• ​Increased rental income (+3% to €121.4m) reflects project completions in 2023 and higher rental income in the portfolio, which compensated for the decline in rental income from the sale of non-strategic properties. 
• Consolidated net result of €–49.1m (30.6.2023: €13.5m), mainly driven by a lower volume sales result and a market-driven non-cash revaluation loss.
• Recurring earnings (FFO I) of €55.0m +4% yoy (30.6.2023: €53.0m).
• Solid balance sheet with an equity ratio of 44.7%, net LTV of 38.9% and a strong liquidity position (€413.0m).
• Baa3 investment grade rating confirmed by Moody´s in Q2 2024 with outlook turned from negative to stable.
• Recurring earnings (FFO I) for the full year 2024 are expected to be above €105m (€1.07 per share).

Vienna, August 28. CA Immo, the real estate company specializing in high-quality office space, can report a stable operating development for the first half of 2024. The results show, among other things, a slight increase in rental income (+3%) due to the completion of project developments in previous years and higher rental income from investment properties. Despite this increase in rental income, both the operating result (EBITDA) and the consolidated net result were down on the previous year´s figures, mainly due to the exceptionally high sales result in H1 2023.

Keegan Viscius, CEO of CA Immo: "CA Immo’s strategic focus on prime office assets in prime locations positions the business to perform well in a normal business cycle, and stable in times of distress and uncertainty. This is reflected in our consistent operating performance and results for the first half year of 2024. Looking ahead, we believe in continued bifurcation of the office markets with stronger pricing pressure on weaker assets in non-central locations. Ensuring the high quality and sustainability of our portfolio therefore remains a top priority. Backed by our stable operating business, preparations for selective, value accretive development and refurbishment projects are in full swing and will further enhance our prime office footprint in the high-growth market of Berlin.”

Stable, profitable investment portfolio
Despite the generally subdued landscape for global office demand, CA Immo was able to maintain a stable like-for-like occupancy rate at around 88% and record a good leasing performance. The rents signed were around 7% above the budgeted rent levels. 21% of the vacant space as at the reporting date has already been leased with future start dates.

Active capital rotation
CA Immo´s capital rotation program continued to yield positive results in 2024. After closing of three disposals in Q1 at prices slightly above book values, another four deals have been successfully closed and a handful of sales with expected closing dates by end of the year have been signed in Q3 after key date. These transactions will be reflected in the FY 2024 results and further improve the company´s portfolio quality and focus. All properties sold were non-core in terms of asset class, location, building quality, age, or value creation potential.

Development and refurbishment pipeline to strengthen prime office focus
CA Immo´s development pipeline currently comprises one office building under construction located at Berlin’s central station, which is 100% pre-let with construction works in time and budget for completion in early 2026. Off the back of the recent completion in Berlin (Hochhaus am Europaplatz), CA Immo has received the building permit for the next construction project – Baufeld 2 in Berlin, a 16,000 sqm office building in the immediate vicinity of Berlin's main railway station, which is now on track for construction start by September 2024. In addition, the preparations for two more projects – one ground-up development at Humboldthafen as well as the refurbishment of Karlsbad 11, one of the older standing assets in Berlin, are in full swing. Once completed, these four assets will contribute up to €30m of total annual In-Place GRI and will further enhance the company´s prime office footprint in central Berlin.

Results for the first half year of 2024
CA Immo recorded a 3% increase in rental income to €121.4m despite the sale of non-strategic properties. This development is primarily due to higher rental income in the portfolio and the completion of project developments in previous years, which more than compensated for the decline in rental income from the sale of non-strategic properties as part of the strategic capital rotation program.

The result from property sales amounted to €2.0m as at 30.6.2024 after €112.3m in the prior-year period. 

Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at €77.5m, 58% below the previous year´s figure (30.6.2023: €184.6m), mainly due to the lower sales result.

The revaluation result totaled €–119.1 m (30.6.2023: €–146.6m), which corresponds to a decrease of around 2.3% of FY 2023 Gross Asset Value.

At €–49.1m, consolidated net result was below the previous year's figure of €13.5m. Earnings per share amounted to €–0.50 on the balance sheet date (€0.14 per share as at 30.6.2023).

As at 30.6.2024, FFO I of €55.0m was generated, which is 4% above the previous year's figure of €53.0m. 

Total property assets of around €5.1bn
The company's core business is office properties across the gateway cities in Germany, Austria and the CEE region. The segments are divided into investment properties (€4.5bn, 89% of the total portfolio) and investment properties under development (€408.6m, 8% of the total portfolio). The remaining 3% (€166.3m) of the property assets are attributable to properties intended for trading or sale (reported under short-term property assets). As at 30.6.2024, CA Immo's total property assets amounted to around €5.1bn (31.12.2023: €5.2bn). The largest regional segment is Germany with a 66% share of the total portfolio, followed by CEE (28%) and Austria (6%). The occupancy rate of the investment portfolio stood at 88.1% (31.12.2023: 88.8%).

Robust balance sheet, strong liquidity position
Thanks to many years of positive business development and a defensive balance sheet and financing policy, CA Immo has a robust balance sheet with a solid equity ratio of 44.7% (31.12.2023: 43.8%), a net LTV of 38.9% (31.12.2023: 36.6%) and high liquidity (cash and cash equivalents incl. cash deposits: €413.0m). 
The net asset value (IFRS NAV) per share was €26.58 as at 30.6.2024, compared to €27.88 at the end of 2023 – a reduction of 5%. EPRA NTA per share was €32.14 as at the reporting date (31.12.2023: €33.59).

Outlook and priorities 2024
The real estate market remains dynamic and to some extent unpredictable, influenced by higher interest rates, economic fluctuations, regulatory changes, and evolving tenant needs. Looking ahead, we believe in continued bifurcation of the office markets with stronger pricing pressure on weaker assets in non-central locations. With our focused prime office portfolio and our agile management approach, we believe we remain well positioned to navigate these challenges and seize emerging opportunities as they arise.
CA Immo´s strategic priorities remain focused on (1) accelerating the sale of non-core properties, (2) simplifying our business model, (3) increasing critical mass and achieving economies of scale, (4) continued disciplined investment in profitable construction projects and income-producing properties, particularly in the core markets of Berlin and Munich, (5) selective external investment, (6) maintaining a strong balance sheet and stable financial ratios and (7) returning surplus capital to shareholders.

Recurring earnings (FFO I) for the full year 2024 are expected to be above €105m (€1.07 per share).

The 1H 2024 financial report of CA Immobilien Anlagen AG is available at: https://www.caimmo.com/en/investor-relations/financial-reports/