Obbligazione CAI Immobilien AG 1.875% ( AT0000A1LJH1 ) in EUR

CAI Immobilien AG

100 EUR ▲

Austria

AT0000A1LJH1 ( in EUR )

1.875% per anno ( pagato 1 volta l'anno)

11/07/2021 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione CA Immobilien Anlagen AG AT0000A1LJH1 in EUR 1.875%, scaduta

1 000 EUR

140 000 000 EUR

CA Immobilien Anlagen AG è una società immobiliare austriaca quotata in borsa specializzata in investimenti e gestione di proprietà commerciali in Europa.

The Obbligazione issued by CAI Immobilien AG ( Austria ) , in EUR, with the ISIN code AT0000A1LJH1, pays a coupon of 1.875% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 11/07/2021

PROSPECTUS

CA Immobilien Anlagen Aktiengesellschaft
(incorporated as joint stock company (Aktiengesellschaft) under the laws of the Republic of Austria, FN 75895k)
Offering of EUR [] []% Bonds due 2021
ISIN AT0000A1LJH1
Issue Price: [] %
This offering (the "Offering") consists of (i) an offer to the public in the Republic of Austria ("Austria") of EUR [] []%
2016-21 bonds in bearer form with a denomination of EUR 1,000.00 each (the "Bonds") and (ii) an offering of the Bonds to
selected institutional investors outside of Austria. CA Immobilien Anlagen Aktiengesellschaft, with its business address at
Mechelgasse 1, 1030 Vienna, Republic of Austria (the "Issuer" or "CA Immo" and together with its fully consolidated group
companies, the "Group") will issue the Bonds on July 12, 2016 (the "Issue Date"). The Bonds will bear interest from and
including July 12, 2016 to, but excluding, July 12, 2021 at a rate of []% per annum, payable annually in arrears on July 12 of
each year, commencing on July 12, 2017.
The reoffer price, at which institutional investors may buy the Bonds (the "Reoffer Price"), the issue price, at which retail
investors may subscribe the Bonds (the "Issue Price") and the aggregate principal amount of the Offering will be determined by
the Issuer after consultation with the Joint Lead Managers and Bookrunners (as stated below) in the course of a bookbuilding
procedure on or about July 5, 2016. The Issue Price of the Bonds is expected to range between 98% and 102% of the nominal
amount of the Bonds. The interest rate, the aggregate principal amount, the Reoffer Price, the Issue Price, the issue proceeds and
the yield of the issue will be included in a pricing notice, filed with the Commission de Surveillance du Secteur Financier
("CSSF") of the Grand Duchy of Luxembourg ("Luxembourg") and published in accordance with Article 10, 16 (2) and (3) of
the Luxembourg Act dated July 10, 2005 on the prospectuses for securities (Loi du 10 juillet 2005 relative aux prospectus pour
valeurs mobilières, the "Luxembourg Prospectus Law") on the website of the Luxembourg Stock Exchange ("Luxembourg
Stock Exchange") (www.bourse.lu) prior to the beginning of the Offer Period as defined below on or around July 6, 2016. The
Bonds will be governed by the laws of Austria.
The Bonds will be represented by a modifiable global note (global note pursuant to § 24 lit b of the Austrian Depot Act) (the
"Global Note"). This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of
Directive 2003/71/EC of the European Parliament and of the Council of November 4, 2003 (the "Prospectus Directive") as
amended from time to time. This Prospectus, any supplement thereto and all documents incorporated by reference will be
published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and of the Issuer
(www.caimmo.com).
This Prospectus was drawn up in accordance with Annexes IV, V, XXII, XIX and XXX of the Commission Regulation (EC)
No 809/2004 of April 29, 2004 as amended (the "Prospectus Regulation") and has been approved by the CSSF in its capacity
as competent authority under the Luxembourg Prospectus Law. By approving this Prospectus, CSSF gives no undertaking as to
the economic and financial soundness of the operation or the quality or solvency of the Issuer. The Issuer will prepare and make
available an appropriate supplement to this Prospectus if at any time the Issuer will be required to prepare a prospectus
supplement pursuant to Article 13 of the Luxembourg Prospectus Law. The Issuer has requested CSSF to provide the competent
authority in Austria and may request CSSF to provide competent authorities in additional host Member States within the
European Economic Area with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the
Luxembourg Prospectus Law.
Prospective investors should be aware that an investment in the Bonds involves certain risks and that, if certain risks, in
particular those described in the chapter "Risk Factors" occur, the investors may lose all or a very substantial part of
their investment.
This Prospectus does not constitute an offer to sell, or the solicitation of an offer to buy Bonds in any jurisdiction where such
offer or solicitation is unlawful. The Bonds have not been and will not be registered under the United States Securities Act of
1933 as amended (the "Securities Act") and are subject to U.S. tax law requirements. The Bonds may not be offered, sold or
delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in the Securities Act). For a
further description of certain restrictions on the offering and sale of the Bonds and on the distribution of this document, see
"Selling Restrictions" below.
With respect to the Bonds application has been made to the Luxembourg Stock Exchange for the Bonds to be listed on the
Official List of the Luxembourg Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock
Exchange's Regulated Market, and application will be made for admission to and trading on the Second Regulated Market
(Geregelter Freiverkehr) of the Vienna Stock Exchange on or around the Issue Date. The Regulated Market of the Luxembourg
Stock Exchange and the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange are regulated
markets for the purposes of the Market and Financial Instruments Directive 2004/39/EC of the European Parliament and of the
Council of April 21, 2004 on markets in financial instruments.
Joint Lead Managers and Bookrunners
Erste Group Bank AG
Raiffeisen Bank International AG
The date of this Prospectus is June 30, 2016

NOTICE
This Prospectus is to be read in conjunction with any supplement hereto and with all documents which are
deemed to be incorporated herein by reference (see "Documents Incorporated by Reference"). This Pro-
spectus should be read and construed on the basis that such documents are incorporated by reference and
form part of the Prospectus.
The Issuer has confirmed to the Joint Lead Managers and Bookrunners Erste Group Bank AG, Am Bel-
vedere 1, 1100 Vienna, Austria and Raiffeisen Bank International AG, Am Stadtpark 9, 1030 Vienna,
Austria (each a "Joint Lead Manager" and together, the "Joint Lead Managers"), that this Prospectus
contains all information which is necessary to enable investors to make an informed assessment of the
assets and liabilities, financial position, profit and losses and prospects of the Issuer and the rights attach-
ing to the Bonds which is material in the context of the issue and offering of the Bonds; that the infor-
mation contained in the Prospectus with respect to the Issuer and the Bonds is accurate and complete in
all material respects and is not misleading; that any opinions and intentions expressed in the Prospectus
are honestly held and based on reasonable assumptions; that there are no other facts with respect to the
Issuer or the Bonds, the omission of which would make this Prospectus as a whole or any of such infor-
mation or the expression of any such opinions or intentions misleading; that the Issuer has made all rea-
sonable enquiries to ascertain all facts material for the purposes aforesaid.
The Issuer will supplement this Prospectus in the event of any significant new factor, material mistake or
inaccuracy relating to the information included in this Prospectus in respect of the Issuer and/or the Bonds
which is capable of affecting the assessment of the Bonds and which arises or is noted between the time
when this Prospectus has been approved and the later of the final closing of the public offer of the Bonds
or when trading of the Bonds on a regulated market begins.
No person is authorised to give any information or to make any representations other than those contained
in this Prospectus and, if given or made, such information or representations must not be relied upon as
having been authorised by or on behalf of the Issuer or the Joint Lead Managers. Neither the delivery of
this Prospectus nor any sale made hereunder shall, under any circumstances, create any implication that
there has been no change in the financial situation of the Issuer or the Group since the date of this Pro-
spectus, or, as the case may be, the date on which this Prospectus has been most recently supplemented,
or that the information herein is correct at any time since the date of this Prospectus or, as the case may
be, the date on which this Prospectus has been most recently supplemented.
Neither the Joint Lead Managers nor any other person mentioned in this Prospectus, except for the Issuer,
is responsible for the accuracy of the information and statements contained in this Prospectus or any other
document incorporated herein by reference. None of the Joint Lead Managers has independently verified
the Prospectus, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none
of them makes any representation, express or implied, or warranty or accepts any responsibility as to the
accuracy and completeness of the information contained in any of these documents. The Joint Lead Man-
agers have not independently verified any such information and accept no responsibility for the accuracy
thereof.
Each investor contemplating purchasing any of the Bonds should make its own independent investigation
of the financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer. This
Prospectus does not constitute an offer of Bonds or an invitation by or on behalf of the Issuer or the Joint
Lead Managers to purchase any Bonds.
Prospective investors should be aware that an investment in the Bonds involves certain risks and
that if certain risks, in particular those described under "Risk Factors", occur, the investors may
lose all or a very substantial part of their investment.
Neither this Prospectus nor any other information supplied in connection with the Bonds should be con-
sidered as a recommendation by the Issuer or the Joint Lead Managers to a recipient hereof and thereof
that such recipient should purchase any Bonds. The distribution of this Prospectus and the offering, sale
and delivery of Bonds in certain jurisdictions may be restricted by law. Persons into whose possession
ii

this Prospectus comes are required to inform themselves about and observe any such restrictions. For a
further description of certain restrictions applicable in the European Economic Area in general, the United
States of America and the United Kingdom, see "Selling Restrictions" below. In particular, the Bonds
have not been and will not be registered under the Securities Act, as amended, and are subject to tax law
requirements of the United States of America; subject to certain exceptions, Bonds may not be offered,
sold or delivered within the United States of America or to U.S. persons (as defined in the Securities Act).
The legally binding language of the Prospectus is English; except for the terms and conditions of the
Bonds (the "Terms and Conditions") where the German language is legally binding. The English ver-
sion of the Terms and Conditions is shown in the Prospectus for additional information.
In this Prospectus all references to "EUR" or "Euro" are to the currency introduced at the start of the third
stage of the European economic and monetary union, and as defined in Article 2 of Council Regulation
(EC) No. 974/98 of May 3, 1998 on the introduction of the Euro, as amended, or any other official cur-
rency in Austria at the time when the relevant payment is due.
This Prospectus may only be used for the purpose for which it has been published. This Prospectus
may not be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which
such offer or solicitation is not authorised or to any person to whom it is unlawful to make such an
offer or solicitation.
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement
that does not relate to historical facts and events. Forward-looking statements are based on analyses or
forecasts of future results and estimates of amounts not yet determinable or foreseeable. These forward-
looking statements can be identified by the use of terms and phrases such as "anticipate", "believe",
"could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and
phrases, including references and assumptions. This applies, in particular, to statements in this Prospectus
containing information on future earning capacity, plans and expectations regarding the Group's business
and management, its growth and profitability, and general economic and regulatory conditions and other
factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the
Issuer makes to the best of its present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results, including the Group's financial condition
and results of operations, to differ materially from and be worse than results that have expressly or im-
plicitly been assumed or described in these forward-looking statements. The Group's business is also
subject to a number of risks and uncertainties that could cause a forward-looking statement, estimate or
prediction in this Prospectus to become inaccurate. Accordingly, investors are strongly advised to read the
following sections of this Prospectus: "Risk Factors" and "Business Activities". These sections include
more detailed descriptions of factors that might have an impact on the Group's business and the markets
in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not
occur. In addition, neither the Issuer nor any of the Joint Lead Managers assume any obligation, except as
required by law, to update any forward-looking statement or to conform these forward-looking statements
to actual events or developments.
The forward-looking statements contained in this Prospectus include all matters that are not historical
facts and include statements regarding the Issuer's intentions, beliefs or current expectations concerning,
among other things, the results of operations, financial condition, liquidity, prospects, growth, strategies
and dividend policy and the industry and markets in which the Issuer operates. By their nature, forward-
looking statements involve known and unknown risks and uncertainties because they relate to events, and
depend on circumstances, that may or may not occur in the future. Forward-looking statements are not
guarantees of future performance.
iii

TABLE OF CONTENTS

NOTICE ..................................................................................................................................................... ii
FORWARD-LOOKING STATEMENTS ................................................................................................ iii
SUMMARY ............................................................................................................................................... 1
GERMAN TRANSLATION OF THE SUMMARY ............................................................................... 20
RISK FACTORS ..................................................................................................................................... 40
PRESENTATION OF SELECTED FINANCIAL AND OTHER INFORMATION ............................. 71
BUSINESS ACTIVITIES ........................................................................................................................ 73
ECONOMIC ENVIRONMENT .............................................................................................................. 83
SHAREHOLDER STRUCTURE ............................................................................................................ 86
MANAGEMENT ..................................................................................................................................... 87
GENERAL INFORMATION ON THE ISSUER .................................................................................... 94
TERMS AND CONDITIONS OF THE BONDS .................................................................................... 97
TAXATION ........................................................................................................................................... 116
SELLING RESTRICTIONS .................................................................................................................. 122
GENERAL INFORMATION ................................................................................................................ 124
OFFER, SALE AND SUBSCRIPTION OF THE BONDS ................................................................... 126
DOCUMENTS INCORPORATED BY REFERENCE ........................................................................ 129
RESPONSIBILITY STATEMENT ....................................................................................................... 131
iv

SUMMARY
This summary of the Prospectus is comprised of disclosure requirements known as "elements". These
elements are numbered in Sections A E (A.1 E.7). This summary contains all of the elements which
are required to be included in a summary for securities and issuers of this kind. As some elements are
not required, there may be gaps in the numbering sequence of the elements. Even where an element is
mandatory for the summary on account of the type of securities and issuer, it is possible that no relevant
information can be given regarding the element. In this case, a short description of the element is in-
cluded in the summary together with the words "not applicable".
Section A Introduction and Warnings
A.1
Warnings ...............................The following summary should be read as an introduction to the
Prospectus. Any decision to invest in the Bonds should be based on
consideration of the Prospectus as a whole by the investor. Where a
claim relating to the information contained in the Prospectus is
brought before a court, a plaintiff investor might, under the national
legislation of the member state of the European Economic Area,
have to bear the costs of translating the Prospectus before the legal
proceedings are initiated. Civil liability attaches to those persons
who have tabled this summary, including any translation thereof,
but only if the summary is misleading, inaccurate or inconsistent
when read together with the other parts of the Prospectus or it does
not provide, when read together with the other parts of the prospec-
tus, key information in order to aid investors when considering
whether to invest in the Bonds.
A.2
Consent by the Issuer to

the use of the prospectus
by financial intermediaries ...CA Immobilien Anlagen Aktiengesellschaft (the "Issuer") gives its
express consent to the use of the Prospectus for a subsequent resale
or final placement of the Bonds in Austria, by financial intermediar-
ies between July 7, 2016 and July 11, 2016. Financial intermediar-
ies can make a subsequent resale or final placement of Bonds dur-
ing this period. Any financial intermediary using the Prospectus has
to state on its website that it uses the Prospectus in accordance with
the consent and the conditions attached thereto. The Issuer accepts
responsibility for the content of the Prospectus also with respect to a
subsequent resale or final placement of securities by any financial
intermediary which was given consent to use the Prospectus; an
exceeding liability of the Issuer is excluded. No other conditions are
attached to the consent which are relevant for the use of the Pro-
spectus. However, the Issuer may revoke or limit its consent at any
time, whereby such revocation requires a supplement to the Pro-
spectus. In the event of an offer being made by a financial in-
termediary, the financial intermediary will provide information
to investors on the terms and conditions of the offer at the time
the offer is made.
Section B Issuer
B.1
Legal and commercial

name .....................................The legal name of the Issuer is "CA Immobilien Anlagen Aktien-
gesellschaft", the commercial name is "CA Immo".
1

B.2
Domicile, legal form,

legislation, country of
incorporation .........................The Issuer is an Austrian joint stock corporation (Aktiengesell-
schaft) incorporated in Austria, governed by Austrian law, having
its business address at Mechelgasse 1, 1030 Vienna, Austria.
B.4b Known Trends of the Is-

suer and its industries ...........Apart from other developments (like economic growth, unemploy-
ment figures and purchasing power), the developments on the most
important real estate markets, in which it operates, are relevant for
the Issuer (The sources for the information in this part of the sum-
mary are Eurostat, the ECB, IMF Deistatis, Bloomberg, The Econ-
omist, the Financial Times, the Central Statistical Offices of Po-
land, Hungary, the Czech Republic and the National Institute of
Statistics in Romania; CBRE: European Investment Quarterly Mar-
ketView, Central Eastern Europe Property Investment (Q1 2016);
EMEA Rents and Yields MarketView (Q1 2016), Office Market
View (Vienna, Budapest, Bucharest, Warsaw); and Jones Lang
LaSalle: Investmentmarktüberblick Deutschland (Q1 2016) and
Office Market Profile (Berlin, Frankfurt, Munich; Q1 2016)).
The real estate investment market
The transactional activity on the European investment market for
commercial real estate began to develop well in the first quarter
2016. The investment volume amounted to EUR 51 billion which is
lower in comparison to the first quarter 2015 at EUR 61 billion.
Around 40% of the transaction volume was invested into the real
estate sector. While the European core markets UK, Germany and
France saw a declining trend in comparison to the previous year,
markets such as Scandinavia, CEE, Russia and Benelux benefited
from an increase in investor interest.
The investment volume in Germany was EUR 8.2 billion in the first
quarter 2016, a decrease of 14% in comparison to the first quarter
2015. 47% thereof was invested into the asset class of office proper-
ties, which continues to be the segment with the strongest demand.
The yield gap between government bonds and peak yield remains
high, however the decrease in yields has slowed down in the past
couple of months. In the first quarter 2016, peak office yields were
4.35% in Frankfurt, 4.0% in Berlin, whereas 3.65% in Munich was
significantly lower. In the first quarter 2016, the investment volume
in Austria was approximately half a billion Euros, 20% less than in
the first quarter 2015. 44% of such transaction volume was ac-
counted for office properties. The peak yield in the office sector
remains under pressure and is at 4.9% in good areas, whereas the
yield for top properties may decline to 4.15%.
In the CEE region, the transactional activity was EUR 1.8 billion in
the first three months of 2016 (2015: EUR 2 billion). Thereof, the
office sector accounted for one third. In the first quarter 2016 the
peak office yields were: Warsaw 5.5%, Prague 5.5%, Budapest
7.0% and Bucharest 7.5%.
The office property markets
The market for office letting in Germany in the first quarter 2016
2

with 890,000 m² could achieve a sales volume increase by 10%
compared to the first quarter 2015. The accumulated vacancy at the
end of the first quarter 2016 is 16% below the rate in the previous
year. The letting performance in Berlin amounted to 247,000 m².
The vacancy rate has continued to decrease and was 6.0% (first
quarter 2015: 7.4%).
In Frankfurt, the floor space turnover was 131,000 m² in the first
quarter 2016 (up 51% compared to the first quarter 2015). The va-
cancy rate has decreased and was 8.9% compared to 10.3% in the
previous year.
In Munich sales turnover in the market for office letting was
187,000 m² in the first quarter 2016. The vacancy rate was 5.3% at
the end of the first quarter 2016 and therefore has halved in the past
five years.
In Vienna, the letting performance at 51,000 m² in the first quarter
2016 has decreased by 15% compared to the first quarter 2015. The
vacancy rate has slightly decreased as in the previous quarters and
was 6.2%. In the first three months of 2016 no new office properties
came on the market in Vienna.
In the first quarter 2016, six new building complexes were built in
Warsaw with a rentable area of 113,000 m². The entire development
pipeline amounts to 685.000 m². The office space turnover remains
on a high level at 143,000 m², however 15% lower than in the first
quarter 2015. The vacancy rate is increasing and was 14.1%.
In Budapest, the vacancy rate of 11.3% in the first quarter 2016
further decreased compared to previous quarters. The floor space
turnover has increased by 50% to 376,000 m² compared to the first
quarter 2015.
In Prague, the letting activity in the first quarter 2016 was
92,000 m² (down 39% compared to the first quarter 2015). The
average vacancy rate was 13.9%.
In Bucharest, the letting activity of over 100,000 m² in the first
quarter 2016 was historically the highest quarterly rate. The vacan-
cy rate has decreased further and amounts to 12.3% compared to
13.3% in the first quarter 2015.
3

B.5
Description of the Group

and the position of the

Issuer in the Group ...............The Issuer is the parent company of an international real estate
group with its registered office in Vienna. The following graphic
shows the holding structure of the Issuer as at the date of the pro-
spectus:

Source: Internal data of the Issuer, as at the date of this Prospectus.

Material Subsidiaries

Registered
Name of the company

Capital share
office
CA Immo Deutschland GmbH

Frankfurt a.M.

100%
Europolis GmbH

Vienna

100%

Source: Internal data of the Issuer, as at the date of this Prospectus.

Interests are held in project, property and management companies
in Austria, Germany, the Czech Republic, Slovakia, Hungary, Po-
land, Ukraine, Romania, Bulgaria, Croatia, Serbia and Slovenia via
the holding companies listed above and via holding companies in
Cyprus and the Netherlands.
B.9
Profit forecasts or esti-

mates .....................................Not applicable. No profit forecasts or estimates are made by the
Issuer.
B.10 Qualifications in the audit
report .....................................Not applicable. The annual financial statements and the annual con-
solidated financial statements have been provided with unqualified
audit opinions.
B.12 Selected key financial

information ...........................The following selected financial information of the Group was taken
or derived from the unaudited consolidated interim financial state-
ments as of March 31, 2016 and the audited consolidated annual
financial statements as of December 31, 2015 of the Issuer.

As of, and for the
As of, and for the
three months ended
fiscal year ended
March 31,
December 31,

2016
2015
2015
2014

All figures in EUR million, except explicitly
stated otherwise

unaudited
audited

Rental income .................................................
4 ..
0 ..2. .......... 34.7
154.8
145.2
Net rental income ................................
35.3
31.2
135.6
128.8
4

As of, and for the
As of, and for the
three months ended
fiscal year ended
March 31,
December 31,

2016
2015
2015
2014

All figures in EUR million, except explicitly
stated otherwise

unaudited
audited

Result from hotel operations ................................
0 0
0.0
0.3
1.8
Trading result .....................................................
- .0...6. ......
0.0
3.1
8.7
Income from services ................................ 3.1
4.5
16.2
16.0
Result from the sale of investment
properties..............................................................
1 ...2
1.1
36.5
29.8
Earnings before interest, taxes,
depreciation and amortization
(,,EBITDA") ......................................................
2 ..
8 ..8. .....
27.8
149.0
149.1
Depreciation and
impairment/reversal
................................ -0.8
-0.6
-2.9
-10.3
Result from revaluation ................................ 16.7
-5.0
213.8
-4.2
Result from joint ventures(1) ................................1.8
3.0
43.2
8.2
Earnings before interests and taxes
(,,EBIT") ............................................................
4 ..
6 ..5
25.2
-402.7
142.9
Financial result .................................................
- ..
2 ..
7 ...4. ........
-6.9
-86.7
-58.3
Earnings before taxes ................................
19.1
18.3
316.0
84.6
Income tax ..........................................................
- .5...9. .
1.0
-95.2
-13.8
Consolidated net income ................................ 13.2
19.3
220.8
70.8

Total assets ....................................................
4 .,..
0 ..
6 ..
6 ...5. ..
3,844.3
3,984.0
3,670.9
Shareholders' equity ................................ 2,119.7
1,984.0
2,120.5
1,951.7
Interest-bearing liabilities ..............................
1 .,.486.1
1,405.5
1,404.0
1,229.1
Equity ratio (in %)(2) ................................
52.1
51.6
53.2
53.2

Property investments ................................
22.1
26.7
92.5
184.0
Cashflow from operating activities .....................
3 ..
4 ..4. ......
30.1
113.2
99.6
Cashflow from investing activities ...................
- ..
1 ..
8 ...4. ......
118.0
101.5
-184.2
Cashflow from financing activities .....................
5 ..
6 ..0. ......
158.4
-171.4
-363.0
Cash and cash equivalents ................................
279.1
163.6
207.1
163.7

NOI margin (in %)(3) ................................
87.7
89.8
87.6
88.7

Basic earnings per share (in EUR)......................
0 ...1..4. .....
0.20
2.25
0.76
Diluted earnings per share (in EUR) ..................
0 ...1..4. ......... 0.20
2.25
0.73
Book value per share (in EUR)(4) ......................
2 ..
2 ....
1 .2. ...
20.08
21.90
19.75
Operating cash flow per share (in
EUR) ................................................................0.36
0.30
1.16
1.07

Property assets(5) ............................................
3 .,..
2 ..
3 ..
8 ...4. ..........2,643.5
3,206.4
2,706.6
thereof development assets and
undeveloped land ................................
411.0
435.0
409.0
496.3

(1)
The results of jointly controlled companies consolidated under the equity meth-
od are reported under "Results from joint ventures" in the consolidated income
statement, which is included in EBIT (and not in EBITDA).
(2)
The equity ratio is the ratio of equity to total assets.
(3)
The NOI (net operating income) margin expresses the ratio of net rental income
to rental income and is an efficiency indicator for income-producing investment
properties.
(4)
Also referred to as "NAV (net asset value) (IFRS) per share"; the number corre-
sponds to equity attributable to the shareholders of the parent company divided
by the number of shares outstanding at the end of the reporting period.
(5)
Property assets on statement of financial position comprise income-producing
investment properties, investment properties under development, hotel and other
own used properties as well as properties held for trading or sale.

Loan-to-value ratio
The loan-to-value ratio ("LTV Ratio") describes the ratio of net
financial liabilities (net debt, i.e. long- and short-term interest bear-
ing liabilities plus bonds less cash and cash equivalents) to the value
of the total real estate assets (income-producing investment proper-
ties plus investment properties under development, hotels and other
5

own used properties, investment properties held for sale and proper-
ties held for trading). The Issuer considers the LTV Ratio to be an
important indicator of the capital structure. The Issuer applies the
LTV Ratio to identify scope for optimizing the cost of capital, for
possible acquisitions and for necessary financial measures. The
following table sets out the calculation of the LTV Ratio as of
March 31, 2016, and as of December 31, 2015 and 2014:

December
December
March 31, 2016
31, 2015
31, 2014

(unaudited in EUR
million, unless
(audited in EUR million,
otherwise indicated)
unless otherwise indicated)
Short-term interest-bearing
liabilities ............................................................. 312.7
353.0
199.9
Long-term interest-bearing
liabilities ............................................................. 658.1
684.5
841.9
Short-term bonds ................................
191.7
192.2
2.6
Long-term bonds ................................
323.6
174.3
184.8
Long- and short-term
interest-bearing liabilities ................................1,486.1
1,404.0
1,229.1
Cash and cash equivalents ................................ -279.1
-207.1
-163.6
Cash and cash equivalents with
drawing restrictions ................................
-6.0
-5.4
-4.2
Net debt .............................................................1,201.0
1,191.4
1,061.3
Investment properties income
producing (fair value IAS 40) .............................2,743.3
2,714.3
2,092.9
Investment properties under
development (fair value IAS 40)......................... 411.0
409.0
496.3
Hotel and other own used
properties ............................................................
6.9
7.0
7.5
Investment properties held for
sale (fair value IFRS 5) ................................
52.6
54.0
91.5
Properties held for trading ................................
24.6
22.1
18.4
Total properties ................................
3,238.4
3,206.4
2,706.6
Loan-to-value ratio net (in
%)(1) ................................................................ 37.1%
37.2%
39.4%
Loan-to-value ratio gross (in
%)(1) ................................................................ 45.9%
43.8%
45.6%

(1) LTV ratio calculations based on own unaudited calculations by the Issuer.

No material adverse

change statement...................There has been no material adverse change in the prospects of the
Group since December 31, 2015.

Significant changes in the

financial or trading posi-
tion of the Issuer ...................Not applicable. There were no significant changes in the financial
or trading position subsequent to March 31, 2016.
B.13 Recent events to a ma-

terial extent relevant for
the solvency of the Issuer .....At the beginning of 2016, a share buyback programme for up to one
million shares (approximately 1% of the current capital stock) has
been implemented by the Issuer. In the course of this programme, a
total of 1,000,000 shares (ISIN AT0000641352) had been acquired
by the Issuer for a total purchase price of approximately EUR 15.4
million. As at March 31, 2016 the Issuer held a total of 3,000,000
treasury shares (approximately 3% of voting shares). Moreover,
another share buyback programme with a volume of up to two mil-
lion shares (approximately 2% of the current capital stock) and a
maximum limit of EUR 17.50 per share has been resolved by the
Issuer's management board (the "Management Board") and su-
pervisory board (the "Supervisory Board") in March, 2016. Ac-
cordingly, the number of treasury shares of the Issuer might contin-
6