Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (November 2018)

59 slides from Ca Immobilien Anlagen's investor presentation, November 2018

  1. Slide 1: Company Presentation November 2018

    COMPANY PRESENTATION November 2018

  2. Slide 2: 3Q 2018 Highlights

    3Q 2018 Highlights Robust operating business  Net rental income up 5% yoy at € 43.7 m in the third quarter sustained  High portfolio occupancy maintained at 95.3%  FFO I was up 8% yoy at € 30.5 m in 3Q 18  FFO I fully on track with regard to full-year guidance of > € 115 m Portfolio growth accel

  3. Slide 3: 1-3Q 2018 Key Performance Indicators

    1-3Q 2018 Key Performance Indicators  Net rental income increase to € 130.5 m (2017: € 121.8 m) Net rental income per share  High operating margin maintained at 92.2% (1-3Q 2017: 91.3%) 1.40 (2017*: 1.31) +7%  Major driver: acquisition of Warsaw Spire B, KPMG Berlin office completion, large-scale

  4. Slide 4: Profit and Loss

    Profit and Loss Top Line Maintains Upward Trend P&L* 1-3Q 1-3Q +/- 3Q 3Q +/- 3Q earnings driver 2018 2017 2018 2017 Rental income 141.5 133.5 6.0% 47.8 45.0 6.3%  Rental income up 6% yoy Net rental income 130.5 121.8 7.1% 43.7 41.8 4.6%  Acquisition of Warsaw Spire B Other property development exp

  5. Slide 5: Funds from Operations (FFO)

    Funds from Operations (FFO) 1-3Q FFO I up 11% at € 93.7 m (€ 1.01 per Share) 3Q 2018 FFO I per share (yoy) 1-3Q 2018 FFO I per share (yoy) FFO I 0.34 1.05 +9% 93.7 (2017*: 84.2) +11% 0.32 1.00 +12% 0.30 0.95 0.28 FFO I per share 0.26 0.90 1.01 (2017*: 0.90) +12% 0.24 0.85 0.22 0.30 0.33 0.90 1.01 0.

  6. Slide 6: Funds from Operations (FFO)

    Funds from Operations (FFO) 3Q FFO I at € 30.5 m (+8% yoy) FFO** 1-3QH 1-3Q 3Q 3Q +/- 3Q earnings driver 2018 2017 2018 2017 Net rental income  Net rental income up 4.6% 130.5 121.8 7.1% 43.7 41.7 4.6% Result from services 9.3 7.6 22.6% 2.0 1.8 7.7%  Acquisition of Warsaw Spire B Other development

  7. Slide 7: Balance Sheet (September 30, 2018)

    Balance Sheet (September 30, 2018) Strong Equity Base Secures Growth Balance Sheet* 30.09.2018 31.12.2017 +/- Investment properties 3,354.6 3,155.7 6.3%  Rock solid balance sheet metrics comfortably within Properties under development strategic target range despite continuous balance sheet 670.7 57

  8. Slide 8: Net Asset Value (NAV)

    Net Asset Value (NAV) EPRA NAV per Share at € 31.13 EPRA NAV per share YOY Net Asset Value 30.09.2018 31.12.2017**** +/- 31.5 +11% 31.0 NAV (IFRS equity) 2,478.0 2,419.20 30.5 Exercise of options 0.0 0.0 30.0 29.5 NAV after exercise of options 2,478.0 2,419.2 2.4% 29.0 NAV per share 26.64 25.95 2.6%

  9. Slide 9: Financing

    a= CA IMMO URBAN BENCHMARKS. FINANCING

  10. Slide 10: Financing

    Financing Significant Financing Structure Optimisation Improves Cash Flow Resilience EXTENDED HEDGING RATIO AND MATURITIES Average cost of debt 3.10%  Average financing costs stood at 1.72% at reporting date (1.56% excluding interest rate 2.90% hedges) compared to 2.0% in 3Q 2017 2.70% 2.50%  The

  11. Slide 11: Financing: Debt Structure

    Financing Debt Structure WELL-BALANCED DEBT STRUCTURE Debt structure* (€ m) Unsecured debt (€ m)  CA Immo’s debt structure is well-balanced 4% 4% 5% Bonds between secured debt provided by a number of UniCredit 200 financial institutions and capital markets 20% financings (> 40% of total financial l

  12. Slide 12: Weighted Average Cost of Debt and Maturities

    Financing Weighted Average Cost of Debt and Maturities*  CoD/Maturities Outstanding debt Swaps  Cost of debt  Cost of debt  Debt maturity  Swap maturity (nominal value) (nominal value) excl. derivatives incl. derivatives (years) (years) Austria 170.0 82.0 1.88% 2.31% 9.1 10.4 Germany 513.7 288.

  13. Slide 13: Portfolio

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO

  14. Slide 14: Property Portfolio (€ 4.1 bn)

    Property Portfolio (€ 4.1 bn)* Largest Single Market Germany Accounts for 45% of Portfolio Value PORTFOLIO STRUCTURE Portfolio split by region and country (book value)  Total property asset base of € 4.1 bn 2% 2% Germany  Thereof income- producing investment 550 Austria 13% 8% properties of € 3.4

  15. Slide 15: Investment Portfolio (€ 3.4 bn)

    Investment Portfolio (€ 3.4 bn) Core Office Focussed Yielding Portfolio Across Key Economic Centres in CE STANDING INVESTMENTS Investment portfolio split by region and country (book value)  Total income-producing property asset base of 3% 3% Germany  € 3.4 bn 550 Austria 8%  Germany accounts for

  16. Slide 16: Investment Portfolio: Stable Yield, Occupancy Above 95%

    Investment Portfolio Stable Portfolio Yield qoq, Occupancy Exceeds 95% Portfolio occupancy (economic)** Occupancy rate (economic) 96% 95.3% 95.3% (3Q 2017: 93.6%) 95% 94% 93% Gross initial yield 92% 6.1% (3Q 2017: 6.0%) 91% 90% 89% 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 Like-for lik

  17. Slide 17: Investment Portfolio: Portfolio Metrics

    Investment Portfolio Portfolio Metrics Occupancy* (economic) Gross initial yields (economic) 100% 9% 98.7% 8.1% 8.1% 97.7% 98% 97.1% 8% 7.7% 7.2% 6.9% 6.9% 96% 95.3% 7% 94.2% 6.1% 94% 6% 5.5% 92.3% 92.1% 91.9% 91.9% 92% 5% 4.7% 90% 4% 88% 3% Germany Czechia Poland Romania Austria Other* Hungary Serb

  18. Slide 18: Investment Portfolio: Like-for-Like Performance

    Investment Portfolio Like-for-Like Performance Like-for-like Fair value Rental income* Yield (%) Occupancy (%) 3Q 2018 3Q 2017 +/- 3Q 2018 3Q 2017 +/- 3Q 2018 3Q 2017 3Q 2018 3Q 2017 Austria 511.1 503.3 1.6% 27.9 29.2 -4.4% 5.5 5.8 92.3 95.9 Germany 1,116.8 1,037.2 7.7% 53.4 50.3 6.1% 4.8 4.8 98.6 9

  19. Slide 19: Investment Portfolio: Major Assets

    Investment Portfolio Major Assets Largest investment properties (by value, € m) Largest investment properties (by sqm) Skygarden (Munich) 217 Millennium Towers (Budapest) 70,712 Millennium Towers (Budapest) 178 River Place (Bucharest) 46,960 Kontorhaus (Munich) 175 Kavci Hory (Prague) 42,265 River P

  20. Slide 20: Investment Portfolio: Major Tenants

    Investment Portfolio Major Tenants Top 20 tenants (by annualized rent) PWC 3.1% Frontex 2.9% Verkehrsbüro 2.2% Morgan Stanley 2.2% Google 2.1% Land Berlin 2.0% TOTAL 1.9% Robert Bosch 1.7% KPMG 1.7% Bundesanstalt für Immobilienaufgaben 1.7% InterCityHotel 1.5% Top 20 33% of total British American To

  21. Slide 21: Property Portfolio Overview

    Property Portfolio Overview Investment Investment Short-term Total property Total property Rentable area in Annualised Properties* properties under property assets assets assets (%) sqm *** rental income development ** (€ m) Austria 549.9 0.0 0.0 549.9 13.5 316,322 27.9 Germany 1,190.2 593.5 40.8 1,

  22. Slide 22: Portfolio Growth

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO GROWTH

  23. Slide 23: Portfolio Strategy: Organic Portfolio Growth

    Portfolio Strategy Dual Growth Strategy Gains Further Momentum ORGANIC PORTFOLIO GROWTH Investment portfolio growth by own developments (by value) 400  Following completion of the KPMG building in 350 Berlin’s Europacity and VIE office in Vienna, two more newly developed buildings will be added to

  24. Slide 24: Portfolio Strategy: External Portfolio Growth

    Portfolio Strategy Dual Growth Strategy Gains Further Momentum EXTERNAL PORTFOLIO GROWTH Investment portfolio growth by selective acquisitions in CEE (by value) 250  Around € 800 m were invested into core investment properties (incl. joint venture buy- 200 outs) since 2013 150  CA Immo is well pos

  25. Slide 25: Portfolio Strategy: Portfolio Growth 2018

    Portfolio Strategy Dual Growth Strategy Gains Further Momentum PORTFOLIO GROWTH 2018 Investment portfolio growth in 2018* (€ m, book value) 4,500  Acquisitions of  € 220 m investment volume with  66,700 sqm rental space and a 4,400 + € 480 m annualized rental income of  € 13 m 4,300  Achieving

  26. Slide 26: Acquisition of a Prime Office Building in Prague

    Portfolio Strategy: External Growth Acquisition of a Prime Office Building in Prague in 2018 VISIONARY OFFICE BUILDING  Acquisition of Visionary building in Prague with a lettable area of  23,000 sqm from Skanska  Transaction volume  € 68 m  Completed in April 2018  Current occupancy of close

  27. Slide 27: Expansion of CEE Asset Base: Prague

    Portfolio Strategy: Expansion of CEE Asset Base Prague 27

  28. Slide 28: Acquisition of a Prime Office Building in Bucharest

    Portfolio Strategy: External Growth Acquisition of a Prime Office Building in Bucharest in 2018 CEE PORTFOLIO EXPANSION  Acquisition of Campus 6.1 building in Bucharest with a lettable area of  22,000 sqm from Skanska  Transaction volume  € 53 m  Completion planned in 3Q 2018  Closing conditio

  29. Slide 29: Expansion of CEE Asset Base: Bucharest

    Portfolio Strategy: Expansion of CEE Asset Base Bucharest 29

  30. Slide 30: Acquisition of a Prime Office Building in Warsaw

    Portfolio Strategy: External Growth Acquisition of a Prime Office Building in Warsaw in 2018 CEE PORTFOLIO EXPANSION  Acquisition of Warsaw Spire Building C in Warsaw with a lettable area of  21,700 sqm from Ghelamco  Transaction volume  € 100 m  100% let multi-tenant building with an average r

  31. Slide 31: Expansion of CEE Asset Base: Warsaw

    Portfolio Strategy: Expansion of CEE Asset Base Warsaw &C 31

  32. Slide 32: Development

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  33. Slide 33: Projects under Construction for Own Investment Portfolio

    Development Projects under Construction for Own Investment Portfolio Investment portfolio Investment Outstanding Planned Gross yield Main usage Share Pre-letting Construction projects volume* investment rentable on cost ratio phase area Orhideea Towers (Bucharest) 73.9 18.1 36,900 8.8 Office 100% 71

  34. Slide 34: Projects under Construction for Sale

    Development Projects under Construction for Sale Trading portfolio projects Investment Outstanding Planned Main usage Share** Utilisation Construction volume* investment rentable area rate phase Rheinallee III (Mainz) 59.6 9.0 19,700 Residential 100% 100% 3Q 16 – 4Q 18 Bürogebäude am Kunstcampus – 3

  35. Slide 35: Completed Projects: KPMG, Berlin

    Development Completed Projects KPMG, BERLIN PHASE 2  Phase 1 (12,800 sqm) successfully completed and handed over to the tenant in March 2018  100% of space let to KPMG  Total investment volume (incl. plot) € 57 m  Yield on cost  5.7%  Phase 2 (Baufeld 04 project) in preparation  Adjacent high

  36. Slide 36: Completed Projects: VIE, Vienna

    Development Completed Projects VIE, VIENNA  Lettable area 14,700 sqm  Investment volume  € 38 m (incl. plot)  Outstanding investment  € 9 m  Expected yield on cost  6.6%  Construction phase 3Q 2016 – 3Q 2018  Letting ratio  40% All figures (€) as at 30 September 2018, unless otherwise stat

  37. Slide 37: Completed Projects (Sold): Laendyard Living, Vienna

    Development Completed Projects (Sold) LAENDYARD LIVING, VIENNA  50/50 joint venture with Austrian residential developer JP Immobilien  Investment volume  € 31 m (CA Immo share: 50%)  270 apartments ( 18,800 sqm)  Construction phase 3Q 2016 – 3Q 2018 All figures (€) as at 30 September 2018, unl

  38. Slide 38: Orhideea Towers, Bucharest

    Development Projects Under Construction (Completion in 2018) ORHIDEEA TOWERS, BUCHAREST  Lettable area 36,900 sqm  Investment volume  € 74 m (incl. plot)  Outstanding investment  € 18 m  Expected yield on cost  8.8%  Construction phase 4Q 2015 – 4Q 2018  Letting ratio  72% All figures (€)

  39. Slide 39: InterCity Hotel, Frankfurt

    Development Projects Under Construction (Completion in 2018) INTERCITY HOTEL, FRANKFURT  Main usage hotel  Total investment volume (incl. plot) € 58 m  Planned lettable area 17,300 sqm  Yield on cost  6.2%  Letting ratio  99%  Construction phase 3Q 2016 – 4Q 2018 All figures (€) as at 30 Sep

  40. Slide 40: Cube, Berlin

    Development Projects Under Construction (Expected Completion in 2019) CUBE, BERLIN  Highly profitable forward sale of office property development  Development and initial letting by CA Immo on behalf of buyer   17,200 sqm gross floor area  Total investment volume of approx. € 106 m (incl. plot)

  41. Slide 41: MY.B, Berlin

    Development Projects Under Construction (Expected Completion in 2019) MY.B, BERLIN  Total investment volume (incl. plot)  € 67 m  Outstanding investment  € 37 m  Rental area  14,800 sqm  Expected yield on cost  6.9%  Construction phase 3Q 2017 – 4Q 2019  Pre-let ratio  63% All figures (€)

  42. Slide 42: MY.O, Munich

    Development Projects Under Construction (Expected Completion in 2020) MY.O, MUNICH  Lettable area  27,000 sqm  Investment volume  € 96 m (incl. plot)  Outstanding investment  € 57 m  Expected yield on cost  6.4%  Construction phase 2Q 2017 – 2Q 2020  Pre-let ratio  33% (incl. signed contr

  43. Slide 43: NEO, Munich

    Development Projects Under Construction (Expected Completion in 2020) NEO, MUNICH  Mixed use  Office (8,500 sqm), hotel with 143 rooms  55 apartments (5,000 sqm)  Investment volume total  € 92 m (incl. plot)  Outstanding investment  € 37 m  Expected yield on cost  4.9%  Construction phase

  44. Slide 44: ONE, Frankfurt

    Development Projects Under Construction (Expected Completion in 2021) ONE, FRANKFURT  Mixed use hotel/office high-rise (190 m, 49 floors)  Lettable area 66,200 sqm ( 85,000 sqm GFA)  Investment volume  € 363 m (incl. plot)  Outstanding investment  € 336 m  Expected yield on cost  5.2 %  Co

  45. Slide 45: Projects in Planning Stage: River City Prague

    Development Projects in Planning Stage MISSISSIPPI & MISSOURI OFFICES, RIVER CITY PRAGUE  Prime property development on plot adjacent to fully-let River City properties  Lettable area 20,000 sqm  Investment volume  € 54 m (incl. plot)  Outstanding investment  € 44 m  Expected yield on cost 

  46. Slide 46: Development Pipeline

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT PIPELINE

  47. Slide 47: Development Pipeline: Total Volume (€ 6 bn)

    Development Pipeline Total Volume incl. Projects under Construction and Pipeline ( € 6 bn)* THREE DEVELOPMENT PHASES Total pipeline including projects under construction and redevelopments (€ bn)  CA Immo divides its long-term development 3.89 5.95 5.95 6.00 pipeline based on current land reserves

  48. Slide 48: Pipeline Projects out of Landbank (€ 4.2 bn)

    Development Pipeline Pipeline Projects out of Landbank ( € 4.2 bn)* SIGNIFICANT EMBEDDED VALUE OF LANDBANK Regional split (€ bn) 1%  CA Immo currently holds land reserves worth  € 300 m in addition to its projects under construction (with a total investment volume of around € 1.0 bn) 21% CEE  Th

  49. Slide 49: Pipeline Projects out of Landbank (€ 4.2 bn)

    Development Pipeline Pipeline Projects out of Landbank ( € 4.2 bn)* OUSTANDING MARKET POSITION IN GERMANY Sectoral split (€ bn) Regional split (€ bn) 1%  With German rental yields on production costs at 5.5% to 6% and development value after completion including profitability of 15–20%, 21% CEE th

  50. Slide 50: Pipeline Projects - Munich

    Development Pipeline Pipeline Projects - Munich MUNICH CITY AND PERIHPERY  CA Immo has a successful residential development track record ( 1,600 apartments successfully developed standalone or in joint ventures), in particular on the Munich market  The majority of CA Immo‘s building plots in Muni

  51. Slide 51: Pipeline Projects - Berlin

    Development Pipeline Pipeline Projects - Berlin EUROPACITY BERLIN  The Europacity district is taking shape around Berlin’s main railway station, near the Reichstag building and the Chancellery  It has become a major office hub in the German capital, drawing together also residential, hotel and ret

  52. Slide 52: Pipeline Projects - Mainz

    Development Pipeline Pipeline Projects - Mainz ZOLLHAFEN MAINZ  In a joint venture with Stadtwerke Mainz, CA Immo is developing one of the most attractive waterside locations in the region, in the heart of the city (mixed used quarter for around 2,500 people which will also create space for 4,000 j

  53. Slide 53: Appendix

    a= CA IMMO URBAN BENCHMARKS. APPENDIX

  54. Slide 54: Core Markets: Vienna

    Core Markets Vienna z= CA IMMO Landmarks Hauptbahnhof @ Wien Mitte @ Stephansdom Prater Flughafen 3 BESBEGE HE -CA1MMO Invostmont Properties EB Linke Wienzeile Bi Wolfganggesse Ey Mariabilfar Strafo EW Rennweg 15 / Mechelgasse 1 Bi Galleria Erdberger Linde @ Silbermawe By Donau Business Center ICA I

  55. Slide 55: Core Markets: Frankfurt

    Core Markets Frankfurt HCA IMMO Investment Properties Meininger Hotel Skyline Plaza ‘Tower 185 HCA IMMO-Projects under construction / in preparation EE Mannheimer StraBe ‘Tower ONE © CA IMMO Land reserve ® Millenium Plot Districts Innenstadt I Innenstadt II Tnnenstadt IT Innenstadt IV Siid West Mitt

  56. Slide 56: Core Markets: Budapest

    Core Markets Budapest = CA IMMO BERBER BESHBESE05 wo Landmarks Central Station @ St.-Stephans-Basilika fd Parliament building (AY i Hero Squar Airport 9¢ CA IMMO Investment Properties IP West Infopark A Bartok Haz City Gate Millennium Towers R 70 Office Complex Vizivaros Office Center Canada Square

  57. Slide 57: Market Environment CEE

    Market Environment CEE Strong Economic Framework Prime office yields Prime office rents (€/sqm/month) 10.50% 28.00 9.50% 26.00 8.50% 24.00 7.50% 22.00 6.50% 20.00 18.00 5.50% 16.00 4.50% 14.00 3.50% 12.00 2.50% 10.00 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3

  58. Slide 58: Market Environment Germany

    Market Environment Germany Outstanding Property Market Conditions Prime office yields Prime office rents (€/sqm/month) 6.00% 5.50% 45.00 5.00% 40.00 4.50% 35.00 4.00% 30.00 3.50% 3.00% 25.00 2.50% 20.00 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q

  59. Slide 59: Investor Relations Contact Details

    Investor Relations Contact Details Christoph Thurnberger Claudia Höbart Head of Capital Markets Head of Corporate Office 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/ DISCLAIMER T

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