Instone Real Estate

FY 2020 Results

Highlights

Portfolio Update
FY Financial Performance

Outlook

ESG

Appendix

Highlights

Strong operational performance despite headwinds from pandemic

	 Strong demand environment (institutional + retail sales) in Q4 2020 and YTD with positive HPI growth momentum
	 Construction: running according to plan, no tangible impact from pandemic (nine construction starts in FY 2020)
Operational	 Approvals: short term risk factor in current environment (reflected in updated FY 2021 revenue guidance)
Highlights	 Acquisitions: seven projects incl. valuehome (GDV of c.€800m*) support future growth; several deals currently in exclusive negotiation
	 ESG: Strong commitment with aim of achieving CO2 neutrality in 2050

Q4 2020 better than expected; Sustained high gross margin

	 Adjusted revenues: €480.1m (FY 2019: €736.7m, -34.8%); strong Q4 2019 due to Westville-project
FY 2020	 Adjusted gross profit margin: 30.5% (FY 2019: 25.5%)
Results	 Adjusted earnings after tax (EAT): €41.1m (FY 2019: €105.6m; -61.1%)
	 DPS (proposal): €0.26 per share (inaugural dividend)

Higher margins offset lower pandemic related topline growth

Outlook	 Updated 2021 guidance confirmed: Adj. revenues of €820-900m; adj. gross profit margin of 26-27%; adj. EAT of €90-95m; sales volume of at least €900m
	 Target payout-ratio: 30% of net profit reiterated also for 2021

Corona Virus – Operating Update

COVID-19 impact limited to delays in approval processes

Key topics		Instone position
Sales		• Institutional: strong demand with improving price momentum • Retail: sales speed at pre-COVID levels, prices picking up again in Q4
Construction		• Construction progress according to plan on all our sites; no major impact from limited number of infections so far • Easing cost pressure due to less severe capacity constraints in construction industry
Approvals		• Differentiated picture across municipalities; some pandemic related delays • Most relevant impact from second lock-down
Employees		• Headquarter and branch offices: Increased share of Work from Home since October; stricter social distancing measures implemented • Construction sites: Tight monitoring of social distancing rules and hygienic measures; purchase of air cleaning systems

Retail sales activities fully recovered; Strong start to the year

Retail sales ratio above long term mean; no visible impact from 2nd lock-down
Positive HPI growth momentum remains since Q4
Emerging trend of multi-unit private buy-to-let investments from high net worth investors
Strong backlog of reservations and notarization appointments

German residential prices: stable upward trend continues - winner of the crisis

100 120 140 160 180 200 220 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Germany Core Cities New built condo prices development Indexed, 2011 = 100% 2020 Ø ~€6.500/sqm +7.4% yoy 2020 Ø ~€5,000/sqm +5.8% yoy

Source: bulwiengesa AG

Recent data points/surveys show residential prices continue to move up

JLL:

Condo prices in top-8 cities up +9.3% (yoy) in H2 2020

vdp:

Condo prices in Q4: +2.5% (qoq); +8.4% (yoy)

F+B:

Condo prices +0.6% in Q4 (qoq), +5.3% (yoy)

Hypoport, EPX*: Condo prices +0.6% in December 2020 (mom); +11.1% (yoy)

Financing markets remain supportive for residential demand

Bundesbank:

Mortgage loans for private households in January 2021 at €21.7bn (Ø 2020: €22.8bn per month)

Interhyp:

Average 10year fixed rate mortgage offered: 0.86%

Portfolio Update

Expansion of pipeline strong foundation for future growth

Project portfolio development, ytd (GDV) In €m 5,846 -304 ⁴⁹⁰ -68 ⁸⁹ 6,054 New approvals Changed 12/2020 sales volume 12/2019 Completed Deduction projects

New project approvals	Exp. sales volume (€m)	Exp. units
2020
Heusenstamm (near Frankfurt)	149	341
Halle, Heide South	38	151
Hannover, Buentekamp III	50	72
Nuremberg, Boxdorf	59	125
Rhine/Main, Maintal	194	482
Berlin*	222	531
Rhine/Main*	76	177
2021
Herrenberg, Schwarzwaldstr. (II)	70	161

9 | 18.03.2021 | FY-2020 *Including relevant share of at-equity consolidated JV's, which are not included in portfolio development bridge

Significant share of pre-sold units supports future cash flow and earnings visibility

52 projects / 13,561 units
88% in metropolitan regions
~80 sqm / unit
~€5,480 ASP / sqm
€2.6bn GDV pre-construction or under construction
€1.7bn GDV under construction
€2.3bn of portfolio already sold (90% of pre-construction and under construction)
€1.4bn of currently under construction portfolio is sold (85%)

FY Financial Performance

Adjusted Results of Operations

Strong Q4 with margins exceeding expectations

€m	Q4 2020	Q4 2019	Change	FY 2020	FY 2019	Change
Revenues	188.8	434.3	-56.5%	480.1	736.7	-34.8%
Project cost	-136.3	345.3	-56.5%	-333.5	-548.8	-39.2%
Gross profit	52.5	88.9	-40.9%	146.6	187.8	-21.9%
Gross Margin	27.8%	20.5%		30.5%	25.5%
Platform cost	-20.7	-16.8	23.2%	-65.5	-59.0	11.0%
Share of results of joint ventures	2.0	0.7		2.7	0.7
EBIT*	33.8	72.9	-53.6%	83.8	129.6	-35.3%
EBIT Margin	17.9%	16.8%		17.5%	17.6%
Financial and other result	-8.9	-11.2		-24.4	-21.8
EBT	25.0	61.7	-59.5%	59.4	107.8	-44.9%
EBT Margin	13.2%	14.2%		12.4%	14.6%
Taxes	-8.7	0.5		-18.3	-2.2
Tax rate	34.8%	-0.8%		30.8%	2.0%
EAT	16.2	62.2	-74.0%	41.1	105.6	-61.1%
EAT Margin	8.6%	14.3%		8.6%	14.3%

Strong Q4 revenues as expected with support from private as well as institutional demand; Q4 2019 influenced by large "Westville"-deal
Sustained very high gross margin underscores sound pricing environment, quality of product pipeline and easing cost pressure
Moderately rising platform costs reflect investments into future growth (incl. valuehome)
Increased interest expenses due to 2019 land acquisitions and related increase in debt
Normalisation of tax rate: Low FY 2019 taxes due to one-time effect

Diversified sales & adjusted revenue mix

Expected strong Q4 institutional sales...
...also retail sales ratio above long term mean; no noticeable impact from 2nd lock-down
Expect share of institutional business to increase going forward

Strong balance sheet a competitive edge in current markets

€m	31/12/2020	31/12/2019
Corporate debt	207.2	180.8
Project debt	274.5	414.7
Financial debt	481.7	595.5
Cash and cash equivalents and term deposits	-232.0	-117.1
Net financial debt	249.7	478.4
Inventories and contract asset	971.9	951.1
LTC**	25.7%	50.3%
Adjusted EBIT (LTM)***	83.8	129.6
Adjusted EBITDA (LTM)***	87.9	133.7
Net financial debt / adjusted EBITDA	2.8	3.6

14 | 18.03.2021 | FY-2020

LTC of just 25.7% implies low financial gearing
Reminder: inventories are recorded at historical costs
Significant hidden reserves provide additional downside cushion
Low net debt/adjusted EBITDA of 2.8x despite temporary decline in profitability; rising EBITDA expected to offset effect from rising investments in 2021
€1.6bn-€1.7bn mid term revenue target fully funded with the recent capital raise
INS's financial strength a competitive edge for acquisitions in current environment

**Loan-to-Cost: Net financial debt/ (Inventories + Contract assets)

***LTM: Last twelve months. Adj. EBIT/EBITDA for FY 2019 has been restated to align the adj. EBIT/EBITDA calculation to the changed definition used from January 1, 2020 onwards.

Strong cash generation in FY 2020 despite land investments

Cash Flow (€m)	FY 2020	FY 2019
EBITDA adj.	87.9	133.7
Other non-cash items	-3.8	-38.8
Taxes paid	-11.4	-22.2
Change in working capital	47.2	-277.8
Operating cash flow	119.9	-205.1
Land plot acquisition payments (incl. RETT*)	105.1	328.8
Operating cash flow excl. investments	225.0	123.7

Operating cash flow pre land investments almost doubled vs. 2019

Liquidity (€m)	Total	t/o drawn	t/o available
Corporate debt
Promissory notes	206.0	206.0	0.0
Revolving Credit Facilities	119.0	0.0	119.0
Total	325.0	206.0	119.0
Cash and cash equivalents and term deposits			232.0
Total corporate funds available			351.0
Project debt
Project finance**	439.6	275.9	163.7

Ample of financial headroom for future growth

Acquisitions expected to continue at elevated levels

Intrinsic pipeline value suggests fundamental upside

Additional upside from continuous deployment of proceeds from capital increase

INSTON
REA
ESTATE

Prospective NAV (€m) as of 31/12/2020	ACTUAL
Expected selling prices of project pipeline (GDV)	6,054
Payments received	-942
Expected project costs	-3,368
Net debt	-250
Expected proceeds from "at-equity" projects	71
Prospective Net Asset Value	1,566
Number of shares (m)	47.0
Prospective Net Asset Value per share (€)	33.32

Payments received reflect project related income received to date from pre-sale of pipeline, rental income and ordinary course sale of land plots
Expected project costs include future expected payouts required to complete INS project pipeline
Proceeds from "at-equity" projects reflect profit from subsidiaries accounted for "at-equity"

Outlook

Earnings guidance confirmed, strong structural growth ahead

€m	Outlook 2021
Revenues (adjusted)	820-900
Gross profit margin (adjusted)	26-27%
EAT (adjusted)	90-95
Volume of concluded Sales contracts	>900

Dividend: Target payout ratio of 30% of adjusted EAT also for 2021

820-900 >1,000 In €m Revenues (adjusted) outlook

2021 2022 ... Mid-term

1,600-1,700

Thereof from projects with building right*: Thereof from existing projects*: Revenues secured 88% 100% 48%

through pre-sales*:

ESG Strategy

ESG is integral part of INS's corporate strategy

1. ESG integration into corporate governance / organisational structure (in 2020)
Clearly defined ESG responsibilities established within the INS corporate structure
Management board responsibility: CFO Foruhar Madjlessi
Establishment of dedicated ESG Officer and ESG Steering Committee
Integration of ESG into the management compensation scheme no later than 2022
Development of internal reporting systems (publications: externally advised sustainability section within annual report, company presentation, ESG website), GRI-Standards (option "Core")
Stakeholder survey planned for 2021, establishment of continuous dialogue
Independent sustainability rating planned for 2021

2. Clear commitment for ambitious CO² targets / CO² neutrality by 2050

Support of UN Paris Agreement and environmental targets of the German federal government
Long term target: CO² neutrality until 2050
CO² reduction of 50% by 2030; share of highly energy efficient buildings (equivalent to KfW40) of 100% of our projects until 2030
Commitment to the UN Sustainable Development Goals (SDGs)
INS's ESG-KPIs cover all relevant pillars; also strong emphasis on social impact
Further extension of ESG-KPI's planned
Increasing energy efficiency in production process (higher share of environmentally friendly materials)
Water consumption, recycling, bio-diversity
Verifiability of the ESG-report within the next two financial years
20 | 18.3.2021 | FY-2020

Overview: Major ESG-KPIs – Targets/Achievements

	Major KPIs	Achievements 2020	Targets
E	CO2 reduction as overall objective	11 kgCO2 /sqm	-50% (2030) climate neutrality (2050)
	Share of projects with renewable energy supply	~13%	at least 40% (2030)
	Share of building with high energy efficiency standards	KfW55: ~65%	KfW40 (or equivalent energy efficiency): 100% (2030)
	Charging stations for EVs	~330 (ca. 2.5%)	continuous increase in consultation with local municipalities and regional electricity suppliers
	Shares of affordable housing	17% subsidized apartments	at least 50% share of affordable housing (incl. valuehome) by 2030
	Diversity (share of female employees in management positions)	25% (1st)* 22% (2nd)	at least stable
S	Employee satisfaction (semi-annual analysis)	75%	75% or more
	Instone Code of Conduct for employees and contractors (compliance with UN Charter)	100%	100%
	Number of places at kindergartens/schools	1,690/1,300
	Employee compliance and data protection trainings	96%	100%
	Compliance cases (suspected)	2	0
G	Independent supervisory board	100%	100%
	Customer satisfaction analysis	N/A	2021
	Integration of ESG targets into management compensation scheme	N/A	Latest 2022

* below C-level

Appendix

Income statement (reported)

€m	FY 2020	FY 2019
Total revenues	464.4	509.5
Changes in inventories	45.0	277.3
	509.4	786.8
Other operating income	5.8	7.7
Cost of materials	-362.2	-634.0
Staff costs	-42.1	-37.3
Other operating expenses	-26.1	-33.0
Depreciation and amortization	-4.1	-4.1
Earnings from operative activities	80.7	86.1
Income from associated affiliates	2.7	0.7
Other net income from investments	-1.2	-5.7
Finance income	0.3	1.1
Finance costs	-26.3	-19.1
Changes of securities classified as financial assets	-0.3	0.2
EBT	55.9	63.2
Income taxes	-22.2	6.5
EAT	33.7	69.8

The lower revenues are attributable to the impact of the 1st lock-down (temporary lower sales activities and postponed marketing launches). Moreover, the FY 2019 figure also included the exceptionally high sales contribution of € 220.8m from the "Westville" project.
Lower purchases of land and the continuation of construction activities at the previous year's level led to a reduction in the cost of materials.
lncrease in staff costs reflects the increase in FTEs to 342.5 at the year-end 2020 (31 Dec 2019: 307.7).
The increase in finance costs is related to the increase in gross debt due to investments in new land acquisition.
FY 2019 tax rate was positively influenced by a special effect associated with the first-time recognition of loss carry forwards.

Condensed balance sheet

€m	31/12/2020	31/12/2019
Non-current assets	52.9	20.4
Inventories	777.8	732.1
Contract assets	194.2	219.0
Other receivables	171.3	34.7
Cash and cash equivalents	87.0	117.1
Current assets	1,230.2	1,102.9
Total assets	1,283.1	1,123.4
Total equity	521.0	310.2
Financial liabilities	313.7	451.6
Other provisions and liabilities	32.7	26.6
Deferred tax liabilities	22.9	12.0
Non-current liabilities	369.3	490.2
Financial liabilities	168.0	143.9
Trade payables	68.9	87.6
Other provisions and liabilities	155.8	91.5
Current liabilities	392.7	323.0
Total equity and liabilities	1,283.1	1,123.4

The increase in inventories is mainly due to the purchase of new land. As of Q4, land acquisitions (incl. incidental costs) of €589.0m (2019: €548.9m) are included in inventories.

Receivables from customers for work in progress already sold (contract assets), increased to €573.1m (2019: €479.4m) due to the higher level of work completed. Advance payments from customers amounted to €383.5m (2019: €266.9m). Accordingly, the net position decreased on a yearly basis.
Cash and cash equivalents and time deposits totaling €232.0m (2019: €117.1m) increased mainly due to the cash inflow from the capital increase and the positive cash inflow from operations.
Equity increased mainly due to the capital increase with net proceeds of c. €175m also due to retained earnings.
Trade payables decreased to €68.9m and essentially comprise the services provided by contractors.
Other liabilities amounting to €88.7m (Q4-2019: €13.1m) mainly include advance payments received on work in progress (for share deals).

Well balanced financing structure at attractive terms

Maturity profile as of 31/12/2020

Secured/unsecured* as of 31/12/2020

Weighted average corporate debt maturity	3.3 years
Weighted average corporate interest costs	3.32%
Share of corporate debt with floating interest	27.2%

Project Portfolio Key Figures

€m	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019
Volume of sales contracts	246.0	94.9	54.1*	69.4	1,088.2	183.1	69.0	62.8
Project Portfolio (as of)	6,053.6	5,937.5	5,701.3	5,744.4	5,845.7	5,384.1	5,091.7	4,790.2
thereof already sold (as of)	2,328.8	2,108.6	2,017.1	2,189.0	2,174.0	1,261.1	1,128.7	1,061.1
Units	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019
Volume of sales contracts	708	128	347*	109	2,063	380	120	170
Project Portfolio (as of)	13,561	13,374	13,075	12,952	13,715	12,233	11,628	11,041
thereof already sold (as of)	5,381	4,770	4,648	4,799	4,814	2,944	2,684	2,564

(Unless otherwise stated, the figures are quarterly values)

*Of which €24.3m (303 units) from updated business plan of already sold project Westville.

2020 – Concluded Sales Contracts (Top Projects)

Project	City	Units	€m
Stephanstraße*	Nürnberg	464	/
St. Marienkrankenhaus	Frankfurt am Main	47	57.9
Schulterblatt "Amanda"	Hamburg	71	53.2
"Wohnen im Hochfeld" Unterbach	Düsseldorf	99	40.7
Delkenheim, Lange Seegewann*	Wiesbaden	/	/
"Carlina Park", Schopenhauerstraße	Nürnberg	66	31.7
Westville**	Frankfurt am Main	303	25.5
Schwarzwaldstraße	Herrenberg	47	21.9
Schumanns Höhe	Bonn	51	20.2
Seetor "City Campus"	Nürnberg	34	20.0

2020 – Revenue Contribution

Project	City	Adj. revenues (€m)
St. Marienkrankenhaus	Frankfurt/Main	74.5
west.side	Bonn	45.3
Schumanns Höhe	Bonn	36.4
Schulterblatt "Amanda"	Hamburg	34.9
Quartier Stallschreiber Straße - Luisenpark	Berlin	32.9
Westville	Frankfurt/Main	28.3
City-Prag - Wohnen im Theaterviertel	Stuttgart	20.9
Schwarzwaldstraße	Herrenberg	20.5
Essener Straße	Hamburg	17.0
"Wohnen im Hochfeld" Unterbach	Düsseldorf	16.8
Others		152.6
Total		480.1

2020 Construction Launches

Project	City	Start in	Exp. Sales Volume (€m)	Units
Schulterblatt "Amanda"	Hamburg	Q2	~ 94	~ 165
Schorndorf, S`LEDERER	Schorndorf	Q2	~ 87	~ 230
Niederkasseler Lohweg	Düsseldorf	Q3	~ 80	~ 220
"Neckar.Au Viertel"	Rottenburg	Q3	~ 24	~ 65
"Carlina Park"	Nuremberg	Q3	~ 67	~ 100
west.side MW3	Bonn	Q3	~ 54	~ 140
"Wohnen im Hochfeld" Unterbach	Düsseldorf	Q4	~ 80	~ 170
Stephanstraße	Nuremberg	Q4	/	~ 465
Seetor "City Campus"	Nuremberg	Q4	~ 107	~ 200
Total			~ 593*	~ 1,755

29 | 18.03.2021 | FY-2020 * Excl. Stephanstraße due to confidentiality agreement

Sales Offer as of Q4 2020 (Top Projects, condominium sales)

Project	City	Sales volume (€m)	Units	Already sold in %
Seetor "City Campus" - Living	Nuremberg	72.2	142	11%
"Carlina Park", Schopenhauerstraße	Nuremberg	35.3	36	48%
St. Marienkrankenhaus	Frankfurt/Main	29.0	22	85%
Fontane Gärten BA 1	Potsdam	22.6	39	26%
Seetor "City Campus" - Geschossbau	Nuremberg	15.7	23	41%
D-Unterb. Scholle 1	Düsseldorf	15.3	28	58%
Schulterblatt "Amanda"	Hamburg	14.3	19	84%
Marina Bricks	Regensburg	11.6	13	62%
"Neckar.Au Viertel"	Rottenburg	5.4	15	78%
Schwarzwaldstraße	Herrenberg	4.8	7	90%
Quartier Stallschreiber Straße - Luisenpark	Berlin	1.4	1	99%
Total		227.6	345

Project Portfolio as of Q4 2020

(projects > €30m sales volume, representing total: ~ €6.1bn)

Project	Location	Sales volume (expected)

Hamburg
Schulterblatt "Amanda"	Hamburg	€ 95 Mio
Kösliner Weg	Norderstedt-Garstedt	85 Mio €
Sportplatz Bult	Hannover	€ 120 Mio
Rothenburgsort	Hamburg	198 Mio €
Büntekamp	Hannover	€ 143 Mio
Berlin
Quartier Stallschreiber Straße / Luisenpark	Berlin	€ 235 Mio
Wendenschlossstr	Berlin	135 Mio €
Rote Kaserne West	Potsdam	€ 60 Mio
NRW
Sebastiansraße / Schumanns Höhe	Bonn	70 Mio €
Niederkasseler Lohweg	Düsseldorf	N/A
/ am Hochfeld Unterbach Wohnen	Düsseldorf	174 Mio €
Literaturquartier	Essen	68 Mio €
REME	Mönchengladbach	105 Mio €
west.side	Bonn	188 Mio €
Gartenstadtquartier	Dortmund	€ 103 Mio

Semi-filled circle means that the milestone has yet been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building right the semi-filled circle means that the zoning process has been initiated. No circle for "land plot acquired" means that the land has not yet been purchased but secured by contract.

Project Portfolio as of Q4 2020

(projects > €30m sales volume, representing total: ~ €6.1bn)

Project	Location	Sales volume (expected)

Rhine-Main
Seegewann Wiesbaden-Delkenheim, Lange	Wiesbaden	106 Mio €
Siemens-Areal	Frankfurt	€ 555 Mio
St . Marienkrankenhaus	Frankfurt am Main	213 Mio €
Friedberger Landstraße	Frankfurt am Main	306 Mio €
Elisabethenareal Frankfurt	Frankfurt am Main	30 Mio €
Steinbacher Hohl	Frankfurt am Main	€ 53 Mio
Gallus	Frankfurt am Main	41 Mio €
Westville	Frankfurt am Main	N/A
Aukamm	Wiesbaden	132 Mio €
Heusenstamm	Heusenstamm	155 Mio €
Maintal	Maintal	194 Mio €
Leipzig
Semmelweisstraße	Leipzig	109 Mio €
Parkresidenz	Leipzig	250 Mio €
Rosa-Luxemburg-Straße	Leipzig	€ 109 Mio
Heide Süd	Halle	38 Mio €

Project Portfolio as of Q4 2020

(projects > €30m sales volume, representing total: ~ €6.1bn)

Project	Location	Sales volume (expected)
Baden-Wurttemberg
City-Prag - Wohnen im Theaterviertel	Stuttgart	127 Mio. €
Franklin	Mannheim	69 Mio. €
Schwarzwaldstraße	Herrenberg	49 Mio. €
S`LEDERER	Schorndorf	N/A
Neckartalterrassen	Rottenburg	150 Mio. €
Schäferlinde	Herrenberg	56 Mio. €
Bavaria South
Ottobrunner Straße	München	93 Mio. €
Beethovenpark	Augsburg	62 Mio. €
Bavaria North
Schopenhauerstraße	Nürnberg	67 Mio. €
Stephanstraße	Nürnberg	N/A
Seetor	Nürnberg	112 Mio. €
Eslarner Straße	Nürnberg	50 Mio. €
Lagarde	Bamberg	80 Mio. €
Boxdorf	Nürnberg	59 Mio. €
Marina Bricks	Regensburg	30 Mio. €

34 | 18.3.2021 | FY-2020

ESG: Fields of Action

17 UN Sustainable Development Goals

minor impact

Dedicated Actions Currently in Place

Anti-COVID measures for employees, customers and contractors higher than the legal requirements
Provision of free fruit and vegetables in all subsidiaries
Support of sports programmes for our employees
Regular Safety trainings
Offer for occupational-medical health examinations by our medical officer
Provision of group accident insurance and health insurance
Low rate of accidents at work
Code of Conduct revised and adapted in function of the UN Declaration of Human Rights and the UN Convention on the Rights of the Child
Compliance with the minimum wages in-house as well as on supplier level
Optimal workplace design for our employees (high-quality office equipment, well equipped kitchens)
Reconciliation of family and work (trust-based working hours and mobile working)
Monitoring employee satisfaction via surveys and employee turnover ratios
Support of sustainable communal urban land use planning
Sustainable district development (e.g. Schönhofviertel)
Urbanistic concepts

Dedicated Actions Currently in Place

Adjustment of Instone's company car policy with the objective of increasing the number of hybrid and e-vehicles
Mobile working agreement between the company and the workers council
Progressive digitalisation in order to reduce paper consumption
Dismantling in cooperation with specialist recycling companies
Medium-term objective: CO² reduction (-50% by 2030, climate neutrality until 2050)
100% share of highly energy efficient buildings with KfW40 standards or equivalent energy efficiency until 2030
Creating compensation areas for sealed surfaces
Brownfield developments
Promotion of biodiversity
Relocation measures for flora and fauna
Responsible and sustainable resource management
Establishment of attractive residential properties and districts
Reduction of housing shortage as our contribution to society
Supporting the creation of infrastructure

Westville, Frankfurt am Main

Realizing an innovative energy concept

Former industrial site turned into an attractive living quarter for more than 3,000 people
~1,300 apartments, thereof 380 subsidized
Three kindergartens
Large green areas incl. six playgrounds
Specially designed heat pumps for waste heat recovery from nearby data center
100 % energy standard KfW 55
► Attractive living quarter combined with a highly innovative, sustainable energy concept

Niederkasseler Lohweg, Düsseldorf

Creating living quarters on former industrial sites

Brownfield redevelopment incl. deconstruction and recycling of a seven-storey office building
Mix of 221 subsidized and privately financed apartments plus local square, 430 sqm playground and kindergarten
Construction of a two-storey underground car park, incl. underground backwater vessels
10% of the parking lots equipped with charging stations for e-cars
Nesting aids for bats and swifts
Planting of several mid-size trees

Theaterfabrik and Heeresbäckerei, Leipzig

Converting old buildings into sustainable game changers

Harmonious unit of historical and new buildings
Comprehensive, resource-friendly restoration
Avoidance of emission-intensive construction measures*
Preservation of the historical charm and cultural meaning of the original buildings
► Highly liveable quarters with generous green spaces

• Index: SDAX • Market cap*: €1,125.4m • Average daily trading volume: €1.6m

Basic data Shareholder structure (March 2021)

Financial Calendar

2021

March	18	Annual Report 2020
March	19	Virtual Roadshow (Credit Suisse), United Kingdom
March	22	Virtual Roadshow (Stifel), Germany
March	23	Virtual Roadshow (Kepler Cheuvreux), France
March	24	Virtual Roadshow (Credit Suisse), Canada
March	25	BofA EMEA Real Estate CEO Virtual Conference
March	26	Commerzbank German Real Estate Forum
March	29	Virtual Roadshow (Stifel), United States
March	30	Jefferies Pan-European Mid-Cap Virtual Conference
May	05	Goldman Sachs European Small and Mid Cap Symposium
May	11	German SMID Cap One-on-One Forum
May	20	Quarterly Statement for the first quarter of 2021
June	09	Annual General Meeting
June	16	dbAccess Berlin Conference
August	26	Group Interim Report for the first half of 2021
September	01	Stifel 2021 London Cross Sector Insight Conference
September	20	Berenberg and Goldman Sachs Tenth German Corporate Conference
November	18	Quarterly Statement for the first nine months of 2021

Investor Relations Contact

Burkhard Sawazki

Head of Business Development & Communication

T +49 201 45355-137 M +49 173 2606034

[email protected]

Simone Cujai

Senior Investor Relations Manager

T +49 201 45355-428 M +49 162 8035792

[email protected]