• Increased rental income (+3% to €238.9m) reflects project completions in the previous years and higher rental income in the portfolio, which compensated for the decline in rental income from the sale of non-strategic properties.
• The operating result (EBITDA) stood at €174.8m and thus 46% below the previous year´s figure (31.12.2023: €322.1m), mainly due to the exceptionally high sales result in 2023.
• Consolidated net result of €–66.3m (31.12.2023: €–224.5m), mainly driven by a low volume sales result and a market-driven non-cash revaluation loss.
• Solid balance sheet with an equity ratio of 42.5%, net LTV of 38.2% and a strong liquidity position (€797.3m).
• With recurring earnings (FFO I) of €120.0m (+5% yoy), the financial target for the 2024 financial year of over €105m was exceeded.
• Dividend: The Management Board will propose a dividend payment of €1.00 per share at the Annual General Meeting to be held on May 5, 2025.

Vienna, March 26. CA Immo, the real estate company specializing in high-quality office space, can report a stable operating development for the business year 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, the operating result (EBITDA) was down on the previous year´s figure, mainly due to the exceptionally high sales result in 2023. The consolidated net result was still weighed down by revaluation losses, albeit at a significantly lower level than in the previous year.

Keegan Viscius, CEO of CA Immo: “During the course of 2024, we were able to significantly advance our business. We increased occupancy and rental income despite shrinking the overall size of the portfolio due to sales, and at the same time successfully progressed our profitable development pipeline. Despite a challenging transaction environment, we completed 13 sales of non-core properties at a premium to book value. As a result of the higher top line and reduced expenditure, we delivered a strong FFO I, significantly exceeding our financial target – which enables us to return capital to our shareholders in the form of a dividend payout. Looking ahead, we aim to position our business to perform and continue to deliver attractive returns to shareholders despite the uncertain macro and market environment.”

Successful leasing activity and significant increase in occupancy

Despite the generally subdued landscape for global office demand, CA Immo was able to record a good leasing performance and significantly increase the portfolio occupancy rate to 93.1% (31.12.2023: 88.8%). The company completed around 150,000 sqm of leasing at rents c. 4% above the budgeted rent levels (ERV). 39% of the vacant space as at the reporting date has already been leased with future start dates.

Active capital rotation – property sales

Despite a challenging transaction environment, CA Immo completed 13 sales of non-core properties during the course of 2024. In total (incl. Joint Ventures), the company transacted c. €170m of gross sales at an average premium to book value. In addition, further sales with a total transaction volume of around €250m were signed, which were or are expected to be closed in 2025. The properties sold were non-core in terms of asset class, location, building quality, age, or value creation potential. 

Progressed profitable development pipeline 

CA Immo´s development pipeline currently comprises two office building under construction located at Berlin’s central station: Upbeat, which is 100% pre-let with construction works in time and budget for completion in early 2026, and Anna Lindh Haus, whose construction started in September 2024. The 16,000 sqm office building incorporates green building technologies (incl. wood-hybrid construction) and attractive, user-focused design.

In addition, preparations are well under way for two more projects in Berlin – one ground-up development at Humboldthafen as well as the refurbishment of Karlsbad 11, one of the older standing assets in Berlin. Once completed, these four assets will further strengthen the company´s prime office footprint in the largest core market of Berlin.

Results for the business year 2024

CA Immo recorded a 3% increase in rental income to €238.9m 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 €15.8m as at 31.12.2024 after €179.2m in 2023. The main contribution was made by the sale of land plots in and around Munich and the sale of the Saski Point office property in Warsaw.

Indirect expenses decreased by 16.5% to €–44.4m (31.12.2023: €–53.2m), which is mainly due to a significant reduction in personnel costs following the sale of the German construction subsidiary omniCon at the beginning of 2024 and the systematic optimization of our organizational and cost structures.

Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at €174.8m, 46% below the previous year´s figure (31.12.2023: €322.1m), mainly due to the exceptionally high sales result in 2023. 

In 2024, the market environment continued to be characterized by a weak economy and geopolitical uncertainties, which – in consequence – affected the office markets in the form of low demand for rental space, low transaction volumes and higher yields. The result of this market development is a decline in property valuations based on independent external appraisals.

The revaluation result totaled €–199.6m after €–532.0m in 2023, which corresponds to a decrease of around 2,3% of FY 2023 Gross Asset Value (like for like). In geographical terms, the largest share of the negative revaluation result was attributable to CEE with approx. 50%, followed by Germany (44%) and Austria (6%).

At €–66.3m, consolidated net result was above the previous year's figure of €–224.5m. Earnings per share amounted to €–0.68 on the balance sheet date (€–2.28 per share as at 31.12.2023). 

As at 31.12.2024, FFO I of €120.0m was generated, which is 5% above the previous year's figure of €113.8m.

Total property assets of around €5.0bn

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 (€4.3bn, 86% of the total portfolio) and investment properties under development (€457m, 9% of the total portfolio). The remaining 5% (€252m) of the property assets are attributable to properties intended for trading or sale (reported under short-term property assets). As at 31.12.2024, CA Immo's total property assets amounted to around €5.0bn (31.12.2023: €5.2bn). The largest regional segment is Germany with a 68% share of the total portfolio, followed by CEE (27%) and Austria (5%). 

In line with the strategic portfolio focus, the office share of the total portfolio has steadily increased over recent years and as at the reporting date stands at around 96% (2023: 94%). As a result of lease adjustments and good letting performance, the occupancy rate (by area) for the investment portfolio increased significantly in year-on-year comparison and stands at 93.1% on 31 December 2024 (31.12.2023: 88.8%).

Robust balance sheet, strong liquidity position

CA Immo has a robust balance sheet with a solid equity ratio of 42.5% (31.12.2023: 43.8%), a net LTV of 38.2% (31.12.2023: 36.6%) and high liquidity (cash and cash equivalents incl. cash deposits: €797.3m). 

The net asset value (IFRS NAV) per share was €26.37 as at 31.12.2024, compared to €27.88 at the end of 2023 – a reduction of around 5%. EPRA NTA per share was €31.95 as at the reporting date (31.12.2023: €33.59).

Dividend

Based on the company´s strong operating performance, the comfortable liquidity position, stable balance sheet and the successful execution of the capital rotation program to sell non-core assets, for the 2024 financial year, the Management Board proposes a dividend of €1.00 per share entitled to dividends at the Annual General Meeting to be held on May 5, 2025. Based on the closing price on December 31, 2024 (€23.32), the dividend yield is around 4.3%. The proposal for the appropriation of profits reflects the current assessment of the Management Board and Supervisory Board.

Changes to the Supervisory Board

Sarah Broughton will leave the Supervisory Board at the end of 31 March 2025. In her place, Mr Nicholas Chadwick will be appointed to the Supervisory Board of CA Immo by our core shareholder SOF-11 Klimt CAI S.à r.l. by means of a registered share with effect from 1 April 2025. Mr Chadwick holds the position of Managing Director and Head of Asset Management, Europe at Starwood Capital, where he has worked since June 2014. Prior to that, he worked in the real estate audit department of Ernst & Young's London office, where he qualified as a Chartered Accountant. As a result of his extensive expertise and industry experience, Mr Chadwick was elected by the Supervisory Board of CA Immo as the new Chairman of the Audit Committee.

Outlook 2025

The general market environment remains dynamic and to some extent unpredictable. Looking ahead, we expect an overall improvement – albeit at a slow pace – in European economic activity, with a positive impact on demand for office space. Furthermore, there are signs of a continued decline in inflation and ECB interest rates, albeit at a slower pace and with the risk of further inflationary pressure, mainly due to newly introduced tariff regulations and expansive fiscal policies such as the recent amendment to loosen Germany's debt brake.

In terms of the office real estate market, we expect a continued bifurcation between prime and non-prime office buildings, with stronger price pressure on weaker properties in decentralized locations and slower but positive rental growth for prime office buildings. Interest rate cuts may provide scope for yield compression, with improved sentiment and increased transaction activity potentially providing further support for real estate values.

CA Immo´s strategic priorities remain focused on (1) focus on profitability, (2) accelerate non-core disposals, (3) accretive re-investment and organic growth, (4) continued simplification of the operational platform, (5) maintaining a strong balance sheet and stable financial ratios, (6) returning excess capital to shareholders and (7) select external investment.

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