Deutsche Wohnen SE — Earnings Release 2012

May 11, 2012

Deutsche Wohnen AG

» Q1 2012 resultsConference Call, 11 May 2012

» Highlights Q1/2012

» Highlights Q1/2012 – Key figures at a glance

f e r o r m a n c e ( ) -o y -y	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: re n w- • Va ca nc y : •	E U R /sq 5. 7 0 m E U R /sq 6. 8 9 m 1. 6 %	l i ke -fo l i ke 3. 6 % r- : + 4. 7 % + l i ke -fo l i ke 2 1 % r- : -
	N O I in E U R m •	E U R 3 9. 9m	1 1. 8 % +
	Ne f i t p t: ro •	E U R 1 4. 4m	6 9 % +
	A d j d E B T: te us •	E U R 9. 6m 1	0 4 % +
R l t e s u s	Re in F F O ( /o d isp ls ) cu rr g w os a : •	E U R 1 8. 4m	2 1 % +
( ) y -o -y	E P R A N A V: •	1 2. 0 1 E U R /s ha re	A lre dy los br k e i h he E P R A N A V to t t a c e ea ve n w ha i l inc No 2 0 1 1 o f E U R ta p er s re p re ca p re as e v 1 2. 0 4
	L T V: •	5 4. 9 %
	Fu he im d fo l io l i t t r r p ro ve p or q ua • f l p fo l io is loc 9 4 % to ta t te o or a •	du is i ion 2 ty to t e ac q u s d in ion ( ou r c or e re g s	0 1 0 / 2 0 1 1 a d fu he l in ing in d isp l re ion t tre n r r s am os a g s Ma ) 2 0 1 1: 9 0 % r ~
P f l i t o r o o	D isp ls os a • S ig d: i in Q / 4 6 0 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 ov	ha fro i ) i in 2 0 1 1: 5 4 3 8 2 0 ts ts er ng m un un ; +
	C lo d: i in iva isa 4 5 0 ts t t se un p r •	ion i in ins i 3 6 8 ts t tu un ;	ion l s les t a a

» Compelling performance in well managed portfolio

» Overall portfolio quality: share of core regions further enhanced

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

Development last twelve months:

• Residential holdings in core regions up by around 4,400 (+ 10%)
• Share of core regions in total portfolio increased from 90% to 94%
• More than 1,650 units sold in structurally weak regions; thereof ~ 2/3 in the adjustment portfolio

Since 31 December 2011:

• 368 units in disposal regions closed with transfer of risk and rewards
• Additional 452 units already signed

» 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	1) In- lac t p e r en	2) Ne le ing t t t re n w-	Va ca nc y
	Nu be m r	k s q m	%	E U R /sq m	E U R /sq m	%
To l ta	9, 8 2 2 4	3, 0 2 5		6 0 5.	6. 8 7	2. 3 %
Co ion re s	4 6, 8 8 9	2, 8 4 2	9 4 %	5. 6 5	6. 9 0	2. 0 %
reg Le ing fo l io t t t or	4 2, 6 4 1	2, 5 6 6	8 6 %	5. 6 6	6. 8 9	1. 6 %
p Pr iva isa ion t t	4, 2 4 8	2 7 6	8 %	5. 5		6. 3 %
Re ion in de i l ta g s				9
Gr Be l in ter ea r	2 7, 8 4 5	1, 6 6 2	5 6 %	5. 4 7		1. 5 %
Let ting rtfo lio po	25, 212	1, 495	51%	5.5 0	6.6 0	1.0 %
Priv atis atio n	2, 633	167	5%	5.2 1		5.7 %
Fra k fur / Ma in t n	4, 0 7 6	2 4 7	8 %	7. 0 4		1. 5 %
Let ting rtfo lio po	3, 505	205	7%	7.1 6	8.6 5	0.7 %
Priv atis atio n	571	41	1%	6.3 8		5.9 %
R h ine -M in a	4, 8 3 3	2 8 9	1 0 %	6. 2 6		4. 3 %
Let ting rtfo lio po	4, 357	259	9%	6.2 1	7.6 7	3) 3.9 %
Priv atis atio n	476	31	1%	6.7 0		7.5 %
So R h ine Va l ley h t u	5, 1 0 3	3 1 9	1 0 %	5. 3 3		2. 5 %
Let ting rtfo lio po	4, 741	296	9%	5.3 2	6.2 2	1.9 %
Priv atis atio n	362	23	1%	5.4 4		9.3 %
R h ine Va l ley No h t r	4, 3 2 0	2 7 6	9 %	5. 3 6		2. 3 %
Let ting rtfo lio po	4, 114	262	8%	5.3 5	6.4 5	2.0 %
Priv atis atio n	206	14	1%	5.6 0		6.7 %
O fo he ( ly le ing l io ) t t t t rs on p or	7 1 2	4 8	1 %	5. 0 7		4. 7 %
D isp l re ion os a g s	2, 9 3 3	1 8 3	6 %	4. 6 9	4. 9 4	8. 4 %
A d j fo l io tm t p t us en or	1, 2 2 0	7 6	3 %	4. 4 0		1 3. 6 %
O he d isp l ho l d ing t r os a s	1, 7 1 3	1 0 7	3 %	4. 8 7		5. 2 %

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 2012

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

» Compelling like-for-like rental growth and increasing rent potential

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

	In- lac p e r en	∆ in %
	3 1 / 0 3 / 2 0 1 2	3 1 / 0 3 / 2 0 1 1	y- o-y
Le ing fo l io in t t t p or
ion co re reg s	5. 7 0	5. 5 0	3. 6 %
Gr Be l in ter ea r	5. 5 7	5. 3 3	4. 5 %
Fra k fur / Ma in t n	7. 1 6	6. 9 6	2. 9 %
R h ine -M in a	6. 1 9	6. 0 0	3. 2 %
R h ine Va l ley So h t u	5. 3 4	5. 2 7	1. 3 %
R h ine Va l ley No h t r	5. 0 6	4. 9 8	1. 6 %
O he t rs	5. 0 7	4. 9 8	1. 8 %
Pr iva isa ion t t	5. 7 0	5. 6 1	1. 6 %
D isp l ion os a reg s	4. 6 6	4. 6 1	1. 1 %
To l ta	5. 6 4	5. 4 6	3. 3 %

Vacancy (like-for-like)

	Va ca nc y	∆ in %
	/ / 3 1 0 3 2 0 1 2	/ / 3 1 0 3 2 0 1 1	y- o-y
Le ing fo l io in t t t p or
ion co re reg s	1. 5 %	1. 9 %	2 1. 1 % -
Gr Be l in ter ea r	0. 9 %	1. 2 %	2 5. 0 % -
fur Fra k / Ma in t n	0. 7 %	1. 4 %	5 0. 0 % -
R h ine -M in a	3. 8 %	5. 4 %	2 9. 6 % -
So R h ine Va l ley h t u	1. 9 %	2. 3 %	1 7. 4 % -
R h ine Va l ley No h t r	2. 0 %	2. 0 %	0. 0 %
O he t rs	4. 7 %	4. 0 %	1 7. 5 % -
Pr iva isa ion t t	6. 4 %	2. 2 %	1 0 0 % >
D isp l re ion os a g s	8. 3 %	9. 3 %	1 0. 8 % -
To l ta	2. 2 %	2. 4 %	8. 3 % -

Rent potential

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

• Like-for-like rental growth (y-o-y) incorporates effects from Mietspiegel 2011
• Rent potential is 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 2012

3) Rent potential = New-letting rent compared to in-place rent

Letting portfolio Berlin2.3%4.0%6.8%13.6%22.2%16.4%12.1%8.7%5.2%2.9%1.7% 0.9% 0.8% 0.6% 1.8% 0%5%10%15%20%25%< 3.50 3.50 -3.994.00 -4.494.50 -4.995.00 -5.495.50 -5.996.00 -6.496.50 -6.997.00 -7.497.50 -7.998.00 -8.498.50 -8.999.00 -9.499.50 -9.99>=10.00in EUR/sqm

Total letting portfolio

I i i t t t n c r e a s n g e a r n n g s a n c a s c o n r u o n r o m e »	d h i b i f l i t n	g
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	------------------------------------------------	---

	E U R m	Q 1 / 2 0 1 2	Q 1 / 2 0 1 1
	Cu l in t g ta rre n ro ss re n co m e	5 2. 0	4 7. 7
L i t t	No b le n- re co ve ra ex p en se s	-0 9	1. 2 -
e n g	Re l los ta n s	-0 5	0. 5 -
E U R 4. 5 m +	Ma in te na nc e	-5 8	5. 8 -
	O he t rs	-0 7	0. 6 -
	Ea in f Re i de ia l Pr Ma t ty t rn g s o s n op er na g em en	4 4. 1	3 9. 6
	Pe l, l a d a dm in is ion tra t rso nn e g en er a n e xp en se s	4. 2 -	3. 9 -
N O I h / / t s m m o n	Op O Ne in In ( N I ) t t er a g co m e	3 9. 9	3 5. 7
q 6. 2 %	O N I Ma in rg	7 6. 7 %	7 4. 8 %
+	1) N O I in E U R /s d m h t q m an on	4. 2 8	4. 0 3
	In cr ea se	6. 2 %
	E U R m	Q 1 / 2 0 1 2	Q 1 / 2 0 1 1
C h f l a s o w	Ne Op ing Inc ( N O I ) t t er a om e	3 9. 9	3 5. 7
1 6. 3 %	Ca h in te t e s re s xp en se s	-1 9. 9	1 8. 5 -
+	Ca h f low fro fo l io f h in t te te t e s m p or a r c as re s xp en se s	2 0. 0	2 1 7.
	In cr ea se	6. 3 1 %

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 risk and rewards of 1,160 units in Dusseldorf as of 2 January 2012

Proven scaling effects (stable cost structure) lead to compelling NOI-margin, NOI per sqm and month and cash flow

1) Based on average quarterly floor space

» Strong privatisation business and streamlining in disposal regions

S Q ig d in 1 / 2 0 1 2 ne ( in l. o ha 2 0 ) 1 1 c ve r 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, 0 0 3	6 8. 5	5 1. 5	1 7. 0	3 3 %
Ins i ion l s les t tu t a a	8 2 0	3 0. 2	2 7. 9	2. 3	8 %
	1, 8 2 3	9 8. 7	7 9. 4	1 9. 3	2 4 %

• Privatisation (i.e. sales of individual apartments):
• ›Privatisation signed in 2012 (w/o overhang from 2011): 460 units
• ›Sustainable gross margin of ~ 33%
• Institutional sales:
• ›Clear focus on sales in disposal regions in 2012

C lo d in E U R se m	Q 1 / 2 0 1 2	Q 1 / 2 0 1 1
Sa les ds p ro ce e	4 1. 8	2 5. 2
Co f les t s o sa	3. 2 -	1. 1 -
Ne les ds t s a p ro ce e	3 8. 6	2 4. 1
Fa ir v lue a	3 4. 8 -	2 1. 4 -
Ea in fro D isp ls rn g s m os a	3. 8	2. 7

• Number of disposals closed in Q1/2012: 818
• ›Privatisation: 450 units
• ›Institutional sales: 368 units

» Nursing and Assisted Living – stable EBITDA contribution

	Q 1 / 2 0 1 2	Q 1 / 2 0 1 1
	E U R m	E U R m
In co m e
Nu ing rs	8. 3	8. 5
L iv ing	0. 5	0. 8
O he t r	0. 8	0. 9
	9. 6	1 0. 2
Co ts s
Nu ing d c te rs a n or p or a ec p en se s	2. 4 -	2. 7 -
S f f e ta xp en se s	-4 6	4. 8 -
	-7 0	-7 5
Se 's in t g m en ea rn g s	2. 6	2. 7
A i bu b le in t tr ta t te t e cu rre n re s xp en se s	0. 6 -	0. 7 -
	2. 0	2. 0

Average occupancy

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 (like-for-like)

Average occupancy in Q1/2012 increased to 96.7% (Q1/2011: 94.7%)

» Improved results and strong financial profile

» Adjusted EBT increased by 40% (y-o-y)

E U R m	Q / 2 0 2 1 1	Q / 2 0 1 1 1
E B I T D A	4 3. 1	3 7. 3
De ia ion t p re c	0. 7 -	0. 8 -
F ina ia l re l ( ) t t nc su ne	2 2. 8 -	2 2. 5 -
E B T ( d j d ) te a us	1 9. 6	1 4. 0
Va lua ion S W A P t	0. 1 -	0. 2
E B T	1 9. 5	1 4. 2
Cu t tax rre n es	0. 8 -	0. 4 -
De fe d tax rre es	4. 3 -	5. 3 -
Pr f i t o	1 4. 4	8. 5
Ea ing ha 1) rn s p er s re	0. 1 4	0. 1 0

• EBITDA increased by ~ EUR 6m mainly due to increase in earnings from letting as a result of acquisitions with proven scaling effect, i.e. stable cost structure
• Interest expenses only marginally increased despite higher financial liabilities due to acquisitions

E U R m	Q 2 0 2 1 / 1	Q 2 0 1 / 1 1
In te t e re s xp en se s	2 0. 5 -	1 9. 2 -
No h in te t e n- ca s re s xp en se s	2. 7 -	3. 5 -
	-2 3. 2	-2 2. 7
In inc te t re s om e	0. 4	0. 2
F in ia l r l ( ) t t an c es u ne	-2 2. 8	-2 2. 5

No h in te t e n- ca s re s xp en se s	Q 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 re s ar w-	1. 7 -
L ia b i l i ies fro E K 0 2 t tax m es	0. 5 -
f Em loy be i l ia b i l i t ty p ee ne	0. 5 -
D B 1 4	0. 0 -
To l ta	2. 7 -

1) Based on average shares outstanding (Q1/2012: 102.3m; Q1/2011: 81.84m)

» Strong recurring FFO performance in Q1/2012: + 21% (y-o-y)

E U R m	Q 2 0 2 1 / 1	Q 2 0 1 / 1 1
Pr f i t o	1 4. 4	8. 5
Ea ing fro D isp ls rn s m os a	3. 8 -	2. 7 -
De ia ion t p re c	0. 7	0. 8
Va lua ion S W A P t	0. 1	0. 2 -
No h f ina ia l e n- ca s nc xp en se s	2. 7	3. 5
De fe d tax rre es	4. 3	5. 3
F F O ( d isp ls ) /o os a w	1 8. 4	1 5. 2
F F O fro iva isa ion t t m p r	4. 8	2. 7
O F F ( in l. p iva isa io ) t t c r n	2 3. 2	1 7. 9
O fro F F ins i ion l les t tu t m a sa	1. 0 -	0. 0
O F F ( in l. d isp ls ) c os a	2 2. 2	1 7. 9

13.115.218.41.22.74.8-0.60.0-1.0-50510152025Q1/2010 Q1/2011 Q1/2012FFO from institutional salesFFO from privatisationFFO (w/o disposals)17.913.722.2in EUR m FFO (incl. disposals)+78%+ 16%+ 21%

Ongoing FFO from privatisation increased by 78% y-oy

» FFO per share remained stable y-o-y despite capital increase

in E U R ha p er s re	Q 2 0 2 1 / 1	Q 2 0 1 / 1 1
F F O ( /o d isp ls ) os a w	0. 1 8	1) 0. 1 9
O F F fro iva isa ion t t m p r	0. 0 5	0. 0 3
F F O ( in l. p iva isa io ) t t c r n	0. 2 3	0. 2 2
F F O fro ins i ion l s les t tu t m a a	0. 0 1 -	0. 0 0
F F O ( in l. d isp ls ) c os a	0. 2 2	0. 2 2
Av f s ha in g. no o re s m	1 0 2. 3 0	8 1. 8 4

Despite an increase of shares outstanding by 25% due to the capital increase in 2011 and not having reinvested the vast majority of the net proceeds yet, FFO (w/o disposals) remained stable y-o-y

1) Scrip-adjusting the FFO (w/o disposals) per share Q1/2011 for the capital increase 2011 (1.03 acc. to Datastream) lead to FFO (w/o disposals) per share of EUR 0.18 for Q1/2011

» Balance sheet – Assets

E U R m	3 1 / 0 3 / 2 0 1 2	3 1 / 1 2 / 2 0 1 1
Inv ies tm t p t es en ro p er	2, 9 8 1. 0	2, 9 2 8. 8
O he t t a ts r n on c ur re n ss e	2 1. 4	2 1. 7
De fe d	6 1. 0	6 3. 0
tax ts rre a ss e
No t a ts n cu rre n ss e	3, 0 6 3. 4	3, 0 1 3. 5
La d a d bu i l d ing he l d fo le n n s r s a	5 6. 1	6 3. 5
Tr de iva b les a re ce	8. 8	1 4. 0
O he t t a ts r c ur re n ss e	4 3. 6	4 3. 4
Ca h a d c h e iva len ts s n as q u	1 6 6. 5	1 6 7. 8
Cu t a ts rre n ss e	2 7 5. 0	2 8 8. 7
To l a ta ts ss e	3, 3 3 8. 4	3, 3 0 2. 2

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

» Balance sheet – Equity and Liabilities

E U R m	3 1 / 0 3 / 2 0 1 2	3 1 / 1 2 / 2 0 1 1	Pr f i t o + Ca h f low he dg s e -	E U R 1 4. 4m E U R 3. 5m
To l e i ta ty q u	1, 0 9 3. 1	1, 0 8 3. 4	Pe ion ns s -	E U R 1. 2m
F ina ia l l ia b i l i ies t nc	1, 8 5 4. 3	1, 8 3 4. 7	L T V 5 4. 9 % t a
Ta l ia b i l i ies t x	6 0. 5	5 8. 6	Inc lu d ing E K 0 2:	E U R 5 1. 1m
De fe d l ia b i l i ies tax t rre	9 6. 3	9 6. 2	De iva ive l ia b i l i ies t t r	E U R 5. 2m +
De iva ive t r s	1 0 0. 2	9 5. 0
O he l ia b i l i ies t t r	1 3 4. 0	1 3 4. 3	O he l ia b i l i ies in ly ise t t r m a co mp r Tr de l ia b i l i ies t a	E U R 4 2. 5m
To l e i d l ia b i l i ies ta ty t q u a n	3, 3 3 8. 4	3, 3 0 2. 2	Pe ion ns s Pr is ion ov s O he l ia b i l i ies t t r	E U R 4 4. 2m E U R 1 1. 6m E U R 2 8. 5m

E U R m	3 1 / 0 3 / 2 0 1 2	3 1 / 1 2 / 2 0 1 1
E P R A N A V	1, 2 2 8. 3	1, 2 1 1. 3
E P R A N A V ha in E U R p er s re	1 2. 0 1	1 1. 8 4	A lre dy los br k e i h he E P R A N A to t t a c e ea ve n w ha i l inc f E U R 1 2. 0 4 ta s re p re ca p re as e o
S ha d ing ( ) ts ta re s o u n m	1 0 2. 3	1 0 2. 3

DB 14 EUR 7.2m

44.5 17.7 36.9 209.3 237.6 1,308.302004006008001,0001,2001,4002012 2013 2014 2015 2016 >2016EUR m Debt structureDebt service Average interest rate: ~ 4.06 % Average mandatory redemption p.a.: ~ 1.7 % Average weighted maturity: ~ 9.1 years Interest rate fixed or hedged: ~ 87 %Long-term maturities profileFinancial liabilities in EUR m Mark-to-market 1,854.3LTV (%) 54.9Nominal value 1,956.8 LTV (%) 58.2> Essentially no major loans due before end of 2015 » LTV at 54.9%; average interest rate: 4.06%

» Forecast 2012

» Forecast 20121)

Base case, i.e. w/o consideration of acquisitions in 2012

Residential Property Management

• Significant increase in earnings due to full-yeareffect of both acquisitions and rental increases in 2011 and rental increase in 2012 (fy-effect: EUR 4m), partly offset by disposals
• Sustainable low level of vacancy
• Maintenance: ~ EUR 9 – 10 per sqm p.a.
• Modernisation: ~ EUR 40m2)

Other

• Earnings from Nursing and Assisted Living at stable EUR 9m p.a.
• Corporate expenses: + 4% (compared to 2011)
• Cash interest expenses: ~ EUR 85m

Recurring FFO: EUR 55 m (base case)

Disposals

• Privatisation: ~ 900 units with a transaction volume of ^~EUR 70m
• Institutional sales/disposal regions: ~ 1,100 units with a transaction volume of ^~EUR 45m
• Earnings from disposals: ~ EUR 10m

FFO (incl. disposals): ~ EUR 65 m (base case)

1)

Continued focus on external growth in 2012

• Available cash-on-hand plus unused credit lines enable future acquisitions
• With positive FFO-effects on base case depending on timing/closing

Assuming an economic development in Germany as currently forecast

2) Partly debt financed and ~ EUR 10m comprise identified capex measures related to acquisitions in 2011

» Appendix

» EBITDA increased by EUR 5.8m / + 15.5% (y-o-y)

E U R m	Q 1 / 2 0 1 2	Q 1 / 2 0 1 1
Ea ing fro Re i de ia l Pr Ma t ty t rn s m s n op er na g em en	4 4. 1	3 9. 6
Ea ing fro D isp ls rn s m os a	3. 8	2. 7
Ea ing fro Nu ing d As is d L iv ing te rn s m rs a n s	2. 6	2. 7
Se i bu io in t c tr t g m en on n m ar g	5 0. 5	4 5. 0
Co te rp or a ex p en se s	-7 7	7. 6 -
O he ing / inc t t r o p er a e xp en se s om e	0. 3	0. 1 -
E B I T D A	4 3. 1	3 7. 3

Co te rp or a e	xp en se s	Q 1 / 2 0 1 2	Q 1 / 2 0 1 1
S f f e ta xp en se	s	-5 1	4. 9 -
Ge l a d a ne ra n	dm in is ion tra t e xp en se s	-2 6	2. 7 -
		-7 7	6 -7

» NOI performance continuously increasing

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

» Valuation of portfolio

	3 0 3 2 0 2 1 / / 1
	Fa ir lu va e	Fa ir lu va e	M l ip le t u	M l ip le t u
			in lac t -p e re n	ke t t m ar re n
	E U R m	E U R /s q m	( ) x	( ) x
Co io re re g ns	2, 8 5 3	9 8 0	1 4. 4	1 2. 7
Gr Be l in te ea r r	1, 6 3 3	9 6 6	1 4. 5	1 2. 7
Fr k fu / Ma in t an r	3 7 0	1, 4 2 1	1 6. 9	1 4. 7
R h ine -M ine	3 0 5	1, 0 0 6	1 3. 9	1 2. 1
R h ine Va l ley So h t u	2 8 2	8 5 3	1 3. 5	1 2. 4
R h ine Va l ley No h t r	2 3 0	8 3 1	1 2. 9	1 1. 9
O he t rs	3 4	6 7 1	1 1. 2	9. 8
D isp l r io os a eg ns	1 0 1	5 4 4	1 0. 6	9. 4
A d j fo l io tm t p t us en or	3 4	4 3 8	9. 9	8. 3
O he d isp l ho l d ing t r os a s	6 7	6 2 0	1 1. 0	1 0. 1
To l ta	2, 9 5 4	9 5 4	1 4. 2	1 2. 6

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

» Portfolio as at 31 March 2011 in current portfolio cluster format

In order to compare key figures of the portfolio y-o-y as shown on p. 6, we illustrate the current portfolio cluster format as at 31 March 2011 in the following table:

Portfolio overview as at 31 March 2011

			S ha f l to ta re o
Re i de ia l t s n	Un i ts	Ar ea	fo l io t p or	1) In- lac t p e r en	2) Ne le ing t t t re n w-	Va ca nc y
	Nu be m r	k s q m	%	E U R /sq m	E U R /sq m	%
To l ta	4 7, 0 9 5	2, 8 7 0		5. 4 3	6. 3 8	3. 3 %
Co ion re reg s	2, 8 4 4 5	2, 8 5 7	9 0 %	5. 5 1	6. 9 5	2. 5 %
Le ing fo l io t t t p or	3 8, 6 5 1	2, 3 3 1	8 2 %	5. 5 0	6. 5 8	2. 0 %
Pr iva isa ion t t	3, 8 3 4	2 5 6	8 %	5. 6 1		7. 4 %
Re ion in de i l ta g s
Gr Be l in ter ea r	2 4, 7 1 5	1, 4 8 2	5 2 %	5. 3 2		1. 5 %
Let ting rtfo lio po	22, 878	1, 359	48%	5.3 3	6.2 9	1.2 %
Priv atis atio n	1, 837	123	4%	5.1 8		5.6 %
Fra k fur / Ma in t n	4, 2 0 1	2 5 5	9 %	6. 8 3		2. 3 %
Let ting rtfo lio po	3, 546	208	8%	6.9 5	8.4 1	1.4 %
Priv atis atio n	655	47	1%	6.2 9		6.4 %
R h ine -M in a	4, 6 3 4	2 8 0	1 0 %	6. 0 6		6. 0 %
Let ting rtfo lio po	4, 092	245	9%	6.0 0	7.4 3	5.7 %
Priv atis atio n	542	35	1%	6.5 1		7.9 %
R h ine Va l ley So h t u	4, 9 2 9	3 0 9	1 0 %	5. 2 8		3. 3 %
Let ting rtfo lio po	4, 438	278	9%	5.2 7	5.9 2	2.3 %
Priv atis atio n	491	31	1%	5.4 3		11. 5%
R h ine Va l ley No h t r	3, 2 6 0	2 0 9	7 %	5. 0 2		3. 2 %
Let ting rtfo lio po	2, 951	190	6%	4.9 8	5.2 6	2.0 %
Priv atis atio n	309	20	1%	5.4 4		13. 7%
O he ( ly le ing fo l io ) t t t t rs on p or	7 4 6	5 1	2 %	4. 9 6		4. 3 %
D isp l re ion os a g s	4, 6 1 0	2 8 3	1 0 %	4. 5 8	4. 6 5	1 1. 9 %
A d j fo l io tm t p t us en or	2, 2 8 9	1 3 9	5 %	4. 3 6		1 8. 7 %
O he d isp l ho l d ing t r os a s	2, 3 2 1	1 4 4	5 %	4. 7 6		6. 0 %

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 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.

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