Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

Deutsche Wohnen SE Earnings Release 2012

Aug 13, 2012

113_ip_2012-08-13_16a2bfc9-bbed-4046-b560-64e215eef7b0.pdf

Earnings Release

Open in viewer

Opens in your device viewer

Deutsche Wohnen AG

» H1 2012 results

Conference Call, 13 August 2012

» Highlights H1/2012

» Highlights H1/2012

M
j
t
a
o
r
e
v
e
n
s

A
i
i
i
f
B
B
C
i
h
2
3
k
i
f
E
U
R
1.
2
b
i
h
l
i
i
Au
2
0
1
2
t
t
t
t
t
›
c
q
s
o
n
o
a
e
o
n
n
s
o
r
n w
c
o
s
n
g
n
g
s
u
u
w
u
u
A
d
d
i
i
l
i
i
i
f ~
i
i
B
l
i
d
P
d
1,
5
0
0
t
t
t
t
›
o
n
a
a
c
q
u
s
o
n
o
u
n
s
n
e
r
n
a
n
o
s
a
m
S
fu
l
i
l
i
f ~
E
U
R
4
6
0
t
›
u
c
c
e
s
s
c
a
p
a
n
c
r
e
a
s
e
o
m
N
d
i
i
f
D
h
W
h
t
e
w
m
e
n
s
o
n
o
e
u
s
c
e
o
n
e
n

W
i
h
k
f
E
U
R
2
b
D
h
W
h
h
i
h
Eu
l
i
d
l
t
t
t
t
t
t
t
t
t
›
c
r
r
e
n
m
a
r
e
c
a
p.
o
n,
e
s
c
e
o
n
e
n
c
a
c
e
s
p
r
o
p
e
a
n
s
e
r
e
a
e
s
a
e
u
u
u
w
i
c
o
m
p
a
n
e
s
W
i
h
l
l
i
i
i
i
l
d
f
l
i
k
i
h
i
l
i
i
f
i
ly
i
i
2
0
1
0,
7
5
t
t
t
t
t
t
›
a
a
c
q
u
s
o
n
s
s
n
c
e
w
e
e
n
a
r
g
e
o
u
r
p
o
r
o
o
o
u
n
s
w
e
s
g
n
c
a
n
n
c
r
e
a
s
n
g
~
d
i
i
i
G
B
l
i
(
)
5
0
%
t
t
o
u
r
m
o
s
y
n
a
m
c
r
e
g
o
n
n
r
e
a
e
r
e
r
n
+
W
k
b
ly
h
d
i
d,
h
d
iv
i
d
d
b
i
l
i
d
iv
t
t
t
t
t
›
e
r
e
m
a
r
a
s
r
e
n
g
e
n
e
o
u
r
e
a
r
n
n
g
s
p
o
w
e
r
a
n
e
n
c
e,
o
u
r
e
n
c
a
p
a
y
u
e
o
a
c
c
r
e
e
i
i
i
d
l
i
i
t
t
t
t
t
t
a
c
q
u
s
o
n
s
a
n
a
c
u
r
r
e
n
o
w
n
e
r
e
s
r
a
e
e
nv
r
o
n
m
e
n
B
h,
i
i
i
d
l
i
b
i
l
b
f
i
f
i
i
d
d-
b
d
d
i
t
t
t
t
t
t
t
o
o
r
p
r
a
s
a
o
n
a
n
e
n
g
s
n
e
s
s,
s
r
o
n
g
e
n
e
r
o
m
r
s
n
g
e
m
a
n
a
s
e
n
a
m
c
s

u
v
u
y
y
-
i
k
t
n
o
u
r
c
o
r
e
m
a
r
e
s
E
i
f
iv
i
i
i
h
E
U
R
i
H
/
l
d
h
i
d
fu
l
l-y
f
9.
7
1
2
0
1
2
2
0
1
2
t
t
t
t
t
›
a
r
n
n
g
s
r
o
m
p
r
a
s
a
o
n w
m
n
a
r
e
a
y
a
c
e
v
e
e
a
r
a
r
g
e
o
r
1)
D
i
l
l
i
l
f
l-
l
h
(
)
i
i
l
i
i
d
i
t
t
t
t
t
t
›
e
s
p
e
c
o
m
p
e
n
g
r
e
n
a
g
r
o
w
y-
o-
y
a
c
r
o
s
s
o
u
r
c
o
r
e
r
e
g
o
n
s,
r
e
n
p
o
e
n
a
s
w
e
n
n
g
N
i
d
2
0
2
1
e
w
g
u
a
n
c
e

U
d
i
d
i
f
i
i
i
/
d
i
l
i
i
d
f
F
F
O
(
/
d
i
l
)
f
t
t
›
n
e
r
c
o
n
s
e
r
a
o
n
o
a
c
q
u
s
o
n
s
s
p
o
s
a
s,
w
e
n
c
r
e
a
s
e
o
u
r
g
u
a
n
c
e
o
r
w
o
s
p
o
s
a
s
r
o
m
E
U
R
5
5
E
U
R
6
0
6
5
t
m
o
m
m
-
F
F
O
f
D
i
l
E
U
R
2
0
›
r
o
m
s
p
o
s
a
s
m
: ~
F
h
l
k
t
t
r
e
r
o
o
o

u
u
G
i
f
d,
f
fu
l
l
i
i
f
B
B
C
d
h
l
i
i
f
i
h
t
t
t
t
t
t –
t
›
o
n
g
o
rw
a
r
a
e
r
n
e
g
r
a
o
n
o
a
u
e
o
n
a
n
e
r
e
a
s
a
o
n
o
s
y
n
e
r
g
e
s,
w
e
e
x
p
e
c
o
n
e
b
i
f
d
's
f
l
i
l
F
F
O
(
/
d
i
l
)
f
E
U
R
d
d
d
i
i
l
l
1
0
0
t
t
t
t
a
s
s
o
o
a
y
p
o
r
o
o
a
n
a
n
nu
a
p
r
e-
a
x
w
o
s
p
o
s
a
s
o
m
a
n
a
o
n
a
a
n
nu
a
-
O
F
F
i
l
(
/
d
i
l
)
f
E
U
R
1
0
f
fu
h
d
d-
i
i
i
t
t
t
t
t
p
r
e-
a
x
p
o
e
n
a
w
o
s
p
o
s
a
s
o
m
r
o
m
r
e
r
a
o
n
a
c
q
u
s
o
n
s
1)
R
tial
New
-let
ting
ed
to i
lac
ent
ten
nt c
nt
po
re
om
par
n-p
e re
=

» Key figures H1/2012 at a glance

f
e
r
o
r
m
a
n
c
e
(
)
-o		 Co
le
in
fo
l
io
t
t
t
re
g
p
or
•
In-
lac
t:
p
e
re
n
•
Ne
le
ing
t
t
t:
w-
re
n
•
Re
ia
l:
t-p
te
t
n
o
n
•
Va
•		 5.
7
1
E
U
R
/sq
m
6.
9
8
E
U
R
/sq
m
2
2.
2
%
1.
4
%		 l
i
ke
-fo
l
i
ke
4.
0
%
r-
: +
4.
5
%
+
l
i
ke
-fo
l
i
ke
1
7
%
y
-y		 ca
nc
y
:
N
O
I
in
E
U
R
m
•		 E
U
R
7
8.
2m		 r-
: -
1
0
%
+
Ne
f
i
t p
t:
ro
•		 E
U
R
3
6.
9m		 1
0
0
%
+
>
A
d
j
d
E
B
T:
te
us
•		 E
U
R
3
7.
3m		 3
9
%
+
R
l
t
e
s
s
u		 Re
in
F
F
O
(
d
isp
ls
)
/o
cu
rr
g
w
os
a
:
•		 E
U
R
3
2.
8m		 1
5
%
+
(
)
-o
y
-y		 E
P
R
A
N
A
V:
•		 8
E
U
R
ha
1
1.
4
/s
re		 E
P
R
A
N
A
V
ha
ly
ina
l
ly
de
d
p
er
s
re
on
ma
rg
cr
ea
se
1),
fro
E
U
R
De
du
1
1.
5
0
3
1
2
0
1
1
t
to
m
as
a
c
e
d
iv
i
de
d
f
E
U
R
0.
2
3
ha
t o
n
p
ay
-o
u
p
er
s
re
L
T
V:
•		 3
9.
8
%		 f
Ba
Be
Co
los
ing
5
7
%
te
a
r
u
n c
: ~
Fu
he
im
d
fo
l
io
l
i
t
t
r
r
p
ro
ve
p
or
q
ua
•
9
5
%
f
l p
fo
l
io
is
loc
to
ta
t
te
o
or
a
•		 du
is
i
ion
in
ty
to
t
e
ac
q
s
u
d
in
ion
(
Ju
ou
r c
or
e
re
g
s		 d
fu
he
l
in
ing
in
d
isp
l re
ion
2
0
1
2
t
tre
an
r
r s
am
os
a
g
s
2
0
1
1:
9
1
%
)
ne
~
P
f
l
i
t
o
r
o
o		 D
isp
ls
os
a
•
S
ig
d:
6
4
9
i
in
H
1
/
2
0
1
2
ts
ne
un
•
ins
i
ion
l s
les
t
tu
t
a
a		 in
iva
isa
ion
(
lus
t
t
p
r
p
o
ve		 ha
fro
2
0
1
1:
5
4
3
i
)
1,
1
7
4
i
in
ts
ts
r
ng
m
un
;
un
+
C
lo
d:
8
4
1 u
i
in
iva
isa
ts
t
se
n
p
r
•		 ion
6
9
1 u
i
in
ins
i
t
ts
t
tu
t
;
n		 ion
l s
les
a
a
1) W
hen
rip
adj
ed
for
ital
inc
201
2 (s
crip
fac
ust
sc
cap
rea
se

» Compelling performance in well managed portfolio - before BauBeCon

» Well managed portfolio with further growth potential

Re
i
de
ia
l
t
s
n		 Un
i
ts		 Ar
ea		 S
ha
f
l
to
ta
re
o
fo
l
io
t
p
or		 In
la
-p
ce
1)
t
re
n		 Ne
-le
in
t
t
w
g
2)
t
re
n		 Va
ca
nc
y
# k s
q
m		 % E
U
R
/sq
m		 E
U
R
/sq
m		 %
To
l
ta		 4
9,
0
9
9		 2,
9
7
9		 5.
6
5		 6.
8
5		 2.
2
%
Co
io
re
re
g
ns		 4
6,
4
6
9		 2,
8
1
5		 9
5
%		 5.
7
0		 6.
9
8		 1.
9
%
fo
Le
ing
l
io
t
t
t
p
or		 4
2,
6
2
7		 2,
5
6
4		 8
7
%		 5.
7
1		 6.
9
8		 1.
4
%
Pr
iva
isa
ion
t
t		 3,
8
4
2		 2
5
1		 8
%		 5.
6
0		 6.
7
%
Re
io
in
de
i
l
ta
g
ns
Gr
Be
l
in
te
ea
r
r		 2
7,
5
1
3		 1,
6
4
2		 5
6
%		 5.
5
3		 1.
3
%
Le
ing
fo
l
io
tt
ort
p		 25
19
4
,		 1,
49
4		 5
1%		 5.
5
6		 6.
6
6		 0.
9
%
Pr
iva
isa
ion
t
t		 2,
3
19		 14
8		 5
%		 5.
20		 5.
8
%
Fr
k
fur
/
Ma
in
t
an		 4,
0
5
7		 2
4
5		 8
%		 7.
0
6		 1.
9
%
Le
ing
fo
l
io
tt
ort
p		 3,
5
0
5		 20
5		 7% 7.1
9		 8.
8
8		 1.1
%
Pr
iva
isa
ion
t
t		 5
5
2		 40 1% 6.
3
6		 7.0
%
R
h
ine
-M
in
a		 4,
8
1
3		 2
8
8		 1
0
%		 6.
3
5		 3.
9
%
Le
ing
fo
l
io
tt
ort
p		 4,
3
6
1		 25
9		 9
%		 6.
3
1		 7.8
6		 3)
3.
5
%
Pr
iva
isa
ion
t
t		 45
2		 29 1% 6.
72		 7.6
%
So
R
h
ine
Va
l
ley
h
t
u		 5,
0
7
9		 3
1
8		 1
0
%		 5.
3
4		 2.
4
%
Le
ing
fo
l
io
tt
ort
p		 4,
74
1		 29
6		 10
%		 5.
3
4		 6.
43		 1.8
%
Pr
iva
isa
ion
t
t		 3
3
8		 22 1% 5.
44		 10
.5
%
R
h
ine
Va
l
ley
No
h
t
r		 4,
2
9
5		 2
7
4		 9
%		 5.
3
8		 1.
9
%
Le
ing
fo
l
io
tt
ort
p		 4,
114		 26
2		 8
%		 5.
3
7		 6.
5
0		 1.6
%
Pr
iva
isa
ion
t
t		 18
1		 12 0
%		 5.
6
5		 7.0
%
O
he
(
ly
le
ing
fo
l
io
)
t
t
t
t
rs
on
p
or		 7
1
2		 4
8		 1
%		 5.
1
7		 5.
5
9		 5.
0
%
D
isp
l r
io
os
a
eg
ns		 2,
6
3
0		 6
1
4		 5
%		 0
4.
7		 0
0
5.		 8.
9
%
A
d
j
fo
l
io
tm
t p
t
us
en
or		 1,
0
1
8		 6
3		 2
%		 4.
3
8		 1
4.
4
%
O
he
d
isp
l
ho
l
d
ing
t
r
os
a
s		 1,
6
1
2		 1
0
1		 3
%		 4.
8
8		 6.
0
%

1) Contractually owed rents from rented apartments divided by rented area

2) Contractually owed rents for newly concluded contracts for units not subject to rent control effective in 2012

3) Without vacancy due to current capex measures: 1.8%

» Compelling like-for-like rental growth across our core regions

In-place rent (like-for-like) in EUR/sqm Vacancy (like-for-like)

In
la
-p
c
e
re
n		 1)
E
U
R
/s
t
q
m		 ∆
in
%
3
0
/
0
6
/
2
0
1
2		 3
0
/
0
6
/
2
0
1
1		 y-
o-
y
Le
in
fo
l
io
in
t
t
t
g
p
o
r
io
c
o
re
re
g
ns		 5.
7
5		 5.
5
3		 4.
0
%
Gr
Be
l
in
te
ea
r
r		 5.
6
3		 5.
3
7		 4.
8
%
Fr
k
fu
/
M
in
t
an
r
a		 7.
1
9		 6.
9
7		 3.
2
%
R
h
ine
-M
in
a		 6.
2
7		 6.
0
4		 3.
8
%
R
h
ine
Va
l
ley
So
h
t
u		 5.
3
5		 5.
2
9		 1.
1
%
R
h
ine
Va
l
ley
No
h
t
r		 5.
0
6		 4.
9
9		 1.
4
%
O
he
t
rs		 5.
1
7		 5.
0
2		 3.
0
%
Pr
iva
isa
ion
t
t		 5.
6
0		 5.
4
7		 2.
4
%
D
isp
l r
ion
os
a
eg
s		 4.
7
0		 4.
6
6		 0.
9
%
To
l
t
a		 6
5.
7		 8
5.
4		 3.
5
%
Va
c
a
nc		 in
%
y		 ∆
in
%
3
0
/
0
6
/
2
0
1
2		 3
0
/
0
6
/
2
0
1
1		 y-
o-
y
Le
in
fo
l
io
in
t
t
t
g
p
o
r
io
c
o
re
re
g
ns		 1.
5
%		 1.
8
%		 -1
6.
7
%
Gr
Be
l
in
te
ea
r
r		 0.
9
%		 1.
1
%		 -1
8.
2
%
Fr
k
fu
/
M
in
t
an
r
a		 1.
1
%		 1.
0
%		 1
0.
0
%
R
h
ine
-M
in
a		 3.
6
%		 4.
9
%		 -2
6.
5
%
So
R
h
ine
Va
l
ley
h
t
u		 1.
9
%		 2.
0
%		 -5
0
%
R
h
ine
Va
l
ley
No
h
t
r		 1.
7
%		 2.
0
%		 -1
5.
0
%
O
he
t
rs		 5.
0
%		 5.
0
%		 0.
0
%
Pr
iva
isa
ion
t
t		 6.
7
%		 2.
3
%		 1
0
0
%
>
D
isp
l r
ion
os
a
eg
s		 9.
0
%		 8.
9
%		 1.
1
%
To
l
t
a		 2.
3
%		 2.
2
%		 4.
5
%
  • Like-for-like rental growth (y-o-y) comprises effects from Mietspiegel 2011 in Berlin, however
  • ›Ongoing strong development in Greater Berlin (lfl-rental growth: 4.8% vs. 4.7% as at December 2011)
  • ›Especially Frankfurt's and Rhine-Main's growth rates are picking up (December 2011: 2.6% and 3.2% respectively)

- This leads to lfl-rental growth in the letting portfolio in our core regions of 4.0% (December 2011: 3.8%, March 2012: 3.6%)

Vacancy (like-for-like) y-o-y further slightly decreased on an already very low level

1) Contractually owed rent from rented apartments divided by rented area

» Increasing rent potential across our core regions

Rent potential

3
0
/
0
6
/		 2
0
1
2		 3
1
/
1
2
/
2
0
1
1
Ne
le
ing
t
t
w-		 In-
lac
p
e		 Re
t
n		 Re
t
n
2)
t
re
n		 1)
t
re
n		 3)
ia
l
te
t
p
o
n		 3)
ia
l
te
t
p
o
n
Le
ing
fo
l
io
in
t
t
t
p
or
io
co
re
re
g
ns		 6.
9
8		 5.
7
1		 2
2.
2
%		 1
9.
7
%
Gr
Be
l
in
te
ea
r
r		 6.
6
6		 5.
5
6		 1
9.
8
%		 1
7.
0
%
Fra
k
fur
/
Ma
in
t
n		 8.
8
8		 7.
1
9		 2
3.
5
%		 2
0.
4
%
R
h
ine
-M
in
a		 7.
8
6		 6.
3
1		 2
4.
6
%		 2
2.
2
%
R
h
ine
Va
l
ley
So
h
t
u		 6.
4
3		 5.
3
4		 2
0.
4
%		 1
2.
7
%
R
h
ine
Va
l
ley
No
h
t
r		 6.
5
0		 5.
3
7		 2
1.
0
%		 1
0.
5
%
O
he
t
rs		 5.
5
9		 5.
1
7		 8.
1
%		 1
0.
5
%

Despite compelling in-place rental growth, rent potential is further increasing, i.e. new-letting rental growth is even higher than in-place rental growth

1) Contractually owed rent from rented apartments divided by rented area

2) Contractually owed rents for newly concluded contracts for units not subject to rent control effective in 20123) Rent potential = New-letting rent compared to in-place rent

i
E
U
R
n
m		 H
2
0
2
1
/
1		 H
2
0
1
/
1
1
C
l
i
t
t
u
r
r
e
n
g
r
o
s
s
r
e
n
a
n
c
o
m
e		 1
0
3.
7		 9
5.
6
L
i
t
t
e
n
g		 N
b
l
o
n-
r
e
c
o
v
e
r
a
e
e
x
p
e
n
s
e
s		 -2
1		 -2
5
E
U
R
7.
0
m
+		 R
l
l
t
e
n
a
o
s
s		 -0
8		 -0
9
M
i
t
a
n
e
n
a
n
c
e		 -1
2.
6		 -1
2.
8
O
h
t
e
r
s		 -1
6		 0.
2
E
i
f
R
i
d
i
l
P
M
t
t
t
a
r
n
n
g
s
o
e
s
e
n
a
r
o
p
e
r
y
a
n
a
g
e
m
e
n		 8
6.
6		 7
9.
6
P
l,
l
d
d
i
i
i
t
t
e
r
s
o
n
n
e
g
e
n
e
r
a
a
n
a
m
n
s
r
a
o
n
e
p
e
n
s
e
s
x		 -8
4		 -8
2
N
O
i
I
(
N
O
I
)
t
t
e
p
e
r
a
n
g
n
c
o
m
e		 8.
2
7		 7
1.
4
N
O
I
h
/
/
t
s
q
m
m
o
n		 N
O
I
M
i
a
r
g
n		 7
5.
4
%		 7
4.
7
%
8
5.
%
+		 1)
N
O
I
i
E
U
R
/
d
h
t
n
s
q
m
a
n
m
o
n		 4.
2
2		 3.
9
9
I
n
c
r
e
a
s
e		 5.
8
%
i
E
U
R
n
m		 H
1
/
2
0
1
2		 H
1
/
2
0
1
1
N
O
i
I
(
N
O
I
)
t
t
e
p
e
r
a
n
g
n
c
o
m
e		 7
8.
2		 7
1.
4
C
h
f
l
a
s
o
w		 C
h
i
t
t
a
s
n
e
r
e
s
e
x
p
e
n
s
e
s		 -3
9.
5		 -3
7.
9
1
5.
5
%
+		 C
h
f
l
f
f
l
i
f
h
i
t
t
t
t
a
s
o
w
r
o
m
p
o
r
o
o
a
e
r
c
a
s
n
e
r
e
s
e
x
p
e
n
s
e
s		 3
8.
7		 3
3.
5
I
n
c
r
e
a
s
e		 1
5.
5
%

» Increasing earnings and cash contribution from letting

The increase in current gross rental income stems from rental growth, further vacancy reductions and acquisitions

  • › Rental shortfall due to disposals were more than compensated, in particular due to transfer of risks and rewards of units with closing after 30 June 2011
  • Our stable cost structure and the increasing letting income lead to further improved NOI-margin, NOI per sqm andmonth as well as a rising cash flow1) Based on average quarterly floor space

» Strong privatisation business and streamlining in disposal regions

S
ig
d
in
H
1
/
2
0
1
2
ne
in
l.
ha
2
0
1
1
c
ov
er
ng		 Un
i
ts		 Tr
io
t
an
sa
c
n
lu
vo
m
e		 Fa
ir
lu
va
e		 Ma
in
rg
# E
U
R
m		 E
U
R
m		 E
U
R
%
m
Pr
iva
isa
ion
t
t		 1,
1
9
2		 8
3.
8		 6
1.
8		 2
2.
0
2
3
6
%
Ins
i
ion
l s
les
t
tu
t
a
a		 1,
1
7
4		 4
6.
7		 4
1.
4		 5.
3
1
1
3
%
In
l
to
ta		 2,
3
6
6		 1
3
0.
5		 1
0
3.
2		 2
7.
3
3
2
6
%

Privatisation(i.e. sales of individual apartments):

  • ›Privatisation signed in 2012 of 649 units (w/o overhang from 2011 - 543 units- )
  • ›Further increased margin of ~ 36%
  • Institutional sales:
  • ›Ongoing and successful focus on sales in disposal regions in 2012
C
lo
d
in
E
U
R
se
m		 H
/
2
0
2
1
1		 H
/
2
0
1
1
1
Sa
le
ds
s p
ro
ce
e		 8
2.
5		 5
9.
6
Co
f s
les
t o
s
a		 6.
0
-		 2.
9
-
Ne
les
ds
t s
a
p
roc
ee		 7
6.
5		 5
6.
7
Fa
ir v
lue
a		 6
7.
4
-		 5
1.
7
-
Ea
in
fro
D
isp
ls
rn
g
s
m
os
a		 9.
1		 5.
0

Privatisation signed (units and transaction volume)

  • Number of disposals closed in H1/2012: 1.532 units(incl. overhang 2011)
  • ›Privatisation: 841 units
  • ›Institutional sales: 691 units

» Nursing and Assisted Living – stable EBITDA contribution

i
E
U
R
n
m		 H
1
/
2
0
1
2		 H
1
/
2
0
1
1
I
n
c
o
m
e
Nu
i
r
s
n
g		 1
7.
1		 1
6.
9
L
iv
i
n
g		 1.
0		 1.
5
O
h
t
e
r		 1.
7		 2.
0
1
9.
8		 2
0.
4
C
t
o
s
s
Nu
i
d
t
r
s
n
g
a
n
c
o
r
p
o
r
a
e
e
x
p
e
n
s
e
s		 -5
2		 -5
7
S
f
f
t
a
e
x
p
e
n
s
e
s		 -9
7		 -9
7
-1
4.
9		 -1
5.
4
S
's
i
t
e
g
m
e
n
e
a
r
n
n
g
s		 4.
9		 5.
0
A
i
b
b
l
i
t
t
t
t
t
t
r
a
e
c
r
r
e
n
n
e
r
e
s
e
p
e
n
s
e
s
u
u
x		 -1
1		 -1
3
3.
8		 3.
7

Note: Figures for 2010 and 2011 shown above with consideration of the termination of the lease contract for one facility and the sale of the related management company end of 2011

  • Average occupancy in H1/2012 increased to 97.2% compared to H1/2011 (94.5%)
  • Acquisition of two nursing facilities in Leipzig (156 beds) with an annualised EBITDA yield of ~ 9%

» Improved results and strong financial profile

» Adjusted EBT increased by 39% (y-o-y)

in
E
U
R
m		 H
1
/
2
0
1
2		 H
1
/
2
0
1
1
1)
E
B
I
T
D
A
(
d
j
d
)
te
a
us		 8
4.
2		 7
3.
9
De
ia
ion
t
p
rec		 -1
4		 -1
6
2)
F
ina
ia
l r
l
(
d
j
d,
)
t
te
t
nc
es
u
a
us
n
e		 -4
5.
5		 -4
5.
4
E
B
T
(
d
j
d
)
te
a
us		 3
7.
3		 2
6.
9
On
f
f
inc
du
lem
i
h
R
R
E
E
F
to
t
t
t w
t
e-
o
om
e
e
s
e
en		 2
0.
0		 0.
0
On
Co
f
f
f
ina
ing
fo
Ba
Be
ion
ts
tra
t
e-
o
nc
c
os
r
u
n
ns
ac		 -3
8		 0.
0
Va
lua
ion
S
W
A
P
t		 -0
1		 0.
3
E
B
T		 3.
5
4		 2
2
7.
Cu
t
ta
rre
n
xe
s		 -7
9		 -1
6
fe
De
d
ta
rre
xe
s		 -8
6		 -8
7
Pr
f
i
t
o		 3
6.
9		 1
6.
9
3)
Ea
ing
ha
rn
s
p
er
s
re		 0.
3
6		 0.
2
1
in
E
U
R
m		 H
1
/
2
0
1
2		 H
1
/
2
0
1
1
2)
In
(
d
j
d
)
te
t e
te
res
xp
en
se
s
a
us		 -4
0.
6		 -3
9.
2
No
h
in
te
t e
n-c
as
res
xp
en
se
s		 -5
6		 -6
5
6.
2
-4		 -4
5.
7
In
inc
te
t
res
om
e		 0.
7		 0.
3
F
in
ia
l r
l
(
d
j
d,
)
t
te
t
an
c
es
u
a
us
n
e		 -4
5.
5		 -4
5.
4
  • Adjusted EBITDA increased by ~ EUR 10m thereof ~ EUR 7m attributable to increasing earnings from letting as a result of acquisitions and performance enhancement while keeping the cost structure almost stable
  • Interest expenses only marginally increased despite higher financial liabilities due to acquisitions
  • Current tax in H1/2012 affected by noncash taxes of EUR 5.5m due to capital increase 2012
No
h
in
te
t e
n-
ca
s
re
s
xp
en
se
s		 H
1
/
2
0
1
2
Ma
in
ly
ls
ac
cr
ua
on
:
Lo
in
be
ing
l
ia
b
i
l
i
ies
te
t
t
w-
res
ar		 3.
7
-
L
ia
b
i
l
i
ies
fro
E
K
0
2
t
tax
m
es		 1.
0
-
Em
loy
be
f
i
l
ia
b
i
l
i
t
ty
p
ee
ne		 0.
8
-
D
B
1
4		 -0
1
To
l
ta		 -5
6

Adjusted by one-off income due to settlement with RREEF (EUR 20.0m)

1)

2) Adjusted by one-off financing costs for BauBeCon transaction (EUR 3.8m)

3)Based on average shares outstanding (H1/2012: 103.02m; H1/2011: 81.84m)

» Strong recurring FFO performance in H1/2012: 15% (y-o-y)

in
E
U
R
m		 H
1
/
2
0
1
2		 H
1
/
2
0
1
1
Pr
f
i
t
o		 3
6.
9		 1
6.
9		 41
.9
Ea
ing
fro
D
isp
ls
rn
s
m
os
a		 -9
1		 -5
0		 4
5.
0
De
ia
ion
t
p
rec		 1.
4		 1.
6		 33
.4		 9.
7
Va
lua
ion
S
W
A
P
t		 0.
1		 -0
3		 3
5.
0		 8
0
%
+
No
h
f
ina
ia
l e
n-c
as
nc
xp
en
se
s		 5.
6		 6.
5		 25
.3		 5.
4
De
fer
d
ta
re
xe
s		 8.
6		 8.
7		 2
5.
0
Ta
be
f
i
fro
i
l
inc
t
ta
x
ne
m
ca
p
rea
se		 5.
5		 0.
0		 m 2.1
3.
0
On
f
f
inc
du
lem
i
h
R
R
E
E
F
to
t
t
t w
t
e-
o
om
e
e
s
e
en		 -2
0.
0		 0.
0		 R
U		 1
5
%
+		 3
2.
8
On
Co
f
f
f
ina
ing
for
Ba
Be
ion
ts
tra
t
e-
o
nc
c
os
u
n
ns
ac		 3.
8		 0.
0		 E
1
5.
0
in		 4
1
%
+		 2
8.
4
F
F
O
(
d
isp
ls
)
/o
w
os
a		 3
2.
8		 2
8.
4		 2
0.
2
F
F
O
fro
iva
isa
ion
t
t
m
p
r		 9.
7		 5.
4		 5.
0
F
F
O
(
in
l.
iva
isa
io
)
t
t
c
p
r
n		 4
2.
5		 3
3.
8
F
F
O
fro
ins
i
ion
l s
les
t
tu
t
m
a
a		 -0
6		 -0
3		 -5.
0		 -0.
3		 -0.
6
F
F
O
(
in
l.
d
isp
ls
)
c
os
a		 4
1.
9		 3
3.
4		 H 1
/
2
0
1		 0 H
1
/
2
0
1		 1 H
1
/
2
0
1
2
F
F		 O
fro
m		 ins
i
ion
t
tu
t		 l s
les
a
a
O
i
F
F
O
f
iv
i
i
i
d
b
t
t
n
g
o
n
g
r
o
m
p
r
a
s
a
o
n
n
c
r
e
a
s
e
 ly
8
0
%
y
n
e
a
r		 y
-o
-y		 F
F		 O
fro
m		 iva
isa
t
t
p
r		 ion

FFO (w/o disposals)

FFO (incl. disposals)

» Balance sheet – Assets

i
E
U
R
n
m		 3
0
/
0
6
/
2
0
1
2		 3
1
/
1
2
/
2
0
1
1
I
i
t
t
t
n
v
e
s
m
e
n
p
r
o
p
e
r
e
s		 2,
9
8
3.
7		 2,
9
2
8.
8		 Un
ha
d v
lua
ion
ix
t
tr
c
ng
e
a
m
a
O
h
t
t
t
e
r
n
o
n
c
u
r
r
e
n
a
s
s
e
s		 2
2.
6		 2
1.
7
D
f
d
t
t
e
e
r
r
e
a
a
s
s
e
s
x		 6
7.
8		 6
3.
0
N
t
t
o
n
c
u
r
r
e
n
a
s
s
e
s		 3,
0
7
4.
1		 3,
0
1
3.
5
Tr
de
iva
b
le
a
re
ce
s		 3
0
/
0
6
/
2
0
1
2
Re
l
bu
ine
ta
n
s
ss		 4.
2
L
d
d
b
i
l
d
i
h
l
d
f
l
a
n
a
n
u
n
g
e
o
r
s
a
e		 5
0.
1		 6
3.
5		 D
isp
ls
os
a		 2.
2
T
d
i
b
l
r
a
e
r
e
c
e
v
a
e
s		 7.
8		 1
4.
0		 O
he
t
r		 1.
4
O
h
t
t
t
e
r
c
u
r
r
e
n
a
s
s
e
s		 3
6.
9		 4
3.
4		 O
he
ise
t
t a
ts
r c
ur
re
n
ss
e
co
m
p
r		 3
0
/
0
6
/
2
0
1
2
C
h
d
h
i
l
t
a
s
a
n
c
a
s
e
a
e
n
s
u
v		 6
0
7.
8		 1
6
7.
8		 No
ts
ts
n c
urr
en
as
se
q he
l
d
for
le
s
a		 3
0.
2
C
t
t
u
r
r
e
n
a
s
s
e
s		 7
0
2.
6		 2
8
8.
7		 Inc
iva
b
les
tax
om
e
re
ce		 1.
1
O
he
inv
ies
t
to
r
en
r		 2.
9
T
l
t
t
o
a
a
s
s
e
s		 3,
7
7
6.
7		 3,
3
0
2.
2		 O
he
t
ts
r a
ss
e		 2.
7

Cash is effected by proceeds from capital increase, which have not been invested yet as of cut-off date

EUR 106m available credit lines in addition to cash at-hand

» Balance sheet – Equity and Liabilities

Pr
f
i
t
o
+		 E
U
R		 3
6.
9
Ca
h
f
low
he
dg
s
e
-		 E
U
R		 1
1.
6
-
Pe
ion
ns
s
-		 E
U
R		 3.
4
-
Ne
ds
(
les
t p
tax
roc
ee
s
e
+		 f
fec
)
t
i
E
U
R
n
m		 3
0
0
6
2
0
2
/
/
1		 3
2
2
0
1
/
1
/
1
1		 fro
i
l
inc
ta
m
ca
p
rea
se		 E
U
R		 4
4
9.
2
T
l
i
t
t
o
a
e
q
u
y		 1,
5
3
1.
0		 1,
0
8
3.
4		 D
iv
i
de
d
n
-		 E
U
R		 2
3.
5
-
F
i
i
l
l
i
b
i
l
i
i
t
n
a
n
c
a
a
e
s		 1,
8
2
7.
7		 1,
8
3
4.
7		 L
T
V
t
3
9.
8
%
a
T
l
i
b
i
l
i
i
t
a
x
a
e
s		 6
1.
8		 5
8.
6		 Inc
lu
d
ing
E
K
0
2:
E
U
R
5
1.		 6m
D
f
d
l
i
b
i
l
i
i
t
t
e
e
r
r
e
a
x
a
e
s		 1
0
2.
8		 9
6.
2
D
i
i
t
e
r
v
a
v
e
s		 1
1
1.
8		 9
5.
0		 Δ
De
iva
ive
l
ia
b
i
l
i
ies
E
U
t
t
r
:		 R
1
6.
8m
+
O
h
l
i
b
i
l
i
i
t
t
e
r
a
e
s		 1
4
1.
6		 1
3
4.
3		 O
he
l
ia
b
i
l
i
ie
t
t
r
s		 3
0
/		 0
6
/
2
0
1
2
Tra
de
l
ia
b
i
l
i
ies
t		 E
U
R		 5
0.
4
T
l
i
d
l
i
b
i
l
i
i
t
t
t
o
a
e
q
u
y
a
n
a
e
s		 3,
6.
7
7
7		 3,
3
0
2.
2		 Pe
ion
ns
s		 E
U
R		 4
7.
1
Pr
is
ion
ov
s		 E
U
R		 1
0.
6
i
E
U
R
n
m		 3
0
/
0
6
/
2
0
2
1		 3
/
2
/
2
0
1
1
1
1
E
P
R
A
N
A
V		 1,
6
7
7.
5		 1,
2
1
1.
3
E
P
R
A
N
A
V
h
i
E
U
R
p
e
r
s
a
r
e
n		 1
1.
4
8		 1
1.
8
4
S
h
d
i
t
t
a
r
e
s
o
u
s
a
n
n
g		 1
4
6.
1
4		 1
0
2.
3
0

Decrease of EPRA NAV per share due to increased number of shares outstanding

Other liabilities EUR 26.6DB 14 EUR 6.9

EPRA NAV per share only marginally decreased from EUR 11.50 – due to the dividend pay-out of EUR 0.23 per share - when scrip-adjusting EPRA NAV as at 31 Dec 2011 1)

1)Scrip adjustment of capital increase 2012 by 1.03

» LTV at 39.8%; average interest rate: 4.05%

» Updated guidance

» New guidance 2012 – FFO (w/o disposals): EUR 60m-65m

Successful H1/2012

  • Gross proceeds of EUR 460m from capital increase for BauBeCon transaction and two potential/promising additional mid-size portfolios
  • Our operating performance, both in our letting- and privatisation business, clearly benefits from increasing dynamics in our core markets
  • Interest expenses will be lower than guided, due to current low interest rate environment

New guidance for FFO 2012

  • Under consideration of acquisitions/disposals, we increase our guidance for FFO (w/o disposals) from EUR 55m to EUR 60m - 65m for 2012
  • Increase by EUR 12.5m - 17.5m compared to financial year 2011 (actual)
  • FFO from Disposals: Increase by EUR 10m to ~ EUR 20m

Further outlook

  • Deutsche Wohnen entered into a new dimension with the BauBeCon transaction and the capital increase
  • Going forward, after full integration of BauBeCon and the realisation of synergies, we expect – on the basis of today's portfolio – an annual pre-tax FFO (w/o disposals) of the 'New Deutsche Wohnen' of EUR 100m
  • Further annual pre-tax FFO potential (w/o disposals) of EUR 10m expected from further add-on acquisitions

» Appendix – BauBeCon and signed add-on acquisitions

» Signed add-on acquisitions in Greater Berlin

U
i
t
n
s		 A
r
e
a		 R
i
d
i
l
t
e
s
e
n
a
i
l
t
n-
p
a
c
e
r
e
n		 R
i
d
i
l
t
e
s
e
n
a
v
a
c
a
n
c
y		 C
l
i
o
s
n
g
# k
s
q
m		 E
U
R
/
s
q
m		 %
G
B
l
i
t
r
e
a
e
r
e
r
n		 1,
5
0
0
~		 8
2		 5.
4
4		 1.
8
%		 0
1
/
0
7
d
0
1
/
0
8
/
2
0
1
2
a
n

  • 50% located in Berlin, the remaining units are located in Potsdam

  • Net purchase price: EUR 77.8m or 909 EUR/sqm
  • Net Initial Yield (Current gross rental income/ gross purchase price): 6.3%
  • Rent potential: up to 21%
  • Annualised FFO yield (pre tax): > 8%

» BauBeCon – excellent strategic fit for Deutsche Wohnen

Sizeable geographic overlap, portfolio expansion into new German Metropolitan Area 1) Second largest listed German residential real estate company 1) Transaction expected to be FFO accretive upon full Adding ~ 23,400 residential units achieve additional exposure to new German Metropolitan Area Hanover, Braunschweig and Magdeburg More than 30% of BauBeCon units located in existing core regions of Deutsche Wohnen ~ 62% of the Deutsche Wohnen portfolio located in growth regions/agglomerations (Greater Berlin, Rhine-Main, Rhineland) ~ EUR 96m gross rental income in FY2011 Sizeable portfolio of combined 73,260 residential units allows for increased operational flexibility Post acquisition, Berlin exposure to account for ~ 47% of Deutsche Wohnen portfolio, i.e. ~ 34,300 units Sizeable FFO contribution based on sustainable financingstructure and cost saving potentials and a general reduction of administrative costs per unit

Sustainable financing structure with c. EUR 702m of new mortgage debt signed

1) Based on information received from the seller. We were not able to verify the BauBeCon portfolio and financial information to the same extent as information relating to the Deutsche Wohnen Group

integration of BauBeCon

» BauBeCon – compelling key portfolio metrics

Co
Ba
Be
u
n g
ro
up
(1)
3
Ma
h
2
0
2
1
1
rc		 Re
i
de
ia
l
t
s
n
i
ts
un		 S
ha
f
l
to
ta
re
o
fo
l
io
t
p
or		 In-
lac
p
e
(2)
t
re
n		 Va
ca
nc
y		 (3)
Fa
ir v
lue
a		 (3)
Fa
ir v
lue
a		 Im
l
ie
d
in
p
lac
t
p
e
re
n
l
ip
le
t
mu		 Im
l
ie
d
p
in-
lac
p
e
l y
ie
l
d
ta
re
n
# % E
U
R
/sq
m		 % E
U
R
m		 E
U
R
/sq
m		 x %
To
l c
ion
ta
or
e
re
g
s		 1
9,
0
9
9		 8
1.
5
%		 5.
4
0		 2.
7
%		 1,
0
9
6.
0		 8
9
2		 1
3.
7		 7.
3
%
Ha
Br
hw
ig-
Ma
de
bu
no
ve
r-
au
ns
c
e
g
rg		 9,
0
4
4		 3
8.
6
%		 5.
2
6		 3.
6
%		 4
6
6.
9		 7
8
6		 1
2.
4		 8.
0
%
Gr
Be
l
in
ter
ea
r		 6,
4
9
3		 2
7.
7
%		 5.
6
2		 0.
6
%		 4
1
3.
0		 1,
0
9
3		 1
6.
1		 6.
2
%
R
h
ine
lan
d		 8
4
5		 3.
6
%		 6.
0
5		 6.
7
%		 6
3.
4		 9
3
9		 1
3.
7		 7.
3
%
R
h
ine
-M
in
a		 4
6
6		 2.
0
%		 6.
0
7		 3.
9
%		 4
6.
7		 1,
0
7
7		 1
3.
3		 7.
5
%
O
he
t
r		 2,
2
5
1		 9.
6
%		 4.
9
8		 2.
6
%		 1
0
6.
0		 7
2
9		 1
2.
3		 8.
2
%
D
isp
l r
ion
os
a
eg
s		 4,
3
3
9		 1
8.
5
%		 4.
7
6		 6.
1
%		 1
3
9.
0		 4
8
2		 9.
2		 1
0.
9
%
Ge
Ea
f
ter
ta
tes
s
n s
o
rm
an
y		 2,
6
7
2		 1
1.
4
%		 4.
6
7		 3.
6
%		 7
8.
2		 4
7
9		 9.
2		 1
0.
9
%
W
f
Ge
ter
ta
tes
es
n s
o
rm
an
y		 1,
6
6
7		 7.
1
%		 4.
9
0		 9.
3
%		 6
0.
8		 4
8
5		 9.
2		 1
0.
8
%
To
l
ta		 2
3,
3
8
4		 0
0.
0
1
%		 2
9
5.		 3.
3
%		 2
3
0
1,
5.		 8
1
4		 3.
0
1		 7.
7
%

Solid historic performance of BauBeCon portfolio before acquisition 1)

1) Based on information received from the seller. We were not able to verify the BauBeCon portfolio and financial information to the same extent as information relating to the Deutsche Wohnen Group

Source: information provided by seller

  • 2) Based on residential rent3) Split of enterprise value for 100% of BauBeCon Group (total consideration of EUR 1,131m plus existing debt of EUR 85m plus otheradjustments to purchase price of EUR 19m) by region
  • 4) As of 31 December

5) Based on potential rent

» Integration plan for BauBeCon

Integration of BauBeCon into Deutsche Wohnen-Prelios contract will be terminated 31 May 2013

Central functions to be integrated into existing central organisation in Berlin

  • Accounting and rent collection
  • Centralised purchasing
  • Centralised service centre

4 new service points

  • Integration of c. 16,000 flats
  • facility management
  • rentals
  • 9 existing service points
  • Integration of c. 7,400 flats
  • maintenance
  • tenant assistance

» Sizeable synergy potential from cost savings and improved operational processes and performance of ~ EUR 10m p.a. FFO enhancement upon full integration of BauBeCon

Kiel

» Appendix - Other

» Overall portfolio quality: share of core regions further enhanced

3
0
/
0
6		 /
2
0
1
2		 3
0
/
0
6
/
2
0
1
1
Re
i
de
ia
l
t
s
n		 S
ha
f
l
to
ta
re
o		 Re
i
de
ia
l
t
s
n		 S
ha
f
l
to
ta
re
o
Re
i
de
ia
l o
ly
t
s
n
n		 i
ts
un		 fo
l
io
t
p
or		 i
ts
un		 fo
l
io
t
p
or
# % # %
Co
io
re
re
g
ns		 4
6,
4
6
9		 9
5
%		 4
3,
8
3
5		 9
1
%
Le
ing
fo
l
io
t
t
t
p
or		 4
2,
6
2
7		 8
7
%		 3
8,
5
2
0		 8
0
%
Pr
iva
isa
ion
t
t		 3,
8
4
2		 8
%		 5,
3
1
5		 1
1
%
D
isp
l r
io
os
a
eg
ns		 2,
6
3
0		 5
%		 4,
3
7
1		 9
%
A
d
j
fo
l
io
tm
t p
t
us
en
or		 1,
0
1
8		 2
%		 2,
1
0
8		 4
%
O
he
d
isp
l
ho
l
d
ing
t
r
os
a
s		 1,
6
1
2		 3
%		 2,
2
6
3		 5
%
To
l
ta		 9,
0
9
9
4		 0
0
1
%		 8,
2
0
6
4		 0
0
1
%

Development last twelve months:

  • Share of core regions in total portfolio increased from 91% to 95%
  • Residential units in core regions extended by ~ 2,600 (+ 6%)
  • Increasing privatisation sales of around 1,500 units
  • In the disposal portfolio - defined as structurally weak regions - more than 1,740 units sold

Since 31 December 2011:

  • Already 691 units in disposal regions closed with transfer of risks and rewards
  • Additional 483 units already signed

» Adjusted EBITDA increased by ~ EUR 10m / + 14% (y-o-y)

in
E
U
R
m		 H
1
/
2
0
1
2		 H
1
/
2
0
1
1
Ea
ing
fro
Re
i
de
i
l
Pr
Ma
ta
ty
t
rn
s
m
s
n
op
er
na
g
em
en		 8
6.
6		 7
9.
6
Ea
ing
fro
D
isp
ls
rn
s
m
os
a		 9.
1		 5.
0
Ea
ing
fro
Nu
ing
d
As
is
d
L
iv
ing
te
rn
s
m
rs
a
n
s		 4.
9		 5.
0
Se
i
bu
io
in
t c
tr
t
g
m
en
on
n
m
ar
g		 1
0
0.
6		 8
9.
6
Co
te
rp
or
a
e
xp
en
se
s		 -1
6.
1		 -1
5.
3
O
he
ing
/
inc
t
t
r o
p
er
a
e
xp
en
se
s
om
e		 1
9.
7		 -0
4
E
B
I
T
D
A		 1
0
4.
2		 7
3.
9
On
f
f
inc
du
lem
i
h
R
R
E
E
F
to
t
t
t w
t
e-
o
om
e
e
s
e
en		 -2
0.
0		 0.
0
E
B
I
T
D
A
(
d
j
d
)
te
a
us		 8
4.
2		 7
3.
9
T
he
f
re
o		 H 1
/
2
0
1
2
On
f
f
inc
du
to
e-o
om
e
e
lem
i
h
R
R
E
E
F
t
t
t w
t
se
en		 E
U
R		 2
0.
0
O
he
/
inc
t
r e
xp
en
se
s
om
e		 E
U
R		 0.
3
-
Co
(
in
E
U
R
)
te
rp
or
a
e
xp
en
se
s
m		 H
1
/
2
0
1
2		 H
1
/
2
0
1
1
S
f
f e
ta
xp
en
se
s		 -1
0.
3		 -9
7
Ge
l a
d
dm
in
is
ion
tra
t
ne
ra
n
a
e
xp
en
se
s		 -5
8		 -5
6
In
l
to
ta		 6.
-1
1		 3
-1
5.

» NOI performance continuously increasing

Residential Property Management: Net Operating Income (NOI) per sqm and month1)

» Valuation of portfolio

3
0
/
0
6
/
2
0
1
2
F
i
l
a
r
v
a
u
e
E
U
R
m		 F
i
l
a
r
v
a
u
e
E
U
R
/
s
q
m		 M
l
i
l
t
u
p
e
i
l
t
n-
p
a
c
e
r
e
n		 M
l
i
l
t
u
p
e
k
t
t
m
a
r
e
r
e
n
C
i
o
r
e
r
e
g
o
n
s		 2,
8
3
1		 9
8
1		 1
4.
2		 1
2.
6
G
B
l
i
t
r
e
a
e
r
e
r
n		 1,
6
1
5		 9
6
8		 1
4.
2		 1
2.
6
F
k
f
/
M
i
t
r
a
n
u
r
a
n		 3
6
8		 1,
4
2
1		 1
6.
9		 1
4.
6
R
h
i
M
i
n
e-
n
e		 3
0
3		 1,
0
0
6		 1
3.
7		 1
2.
0
R
h
i
V
l
l
S
h
t
n
e
a
e
y
o
u		 2
8
1		 8
5
4		 1
3.
4		 1
2.
4
R
h
i
V
l
l
N
h
t
n
e
a
e
o
r
y		 2
2
9		 8
3
2		 1
2.
9		 1
1.
8
O
h
t
e
r
s		 3
4		 6
7
1		 1
1.
1		 9.
8
D
i
l
i
s
p
o
s
a
r
e
g
o
n
s		 9
1		 0
5
5		 0.
1
7		 8.
5
A
d
j
f
l
i
t
t
t
u
s
m
e
n
p
o
r
o
o		 2
8		 4
3
4		 1
0.
0		 6.
9
O
h
d
i
l
h
l
d
i
t
e
r
s
p
o
s
a
o
n
g
s		 6
3		 6
2
3		 1
1.
1		 9.
5
T
l
t
o
a		 2,
9
2
2		 9
5
8		 1
4.
1		 1
2.
4

Data incl. acquired privatisation holdings in Berlin with transfer of risks and rewards as at 1 June 2011

» Disclaimer

This presentation contains forward-looking statements including assumptions, opinions and views of Deutsche Wohnen or quoted from third party sources. Various known and unknown risks, uncertainties and other factors could cause actual results, financial positions, the development or the performance of Deutsche Wohnen to differ materially from the estimations expressed or implied herein. Deutsche Wohnen does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, none of Deutsche Wohnen AG or any of its affiliates (including subsidiary undertakings) or any of such person's officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Deutsche Wohnen does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation.

Deutsche Wohnen AG

Registered OfficePfaffenwiese 30065929 Frankfurt/ Main Berlin OfficeMecklenburgische Straße 5714197 BerlinPhone: +49 30 897 86 551Fax: +49 30 897 86 507

© 2012 Deutsche Wohnen AG

More from Deutsche Wohnen SE

Earnings Release 2026
May 13
Proxy Solicitation & Information Statement 2026
Apr 7
Annual Report 2026
Mar 25
Governance Information 2026
Mar 25
Director's Dealing 2025
Dec 17
Earnings Release 2025
Nov 11
Report Publication Announcement 2025
Oct 23
Annual Report 2025
Oct 8
Major Shareholding Notification 2025
Aug 22
Interim / Quarterly Report 2025
Aug 8
View all filings →