CA Immo's operating result (EBITDA) of €114.9 million for H1 2021 was up 27% on the previous year's figure.
Key results
- Recurring earnings (FFO I) of €68.5 million (€0.72 per share) 0.5% above the previous year's value
- Rental income increased by 1.5% to €119.9 million (H1 2020: €118.1 million)
- Successful capital rotation programme generates strong sales result of €28.1 million (H1 2020: €24.2 million)
- Operating result (EBITDA) of €114.9 million up 27% on the previous year's figure
- Positive revaluation result of €195.3 million reflects, among other things, successful project pre-letting and strong investor demand in Germany (H1 2020: €–27.0 million)
- Strong consolidated net profit of €171.3 million significantly above the previous year´s figure (H1 2020: €44.7 million)
- Value of property assets increased to €5.9 billion (+5% at year-end)
- Significant improvement in balance sheet and financing ratios since the beginning of the year (equity ratio at 49.3% after 45.9% as at end-2020)
Andreas Quint, CEO of CA Immo says: "We look back on a first half-year 2021 with a stable operating performance record. Amidst a market situation that remains subdued due to ongoing work-from-home discussions and new virus variants, we achieved good leasing results and successfully progressed our sales and development pipeline. Our strategic capital rotation programme, whereby we sell non-strategic properties and use the proceeds to fund our German development pipeline or purchase cash-flowing office buildings with additional development potential, is highly profitable and contributed significantly to earnings growth in the first half of 2021.”
Portfolio growth and strategic capital rotation continued
CA Immo continued its strategic capital rotation programme in the first half of 2021. A number of property sales were successfully concluded – for example, the company withdrew from the small secondary market of Slovakia with the sale of the BBC 1 and 2 office complex in Bratislava and sold a number of non-strategic properties in Germany at attractive conditions. At the same time, CA Immo took over another self-developed office building into its own investment portfolio with the completion of the ZigZag office project in Mainz. The value of total property assets increased further by 5% compared with year-end 2020 to €5.9 billion as at reporting date.
Successful letting performance
In the first half of 2021, CA Immo concluded or extended leases for a total of around 70,000 sqm of existing space. In addition, a number of partly large-volume leases were concluded for ongoing construction projects and a total of around 48,000 sqm of usable space was pre-let in project developments. Despite this positive letting performance, the Group-wide occupancy rate fell to 90.7% (H1 2020: 94.8%), which is primarily due to declines in occupancy in the Hungarian portfolio and the departure of a tenant in Serbia.
Outlook
According to the OECD, Europe's economy is recovering faster than expected – thanks in part to the increasing vaccination coverage of the population against the Covid-19 virus. Although the situation for real estate investment has largely improved since Q3 2020 in line with economic recovery trends, the short- and long-term economic impact of the Covid-19 pandemic on real estate markets remains uncertain.
As in the previous year, we intend to continue our strategic capital rotation to secure and further increase the attractiveness and sustainability of our investment portfolio. CA Immo continues to invest the sales proceeds generated in this way in the value-enhancing continuation of the profitable German development pipeline and in attractive, cash-flow-strong portfolio acquisitions.
