Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (April 2017)

60 slides from Ca Immobilien Anlagen's investor presentation, April 2017

  1. Slide 1: Company Presentation April 2017

    COMPANY PRESENTATION April 2017

  2. Slide 2: Business Year 2016 Highlights

    Business Year 2016 Highlights  Start of construction for development projects ViE (office), Laendyard Living (residential) and Accelerated crystallisation of Wohnbau Süd (residential) in Vienna, Steigenberger (hotel) in Frankfurt, Rheinallee III development pipeline values (residential/retail) in M

  3. Slide 3: Business Year 2016 Highlights

    Business Year 2016 Highlights  Solid top line growth by 12% per share despite rental income losses linked to non-strategic asset sales Net rental income per share  Acquisition of EBRD minority shares in CEE portfolio in previous year major growth driver 1.55 (2015: 1.38) +12%  Strong recurring ea

  4. Slide 4: Profit and Loss

    Profit and Loss Second Highest Net Profit in CA Immo‘s History after Record Result 2015 P&L Key Metrics FY 2016 FY 2015 +/- 4Q 2016 4Q 2015 +/- P&L Earnings Driver 2016 Rental income 165.6 154.8 7.0% 43.0 43.1 -0.4%  EBRD buy-out major rental income driver Net rental income 147.1 135.6 8.5% 38.3 37

  5. Slide 5: Revaluation Result

    Revaluation Result High-Quality Assets in Germany Driver of Valuation Surplus  Germany Revaluation result (€ m)  Strong result reflects the extremely positive market environment in most important core market 138.3 (2015: 213.8)  Booming investment activity and further yield compression continued

  6. Slide 6: Funds from Operations (FFO)

    Funds from Operations (FFO) FY 2016 FFO I per Share at € 0.97 (+18% yoy) FFO FY 2016 FY 2015 +/- 4Q 2016 4Q 2015 +/- FFO Earnings Driver 2016 Net rental income  EBRD buy-out major rental income driver 147.2 135.6 8.5% 38.3 37.5 2.2% Other operating  Other operating income decline mainly on lower i

  7. Slide 7: Strong Increase in Shareholder Value

    Strong Increase in Shareholder Value FFO I Record Result; Significant Dividend Hike per Share by 30% FFO I per share FFO per share 1.60 1.45 1.60 0.97 (2015: 0.82) +18% 1.40 1.24 1.20 1.40 1.20 1.20 FFO II per share 1.00 0.78 + 18% 1.00 0.80 0.80 1.20 (2015: 1.24 0.60 0.60 0.72 0.75 0.82 0.97 0.40 0

  8. Slide 8: Balance Sheet as at December 31, 2016

    Balance Sheet as at December 31, 2016 Strong Equity Base Secures Growth Balance Sheet 31.12.16 31.12.15 +/- Investment properties 2,923.7 2,714.3 7.7%  Rock solid balance sheet metrics comfortably within strategic target range despite balance sheet extension Properties under development 433.0 409.0

  9. Slide 9: Balance Sheet as at December 31, 2016

    Balance Sheet as at December 31, 2016 Rock Solid Ratios to be Maintained Equity ratio Equity 2,300 53% 60% 53% 51% 51.2% (2015: 53.2%) 2,200 2,100 44% 50% 40% 2,000 1,900 30% Gearing (net) 1,800 20% 1,700 53.0% (2015: 56.2%) 1,600 1,794 1,952 2,120 2,205 10% 1,500 0% 2013 2014 2015 2016 Equity (€ m)

  10. Slide 10: Financing

    Financing Declining Cost of Debt; Rising Hedging Ratio Cost of debt Average weighted cost of debt 5.5% 5.1% 5.0% 2.3% (2015: 2.9%) 4.5% 4.1% 4.0% 3.5% 2.9% Interest rate hedging ratio 3.0% 2.3% 2.5% 77% (2015: 57%) 2.0% 2Q 2014 2014 2015 2016 Debt maturities (€ m) Average debt maturity (years) 900 8

  11. Slide 11: Investment Portfolio

    Investment Portfolio Portfolio Performance Remains Strong Portfolio occupancy Occupancy rate 93% 92.4% 92.4% (2015: 90.4%) 92% 91% 90.7% 90.4% 90% 89% 88.4% Gross initial yield 88% 6.1% (2015: 6.3%) 87% 86% 85% 4Q 2013 4Q 2014 4Q 2015 4Q 2016 Like-for like rental income (€ m)* Portfolio yield 182.5

  12. Slide 12: Non-core Property Disposals Concluded

    Non-core Property Disposals Concluded Profitable Earnings Contribution in 2016  Non-strategic sales programme concluded 2012-2016 Non-core sales volume (€ bn)  Disposal volume of  € 1.0 bn since initiation in 2012 (profit margin > 10%) 1.0  2016*: Sales volume of € 336 m  positive earnings cont

  13. Slide 13: Market Environment: Germany

    Market Environment Germany Prime office yields Property boom continues 6.0%  German economy is enjoying a robust upswing 5.5%  High investment demand from domestic and international investors 5.0%  Limited availability of core properties  accelerated yield compression 4.5% 4.0%  Strong office l

  14. Slide 14: Market Environment: Eastern Europe

    Market Environment Eastern Europe  Favourable growth prospects  CEE remains among regions with highest economic growth potential in Europe Substantially improved market conditions  Market liquidity has increased across all major CEE markets  Increasing competition for core assets  Yield compres

  15. Slide 15: Market Environment: Historic Interest Rate Lows

    Market Environment Historic Interest Rate Lows and ECB Policy Fuels Property Investments  Booming investment markets with fierce competition driving up prices Exceptional market conditions  Property yields on record low  Historically low interest rate environment  Market stimulus by European Cen

  16. Slide 16: Strategy: Strategic Framework

    Strategy Strategic Framework in Exceptional Market Environment Portfolio strategy Financing strategy Core markets / assets Financing structure 1  Expansion of existing core cities  Maintain conservative financing structure with healthy equity base 1  Portfolio focus on high-quality large-scale of

  17. Slide 17: Development Major Competitive Advantage and Growth Driver

    Strategy Development Major Competitive Advantage and Growth Driver Prime-quality landbank with high optionality as key competitive advantage Landbank (€ 290 m)*  Major organic growth driver 36 27  Focus on prime locations German cities Munich, Frankfurt and Berlin 9% 13%  Expansion of additional

  18. Slide 18: Significant Embedded Value of German Landbank

    Value Crystallisation of Development Pipeline Significant Embedded Value of German Landbank Development potential ( € 2 bn) Development potential Germany  € 2 bn  Existing landbank reserves in inner city prime locations offer significant value creation potential 0.4 BER 0.1 DUS  Landbank develop

  19. Slide 19: Construction Starts in 2016

    Value Crystallisation of Development Pipeline Construction Starts in 2016 Baumkirchen WA3, Munich ViE, Vienna Baumkirchen WA3, Munich Residential; € 66 m; 110 apartments ViE, Vienna Office; € 38 m; 14,700 sqm Laendyard Living, Vienna Residential; € 57 m; 500 apartments Wohnbau Süd, Vienna Residentia

  20. Slide 20: Sale of Cube Office Project in Berlin

    Value Crystallisation of Development Pipeline Sale of Cube Office Project in Berlin  Highly profitable forward sale of office property development to institutional investor Henderson Deal parameters  Trophy asset deal terms reflect booming market conditions in Berlin Throphy asset transaction  De

  21. Slide 21: Sale of Cube Office Project in Berlin

    Value Crystallisation of Development Pipeline Sale of Cube Office Project in Berlin Portfolio exposure Berlin (€ m)  Global run on trophy assets in Berlin Deal rationale  Scarcity of top products has created strong pricing momentum 588  Substantial prime yield drop in recent quarters to  3.4% 15

  22. Slide 22: Berlin Europacity Exposure

    Value Crystallisation of Development Pipeline Berlin Europacity Exposure  Europacity area around central train station has become major business hub in Berlin Sweet spot in development  Prime location in close proximity to government quarter and German Chancellery landscape Berlin  CA Immo has si

  23. Slide 23: Acquisition of Millennium Towers in Budapest

    Delivery of External Growth Target Acquisition of Millennium Towers in Budapest  Office complex Millenium Towers consists of four fully let buildings with 70,400 sqm Deal parameters  Located along the Pest riverside of the Danube with panoramic views of the Buda Hills (9th district) Core asset wit

  24. Slide 24: Acquisition of Millennium Towers in Budapest

    Delivery of External Growth Target Acquisition of Millennium Towers in Budapest Portfolio exposure Budapest (€ m)  Strong economic recovery in the past 2 years Deal rationale  Increasing occupier demand 452 12% Promising stage  Declining market vacancy rate (below 10% in 2016  lowest recorded ra

  25. Slide 25: Agenda and Targets 2017

    Agenda and Targets 2017 FFO I of at least € 100 m as Key Financial Target  Buy-out of of joint venture partner Union Investment in CEE portfolio Investment portfolio  Expansion of CEE portfolio through property acquisition Growth  Sale of non-strategic land plots and redeployment of equity into i

  26. Slide 26: CA Immo and Immofinanz: Chronology and Status quo

    CA Immo and Immofinanz Chronology and Status quo  April 2016 Chronology  Acquisition of a 26% holding in CA Immo from O1 Group by Immofinanz at a purchase price of € 23.50 per share and announcement of the intended merger of Immofinanz and CA Immo  May 2016  CA Immo appoints JP Morgan and Ithuba

  27. Slide 27: Transaction Parameters for a Possible Merger

    CA Immo and Immofinanz Transaction Parameters for a Possible Merger  Fair and transparent process to conclude in 2018 Transaction  CA Immo shareholders will have a sound basis for making a decision on such a transaction at an Ordinary General Meeting to take parameters place in 2018 (75% approval

  28. Slide 28: Appendix

    a= CA IMMO URBAN BENCHMARKS. APPENDIX

  29. Slide 29: Property Portfolio (€ 3.8 bn)

    Property Portfolio (€ 3.8 bn)* Germany Accounts for  44% of Portfolio Value PORTFOLIO STRUCTURE PORTFOLIO SPLIT BY REGION AND COUNTRY (€ M)  Total property asset base of € 3.8 bn  Germany largest single core market 6% 584 15% 7% 15%  Income- producing investment portfolio of Austria 7% € 3.2 bn

  30. Slide 30: Investment Portfolio (€ 3.2 bn)

    Investment Portfolio (€ 3.2 bn) High-quality Asset Base in Key Economic Centres of Central Europe KEY METRICS* 31.12.2016 31.12.2015 Gross initial yield 6.1% 6.3% Austria 5.6% 5.7% Germany 4.9% 4.9% CEE 7.2% 7.6% Occupancy 92.4% 90.4% Austria 94.8% 96.5% Germany** 93.9% 85.4% CEE 91.0% 91.1% WALT 4.

  31. Slide 31: Investment Portfolio: Portfolio Metrics

    Investment Portfolio (€ 3.2 bn) Portfolio Metrics GROSS INITIAL YIELDS* WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY 9.0% 8.0 7.8% 8.0% 7.4% 7.3% 7.0 6.7% 7.0% 6.5% 6.1% 6.0 6.0% 5.6% 4.9% 5.0 5.0% 4.0 4.0% 3.0 3.0% 2.0% 2.0 1.0% 1.0 7.1 4.3 3.1 3.0 2.5 2.4 2.3 4.3 0.0% 0.0 Romania Hungary

  32. Slide 32: Top Tenants and Properties

    Investment Portfolio (€ 3.2 bn) Top Tenants and Properties Top 15 tenants by annualized rent* Top 15 yielding assets by value 6.7% Tower 185 (DEU)** 193 2.3% Skygarden (DEU) 189 2.0% Kontorhaus (DEU) 150 1.9% River Place (RO) 109 1.9% John F. Kennedy - Haus (DEU) 98 1.7% Kavci Hory (CZ) 89 1.6% Renn

  33. Slide 33: Core Markets: Vienna

    Core Markets Vienna I CA IMMO-Projects under construction / in preparation HVE By Laendyard Districts a Innere Stadt Wien (City Center) 2) Loopoldstadt 3 LandstraBe Wien 4 Wieden 5 Margareten 6 Mariahilf 7 Neubau @ Josefstadt 9 Alsorgrund 10 Favoriten ii Simmering 2 Meidling 13 Hietzing 14 Ponzing 1

  34. Slide 34: Core Markets: Berlin

    Core Markets = CA IMMO Berlin Landmarks Central Station B Reichstag, Kanzleramt Brandenburger Tor Tift Potsdamer Platz I Reinickendorf Alexanderplatz — Airport Tegel 3 Airport Schénefeld a 1B D LE] Spandau CA IMMO Investment Properties Marzahn- Kirchstrahe 7 Hellersdorf Joachimsthaler StraBe 20 Char

  35. Slide 35: Core Markets: Frankfurt

    Core Markets Frankfurt HCA IMMO Investment Properties Meininger Hotel Skyline Plaza ‘Tower 185 HCA IMMO-Projects under construction / in preparation EE Mannheimer StraBe ‘Tower ONE © CA IMMO Land reserve ® Millenium Plot Districts Innenstadt I Innenstadt II Tnnenstadt IT Innenstadt IV Siid West Mitt

  36. Slide 36: Core Markets: Budapest

    Core Markets = CA IMMO Budapest Landmarks Central Station @ St.-Stephans-Basilika fy Parliament building (A Hero Square Airport 3 HERE CA IMMO Investment Properties Infopark Bartok Haz City Gate R 70 Office Complex Canada Square Office Center Capital Square | Districts (1. - 23. District)

  37. Slide 37: Core Markets: Warsaw

    Core Markets Warsaw z= CA IMMO a Bas CA IMMO Investment Properties Saski Point Saski Crescent Sienna Center Warsaw Towers Wspolna Bitwy Warzawskiej Districts Bielany Bemowo Bialoteka Targéwek Praga Poludine Mokotéw Ocha Srédmiescie Wola Wiochy Wawer Prager Potnoc Ursynéw Wilanéw Wesola Ursus Zolibor

  38. Slide 38: Core Markets: Prague

    Core Markets Prague = CA IMMO | {BI D LE Landmarks Central Station ‘| Dancing House National Museum f@ Charles Bridge bet Prague Castle Ih Airport 3 CA IMMO Investment Prope: Kavci Hory Office Park Danube House Nile House Amazon Court CA IMMO Land reserve Plot River City Districts (1. - 22. District

  39. Slide 39: Core Markets: Bucharest

    Core Markets =z CA IMMO Bucharest @ Landmarks HN Central Station @ @ Palace of the Parliament D Airport x CA IMMO Investment Properties River Place Bf Opera Center 1 Opera Center 2 Europehouse Bucharest Business Park @ CA IMMO-Projects under construction / in preparation EI Orhideca "Sectors (1. - 6

  40. Slide 40: Development: Significant Organic Growth Potential

    Development Significant Organic Growth Potential Decoupled from Investment Market Tower 185, Frankfurt Tour Total, Berlin Strong value creation track record  Among Top 3 office developers in Germany  Strong track record of blue chip tenant projects  Highly valuable land reserves in inner-city loc

  41. Slide 41: Excellent Market Position to Fully Capture Strong Cycle in Germany

    Development Excellent Market Position to Fully Capture Strong Cycle in Germany Development anchor tenants Land reserves (€ 290 m)* 27 36 27 9% 13% 9% 77 26% 151 CEE 52% Frankfurt 265 Germany 91% Berlin CEE Munich Development track record (completed volume of  € 1.7 bn over last six years) Completed

  42. Slide 42: High-quality Development Pipeline Major Growth Driver (1)

    Development High-quality Development Pipeline Major Growth Driver (1) Planned Investment Oustanding Gross yield Main Pre-letting Construction INVESTMENT PORTFOLIO (€ m) rentable Share volume* investment on cost usage ratio phase area KPMG, Berlin 56 27 12,700 5.8% Office 100% 100% 4Q 15 – 2Q 18 Stei

  43. Slide 43: High-quality Development Pipeline Major Growth Driver (2)

    Development High-quality Development Pipeline Major Growth Driver (2) Planned Investment Outstanding Main Construction TRADING PORTFOLIO (€ m)* rentable Share Status volume** investment usage phase area Cube, Berlin 98 76 17,000 Office 100% 4Q 16 – 4Q 19 Forward sale to Henderson Rieck I – Phase 1,

  44. Slide 44: Development: Berlin - Europacity

    Development Berlin - Europacity 44

  45. Slide 45: Development: Berlin - Europacity

    Development Berlin - Europacity 45

  46. Slide 46: Projects under Construction: KPMG, Berlin

    Development Projects under Construction KPMG, Berlin PHASE 2  Phase 1 (100% pre-let to KPMG)  Planned lettable area 12,700 sqm  Total investment volume (incl. plot) € 56 m  Outstanding construction costs  € 27 m  Expected yield on cost  5.8%  Construction phase 4Q 2015 - 2Q 2018  Phase 2 (h

  47. Slide 47: Projects under Construction: Rieck I and II, Berlin

    Development Projects under Construction RIECK I, Berlin RIECK II, Berlin PHASE 2  Main usage office  Main usage office  Total investment volume (incl. plot)  € 36 m  Total investment volume (incl. plot)  € 65 m  Planned lettable area 8,000 sqm  Planned lettable area  17,000 sqm  Partial fo

  48. Slide 48: Development: Frankfurt

    Development Frankfurt = CA IMMO WH CA IMMO Investment Properties Meininger Hotel BI Shopping center Skyline Plaza Tower 185 Multy-storey car park %, pangeee X Mannheimer- Strafe Hi CA IMMO-Projects under construction / J Plot sold in preparation Tower ONE B Steigenberger Hotel B Mainline station © C

  49. Slide 49: Projects under Construction: Steigenberger, Frankfurt

    Development Projects under Construction Steigenberger, Frankfurt  Main usage hotel  Total investment volume (incl. plot) € 56 m  Outstanding construction costs  € 42 m  Planned lettable area 17,300 sqm  Yield on cost  6.4%  Pre-letting-ratio 93%  Construction phase 3Q 2016 - 3Q 2018 49 All

  50. Slide 50: Projects under Construction: Rheinallee III

    Development Projects under Construction Rheinallee III Zollhafen, Mainz  Joint venture with Stadtwerke Mainz  Mixed/use development site of around 30 ha (realisation of approx. 355,000 sqm GFA in several phases  Rheinallee III (under construction)  Forward sale to Aberdeen Asset Management (€ 66

  51. Slide 51: Projects in Preparation Stage: Tower 1, Frankfurt

    Development Projects in Preparation Stage Tower 1, Frankfurt  Mixed use hotel/office high-rise  Height  180 m   80.000 sqm gross floor area  Plot neighboring Tower 185 (Europaviertel)  Development potentially envisaged in joint venture All figures as at 31 December 2016, unless otherwise stat

  52. Slide 52: Development: Munich

    Development Munich = CA IMMO CA IMMO-Projects under construction / in preparation MY.O NEO Urban quarter Baumkirchen Mitte CA IMMO Land Reserve AW Freimann Eggartensiedlung Ratoldstrafe Moosach Feldkirchen, Gleisdreieck Pasing Districts Altstadt - Lehel Ludwigsvorstadt - Isarvorstadt Maxvorstadt Sch

  53. Slide 53: Projects under Construction: Baumkirchen, Munich

    Development Projects under Construction Phase 1 Phase 2 Baumkirchen, Munich  Residential project  Development and sale of freehold flats  50/50 joint venture with Patrizia  525 apartments , > 90% sold  Investment volume  € 140 m (CA Immo share)  Phase 1 completed, Phase 2/3 under construction

  54. Slide 54: Projects in Preparation Stage: MY.O, Munich

    Development Projects in Preparation Stage MY.O, Munich  Expansion of investment portfolio in Munich by a fourth high- quality office building (lettable area 26,100 sqm)  Located in the western part of Munich (Schlossviertel Nymphenburg neighbourhood) with good public transport connections (along S

  55. Slide 55: Projects under Construction: ViE, Vienna

    Development Projects under Construction ViE, Vienna  Office investment portfolio expansion in core market Vienna  Investment volume  € 38 m  Rentable area 14,700 sqm  Construction phase 3Q 2016 – 3Q 2018  Expected yield on cost  6.3%  Excellent location between Vienna airport and city centre

  56. Slide 56: Projects under Construction: Laendyard Living

    Development Projects under Construction Laendyard Living Laendyard Living Residential projects Lände 3, Vienna  Laendyard Living ( 18,400 sqm)  Joint venture with Austrian residential expert JP Immobilien  Investment volume  € 67 m; 270 apartments  Construction phase 3Q 2016 – 3Q 2018  Wohnba

  57. Slide 57: Projects under Construction: Orhideea Towers, Bucharest

    Development Projects under Construction Orhideea Towers, Bucharest  Expansion of office investment portfolio in Bucharest  Monetization of a prime plot with excellent public transport connections in the western part of the city  Lettable area 36,900 sqm  Investment volume approx.  € 74 m (incl.

  58. Slide 58: Net Asset Value (NAV)

    Net Asset Value (NAV) EPRA NAV per Share € 26.74 € m (diluted = undiluted) 31.12.2016 31.12.2015 +/- NAV (IFRS equity) 2,204.4 2,120.5 Exercise of options 0.0 0.0 NAV after exercise of options 2,204.5 2,120.5 4.0% NAV per share 23.60 21.90 7.8% Value adjustment for* Own use properties 6.0 5.1 Proper

  59. Slide 59: Financing: Average Cost of Funding Further Reduced to 2.3%

    Financing Average Cost of Funding Further Reduced to 2.3% FINANCING SPLIT (€ M) DEBT STRUCTURE HEDGING RATIO (4Q 16) HEDGING RATIO (TARGET) Corporate bonds 5% 5% UniCredit 23% 6% 26% 26% <25% 8% Other Erste Group 52% 10% DG Hyp 25% 23% 74% Fixed >75% 17% Helaba Fixed/Hedged Fixed/Hedged Hedged Deuts

  60. Slide 60: 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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