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Deutsche Wohnen SE Interim / Quarterly Report 2007

May 31, 2007

113_10-q_2007-05-31_cda9c698-47c8-490b-acc8-8b07d96f3319.pdf

Interim / Quarterly Report

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INTERIM REPORT January 1 – March 31, 2007

CONTENTS

Summary 3
Results and Core Data 4
Deutsche Wohnen Shares 7
Outlook 8
Key Figures 9
Consolidated Balance Sheet 10
Consolidated Income Statement 12
Consolidated Statement of Changes in Equity 13
Consolidated Cash Flow Statement 14
Consolidated Segment Reporting 15
Notes to the Consolidated Financial Statements 16
Additional Information 18

SUMMARY

  • | Number of housing sales recorded in the first quarter of 2007 in line with projections and prior-year level.
  • | However, the significantly smaller pipeline from 2006 means few housing sales recognized on the balance sheet and reduced book gains from sales.
  • | Consolidated profit reduced by non-recurring effect of impairment loss on undeveloped land.
  • | Profit from residential property management up year-on-year due to the consolidation of DB Immobilienfonds 14 properties.
  • | Consolidation of DB Immobilienfonds 14 also increases interest expense.
  • | Around 1,000 additional residential units purchased up to early April 2007.

RESULTS AND CORE DATA

| Residential property management

By the end of fi scal year 2006, the 2,625 residential units and 27 commercial units managed by DB Immobilienfonds 14 had been fully consolidated. This generated additional rental income for the Group for the fi rst time at the end of the period under review. Around 13 % (EUR 3.2 million) of all estimated rental income totaling EUR 23.7 million is attributable to the consolidation of the DB 14 real estate investment fund. As of March 31, 2007, DB 14's apartments generated average monthly rent of EUR 5.21 per m2 (compared with EUR 5.01 per m2 in the core portfolio).

Deducting vacancies (7.2 %) from the above-mentioned estimated rental income resulted in actual rental income of approximately EUR 21.7 million (March 31, 2006: EUR 19.5 million). Income from the allocation of operating costs also rose by around EUR 0.9 million to EUR 7.0 million due to the consolidation of DB 14. Revenue from residential property management (as reported in the consolidated income statement) totaled EUR 22.6 million (Q1 2006: EUR 20.2 million). Maintenance expenses, on the other hand, remained almost constant at approximately EUR 3.4 million (average of EUR 2.46 per m2).

After depreciation, amortization and impairment losses of EUR 4.0 million (Q1 2006: EUR 3.5 million), the segment result from residential property management improved by EUR 1.4 million or around 11 % to EUR 14.4 million as of March 31, 2007 (Q1 2006: EUR 13.0 million).

| Housing privatization

156 housing sales were reported in the first three months of 2007 on the basis of the sales program (Q1 2006: 193 sales). Because there were only 45 units in the pipeline in 2006 (Q1 2006: pipeline of 173 units from 2005), these sales – with the exception of four residential units that are already recognized on the balance sheet as sold in Q1 2007 – will not be recognized on the balance sheet until later in 2007.

With sales revenue therefore only around EUR 1.2 million (Q1 2006: EUR 7.4 million), unrealized gains from housing privatization amounted to approximately EUR 0.2 million as of March 31, 2007 (Q1 2006: EUR 3.3 million). After deducting selling expenses (around EUR 0.7 million) and vacancies due to sales (around EUR 1.3 million), the gross profit from sales therefore also fell to EUR – 1.8 million (Q1 2006: EUR +1.4 million).

It must be emphasized that, as in past fiscal years, the profit for 2007 will be driven by strong sales in the second half of the year. The Management Board remains confident that sales of between 1,000 and 1,200 residential units will be recognized by the end of 2007.

In addition to the reduction in the number of recognized housing sales already mentioned, revenue was also reduced by a non-recurring effect. In 2005 Deutsche Wohnen sold undeveloped land with building space of approximately 20,000 m2 for which a definitive planning right has yet to be obtained. As the buyer has now indicated its intention to withdraw from the transaction, it is no longer sufficiently likely that the purchase agreement will actually become effective when the planning right is granted as anticipated. An impairment loss in the amount of EUR 2.2 million was therefore recognized. This matter is not expected to further impact consolidated profit in the future. The undeveloped space can in principle be resold, however.

| Other core Group data

Apart from boosting the Group's assets, the fund consolidation referred to earlier increased the Group's fi nancial liabilities compared with Q1 2006 by around EUR 151.4 million. This pushed up interest expense to EUR 2.1 million in the fi rst quarter of 2007, which, netted against interest income, led to a higher fi nance cost year-on-year of EUR 7.9 million (Q1 2006: EUR – 5.9 million).

The "other operating expenses" item in the consolidated income statement increased by approximately EUR 2.6 million compared with Q1 2006 (EUR 3.1 million) to EUR 5.7 million. This is mainly due to a valuation allowance of EUR 2.2 million (see the section on housing privatization). As another component of "other operating expenses", other administrative expenses decreased by approximately EUR 0.4 million. In addition, employee expenses fell by EUR 0.3 million. We aim to reduce administrative expenses in particular even further.

The above-mentioned effects of housing privatization and the consolidation of the DB 14 real estate investment fund were the main factors contributing to the decline in consolidated EBDIT and EBIT to EUR 9.0 million and EUR 5.0 million respectively (Q1 2006: EUR 12.8 million and EUR 9.3 million respectively).

The effects from the housing sales outlined above and the impairment loss on the sale of unde v eloped land are the causes of the consolidated loss before tax of EUR – 2.9 million and the loss after tax of EUR – 3.2 million (Q1 2006: consolidated profi t after tax of EUR 3.1 million).

OUTLOOK

The forecast released in February 2007 puts consolidated profi t in 2007 at EUR 15.0 million. All things being equal, the Management Board is unable to rule out that the impairment loss of EUR 2.2 million recognized in the fi rst quarter of 2007 will not impact the consolidated profi t for the year as a whole. Positive effects on earnings from the 1,000 or so residential units acquired in the fi rst quarter of 2007 (in Münster, the new federal states, Offenbach) have not yet been factored in, however.

The Management Board of Deutsche Wohnen is planning further portfolio acquisitions in the course of fi scal year 2007. The fi nancial preconditions for the target growth are in place in view of the Company's low level of gearing (loan to value ratio currently 50 %) and a number of options for capital increases. The Management Board continues to stress that growth must have a positive effect on profi tability and the Net Asset Value. Nevertheless, the Management Board is reiterating its growth target of doubling the portfolio by the end of 2009.

KEY FIGURES AS OF MARCH 31, 2007

Key figures – Group Jan 1 –
Mar 31, 2007
Jan 1 –
Mar 31, 2006
Jan 1 –
Dec 31, 2006
Profit before tax EUR m – 2.9 3.3 31.3
Profit after tax EUR m – 3.2 3.1 31.1
EBIT EUR m 5.0 9.3 46.2
EBITDA EUR m 9.0 12.8 68.0
Gross operating cash flow EUR m 1.8 10.8 101.8
Housing privatization
Number of housing units sold in the reporting
period reported on the balance sheet date
units 4 128 1,645
Number of privatizations recorded in the
reporting period
EUR per m2 156 193 1,525
Unrealized gains from the sale of properties EUR m 0.2 3.3 43.2
Selling and pre-sale expenses EUR m 0.7 0.7 8.0
Gross profit from sales EUR m – 1.8 1.4 30.1
Residential property management
Residential stock units 21,000 21,658 21,005
Total residential space millions of m2 1.33 1.38 1.33
Revenue from estimated rent* EUR m 23.7 21.2 83.7
Revenue from estimated rent* EUR per m2 5.01 4.97 5.05
Revenue from actual rent* EUR m 21.7 19.5 76.7
Maintenance expenses* EUR m 3.4 3.2 17.5
Maintenance expenses* EUR per m2 2.46 2.42 13.43
Gross profit from residential property management EUR m 14.4 12.9 46.0

* Not including North Hesse portfolio (acquired in 2004)

CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2007

Assets in EUR Mar 31, 2007 Mar 31, 2006 Dec 31, 2006
A. Noncurrent assets
I.
Investment property
949,041,553.49 813,693,290.29 956,579,764.60
II.
Property, plant and equipment
3,799,267.60 4,156,721.15 3,897,897.89
III. Intangible assets 167,444.00 40,134.00 188,805.00
IV. Noncurrent financial assets 152,703.52 23,691,255.50 172,921.87
V.
Noncurrent receivables and other noncurrent assets
146,772.00 2,514,013.79 145,326.00
VI. Deferred tax assets 42,420,000.00 40,840,000.00 42,420,000.00
Total noncurrent assets 995,727,740.61 884,935,414.73 1,003,404,715.36
B. Current assets
I.
Properties held for sale and other inventories
a) Land without buildings 2,479,657.75 2,636,372.66 2,479,657.75
b) Land with finished buildings 5,908,222.87 7,677,592.60 5,907,943.42
c) Work in progress, other inventories 34,476,245.05 30,079,996.97 28,152,724.93
42,864,125.67 40,393,962.23 36,540,326.10
II.
Current receivables and other current assets
a) Receivables from rental activities 3,800,859.84 4,266,152.19 4,284,329.28
b) Recievables from property sales 27,879,085.41 3,258,227.06 47,160,064.98
c) Current tax receivables 2,057,005.26 1,802,732.41 1,652,277.65
d) Current receivables and other current assets 55,349,484.30 14,808,386.08 10,249,862.73
e) Derivatives 0.00 5,635,000.00 0.00
89,086,434.81 29,770,497.74 63,346,534.64
III. Cash and bank balances 28,154,831.88 55,410,386.45 33,515,685.27
C. Noncurrent assets held for sale 6,395,331.58 2,767,896.73 2,709,053.66
Total current assets 166,500,723.94 128,342,743.15 136,111,599.67
Total assets 1,162,228,464.55 1,013,278,157.88 1,139,516,315.03
Equity and Liabilities in EUR Mar 31, 2007 Mar 31, 2006 Dec 31, 2006
A. Equity
I. Subscribed capital 20,000,000.00 10,225,837.62 20,000,000.00
II. Capital reserves 170,754,317.92 228,340,307.30 170,754,317.92
III. Retained earnings 29,733,706.21 29,417,398.46 29,702,430.21
IV. Consolidated net retained profits 171,866,308.37 151,578,368.52 175,098,444.00
V. Minority interests 0.00 379,635.79 0.00
Total equity 392,354,332.50 419,941,547.69 395,555,192.13
B. Noncurrent liabilities
I. Bank loans and overdrafts 523,547,916.26 400,261,688.65 503,587,203.03
II. Liabilities to other lenders 55,663,849.27 25,040,679.41 58,599,066.68
III. Interest rate swaps 34,618.87 0.00 54,795.07
IV. Post-employment benefit obligation 4,975,213.29 5,394,238.38 5,083,618.00
V. Other noncurrent provisions 256,568.75 4,291,499.66 254,480.27
VI. Liabilities to fund limited partners 50,391,280.88 0.00 49,783,237.83
VII. Other noncurrent liabilities 219,139.70 3,440,713.28 219,139.70
VIII. Deferred tax liabilities 6,179,849.51 2,278,000.00 6,179,849.51
IX. Deferred income 35,074,848.51 36,561,671.11 35,446,554.16
Total noncurrent liabilities 676,343,285.04 477,268,490.49 659,207,944.25
C. Current liabilities
I. Bank loans and overdrafts 16,353,324.59 19,096,215.62 9,004,049.09
II. Liabilities to other lenders 3,875,991.25 2,114,969.05 2,499,798.29
III. Provisions for taxes; current provisions 4,520,792.00 6,232,484.11 4,184,292.00
IV. Other current provisions 651,371.76 839,115.89 599,197.02
V. Prepayments received 40,969,686.25 39,546,238.81 32,763,820.82
VI. Liabilities from rental activities 9,645,600.99 8,109,537.14 10,401,092.18
VII. Trade payables and other liabilities 17,514,080.17 33,572,809.08 25,300,929.25
VIII. Derivatives 0.00 6,556,750.00 0.00
Total current liabilities 93,530,847.01 116,068,119.70 84,753,178.65
Total equity and liabilities 1,162,228,464.55 1,013,278,157.88 1,139,516,315.03

CONSOLIDATED INCOME STATEMENT FOR THE PERIOD FROM JANUARY 1 TO MARCH 31, 2007

Jan 1 – Mar 31, Jan 1 – Mar 31, Jul 1 – Dec 31, Jan 1 – Jun 30,
in EUR 2007 2006 2006 2006
1. Revenue
a) from residential property management 22,556,937.86 20,205,019.08 59,857,079.53 46,592,380.00
b) from property sales 0.00 100,000.00 2,790,888.00 526,000.00
c) from management activities 311,799.48 537,470.46 962,775.61 1,177,635.84
d) from other services 10,320.92 26,523.87 21,061.60 47,875.12
22,879,058.26 20,869,013.41 63,631,804.74 48,343,890.96
2. Profit from housing privatization
a) Sale proceeds 1,241,520.00 7,361,613.34 78,473,527.84 18,728,995.44
b) Carrying amounts of assets disposed 1,069,848.66 4,051,204.05 44,391,366.76 10,987,137.93
171,671.34 3,310,409.29 34,082,161.08 7,741,857.51
3. Changes in inventories 6,323,520.12 5,404,654.18 – 6,343,612.34 6,263,729.91
4. Other operating income 1,153,393.93 942,150.31 2,347,102.36 2,435,936.57
5. Cost of purchased services
a) Residential property management 11,908,479.55 10,327,138.34 26,086,404.55 24,310,820.22
b) Property sales 0.00 62,233.48 1,665,552.85 286,044.70
11,908,479.55 10,389,371.82 27,751,957.40 24,596,864.92
Gross profit 18,619,164.10 20,136,855.37 65,965,498.44 40,188,550.03
6. Employee expenses 3,951,936.85 4,220,457.42 8,354,117.06 8,995,318.50
7. Depreciation, amortization and
impairment losses
3,981,687.45 3,523,627.37 14,757,639.92 7,096,420.35
8. Other operating expenses 5,696,099.68 3,115,025.39 10,961,379.87 9,815,242.30
9. Income from business combination 0.00 0.00 8,779,377.52 0.00
10. Income from financial assets 2,295.89 159,979.40 317,674.74 318,436.48
11. Other interest and similar income 450,690.21 226,800.66 570,658.30 783,220.52
12. Impairment losses on financial assets 0.00 0.00 691.63 163,107.00
13. Interest and similar expenses 8,327,710.26 6,245,329.01 12,574,539.42 12,411,126.25
14. Net finance costs – 7,874,724.16 – 5,858,548.95 – 11,686,898.01 – 11,472,576.25
15. Gains and losses on financial derivatives 0.00 – 86,000.00 344,000.00 167,000.00
16. Profit before tax – 2,885,284.03 3,333,196.24 28,640,841.10 2,641,992.63
17. Income tax expense 336,500.00 203,000.00 – 726,988.55 904,726.07
18. Other taxes 10,351.60 18,700.91 23,474.04 31,289.75
19. Profit after tax – 3,232,135.63 3,111,495.33 29,344,355.61 1,705,976.81
Profit attributable to:
Shareholders of the parent
– 3,232,135.63 3,122,402.90 29,344,355.61 1,705,976.81
Minority interests 0.00 –10,907.57 0.00 0.00
Earnings per share – 0.16 0.78 1.47 0.09

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FISCAL YEAR FROM JANUARY 1 TO MARCH 31, 2007

Consolidated
Subscribed Capital Retained net retained Minority
in EUR thousand capital reserves earnings profits Subtotal interests Total
Balance at June 30, 2006
in accordance with IFRS 10,226 207,053 29,553 171,830 418,662 0 418,662
Distributions – 52,600 – 52,600 – 52,600
Profit for the year 29,344 29,344 29,344
Withdrawals – 36,298 – 36,298 – 36,298
Appropriations 9,774 26,524 36,298 36,298
Adjustment from pensions 149 149 149
Balance at December 31, 2006
in accordance with IFRS 20,000 170,755 29,702 175,098 395,555 0 395,555
Distributions 0 0
Profit for the year – 3,232 – 3,232 – 3,232
Withdrawals 0 0
Appropriations 0 0
Adjustment from pensions 31 31 31
Balance at March 31, 2007
in accordance with IFRS 20,000 170,755 29,733 171,866 392,354 0 392,354

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD FROM JANUARY 1 TO MARCH 31, 2007

Jan 1 – Mar 31, Jan 1 – Mar 31,
in EUR thousand 2007 2006
1. Consolidated profit before interest paid and received and income taxes
(insofar as recognized in the income statement for the reporting period) 4,980 8,829
2. Depreciation and amortization expense 3,982 3,524
3. Increase/decrease (–) in provisions 282 – 678
4. Profit from privatization (disposal of investment property) – 172 – 3,310
5. Interest paid (–)/received incl. previous year's deferred interest – 7,875 – 5,589
6. Income taxes paid (–)/received – 337 – 129
7. Increase (–)/decrease in deferred taxes 0 0
8. Increase (–)/decrease in inventories, trade receivables, derivatives and other assets
that are not attributable to investing or financing activities
– 32,065 2,215
9. Increase/decrease (–) in trade payables, derivatives and other liabilities that are not
attributable to investing or financing activities
– 336 7,271
10. Change in other balance sheet items 1,180 24
11. Cash flows from operating activities – 30,361 12,157
12. Proceeds from disposal of investment property 1,242 7,355
13. Payments to acquire investment property – 1,036 – 1,392
14. Payments to acquire intangible assets – 7 0
15. Proceeds from disposal of financial assets and capital repayments 0 0
16. Payments to acquire minority interests in consolidated companies 0 0
17. Payments to acquire financial assets 0 0
18. Payments to acquire limited partner shares in DB IF 14 0 0
19. Cash flows from investing activities/housing sales 199 5,963
20. Payments to owners (dividend) 0 0
21. Proceeds from issuance of loans 30,000 0
22. Repayments of loans – 5,199 – 9,913
23. Change in other current financial liabilities 0 0
24. Cash flows from financing activities – 24,801 – 9,913
25. Change due to changes in the Group of consolidated companies
Change in balance sheet items due to initial consolidation of DB IF 14 0 0
Cost 0 0
Profit from initial consolidation 0 0
26. Net change in cash and cash equivalents – 5,361 8,207
27. Cash provided by initial consolidation 0 0
28. Cash and cash equivalents at beginning of period 33,516 47,203
29. Cash and cash equivalents at end of period 28,155 55,410

The Group has funds amounting to EUR 270.0 million from financing commitments, EUR 30.0 million of which had been drawn down on the reporting date.

Cash and cash equivalents comprise cash (EUR 11 thousand; March 31, 2006: EUR 11 thousand) and bank balances (EUR 28,143 thousand; March 31, 2006: EUR 55,400 thousand).

In fiscal year 2007, cash funds of EUR 10,332 thousand (March 31, 2006: EUR 10,518 thousand) were pledged to a bank as cash collateral.

CONSOLIDATED SEGMENT REPORTING

in EUR m Mar 31, 2007 Mar 31, 2006
Revenue from estimated rent 23.7 21.2
Revenue from actual rent 21.7 19.5
Revenue from operating cost allocations 7.0 5.9
= Revenue from property management 28.7 25.3
Expenses from operating costs 7.8 6.6
Maintenance expenses 3.4 3.2
Other expenses from property management 0.4 0.3
Depreciation, amortization and impairment losses on noncurrent assets 4.0 3.5
= Expenses from property management 15.5 13.6
Adjustments for vacancies due to sales 1.3 1.3
Segment result – Residential Property Management 14.4 12.9
Sales revenue 0.1 7.4
Disposal of consolidated carrying amounts 0.0 4.0
= Consolidated book gains 0.1 3.3
Selling and pre-sale expenses 0.7 0.7
= Sales segment result for
core Rhine-Main / Rhineland-Palatinate portfolio – 1.8 1.4
Result from privatization of other development properties 0.1 0.0
Net selling proceeds from North Hesse portfolio 0.0 0.0
Segment result – Housing Privatization – 1.8 1.4
Income from management activities 0.3 0.5
Other income 1.1 1.0
Write-downs of receivables 2.6 0.4
Employee expenses 4.0 4.2
Administrative expenses 2.5 2.0
EBDIT 9.0 12.8
EBIT 5.0 9.3
Interest income 0.5 0.4
Interest expenses 8.3 6.3
= Net finance costs – 7.9 – 5.9
Profit before tax – 2.9 3.3
Income tax expense 0.3 0.2
Consolidated profit for the period – 3.2 3.1

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The fi nancial statements of the Deutsche Wohnen Group as of March 31, 2007, were prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated fi nancial statements were not reviewed by an auditor. The fi nancial statements give a true and fair view of the Group's results of operations for the period from January 1 to March 31, 2007. The interim fi nancial statements of the companies included are based on uniform accounting policies. The consolidation methods and accounting policies are unchanged as against the 2006 consolidated fi nancial statements and are presented in Deutsche Wohnen's 2006 Annual Report. The 2006 Annual Report can be downloaded from the Company's website (http://www.deutsche-wohnen.de). Please contact the Company for a printed copy.

The Group's profi t before tax and profi t after tax as of March 31, 2007, were signifi cantly infl uenced by two effects of sales transactions.

Due to the signifi cantly smaller pipeline from 2006, only four sales were recognized on the balance sheet as of March 31, 2007. The 156 housing sales in the fi rst quarter of 2007 will be reported in the consolidated fi nancial statements over the rest of 2007. In view of the fact that the number of sales is traditionally much higher in the second half of the year, it can be assumed that a further 1,000 to 1,200 housing sales will be recognized on the balance sheet before the end of 2007.

In 2005 Deutsche Wohnen sold undeveloped land with building space of approximately 20,000 m2 for which a definitive planning right has yet to be obtained. As the buyer has now indicated its intention to withdraw from the transaction, it is not sufficiently likely that the purchase agreement will actually become effective when the planning right is granted as anticipated. An impairment loss in the amount of EUR 2.2 million was therefore recognized. This matter is not expected to further impact consolidated profit in the future. The undeveloped space can in principle be resold, however.

As part of the full consolidation of DB Immobilienfonds 14 effective December 31, 2006, the 2,625 residential units and 27 commercial units in the fund initially increased the estimated rental income by approximately EUR 3.2 million. Allocable management expenses and higher interest expense due to consolidation means that the fund has almost broken even.

As of March 31, 2007, the loss before tax amounted to EUR –2.9 million (March 31, 2006: profit before tax of EUR 3.3 million). The loss after tax for the quarter was EUR – 3.2 million (Q1 2006: profit after tax of EUR 3.1 million).

The forecast for the consolidated profit before tax in 2007 is EUR 15.0 million (not including acquisitions). All things being equal, the Management Board is unable to rule out that the impairment loss of EUR 2.2 million will not affect this projection.

ADDITIONAL INFORMATION

MANAGEMENT BOARD

(as of May 2007)

Andreas Lehner (Chairman) Dr. Michael Gellen

SUPERVISORY BOARD

(as of May 2007)

Helmut Ullrich (Chairman) Dr. Andreas Kretschmer (Deputy Chairman) Jens Bernhardt Matthias Hünlein Hans-Werner Jacob Dr. Florian Stetter

CALENDAR

May 30, 2007 Kempen Conference in Amsterdam

May 31, 2007 HVB Conference in Stockholm

June 20, 2007 Deutsche Bank German Corporate Conference in Frankfurt

June 21, 2007 Annual General Meeting 2007 in Frankfurt

June 22, 2007 Dividend payment for the short fiscal year July 1 to December 31, 2006

August 28, 2007 Publication of the Half-Year Report 2007 September 12/13, 2007 UBS Conference in New York

September 25/27, 2007 HVB Conference in Munich

October 8/10, 2007 EXPO REAL in Munich

October 25/26, 2007 7th "Real Estate Share Initiative" Conference in Frankfurt

November 14/15, 2007 WestLB Conference in Frankfurt

November 27, 2007 Publication of the Interim Report as of September 30, 2007

REGISTERED OFFICE

Deutsche Wohnen AG

Registered Offi ce: Pfaffenwiese 300 65929 Frankfurt am Main Germany

Mainz Offi ce: Hindenburgstrasse 10 –16 55118 Mainz Germany Phone: +49 (0) 6131 6397-0 Fax: +49 (0) 6131 6397-199 [email protected] http://www.deutsche-wohnen.de

ACKNOWLEDGEMENTS

| Published by Deutsche Wohnen AG

| Design and Production von Oertzen GmbH & Co. KG

| Picture credits

Deutsche Wohnen AG Getty Images