Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Q2 2017 Earnings Presentation

31 slides from Ca Immobilien Anlagen's earnings presentation, Aug 24, 2017

  1. Slide 1: 2Q 2017 Results: Analyst and Investor Update

    2Q 2017 RESULTS ANALYST AND INVESTOR UPDATE August 24, 2017

  2. Slide 2: 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

  3. Slide 3: 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

  4. Slide 4: 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%

  5. Slide 5: 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

  6. Slide 6: 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

  7. Slide 7: 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

  8. Slide 8: Balance Sheet as at June 30, 2017

    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

  9. Slide 9: 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

  10. Slide 10: 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

  11. Slide 11: Financing

    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

  12. Slide 12: Financing

    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%

  13. Slide 13: 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

  14. Slide 14: Investment Portfolio

    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

  15. Slide 15: 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,

  16. Slide 16: Investment Portfolio: Königliche Direktion, Berlin

    Investment Portfolio Königliche Direktion, Berlin NEW LETTING  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 sqm  10-year lease agreement

  17. Slide 17: Development Strategy

    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 (Develop to own) Residential (Develop to sell) Core asset in core investment Core development in 1 Build to H

  18. Slide 18: Development Strategy

    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 of  € 4 bn development volume between 2017 and 2025 (lion

  19. Slide 19: 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

  20. Slide 20: Development: 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 –

  21. Slide 21: Appendix

    a= CA IMMO URBAN BENCHMARKS. APPENDIX

  22. Slide 22: Investment Portfolio: 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

  23. Slide 23: Development: 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

  24. Slide 24: Development: 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

  25. Slide 25: Development: 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

  26. Slide 26: Development: 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

  27. Slide 27: 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

  28. Slide 28: 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%

  29. Slide 29: 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

  30. Slide 30: 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

  31. Slide 31: Investor Relations Contact Details

    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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