Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — Q3 2021 Earnings Presentation
60 slides from Ca Immobilien Anlagen's earnings presentation, November 2021
Slide 1: Q3 2021 Investor & Analyst Update
We create and manage places where people love to work. Q3 2021 INVESTOR & ANALYST UPDATE November 2021 All figures (€) as at 30 September 2021, unless otherwise stated
Slide 2: Business Model & Investment Highlights
BUSINESS MODEL & INVESTMENT HIGHLIGHTS
Slide 3: Key Investment Highlights (Overview)
BM / Strategy Results Financing Property ESG Appendix Business Model Key Investment Highlights (Overview) CA Immo is a leading manager, investor and developer 4 KEY of high-quality office properties with Germany as anchor market. REASONS We maintain a strong competitive position in our markets drive
Slide 4: Key Investment Highlights (I): Outstanding Asset Quality
BM / Strategy Results Financing Property ESG Appendix Business Model Key Investment Highlights (I) Core city footprint 1 Outstanding Asset Quality Class A office portfolio diversified across attractive European gateway cities with Germany as anchor market, which are economically linked and share p
Slide 5: Key Investment Highlights (II): Organic Growth Potential
BM / Strategy Results Financing Property ESG Appendix Business Model Key Investment Highlights (II) Development volume & potential in Germany 2 Organic Growth Potential Valuable landbank in anchor market Germany: Since the acquisition of the federal subsidiary Vivico Real Estate in 2008, CA Immo h
Slide 6: Key Investment Highlights (III): High Cash Flow Resilience
BM / Strategy Results Financing Property ESG Appendix Business Model Key Investment Highlights (III) 3 High Cash Flow Resilience Tenant Industry Mix (annualized rent) 1% High balance of properties generating recurring cash flow: CA Immo’s business model aims to ensure long-term recurring earnings
Slide 7: Key Investment Highlights (IV): Strong Financial Performance
BM / Strategy Results Financing Property ESG Appendix Business Model Key Investment Highlights (IV) 4 Strong Financial Performance 22% 5-YEAR TOTAL SHAREHOLDER Value creation throughout the cycle: CA Immo's ability to invest, develop, lease and reposition properties along a deep value chain and
Slide 8: Strategy
STRATEGY
Slide 9: Core Pillars of Business Model
BM / Strategy Results Financing Property ESG Appendix Strategy Core Pillars of Business Model Entire value chain Urban cities Pure play office Resilient portfolio Solid balance sheet Acquire Investment Management Tier 1: Berlin, Munich, A-class office to hold 85% investment 45–50% equity
Slide 10: Portfolio Strategy through the Property Cycle
BM / Strategy Results Financing Property ESG Appendix Strategy Portfolio Strategy through the Property Cycle Monetise future profit where no further Excellent locations in established and value creation exists. emerging submarkets. Divest when future rate of return is Old, inefficient, tired
Slide 11: Q3 2021 Results
Q3 2021 RESULTS
Slide 12: Q1-3 2021 Key Achievements and Events (1/2)
BM / Strategy Results Financing Property ESG Appendix Q1-3 2021 Key Achievements and Events (1/2) Stable operations and successful continuation of capital rotation In the first nine months of 2021, CA Immo successfully continued its strategic capital rotation programme (exit of non-core markets Za
Slide 13: Q1-3 2021 Key Achievements and Events (2/2)
BM / Strategy Results Financing Property ESG Appendix Q1-3 2021 Key Achievements and Events (2/2) Takeover offer by Starwood Capital Group completed Prior to the expiry of the three-month statutory extended offer period of the anticipated mandatory offer, SOF-11 Klimt CAI S.à r.l. announced on 2 J
Slide 14: Q1-3 2021 Results Overview
BM / Strategy Results Financing Property ESG Appendix Q1-3 2021 Results Overview yoy Solid First Three Quarters 2021 RENTAL Operations widely stable in Q1-3 2021 with rental income slightly down 1% yoy to €175.8 m. INCOME -1.0% Net rental income decreased to €152.8 m (-4% yoy) mainly because of
Slide 15: Outlook
BM / Strategy Results Financing Property ESG Appendix Q1-3 2021 Results Outlook FFO I - annual target 2022 withdrawn / Strategic options for Romanian portfolio will be evaluated The FFO I annual target for 2021 of around €128 m is confirmed. The successful sale of non-strategic assets as part of t
Slide 16: Strong Operational Result and EBITDA Growth
BM / Strategy Results Financing Property ESG Appendix Q3 2021 Results Strong Operational Result and EBITDA Growth Q1-3 Q1-3 Major Earnings Drivers 1-3Q Profit and Loss (€m) +/(-) Q3 ‘21 Q3 ‘20 +/(-) ‘21 ‘20 1 1 Rental income 175.8 177.6 (1.0%) 55.9 59.4 (5.9%) Slight decline in rental income due N
Slide 17: Rental Income Slightly Down because of Disposals and Lower Occupancy
BM / Strategy Results Financing Property ESG Appendix Q3 2021 Results Rental Income Slightly Down because of Disposals and Lower Occupancy Key Drivers Q3 2021 Rental Income Bridge (€m) Rental income increase driven by portfolio growth through development completions and acquisitions of recent quar
Slide 18: FFO I at €100.1 m Slightly Down
BM / Strategy Results Financing Property ESG Appendix Q3 2021 Results FFO I at €100.1 m Slightly Down because of Profitable Disposals Funds from Operations (€m) Q1-3 Q1-3 Major Drivers +/(-) Q3 ‘21 Q3 ‘20 +/(-) ‘21 ‘20 1 Net rental income 152.8 155.8 (1.9%) 51.2 53.6 (4.5%) 1 Result from services 6.
Slide 19: Q3 2021 FFO I Bridge
BM / Strategy Results Financing Property ESG Appendix Q3 2021 Results FFO I at €100.1 m Slightly Down because of Profitable Disposals Q3 2021 FFO I Bridge (€m) 2 3 1 4 5 Key Drivers 1 Positive contribution by acquisitions of investment properties in 2020: Am Karlsbad 11 (Berlin), Pohlstraße 20 (Berl
Slide 20: Balance Sheet as at September 30, 2021
BM / Strategy Results Financing Property ESG Appendix Q3 2021 Results Balance Sheet as at September 30, 2021 Balance Sheet (€m) Q3 ‘21 Q4 ‘20 +/(-) Comments Investment properties 4,815.3 4,723.1 2.0% 1 Reclassification of ZigZag (Mainz) and M&M 1 Properties under development 917.6 791.1 16.0% (Pra
Slide 21: Balance Sheet Metrics as at September 30, 2021
BM / Strategy Results Financing Property ESG Appendix Q3 2021 Results Balance Sheet Metrics as at September 30, 2021 Balance Sheet (€m) Q3 ‘21 Q4 ‘20 +/(-) Total assets 6,975.1 6,820.3 2.3% Property assets 5,902.7 5,596.2 5.5% Cash and cash equivalents 847.2 934.9 (9.4%) Shareholders‘ equity 3,504.2
Slide 22: EPRA Net Asset Value (NRV, NTA, NDV)
BM / Strategy Results Financing Property ESG Appendix Q3 2021 Results EPRA Net Asset Value (NRV, NTA, NDV) Q3 ‘21 Q4 ‘20 (€m) EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 3,504.1 3,504.1 3,504.1 3,128.2 3,128.2 3,128.2 i) Hybrid instruments (Converti
Slide 23: EPRA Net Asset Value Bridge
BM / Strategy Results Financing Property ESG Appendix Q3 2021 Results EPRA Net Asset Value (NDV, NTA, NRV) Q3 2021 EPRA NDV/NTA/NRV Bridge (€ per share) 3 2.67 44.92 45.00 2 0.02 0.34 0.51 41.81 0.08 0.20 5.50 40.00 1.05 1 0.28 35.32 34.79 (0.02) 35.00 (0.51) 30.00 Diluted Reval- Goodwill Fixed EPRA
Slide 24: Key Metrics
BM / Strategy Results Financing Property ESG Appendix Q3 2021 Results Key Metrics Key Metrics (€m) Q1-3 ‘21 Q1-3 ‘20 +/(-) Rental income 175.8 177.6 (1.0%) Net rental income 152.8 159.5 (4.2%) EBITDA 160.0 136.1 17.5% EBIT 344.1 110.7 210.9% Earnings before tax (EBT) 276.0 120.4 129.3% Consolidated
Slide 25: Financing
BENCHMARKS. URBAN — _a ma" \ | | ee (US ee oe == es ws
Slide 26: Well-Balanced Maturity Profile and Diversified Debt Structure
BM / Strategy Results Financing Property ESG Appendix Financing Well-Balanced Maturity Profile and Diversified Debt Structure Debt Structure 1 Debt Maturity Profile (€ m) Follow-up financings have been secured for 800 construction loans (secured debt developments). 700 100% of bank financings an
Slide 27: Stable Debt Maturities and Record Low Financing Costs
BM / Strategy Results Financing Property ESG Appendix Financing Stable Debt Maturities and Record Low Financing Costs Key Financing Metrics 1 Average Debt Maturity (years) 1 In the third quarter 2021 the remaining convertible 7.0 bonds were converted, driving among other factors 6.0 5.5 an increas
Slide 28: Robust Financial Profile with Strong Equity Base
BM / Strategy Results Financing Property ESG Appendix Financing Robust Financial Profile with Strong Equity Base Leverage Interest coverage 55% 6.0x 50% 50.2% 5.0x 3.9x 45% 4.0x 43.4% 3.8x 40% 3.0x 35% 2.0x 30% 1.0x 29.0% 25% 0.0x 2016 2017 2018 2019 2020 Q3 2021 2016 2017 2018 2019 2020 Q3 2021 Equ
Slide 29: Portfolio
: _ PORTFOLIO SURBAN” Jf '; BENCH MARIS:
Slide 30: Property Portfolio Key Metrics
BM / Strategy Results Financing Property ESG Appendix Property Portfolio Key Metrics Property Portfolio Q3 ’21 Q4 ‘20 +/(-) Gross Asset Value (GAV) €m 5,902.7 5,596.2 5.5% thereof Investment Properties 1 €m 4,827.0 4,736.0 1.9% thereof Active Development Projects €m 757.2 791.1 (4.3%) thereof Land R
Slide 31: Property Portfolio Overview
BM / Strategy Results Financing Property ESG Appendix Property Portfolio Overview Property Portfolio (GAV) by Region by City by Structure 2% 9% Berlin Investment 4% 7% 13% properties Munich 8% 27% Germany Vienna 3% Land 2 Frankfurt reserves Total GAV: CEE 10% Total GAV: Total GAV: 34% Budapest €5.9
Slide 32: Investment Portfolio KPI Overview (I)
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio KPI Overview (I) Investment Portfolio Development over Time (€m) 6,000 4,736 4,827 5,000 4,308 4,000 3,760 3,161 2,930 3,000 2,000 1,000 0 2016 2017 2018 2019 2020 Q3 2021 Investment Portfolio (€m) Q3 ‘21 1 Q3 ‘20 2 +/(-) Inv
Slide 33: Investment Portfolio KPI Overview (II)
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio KPI Overview (II) GLA over Time (ksqm) Occupancy over Time (%) 1,500 1,458 100.0% 1,443 1,450 98.0% 1,404 96.1% 1,400 1,374 96.0% 95.2% 94.8% 1,356 94.4% 1,350 1,305 94.0% 92.3% 1,300 92.0% 90.0% 1,250 90.0% 1,200 88.0% 1,150
Slide 34: Investment Portfolio KPI Overview (III)
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio KPI Overview (III) Annualized Rent over Time (€m) Gross Initial Yield over Time (%) 250.0 7.0% 238.2 6.0% 6.1% 5.8% 6.0% 5.4% 226.4 5.1% 223.1 4.8% 225.0 5.0% 214.2 203.1 4.0% 200.0 €195.50 3.0% 2.0% 175.0 1.0% 150.0 0.0% 201
Slide 35: WAULT: Well-Staggered Lease Maturity Profile
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio WAULT Well-Staggered Lease Maturity Profile Weighted Average Unexpired Lease Term (years) 14 CA Immo’s organic growth strategy and the corresponding high share of own developments in its 12.5 12 largest portfolio Germany ha
Slide 36: Like-for-Like Performance
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Like-for-Like Performance Market Fair Value (€m) Rental Income (P&L, €m) Yield (%) 1 Occupancy (%) 2 Q3 ‘21 Q3 ‘20 +/(-) Q1-3 ‘21 Q1-3 ‘20 +/(-) Q3 ‘21 Q3 ‘20 +/(-) Q3 ‘21 Q3 ‘20 +/(-) Austria 488.7 493.4 (0.9%) 19.4 19.0 3 2
Slide 37: Leasing Q1-3 2021
BM / Strategy Results Financing Property ESG Appendix Property Portfolio Leasing Q1-3 2021 Market Pre-leasing New Leasing Renewal (sqm) Total Leasing Annualized GRI Average Office + / (-) to ERV (sqm) (sqm) (sqm) (€m) Rent psqm (%) Austria 5,290 12,569 17,859 2.3 8.1 0.6% Czechia 1,327 12,173 3,965
Slide 38: Closed Disposals 2021 YTD
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Closed Disposals 2021 YTD Property Sales Share Country City Property Sector GLA GRI at Proceeds Premium / date (%) Status (sqm) Sale (€m) Discount (€m) to BV (%) 1 Land plot Duesseldorf Q1 ‘21 100% DE Duesseldorf Land Residen
Slide 39: Selected Planned Disposals 2021/2022
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Selected Planned Disposals 2021/2022 Wolfganggasse 58-60, Vienna Meininger Hotel, Frankfurt Bodenseestrasse 225-229, Munich Country Austria Country Germany Country Germany Status Investment Status Investment Status Investment
Slide 40: Development Completion Mississippi House & Missouri Park, Prague
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Development Completion Mississippi House & Missouri Park, Prague Key Metrics Total investment volume €64.0 m Rental area 20,873 sqm Yield on cost 6.5% Completion Q3 2021 Occupancy 58% Key Facts CA Immo completes Mississippi
Slide 41: Development
BENCHMARKS. URBAN k- = Lu = o. G i) Lu > iu Q
Slide 42: Development Projects Under Construction: Project Overview
BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction Project Overview Investment Portfolio CAI Share Investment Outstanding Planned Expected Main Usage Pre-let Scheduled Volume Investment Rentable Gross Yield Ratio GLA Completion (€m) 1 (€m) Area (sqm) on Cos
Slide 43: ONE, Frankfurt (Completion in 2022)
BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction ONE, Frankfurt (Completion in 2022) Key Metrics Total investment volume €430.9 m Outstanding investment €137.9 m Rental area 68,575 sqm Expected yield on cost 5.4% Scheduled completion Q1 2022 Pre-let ratio
Slide 44: Grasblau, Berlin (Completion in 2022)
BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction Grasblau, Berlin (Completion in 2022) Key Metrics Total investment volume €68.0 m Outstanding investment €32.3 m Rental area 13,350 sqm Expected yield on cost 8.4% Scheduled completion Q4 2022 Pre-let ratio
Slide 45: Hochhaus am Europaplatz, Berlin (Completion in 2024)
BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction Hochhaus am Europaplatz, Berlin (Completion in 2024) Key Metrics Total investment volume €140.8 m Outstanding investment €54.2 m Rental area 22,948 sqm Expected yield on cost 6.4% Scheduled completion Q1 20
Slide 46: Upbeat, Berlin (Completion in 2026)
BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction Upbeat, Berlin (Completion in 2026) Key Metrics Total investment volume €324.7 m Outstanding investment €284.6 m Rental area 34,911 sqm Expected yield on cost 4.6% Scheduled completion Q1 2026 Pre-let ratio
Slide 47: Environmental, Social & Corporate Governance
ENVIRONMENTAL, SOCIAL & CORPORATE GOVERNANCE
Slide 48: Sustainability: Organizational Structure and Reporting
BM / Strategy Results Financing Property ESG Appendix Sustainability Organizational Structure and Reporting Organizational Integration and Management Strategy, Monitoring, Key incorporation in the corporate strategy. Controlling Executive Board Targeted definition and management of strategic sus
Slide 49: Agenda for Sustainable Business Operations (I)
BM / Strategy Results Financing Property ESG Appendix Sustainability Agenda for Sustainable Business Operations (I) Agenda for Sustainable Business Operations Climate & Energy Sustainable Procurement & Supply Chain SDG goals SDG goals Targets & Principles: Targets & Principles: Reduction of averag
Slide 50: Agenda for Sustainable Business Operations (II)
BM / Strategy Results Financing Property ESG Appendix Sustainability Agenda for Sustainable Business Operations (II) Agenda for Sustainable Business Operations Sustainable Urban District Development Business Ethics, Corporate Governance & Compliance SDG goals SDG goals Targets & Principles: Targets
Slide 51: Initiatives for Climate and Environmental Protection
BM / Strategy Results Financing Property ESG Appendix Sustainability Initiatives for Climate and Environmental Protection Sustainability Certification Office Investment Portfolio according to Certification Standard As of September 30, 2021, 70% of the total building stock (office: 74%) was DGNB Go
Slide 52: Health & Safety, Social Standards, Working Conditions
BM / Strategy Results Financing Property ESG Appendix Sustainability Health & Safety, Social Standards, Working Conditions Health & Safety - Covid 19 Protective Measures Covid 19 Employee Action Plan (excerpt). Early (early March 2020) installation of an international Health & Extended home offi
Slide 53: Appendix
APPENDIX APPENDIX
Slide 54: Weighted Average Cost of Debt and Maturities
BM / Strategy Results Financing Property ESG Appendix Financing Weighted Average Cost of Debt and Maturities 1 CoD/Maturities (€m) Outstanding Swaps Avg. Debt Avg. Swap Avg Cost of Avg. Cost of Debt (Nominal (Nominal Maturity Maturity Debt excl. Debt incl. Value) Value) (years) (years) Derivatives
Slide 55: Largest Assets (I)
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Largest Assets (I) Skygarden, Munich Kontorhaus, Munich Millennium Towers, Budapest My.O, Munich JFK House, Berlin Value €298 m Value €243 m Value €201 m Value €184 m Value €149 m Occupancy 98% Occupancy 98% Occupancy 81% Occ
Slide 56: Largest Assets (II)
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Largest Assets (II) Spreebogen Heidestraße 58, Berlin Ambigon, Munich Postepu 14, Warsaw Königliche Direktion, Berlin Value €103 m Value €99 m Value €98 m Value €97 m Value €94 m Occupancy 100% Occupancy 100% Occupancy 90% Oc
Slide 57: Capital Rotation: Latest Acquisitions
BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Capital Rotation Latest Acquisitions Am Karlsbad 11, Berlin Postepu 14, Warsaw Pohlstrasse 20, Berlin Country Germany Country Poland Country Germany Status Investment Status Investment Status Investment Sector Office Sector O
Slide 58: CA Immo Share and Shareholder Structure
BM / Strategy Results Financing Property ESG Appendix Capital Markets CA Immo Share and Shareholder Structure Share-related Key Figures Largest Shareholders (by Total Shares) 1 Largest shareholders (by Voting Rights) 1 30.09.2021 31.12.2020 # of shares 106,496,426 98,808,336 5% Treasury shares 5,780
Slide 59: Analyst Coverage & Conference Attendance
BM / Strategy Results Financing Property ESG Appendix Capital Markets Analyst Coverage & Conference Attendance Equity Analyst Coverage Analyst Date Target Price (€) Recommendation Median and average target price of analyst SRC Research 04.11.2021 42.00 Buy recommendations above current share Keple
Slide 60: Contact Details
Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Group Head of Capital Markets Capital Markets Co-Head of Corporate Development Committee Tel.: +43 (1) 532 59 07 504 Tel.: +43 (1) 532 59 07 654 E-Mail: christoph.thurnberger@caimmo.com E-Mail: julian.woehrle@caim
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