Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — FY2021 Earnings Presentation

63 slides from Ca Immobilien Anlagen's earnings presentation, March 2022

1. Slide 1: Investor and Analyst Update FY 2021 Results

   Investor and Analyst Update FY 2021 Results All figures (€) as at 31 December 2021, unless otherwise stated

2. Slide 2: Portfolio Strategy (I)

   Highlights Results Financing Portfolio Development Appendix FY 2021 Results Portfolio Strategy (I) Strategic Tier 1 Markets  Increasing focus of the portfolio on Class A office buildings in the core markets of Berlin, Munich, Vienna, Prague and Warsaw.  „Kasernenstrasse 67“ acquisition in Duesseld

3. Slide 3: Portfolio Strategy (II)

   Highlights Results Financing Portfolio Development Appendix FY 2021 Results Portfolio Strategy (II) Trends & Their Impact on the Office Sector Hybrid Working World  Quality  Not more, but higher-quality office space in better locations (quality over quantity).  Connectivity and infrastructure  W

4. Slide 4: Highlights - Earnings

   Highlights Results Financing Portfolio Development Appendix FY 2021 Results Highlights - Earnings EBITDA (€m) Stable Operational Performance 250.0  Rental result only slightly down yoy on the back of 210.1 non-strategic property disposals and Covid-related impact. 195.6 200.0 172.8 171.7  FFO I an

5. Slide 5: Highlights - Portfolio Growth (I)

   Highlights Results Financing Portfolio Development Appendix FY 2021 Results Highlights - Portfolio Growth (I) Portfolio Growth (€m) Strong Portfolio Growth 7,000 6,254  Development project completions, acquisitions and a positive 6,000 5,596 valuation result increased total GAV to €6.3 bn (+12% yoy

6. Slide 6: Highlights - Portfolio Growth (II)

   Highlights Results Financing Portfolio Development Appendix FY 2021 Results Highlights - Portfolio Growth (II) EPRA NRV Contribution (€ per share) Significant Revaluation Result 12.0 1.4 10.6  More than 40% of the 2021 revaluation result was attributable to 2.1 10.0 development and construction pro

7. Slide 7: Highlights - Shareholder Value

   Highlights Results Financing Portfolio Development Appendix FY 2021 Results Highlights - Shareholder Value Total Shareholder Return & ROE (€, %) Strong TSR and Return on Equity € 45 16%  We have generated a 5-year total shareholder return (average annual € 40 14% growth rate) of approx. 22% and an

8. Slide 8: Highlights - ESG

   Highlights Results Financing Portfolio Development Appendix FY 2021 Results Highlights - ESG Certified Assets (Book Value, €m) CO2 Reduction Target 4,500 3,964  Reduction of the average CO2 emission intensity (Scope 1+2) of the 4,000 existing portfolio by 50% by 2030 (base year 2019). 3,500 3,264 3

9. Slide 9: Outlook for 2022

   Highlights Results Financing Portfolio Development Appendix FY 2021 Results Outlook for 2022 Portfolio  In addition to the increased focus of the portfolio on Class A office buildings in our core markets, our focus remains on sustainability and intensive tenant retention. The goal with our building

10. Slide 10: FY 2021 Results

    URBAN BENCHMARKS. FY 2021 RESULTS

11. Slide 11: Strong Operational Result and EBITDA Growth

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results Strong Operational Result and EBITDA Growth Major Earnings Drivers FY21 Profit and Loss (€m) 2021 2020 +/(-) Q4 ‘21 Q4 ‘20 +/(-) 1 1 Rental income 229.1 235.6 (2.8%) 53.3 58.1 (8.1%)  Slight decline in rental income due Net

12. Slide 12: Rental Income Slightly Down Primarily due to Disposals

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results Rental Income Slightly Down Primarily due to Disposals Key Drivers FY 2021 Rental Income Bridge (€m)  Rental income decline driven by non-strategic property disposals (including exits from the Zagreb, Bratislava and Graz ma

13. Slide 13: Significantly Positive Revaluation Result

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results Significantly Positive Revaluation Result FY 2021 Revaluation Result (€m) Key Drivers Austria Germany CEE Total  Total revaluation gain of €602.4 m counterbalanced by a revaluation loss of €–61.2 m. Revaluation result of €5

14. Slide 14: FFO I at €128.3 m Achieving Guidance

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results FFO I at €128.3 m Achieving Guidance Funds from Operations (€m) Major Drivers 2021 2020 +/(-) Q4 ‘21 Q4 ‘20 +/(-) 1 Net rental income 199.5 206.0 (3.2%) 46.7 50.2 (7.0%) 1 Result from services 8.1 8.2 (0.4%) 2.0 2.2 (9.9%) 

15. Slide 15: FFO I Hits 2021 Target at €128.3 m

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results FFO I Hits 2021 Target at €128.3 m FY 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 (Berlin) and Postepu 14 (War

16. Slide 16: Balance Sheet as at December 31, 2021

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results Balance Sheet as at December 31, 2021 Balance Sheet (€m) 2021 2020 +/(-) Comments Investment properties 4,984.3 4,723.1 5.5% 1  Reclassification of ZigZag (Mainz) and M&M 1 Properties under development 1,097.1 791.1 38.7% (

17. Slide 17: Balance Sheet Metrics as at December 31, 2021

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results Balance Sheet Metrics as at December 31, 2021 Balance Sheet (€m) Q4 ’21 Q4 ‘20 +/(-) Total assets 7,114.4 6,820.3 4.3% Property assets 6,254.2 5,596.2 11.8% Cash and cash equivalents 633.1 934.9 (32.3%) Shareholders‘ equity

18. Slide 18: Equity Increase Despite Payout of Special Dividend

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results Equity Increase Despite Payout of Special Dividend FY 2021 Shareholders Equity Bridge (€m) 2 3 1 Key Drivers 1 At €479.8 m, consolidated net income for the period was 88.9% above the previous year's figure, which translates

19. Slide 19: EPRA Net Asset Value (NRV, NTA, NDV)

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results EPRA Net Asset Value (NRV, NTA, NDV) Q4 ‘21 Q4 ‘20 (€m) EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 3,290.9 3,290.9 3,290.9 3,128.2 3,128.2 3,128.2 i) Hybrid instruments (Co

20. Slide 20: EPRA Net Asset Value (NDV, NTA, NRV)

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results EPRA Net Asset Value (NDV, NTA, NRV) FY 2021 EPRA NDV/NTA/NRV Bridge (€ per share) 3 45.00 44.19 2.90 2 0.96 0.04 0.09 0.16 40.05 0.25 40.00 5.94 1 35.00 1.20 33.70 0.16 32.68 (0.01) (0.16) 30.00 Diluted Reval- Goodwill Fixe

21. Slide 21: Key Metrics

    Highlights Results Financing Portfolio Development Appendix FY 2021 Results Key Metrics Key Metrics (€m) 2021 2020 +/(-) Rental income 229.1 235.6 (2.8%) Net rental income 199.5 209.7 (4.9%) EBITDA 210.1 195.6 7.4% EBIT 749.6 375.4 99.6% Earnings before tax (EBT) 675.2 348.3 93.9% Consolidated net i

22. Slide 22: Financing

    BENCHMARKS. URBAN — _a ma" \ | | ee (US ee oe == es ws

23. Slide 23: Well-Balanced Maturity Profile and Diversified Debt Structure

    Highlights Results Financing Portfolio Development 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). Corporate bond 2015-2022 re

24. Slide 24: Stable Debt Maturities and Record Low Financing Costs

    Highlights Results Financing Portfolio Development Appendix Financing Stable Debt Maturities and Record Low Financing Costs Key Financing Metrics 1 Average Debt Maturity (years) 1  Conversion of convertible bond (€200 m) into 7.0 Equity and repayment of corporate bonds in July 6.0 2021. 5.3 5.0 4.3

25. Slide 25: Robust Financial Profile with Strong Equity Base

    Highlights Results Financing Portfolio Development Appendix Financing Robust Financial Profile with Strong Equity Base Leverage (%) Interest Coverage (x) 55% 6.0x 50% 5.0x 46.3% 3.7x 45% 4.0x 3.7x 41.3% 40% 3.0x 35% 2.0x 31.1% 30% 1.0x 25% 0.0x 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020

26. Slide 26: Portfolio

    PORTFOLIO

27. Slide 27: Property Portfolio Key Metrics

    Highlights Results Financing Portfolio Development Appendix Property Portfolio Key Metrics Property Portfolio Q4 ‘21 Q4 ‘20 +/(-) Gross Asset Value (GAV) €m 6,254.2 5,596.2 11.8% thereof Investment Properties 1 €m 4,995.5 4,736.0 5.5% thereof Active Development Projects €m 920.3 791.1 16.3% thereof

28. Slide 28: Property Portfolio Overview

    Highlights Results Financing Portfolio Development Appendix Property Portfolio Overview Property Portfolio (GAV) by Region by City by Structure 2% 8% Berlin Investment 4% 6% properties Munich 15% 8% 29% Germany Frankfurt Land 3% 2 Warsaw reserves 32% 8% Total GAV: CEE Total GAV: Total GAV: Budapest

29. Slide 29: Investment Properties KPI Overview (I)

    Highlights Results Financing Portfolio Development Appendix Investment Properties KPI Overview (I) Investment Properties Development over Time (€m) 6,000 4,995 5,000 4,736 4,308 4,000 3,760 3,161 2,930 3,000 2,000 1,000 0 2016 2017 2018 2019 2020 2021 Investment Properties (€m) Q4 ‘21 1 Q4 ‘20 2 +/(

30. Slide 30: Investment Properties KPI Overview (II)

    Highlights Results Financing Portfolio Development Appendix Investment Properties 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 94.0% 92.3% 1,291 1,300 92.0% 1,250 90.0% 88.9% 1,200 88.0

31. Slide 31: Investment Properties KPI Overview (III)

    Highlights Results Financing Portfolio Development Appendix Investment Properties 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% 222.6 225.0 5.0% 4.6% 214.2 203.1 4.0% 200.0 €196 3.0% 2.0% 175.0 1.0% 150.0 0.0%

32. Slide 32: WAULT

    Highlights Results Financing Portfolio Development Appendix Investment Properties WAULT Well-Staggered Lease Maturity Profile Weighted Average Unexpired Lease Term (years)  CA Immo’s organic growth strategy and the 14 corresponding high share of own developments in its 12.7 12 largest portfolio Ger

33. Slide 33: Like-for-Like Performance

    Highlights Results Financing Portfolio Development Appendix Investment Properties Like-for-Like Performance Market Fair Value (€m) Rental Income (P&L, €m) Yield (%) 1 Occupancy (%) 2 Q4 ‘21 Q4 ‘20 +/(-) 2021 2020 +/(-) Q4 ‘21 Q4 ‘20 +/(-) Q4 ’21 Q4 ‘20 +/(-) Austria 491.5 493.6 (0.4%) 24.9 25.5 3 (2

34. Slide 34: Leasing 2021

    Highlights Results Financing Portfolio Development Appendix Property Portfolio Leasing 2021 Market Pre-leasing New Leasing Renewal (sqm) Total Leasing Annualized GRI Average Office + / (-) to ERV (sqm) (sqm) (sqm) (€m) Rent (€ psqm) (%) Austria 0 6,979 18,019 24,998 3.0 7.9 5.3% Czechia 1,327 19,985

35. Slide 35: Closed Disposals 2021

    Highlights Results Financing Portfolio Development Appendix Property Portfolio Closed Disposals 2021 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

36. Slide 36: Closed Disposals 2022 YTD

    Highlights Results Financing Portfolio Development Appendix Property Portfolio Closed Disposals 2022 YTD Property Sales Share Country City Property Sector GLA GRI at Proceeds Premium / date (%) Status (sqm) Sale (€m) Discount (€m) to BV (%) 1 R70 Q1 ‘22 100% HU Budapest Investment Office 19,241 2.0

37. Slide 37: Selected Planned Disposals 2022

    Highlights Results Financing Portfolio Development Appendix Property Portfolio Selected Planned Disposals 2022 Handelskai 388, Vienna Kaufmannshof, Mainz Bodenseestraße 141-151, Munich Country Austria Country Germany Country Germany Status Income Status Development Status Income Sector Office Sector

38. Slide 38: Investment Property Acquisition (I)

    Highlights Results Financing Portfolio Development Appendix Investment Properties Investment Property Acquisition (I) Acquisition of Kasernenstraße 67 Office Property in Duesseldorf  In January 2022 CA Immo closed the acquisition of a fully refurbished modern A class 10,412 sqm office building loca

39. Slide 39: Investment Property Acquisition (II)

    Highlights Results Financing Portfolio Development Appendix Investment Properties Investment Property Acquisition (II) Kasernenstraße 67 Property in Duesseldorf Investment Rationale  High quality, A class, clean, green, healthy, safe, modern office with the required technology and specification to

40. Slide 40: Development Completion Mississippi House & Missouri Park, Prague

    Highlights Results Financing Portfolio Development Appendix Investment Properties Development Completion Mississippi House & Missouri Park, Prague Key Metrics Total investment volume €65.8 m Rental area 20,873 sqm Yield on cost 6.4% Completion Q3 2021 Occupancy (contracted) 90% Key Facts  CA Immo c

41. Slide 41: Tenant Structure & Indexation

    Highlights Results Financing Portfolio Development Appendix Investment Properties Tenant Structure & Indexation Tenant Base & Indexation Tenant Industry Mix (Annualized Rent) Indexation (Annualized Rent)  High degree of blue-chip tenants 1% Business &  No industry dependency due to diversified ten

42. Slide 42: Development

    Kk = Lu = oO. O =I LU > iu Q

43. Slide 43: Outstanding market position in Germany

    Highlights Results Financing Portfolio Development Appendix Development Outstanding market position in Germany Key facts Cube, Berlin Tower 185, Frankfurt  CA Immo owns prime land reserves in sought-after locations primarily in Berlin, Frankfurt and Munich.  Successful delivery of large-scale proj

44. Slide 44: Commercial Value Chain

    Highlights Results Financing Portfolio Development Appendix Development Commercial Value Chain Zoning & Planning Under Construction Completion Millennium plot, Frankfurt Upbeat, Berlin Hochhaus am Europaplatz, Berlin MY.B, Berlin  Potential mixed use (commercial/ Technical parameters: Technical par

45. Slide 45: Development Projects Under Construction: Project Overview

    Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Project Overview For Own Portfolio CAI Investment Outstanding Planned Expected City Main Usage Pre-let Scheduled share Volume Investment Rentable Gross Yield Ratio GLA Completion (€m) 1 (€m) Area (sqm

46. Slide 46: ONE, Frankfurt (Completion in 2022)

    Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction ONE, Frankfurt (Completion in 2022) Key Metrics Total investment volume €431.0 m Outstanding investment €113.9 m Rental area 68,575 sqm Expected yield on cost 5.2% Scheduled completion Q2 2022 Pre-let

47. Slide 47: Grasblau, Berlin (Completion in 2022)

    Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Grasblau, Berlin (Completion in 2022) Key Metrics Total investment volume €68.5 m Outstanding investment €27.7 m Rental area 13,350 sqm Expected yield on cost 8.1% Scheduled completion Q4 2022 Pre-let

48. Slide 48: Hochhaus am Europaplatz, Berlin (Completion in 2024)

    Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Hochhaus am Europaplatz, Berlin (Completion in 2024) Key Metrics Total investment volume €140.5 m Outstanding investment €46.2 m Rental area 22,948 sqm Expected yield on cost 6.2% Scheduled completion

49. Slide 49: Upbeat, Berlin (Completion in 2026)

    Highlights Results Financing Portfolio Development Appendix Development Projects Under Construction Upbeat, Berlin (Completion in 2026) Key Metrics Total investment volume €323.4 m Outstanding investment €276.8 m Rental area 34,911 sqm Expected yield on cost 5.1% Scheduled completion Q1 2026 Pre-let

50. Slide 50: Appendix

    APPENDIX APPENDIX

51. Slide 51: Management Board Change

    Highlights Results Financing Portfolio Development Appendix Management Board Change Silvia Schmitten-Walgenbach, CEO Responsibility  Since January 2022 Chairwoman of the Management Board (CEO)  End of current term: December 31, 2024  Areas of responsibility: Corporate Strategy, Development & Tech

52. Slide 52: Weighted Average Cost of Debt and Maturities

    Highlights Results Financing Portfolio Development 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 Value, Maturity Maturity Debt excl. Debt incl. Value, €m) €m) (years) (year

53. Slide 53: Core Market Metrics

    Highlights Results Financing Portfolio Development Appendix Investment Properties Core Market Metrics Properties 16 Properties 8 Total area 217,400 sqm Total area 164,100 sqm Gross initial yield 3.2% Gross initial yield 6.3% Gross rental income €40.4 m Gross rental income €33.3 m Occupancy (economic

54. Slide 54: Prime Locations in All Core Markets

    Highlights Results Financing Portfolio Development Appendix Property Portfolio Prime Locations in All Core Markets Property Portfolio Split by City (book value) Berlin Munich 4% 6% 8% 29% 8% Total GAV €6.3 bn 8% 9% 18% 10% Berlin Munich Frankfurt Warsaw Budapest Vienna Prague Bucharest Other Key Fac

55. Slide 55: Prime Locations in All Core Markets

    Highlights Results Financing Portfolio Development Appendix Property Portfolio Prime Locations in All Core Markets Property Portfolio Split by City (book value) Warsaw Bucharest 4% 6% 8% 29% 8% Total GAV €6.3 bn 8% 9% 18% 10% Berlin Munich Frankfurt Warsaw Budapest Vienna Prague Bucharest Other Key

56. Slide 56: Largest Assets (I)

    Highlights Results Financing Portfolio Development Appendix Investment Properties Largest Assets (I) Skygarden, Munich Kontorhaus, Munich Millennium Towers, Budapest My.O, Munich JFK House, Berlin Value €329 m Value €267 m Value €210 m Value €204 m Value €162 m Occupancy 98% Occupancy 98% Occupancy

57. Slide 57: Largest Assets (II)

    Highlights Results Financing Portfolio Development Appendix Investment Properties Largest Assets (II) Ambigon, Munich Riverplace, Bucharest Heidestraße 58, Berlin Königliche Direktion, Berlin Postepu 14, Warsaw Value €106 m Value €106 m Value €105 m Value €103 m Value €98 m Occupancy 90% Occupancy 9

58. Slide 58: Blue-Chip Tenant Structure With a Service and Technology Focus (I)

    Highlights Results Financing Portfolio Development Appendix Investment Properties Blue-Chip Tenant Structure With a Service and Technology Focus (I) Top 40 tenants (annualized rent) Tenant Industry City % PWC Professional Services Munich 3.3% InterCity Consumer Services & Leisure Berlin, Frankfurt 2

59. Slide 59: Blue-Chip Tenant Structure With a Service and Technology Focus (II)

    Highlights Results Financing Portfolio Development Appendix Investment Properties Blue-Chip Tenant Structure With a Service and Technology Focus (II) Top 40 tenants (annualized rent) Tenant Industry City % Bitdefender Computers / Hi-Tech Bucharest 0.9% BT Roc Business Services Budapest 0.8% Benefit

60. Slide 60: Reversionary Potential

    Highlights Results Financing Portfolio Development Appendix Investment Properties Reversionary Potential Case Study Reversionary Potential Europacity Berlin  A significant portion of CAI’s activity in Berlin is focused in the prime Europacity submarket, where significant development and leasing act

61. Slide 61: CA Immo Share and Shareholder Structure

    Highlights Results Financing Portfolio Development 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 31.12.2021 31.12.2020 # of shares 106,496,426 98,808,336 32% 34% Treasury s

62. Slide 62: Analyst Coverage & Conference Attendance

    Highlights Results Financing Portfolio Development Appendix Capital Markets Analyst Coverage & Conference Attendance Equity Analyst Coverage Analyst Date Target Price (€) Recommendation  Median and average target price of analyst Erste Group 21.03.2022 34.00 Accumulate recommendations above current

63. Slide 63: 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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