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Deutsche Wohnen SE Investor Presentation 2012

Sep 7, 2012

113_ip_2012-09-07_483f5bd1-29d1-44c2-b55d-d1a4890f8a7c.pdf

Investor Presentation

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Deutsche Wohnen AG

» Company presentationSeptember 2012

» Highlights H1/2012

1

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» BauBeCon – strategic fit of Deutsche Wohnen core regionsand expansion into new German Metropolitan Area

De
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Co
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u
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  • Combined portfolio to increase to ~ 73,000 units
  • More than 80% of the acquired portfolio is located in core regions
  • Post acquisition, Berlin exposure to account for ~ 47% of Deutsche Wohnen portfolio, i.e. ~ 34,300 units

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

(2) Fair value of Deutsche Wohnen total properties as of 31 March 2012 plus enterprise value for 100% of BauBeConGroup of EUR 1,235m (total consideration of EUR 1,131m plus existing debt of EUR 85m plus other adjustments to purchase price of EUR 19m) as of December 31, 2011 allocated to regions

» FFO impact of the BauBeCon acquisition

2

» DW: Strong historical like-for-like development since Dec07

Total portfolio

3

0.0%1.0%2.0%3.0%

  • Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011
  • Comprises ~ 43,000 units under management since Dec 07
  • Avg. growth of in-place rent (2.6% p.a.) translates into:
  • ›EUR + 0.54 per sqm per month higher in-place rent
  • ›EUR + 17.1m 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.

» DW Berlin: Compelling like-for-like development since Dec07

Letting portfolio Greater Berlin

In-place (EUR/sqm)

3

  • Comprises ~ 21,000 units under management since Dec 07
  • Avg. growth of in-place rent (3.5% p.a.) translates into:
  • ›EUR + 0.71 per sqm per month higher in-place rent
  • ›EUR + 10.8m 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.

» DW: Increasing rent potential across our core regions

Rent potential

3

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

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

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

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

Successful H1/2012

4

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

New guidance for FFO 2012

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

Further outlook

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

» Disclaimer

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

Deutsche Wohnen AG

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

© 2012 Deutsche Wohnen AG

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