CA Immobilien Anlagen (CAI) H2 2024 earnings summary

Executive summary

• Gross rental income rose 3.2% to €238.9m, with net rental income up 4.9% to €202.2m, despite a 14.8% reduction in investment portfolio book value.

• Occupancy improved from 88.8% to 93.1%, with 38.7% of current vacancy already leased for future start dates.

• FFO I increased 5.4% to €120.0m, exceeding guidance; €91m returned to shareholders via dividends and buybacks.

• Revaluation loss narrowed to €-199.6m, mainly in CEE, reducing property portfolio GAV to €4,965m.

• Maintained a solid balance sheet with a 42.5% equity ratio and 38.2% net LTV; investment grade rating outlook improved to stable.

Financial highlights

• Net rental income up 4.9% year-over-year to €202.2m; operating margin increased to 84.6%.

• EBITDA fell 45.7% to €174.8m due to lower property sales result; consolidated net result at €-66.3m, mainly from negative revaluation.

• Indirect expenses reduced by 16.5% to €44.4m, driven by lower personnel costs and organizational streamlining.

• FFO I per share rose 6.1% to €1.23; FFO II dropped 50.7% to €120.5m due to lower sales result.

• IFRS NAV per share declined 4.5% to €26.37; EPRA NTA per share down 4.9% to €31.95.

Outlook and guidance

• Management proposes a €1.00 per share dividend for FY 2024 (3.8% yield on IFRS NAV).

• Two developments under construction to add €323m GAV and €23m GRI; two more in planning to add €133m GAV and €8m GRI.

• Like-for-like in-place GRI expected to grow by ~15% to €266m by 2027 from development completions.

• Ongoing focus on profitability, non-core disposals, and maintaining investment grade rating.