Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — H1 2020 Earnings Presentation

56 slides from Ca Immobilien Anlagen's earnings presentation, Aug 24, 2020

  1. Slide 1: 1H 2020 Results Analyst and Investor Update

    1H 2020 Results Analyst and Investor Update August 24, 2020 All figures (€) as at 30 June 2020, unless otherwise stated

  2. Slide 2: Highlights – Strong earnings result despite Covid-19 impact

    Highlights Results Financing Property Appendix 1H 2020 Results Highlights – Strong earnings result despite Covid-19 impact Results  Net rental income rose by 10.2% to € 105.9 m, driven by organic portfolio growth of recent months and higher occupancy levels.  The Covid-19 pandemic impacted net ren

  3. Slide 3: Business Update – Management update in light of Covid-19

    Highlights Results Financing Property Appendix Business Update Management update in light of Covid-19 Asset management  Status quo rent collection  99.4% of invoiced rent for 1Q 2020 and 91.9% for 2Q 2020 has been collected.  94.5% of invoiced rent for year to end July has been collected.  90.9%

  4. Slide 4: Outlook

    Highlights Results Financing Property Appendix Outlook FFO I 2020 guidance > € 126 m FFO I guidance (FY 2020)  CA Immo generated a FFO I of € 133.3 m in business year 2019. Adjusted for the Immofinanz dividend in the amount of € 4.7 m, FFO I stood at € 128.6 m.  Highly successful disposal of non-s

  5. Slide 5: 1H 2020 Results

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  6. Slide 6: Key Metrics

    Highlights Results Financing Property Appendix 1H 2020 Results Key Metrics Key metrics 1H 2020 1H 2019 +/(-) Rental income €m 118.1 111.4 6.0% Net rental income €m 105.9 96.1 10.2% EBITDA €m 90.3 82.7 9.1% EBITDA adjusted 1 €m 115.8 82.7 39.9% EBIT €m 60.7 195.8 (69.0%) Earnings before tax (EBT) €m

  7. Slide 7: Adjusted EBITDA up 39.9% yoy

    Highlights Results Financing Property Appendix 1H 2020 Results Adjusted EBITDA up 39.9% yoy Profit and loss (€ m) 1H 2020 1H 2019 yoy 2Q 2020 2Q 2019 yoy Major earnings driver (1H) 1 Rental income 118.1 111.4 6.0% 55.7 53.2 4.7% 1  The Covid-19 pandemic impacted net Net rental income 105.9 96.1 10.

  8. Slide 8: 10.2% growth in net rental income on the previous year

    Highlights Results Financing Property Appendix 1H 2020 Results 10.2% growth in net rental income on the previous year Key drivers 1H 2020 net rental income bridge (€ m)  Rental income increase driven by organic portfolio growth through development 105.9 completions and acquisitions in the last 18 m

  9. Slide 9: Covid 19-related valuation losses largely offset by gains in German portfolio

    Highlights Results Property Financing Outlook 1H 2020 Results Covid 19-related valuation losses largely offset by gains in German portfolio 1H 2020 revaluation result (€ m) Key drivers Austria CEE Germany Total  A rise in fair values in Germany was mainly driven by zoning/planning progress on a lan

  10. Slide 10: FFO I at € 68.2 m 5.7% above value of 2019

    Highlights Results Financing Property Appendix 1H 2020 Results FFO I at € 68.2 m 5.7% above value of 2019 Funds from operations (€ m) 1H 2020 1H 2019 yoy 2Q 2020 2Q 2019 yoy Major earnings driver (1H) 1 1 Net rental income 105.9 96.1 10.2% 56.3 49.4 14.0% Result from services 4.3 4.3 (0.3%) 2.0 2.4

  11. Slide 11: FFO I at € 68.2 m 5.7% above value of 2019

    Highlights Results Financing Property Appendix 1H 2020 Results FFO I at € 68.2 m 5.7% above value of 2019 1H 2020 FFO I bridge (€ m) 4 5 2 3 1 68.2 1 Higher occupancy in acquired office buildings Warsaw Spire C, Campus 6.1 (Bucharest) and Visionary (Prague) and completed development projects ViE (Vi

  12. Slide 12: Balance sheet as at June 30, 2020

    Highlights Results Financing Property Appendix 1H 2020 Results Balance sheet as at June 30, 2020 Balance sheet (€ m) 30.06.2020 31.12.2019 +/(-) Comments Investment properties 4,444.5 4,292.9 3.5% 1 1 Properties under development 692.1 817.1 (15.3%)  Completed development project MY.B Own-used prop

  13. Slide 13: Balance sheet metrics as at June 30, 2020

    Highlights Results Financing Property Appendix 1H 2020 Results Balance sheet metrics as at June 30, 2020 Balance sheet 30.06.2020 31.12.2019 +/(-) Total assets €m 6,258.7 5,888.7 6.3% Property assets €m 5,184.5 5,186.4 (0.0%) Cash and cash equivalents €m 777.8 439.1 77.1% Shareholders‘ equity €m 3,0

  14. Slide 14: EPRA NAV up 1.2% YTD

    Highlights Results Financing Property Appendix 1H 2020 Results EPRA NAV up 1.2% YTD Net asset value (€ m) 30.06.2020 30.06.2020 31.12.2019 EPRA NAV per share (undiluted) yoy diluted undiluted undiluted 40.00 NAV (IFRS equity) 3,012.3 3,012.3 2,967.9 +14.0% 39.00 Exercise of options 196.6 0.0 0.0 38.

  15. Slide 15: Balance Sheet Ratios

    Highlights Results Financing Property Appendix Balance Sheet Ratios Robust financial profile with strong equity base Leverage Interest coverage 60.0% 6.0 48.1% 5.3 50.0% 5.0 47.5% 4.8 40.0% 4.0 32.5% 30.0% 3.0 20.0% 2.0 10.0% 1.0 - - 2016 2017 2018 2019 1H 2020 2016 2017 2018 2019 1H 2020 Equity rat

  16. Slide 16: Financing

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  17. Slide 17: Well-balanced maturity profile and diversified debt structure

    Highlights Results Financing Property Appendix Financing Well-balanced maturity profile and diversified debt structure Debt structure 1 Debt maturity profile (€ m) 800  Well-staggered maturity profile with low amounts due over the coming years. 700 600  Follow-up financings have been secured for 5

  18. Slide 18: Benchmark bond issuance has further improved capital structure

    Highlights Results Financing Property Appendix Financing Benchmark bond issuance has further improved capital structure Key financing metrics 1 Average debt maturity (years) 1 6.0  Benchmark bond issuance in February 2020 has improved both average cost of debt and average 5.5 debt maturity. 5.0 5.1

  19. Slide 19: Portfolio

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  20. Slide 20: Property Portfolio – Key metrics

    Highlights Results Financing Property Appendix Property Portfolio Key metrics Property portfolio 30.06.2020 31.12.2019 +/(-) Gross asset value (GAV) €m 5,184.5 5,186.4 (0.0%) thereof investment properties €m 4,458.5 4,307.9 3.5% thereof investment properties under development 1 €m 692.1 817.1 (15.3%

  21. Slide 21: Stable property portfolio value

    Highlights Results Financing Property Appendix Property Portfolio Stable property portfolio value Key metrics (€ m) Portfolio by region and country (book value) 1H 2020 FY 2019 Germany 11% 3% Gross asset value (GAV) 5,184 5,186 7% Austria Germany 8% Investment properties 1 4,458 4,308 Hungary 51% CE

  22. Slide 22: Core office focussed yielding portfolio across key economic centres in CE

    Highlights Results Financing Property Appendix Investment Portfolio Core office focussed yielding portfolio across key economic centres in CE Key metrics Investment portfolio split by region and country (book value) 1H 2020 FY 2019 Germany 13% 4% Gross asset value (€ m) 1 4,458 4,308 9% Austria 9% H

  23. Slide 23: Core market snapshots

    Highlights Results Financing Property Appendix Investment Portfolio Core market snapshots Properties 15 Properties 8 Total area 210,800 sqm Total area 137,200 sqm Gross initial yield 3.9% Gross initial yield 6.2% Gross rental income € 35.9 m Gross rental income € 31.4 m Occupancy (economic) 97.1% Oc

  24. Slide 24: High occupancy level maintained

    Highlights Results Financing Property Appendix Investment Portfolio High occupancy level maintained Gross initial yield (%) 1 Occupancy (%, ecomomic) 1 10.0 99.0 98.1 8.9 9.0 96.9 7.8 97.0 8.0 95.4 95.3 95.1 6.9 94.7 7.0 95.0 6.2 6.0 5.6 5.4 92.7 5.3 93.0 5.0 3.9 91.0 4.0 89.7 3.0 89.0 2.0 87.0 1.0

  25. Slide 25: Well-staggered lease maturity profile

    Highlights Results Financing Property Appendix Investment Portfolio Well-staggered lease maturity profile Weighted average lease term (WALT) WALT (years) 7.0 6.1  The average WALT to first break is 4.2 years. The 6.0 average WALT to end is 7.4 years. 5.0 4.2  Lease terms vary due to different loca

  26. Slide 26: Blue chip tenant structure with a service and technology focus (I)

    Highlights Results Financing Property Appendix Investment Portfolio Blue chip tenant structure with a service and technology focus (I) Tenant base Tenant industry mix (annualized rent) Top 100 tenants (annualized rent) Business &  High degree of blue chip tenants with investment grade Professional

  27. Slide 27: Blue chip tenant structure with a service and technology focus (II)

    Highlights Results Financing Property Appendix Investment Portfolio Blue chip tenant structure with a service and technology focus (II) Top 40 tenants (annualized rent) Tenant Industry City % PWC Professional Services Munich 2.9% InterCity Consumer Services & Leisure Berlin, Frankfurt 2.5% Frontex P

  28. Slide 28: Blue chip tenant structure with a service and technology focus (III)

    Highlights Results Financing Property Appendix Investment Portfolio Blue chip tenant structure with a service and technology focus (III) Top 40 tenants (annualized rent) Tenant Industry City % BT Roc Business Services Budapest 0.8% Henkel Manufacturing Industrial & Energy Bratislava 0.8% NXP Semicon

  29. Slide 29: Like-for-like performance

    Highlights Results Financing Property Appendix Investment Portfolio Like-for-like performance Market Fair value Rental income (P&L) Yield (%) 1 Occupancy (%) 2 (€ m) 1H 2020 1H 2019 +/(-) 1H 2020 1H 2019 +/(-) 1H 2020 1H 2019 +/(-) 1H 2020 1H 2019 +/(-) Austria 561.5 552.0 1.7% 12.9 14.2 -9.0% 5.3 5

  30. Slide 30: Portfolio update – Reversionary potential

    Highlights Results Financing Property Appendix Investment Portfolio Portfolio update – Reversionary potential Case study reversionary potential Europacity Berlin  Due to development completions in Germany within the last 10 years, on average long rental contracts and the strong rental growth over r

  31. Slide 31: Portfolio update – Capital rotation 2019

    Highlights Results Financing Property Appendix Investment Portfolio Portfolio update – Capital rotation 2019 Closed non-strategic disposals 2019 Property CAI Country City Sector Site area GLA Premium / discount share (%) (sqm) (sqm) to BV (%) Austria Trend Hotel 100% SLO Ljubljana Hotel 2,902 17,930

  32. Slide 32: Portfolio update – Capital rotation 1H 2020

    Highlights Results Financing Property Appendix Investment Portfolio Portfolio update – Capital rotation 1H 2020 Closed disposals 2020 Property CAI Country City Sector Site area GLA Premium / discount share (%) (sqm) (sqm) to BV (%) Hafenallee I 50% GER Mainz Mixed Use 3,112 12,500 300% Cube 100% GER

  33. Slide 33: Portfolio update – Investment property acquisition (I)

    Highlights Results Financing Property Appendix Investment Portfolio Portfolio update – Investment property acquisition (I) Acquisition of „Karlsbad 11“ office property in Berlin  CA Immo closed the acquisition of a 10,098 sqm office building in the vicinity of the Potsdamer Platz in Berlin in April

  34. Slide 34: Portfolio update – Investment property acquisition (II)

    Highlights Results Financing Property Appendix Investment Portfolio Portfolio update – Investment property acquisition (II) „Karlsbad 11“ office property in Berlin Highlights  Positive Berlin demographics, job growth and thriving Berlin rental market, in particular for larger space lots.  Strong l

  35. Slide 35: Portfolio update - Sustainability

    Highlights Results Financing Property Appendix Investment Portfolio Portfolio update - Sustainability Sustainability certifications Office portfolio certifications 1 (book value)  47 office properties, making up 76% of CA Immo’s office DGNB Gold portfolio 1 have been certified according to DGNB, LE

  36. Slide 36: Portfolio update - Sustainability

    Highlights Results Financing Property Appendix Investment Portfolio Portfolio update - Sustainability Centralized energy management to minimize CO2 Development of CO2 savings for the German investment portfolio emissions from investment properties Energy source as % CO2 emissions of total consumptio

  37. Slide 37: Development

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  38. Slide 38: Commercial value chain

    Highlights Results Financing Property Appendix Development Commercial value chain Zoning Planning Under construction Completion Millennium plot, Frankfurt Upbeat, Berlin Hochhaus am Europaplatz, Berlin MY.B, Berlin Investment property Under construction Former development Land reserve  High rise la

  39. Slide 39: Residential value chain

    Highlights Results Financing Property Appendix Development Residential value chain Zoning/Planning Under construction Eggartensiedlung, Munich Ratoldstraße, Munich NEO residential, Munich  50:50 joint venture with local developer  In 2016 the urban landscape competition  Part of residential/mixed

  40. Slide 40: NEO, Munich (Completion in 2021)

    Highlights Results Financing Property Appendix Development Projects Under Construction NEO, Munich (Completion in 2021) Key metrics Total investment volume € 100.3 m Outstanding investment € 12.5 m Rental area 19,436 sqm Expected yield on cost 1 5.1% Scheduled completion 1Q 2021 Pre-let ratio 33% Ke

  41. Slide 41: Mississippi House & Missouri Park, Prague (Completion in 2021)

    Highlights Results Financing Property Appendix Development Projects Under Construction Mississippi House & Missouri Park, Prague (Completion in 2021) Key metrics Total investment volume € 64.9 m Outstanding investment € 39.9 m Rental area 20,760 sqm Expected yield on cost 6.3% Scheduled completion 3

  42. Slide 42: ONE, Frankfurt (Completion in 2022)

    Highlights Results Financing Property Appendix Development Projects Under Construction ONE, Frankfurt (Completion in 2022) Key metrics Total investment volume € 412.0 m Outstanding investment € 244.4 m Rental area 66,451 sqm Expected yield on cost 5.4% Scheduled completion 1Q 2022 Formatting Pre-let

  43. Slide 43: Grasblau, Berlin (Completion in 2022)

    Highlights Results Financing Property Appendix Development Projects Under Construction Grasblau, Berlin (Completion in 2022) Key metrics Total investment volume € 71.2 m Outstanding investment € 53.5 m Rental area 13,258 sqm Expected yield on cost 7.9% Scheduled completion 3Q 2022 Pre-let ratio - Ke

  44. Slide 44: Hochhaus am Europaplatz, Berlin (Completion in 2023)

    Highlights Results Financing Property Appendix Development Projects Under Construction Hochhaus am Europaplatz, Berlin (Completion in 2023) Key metrics Total investment volume € 152.0 m Outstanding investment € 112.6 m Rental area 22,948 sqm Expected yield on cost 5.7% Scheduled completion 4Q 2023 P

  45. Slide 45: Project overview

    Highlights Results Financing Property Appendix Development Projects Under Construction Project overview 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 (sq

  46. Slide 46: Development structure

    Highlights Results Financing Property Appendix Development Projects Under Construction Development structure Projects under construction (€ m) Development investment volume for own portfolio & for sale (€ m) 900.0 817.1 464.4 26.4 3.7 2% 800.0 8% 12% 700.0 600.0 500.0 Total investment 400.0 817.4 27

  47. Slide 47: Appendix

    APPENDIX BENCHMARKS.

  48. Slide 48: Prime locations in all core markets

    Highlights Results Financing Property Appendix Property Portfolio Prime locations in all core markets Property portfolio split by city (book value) Berlin Munich 8% 7% 21% 8% Total GAV: € 5.2 bn 10% 17% 10% 9% 10% Berlin Munich Frankfurt Vienna Budapest Warsaw Prague Bucharest Other Key facts Frankf

  49. Slide 49: Prime locations in all core markets

    Highlights Results Financing Property Appendix Property Portfolio Prime locations in all core markets Property portfolio split by city (book value) Warsaw Bucharest 8% 7% 21% 8% Total GAV: € 5.2 bn 10% 17% 10% 9% 10% Berlin Munich Frankfurt Vienna Budapest Warsaw Prague Bucharest Other Key facts Pra

  50. Slide 50: Largest assets (I)

    Highlights Results Financing Property Appendix Investment Portfolio Largest assets (I) Largest investment properties (value, € m) Largest investment properties (lettable area, sqm) Skygarden (Munich) 279 Millennium Towers (Budapest) 70,630 Kontorhaus (Munich) 224 River Place (Bucharest) 46,960 Mille

  51. Slide 51: Largest assets (II)

    Highlights Results Financing Property Appendix Investment Portfolio Largest assets (II) Skygarden, Munich Kontorhaus, Munich Millennium Towers, Budapest My.O, Munich JFK House, Berlin Value € 279 m Value € 224 m Value € 196 m Value € 154 m Value € 123 m Occupancy 100% Occupancy 99% Occupancy 96% Occ

  52. Slide 52: Largest assets (III)

    Highlights Results Financing Property Appendix Investment Portfolio Largest assets (III) Tour Total, Berlin InterCity Hotel, Berlin Ambigon, Munich Galleria, Vienna Office Heidestraße 58, Berlin Value € 98 m Value € 93 m Value € 91 m Value € 90 m Value € 87 m Occupancy 100% Occupancy 100% Occupancy

  53. Slide 53: Weighted average cost of debt and maturities

    Highlights Results Financing Property Appendix 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) Aust

  54. Slide 54: Development Pipeline Based On Land Reserves

    Highlights Results Financing Property Appendix Development Pipeline Based On Land Reserves Overview Comments  CA Immo currently holds land reserves with a book value  € 315 m (partly recognized at cost on balance sheet). 1  The current estimated development volume on the basis of these existing l

  55. Slide 55: CA Immo share and shareholder structure

    Highlights Results Financing Property Appendix Capital Markets CA Immo share and shareholder structure Share related key figures Largest shareholders (by number of shares) Shareholder structure (by number of shares) 30.06.20 31.12.19 # of shares 98,808,336 98,808,336 Starwood 6% Starwood Capital Cap

  56. Slide 56: 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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