0 88.0 3.0 86.0 2.0 84.0 1.0

  19. Slide 19: Strong leasing momentum continues

    Results Portfolio Development Financing Markets Investment Portfolio Strong leasing momentum continues WALT (to first break option, years) WALT (years) 7.0 6.2 3Q 2019 FY 2018 6.0 Austria 3.7 4.1 5.0 4.1 4.2 4.0 3.7 3.6 Germany 6.2 6.8 3.4 2.9 3.0 2.7 CEE 3.3 3.3 2.0 Office portfolio 3.8 4.0 1.0 0.0

  20. Slide 20: Like-for-Like performance

    Results Portfolio Development Financing Markets Investment Portfolio Like-for-Like performance Market Fair value Rental income P&L Yield (%) 1 Occupancy (%) 2 1-3Q 1-3Q 3Q 2019 3Q 2018 +/- 2019 2018 +/- 3Q 2019 3Q 2018 +/- 3Q 2019 3Q 2018 +/- 3Q 2019 3Q 2018 +/- Austria 510.0 500.1 2.0% 20.0 20.3 -1

  21. Slide 21: Major assets

    Results Portfolio Development Financing Markets Investment Portfolio Major assets Largest investment properties (value, € m) Largest investment properties (sqm) Skygarden (Munich) 233 Millennium Towers (Budapest) 70,637 Millennium Towers (Budapest) 192 River Place (Bucharest) 46,960 Kontorhaus (Muni

  22. Slide 22: Major tenants

    Results Portfolio Development Financing Markets Investment Portfolio Major tenants Top 10 tenants (annualized rent) Top 20 tenants (annualized rent) 1.6% 3.0% Tenant Industry City % 1.7% PWC Audit / Tax / Advisory Munich 3.0% 1.7% 2.7% Frontex Government / Public Administration Warsaw 2.7% Top 10 21

  23. Slide 23: Portfolio sustainability

    Results Portfolio Development Financing Markets Investment Portfolio Portfolio sustainability Comments Office portfolio certifications 1 (book value)  Developments for the own portfolio, especially in 14% Germany, lead to a young, state of the art high 20% class investment portfolio in sought-after

  24. Slide 24: Development

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  25. Slide 25: Development (Completed): Bürogebäude am Kunstcampus, Berlin

    Results Portfolio Development Financing Markets Development (Completed) Bürogebäude am Kunstcampus, Berlin Key metrics Total investment volume € 14.4 m Rental area 2,728 sqm Yield on cost 6.1% Completion 3Q 2019 Occupancy 100% Comments  Total investment volume excl. plot € 13.6 m.  100% leased to

  26. Slide 26: Development structure

    Results Portfolio Development Financing Markets Development Development structure Projects under construction (€ m) Projects under construction for own portfolio & for sale (€ m) 1 700 665 215 2% 210 8% 600 210 23% 500 205 400 343 200 21% Total investment 817.4 300 195 193 volume: € 874 m 200 190 10

  27. Slide 27: Projects under construction

    Results Portfolio Development Financing Markets Development Projects under construction Investment portfolio (projects Investment Outstanding Planned Gross Main Share 2 % Pre-let Scheduled for own balance sheet) volume investment rentable yield usage completion (€ m) 1 (€ m) area (sqm) on cost MY.O

  28. Slide 28: MY.B, Berlin

    Results Portfolio Development Financing Markets Development (Construction Phase) MY.B, Berlin Key metrics Total investment volume € 69.1 m Outstanding investment € 20.4 m Rental area 14,719 sqm Expected yield on cost 7.1% Scheduled completion 1Q 2020 Pre-let ratio 93% Comments  Total investment vol

  29. Slide 29: Cube, Berlin

    Results Portfolio Development Financing Markets Development (Construction Phase) Cube, Berlin Key metrics Total investment volume € 113.4 m Outstanding investment € 31.0 m Rental area 16,829 sqm Expected yield on cost 5.8% Scheduled completion 2Q 2020 Pre-let ratio 100% Comments  Total investment v

  30. Slide 30: My.O, Munich

    Results Portfolio Development Financing Markets Development (Construction Phase) My.O, Munich Key metrics Total investment volume € 101.3 m Outstanding investment € 34.0 m Rental area 26,986 sqm Expected yield on cost 6.7% Scheduled completion 2Q 2020 Pre-let ratio 92% Comments  Total investment vo

  31. Slide 31: NEO, Munich

    Results Portfolio Development Financing Markets Development (Construction Phase) NEO, Munich Key metrics Total investment volume € 96.1 m Outstanding investment € 29.4 m Rental area 19,273 sqm Expected yield on cost 1 5.4% Scheduled completion 2Q 2020 Pre-let ratio - Comments  Total investment volu

  32. Slide 32: ONE, Frankfurt

    Results Portfolio Development Financing Markets Development (Construction Phase) ONE, Frankfurt Key metrics Total investment volume € 411.7 m Outstanding investment € 314.0 m Rental area 66,249 sqm Expected yield on cost 5.3% Scheduled completion 1Q 22 Pre-let ratio 34% Comments  Total investment v

  33. Slide 33: Mississippi House & Missouri Park, Prague

    Results Portfolio Development Financing Markets Development (Construction Phase) Mississippi House & Missouri Park, Prague (River City) Key metrics Total investment volume € 66.2 m Outstanding investment € 55.3 m Rental area 21,300 sqm Expected yield on cost 6.2% Scheduled completion 3Q 2021 Pre-let

  34. Slide 34: Baufeld 04, Berlin

    Results Portfolio Development Financing Markets Development (Preparation Phase) Baufeld 04, Berlin Key metrics Total investment volume € 151.0 m Outstanding investment € 118.6 m Rental area 22,950 sqm Expected yield on cost 5.8% Scheduled completion 4Q 2023 Pre-let ratio 100% Comments  Total invest

  35. Slide 35: Baufeld 04, Berlin

    Results Portfolio Development Financing Markets Development (Preparation Phase) Baufeld 04, Berlin Reichstag MK8 Baufeld 04 (planned) Central Cube Station Baufeld 03 John F. Kennedy Tour KPMG Haus Total Federal Chancellery Intercity Hotel 35

  36. Slide 36: Hallesches Ufer, Berlin

    Results Portfolio Development Financing Markets Development (Preparation Phase) Hallesches Ufer, Berlin Key metrics Total investment volume € 70.4 m Outstanding investment € 56.6 m Rental area 12,700 sqm Expected yield on cost 7.1% Scheduled completion 2Q 2022 Pre-let ratio - Comments  Total invest

  37. Slide 37: Development Pipeline

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT PIPELINE

  38. Slide 38: Development Pipeline Overview

    Results Portfolio Development Financing Markets Development Pipeline Overview Comments  In 2007, CA Immo acquired the former Deutsche Bahn subsidiary Vivico with substantial land reserves in main German cities and an experienced development team. These land reserves set the basis for today’s develo

  39. Slide 39: Projects in planning stage

    Results Portfolio Development Financing Markets Development Pipeline Projects in planning stage Development pipeline Nordhafen, Berlin Freimann BF A, Munich Project City Usage GLA Freimann BF A Munich office 14,800 residential / Hafeninsel IV Mainz 6,400 office residential / Hafeninsel V Mainz 6,800

  40. Slide 40: Leading office investor in Germany

    Results Portfolio Development Financing Markets Development Pipeline Leading office investor in Germany Development pipeline by project status (sqm) Timeline projects under construction & future pipeline (sqm) 0 40,000 80,000 120,000 160,000 22% 2019 2020 Total area: 817.4  770,000 sqm 2021 2022 78

  41. Slide 41: Commercial development pipeline (earmarked for own portfolio)

    Results Portfolio Development Financing Markets Development Pipeline Commercial development pipeline (earmarked for own portfolio) Comments Development pipeline for own investment portfolio (€ bn)  Office and hotel properties are developed primarily for the 2,000 0.26 1.76 company's own portfolio,

  42. Slide 42: Residential development pipeline (earmarked for sale)

    Results Portfolio Development Financing Markets Development Pipeline Residential development pipeline (earmarked for sale) Comments Residential pipeline by city (€ bn) 1 2,000 1.60 1.86  To make the best possible use of the significant organic growth potential in terms of profitability, CA Immo wil

  43. Slide 43: Financing

    a= CA IMMO URBAN BENCHMARKS. FINANCING

  44. Slide 44: Well-balanced maturity profile and diversified debt structure

    Results Portfolio Development Financing Markets Financing Well-balanced maturity profile and diversified debt structure Debt structure 1 Debt maturity profile (€ m) 350  Well-staggered maturity profile with limited amounts due over the next two years. 300 250  Follow-up financings have been secure

  45. Slide 45: Weighted average cost of debt and maturities

    Results Portfolio Development Financing Markets Financing Weighted average cost of debt and maturities 1  CoD/Maturities (€ m) Outstanding debt Swaps  Cost of debt  Cost of debt  Debt maturity  Swap maturity (nominal value) (nominal value) excl. derivatives incl. derivatives (years) (years) Aus

  46. Slide 46: Capital Markets

    a= CA IMMO URBAN BENCHMARKS. CAPITAL MARKETS

  47. Slide 47: CA Immo share and shareholder structure

    Results Portfolio Development Financing Markets Capital Markets CA Immo share and shareholder structure Share related key figures Largest shareholders (by number of shares) Shareholder structure (by number of shares) 30.09.19 31.12.18 Starwood # of shares 98,808,336 98,808,336 Capital 6% Institution

  48. Slide 48: 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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