Deutsche Wohnen SE — Earnings Release 2013

Aug 13, 2013

Deutsche Wohnen AG

» H1 2013 results

Conference Call, 13 August 2013

» Key figures H1/2013

» Key figures H1/2013

	A d j d E B T te us •	E U R 6 9. 3m	8 6 % +
	Re in F F O ( /o d isp ls ) cu rr g w os a •	E U R 6 0. 6m	8 5 % +
R l t e s u s	Re ing F F O ( /o d isp ls ) cu rr w os a •	E U R 0. 3 8 ha p er s re	1) 2 3 % +
( ) y -o -y	E P R A N A V •	E U R ha 1 2. 7 9 p er s re	E U R ha De 0. 3 1 p 1 2 er s re vs c +
	L T V •	5 5. 8 %
	S ic d h io tra te t g co re a n g ro re g w •	( le in fo l io ) t t t ns g p or
R i d i l t e s e n a	In- lac t p e re n • Va ca nc y •	E U R 5. 5 6 p er sq m 2. 3 %	l i ke -fo l i ke 2. 6 % r- : +
P t r o p e r y	Co io ( le in fo l + t t t re re g ns g p or	io )
M t a n a g e m e n	In- lac t p e re n •	E U R 5. 7 2 p er sq m	l i ke -fo l i ke 2. 8 % r- : +
( ) -o y -y	2) Ne le ing t t t re n w- • 2) Re ia l t p te t n o n •	E U R 7. 5 7 p er sq m 2 6. 7 %
	O N I •	E U R 1 2 6. 6m	6 2 % +
	Ea in fro D isp ls rn g s m os a •	E U R 2. 3m 1	3 5 % +
D i l s p o s a s	C los d e •	i in 6 2 1 u ts n p r	iva isa ion i in ins les / / t t 3 9 7 ts t. t 3 0 0 6 2 0 1 3 ; un sa a s a
( ) -o y -y	S ig d ( inc l. o ha 2 0 1 2 ) ne ve r ng •	8 8 2 i in ts un p r	iva isa ion 1, 0 6 3 i in ins les 3 0 / 0 6 / 2 0 1 3 t t ts t. t ; un sa a s a
	A d d i ion l ly ig d f 3 0 / 0 6 t te a s ne a r •	/ 2 0 1 3 ~1 3 5 i in ts un p r	iva isa ion 4 6 0 i in ins les t t ts t. ; ~ un sa
	In l a is i ion f ~ i 1 0, 7 0 0 to ta t cq o un u •	ion lum f ts tra t ns ac vo e o ;	3) E U R 5 9 2m
A i i i t c q s o n s u	In- lac l ip le f 1 4. 1x 8 t m t p e re n u o o r • O F F ie l d f 8 % -ta y o p re x • ~	4) 2 0 E U R /sq m
			1) Un der nsi der atio f sc rip adj nt f ital ise in Jun ust e 2 co n o me or c ap ra 2) Exc lud ing isit ion ac qu s
			3) Inc l. N ing Ass iste d L ivin & urs g 4) Bas ed cha ice on pur se pr

» Development of business segments / financial performance and position

» Adjusted EBITDA increased by ~ EUR 49m / + 58% (y-o-y)

i E U R n m	H 1 / 2 0 1 3	H 1 / 2 0 1 2
f E i R i d i l P M t t t a r n n g s r o m e s e n a r o p e r a n a g e m e n y	1 3 9. 3	8 6. 6
E i f D i l a r n n g s r o m s p o s a s	1 2. 3	9. 1
E i f N i d A i d L i i t a r n n g s r o m u r s n g a n s s s e v n g	6. 5	4. 9
S i b i i t t t e g m e n c o n r o n m a r g n u	8. 1 5 1	0 0. 6 1
C t o r p o r a e e p e n s e s x	-2 2. 2	-1 6. 1
O h i / i t t e r o p e r a n g e p e n s e s n c o m e x	-2 9	1 9. 7
E B I T D A	1 3 3. 0	1 0 4. 2
O f f i d l i h R R E E F t t t t t n e- o n c o m e u e o s e e m e n w	0. 0	-2 0. 0
E B I T D A ( d j d ) t a u s e	3 3. 0 1	8 2 4.
C i E U R t o r p o r a e e x p e n s e s n m	H 1 / 2 0 1 3	H 1 / 2 0 1 2
S f f t a e x p e n s e s	-1 3. 3	-1 0. 3
Ho l d ing fun ion t c	-4. 7	3. 4 -
D isp ls os a	-1. 0	1. 1 -
Pr Ma ty t op er na g em en	-7. 6	5. 8 -
G l d d i i i t t e n e r a a n a m n s r a o n e p e n s e s x	-6 7	-5 8
S b- l t t u o a	-2 0. 0	-1 6. 1
P M ( l B B C ) t t t t r o p e r a n a g e m e n e e r n a m a n a g e m e n a e o n y x u	-2 2	0. 0
I l t t n o a	-2 2. 2	-1 6. 1

» Status quo of integration: accomplished and well on track

Total staff and G&A expenses ~ 13% of current gross rental income already in 2013 -

a c c o m p	l i h d s e
M j a o r i i i t a c q u s o n s	2 0 1 3 J u n e	N i i i M d b H B t e s e r c e p o n s n a g e r g, a n o e r, r w v u v B l i H l l d f h b b l i h d t e r n- e e r s o r a e e e n e s a s e v	i k d n s c a n u w
B B C a u e o n	Fu l l i i t t n e g r a o n f ~ 2 3, 4 0 0 i t o n s u a	9 3 l f 9 9 l i l h t t e m p o y e e s o n e w e m p o y e e s n o a a P j d l f f f 9 9 t t t t r o e c e o a s a e p e n s e s o n e x w > E U R ( f l l- f f ) 4. 5 t m u y e a r e e c ~	l d b h i d v e a r e a y e e n r e l f e m p o e e s o y
H a n o v e r, B i k, r u n s w c C l G t e n r a e r m a n y, G B l i t r e a e r e r n	Fu l l i i t t n e g r a o n f ~ 5, 1 0 0 i t o n s u a	I T- i i M i i / l i h d i f f t t t t t m g r a o n : g r a o n a e g n a o n e e r e n l d t c o m p e e E l i i i f l f i i l f t t t x p o n g e c o n o m e s o s c a e o e x s n g p a o 1) i f D h W h f ~ 1 3 % l t t t	S i A P t t s y s e m s n o l d l t t t r m e a s o a o a d i f i i l
B l i e r n	Fu l l i i t t n e g r a o n f ~ i 5, 2 0 0 t o u n s a	c o s r a o o e u s c e o n e n o a r e a ( F Y ) 2 0 1 3 2 0 1 2 1 7 % : ~	y n n a n c a y e a r
W l l k t e o n r a c		2 0 1 3 / 2 0 1 4
G B l i t r e a e r e r n	6, 9 0 0 i t u n s	P b h i d i l 3 1 / 1 2 / 2 0 1 3 t t t t t r o p e r m a n a g e m e n r p a r n y y y u Fu l l i i i H 1 / 2 0 1 4 t t n e g r a o n n
G B l i t r e a e r e r n	9 0 0 i t n s u	a A l d fu l ly i d i M 2 0 1 3 t t r e a n e g r a e n a y y
G B l i t r e a e r e r n, R h i l d, n e a n H d a n o v e r a n h t o e r s	1, 0 0 0 i t u n s	fu O T b l ly i d b b 2 0 1 3 t t t o e n e g r a e y c o e r	1) Co atio l co st r tota rate rpo = ( l st aff and G& A tota exp ens es in r ela tion to t exp ens es cur ren tal inc e) gro ss ren om

a) Segment – Residential Property Management

» Strong earnings and cash contributions from letting

	i E U R n m	H 2 0 3 1 / 1	H 2 0 2 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 6 8. 1	1 0 3. 7
E i a r n n s	N b l o n- r e c o v e r a e e x p e n s e s	-2 8	-2 1
g f l i t t r o m e n g :	R l l t e n a o s s	-2 1	-0 8
E U R 5 2. 7 m +	M i t a n e n a n c e	-2 1. 3	-1 2. 6	Ma in te na nc e
	O h t e r s	-2 6	-1 6	( la d fu l l-y ) tra te ex p o ea r
	E i f R i d i l P M t t t a r n n g s r o m e s e n a r o p e r y a n a g e m e n	3 9. 3 1	8 6. 6	in H 1 / 1 3: E U R 8. 1 9 sq m ( H / E U R ) 1 1 2: 8. 1 7 s q m
	P l d l d d i i i t t e r s o n n e a n g e n e r a a n a m n s r a o n e x p e n s e s	-1 2. 7	-8 4	d d i ion l E U R 5. 7m for t a a
	N O i I ( N O I ) t t e p e r a n g n c o m e	1 2 6. 6	7 8. 2	de isa ion in H / 1 1 3 t mo rn
N O I h / / t s q m m o n	N O I M i a r g n	7 5. 3 %	7 5. 4 %
-3 8 %	1) N O I i E U R d h t n p e r s q m a n m o n	4. 0 6	4. 2 2
	∆	-3 8 %
	i E U R n m	H / 2 0 3 1 1	H / 2 0 2 1 1
C h f l a s o w	O O N i I ( N I ) t t e p e r a n g n c o m e	1 2 6. 6	7 8. 2
8 6. 8 % +	C h i t t a s n e r e s e x p e n s e s	-5 4. 3	-3 9. 5
	C h f l f f l i f h i t t t t a s o r o m p o r o o a e r c a s n e r e s e p e n s e s w x	7 2. 3	3 8. 7
	I i t t t n e r e s r a o	2. 3 3	9 8 1.
N O I i n h i l w e	d b E U R ( ) d h i h 4 8. 4 6 2 % t t c r e a s e m e o g e r c r r e n g r o s y u u i d b l E U R 1 6 t c o s s n c r e a s e y o n y m	l i t s r e n a n c o	f E U R m e o	6 4. 4 m
O N I / s i b t t a r u	/ h d d b 3. 8 % d l h t t t t q m m o n e c r e a s e y y -o -y u e o s r u c u r a c a n b l l i l f h i i i t t t t t a e o o e r n- p a c e r e n s o e a c q s o n s w u	i g e s n o u r p	f l i i. t o r o o ; e. 1)	l l a r g e y Bas ed terl floo on ave rag e q uar y r s pac e
N O I- m	i k d i i i f 7 5 % t t t t ~ t t t a r g n e p c o n s a n a e s p e n e g r a o n o n e w ,	i i i t a c q u s o n s		w/o nsi der atio f co lida ted co n o nso ies 30/ 06/ 201 3 at com pan as

» Portfolio overview: 96% of total Fair Value is located in strategic core and growth regions

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

Further expansion of our Core+ regions from 62% (Mar 13) to 66% (Jun 13) of total units/ 71% of fair value

Multiple market rent in Core+ regions at 12.5x illustrates the inherent upside potential

For detailed information on the regions please refer to page 36

» Overview of portfolio as at 30 June 2013

3 0 / 0 6 / 2 0 1 3	R i d i l t e s e n a i t u n s	S h i a r e n f i t t e r m s o u n s	A r e a	I l n- p a c e 1) t r e n	V C a c a n c y o	i l m m e r c a i t u n s	P k i a r n g s p a c e s
	#	%	k s q m	E U R / s q m	%	#	#
T l t o a	8 9, 4 4 1	0 0 1 %	6 8 5, 4	5. 5 1	3. 0 %	2 1, 1 1	2 2, 6 1 5
S i d t t r a e g c c o r e a n h i t g r o w r e g o n s	8 4, 1 3 7	9 4 %	5, 1 2 9	5. 5 6	2. 6 %	1, 0 6 7	2 0, 4 7 0
L i f l i t t t e n g p o r o o	7 7, 7 2 7	8 7 %	4, 7 0 4	5. 5 6	2. 3 %	9 7 7	1 7, 8 1 2
P iv i i t t r a s a o n	6, 4 1 0	7 %	4 2 5	5. 5 3	5. 5 %	9 0	2, 6 5 8
+ C o r e	5 8, 8 2 7	6 6 %	3, 5 2 3	5. 7 1	2. 0 %	8 6 2	1 0, 5 2 0
L i f l i t t t e n g p o r o o	5 4, 7 0 4	6 1 %	3, 2 5 1	5. 7 2	1. 7 %	7 7 4	8, 5 4 8
P iv i i t t r a s a o n	4, 1 2 3	5 %	2 7 2	5. 6 2	5. 2 %	8 8	1, 9 7 2
C o r e	2 5, 3 1 0	2 8 %	1, 6 0 6	5. 2 1	4. 0 %	2 0 5	9, 9 5 0
L i f l i t t t e n g p o r o o	2 3, 0 2 3	2 6 %	1, 4 5 3	5. 1 9	3. 8 %	2 0 3	9, 2 6 4
P iv i i t t r a s a o n	2, 2 8 7	3 %	1 5 3	5. 3 8	5. 9 %	2	6 8 6
N o n- c o r e	5, 3 0 4	6 %	3 3 8	4. 7 8	9. 9 %	5 4	1, 6 9 5
D i l s p o s a	2, 1 5 4	2 %	1 4 0	4. 7 3	1 3. 8 %	3 8	6 6 0
O h t e r	3, 1 5 0	4 %	1 9 8	4. 8 1	7. 3 %	1 6	1, 0 3 5

The increase in vacancy in our core regions especially in the letting portfolio in the Hanover/Brunswick/ Magdeburg region from 4.3% (Mar 13) to 5.4% (Jun 13) is temporary and attributable to the transfer of theproperty management from Prelios to Deutsche Wohnen development is within our expectations

For detailed information on the regions please refer to page 36

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

» Compelling like-for-like rental growth y-o-y in our Core⁺ regions

( l i ke -fo l i ke ) r-	Re i de ia l t s n i ts un	In la -p ce E U R	1) t re n /sq m	∆ in %	Va ca in	nc y %
		3 0 0 6 2 0 3 / / 1	3 0 0 6 2 0 2 / / 1	y- o- y	3 0 0 6 2 0 3 / / 1	3 0 0 6 2 0 2 / / 1
S ic d h io tra te t g co re a n g ro re g ns w ( le in fo l io ) t t t g p or	2, 3 2 8 4	8 6 5.	5. 7 1	2. 6 %	6 1. %	1. 4 %
Co + re	3 4, 1 7 9	6. 0 0	5. 8 4	2. 8 %	1. 5 %	1. 3 %
Gr Be l in te ea r r	2 5, 1 8 4	5. 7 1	5. 5 6	2. 6 %	1. 3 %	1. 0 %
R h ine -M in a	7, 8 3 9	6. 8 9	6. 6 9	3. 1 %	1. 9 %	2. 1 %
R h ine lan d	1, 1 5 6	6. 2 9	6. 1 7	1. 9 %	1. 1 %	1. 5 %
Co re	8, 1 4 9	5. 3 2	5. 2 3	1. 7 %	1. 9 %	1. 8 %
Ha / Br ic k / Ma de bu no ve r un sw g rg	0	--	--	--	--	--
R h ine Va l ley So h t u	4, 6 5 2	5. 4 6	5. 3 4	2. 4 %	1. 6 %	1. 6 %
R h ine Va l ley No h t r	2, 7 9 8	5. 1 2	5. 0 8	0. 9 %	1. 3 %	1. 5 %
Ce l Ge tra n rm an y	1 7 4	6. 1 0	6. 0 8	0. 3 %	2. 1 %	3. 5 %
O he t rs	5 2 5	4. 8 9	4. 8 7	0. 4 %	8. 5 %	5. 3 %
Pr iva isa ion t t	2, 7 0 7	5. 6 5	5. 6 0	1. 0 %	5. 6 %	2. 1 %
No n-c or e	1, 7 4 4	4. 8 8	4. 8 2	1. 2 %	6. 0 %	6. 5 %
To l ta	4 6, 7 7 9	5. 8 1	5. 6 7	2. 4 %	1. 9 %	1. 6 %

In-place rent (like-for-like) and vacancy (like-for-like)

• Strong rental growth in our strategic core and growth regions
• › Core⁺ regions with strong rental growth (l-f-l) - even in a twelve month-period with very limited 'Mietspiegel'-effect - and a very low vacancy rate -'stars'
• › Core regions with moderate rental growth (l-f-l) and also a very low vacany rate -'cash cows'

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

» Rent potential up to 27% in Core+regions (letting portfolio)

The increase in our actually achieved new-letting rent/our rent potential clearly demonstrates theaccelerating demand-based dynamic in our Core+regions

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 and 2013 respectively
• 3) Rent potential = New-letting rent compared to in-place rent

» New-letting rent development for BauBeCon regions fullyintegrated by end of 2012 within our expectations

Development of new-letting rents in BauBeCon regions fully integrated in Deutsche Wohnen organisation by end of 2012

		N l i t t e e n g w - 1 ) 2 0 1 2 t r e n	N l i t t e e n g w - 2 ) 2 0 1 3 t r e n	Δ	A l i t c a n u 3 ) l t p a c e r e n	R t e n ) 4 i l t t p o e n a
		i E U R / n s q m	i E U R / n s q m	i % n	i E U R / n s q m	i % n
+ C o r e	G B l i t r e a e r e r n	6. 1 9	7. 4 7	2 1 %	5. 7 3	3 0 %
C o r e	M d b a g e u r g	5. 0 9	5. 3 3	5 %	5. 1 7	3 %
C o r e	C G l t e n r a e r m a n y	5. 1 6	5. 2 0	1 %	4. 8 9	6 %

• The BauBeCon portfolios in Greater Berlin, Magdeburg and Central Germany have been fullyintegrated in our organisation by end of 2012
• The actual achieved new-letting rents after full integration, i.e. actual achieved new-letting rents in 2013 show a strong development to new-letting rents in 2012
• 1) Contractually owed rents for newly concluded contracts for units not subject to rent control effective in 2012; mainly managed by Prelios
• 2) Contractually owed rents for newly concluded contracts for units not subject to rent control effective in 2013 respectively; completely managed by Deutsche Wohnen
• 3) Contractually owed rent from rented apartments divided by rented area4) Rent potential = New-letting rent compared to in-place rent

b) Segment – Disposals

» Very strong privatisation business & successful non-core disposals

H 1 / 2 0 1 3 ig d s ne	U i t n s	Tr io Fa ir Va lu t a ns a c n e lu vo m e		G ro s m a rg	s in
	#	E U R m	E U R m	E U R m	%
Pr iva isa ion t t	8 8 2	6 7. 7	4 4. 8	2 2. 9	5 1 %
Ins i ion l s les t tu t a a	1, 0 6 3	3 7. 4	3 3. 4	4. 0	1 2 %
he f n t re o on -c or e	1, 0 3 4	3 0. 0	2 9. 2	0. 8	3 %
	1, 9 4 5	1 0 5. 1	7 8. 2	2 6. 9	3 4 %

• Privatisation (i.e. sales of individual apartments)
• ›In 2013, 525 units signed (w/o overhang from 2012 of 357 units)
• ›Additional 135 units already signed after cut-off date
• ›72% of our current privatisation units are sold 1)

Institutional sales:

› As at 30/06/2013: > 1,100 non-core units signed; additional ~ 460 units already signed after cut-off date

C lo d in E U R s e m	H 1 / 2 0 1 3	H 1 / 2 0 1 2
S le d a s p ro c e e s	6 2. 8	8 2. 5
C f s le t o s o a s	-3 8	-6 0
Ne le d t s a s p ro c e e s	5 9. 0	7 6. 5
Fa ir Va lu e	-4 6. 7	-6 7. 4
Ea in fro D is ls rn g s m p o s a	1 2. 3	9. 1

• Number of disposals closed in H1/2013: 1.018, thereof
• ›Privatisation: 621 units
• ›Institutional sales: 397 units (thereof 368 non-core units) 1) Based on today's not yet closed owner communities (WEG's) 2) Including signed disposals after 30/06/2013

Privatisation signed(gross margin & sales price in EUR/sqm)

c) Segment – Nursing and Assisted Living

» Nursing and Assisted Living - increasing EBITDA contribution

i E U R n m	H 1 / 2 0 1 3	H 1 / 2 0 1 2
I n c o m e
N i r s n g u	2 5. 0	1 7. 1
L i i n g v	1. 0	1. 0
O h t e r	2. 0	1. 7
T l i t o a n c o m e	2 8. 0	9. 8 1
C t o s s
N i d t u r s n g a n c o r p o r a e e x p e n s e s	-7 2	-5 2
S f f t a e x p e n s e s	-1 4. 3	-9 7
T l t t o a c o s s	2 1. 5 -	-1 4. 9
E i f N i d A i d L i i t a r n n g s r o m u r s n g a n s s s e v n g	6. 5	9 4.
A i b b l i t t t t t t r u a e c u r r e n n e r e s e x p e n s e s	-1 7	-1 1
	4. 8	3. 8

Average occupancy

	F i l i i t a c e s	P l a c e s
G B l i t r e a e r e r n	1 1	1, 1 9 3
S a o n x y	7	4 7 5
O h t e r s	2	2 5 7
I l t t n o a	2 0	9 2 1, 5

• 17 of 20 facilities are owned by Deutsche Wohnen with Fair Value of the properties of EUR 117.3m
• Transfer of risks and rewards of four facilities in Berlin(425 places) took place in Q1/2013
• Acquisition of one facility with ~ 250 beds in Berlin, transfer of risks and rewards expected in H2/2013

d) Others

» Adjusted EBT increased by ~ 86% (y-o-y)

in E U R m	H 1 / 2 0 1 3	H 1 / 2 0 1 2
E B I T D A ( d j d ) t a s e u	3 3. 0 1	2) 8 2 4.
De ia io t p re c n	-2 7	-1 4
F ina ia l r l ( ) t t nc e su ne	-6 1. 0	3) -4 5. 5
E B T ( d j d ) t a u s e	6 9. 3	3 7. 3
O f f inc du le i h R R E E F t t t t w t ne -o o m e e o s e m e n	0. 0	2 0. 0
O f f f ina ing fo Ba Be C io t t t ne -o nc c o s s r o n ra ns a c n u	0. 0	-3 8
Va lu io S W A P t a n	0. 0	-0 1
E B T	6 9. 3	5 3. 4
Cu t t rre n ax e s	-5 6	-7 9
De fe d t rre ax e s	-1 3. 5	-8 6
Pr f i t o	5 0. 2	3 6. 9
1) Ea ing ha rn s p e r s re	0. 3 1	0. 3 5

in E U R m	H 1 / 2 0 1 3	H 1 / 2 0 1 2
In t t e re s ex p e ns e s	-5 6. 0	3) -4 0. 6
No h in t t n- c a s e re s ex p e ns e s	-5 5	-5 6
	-6 1. 5	-4 6. 2
In inc t t e re s o m e	0. 5	0. 7
F in ia l r l ( ) t t a nc e s u ne	-6 1. 0	-4 5. 5

• Adj. EBITDA increased by ~ EUR 49m mainly attributable to an increase of earnings from letting ~ EUR 53m and from disposals ~ EUR 3m
• Interest expenses only increased due to acquisitions, partly compensated by lower average interest rates from 4.05% (Jun 12) to 3.5% (Jun 13)
• Current taxes affected by non-cash taxes of EUR 1m due to capital increases 2013

No h in te t e n- ca s re s xp en se s	H / 2 0 3 1 1
in E U R m
Lo in be ing l ia b i l i ies te t t res ar w-	-3 3
L ia b i l i ies fro E K 0 2 t ta m xe s	-1 0
Em loy be f i l ia b i l i t ty p ee ne	-1 1
D B 1 4	-0 1
To l ta	-5 5

1) Based on average shares outstanding (H1/13: 159.78m; H1/12: 105.82m)

2) Adjusted by one-off income due to settlement with RREEF (EUR 20m)

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

» Strong recurring FFO per share performance +23%2) (y-o-y)

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

1) O F F ( / d i l ) h w o s p o s a s p e r s a r e	0. 3 8	2) 0. 3 1
1) O F F ( i l. d i l ) h n c s p o s a s p e r s a r e	0. 4 6	2) 0. 4 0

2) Under consideration of scrip adjustment for capital raise in June 2012

e) Balance sheet

» Balance sheet – Assets

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

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

1) Thereof EUR 71m temporary increase due to acquisitions

» Balance sheet – Equity and Liabilities

EPRA NAV 2,159.9 1,824.4

EPRA NAV per share in EUR 12.79 12.48

Shares outstanding 168.91 146.14

i E U R n m	3 0 0 6 2 0 3 / / 1	3 2 2 0 2 1 / 1 / 1	Eq i in E U R 3 0 / 0 6 / 2 0 1 3 ty u m
T l i t t o a e q u y	1, 9 6 3. 7	1, 6 0 9. 7	Pr f i 5 0. 2 t o + Ca h f low he dg 3 2. 4 s e +
F i i l l i b i l i i t n a n c a a e s	3, 0 6 9. 6	2, 7 6 8. 6	Pe ion 0. 4 ns s + Ne ds ( les f fec ) t p ta t ro ce e s e x +
T l i b i l i i t a a e s x	7 0. 2	6 3. 6	fro i l inc 2 9 7. 0 ta m ca p re as e No l l ing in 7. 8 tro te ts n- co n res +
f D d l i b i l i i t t e e r r e a x a e s	1 5 7. 7	1 4 3. 3	D iv i de d -3 3. 8 n -
D i i t e r a e s v v	1 1 5. 0	1 5 2. 5	L T V 5 5. 8 %
O h l i b i l i i t t e r a e s	2 4 5. 0	1 7 0. 2	Δ De iva ive l ia b i l i ies E U R -3 7. 5 t t r : m
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	5, 6 2 1. 2	4, 9 0 7. 9	O he l ia b i l i ie in E U R 3 0 0 6 2 0 3 t t / / 1 r s m Tr de l ia b i l i ies 7 6. 9 t a Pe ion 5 3. 6 ns s Pr is ion 1 2. 6 ov s 1) O he l ia b i l i ies 9 6. 7 t t r D B 1 4 5. 2
i E U R n m	3 0 / 0 6 / 2 0 3 1	3 / 2 / 2 0 2 1 1 1

• EPRA NAV per share rose to EUR 12.79 as at 30 June 2013
• increase of ~ EUR 0.31 per share since Dec 12 despite dividend pay-out of EUR 0.21 per share

1) Thereof EUR 71m temporary increase due to acquisitions

» LTV at 55.8%; low average interest rate: 3.5%

» Status on acquisitions

- What have we accomplished in 2013 so far -

» Accretive bold-on acquisitions with a focus on our Core⁺ regions already done in 2013

Expanding in our strategic core and growth regions

Over the last six months we have already acquired ~10,700 unitswith a transaction volume of ~ EUR 592m1) incl. Nursing and Assisted Living.

	R e	i d i l i t t s e n a u n s
		#
	3) B l i e r n	7, 8 0 0 ~
D d r e s +	e n	1, 9 0 0 ~
C o r e	G B l i P d t t r e a e r e r n, o s a m	5 0 0 ~
	R h i l d n e a n	2 1 5 ~
C	H a n o e r v	1 8 0 ~
o r e	O h t e r s	1 0 5 ~

N i d A i d L i i t r s n g a n s s s e n g u v	l p a c e s
	#
B l i e r n	2 5 0 ~

KPIs residential portfolios:

• Current gross rental income overall of ~ EUR 40.0m
• In-place rent multiple of 14.1x or ~ 820 EUR /sqm2)
• Annualised FFO yield (pre-tax) of ~ 8%
• LTV of ~ 55%

KPIs Nursing & Assisted Living:

• Transaction volume ~ EUR 29.7m
• Earnings contribution of ~ EUR 2.2m p.a.
• FFO yield (pre-tax) of ~ 12.5%
• 1) Incl. 2.1% ancillary costs
• 2) Based on purchase price
• 273) ~95% in city of Berlin, remainder in Greater Berlin as announced 26/04/2013

» Updated guidance 2013

» New guidance 2013 - FFO (w/o disposals)

As a result of a successful first half year 2013 and in light of our recent acquisitions we increase our recurring FFO guidance by 10%:

Increased guidance for FFO (w/o disposals) from EUR 100m to EUR 110mfor 2013

» Q & A

» Appendix

» Additional acquisitions

» Details on latest acquisitions of ~ 2,900 units

T i l i E U R t r a n s a c o n v o u m e n m	1) 1 4 8
U i ( i d i l ) t t n s r e s e n a	2, 9 0 0 ~
A ( i d i l ) i k t r e a r e s e n a n s q m	1 7 2
I l ( i d i l ) E U R / t t n- p a c e r e n r e s e n a s q m p. m	5. 0 0
V ( i d i l ) t a c a n c y r e s e n a	3. 3 %
2) N i i i l i l d t t e n a y e	6. 9 %
3) R i l t t t e n p o e n a	1 4 % ~
I l l i l t t n- p a c e r e n m u p e	1 4. 6 x 4) E U R 8 1 0 s q m ~
O A l i d F F i l d ( ) t n n u a s e y e p r e- a x	7 % >
F i i n a n c n g	L T V 5 5 % ~
L i t o c a o n	+ i C i 9 0 % n o r e r e g o n s : G B l i P d t t r e a e r e r n, o s a m D d d R h i l d r e s e n a n n e a n
	C 1 0 % i i n o r e r e g o n s : H d h t a n o v e r a n o e r s
	1) Inc l. 4 .7%	cilla ost an ry c s

• 2) Current gross rental income divided by gross purchase price
• 3) Rent potential = New-letting rent compared to in-place rent 4) Based on purchase price

» Details on acquisition of ~ 7,800 units in Greater Berlin

1) 4 1 4
~7 8 0 0 ,
4 7 3
5. 1 0
1. 9 %
J 2 0 1 3 ( l i h d ) n e a c c o m p s e u
7. 2 %
1 5 % >
1 3. 9 x 4) E U R 8 2 0 s q m ~
8 % ~
5 5 % ~
i h i f B l i 9 5 % t t n e c y o e r n ~

1) Incl. 1.4% ancillary costs

2) Current gross rental income divided by gross purchase price

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

4) Based on purchase price

» Details on regions of portfolio as at 30 June 2013

3 0 / 0 6 / 2 0 1 3	Re i de ia l t s n	S ha in re	Ar ea	In- lac p e	Va ca nc y	Co ia l mm er c	Pa k ing r
	i ts un	f u i te ts rm s o n		1) t re n		i ts un	sp ac es
	#	%	k s q m	E U R /sq m	%	#	#
To l ta	8 9, 4 4 1	1 0 0 %	5, 4 6 8	5. 5 1	3. 0 %	1, 1 2 1	2 2, 1 6 5
S ic d g h r ion tra te t g co re an ro w eg s	8 3 4, 1 7	9 4 %	2 9 5, 1	6 5. 5	2. 6 %	0 6 1, 7	2 0, 0 4 7
+ Co re	5 8, 8 2 7	6 6 %	3, 5 2 3	5. 7 1	2. 0 %	8 6 2	1 0, 5 2 0
Gr Be l in ter ea r	4 8, 0 2 9	5 4 %	2, 8 6 4	5. 4 7	1. 6 %	6 4 7	4, 8 6 1
Le ing fo l io t t t p or	4 5, 1 1 2	5 0 %	2, 6 7 8	5. 4 9	1. 5 %	6 2 4	4, 2 4 3
Pr iva isa ion t t	2, 9 1 7	3 %	1 8 6	5. 2 5	3. 8 %	2 3	6 1 8
R h ine -M in a	9, 1 8 7	1 0 %	5 5 2	6. 8 5	3. 2 %	1 7 8	4, 9 4 8
Le ing fo l io t t t p or	8, 1 4 0	9 %	4 8 1	6. 9 2	2. 6 %	1 2 1	3, 9 9 3
Pr iva isa ion t t	1, 0 4 7	1 %	7 1	6. 3 3	8. 1 %	5 7	9 5 5
R h ine lan d	1, 6 1 1	2 %	1 0 7	6. 3 7	3. 2 %	3 7	7 1 1
Le ing fo l io t t t p or	1, 4 5 2	2 %	9 2	6. 3 0	2. 6 %	2 9	3 1 2
Pr iva isa ion t t	1 5 9	0 %	1 5	6. 8 5	6. 4 %	8	3 9 9
Co re	2 5, 3 1 0	2 8 %	1, 6 0 6	5. 2 1	4. 0 %	2 0 5	9, 9 5 0
Ha / Br ic k / Ma de bu no ve r un sw g rg	1 0, 9 1 3	1 2 %	7 0 4	5. 2 1	5. 5 %	1 0 7	2, 7 5 1
Le ing fo l io t t t p or	1 0, 0 3 2	1 1 %	6 4 6	5. 1 5	5. 4 %	1 0 6	2, 4 1 6
Pr iva isa ion t t	8 8 1	1 %	5 8	5. 8 7	6. 3 %	1	3 3 5
R h ine Va l ley So h t u	4, 8 9 7	5 %	3 0 5	5. 4 7	1. 9 %	4 3	3, 3 6 4
Le ing fo l io t t t p or	4, 6 5 4	5 %	2 9 0	5. 4 6	1. 6 %	4 3	3, 1 8 8
Pr iva isa ion t t	2 4 3	0 %	1 5	5. 6 0	8. 8 %	0	1 7 6
R h ine Va l ley No h t r	2, 9 2 2	3 %	1 8 9	5. 1 4	1. 8 %	3	2, 0 9 7
Le ing fo l io t t t p or	2, 7 9 8	3 %	1 8 1	5. 1 2	1. 3 %	3	1, 9 5 4
Pr iva isa ion t t	1 2 4	0 %	8	5. 6 4	1 1. 9 %	0	1 4 3
Ce l Ge tra n rm an y	3, 7 7 7	4 %	2 2 7	5. 0 5	3. 5 %	4 4	1, 1 7 9
Le ing fo l io t t t p or Pr iva isa ion t t	3, 7 7 7 0	4 % 0 %	2 2 7 0	5. 0 5 0. 0 0	3. 5 % 0. 0 %	4 4 0	1, 1 7 9 0
2) O he t rs	2, 8 0 1	3 %	1 8 1	5. 0 0	4. 8 %	8	5 5 9
Le ing fo l io t t t p or	1, 7 6 2	2 %	1 1 0	5. 0 6	5. 4 %	7	5 2 7
Pr iva isa ion t t	1, 0 3 9	1 %	7 1	4. 9 1	3. 9 %	1	3 2
No n-c or e	5, 3 0 4	6 %	3 3 8	4. 7 8	9. 9 %	5 4	1, 6 9 5
D isp l os a	2, 1 5 4	2 %	1 4 0	4. 7 3	1 3. 8 %	3 8	6 6 0
O he t r	3, 1 5 0	4 %	1 9 8	4. 8 1	7. 3 %	1 6	1, 0 3 5

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

2) Mainly Kiel/Luebeck

» Overview of portfolio as at 30 June 2012 (for reconciliation)

3 0 0 6 2 0 2 / / 1	R i d i l t e s e n a i t u n s	S h i a r e n f t e r m s o i t n s u	A r e a	I l n- p a c e 1) t r e n	V C a c a n c y o	i l m m e r c a i t u n s	P k i a r n g s p a c e s
	#	%	k s q m	E U R / s q m	%	#	#
T l t o a	4 9, 0 9 9	1 0 0 %	2, 9 7 9	5. 6 5	2. 2 %	4 6 5	1 4, 8 5 6
S i d t t r a e g c c o r e a n h i t g r o w r e g o n s	4 6, 3 8 1	9 4 %	2, 8 1 1	5. 7 0	2. 0 %	4 5 7	1 3, 4 5 4
L i f l i t t t e n g p o r o o	4 2, 5 3 0	8 7 %	2, 5 6 0	5. 7 1	1. 5 %	4 4 2	1 1, 9 1 6
P iv i i t t r a s a o n	3, 8 5 1	8 %	2 5 1	5. 6 0	6. 8 %	1 5	1, 5 3 8
C + o r e	3 7, 6 8 5	7 7 %	2, 2 5 6	5. 8 1	1. 8 %	3 8 9	7, 5 7 3
L i f l i t t t e n g p o r o o	3 4, 3 5 9	7 0 %	2, 0 3 9	5. 8 3	1. 4 %	3 7 4	6, 4 4 7
P iv i i t t r a s a o n	3, 3 2 6	7 %	2 1 7	5. 6 1	6. 4 %	1 5	1, 1 2 6
C o r e	8, 6 9 6	8 1 %	5 5 4	2 5. 5	2. 5 %	6 8	8 8 5, 1
L i f l i t t t e n g p o r o o	8, 1 7 1	1 7 %	5 2 0	5. 2 3	2. 0 %	6 8	5, 4 6 9
P iv i i t t r a s a o n	5 2 5	1 %	3 4	5. 5 1	9. 2 %	0	4 1 2
N o n- c o r e	2, 7 1 8	6 %	1 6 9	4. 8 0	7. 5 %	8	1, 4 0 2
D i l s p o s a	1, 1 6 2	2 %	7 2	4. 5 6	1 1. 5 %	8	5 7 9
O h t e r	1, 5 5 6	3 %	9 7	4. 9 7	4. 8 %	0	8 2 3

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

» Details on regions of portfolio as at 30 June 2012

(for reconciliation)

3 0 0 6 2 0 2 / / 1	Re i de ia l t s n	S ha in re	Ar ea	In- lac p e	Va Co ca nc y	ia l mm er c	Pa k ing r
	i ts un	f te rm s o		1) t re n		i ts un	sp ac es
	#	i ts un %	k s q m	E U R /sq m	%	#	#
To l ta	4 9, 0 9 9	1 0 0 %	2, 9 7 9	5. 6 5	2. 2 %	4 6 5	1 4, 8 5 6
S ic d g h r ion tra te t g co re an ro eg s w	4 6, 3 8 1	9 4 %	2, 8 1 1	5. 7 0	2. 0 %	4 5 7	1 3, 4 5 4
+ Co re	3 6 8 7, 5	7 7 %	2, 2 6 5	8 5. 1	8 1. %	3 8 9	3 7, 5 7
Gr Be l in ter ea r	2 7, 6 5 3	5 6 %	1, 6 5 1	5. 5 2	1. 5 %	2 8 4	2, 7 2 8
Le ing fo l io t t t p or	2 5, 3 3 1	5 2 %	1, 5 0 3	5. 5 6	1. 1 %	2 6 9	2, 3 4 7
Pr iva isa ion t t	2, 3 2 2	5 %	1 4 8	5. 2 0	5. 9 %	1 5	3 8 1
R h ine -M in a	8, 8 7 5	1 8 %	5 3 4	6. 6 6	2. 8 %	1 0 4	4, 6 7 1
Le ing fo l io t t t p or	7, 8 7 1	1 6 %	4 6 4	6. 6 8	2. 2 %	1 0 4	3, 9 2 6
Pr iva isa ion t t	1, 0 0 4	2 %	6 9	6. 5 1	7. 2 %	0	7 4 5
R h ine lan d	1, 1 5 7	2 %	7 2	6. 1 7	1. 5 %	1	1 7 4
Le ing fo l io t t t p or	1, 1 5 7	2 %	7 2	6. 1 7	1. 5 %	1	1 7 4
Pr iva isa ion t t	0	0 %	0	0. 0 0	0. 0 %	0	0
Co re	8, 6 9 6	1 8 %	5 5 4	5. 2 5	2. 5 %	6 8	5, 8 8 1
Ha / Br ic k / Ma de bu no ve r un sw g rg	--	--	--	--	--	--	--
Le ing fo l io t t t p or	--	--	--	--	--	--	--
Pr iva isa ion t t	--	--	--	--	--	--	--
R h ine Va l ley So h t u	4, 9 9 9	1 0 %	3 1 3	5. 3 4	2. 4 %	4 4	3, 4 3 1
Le ing fo l io t t t p or	4, 6 6 1	9 %	2 9 1	5. 3 4	1. 8 %	4 4	3, 2 1 3
Pr iva isa ion t t	3 3 8	1 %	2 2	5. 4 4	1 0. 5 %	0	2 1 8
R h ine Va l ley No h t r	2, 9 7 9	6 %	1 9 3	5. 1 1	1. 8 %	3	2, 1 5 4
Le ing fo l io t t t p or	2, 7 9 8	6 %	1 8 1	5. 0 8	1. 5 %	3	1, 9 6 0
Pr iva isa ion t t	1 8 1	0 %	1 2	5. 6 5	7. 0 %	0	1 9 4
Ce l Ge tra n rm an y	1 7 4	0 %	1 2	6. 0 8	3. 5 %	1 9	2 9 3
Le ing fo l io t t t p or Pr iva isa ion t t	1 7 4	0 % 0 %	1 2	6. 0 8 0. 0	3. 5 % 0. 0 %	1 9	2 9 3
O he t rs	0 5 4 4	1 %	0 3	0 4. 8	5. 6 %	0	0
Le ing fo l io t t t or	5 3 8	1 %	7 3 6	6 4. 8 6	5. 5 %	2 2	3 3
p Pr iva isa ion t t	6	0 %	0	5. 2 2	1 0. 2 %	0
							0
No n- co re	2, 7 1 8	6 %	1 6 9	4. 8 0	7. 5 %	8	1, 4 0 2
D isp l os a O he	1, 1 6 2	2 %	7 2 7	4. 5 6 4. 7	1 1. 5 % 4.	8	5 7 9 2
t r	1, 5 5 6	3 %	9	9	8 %	0	8 3

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

» 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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