Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Debt Investor Presentation (July 2016)

47 slides from Ca Immobilien Anlagen's debt investor presentation, July 2016

  1. Slide 1: Company Presentation

    COMPANY PRESENTATION July 2016

  2. Slide 2: Company Profile

    Company Profile Leading Investor and Developer of High-Quality Offices in Central Europe COMPANY PROFILE  Focus on high-quality core offices  Highly stable and resilient yielding portfolio diversified across key economic centres Germany Poland Berlin, Frankfurt, Munich, Vienna, Warsaw, Prague, Bud

  3. Slide 3: Executive Board

    Company Profile Executive Board FRANK NICKEL, CEO ROLE PROFESSIONAL HIGHLIGHTS  Born 1959  Worked for Deutsche Bank in Frankfurt as Managing Director and Head of Commercial Real  Appointed CEO as of 1 January 2016 Estate for Germany, Austria and Switzerland and member of the Commercial Real Estat

  4. Slide 4: Company Targets FY 2016

    Company Profile Company Targets FY 2016 STRATEGIC/OPERATIONAL TARGETS 2016 FINANCIAL TARGETS 2016  Growth by property development  Funds from operations (FFO)  Advancing development projects under construction  (Recurring) FFO I uplift > 10% on FY 2015 number of € 81 m  KPMG (Berlin), Mannheime

  5. Slide 5: CA Immo and Immofinanz: Potential Business Combination

    CA Immo and Immofinanz Potential Business Combination (Merger) STATUS QUO 3: POTENTIAL STATUTORY MERGER OF IMMOFINANZ AND CA IMMO  Beginning of the process  no discussion/negotiations have taken place  Merger agreement: defines the terms of the merger, including:  Shared basic understanding abou

  6. Slide 6: Key Credit Highlights

    Company Profile Key Credit Highlights 1 Attractive exposure to growing office markets in Germany, Austria and CEE 2 Leading office real estate player in Central Europe with proven access to capital markets 3 Highly stable and resilient yielding portfolio across key economic centres in Central Europe

  7. Slide 7: Germany – Growing Demand, Rising Rents, Declining Vacancy

    1: Attractive Market Exposure Germany – Growing Demand, Rising Rents, Declining Vacancy FAVOURABLE MARKET CONDITIONS PROVIDING GROWTH INVESTMENT VOLUME GERMANY (EUR BN)  Sound economic framework of German economy  German property market is a safe haven for foreign investors, which add to strong do

  8. Slide 8: Germany - Accelerating Letting Momentum

    1: Attractive Market Exposure Germany - Accelerating Letting Momentum GERMAN OFFICE TAKE-UP ON THE RISE COMPLETIONS AND VACANCY RATE OF BIG 7 OFFICE LOCATIONS*  German office lettings market achieved record take-up in 2015 and rose 10% in the first quarter 2016  Berlin and Munich show particularly

  9. Slide 9: Central and Eastern Europe – Growth on Track

    1: Attractive Market Exposure Central and Eastern Europe – Growth on Track PROMISING CEE MARKET TRENDS INVESTMENT REAL GDP INDEXED VOLUME TO GERMANY 1Q 2008 (EUR BN)  GDP growth in CEE countries substantially above EU performance  Investors are increasingly showing their confidence in the region‘s

  10. Slide 10: Proven Access to Capital Markets

    2: Leading Listed Office Real Estate Player in CE Proven Access to Capital Markets MARKET CAP (€ BN) 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 1.5 1.8 1.2 0.7 0.7 0.6 0.6 0.0 CA Immo Alstria TLG Dream Global REIT GTC DIC Hamborner Bond Period Tenor (years) Volume (€ m) Coupon Remark Straight bond 2016

  11. Slide 11: High-quality Asset Base in Key Economic Centres of Central Europe

    3: Highly Stable and Resilient Investment Portfolio High-quality Asset Base in Key Economic Centres of Central Europe KEY METRICS* 31.03.2016 31.12.2015 STRATEGIC CORE MARKETS Gross initial yield 6.4% 6.5% Austria 5.6% 5.7% Germany 5.2% 5.3% CEE 7.5% 7.6% Occupancy 92.2% 92.7% Austria 95.1% 96.5% Ge

  12. Slide 12: Top Tenants and Properties

    4: Diversified High Credit Quality Tenant Base Top Tenants and Properties TOP 15 TENANTS BY ANNUALIZED RENT** TOP 15 YIELDINGS ASSETS BY VALUE 6.7% Tower 185 (DE)* 189 2.3% Skygarden (DE) 172 2.0% Kontorhaus (DE) 124 Top 15: 2.0% 28% of portfolio River Place (RO) 108 1.9% Galleria (AT) 96 1.8% Rennw

  13. Slide 13: Major Office Player in Germany with Proven Track Record

    5: Development – Excellent Position in Germany Major Office Player in Germany with Proven Track Record Tower 185, Frankfurt Tour Total, Berlin STRONG TRACK RECORD OF VALUE CREATION  Among Top 3 office developers in Germany with strong track record of blue chip tenant projects  Highly valuable land

  14. Slide 14: Valuable Exposure to German Core Locations

    5: Development – Excellent Position in Germany Valuable Exposure to German Core Locations (in Particular Berlin) Europacity, Berlin Monnet 4, Berlin John F. Kennedy – Haus, Berlin Tour Total, Berlin Europacity, Berlin 14

  15. Slide 15: Solid Financial Ratios

    6: Defensive Capital Structure Solid Financial Ratios BALANCE SHEET RISING RECURRING PROFITABILITY 35 3.0  Long-term debt ratio targets 2.5 2.2  Equity ratio of  50% 30 1.8 2.5 2.0  Net LTV  45% 25 1.4 2.0 20 1.5  Optimization of financing structure major recurring profitability driver 15 1.0

  16. Slide 16: Strong Capital Base and Increasing Pool of Unencumbered Assets

    6: Defensive Capital Structure Strong Capital Base and Increasing Pool of Unencumbered Assets FINANCIAL METRICS EQUITY RATIO  Unencumbered assets 2,200 60% 53% 52% 53% 55% 2,100  Around € 1.1 bn of unencumbered property assets 44% 50% 2,000   30% of total property assets 45% 1,900  Extension of

  17. Slide 17: Debt Profile

    6: Defensive Capital Structure Debt Profile FINANCING STRUCTURE DEBT MATURITY PROFILE 800  Average debt maturity 4.1 years (1Q 2015: 3.8 years) 700 665  Unsecured debt 600 94 520 Corporate bond 2006-2016 due in  Corporate bond 2006-2016 (€ 186 m, 5.125%) 500 48 September 2016 (€ 186 m, 5.125%) 

  18. Slide 18: Strong Operations Platform Fundamental Basis for Future Growth

    7: Value-creating Management Platform Strong Operations Platform Fundamental Basis for Future Growth RECURRING PROFITABILITY (FFO I/SHARE) SHAREHOLDERS‘ EQUITY (NAV/SHARE) CAGR 163% 22.5 60% 0.90 22.0 53% 53% 55% 0.80 21.5 0.70 21.0 50% 44% 0.60 20.5 45% 0.50 20.0 31% 40% 0.40 19.5 0.30 19.0 35% 0.2

  19. Slide 19: CA Immo Bond 2016-2021 Key Facts

    CA Immo Bond 2016-2021 Key Facts KEY FACTS Issuer CA Immobilien Anlagen Aktiengesellschaft Rating of the Issuer Baa2, negative outlook (Moody‘s) Issue Rating (expected) Baa2 (Moody‘s) Nominal amount EUR [] Status Senior unsecured, pari passu Denomination EUR 1,000 Coupon [] % p.a., fixed, annual p

  20. Slide 20: Q&A

    Q&A

  21. Slide 21: Appendix Portfolio

    wae CA IMMO URBAN BENCHMARKS. APPENDIX PORTFOLIO

  22. Slide 22: Property Portfolio (€ 3.6 bn)

    Property Portfolio (€ 3.6 bn)* Germany Accounts for  44% of Portfolio Value PORTFOLIO STRUCTURE PORTFOLIO SPLIT BY REGION AND COUNTRY (€ M)  Total property asset base of € 3.6 bn  Germany remains largest single core market 7% Austria 612 17% 7%  Income- producing investment portfolio of 17% Germ

  23. Slide 23: Investment Portfolio (€ 3.0 bn)

    Investment Portfolio (€ 3.0 bn) Portfolio Metrics GROSS INITIAL YIELDS* WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY 9.0 9.0% 8.1% 7.7% 7.6% 8.0 8.0% 7.5% 6.8% 7.0 7.0% 6.4% 5.6% 6.0 6.0% 5.2% 5.0% 5.0 4.0% 4.0 3.0% 3.0 2.0% 2.0 1.0% 1.0 8.0 4.5 3.7 2.7 2.6 2.2 1.9 4.4 0.0% 0.0 Romania Oth

  24. Slide 24: Appendix Development

    wae CA IMMO URBAN BENCHMARKS. APPENDIX DEVELOPMENT

  25. Slide 25: John F. Kennedy – Haus, Berlin

    Development – Completions 2015 John F. Kennedy – Haus, Berlin: Prime Office Opposite German Chancellery KEY FACTS  Fair value € 85 m  Lettable area 17,800 sqm  Investment volume approx. € 70 m  Yield on cost 6.2%  Main tenants: White & Case, JLL, Airbus, Expedia  Occupancy:  90%  DGNB Platin

  26. Slide 26: Kontorhaus, Munich

    Development – Completions 2015 Kontorhaus, Munich: Prime Office Near Central Train Station KEY FACTS  Fair value € 124 m  Lettable area 28,400 sqm  Investment volume approx. € 97 m  Yield on cost 7.1%  Main tenants: Google, Salesforce  Occupancy: 100%  DGNB Silver Certificate All figures as a

  27. Slide 27: 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 rentable Share volume* investment on cost usage ratio phase area KPMG, Berlin 56 44 12,700 5.8% Office 100% 100% 3Q 15 – 4Q 17 Mannheimer

  28. Slide 28: High-quality Development Pipeline Major Growth Driver (2)

    Development High-quality Development Pipeline Major Growth Driver (2) Planned Investment Outstanding Main Construction TRADING PORTFOLIO* rentable Share Status volume** investment usage phase area Sales contract for  70% of building Rieck I, Berlin 35 9,500 Office 100% 1H 17 – 2H 19 signed 95% of s

  29. Slide 29: Projects Under Construction

    Development Projects Under Construction KPMG, BERLIN MANNHEIMER STRASSE, FRANKFURT* ORHIDEEA TOWERS, BUCHAREST  Main usage office  Main usage hotel  Main usage office  Total investment volume (incl. plot) € 56 m  Total investment volume (incl. plot) € 54 m  Total investment volume (incl. plot)

  30. Slide 30: Laende 3, Vienna: Urban City Quarter Development

    Development Laende 3, Vienna: Urban City Quarter Development Laende 3 city quarter LAENDE 3, VIENNA  Nord 1: Office „VIE“ (planned completion 2Q 2018)  Office addition to Austrian investment portfolio  Investment volume c. € 38 m  Nord 2: Residential (planned completion 4Q 2017)  JV with Austri

  31. Slide 31: Baumkirchen Residential Development

    Development Germany/Munich: Baumkirchen Residential Development KEY FACTS PHASE 1 (15,500 SQM GFA)  Residential project (development /sale of freehold flats)  50/50 joint venture with Patrizia  Investment volume c. € 120 m (100%, phase 1 + 2)  Phase 1  170 apartments  100% of sales units have

  32. Slide 32: Projects in Preparation Stage

    Development Projects in Preparation Stage RIECK 1, BERLIN MY.O, MUNICH ZIG ZAG, MAINZ  Main usage office  Main usage office  Main usage office  Total investment volume (incl. plot) € 35 m  Total investment volume (incl. plot) € 96 m  Total investment volume (incl. plot) € 16 m  Planned lettab

  33. Slide 33: 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 envisaged in joint venture All figures (€ m) as at 31 March 2016, unless otherwise stated 33

  34. Slide 34: Cube, Berlin

    Development Projects in Preparation Stage CUBE, BERLIN  Prime office property development  Outstanding location between Central Station and German Chancellery   19.500 sqm gross floor area All figures (€ m) as at 31 March 2016, unless otherwise stated 34

  35. Slide 35: Strategic Land Reserves Support Strong Development Pipeline

    Property Portfolio Strategic Land Reserves Support Strong Development Pipeline in Germany LANDBANK LANDBANK BRIDGE (FY 15)  Exposure to high-quality inner-city locations primarily in 450 Munich, Frankfurt, Berlin 400  Landbank monetization progressing well 43.4 46.1 350 73.8  Book value of € 312

  36. Slide 36: Landbank: Frankfurt

    Landbank Frankfurt KEY FACTS  Three high-rise plots with a total book value of around € 120 m  Millenium plot (1): located in Europaviertel; building permit up to 229,000 sqm GFA; optimization process to increase marketability  Tower 1 plot (2): located in Europaviertel; mixed use tower (hotel/of

  37. Slide 37: Landbank: Munich and Berlin

    Landbank Munich and Berlin KEY FACTS BERLIN  Inner-city located land reserves with a total book value of around € 180 m  Development of strategic land reserves (most attractive office-zoned plots)  Sale of non-strategic plots  strong demand for plots with residential zoning  Europacity Berlin:

  38. Slide 38: Appendix 1Q 2016 Earnings

    wae CA IMMO URBAN BENCHMARKS. APPENDIX 1Q 2016 EARNINGS

  39. Slide 39: Profit and Loss

    Profit and Loss Solid Start into Financial Year 2016 €m 1Q 2016 1Q 2015 yoy  Top line increase driven by EBRD buy-out and resulting full Rental income 40.2 34.7 15.7% consolidation of E-portfolio, fully effective as of July 1, 2015 Net rental income (NRI) 35.3 31.2 13.1% Result from hotel operation

  40. Slide 40: Funds from Operations (FFO)

    Funds from Operations (FFO) FFO I per Share € 0.22 €m 1Q 2016 1Q 2015 yoy Net rental income (NRI) 35.3 31.2 13.1%  Top line increase driven by EBRD buy-out and resulting full consolidation of E-portfolio, fully effective as of July 1, 2015 Result from hotel operations 0.0 0.0 n.m. Income from servi

  41. Slide 41: Balance Sheet

    Balance Sheet Debt Ratios Stable Within Strategic Target Range €m 31.03.2016 31.12.2015 +/- Investment properties 2,743.3 2,714.3 1.1% Properties under development 411.0 409.0 0.5% Hotel and own-used properties 6.9 7.0 -1.5% Other long-term assets 16.7 17.3 -3.1% Investments in joint ventures 167.8

  42. Slide 42: Net Asset Value (NAV)

    Net Asset Value (NAV) EPRA NAV per Share € 24.61 € m (diluted = undiluted) 31.03.2016 31.12.2015 NAV PER SHARE (QOQ) NAV PER SHARE (YOY) 22.2 1.0% 22.5 10.2% NAV (IFRS equity) 2,119.7 2,120.5 22.1 22.0 Exercise of options 0.0 0.0 22.1 21.5 NAV after exercise of options 2,119.7 2,120.5 22.0 21.0 NAV

  43. Slide 43: Average Cost of Funding at 2.9%

    Financing Average Cost of Funding at 2.9% FINANCING STRUCTURE OPTIMIZATION AVERAGE COST OF DEBT 5.5%  Cost of debt 5.0%  Average financing costs significantly reduced 4.5% during the last 18 months  major recurring 4.0% profitability driver over last two years 3.5% 3.0%  Interest rate hedging st

  44. Slide 44: Weighted Average Cost of Debt and Maturities

    Financing Weighted Average Cost of Debt and Maturities* Outstanding debt Nominal  Cost of debt  Cost of debt  Debt  Swap €m nominal value value swaps excl. derivatives incl. derivatives maturity maturity Austria 159.3 35.7 2.4% 2.6% 6.1 8.0 Germany 372.4 94.8 2.0% 2.4% 5.7 2.5 Czech Republic 121

  45. Slide 45: Appendix Corporate

    wae CA IMMO URBAN BENCHMARKS. APPENDIX CORPORATE

  46. Slide 46: CA Immo Share and Shareholder Structure

    Capital Markets Profile CA Immo Share and Shareholder Structure CA IMMO SHARE SHAREHOLDER STRUCTURE INSTITUTIONAL INVESTORS (45%)  Market capitalisation:  € 1.6 bn 3% 19% 18% 26%  Number of shares (March 31, 2016) 26% 1%  Number of shares: 98,808,336 15%  Number of shares outstanding: 95,808,33

  47. Slide 47: 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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