Deutsche Wohnen SE — Earnings Release 2012

Mar 26, 2013

Deutsche Wohnen AG

» Full year results 2012Conference Call, 26 March 2012

» Key figures 2012

» Key figures 2012

R l t e s u s ( ) y -o -y	A d j d E B T te us • Re in F F O ( /o d isp ls ) cu rr g w os a • E P R A N A V • L T V •	E U R 8. 7 5m E U R 6 8. 2m 1 2. 4 8 E U R /s ha re 5 7. 2 %	7 1 % + 4 4 % + 1) E U R 0. 9 8 ha p er s re +
R i d i l t e s e n a P t r o p e r y M t a n a g e m e n ( ) y -o -y	S ic d h io tra te t g co re a n g ro re g ns w • In- lac t p e re n • Va ca nc y • Co io ( le in fo l + t t t re re g ns g p or • In- lac t p e re n • 2) Ne le ing t t t w- re n • 2) Re ia l t-p te t n o n •	( le in fo l io ) t t t g p or E U R /sq 5. 5 4 m 1. 8 % io ) 5. 7 3 E U R /sq m 7. 1 6 E U R /sq m 2 1. 6 %	l i ke -fo l i ke 2. 6 % r- : + l i ke -fo l i ke 2. 8 % r- : +
D i l s p o s a s ( ) y -o -y	N O I • •E in fro D isp ls ar n g s m os a Pr iva isa ion ( 1, 6 3 2 i ) t t ts un • Ins i ion l s les ( 1, 3 7 7 i t tu t ts a a un •	E U R 1 7 2. 2m E U R 9. 9m 1 E U R 1 9. 9m ) E U R 0. 0m	2 2 % + 8 8 % +
N i & u r s n g A i d L i i t s s s e n g v	•E ing fro Nu ing d ar n s m rs a n As is d L iv ing te s	E U R 9. 9m	1) EP RA NA V D ec1 1 s crip ad jus ted fo ital inc 201 2 (s crip fac : 1. 03) tor r ca p rea se Co 2) Exc lud ing Ba uBe n

» Development of business segments / financial performance and position

» Adjusted EBITDA increased by ~ EUR 39m / + 27% (y-o-y)

in E U R m	2 0 1 2	2 0 1 1
Ea ing fro Re i de ia l Pr M t ty t rn s m s n op er an ag em en	1 9 4. 4	1 5 7. 4
Ea ing fro D isp ls rn s m os a	1 9. 9	1 0. 6
Ea ing fro Nu ing d As is d L iv ing te rn s m rs a n s	9. 9	9. 2
S i bu io in t t t e g m e n c o n r n m a rg	2 2 2 4.	2 1 7 7.
Co te rp or a e xp en se s	-4 0. 4	-3 2. 9
O he ing / inc t t r o p er a e xp en se s om e	1 2. 7	-2 3
E B I T D A	1 9 6. 5	1 4 2. 0
Se lem los ion t t t o t en n s co m p en sa	-2 0. 3	0. 0
In ion Ba Be Co te t ts g ra c os n u	4. 4	0. 0
E B I T D A ( d j d ) t a u s e	1 8 0. 6	1 4 2. 0

T he f re o		2 0 1 2
Se lem los ion t t t o t en n s c om p en sa	E U R	2 0. 3
In ion Ba Be Co te t ts g ra c os n u	E U R	4. 4 -
O he t r	E U R	3. 2 -

a) Segment – Residential Property Management

» Ongoing increased earnings and cash contribution from letting

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

The current gross rental income comprises four months rental income of EUR 31.2 m for the BauBeCon portfolio

NOI increased by EUR 31.6m (22%) due to higher current gross rental income of EUR 43.7m while costs increased by only EUR 12.1m

NOI/sqm/month increased by 3.1% y-o-y, while keeping maintenance expenses constant at ~ 10 EUR per sqm p.a.

Further improvement expected after full integration of BauBeCon

1) Based on average quarterly floor space (BauBeCon included in Q3/2012 for one month)

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

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

The summary table above excludes ~ 10,300 units valued at ~ EUR 480m with transfer of risks and rewards in January and February 2013

-Annualised current gross rental income of the entire portfolio1) for 2013 ~ EUR 339m

For detailed information regarding in-place rent/vacancy please refer to page 40 and 411) Incl. commercial units and parking

» 70% of total Fair Value is located in core⁺ regions: our 'stars'

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

Core+regions = 'stars' representing 63% of total units

• Comprise the most dynamic markets with the strongest rental growth
• Rhine-Main includes Frankfurt/Main
• Vast majority of Rhineland is located in Dusseldorf

» 26% of total Fair Value is located in core regions: our 'cash cows'

	R i d i l t e s e n a	S h i a r e n	A r e a	F i a r	S h i a r e n	F i a r	M l i l t u p e	M l i l t u p e
3 1 / 1 2 / 2 0 1 2	i t u n s	f t e r m s o		V l a u e	f t e r m s o	V l a u e	i l n- p a c 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
C o r e	2 2 1, 7 4	3 0 %	3 8 3 1,	1, 1 1 1	2 6 %	8 7 5	2. 1 7	1 1. 7
f L i l i t t t e n g p o r o o	1 9, 3 2 3	2 7 %	1, 2 2 3		0 %
P iv i i t t r a s a o n	2, 4 0 1	3 %	1 6 0		0 %
H / B i k / M d b a n o e r ru n s c a g e r g v w u	9, 0 0 7	1 2 %	5 7 6	4 6 5	1 1 %	7 8 7	1 2. 5	1 1. 9
L i f l i t t t e n g p o r o o	8, 1 0 6	1 1 %	5 1 7
P iv i i t t r a s a o n	9 0 1	1 %	5 9
R h i V l l S h t n e a e o y u	4, 9 5 2	7 %	3 0 9	2 8 0	6 %	8 7 3	1 3. 6	1 2. 3
L i f l i t t t e n g p o r o o	4, 6 5 3	6 %	2 9 0
P iv i i t t r a s a o n	2 9 9	0 %	1 9
R h i V l l N h t n e a e o r y	2, 9 4 4	4 %	1 9 1	1 4 4	3 %	7 5 5	1 2. 4	1 1. 3
L i f l i t t t e n g p o r o o	2, 7 9 8	4 %	1 8 1
P iv i i t t r a s a o n	1 4 6	0 %	1 0
C l G t e n r a e r m a ny	2, 0 0 3	3 %	1 2 5	9 5	2 %	7 2 9	1 2. 4	1 1. 5
L i f l i t t t e n g p o r o o	2, 0 0 3	3 %	1 2 5
P iv i i t t r a s a o n	0	0 %	0
1) O h t e r s	2, 8 1 8	4 %	1 8 2	1 2 7	3 %	6 9 3	1 1. 8	1 0. 6
L i f l i t t t e n g p o r o o	1, 7 6 3	2 %	1 1 0
P iv i i t t r a s a o n	1, 0 5 5	1 %	7 2

Core regions = 'cash cows' representing 30% of total units

Comprise the markets with moderate rental growth/stable rental growth projections

Central Germany: Includes Dresden, Leipzig, Halle (Saale) and Erfurt

1) Mainly Kiel/Luebeck

11

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

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

Strong rental growth in our strategic core and growth regions

› Core⁺ regions with compelling 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

» Strong like-for-like development since GEHAG merger

• Comprises ~ 40,600 units under management since Dec ⁰⁷
• Avg. growth of in-place rent (2.6% p.a.) translates into:
• ›+ EUR 0.68 per sqm per month higher in-place rent

• ›+ EUR 20.3m higher current gross rental income p.a.

• ›+ EUR 0.82 per sqm per month higher in-place rent

• ›+ EUR 16.7m higher current gross rental income p.a.

Note: Above time series analysis are based on a like-for-like comparison, i.e. only comprises units under management since December 2007 without taking into account any acquisitions/disposals in the period under review.

» Strong like-for-like development since GEHAG merger

• Comprises ~ 7,800 units under management since Dec ⁰⁷
• Avg. growth of in-place rent (1.4% p.a.) translates into:
• ›+ EUR 0.34 per sqm per month higher in-place rent
• ›+ EUR 2.0m higher current gross rental income p.a.

Note: Above time series analysis are based on a like-for-like comparison, i.e. only comprises units under management since December 2007 without taking into account any acquisitions/disposals in the period under review.

» Focused and sustainable investments …

Maintenance and modernisation

	2	0 2 1	2 0 1 1
	E U R m	1) E U R / s q m	E U R m	1) E U R / s q m
M in t a e na nc e	3 4. 7	9. 6 8	2 9. 6	9. 8 1
O ing & l l-s le ng o sm a ca in te m a na nc e	2 3. 4	6. 6 5	1 9. 6	6. 8 5
Re le ing t t	1 1. 3	3. 0 3	1 0. 0	2. 9 6
M d is io t o e rn a n	3 3. 2	9. 2 6	2 4. 7	8. 1 9
I l t t n o a	6 7. 9	1 8. 9 4	5 4. 3	1 8. 0 0

• Signed rent increases in 2012 with ^a full year effect of EUR 4.8m thereof EUR 2.9m result fromreletting/ modernisation
• Almost the entire modernisationexpenditures, i.e. ~99%, have beeninvested in our core+regions
• We keep a comparably high level for maintenance and modernisation to ensure our quality standards for a sustainable portfolio

1) Based on the quarterly average area, escluding the area acquired with transfer of risks and rewards as at 31 December of the relevant financial year or as at 1 and 2/1 and on 172 of the following year, BauBeCon floor space for the 3rd quarter 2012 only included for one month

» … allow us to achieve market rents

Rent potential

	3 1 / 1 2 /	2 0 1 1
Le in fo l io t t t g p or lu d in Ba Be Co ex c g u n	Ne -le in t t w g 2) t re n	In la -p ce 1) t re n	Re t n 3) ia l te t p o n	Ne -le in t t w g 2) t re n	Re t n 3) ia l te t p o n	∆ Re t n 3) ia l te t p o n
+ Co re	7. 1 6	5. 8 9	2 1. 6 %	6. 9 1	2 0. 4 %	5. 8 %
Gr Be l in te ea r r	6. 6 5	5. 6 2	1 8. 3 %	6. 4 1	1 7. 0 %	7. 8 %
R h ine -M in a	8. 4 0	6. 7 6	2 4. 3 %	7. 9 8	2 1. 3 %	1 4. 0 %
R h ine lan d	8. 0 7	6. 2 4	2 9. 3 %	6. 9 1	1 3. 1 %	4) 1 0 0 % >

The increase in our actually achievednew-letting rent/our rent potential clearly demonstrates the acceleratingdemand 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

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

4) Effected by acquisitions in Dusseldorf

b) Segment – Disposals

» Ongoing strong privatisation business

2 0 1 2	U i t n s	T i t r a n s a c o n l v o u m e	F i V l a r a u e	M i a r g	n
	#	E U R m	E U R m	E U R m	%
P iv i i t t r a s a o n	1, 6 2 3	1 1 5. 4	8 6. 3	2 9. 1	3 4 %
I i i l l t t t n s o n a s a e s u	1, 3 7 7	5 2. 4	4 9. 8	2. 6	5 %
h f t e r e o n o n- c o r e	1, 2 3 3	3 7. 2	3 7. 8	-0 6	-2 %
C f l t o s o s a e s				-1 1. 8
I l t t n o a	3, 0 0 0	1 6 7. 8	1 3 6. 1	1 9. 9	1 5 %
C i f t a r ry n g a m o n s o u +	t a s s e s s	l d o		1 3 6. 1
L t o a n r e p a y m e n -				-8 4. 9
L i i d i i b i t t t q u y c o n r u o n				7 1. 1

Privatisation(units and transaction volume)

Privatisation(i.e. sales of individual apartments)

• ›1,623 units closed (+54% y-o-y)
• ›Sustainable margin of ~ 34%
• Institutional sales:
• ›Ongoing and successful focus on sales in disposal regions in 2012

c) Segment – Nursing and Assisted Living

» Nursing and Assisted Living – stable EBITDA contribution

in E U R m	2 0 1 2	2 0 1 1
In c o m e
Nu ing rs	3 6. 4	3 3. 6
L iv ing	2. 0	2. 7
O he t r	3. 6	3. 8
To l in t a c o m e	2. 0 4	0. 4 1
C t o s s
Nu ing d t rs a n c o rp o ra e ex p e ns e s	-1 1. 3	-1 1. 5
S f f e t a xp e ns e s	-2 0. 8	-1 9. 4
To l c t t a o s s	-3 2. 1	-3 0. 9
Ea in fro Nu in d As is d L iv in t rn g s m rs g a n s e g	9. 9	9. 2
A i bu b le in t t t t t t r a cu rre n e re s ex p e ns e s	-2 6	-2 7
	7. 3	6. 5

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

	F i l i i t a c e s	P l a c e s
B d b r a n e n u r g	5	5 9 6
S a x o n y	7	4 7 5
B l i e r n	2	1 7 3
L S o w e r- a x o n y	1	1 3 1
R h i l d- P l i t t n e a n a a n a e	1	1 2 8
	6 1	0 3 1, 5
) 1 A i i i i B l i t c q s o n n e r n u	4	4 2 5
	2 0	9 2 8 1,

H1/2012 and four facilities in Berlin (425 places) in Q1/2013 The acquisitions have an estimated earnings contribution

Acquisition of two nursing facilities in Leipzig (156 places) in

of ~ EUR 3.6m p.a.

1) Transfer of risks and rewards in Q1/2013

d) Others

» Details on corporate expenses

i E U R n m	2 0 1 2	2 0 1 1
S f f t a e p e n s e s x	-2 3. 6	-2 0. 3
H l d i C f i t o n g o m p a n n c o n y u	-9 1	-7 0
A M / D i l t t s s e a n a g e m e n s p o s a s	-2 0	-2 2
P M t t r o p e r y a n a g e m e n	-1 2. 5	-1 1. 1
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 x p e n s e s	-1 2. 7	-1 2. 6
P M ( l B B C ) t t t t r o p e r y a n a g e m e n e x e r n a m a n a g e m e n a u e o n	-4 1	0. 0
I l t t n o a	0. -4 4	-3 2. 9

• Increase of staff expenses compared to the previous year relate to newly hired employees, variable remunerations and bonuses for employees and management for the financial year 2012
• General and administration expenses stay flat compared to 2011 despite expanded real estate holdings
• Expense ratio in relation to the current gross rental income remains flat at 16.8% compared to 2011
• ›After full integration of the acquisitions, a decrease to 14% is expected
• ›This corresponds to an efficiency enhancement of ~ EUR 12m

» Adjusted EBT increased by 71% (y-o-y)

i E U R n m	2 0 1 2	2 0 1 1
E B I T D A ( d j d ) t a s e u	1 8 0. 6	1) 1 4 2. 0
De ia io t p re c n	-3 1	-3 0
F ina ia l r l ( d j d, ) t t t nc e s u a u s e n e	-9 9. 0	-9 3. 0
E B T ( d j d ) t a u s e	7 8. 5	4 6. 0
Va lu io inv ie t t t t a n e s m e n p ro p e r s	1 1 9. 2	4 0. 0
S le lo io t t t t e m e n o n s s c o m p e ns a n	2 0. 3	0. 0
Tr io fo Ba Be C t t a ns a c n c o s s r u o n	-1 2. 2	0. 0
Va lu io S W A P t a n	-0 2	-0 2
E B T	2 0 6 5.	8 8 5.
C t t u rre n a xe s	-1 0. 5	-5 4
De fe d t rre a xe s	-4 9. 6	-2 9. 8
P f i t r o	1 4 5. 5	5 0. 6
2) Ea ing ha rn s p e r s re	1. 1 5	0. 5 7

i E U R n m	2 0 1 2	2 0 1 1
3) In ( d j d ) t t t e re s e xp e ns e s a u s e	4) -8 9. 6	-8 1. 6
No h in t t n- c a s e re s e xp e ns e s	-1 1. 4	-1 2. 1
	0 0 -1 1.	-9 3. 7
In inc t t e re s o m e	2. 0	0. 7
F i i l l ( d j d, ) t t t n a n c a r e s u a u s e n e	-9 9. 0	-9 3. 0

• Adjusted EBITDA increased by ~ EUR 39m thereof ~ EUR 37m attributable to increasing earnings from letting and ~ EUR 9m to increased earnings from disposals
• Interest expenses only increased due to acquisitions, partly compensated by lower average interest rates from 4.1% (Dec 11) to 3.7% (Dec 12)
• Current taxes affected by non-cash taxes of EUR 5.6m due to capital increase 2012
• Deferred taxes comprise ~EUR 36m due to upward valuation of investment properties

No h in t t n- c a s e re s e xp e ns e s	2 0 2 1
M in ly ls a a c c ru a o n:
Lo in b ing l ia b i l i ie t t t e re s e a r s w-	-7 0
L ia b i l i ie fro E K 0 2 t t s m ax e s	-2 1
Em loy b f i l ia b i l i t ty p e e e ne	-2 2
D B 1 4	-0 2
To l t a	-1 1. 4

1) Adjusted by settlement on loss compensation (EUR 20.3m) and other one-off costs BauBeCon (EUR -4.4m) -Details on page 6

2) Based on average shares outstanding (2012: 126.15m; 2011: 88.74m)

3) Adjusted by valuation SWAP (EUR 0.2m)

4) Adjusted by one-off financing costs for BauBeCon transaction (EUR 7.8m)

» Strong recurring FFO performance in 2012: 44% (y-o-y)

in E U R m	2 0 1 2	2 0 1 1
Pr f i t o	1 4 5. 5	5 0. 6
Ea ing fro D isp ls rn s m os a	-1 9. 9	-1 0. 6
De ia ion t p rec	3. 1	3. 0
Fa ir v lue d j f inv ies tm ts tm t p t a a us en o es en rop er	-1 1 9. 2	-4 0. 0
S Va lua ion W A P t	0. 2	0. 2
No h f ina ia l e n-c as nc xp en se s	1 1. 4	1 2. 1
De fer d ta re xe s	4 9. 6	2 9. 8
Ta be f i fro i l inc t ta x ne m ca p rea se	5. 6	2. 4
On f f inc du lem i h R R E E F to t t t w t e- o om e e se en	-2 0. 3	0. 0
On Co f f ion for Ba Be tra t ts e- o ns ac c os u n	1 2. 2	0. 0
F F O ( d isp ls ) /o w os a	6 8. 2	4 7. 5
F F O fro iva isa ion t t m p r	1 9. 9	1 4. 2
F F O ( in l. iva isa io ) t t c p r n	8 8. 1	6 1. 7
F F O fro ins i ion l s les t tu t m a a	0. 0	-3 6
O F F ( in l. d isp ls ) c os a	8 8. 1	5 8. 1

• FFO (w/o disposals) comprises recurring BauBeCon-FFO of ~ EUR 10.2m for four months (Sep - Dec 2012)
• Ongoing FFO from privatisation increased by 40% y-o-y

e) Balance Sheet

» Balance sheet – Assets

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

• EUR 106m available credit lines in addition to cash at-hand
• Additional net proceeds from capital increase in January 2013 available
• -Results in a potential acquisition firepower up to ~ EUR 500m (transaction volume)

» Details on fair value adjustments of investment properties

	Be fo Fa ir Va lue d j f inv tm ts re a us en o ies t p ro p er Fa ir Va lue Fa ir Va lue Mu l ip le t in- lac t p e r en E U R E U R /sq m m x 2 0 9 2 3. 9x 4, 1 4 1 0 2 2 9 0x 4, 5 1 1 4. 2, 9 3 6 1, 0 4 4 1 4. 8x 2, 0 9 4 9 9 5 1 4. 6x 7 1 9 1, 2 0 9 1 5. 2x 1 2 3 1, 1 0 3 1 4. 5x 1, 0 8 5 7 6 6 1 2. 4 4 5 6 7 7 1 1 2. 3x 2 7 6 8 5 8 1 3. 4x 1 4 1 7 4 1 1 2. 2x 8 9 6 8 2 1 1. 6x 1 2 3 6 7 6 1 1. 5x			tm t es en	Fa ir Va lue	A f Fa ir Va lue d j f inv te tm ts tm r a us en o es en
					d j tm t a us en		p ro p	ies t er
				Mu l ip le t	Fa ir Va lue	Fa ir Va lue	Fa ir Va lue	Mu l ip le t	Mu l ip le t
				ke t re t ma r n				in- lac t p e r en	ke t re t ma r n
				x	E U R m	E U R m	E U R /sq m	x	x
To l ta				2. 1 1x	9 1 1	3 2 0 4,	9 0 5	3x 1 4.	2. 1 4x
S ic d h tra te t g co re a n g ro w io re g ns				2. 3x 1	2 6 1	8 4, 1 4	9 8 1	1 4. 5x	2. 6x 1
+ Co re				1 2. 6x	1 0 0	3, 0 3 6	1, 0 8 0	1 5. 3x	1 3. 0x
Gr Be l in te ea r r				1 2. 5x	8 4	2, 1 7 8	1, 0 3 5	1 5. 2x	1 3. 0x
R h ine -M in a				1 2. 8x	8	7 2 7	1, 2 2 3	1 5. 4x	1 2. 9x
R h ine lan d				1 2. 0x	8	1 3 1	1, 1 7 0	1 5. 3x	1 2. 7x
Co re				1 1. 5	2 6	1, 1 1 1	7 8 5	1 2. 7x	1 1. 7x
Ha / Br ic k / Ma de bu no ve r un sw g rg				1 1. 7x	9	4 6 5	7 8 7	1 2. 5x	1 1. 9x
So R h ine Va l ley h t u				1 2. 1x	4	2 8 0	8 7 3	1 3. 6x	1 2. 3x
R h ine Va l ley No h t r				1 1. 1x	3	1 4 4	7 5 5	1 2. 4x	1 1. 3x
Ce Ge l tra n rm an y				1 0. 8x	6	9 5	7 2 9	1 2. 4x	1 1. 5x
O he t r				1 0. 3x	4	1 2 7	6 9 3	1 1. 8x	1 0. 6x
No n- co re	1 7 9	5 6 0	1 0. 9x	9. 3x	-6	1 7 3	5 4 0	1 0. 5x	9. 0x
D isp l os a	7 9	5 1 9	1 0. 9x	8. 8x	-6	7 3	4 7 8	1 0. 0x	8. 1x
O he t r	1 0 0	5 9 9	1 0. 9x	9. 8x	0	1 0 0	5 9 7	1 0. 9x	9. 8x

» Balance sheet – Equity and Liabilities

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

i E U R n m	3 1 / 1 2 / 2 0 1 2	3 1 / 1 2 / 2 0 1 1
E P R A N A V	1, 8 2 4. 4	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 2. 4 8	1 1. 5 0
S h d i t t a r e s o s a n n g u	1 4 6. 1 4	1) 1 0 5. 3 7

EPRA NAV per share rose to EUR 12.48 as at 31 December 2012

Other liabilities EUR 24.2DB 14 EUR 5.1

increase of ~ EUR 1 per share

1) Scrip adjustment of capital increase 2012 by 1.03

» LTV at 57.2%; low average interest rate: 3.7%

» Guidance 2013, integration and further outlook

» FFO Guidance 2013 1)

Base case 2013, i.e. w/o consideration of further acquisitions

» Compelling recurring FFO development since 2010

1) Business plan: base case w/o consideration of further acquisitions

S t t a u s q »	f i u o o	t n e g r a	i t o n w e :	l l t o n r	k a c
		2 0 1 2	l is he a c c o m p	d			2 0 1 3
Ma j is i io t o r a c q u ns	O b t c o e r	No b ve m e r	De b c e m e r	J a nu a ry	Fe b ru a ry	…	Ap i l r	M a y	J u ne
C Ba Be u o n ( ~2 3, 4 0 0 i ) t u n s S ig ing Au t - n g u s -	S ig ing f n o ina ion te t rm t ag re em en i h Pr l ios t w e a	In ion f teg t ra o i 1 0, 5 0 0 u ts n a		In ion teg t ra f e ire t o n ing t op er a b i l l ing t co s a fo 2 0 1 3 r	In ion f teg t ra o in ing re m a 1 2, 9 0 0 u i ts n a			O f f ic ia l ina ion te t rm f Pr l ios o e tra t co n c
Ha Br no ve r, ns u C G l t e n ra e rm G Be t re a e r ( ~5 1 0 0 i u n , S S ig ing t n e p e -	ic k, w a ny , l in r ) t s b m e r -							In ion f teg t ra o 1, 9 5 0 u i ts n	In ion f teg t ra o in ing re m a 3, 1 6 0 u i ts n
-	Be l in r ( 5, 2 0 0 u ~ S ig ing De n c	i ) t n s b e m e r -					In ion f teg t ra o 5, 2 0 0 u i ts n

Status quo:

• Until June 2013 all acquisitions will be integrated, i.e. the takeover phase will be completed
• After each integration step, the individual optimisation phase will be kicked off, i.e. the processes will be aligned to Deutsche Wohnen processes; hence optimised

Integration/optimisation – our focus in 2013

• IT migration: migrating/aligning the different systems into SAP
• Setup/start-up of new service points, e.g. in Magdeburg, Hanover, Potsdam, Berlin-Hellersdorf
• Recruiting of new staff: ~ 100 new employees to be hired

» Further acquisition outlook

• We will continue our growth strategy in residential real estate which is based on selective investments focused on portfolios in attractive metropolitan areas
• › Focus on existing strategic core and growth regions as well as opportunities to expand total residential portfolio into other metropolitan areas
• ›Current financing environment supports our growth strategy
• › Will remain disciplined– acquisitions need to be FFO accretive on a per share basis upon full integration
• › Increased M&A competition in some regions but opportunities also exist in more stable metropolitan areas with attractive FFO yields
• ›Proven integration experience allows us to monetise scaling effects over time
• ›Target LTV: 55%-60%; medium-term: 55%
• In our Nursing and Assisted Living we intend to grow significantly in the medium-term
• ›Take advantage of supporting demographic trends
• ›Attractive (above Group average) EBITDA margins

» Q & A

» Appendix – Details on new acquisition

» Details on acquisition of 5,200 units in Berlin(disclosed in January 2013)

	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 a c a n c v y	S i i g n n g
	#	k s q m	E U R / s q m	%
B l i e r n	5, 2 0 0 ~	3 3 1 ~	4. 6 5	2. 6 %	D b 2 0 1 2 e c e m e r

• Located in the city of Berlin
• Current gross rental income: EUR 18.7m
• Net initial yield (current gross rental income/ gross purchase price): 7.6%
• In-place rent multiplier of 13x
• Debt financing of ~ EUR 156m with average interest rate of 3.6% p.a.
• Annualised FFO yield (pre tax): ~ 9%
• Closing took place on 1 February 2013

» Appendix - Other

» NOI performance continuously increasing

» Overview of portfolio as at 31 December 2012

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

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

» Details on regions of portfolio as at 31 December 2012

Inc l. t fer f ris ks d ran s o an	Re i de ia l nt s	S ha in re	Ar ea	In- lac p e	Va ca nc y	Co ia l mm erc	Pa k ing r
ds 1 J d rew ar an ua ry an	its un	f u its ter ms o n		1) t ren		its un	sp ac es
1 F bru 20 13 e ary	#	%	k s q m	E U R /sq m	%	#	#
To l ta	8 2, 7 3 8	1 0 0 %	5, 0 6 6	5. 4 9	2. 5 %	9 6 1	2 1, 0 2 9
S ic d g h tra teg t co re an row ion reg s	7 7, 0 0 7	9 3 %	4, 6 9 9	5. 5 4	2. 1 %	9 0 9	1 9, 1 6 8
+ Co re	5 1, 5 8 7	6 2 %	3, 0 8 6	5. 7 3	1. 9 %	7 0 5	9, 1 5 4
Gr Be l in ter ea r	4 0, 6 9 2	4 9 %	2, 4 2 1	5. 4 8	1. 4 %	4 8 8	3, 3 9 8
Le ing fo l io t t t p or	3 8, 8 4 2	4 7 %	2, 3 0 2	5. 5 0	1. 3 %	4 7 5	3, 0 6 1
Pr iva isa ion t t	1, 8 5 0	2 %	1 1 8	5. 1 4	4. 5 %	1 3	3 3 7
R h ine -M in a	9, 2 7 5	1 1 %	5 5 8	6. 7 1	3. 3 %	1 8 2	5, 0 3 1
Le ing fo l io t t t p or	8, 1 4 2	1 0 %	4 8 1	6. 7 8	2. 6 %	1 2 1	3, 9 8 9
Pr iva isa ion t t	1, 1 3 3	1 %	7 7	6. 2 8	7. 9 %	6 1	1, 0 4 2
R h ine lan d	1, 6 2 0	2 %	1 0 8	6. 3 4	2. 6 %	3 5	7 2 5
Le ing fo l io t t t p or	1, 4 5 2	2 %	9 2	6. 2 5	2. 6 %	2 9	3 1 2
Pr iva isa ion t t	1 6 8	0 %	1 6	6. 8 7	2. 7 %	6	4 1 3
Co re	2 5, 4 2 0	3 1 %	1, 6 1 3	5. 1 8	2. 6 %	2 0 4	1 0, 0 1 4
Ha / Br ic k / Ma de bu no ve r un sw g rg	1 0, 9 2 9	1 3 %	7 0 5	5. 2 1	3. 2 %	1 0 5	2, 7 5 5
Le ing fo l io t t t p or	1 0, 0 2 8	1 2 %	6 4 6	5. 1 5	3. 2 %	1 0 5	2, 4 1 6
Pr iva isa ion t t	9 0 1	1 %	5 9	5. 8 8	3. 3 %	0	3 3 9
R h ine Va l ley So h t u	4, 9 5 2	6 %	3 0 9	5. 3 9	1. 8 %	4 5	3, 3 9 3
Le ing fo l io t t t p or	4, 6 5 3	6 %	2 9 0	5. 3 9	1. 4 %	4 5	3, 1 8 6
Pr iva isa ion t t	2 9 9	0 %	1 9	5. 4 6	7. 9 %	0	2 0 7
R h ine Va l ley No h rt	2, 9 4 4	4 %	1 9 1	5. 1 2	1. 4 %	3	2, 1 2 1
Le ing fo l io t t t p or	2, 7 9 8	3 %	1 8 1	5. 0 9	0. 8 %	3	1, 9 5 2
Pr iva isa ion t t	1 4 6	0 %	1 0	5. 6 5	1 1. 2 %	0	1 6 9
Ce l Ge ntr a rm an y	3, 7 7 7	5 %	2 2 7	5. 0 4	2. 5 %	4 4	1, 1 8 6
Le ing fo l io t t t p or Pr iva isa ion t t	3, 7 7 7 0	5 % 0 %	2 2 7 0	5. 0 4 0. 0 0	2. 5 % 0. 0 %	4 4 0	1, 1 8 6 0
2) O he t rs	2, 8 1 8	3 %	1 8 2	4. 9 9	2. 8 %	7	5 5 9
Le ing fo l io t t t p or	1, 7 6 3	2 %	1 1 0	5. 0 5	3. 3 %	7	5 2 7
Pr iva isa ion t t	1, 0 5 5	1 %	7 2	4. 9 0	1. 9 %	0	3 2
No n-c or e	5, 7 3 1	7 %	3 6 6	4. 7 6	8. 6 %	5 2	1, 8 6 1
D isp l os a	2, 2 4 6	3 %	1 4 6	4. 6 9	1 2. 7 %	3 6	6 9 1
O he t r	3, 4 8 5	4 %	2 2 1	4. 8 0	6. 0 %	1 6	1, 1 7 0

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

2) Mainly Kiel/Luebeck

» Overview of portfolio as at 31 December 2011 (for reconciliation)

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

For reconciliation purpose, last reported portfolio as at 31 December 2011 in our newly used portfolio cluster

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

» Details on regions of portfolio as at 31 December 2011 (for reconciliation)

Inc l. t fer f ris ks d ran s o an	Re i de ia l nt s	S ha in re	Ar ea	In- lac p e 1)	Va ca nc y	Co ia l mm erc	Pa k ing r
ds nd 2 J 1 a rew ar an ua ry 20 12	its un	f u its ter ms o n		t ren		its un	sp ac es
	#	%	k s q m	E U R /sq m	%	#	#
To l ta	5 0, 6 2 6	1 0 0 %	3, 0 7 6	5. 5 7	2. 4 %	4 7 7	1 5, 3 3 1
S ic d g h tra teg t co re an row ion reg s	2 0 4 7, 4	9 3 %	2, 8 6 5	6 2 5.	2. 2 %	6 8 4	3, 9 1 5 4
+ Co re	3 8, 4 3 6	7 6 %	2, 3 0 4	5. 7 2	2. 1 %	4 0 3	7, 6 6 4
Gr Be l in ter ea r	2 8, 3 4 1	5 6 %	1, 6 9 3	5. 4 4	1. 9 %	3 0 1	2, 7 9 5
Le ing fo l io t t t p or	2 5, 3 6 2	5 0 %	1, 5 0 5	5. 4 7	1. 4 %	2 8 6	2, 3 5 7
Pr iva isa ion t t	2, 9 7 9	6 %	1 8 8	5. 2 4	5. 9 %	1 5	4 3 8
R h ine -M in a	8, 9 3 8	1 8 %	5 3 8	6. 5 7	2. 8 %	1 0 2	4, 6 9 5
Le ing fo l io t t t p or	7, 8 6 8	1 6 %	4 6 4	6. 5 8	2. 3 %	1 0 2	3, 9 3 6
Pr iva isa ion t t	1, 0 7 0	2 %	7 4	6. 5 2	6. 3 %	0	7 5 9
R h ine lan d	1, 1 5 7	2 %	7 2	6. 1 1	1. 0 %	0	1 7 4
Le ing fo l io t t t p or Pr iva isa ion t t	1, 1 5 7 0	2 % 0 %	7 2 0	6. 1 1 0. 0 0	1. 0 % 0. 0 %	0 0	1 7 4 0
Co re	8, 8 0 4	1 7 %	5 6 1	5. 2 1	2. 4 %	6 5	5, 9 3 0
Ha / Br ic k / Ma de bu no ve r un sw g rg	0	0 %	0	0. 0 0	0. 0 %	0	0
Le ing fo l io t t t p or	0	0 %	0	0. 0 0	0. 0 %	0	0
Pr iva isa ion t t	0	0 %	0	0. 0 0	0. 0 %	0	0
R h ine Va l ley So h t u	5, 0 5 7	1 0 %	3 1 6	5. 3 1	2. 2 %	4 1	3, 4 4 8
Le ing fo l io t t t p or	4, 6 6 1	9 %	2 9 1	5. 2 9	1. 6 %	4 1	3, 2 1 0
Pr iva isa ion t t	3 9 6	1 %	2 5	5. 4 6	9. 2 %	0	2 3 8
R h ine Va l ley No h rt	3, 0 2 9	6 %	1 9 6	5. 1 0	2. 1 %	3	2, 1 8 6
Le ing fo l io t t t p or	2, 7 9 8	6 %	1 8 1	5. 0 6	1. 6 %	3	1, 9 6 0
Pr iva isa ion t t	2 3 1	0 %	1 5	5. 5 5	7. 9 %	0	2 2 6
Ce Ge l ntr a rm an y	1 7 4	0 %	1 2	6. 0 8	3. 6 %	1 9	2 9 3
fo Le ing l io t t t p or Pr iva isa ion t t	1 7 4 0	0 % 0 %	1 2 0	6. 0 8 0. 0 0	3. 6 % 0. 0 %	1 9 0	2 9 3 0
O he t rs	5 4 4	1 %	3 7	4. 7 2	4. 8 %	2	3
Le ing fo l io t t t p or	5 3 8	1 %	3 6	4. 7 2	4. 7 %	2	3
Pr iva isa ion t t	6	0 %	0	5. 2 2	1 0. 2 %	0	0
No n-c or e	3, 3 8 6	7 %	2 1 1	4. 7 3	7. 2 %	9	1, 7 3 7
D isp l os a	1, 5 4 4	3 %	9 6	4. 5 1	1 0. 6 %	9	7 2 2
O he t r	1, 8 4 2	4 %	1 1 6	4. 9 0	4. 6 %	0	1, 0 1 5

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

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