Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — CA Immo — H1 2019 Earnings Presentation

43 slides from Ca Immobilien Anlagen's earnings presentation, Aug 21, 2019

1. Slide 1: 2Q 2019 Results - Analyst and Investor Update

   2Q 2019 Results Analyst and Investor Update August 21, 2019 All figures (€) as at 30 June 2019, unless otherwise stated

2. Slide 2: Half-year 2019 Highlights

   Results Portfolio Financing Development Half-year 2019 Highlights Results  In the first six months of 2019, net rental income rose by 9.8% to € 95.3 m (adjusted for the IFRS 16 effect in the amount of € 0.8 m), largely due to strong portfolio expansion in 2018.  FFO I stood at € 64.5 (€ 0.69 per s

3. Slide 3: Half-year results 2019 Overview

   Results Portfolio Financing Development Half-year results 2019 Overview Key metrics 1H 2019 1H 2018 +/- Rental income €m 111.4 93.8 18.9% Rental income (adjusted) 1 €m 103.1 93.8 9.9% Net rental income €m 96.1 86.8 10.7% Net rental income (adjusted) 1 €m 95.3 86.8 9.8% EBITDA €m 82.7 79.3 4.3% EBIT

4. Slide 4: 2Q 2019 Results

   wae CA IMMO URBAN BENCHMARKS. 2Q 2019 RESULTS

5. Slide 5: Half-year results 2019 Profit and loss

   Results Portfolio Financing Development Half-year results 2019 Overview Profit and loss (€ m) 1H 1H yoy 2Q 2Q yoy Major earnings driver (2Q) 2019 2018 2019 2018 1 Rental income 111.4 93.8 18.9% 53.2 47.6 11.8% 1 Net rental income 96.1 86.8 10.7% 49.4 44.1 12.0%  Increase driven by portfolio Other p

6. Slide 6: Portfolio expansion drives rental income growth

   Results Portfolio Financing Development Half-year results 2019 Portfolio expansion drives rental income growth Key drivers Rental income bridge (adjusted for IFRS 16 effects) (€ m)  Positive top line development largely due to 160 strong portfolio expansion in 2018. 140  Completion of development

7. Slide 7: 1H FFO I at € 64.5 m 2.1% above value of 2018

   Results Portfolio Financing Development Half-year results 2019 1H FFO I at € 64.5 m 2.1% above value of 2018 Funds from operations (€ m) 1H 1H yoy 2Q 2Q yoy Earnings driver (2Q) 2019 2018 2019 2018 1 Net rental income 96.1 86.8 10.7% 49.4 44.1 12.0% 1 Result from services 4.3 7.3 -41.8% 2.4 3.6 -33.

8. Slide 8: FFO I FY 2019 guidance confirmed

   Results Portfolio Financing Development Half-year results 2019 FFO I FY 2019 guidance confirmed Comments FFO I track record / Guidance 2019 (€ m) 140  FFO I guidance of > € 125 m for FY 2019 > 125 confirmed 120  Dividend guidance 70% payout of FFO I 100 60.5 80 60 40 20 80.8 91.7 106.8 118.5 64.5

9. Slide 9: Balance sheet as at June

   Results Portfolio Financing Development Half-year results 2019 Balance sheet as at June 30 Balance sheet (€ m) 30.06.2019 31.12.2018 +/- Comments Investment properties 3,841.4 3,755.2 2.3% 1 Properties under development 804.8 651.6 23.5% Own-used properties  Incl. land reserves in Germany 13.8 5.2

10. Slide 10: Balance sheet metrics as at June

    Results Portfolio Financing Development Half-year results 2019 Balance sheet metrics as at June 30 Balance sheet 30.06.2019 31.12.2018 +/- Total assets €m 5,555.1 5,355.5 3.7% Property assets €m 4,711.5 4,470.6 5.4% Cash and cash equivalents €m 317.5 374.3 -15.2% Shareholders‘ equity €m 2,670.3 2,63

11. Slide 11: EPRA NAV up 5.0% YTD (dividend adjusted)

    Results Portfolio Financing Development Half-year results 2019 EPRA NAV up 5.0% YTD (dividend adjusted) Net asset value (€ m) 30.06.2019 30.06.2019 31.12.2018 EPRA NAV per share (undiluted) YTD diluted undiluted 35.5 NAV (IFRS equity) 2,670.2 2,670.2 2,639.6 34.96 +5.0% Exercise of options 214.1 0.0

12. Slide 12: Portfolio

    wae CA IMMO URBAN BENCHMARKS. PORTFOLIO

13. Slide 13: Property Portfolio Key metrics

    Results Portfolio Financing Development Property Portfolio Key metrics Property portfolio 30.06.2019 31.12.2018 +/- Gross asset value (GAV) €m 4,711 4,471 5.4% thereof investment portfolio €m 3,855 3,760 2.5% thereof development assets €m 572 388 47.6% thereof land reserves €m 232 264 -11.9% thereof

14. Slide 14: Core market snapshots (Investment portfolio)

    Results Portfolio Financing Development Property Portfolio Core market snapshots (Investment portfolio) Properties 12 Properties 8 Total area 176,400 sqm Total area 137,200 sqm Gross initial yield 4.8% Gross initial yield 6.2% Annualised rent € 28.8 m Annualised rent € 31.4 m Occupancy (economic) 99

15. Slide 15: Property portfolio up 3.3% qoq

    Results Portfolio Financing Development Property Portfolio Property portfolio up 3.3% qoq Key metrics Portfolio by region and country (book value) 2Q 2019 1Q 2019 12% 4% 8% Gross asset value (GAV) (€ m) 4,711 4,560 Germany Germany 8% Austria Investment portfolio (€ m) 3,855 3,792 Hungary 46% CEE 46%

16. Slide 16: Core office focussed yielding portfolio across key economic centres in CE

    Results Portfolio Financing Development Investment Portfolio Core office focussed yielding portfolio across key economic centres in CE Key metrics Investment portfolio split by region and country (book value) 2Q 2019 1Q 2019 14% 5% Germany Gross asset value (€ m) 3,855 3,792 10% CEE Austria 35% Lett

17. Slide 17: High occupancy level and stable GIY maintained

    Results Portfolio Financing Development Investment Portfolio High occupancy level and stable GIY maintained Gross initial yield 1 Occupancy (economic) 1 9.0 8.4 100.0 99.2 8.0 7.4 98.0 6.9 96.6 7.0 6.2 96.0 95.3 95.1 95.3 5.8 5.7 6.0 5.3 93.6 93.5 94.0 5.0 4.5 92.0 4.0 89.6 3.0 90.0 2.0 88.0 1.0 86.

18. Slide 18: Stable WALT level maintained / Balanced lease expiry profile

    Results Portfolio Financing Development Investment Portfolio Stable WALT level maintained / Balanced lease expiry profile Key metrics WALT (years) 7.0 6.4 2Q 2019 1Q 2019 6.0 WALT Austria (years) 3.8 4.5 5.0 4.2 4.2 3.8 3.7 WALT Germany (years) 6.4 6.7 4.0 3.0 3.0 3.0 WALT CEE (years) 3.2 3.3 2.3 2.

19. Slide 19: Like-for-Like performance

    Results Portfolio Financing Development Investment Portfolio Like-for-Like performance Like-for-like Fair value Rental income 2 Yield (%) 4 Occupancy (%) 5 2Q 20191 2Q 2018 +/- 2Q 2019 2Q 2018 +/- 2Q 2019 2Q 2018 2Q 2019 2Q 2018 Austria 504.6 483.6 4.4% 26.5 27.2 -2.3% 5.3 5.6 89.6 92.2 Germany 1,25

20. Slide 20: Major assets

    Results Portfolio Financing Development Investment Portfolio Major assets Largest investment properties (value, € m) Largest investment properties (sqm) Skygarden (Munich) 233 Millennium Towers (Budapest) 70,637 Millennium Towers (Budapest) 191 River Place (Bucharest) 46,960 Kontorhaus (Munich) 188

21. Slide 21: Major tenants

    Results Portfolio Financing Development Investment Portfolio Major tenants Top 10 tenants (annualized rent) Top 20 tenants (annualized rent) 1.6% Tenant Industry City % 2.8% 1.7% PWC Audit / Tax / Advisory Munich 2.8% Frontex Government / Public Administration Warsaw 2.7% 1.7% 2.7% Top 10 21% of tot

22. Slide 22: Financing

    wae CA IMMO URBAN BENCHMARKS. FINANCING

23. Slide 23: Well-balanced maturity profile and diversified debt structure

    Results Portfolio Financing Development Financing Well-balanced maturity profile and diversified debt structure Debt structure 1 Debt maturity profile (€ m) 350  Balanced financing mix of secured loans and unsecured debt instruments 300 250  100% of financings are euro-denominated 200  Average fi

24. Slide 24: Weighted average cost of debt and maturities

    Results Portfolio Financing Development 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) Austria 186

25. Slide 25: Development

    wae CA IMMO URBAN BENCHMARKS. DEVELOPMENT

26. Slide 26: Development structure

    Results Portfolio Financing Development Development Development structure Projects under construction (€ m) Developments for own portfolio & for sale (€ m) 2% 800 140 138.2 679.2 700 135 600 24% 24% 130 500 405.7 400 125 817.4 122.3 Total investment volume: 300 120 € 817.4 m 200 115 100 0 110 50% To

27. Slide 27: Projects under construction

    Results Portfolio Financing Development Development Projects under construction Investment portfolio (projects Investment Outstanding Planned Gross Main Share 2 Pre-letting Construction for own balance sheet) volume investment rentable yield on usage ratio phase (€ m) 1 (€ m) area (sqm) cost Bürogeb

28. Slide 28: Bürogebäude am Kunstcampus, Berlin

    Results Portfolio Financing Development Development Bürogebäude am Kunstcampus, Berlin Key metrics Total investment volume € 14.5 m Outstanding investment € 5.3 m Rental area 2,728 sqm Expected yield on cost 6.0% Construction phase 4Q 2016 - 4Q 2019 Pre-let ratio 100% Comments  Total investment vol

29. Slide 29: MY.B, Berlin

    Results Portfolio Financing Development Development MY.B, Berlin Key metrics Total investment volume € 68.5 m Outstanding investment € 28.8 m Rental area 14,719 sqm Expected yield on cost 7.1% Construction phase 3Q 2017 - 4Q 2019 Pre-let ratio 93% Comments  Total investment volume excl. plot € 56.0

30. Slide 30: Cube, Berlin

    Results Portfolio Financing Development Development Cube, Berlin Key metrics Total investment volume € 109.8 m Outstanding investment € 34.1 m Rental area 16,829 sqm Expected yield on cost - Construction phase 4Q 2016 - 4Q 2019 Pre-let ratio 100% Comments  Total investment volume excl. plot € 90.0

31. Slide 31: My.O, Munich

    Results Portfolio Financing Development Development My.O, Munich Key metrics Total investment volume € 101.3 m Outstanding investment € 42.0 m Rental area 26,986 sqm Expected yield on cost 6.6% Construction phase 2Q 2017 - 2Q 2020 Pre-let ratio 82% Comments  Total investment volume excl. plot € 85.

32. Slide 32: NEO, Munich

    Results Portfolio Financing Development Development NEO, Munich Key metrics Total investment volume € 66.3 m Outstanding investment € 25.5 m Rental area 13,491 sqm Expected yield on cost 4.7% Construction phase 1Q 2017 - 2Q 2020 Pre-let ratio 27% Comments  Total investment volume excl. plot € 54.1

33. Slide 33: ONE, Frankfurt

    Results Portfolio Financing Development Development ONE, Frankfurt Key metrics Total investment volume € 412.0 m Outstanding investment € 320.2 m Rental area 66,249 sqm Expected yield on cost 5.3% Construction phase 3Q 2017 - 1Q 2022 Pre-let ratio 34% Comments  Total investment volume excl. plot €

34. Slide 34: Baufeld 04, Berlin

    Results Portfolio Financing Development Development Baufeld 04, Berlin Key metrics Total investment volume € 155.1 m Outstanding investment € 126.0 m Rental area 22,950 sqm Expected yield on cost 5.6% Construction phase 3Q 2019 - 4Q 2023 Pre-let ratio 100% Comments  Total investment volume excl. pl

35. Slide 35: Baufeld 04, Berlin

    Results Portfolio Financing Development Development 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: Mississippi & Missouri Offices, Prague (River City)

    Results Portfolio Financing Development Development Mississippi & Missouri Offices, 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% Construction phase Start 2019 Pre-let ratio - Comments  Total inves

37. Slide 37: Development Pipeline

    wae CA IMMO URBAN BENCHMARKS. DEVELOPMENT PIPELINE

38. Slide 38: Development pipeline overview

    Results Portfolio Financing Development Development 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 de

39. Slide 39: Projects in planning stage

    Results Portfolio Financing Development Development Projects in planning stage Development pipeline HUB (Hallesches Ufer), Berlin Freimann BF A, Munich Project City Usage GLA HUB Berlin office 10,200 Freimann BF A Munich office 14,800 residential / Hafeninsel IV Mainz 6,400 office residential / Hafe

40. Slide 40: Leading office investor in Germany

    Results Portfolio Financing Development Development Leading office investor in Germany Development pipeline by project status until 2028 (sqm) Timeline development pipeline in planning (sqm) 0 40,000 80,000 120,000 160,000 19% 2019 2020 Total area: 817.4 2021  600,000 sqm 2022 2023 81% 2024-2028 un

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

    Results Portfolio Financing Development Development 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, whereas residenti

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

    Results Portfolio Financing Development 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 will develo

43. Slide 43: Capital Markets/Investor Relations 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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