Corporate Strategy

Strategic Pillars

Entire Value Chain

Urban Cities

Pure Play Office

Resilient Portfolio

Solid Balance Sheet

- Investment Management

- Tier 1: Berlin, Munich,

- A-class office to hold

- 85% investment properties

- Investment-Grade financing

- Asset Management

Warsaw, Prague, Vienna

- Land and B-class to

- 15% developments (incl. land

strategy

- Development Management

- Tier 2: Frankfurt, Duesseldorf,

(re)develop

reserves)

- Balance of secured/

- Mid/back Office

Cologne

- >10k sqm

- Adequate risk-adjusted returns

unsecured financing

- Prime inner city locations (CBD

- >€50m value

- Organic and external growth

- Balance of unencumbered

focus)

opportunities to expand

asset pool

footprint in some of the most

- Net debt/EBITDA stable

promising real estate markets

- Full IR hedging

in Europe

→ Investing, (re)developing,

→ Total coverage in urban

→ Single sector, multi

→ Achieve risk-adjusted

→ Minimise cost, maximise

managing real estate

markets with growth,

geography

returns from core/core+ to

flexibility, maintain adequate

innovation, talent, capital

opportunistic

liquidity

2

Rendering: Potential development Hallesches Ufer, Berlin

Portfolio Overview

Total Portfolio

Strategic Core Markets

Austria

Czechia

Germany

Poland

Others 8.2%

10.4%

65.7%

9.0%

6.7%

CAI Key KPIs

€5,159m

63

1.1m

88.8%

Total Portfolio

Investment

Gross Leasing

Occupancy

Value1

Properties

Area

(sqm)

4.7 yrs

€235m

5.2%

83%

WAULT

Gross Rental

Gross Initial

Sustainability

to Break

Income

Yield

Certification2

Portfolio Certifications 1 (Book Value)

17.2%

22.5%

€4.8bn

16.1%

Investment

9.6%

Portfolio

0.6%

6.1%

10.4%

10.7%

6.8%

DGNB Gold

DGNB Platin

LEED Gold

LEED Platin

BREEAM Very Good

BREEAM Excellent

BREEAM Good

In Certification Process

Not Certified

1 Consolidated, including own used properties & RoU Assets; 2 Share of properties certified according to DGNB, BREEAM or LEED certification standard (by book value), including properties in certification and refurbishment process

4

Portfolio Overview

Total Portfolio

Total Portfolio (GAV)

2018

2019

2020

2021

2022

2023

+ / (-)

Total Portfolio 1

€m

4,471

5,186

5,596

6,254

5,911

5,159

(12.7%)

Investment Properties1

€m

3,760

4,299

4,729

4,995

4,979

4,754

(4.5%)

Active Development Projects Under Construction

€m

406

561

426

766

463

117

(74.8%)

Active Development Projects in Planning

€m

-

36

46

158

321

53

(83.7%)

Landbank

€m

290

281

354

260

217

191

(12.1%)

Other

€m

14

9

41

75

251

45

(82.1%)

Total Portfolio by Region (€m, % GAV) 1

6,000

5,159

5,000

4,471

7%

4,000

13%

28%

3,000

43%

2,000

66%

1,000

45%

0

2018

2023

Germany

CEE

Austria

1 Consolidated, including own used properties & RoU Assets

Total Portfolio by City (€m, % GAV) 1

6,000

5,159

5,000

4,471

5%

7%

4,000

9%

9%

9%

10%

11%

3,000

8%

11%

32%

2,000

19%

7%

12%

1,000

15%

17%

0

12%

7%

2018

2023

Vienna

Munich

Frankfurt

Berlin

Warsaw

Prague

Budapest

Bucharest

Other

Total Portfolio by Investment Stage (€m, % GAV) 1

6,000

5,159

5,000

4,471

4%

1%

2%

4,000

6%

9%

3,000

92%

2,000

84%

1,000

0

2018

2023

Other

Landbank

Active Dev in planning

Active Dev under construction

Investment properties

5

Portfolio Overview

Investment Properties - KPI's (I)

Investment Properties1

2018

2019

2020

2021

2022

2023

+ / (-)

Properties

#

74

77

79

74

64

63

(1)

Gross Leasing Area (GLA)

'000 sqm

1,404

1,443

1,374

1,320

1,115

1,101

(1.2%)

Gross Asset Value (GAV)

€m

3,760

4,308

4,736

4,995

4,979

4,754

(4.5%)

Office Share (GAV)

%

87.7

88.3

90.3

91.3

93.6

93.5

(12) bps

Annualized Rent (GRI)

€m

214.2

226.4

240.1

225.7

210.2

235.1

11.8%

Gross Initial Yield

%

5.8

5.8

5.1

4.5

4.5

5.1

59 bps

WAULT to Break

Years

4.4

4.2

4.0

3.8

4.5

4.7

4.1%

SQM Occupancy

%

95.1

96.2

94.8

89.3

88.6

88.8

18 bps

Investment Properties by Region (€m, % GAV)1

Investment Properties by City (€m, % GAV)1

6,000

5,000

4,000

3,000

2,000

1,000

0

4,995

4,979

6,000

4,736

4,995

4,979

4,754

5,000

4,736

4,754

5%

6%

10%

8%

4,308

4%

5%

4,308

7%

8%

9%

11%

3,760

8%

8%

8%

3,760

4,000

10%

10%

13%

11%

10%

31%

9%

30%

9%

9%

11%

15%

40%

12%

9%

11%

42%

10%

11%

3,000

12%

9%

13%

47%

26%

9%

12%

30%

50%

24%

25%

2,000

13%

17%

62%

63%

2%

2%

11%

50%

16%

3%

12%

47%

1,000

2%

18%

20%

40%

17%

19%

35%

14%

18%

0

14%

13%

11%

10%

8%

7%

2018

2019

2020

2021

2022

2023

2018

2019

2020

2021

2022

2023

Germany

CEE

Austria

Vienna

Munich

Frankfurt

Berlin

Warsaw

Prague

Budapest

Bucharest

Other

1 Consolidated, including own used properties & RoU Assets

6

Portfolio Overview

Investment Properties - KPI's (II)

GLA (ksqm)

FY '23

FY '22

+/(-)

Austria

129

132

(2.7%)

Czechia

146

146

0.0%

Germany

478

466

2.5%

Hungary

181

194

(7.0%)

Poland

148

156

(5.1%)

Other

20

20

0.0%

Total

1,101

1,115

(1.2%)

Annualized Rent (€m)

FY '23

FY '22

+/(-)

Austria

20.9

19.5

7.5%

Czechia

27.1

25.8

5.0%

Germany

125.9

103.0

22.3%

Hungary

24.4

25.8

(5.1%)

Poland

32.7

33.3

(1.8%)

Other

4.0

2.9

36.5%

Total

235.1

210.2

11.8%

GAV (€

FY '23

FY '22

+/(-)

Austria

319

377

(15.4%)

Czechia

464

473

(2.0%)

Germany

3,014

3,086

(2.3%)

Hungary

382

457

(16.4%)

Poland

536

546

(1.7%)

Other

39

39

(1.1%)

Total

4,754

4,979

(4.5%)

Gross Initial Yield (%)1

FY '23

FY '22

+/(-)

Austria

6.6%

5.2%

141 bps

Czechia

5.8%

5.4%

39 bps

Germany

4.3%

3.7%

63 bps

Hungary

6.4%

5.6%

76 bps

Poland

6.5%

6.5%

6 bps

Other

10.2%

7.4%

282 bps

Total

5.2%

4.6%

60 bps

GAV (€psqm)

FY '23

FY '22

+/(-)

Austria

2,475

2,848

(13.1%)

Czechia

3,178

3,243

(2.0%)

Germany

6,309

6,621

(4.7%)

Hungary

2,112

2,351

(10.2%)

Poland

3,617

3,494

3.5%

Other

1,985

2,007

(1.1%)

Total

4,317

4,467

(3.4%)

SQM Occupancy (%)1

FY '23

FY '22

+/(-)

Austria

87.1%

83.4%

371 bps

Czechia

94.0%

94.2%

(13 bps)

Germany

96.9%

96.5%

34 bps

Hungary

67.0%

71.0%

(398 bps)

Poland

89.4%

91.9%

(250 bps)

Other

96.3%

77.8%

1,851 bps

Total

88.8%

88.6%

18 bps

Consolidated 1 Excluding own used properties, RoU assets & assets in stabilization

7

Portfolio Overview

Investment Properties - Leasing Overview FY 2023

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.)

Last Ext. (Yrs.)

Berlin

8,337

11,956

20,293

4.7

33.9

26.9%

3.0

3.1

4.2

Budapest

22,621

14,652

37,273

6.6

14.4

3.9%

5.2

7.0

7.0

Frankfurt

7,091

1,693

8,784

5.5

36.4

6.1%

9.8

10.0

14.7

Munich

1,630

5429.5

7,060

2.5

32.4

6.9%

6.0

6.0

10.4

Prague

7,318

9,119

16,437

3.0

15.9

5.4%

5.3

6.2

7.6

Vienna

7,645

17,303

24,947

3.8

14.6

14.3%

6.0

6.1

7.4

Warsaw

10,896

32,104

43,000

12.0

22.3

8.1%

3.2

3.2

3.2

Total

65,539

92,256

157,794

38.1

21.0

8.2%

4.8

5.4

6.3

Key Drivers

  • In 2023, 916 leases were sourced and 186 leases were signed for a total of 157,794 sqm of rentable floor space.
  • 27 leases were signed but haven't started as at balance sheet date.
  • 42% of the total accounted for new leases and expansion of space or pre-leases, 58% were lease extensions.
  • Office space accounted for around 82% of total letting activity.
  • Leasing by tenant industry was dominated by the Public Sector (22%), Consumer Services & Leisure (21%) and Business Services (13%).
  • Signed average office headline rent was €21.0 psqm, with Frankfurt recording the highest average office headline rent of €36.4 psqm.
  • Warsaw (43,000 sqm), Budapest (37,273 sqm) and Vienna (24,947 sqm) recorded the highest leasing activity by volume in 2023.
  • As at reporting key date 28% of the vacant space has been leased (but leases had not started).
  • Average reversion of renewals of rental contracts of 5%.

8

Portfolio Overview

Investment Properties - Like-for-Like Performance FY 2023

Market

Gross Asset Value (€m)

Annualized Rent (€m)

Gross Initial Yield (%) 1

SQM Occupancy (%)

FY '23

FY '22

+/(-)

FY '23

FY '22

+/(-)

FY '23

FY '22

+/(-)

FY '23

FY '22

+/(-)

Austria

318.6

345.8

(7.9%)

20.9

18.2

14.8%

6.6

5.3

+130 bps

87.1

83.2

+394 bps

Czechia

464.0

473.5

(2.0%)

27.1

25.8

5.0%

5.8

5.4

+39 bps

94.0

94.2

(13 bps)

Germany

2,210.5

2,468.8

(10.5%)

95.3

90.2

5.7%

4.3

3.7

+66 bps

96.7

96.6

+9 bps

Hungary

381.8

420.7

(9.2%)

24.4

23.2

5.3%

6.4

5.5

+88 bps

67.0

68.9

(192 bps)

Poland

500.6

514.9

(2.8%)

32.7

33.3

(1.8%)

6.5

6.5

+6 bps

89.4

91.9

(250 bps)

Other

37.0

37.6

(1.6%)

4.0

2.9

36.5%

10.8

7.8

+300 bps

96.3

77.8

+1,851 bps

Total

3,912.5

4,261.3

(8.2%)

204.5

193.6

5.6%

5.2

4.5

+68 bps

88.6

88.5

+7 bps

Key Drivers

  • Gross asset value (GAV) decrease deriving from negative revaluation result throughout the portfolio, mainly driven by market yield expansion.
  • Annualized rent increase in all countries, with main drivers in Austria (+14.8%) and Germany (+5.7%) mainly due to indexation of rental contracts and new leasing.
  • Total gross initial yield increased by 68bps mainly due to market yield expansion.
  • Occupancy increased slightly by 7 bps mainly due to higher occupancy in Austria and Germany. This is counterbalanced by lower occupancy in all other markets (except other). Occupancy is the highest in Germany (96.7%), Czechia (94.0%) and Poland (91.9%).
  • In a 24-monthlike-for-like analysis the annualized rent increased by 15.1%, which shows the strong impact of indexation of rental contracts and new leasing. This is counterbalanced by a yield expansion of 99 bps and therefore led to a gross asset value (GAV) decrease of 6.6%.

Note: Like-for Like comprises only investment properties, that were stabilized on both time horizons. Other includes one property in Belgrade and in Serbia 1 Annualized rent / Book value

9

Portfolio Overview

Investment Properties - Top Tenants

Tenant

Industry

Region

%1

KPMG

Professional Services

Germany

6.0%

PwC

Professional Services

Germany

3.3%

Steigenberger Hotels

Consumer Services & Leisure

Germany

3.0%

The European Border and Coast Guard Agency

Public Sector / Regulatory Body

CEE

2.8%

JetBrains

Technology

Germany

2.5%

Bundesanstalt für Immobilienaufgaben

Public Sector / Regulatory Body

Germany

2.4%

Google

Technology

Germany

2.3%

Land Berlin

Public Sector / Regulatory Body

Germany

2.0%

NH Hoteles Deutschland

Consumer Services & Leisure

Germany

1.9%

TOTAL

Manufacturing Industrial & Energy

Germany

1.9%

Robert Bosch

Consumer Services & Leisure

Germany

1.8%

AstraZeneca

Manufacturing Industrial & Energy

CEE

1.7%

auxmoney

Financial Services

Germany

1.7%

Morgan Stanley

Financial Services

CEE

1.6%

Hypoport

Financial Services

CEE

1.6%

salesforce

Technology

Germany

1.3%

Regus Management

Professional Services

Germany

1.2%

Volksbank Wien

Financial Services

Austria

1.0%

WTS Group

Professional Services

Germany

0.9%

Benefit Systems

Consumer Services & Leisure

CEE

0.8%

1 by annzualized rent

10

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Disclaimer

CA Immobilien Anlagen AG published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 07:43:04 UTC.