Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — Q3 2023 Earnings Presentation
28 slides from Ca Immobilien Anlagen's earnings presentation, Nov 29, 2023
Slide 1: Analyst & Investor Update Q1-3 2023
ANALYST & INVESTOR UPDATE Q1-3 2023 29 NOVEMBER 2023
Slide 2: Strong Business Profile & Stable Operational Performance
Q1-3 2023 Results Strong Business Profile & Stable Operational Performance Key Metrics (€m) Q1-3 ‘23 Q1-3 ‘22 +/(-) Operational Resilience Rental income 172.7 158.1 9.3% • Increased gross rental income (+9.3% to €172.7m) reflects recent project completions and higher rental Net rental income 143.4 1
Slide 3: Strong EBITDA Driven By Highly Profitable Sales Activities
Q1-3 2023 Results Strong EBITDA Driven By Highly Profitable Sales Activities Key Metrics Profit and Loss (€m) Q1-3 ‘23 Q1-3 ‘22 +/(-) Q3 ‘23 Q3 ‘22 +/(-) Rental income 172.7 158.1 9.3% 54.5 52.6 3.7% 1 Rental Income up 9.3% at €172.7m and Net Rental 1 Net rental income 143.4 136.3 5.2% 47.8 44.7 7.0
Slide 4: Topline Growth Despite Ongoing Capital Rotation
Q1-3 2023 Results Topline Growth Despite Ongoing Capital Rotation YTD Q3 YTD Q3 Rental Income Bridge (€m)1 Rental Rental Net Rental Net Rental Income Income Income Income €173m €55m €143m €48m +9% yoy +4% yoy +5% yoy +7% yoy Key Drivers Including indexation ▪ Sales activities overcompensated by deve
Slide 5: FFO
Q1-3 2023 Results FFO Funds from Operations (€m) Q1-3 ‘23 Q1-3 ‘22 +/(-) Q3 ‘23 Q3 ‘22 +/(-) Net rental income 143.4 136.3 5.2% 47.8 44.7 7.0% Income from services 2.7 4.5 (39.6%) 0.8 1.3 (35.3%) Other operating income/expenses 0.3 0.5 (33.8%) 0.1 0.1 >100% excl. services Other operating income/expe
Slide 6: FFO I Bridge Reflecting Non-Strategic Disposals
Q1-3 2023 Results FFO I Bridge Reflecting Non-Strategic Disposals YTD YTD FFO I Bridge (€m) FFO I FFO II €82.7m €158.7m –19.4% yoy +88.2% yoy Key Drivers ▪ Net Rental Income growth mainly from ONE & Grasblau development completions, as well as higher rental income in investment properties (incl. ind
Slide 7: Balance Sheet Overview
Q1-3 2023 Results Balance Sheet Overview Balance Sheet (€m) Q3 ‘23 FY ‘22 +/(-) Key Drivers 1 Investment properties 5,021.8 4,965.8 1.1% 1 Investment Properties slightly up at €5,022m due to 2 Properties under development 401.8 596.6 (32.7%) development completions overweighing successful non- Own-u
Slide 8: Total Shareholder Return
Q1-3 2023 Results Total Shareholder Return 5Y Total Shareholder Return (Gross Dividends) 1 80% 60% 40% 20% 0% (20%) (40%) 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 CA Immo Peer Index EPRA Developed ex UK Quarter To Date Year To Date 12 Months 3 Years 5 Years CA Immobilien Anlagen AG 18.3% 15
Slide 9: Priorities & Outlook
Priorities & Outlook Focus Areas €563m disposals closed in 2023 and additional non-core 1 Acceleration of non-core disposals disposals planned Focus geographic footprint, divest JVs and outsource non- 2 Simplify business model core operations 3 Increase economies of scale / core market and sector co
Slide 10: Financing
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Slide 11: Financial Profile: Debt Maturity
Financing Financial Profile Debt Maturity Profile (€m) Hedging Ratio Total Debt 900 91% €2,583m 800 700 -110bps ytd -8.5% ytd 600 500 400 Key Drivers 300 200 ▪ All 2023 maturities have all been repaid, prolonged or 100 refinanced (incl. €100m secured financing for fully let - 2023 2024 2025 2026 202
Slide 12: Financial Profile: Leverage and Interest Coverage
Financing Financial Profile Leverage (%) Interest Coverage (x) 55% 6.0x 50% 5.0x 47.9% 4.1x 45% 46.8% 4.0x 3.7x 40% 3.0x 3.1x 35% 2.0x 30% 30.4% 1.0x 25% 0.0x 2018 2019 2020 2021 2022 Q3 2023 2018 2019 2020 2021 2022 Q3 2023 FFO I Interest Cover FFO I Net Interest Cover Equity Ratio Loan-to-Value (G
Slide 13: Property
PROPERTY
Slide 14: Portfolio Overview: Total Portfolio
Portfolio Overview Total Portfolio Total Portfolio 2018 2019 2020 2021 2022 Q3 ‘23 + / (-) ytd Total Portfolio 1 €m 4,471 5,186 5,596 6,254 5,911 5,516 (6.7%) Investment Properties €m 3,760 4,308 4,736 4,995 4,979 5,034 1.1% Active Development Projects Under Construction €m 406 561 426 766 463 135 (
Slide 15: Investment Properties – KPIs (I)
Portfolio Overview Investment Properties – KPI‘s (I) Investment Properties 2018 2019 2020 2021 2022 Q3 ‘23 + / (-) ytd Properties # 74 77 79 74 64 63 (1) Gross Leasing Area (GLA) ‘000 sqm 1,404 1,443 1,374 1,320 1,115 1,094 (1.9%) Gross Asset Value (GAV) €m 3,760 4,308 4,736 4,995 4,979 5,034 1.1% O
Slide 16: Investment Properties – KPIs (II)
Portfolio Overview Investment Properties – KPI‘s (II) GLA (ksqm) Q3 ‘23 Q3 ‘22 +/(-) GAV (€m) Q3 ‘23 Q3 ‘22 +/(-) GAV (€psqm) Q3 ‘23 Q3 ‘22 +/(-) Austria 116 132 (12.6%) Austria 336 391 (14.0%) Austria 2,905 2,953 (1.6%) Czechia 146 146 (0.2%) Czechia 468 498 (6.0%) Czechia 3,212 3,410 (5.8%) German
Slide 17: Investment Properties – Leasing Overview Q1-3 2023
Portfolio Overview Investment Properties – Leasing Overview Q1-3 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 4,102 9,261 13,363 3.0 36.6
Slide 18: Investment Properties – Like-for-Like Performance Q1-3 2023
Portfolio Overview Investment Properties – Like-for-Like Performance Q1-3 2023 Market Gross Asset Value (€m) Annualized Rent (€m) Gross Initial Yield (%) 1 SQM Occupancy (%) 2 Q1-3 ‘23 Q1-3 ‘22 +/(-) Q1-3 ‘23 Q1-3 ‘22 +/(-) Q1-3 ‘23 Q1-3 ‘22 +/(-) Q1-3 ‘23 Q1-3 ‘22 +/(-) Austria 335.5 354.8 (5.4%) 1
Slide 19: Development Properties – KPIs
Portfolio Overview Development Properties – KPI‘s Book Book Costs Costs Yield GLA Total % Pre- Main CAI Value Value Spent To Be on Property Name City Assets Buildable Cost Leased Use Ownership incl. JV's excl. JV's excl. land Spent Cost (sqm) (€m) / Sold (€m) (€m) (€m) (€m) (%) Upbeat Berlin Office
Slide 20: Development Properties – Completion Hochhaus am Europaplatz, Berlin
Portfolio Overview Development Properties – Completion Hochhaus am Europaplatz, Berlin Key Metrics GLA 22,948 sqm GLA Office 21,666 sqm Total Costs €148m Book Value €225m Occupancy 100% GRI €9.0m Achieved Yield on Cost 6.2% Tenant Handover Q3 2023 Certification DGNB Gold targeted Key Features ▪ High
Slide 21: Development Properties – Mid-Term Pipeline
Portfolio Overview Development Properties – Mid-Term Pipeline BF02, Berlin Humboldthafen, Berlin GLA 16.225 sqm GLA 5.860 sqm Total Costs €121m Total Costs €49m Occupancy - Occupancy -- Expected Yield on Cost 6.6% Expected Yield on Cost 5.9% Expected Construction Start 2024 Expected Construction Sta
Slide 22: Capital Rotation: Closed Disposals
Capital Rotation Closed Disposals # 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 Mixed
Slide 23: Capital Rotation: Select Pipeline Disposals
Capital Rotation Select Pipeline Disposals ZigZag, Mainz Storchengasse 1, Vienna Mariahilferstraße 17, Vienna Country Germany Country Austria Country Austria Investment Investment Investment Status Status Status Property Property Property Sector Office Sector Office Sector Mixed-Use GLA 4,761 sqm GL
Slide 24: Appendix
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Slide 25: Corporate Strategy: 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 26: 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 27: Balance Sheet Metrics
Q1-3 2023 Results Balance Sheet Metrics Balance Sheet (€m) Q3 ‘23 FY ‘22 +/(-) Total assets 6,827.6 7,170.6 (4.8%) Property assets 5,515.5 5,910.5 (6.7%) Cash and cash equivalents 787.8 748.8 5.2% Cash deposits 75.0 75.0 0.0% Shareholders‘ equity 3,267.7 3,358.5 (2.7%) Total debt 2,583.5 2,822.5 (8.
Slide 28: Capital Markets/Investor Relations
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
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