Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — FY2024 Earnings Presentation
53 slides from Ca Immobilien Anlagen's earnings presentation, Dec 31, 2024
Slide 1: FY 2024 Analyst & Investor Update
FY 2024 ANALYST & INVESTOR UPDATE ALL DATA AS AT 31 DECEMBER 2024 UNLESS OTHERWISE STATED
Slide 2: Key Achievements FY 2024
Overview Key Achievements FY 2024 Occupancy • Occupancy increased from 88.8% to 93.1%, with material improvements in Austria, Poland, and Hungary. • 38.7% of current vacancy already leased with future lease start dates. 14.0% of current vacancy in exclusivity to be sold. Income • Increased gross ren
Slide 3: Macroeconomic & Market Environment
Overview Macroeconomic & Market Environment Macroeconomic Environment Office Market Environment • Economic stagnation in Germany (0.2% FC 2025) with negative • Weak economic activity drag on tenant demand. near term outlook given high reliance on manufacturing, low Occupancy Economy interest rates,
Slide 4: Key Strategic Priorities
Overview Key Strategic Priorities Priorities Select Steps • Drive performance through prime portfolio quality and less dilution from low returning assets. Focus on • Reduce vacancy / capture rent reversion. Profitability • Continued operational efficiency and improved margins via process improvement
Slide 5: Future Return Drivers and Select Steps
Overview Future Return Drivers and Select Steps Return Drivers Select Steps / Impact • Signed 221 leases in 2024 totalling c. 150,000 sqm above expected rental value (ERV) reducing portfolio vacancy to 6.9%. Lease Up • 38.7% of current vacancy already leased with future lease start dates. Vacancy •
Slide 6: Portfolio
PORTFOLIO Rendering: Danube House, Prague
Slide 7: Total Portfolio
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Total Portfolio Total Portfolio (GAV) 2018 2019 2020 2021 2022 2023 2024 + / (-) Total Portfolio1 €m 4,471 5,186 5,596 6,254 5,910 5,159 4,965 (3.8%) Investment Properties1 €m 3,760 4,308 4,736 4,995 4,979 4,754 4,255 (10.5%) A
Slide 8: Investment Properties – KPIs (I)
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – KPI‘s (I) Investment Properties1 2018 2019 2020 2021 2022 2023 2024 + / (-) Properties # 74 77 79 74 64 63 53 (10) Gross Leasing Area (GLA) ‘000 sqm 1,404 1,443 1,374 1,320 1,115 1,101 939 (14.8%) Gross
Slide 9: Investment Properties – KPIs (II)
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – KPI‘s (II) GLA (ksqm) FY ‘24 FY ‘23 +/(-) GAV (€m) FY ‘24 FY ‘23 +/(-) GAV (€psqm) FY ‘24 FY ‘23 +/(-) Austria 97 129 (25.0%) Austria 235 319 (26.2%) Austria 2,435 2,475 (1.6%) Czechia 141 146 (3.5%) Cze
Slide 10: Investment Properties – Like-for-Like Performance FY 2024
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Like-for-Like Performance FY 2024 Market Gross Asset Value (€m) In-Place GRI (€m) Gross Initial Yield (%) 1 SQM Occupancy (%) FY ‘24 FY ‘23 +/(-) FY ‘24 FY ‘23 +/(-) FY ‘24 FY ‘23 +/(-) FY ‘24 FY ‘23 +/(
Slide 11: Investment Properties – Leasing Overview FY 2024
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Leasing Overview FY 2024 Market New Leasing Renewal Total Leasing Total GRI p.a. Average Office + / (-) to WAULT to WAULT to WAULT to (sqm) (sqm) (sqm) (€m) Rent (€ psqm) ERV (%) Break (Yrs.) End (Yrs.)
Slide 12: Investment Properties – Danube House Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Danube House Update Description • After 20 years of operation Danube House in Prague is being extensively renovated to high quality & design standards with a focus on new services, highest tenant comfort
Slide 13: Development Properties – Overview
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Overview Costs Construction Buildable Book Value Total Costs Gross Yield on Pre-Leased City Main Use # Completion Outstanding Start GLA (sqm) (€m) (€m) Cost (%) (%) (€m) Upbeat Berlin Office 1 2021 2026
Slide 14: Development Properties – Forecast Income Contribution
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Forecast Income Contribution In-Place GRI Development Contribution (€m)1 Key Drivers 270 266 266 • Final lease-up and stabilization of ONE 263 3.4 plus four properties under construction and in planning
Slide 15: Development Properties – Forecast NAV / GAV Contribution
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Forecast NAV / GAV Contribution Investment Portfolio Development Contribution (€m)1 Key Drivers 6,000 • Like-for-like upon completion of 5,500 current pipeline in 2027, Germany’s 4,995 4,979 share of th
Slide 16: Development Properties – Upbeat Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Upbeat Update Description • Construction follows the highest sustainability, health and connectivity standards incl. extensive digital, interconnected functions. • Upbeat is developed towards DGNB (Gold
Slide 17: Development Properties – Anna Lindh Haus Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Anna Lindh Haus Update Description • Class A office building with an iconic architecture, cutting edge sustainability credentials, excellent connections to public / private transportation, and high visi
Slide 18: Development Properties – Humboldthafen Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Humboldthafen Update Description • Unique location directly at the waterfront of Humboldthafen and only a footstep away from Berlin’s main railway station. • Building will provide for 6,125 sqm of GLA o
Slide 19: Development Properties – Am Karlsbad Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Am Karlsbad 11 Update Description • Am Karlsbad 11 Investment Property was fully vacated and reclassified as development property to be CA Immo’s first “develop to green” project. • Full refurbishment w
Slide 20: Consumption Overview
Portfolio Financials Returns Capital Markets Appendix Consumption, Certification, Regulation Consumption Overview Whole Building Energy Intensity (kwh/sqm) Whole Building Energy Intensity Overview Peers (kwh/sqm)1 300 Peer 10 70 Peer 18 78 250 239 Peer 1 86 207 197 200 Peer 3 100 169 155 150 Peer 19
Slide 21: Certification Overview
Portfolio Financials Returns Capital Markets Appendix Consumption, Certification, Regulation Certification Overview Certification Overview Peers1 Certified Portfolio (€m) Company Certificates EPC A and B MSCI Sustain- ISS ESG CDP EPRA 4,000 90% (% Portfolio) (% Portfolio) alytics sBPR 3,500 80% CA I
Slide 22: EPC Overview
Portfolio Financials Returns Capital Markets Appendix Consumption, Certification, Regulation EPC Overview EPC Distribution by Book Value (€m) EPC Distribution by GIA (ksqm) EPC Distribution by No. of Assets (#) 498 9 178 Top 15% Top 15% Top 15% 316 18 562 A A A B 109 B B €4.3bn 1,034 7 51 2,200 C C
Slide 23: Regulation Milestones and Outlook
Portfolio Financials Returns Capital Markets Appendix Consumption, Certification, Regulation Regulation Milestones and Outlook Key Year EU Regulation CA Immo Preparation and Reporting • The Delegated Act on the first 2 environmental targets of EU • First Analysis and evaluation of the TSC of the EU
Slide 24: Transaction Overview
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Transaction Overview Item1 Basis 2019 2020 2021 2022 2023 2024 Total Closed Acquisitions # # 2 3 1 1 1 - Cumulative since 2018 2 5 6 7 8 8 Germany €m 3.0 131.2 1.6 98.6 26.5 - Poland €m - 87.0 - - - - Total Closed Acquisitions €m
Slide 25: Closed Disposals
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Closed Disposals CAI GLA In-Place Book Value + / (-) # Property City Stage Sector Closing share (sqm)1 GRI (€m) (€m)2 Book Value3 Investment 1 Mariahilferstraße 17 100% Vienna Mixed Use Q1 2024 3,654 1.4 28.5 0.2% Property 2 AW F
Slide 26: Signed Disposals
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Signed Disposals InterCity Hotel, Berlin Storchengasse 1, Vienna IP West, Budapest Country Germany Country Austria Country Hungary Investment Investment Investment Status Status Status Property Property Property Sector Hotel Sect
Slide 27: Planned Disposals
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Planned Disposals Visionary, Prague Buckower Chaussee, Berlin Spire B & C, Warsaw Country Czechia Country Germany Country Poland Investment Investment Investment Status Status Status Property Property Properties Sector Office Sec
Slide 28: Financials
FINANCIALS Rendering: Development Hallesches Ufer, Berlin
Slide 29: Profit & Loss
Portfolio Financials Returns Capital Markets Appendix FY 2024 Financials Profit & Loss Profit and Loss (€m) FY ‘24 FY ‘23 +/(-) Q4 ‘24 Q4 ‘23 +/(-) Key Metrics Rental income 238.9 231.4 3.2% 59.9 58.7 1.9% 1 Rental Income up 3.2% at €238.9m and Net 1 Net rental income 202.2 192.8 4.9% 53.1 49.4 7.4%
Slide 30: Rental Income
Portfolio Financials Returns Capital Markets Appendix FY 2024 Financials Rental Income FY Q4 FY Q4 Rental Income Bridge (€m) Rental Rental Net Rental Net Rental 250 Income Income Income Income €239m €60m €202m €53m 2.6 +3.2% yoy +1.9% yoy +4.9% yoy +7.4% yoy 14.0 245 Key Drivers • In 2024, CA Immo r
Slide 31: Revaluation Result (I)
Portfolio Financials Returns Capital Markets Appendix FY 2024 Financials Revaluation Result (I) FY Q4 Property Revaluation Result by Property Type and Region (€m) Revaluation Revaluation Result Result Austria Germany CEE Total % of FY ‘23 BV (€199.6m) (€80.4m) Investment Properties (3.7) (71.1) (72.
Slide 32: Revaluation Result (II)
Portfolio Financials Returns Capital Markets Appendix FY 2024 Financials Revaluation Result (II) Peer Valuation Overview H2 2022 - FY 2024 (%)1 Key Observations (24.9%) Peer 8 • CA Immo asset value decline in line with peer group since start of yield decompression. (18.6%) Peer 1 • On a like-for-lik
Slide 33: Indirect Expenses
Portfolio Financials Returns Capital Markets Appendix FY 2024 Financials Indirect Expenses FY Q4 Indirect Expenses Bridge (€m) Indirect Indirect Expenses Expenses (30.0) €44.4m €11.3m 0.4 (16.5%) yoy (37.4%) yoy 4.8 (35.0) Key Drivers • Indirect expenditures decreased by –16.5% from 5.1 €–53.2m in t
Slide 34: FFO I
Portfolio Financials Returns Capital Markets Appendix FY 2024 Financials FFO I FY FY FFO I Bridge (€m) FFO I FFO II 130 €120.0m €120.5m 128 +5.4% yoy (51.7%) yoy 4.2 126 Key Drivers 124 • Net Rental Income growth mainly from 9.4 development completions in the previous years (4.6) offsetting the effe
Slide 35: FFO I & II
Portfolio Financials Returns Capital Markets Appendix FY 2024 Financials FFO I & II Funds From Operations (€m) FY ‘24 FY ‘23 +/(-) Q4 ‘24 Q4 ‘23 +/(-) Net rental income 202.2 192.8 4.9% 53.1 49.4 7.4% Income from services 1.8 2.8 (33.8%) 0.4 0.1 238.1% Other operating income/expenses excl. services
Slide 36: Balance Sheet
Portfolio Financials Returns Capital Markets Appendix FY 2024 Financials Balance Sheet Balance Sheet (€m) FY ‘24 FY ‘23 +/(-) Key Drivers 1 Investment properties 4,249.7 4,743.4 (10.4%) 1 Investment Properties down at €4,250m due to 2 Properties under development 457.0 344.1 32.8% successful non-cor
Slide 37: Balance Sheet Metrics
Portfolio Financials Returns Capital Markets Appendix FY 2024 Financials Balance Sheet Metrics Balance Sheet (€m) FY ‘ 24 FY ‘23 +/(-) Total assets 6,028.6 6,221.8 (3.1%) Property assets (GAV) 4,964.8 5,159.0 (3.8%) Cash and cash equivalents 647.0 663.5 (2.5%) Cash deposits 150.4 75.1 100.3% Shareho
Slide 38: Net Asset Values
Portfolio Financials Returns Capital Markets Appendix FY 2024 Financials Net Asset Values FY 2024 NAV Bridge (€ per Share) Comment 36.00 • EPRA Net Disposal Value (NDV): reflects a scenario where deferred 2.57 34.48 tax, financial instruments, and certain other adjustments are 34.00 calculated as to
Slide 39: Financial Profile
Portfolio Financials Returns Capital Markets Appendix Financing Financial Profile Leverage (%) Cost of Debt / Debt Maturity (%, Years) 6.0 3.00% 60% 54.8% 2.56% 55% 5.0 2.50% 2.28% 50% 1.99% 4.0 2.00% 45% 42.5% 3.0 1.50% 38.2% 40% 2.0 1.00% 35% 30% 1.0 0.50% 5.1 4.5 4.9 4.3 4.2 3.5 3.6 25% - - 2018
Slide 40: Debt Maturity Profile
Portfolio Financials Returns Capital Markets Appendix Financing Debt Maturity Profile Debt Maturity Profile (€m)1 1,000 900 800 782 Secured financing maturity in 2027 consists of prime assets in Berlin and Munich 700 earmarked for prolongation with existing lenders 600 500 Ability to address all deb
Slide 41: Returns
RETURNS Rendering: Development Anna Lindh Haus, Berlin
Slide 42: Total Accounting Return (I)
Portfolio Financials Returns Capital Markets Appendix Returns Total Accounting Return (I) Total Accounting Return (TAR) per Share1 Key Drivers 45.0 • 36% Total Accounting Return (TAR) since FY 2018. 43.0 • Composition of TAR: IFRS NAV change +11% and dividend distributions. 41.0 • Main drivers inclu
Slide 43: Total Accounting Return (II)
Portfolio Financials Returns Capital Markets Appendix Returns Total Accounting Return (II) Total Accounting Return (TAR) vs. Discount to IFRS NAV (%) 0% Peer 9 CA Immo Peer 5 (20%) Peer 18 Peer 7 Peer 10 Spot Discount to IFRS NAV (%)1 Peer 19 Peer 1 Peer 17 Peer 11 Peer 4 Peer 15 Peer 8 (40%) Peer 6
Slide 44: Total Shareholder Return
Portfolio Financials Returns Capital Markets Appendix Returns Total Shareholder Return Total Shareholder Return since 20181 100% 50% 0% (50%) 2019 2020 2021 2022 2023 2024 2 CA Immo Peer Index EPRA Developed ex UK Index 2024 3 Years Since 2018 CA Immobilien Anlagen AG (19%) (7%) 29% Peer Index2 (5%)
Slide 45: Capital Markets
CAPITAL MARKETS Rendering: Development Hallesches Ufer, Berlin
Slide 46: Key Capital Markets Information
Portfolio Financials Returns Capital Markets Appendix Capital Markets Key Capital Markets Information Analyst Recommendations Stock Information Institution Analyst Recommendation Target Price (€) Date Type of shares No-par value shares Oddo BHF Philip Hettich Outperform 29.00 17.03.2025 Stock market
Slide 47: Share Buyback
Portfolio Financials Returns Capital Markets Appendix Capital Markets Share Buyback Year Shares Purchased (#) % of Total Shares Ave. Price (€) Highest Price (€) Lowest Price (€) Total Cost (€m) Discount to IFRS NAV 2015 1,968,982 1.85% 16.15 17.00 14.93 31.8 19.5% 2016 3,434,337 3.22% 16.07 17.50 14
Slide 48: Appendix
APPENDIX Rendering: Danube House, Prague
Slide 49: Five Strategic Core Pillars
Portfolio Financials Returns Capital Markets Appendix Appendix Five Strategic Core Pillars Entire Value Chain Urban Cities Pure Play Office Resilient Portfolio Solid Balance Sheet • Investment Management • Tier 1: Berlin, Munich • Technology • Balance of income, • Balance of secured/ • Asset Managem
Slide 50: Capital Rotation Value Chain
Portfolio Financials Returns Capital Markets Appendix Appendix Capital Rotation Value Chain • Excellent locations in established and emerging submarkets. • Old, inefficient, tired existing assets in strong locations with value creation potential. • New high quality, sustainable and certified existin
Slide 51: Rating / Debt Metrics
Portfolio Financials Returns Capital Markets Appendix Appendix Rating / Debt Metrics Leverage (%) Interest Coverage (x) 60% 6.0x 54.8% 55% 5.0x 4.1x 50% 4.0x 4.0x 45% 42.5% 3.0x 40% 3.2x 38.2% 2.0x 35% 30% 1.0x 25% 0.0x 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 Equity Rat
Slide 52: Office Market – Key CA Immo Markets
Portfolio Financials Returns Capital Markets Appendix Appendix Office Market – Key CA Immo Markets Berlin Frankfurt Munich Vienna Budapest Prague Warsaw Current Δ 12M Current Δ 12M Current Δ 12M Current Δ 12M Current Δ 12M Current Δ 12M Current Δ 12M Total Stock (ksqm) 21,199 0.4% 11,694 0.7% 22,790
Slide 53: Contact Details
Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Group Head of Capital Markets & Corporate Office Deputy Head of Capital Markets Tel.: +43 (1) 532 59 07 504 Tel.: +49 89 54548 517 E-Mail: christoph.thurnberger@caimmo.com E-Mail: julian.woehrle@caimmo.de www.caim