Deutsche Wohnen SE — Investor Presentation 2017

Nov 14, 2017

Deutsche Wohnen SE

» 9M 2017 results

Conference Call, 14 November 2017

» Highlights 9M 2017

Strong operating business

• L-f-l rental growth of 4.2% for letting portfolio –for Berlin even at 5.0% as Mietspiegel effects start to come through
• Adjusted EBITDA (excl. disposals) up 7.5% yoy to EUR 435.3m
• Attractive NOI margin of 77.4% despite increased maintenancecosts

Capex programme to accelerate rental and value growth fully on track

Modernization expenses increased by 70% to EUR 142.1m yoy or EUR 19.08 per sqm (annualized)

Successful refinancing of EUR 400m convertible bond due 2021

• Attractive terms for new EUR 800m convertible bond (0.6% coupon, 61% premium to EPRA NAV)
• Diluted FFO I up 15% yoy at EUR 0.94 per share (pro-forma for convertible refinancing)
• Convertible bond due 2021 successfully refinanced

Market dynamics continue to be strong

• Despite realised l-f-l rental growth reversionary potential continues to be high at 30% in Core⁺
• Attractive spread between in-place and market rent multiples offer further potential for NAV growth

» Market and sector specific trends underpin the investment case

Supply demand imbalance has significantly widened in recent years in Berlin with no indication of reversal of trend

Demographic forecasts show strongest growth for federal state of Berlin with c. 500k additional inhabitants by 2035

» Current level of rents and prices offer significant growth potential

• Dynamic development of residential rents and prices for German top cities, based on strong demographictrends and fundamentals
• Deutsche Wohnen portfolio offers catch-up potential for rents and values
• CBRE's asking prices for multifamily housing are c. 40% above Deutsche Wohnen fair value per sqm
• CBRE asking rents c. 18% above current re-letting rent of Deutsche Wohnen portfolio in Berlin

Source: CBRE ; CBRE adjusts values for outlliers, same rent offers in different apartment searches and excludes new construction as well as furnished flats

» Portfolio update 9M 2017 – attractive reversionary potential

S ic tra te lu te g c s r	i ia Re de t l s n i ts un	f % to ta l o d by me as ur e	1) In lac t -p e re n	ir Fa lu va e	ip M l t le u in lac e	ip M l t le u ke t m ar	2) ia Re t p te t l n o n	Va ca nc y
		fa ir v lue a	/sq /m E U R h t m on	/sq E U R m	-p t re n	t re n	in %	in %
S ic d h tra te t g co re a n g ro w io re g ns	1 5 9, 4 9 6	9 9. 6 %	6. 3 5	1, 2 8 7	2 2. 7	1 5 7.	2 % 7	2. 1 %
Co + re	1 4 0, 6 0 1	9 2. 3 %	6. 4 4	1, 8 2 0	2 3. 5	1 9 7.	3 0 %	2. 0 %
Co re	1 8, 8 9 5	3 % 7.	6 5. 5	1, 0 5 5	1 6 5.	1 3. 6	1 6 %	2. 2 %
No n- co re	1, 4 2 9	0. 4 %	4. 9 1	6 8 8	1 2. 7	1 0. 1	1 7 %	5. 7 %
To l ta	5 1 6 0, 9 2	1 0 0 %	6. 3 3	1, 7 1 8	2 2. 6	5 1 7.	2 7 %	2. 1 %
T he f Gr Be l in te re o ea r r	1 1 4, 3 1 4	7 6. 8 %	6. 3 7	1, 8 8 4	2 4. 7	1 8. 4	3 0 %	2. 0 %

Total portfolio valued at market rent multiple of 17.5x (5.7% gross yield)

Rent potential stable at 27% for the total portfolio and 30% for Core⁺ / Berlin

1) Contractually owed rent from rented apartments divided by rented area; 2) Unrestricted residential units (letting portfolio); rent potential = new-letting rent compared to in-place rent (letting portfolio)

» Strong like-for-like development in particular in Berlin

L i ke -fo l i ke r- / / 3 0 0 9 2 0 1 7	Re i de ia l u i t ts s n n be nu m r	2) In lac t -p e re n / / 3 0 0 9 2 0 1 7 E U R /sq m	2) In lac t -p e re n / / 3 0 0 9 2 0 1 6 E U R /sq m	C ha ng e y- o- y	Va ca nc y / / 3 0 0 9 2 0 1 7 in %	Va ca nc y / / 3 0 0 9 2 0 1 6 in %	C ha ng e y- o- y
S ic d h tra te t g co re an g row re g	ion s
Co + re	1 3 1, 6 2 0	6. 4 2	6. 1 4	4. 5 %	1. 6 %	1. 5 %	0. 1 p p
Co re	1 8, 6 8 2	5. 6 5	5. 5 6	1. 7 %	2. 2 %	1. 8 %	0. 3 p p
1) Le ing fo l io t t t p or	1 0, 3 0 2 5	6. 3 2	6. 0 7	4. 2 %	1. 7 %	1. 5 %	0. 2 p p
To l ta	1 5 5, 2 3 8	6. 3 1	6. 0 5	4. 1 %	1. 9 %	1. 6 %	0. 2 p p
T he f Be l in Gr te re o ea r r	1 0 8, 1 1 4	5 6. 3	6. 0 4	5. 0 %	1. % 7	1. 5 %	0. 2 p p

Strong like for like rental growth of 4.2% in letting portfolio, in Berlin even 5.0% as Mietspiegel adjustments start to kick-in

Tenant turnover stable at 8% for total portfolio, Berlin at 7%

Vacancy slightly increased, due to Capex measures (~45bps capex driven vacancy)

1) Excluding disposal portfolio and non-core portfolio; 2) Contractually owed rent from rented apartments divided by rented area

» Focused and increasing investments into the portfolio

	9 M 2	0 1 7	9 M 2 0 1 6
	E U R m	/ E U R 1) sq m	E U R m	/ E U R 1) sq m
in Ma te na nc e ( d ex p en se hro h p & l ) t ug	7 4. 1	5 9. 9	6 4. 4	5 8. 7
iza io Mo de t rn n ( i l ize d o ta ca p n ba lan he ) t ce s e	1 4 2. 1	1 9. 0 8	5 8 3.	1 1. 3 4
To l ta	2 1 6. 2	2 9. 0 3	1 4 7. 9	2 0. 0 8
Ca i l iza io ta t te p n ra	5. 6 7 %		5 6.	5 %

Value enhancing Capex programme is fully on track

Re-letting investment of EUR 100m p.a. to realize 30% reversionary potential at an unlevered yield on cost of 12%

Significant increase in modernization expenses to EUR 19.08 per sqm (+68% yoy), maintenance and modernization per sqmalmost reached guided level of EUR ~30 per sqm for 2017, thereof EUR ~10 per sqm expensed through p&l (maintenance)

1) Annualized figure, based on the quarterly average area

» NOI margin at 77.4%

in E U R m	9 M 2 0 1 7	9 M 2 0 1 6
Re l in ta n co m e	5 5 3. 4	5 2 6. 1
No b le n- re co ve ra ex p en se s	( ) 8. 0	( ) 6. 2
Re l los ta n s	( 4. 3 )	( ) 4. 8
Ma in te na nc e	( 4. 1 ) 7	( ) 6 4. 4
O he t rs	( 4 ) 5.	( ) 6. 0
Ea in fro Re i de ia l Pr t ty rn g s m s n op er Ma t na g em en	4 6 1. 6	4 4 4. 7
Pe l, l d dm in is ive tra t rso nn e g en er a an a e xp en se s	( ) 3 3. 0	( 3 0. 1 )
Ne Op in In ( N O I ) t t er a g co m e	4 2 8. 6	4 1 4. 6
N O I in ma rg	7 7. 4 %	8. 8 % 7
N O I in E U R / s / m h t q m on	4. 8 0	4. 6 9

in E U R m	9 M 2 0 1 7	9 M 2 0 1 6
O Ne ing inc ( N I ) t o t p er a om e	4 2 8. 6	4 1 4. 6
Ca h in te t s re s ex p en se s	( ) 7 1. 7	( ) 7 6. 0
Ca h f low fro fo l io f h in t te te t s m p or a r c as re s ex p en se s	5 3 6. 9	3 3 8. 6

Maintenance expenses as a percentage of rental income increased from 12.2% to 13.4%

Adjusted for higher maintenance in 9M 2017 NOI margin remained stable

» Attractive margins of disposal business despite significant revaluations

isp D ls os a	iva Pr t	iza io i io t In t tu t l les To ta l n s na sa
i h los ing in t c w	9 M 2 0 1 7	9 M 2 0 1 6	9 M 2 0 1 7	9 M 2 0 1 6	9 M 2 0 1 7	9 M 2 0 1 6
No f i ts . o un	5 7 1	1, 0 6 1	1, 6 0 3	2, 5 4 4	2, 1 7 4	3, 6 0 5
( ) Pr ds E U R oc ee m	8 3. 8	1 2 5. 5	1 1 5. 7	1 7 5. 5	1 9 9. 5	3 0 1. 0
Bo k v lu o a e	6 5. 1	8 9. 9	9 9. 7	1 5 6. 5	1 6 4. 8	2 4 6. 4
Pr ice in E U R p er s q m	2, 0 4 7	1, 5 3 8	9 7 1	9 6 1	/a n	/a n
( ) Ea in E U R rn g s m	1 4. 0	2 8. 7	1 4. 5	1 7. 7	2 8. 5	4 6. 4
Gr in os s m ar g	2 9 %	4 0 %	1 6 %	1 2 %	2 1 %	2 2 %
Ca ( ) h f low im E U R t s p ac m	7 4. 7	1 1 1. 7	1 1 3. 5	1 4 3. 4	1 8 8. 2	2 5 5. 1

Demand for property continues to be high; a total of 3,072 units were sold, of which 2,174 units had transfer of ownership in the first nine months of 2017

Too early in cycle to accelerate privatization pace to turn book gains into cash returns for shareholders

Continued strong demand for residential properties used for portfolio clean-up in non-core regions

» Increasing FFO contribution from Nursing and Assisted Living

io ( in E U R ) Op t er a ns m	M 9 2 0 1 7	M 9 2 0 1 6	in E U R m	M 9 2 0 1 7	M 9 2 0 1 6
To l inc ta om e	6 9. 4	5 2. 4	Nu ing rs	5 3. 9	4 1. 5
To l e ta xp en se s	( ) 6 3. 1	( ) 4 7. 1	L iv ing	6. 5	4. 9
E B I T D A io t op er a ns	6. 3	5. 3	O he t r	9. 0	6. 0
E B I T D A in ma rg	9. 1 %	1 0. 1 %	in E U R m	9 M 2 0 1 7	9 M 2 0 1 6
Le as e e xp en se s	( 2) 1 1. 2	( 1) 9. 7
E B I T D A R	1 7. 5	1 5. 0	S f f ta	( ) 3 6. 9	( ) 2 6. 7
E B I T D A R in ma rg	2 5. 2 %	2 8. 6 %	/ Re lea t n se O he t r	( ) 1 1. 2 ( ) 1 5. 0	( ) 9. 7 ( ) 1 0. 7
As ( in E U R ) ts se m	M 9 2 0 1 7	M 9 2 0 1 6
Le inc as e om e	( 2) 3 1. 4	( 1) 8. 9	S l ig h in de l ine in t m ar g c op er a	ion l bu ine t a s	fro he t ss m
To l e ta xp en se s	( 0. 8 )	( 0. ) 5	f fa in ion 3 i l i ies in Ha te t t g ra o c Ra f o fu l ly 2 0 1 6. m p- up o ne re	bu ire m rg ac q u fu b is he d fa r c	Q d in 4 i l i ly ty t cu rre n
E B I T D A ts as se	3 0. 6	8. 4	ing im d o lev l o f ~ 9 0 % t ru nn a p rov e cc up an cy e
Op io & As ( in E U R ) t ts er a ns se m	M 9 2 0 1 7	M 9 2 0 1 6
To l E B I T D A ta	3 6. 9	1 3. 7	Se in he l i da d g t o t t te u co ns o ro "E ing fro ing as ar n s m nu rs a n	f ina ia l s up nc d a is d l iv ing te ss	ta te ts me n "
In te t e re s xp en se s	( 3. 1 )	( 3. 3 )
F F O I c i bu io tr t on n	3 3. 8	1 0. 4	Inc lu de ts to t s p ay me n op er a	ion l p tn a ar er

Continued high occupancy rate of c. 98% through Katharinenhof participation is a testimonial of good operational performance

1) The delta between lease expenses (operations) and lease income assets derives from one nursing facility wich is only operated but not owned by Deutsche Wohnen group

2) Since January 1, 2017, 28 nursing facilities rented to third parties are included in lease income

» EBITDA margin continues to be strong

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

Slightly higher cost ratio due to increased personnel expenses, primarily driven by new hiring to execute capex programme as well as increases of compensation for existing staff

Increased earnings from residential property management and acquisitions in nursing and assisted living led to further increase of adj. EBITDA margin by 1.7pp (excl. disposals)

» FFO growth of 9% mainly driven by operations and acquisitions

in E U R m	9 M 2 0 1 7	9 M 2 0 1 6
E B I T D A ( d j d ) te a us	4 6 3. 8	4 5 1. 4
fro Ea ing D isp ls rn s m os a	( 2 8. ) 5	( ) 4 6. 4
Lo ion -te t t ng rm re m un er a co m p on en ( ) ha ba d s re se	1. 2	1. 6
A i lua ion t e ty t q va u	1. 3	1. 5
In / inc ( ing ) te t e re s xp en se om e re cu rr	( ) 7 4. 2	( ) 7 8. 6
Inc tax om e es	( ) 2 8. 8	( 2 1. 3 )
M ino i ies t r	( 4. 8 )	( ) 5. 2
F F O I	3 3 0. 0	3 0 3. 0
Ea ing fro D isp ls rn s m os a	2 8. 5	4 6. 4
F F O I I	5 5 3 8.	3 4 9. 4
1) O in F F I p ha E U R er s re	0. 9 4	0. 9 0
2) D i lu d be f ha te nu m r o s re s	3 0. 7 7	3 0. 8 7
2)i O D i lu d F F I p ha E U R te er s re n	0. 8 9	0. 8 2
3) Pr for d i lu d be f ha te o- ma nu m r o s re s	3 5 1. 3	3 7 0. 8
3)in Pr for d i lu d F F O I p ha E U R te o- ma er s re	0. 9 4	0. 8 2
1) O F F I I p ha in E U R er s re	1. 0 2	1. 0 4

FFO I margin improved by 2pp, mainly through operating performance and further lowering of financing costs

1) Based on weighted average shares outstanding (9M 2017: 351.3m; 9M 2016: 337.4m)

2) Based on weighted average shares assuming full conversion of in the money convertible bonds

³⁾ Based on weighted average shares assuming convertible bond 2021 is fully taken out

» EPRA NAV per share stable in 9M 2017

in E U R m	3 0 / 0 9 / 2 0 1 7	3 1 / 1 2 / 2 0 1 6
Eq i ( be fo l l ing in ) ty tro te ts u re no n- co n re s	8, 8 4 2. 2	7, 9 6 5. 6
Fa ir v lue f de iva ive f ina ia l t a s o r nc ins tru ts me n	2 0. 0	4 7. 0
De fe d ( ) tax t rre es ne	2, 3 2 8. 7	2, 0 0 4. 4
E P R A N A V ( d i lu d ) te un	1 1, 1 9 0. 9	1 0, 0 1 7. 0
S ha d ing in ts tan re s o u m	3 5 4. 7	3 3 7. 5
in E P R A N A V ha E U R p er s re ( d i lu d ) te un	3 1. 5 5	2 9. 6 8
E f fe f ise f i b les ts t c o ex er c o co nv er	6 7 8. 0	9 9 2. 3
( ) E P R A N A V d i lu d te	1 1, 8 6 8. 9	1 1, 0 0 9. 3
S ha d i lu d in te re s m	3 4. 1 7	3 0. 8 7
E P R A N A V ha in E U R ( d i lu d ) te p er s re	3 1. 2 7	2 9. 6 9

Next revaluation with FY 2017 financials envisaged

1) EPRA NAVs as reported

» Early refinancing of the convertible bonds due 2020 and 2021

	C Re f in in B an c g	2 0 2 0 in Fe b 2 0 1 7		Se 2 0 2 1 in 2 0 1 7 p
No io l a t t na m ou n	€ 2 5 0m	€ 8 0 0m	€ 4 0 0m	€ 8 0 0m
Iss da te ue	No 2 0 1 3 v	Fe b 2 0 1 7	Au 2 0 1 4 g	Oc 2 0 1 t 7
i Ma tu ty r	No 2 0 2 0 v	Ju l 2 0 2 4	Se 2 0 2 1 p	Ja 2 0 2 6 n
Co up on p .a	0. 5 0 0 %	0. 3 2 5 %	0. 8 7 5 %	0. 6 0 0 %
In i ia l c io iu t on ve rs n p re m m	3 0. 0 %	5 3. 0 %	2 7. 5 %	4 0. 0 %
Co io ice ( ) t nv er s n p r cu rre n	€ 1 7. 4 5	€ 4 8. 3 0	€ 2 0. 5 7	€ 5 0. 8 5
Pr iu E P R A N A V ha * to em m p er s re	-4 4. % 7	3. 1 % 5	-3 4. 8 %	6 1. 2 %
Te de d te n re no s	~1 0 0 %	/a n	~1 0 0 %	/a n
Pu ha ice ( ) rc se p r ap p ro x.	€ 4 7 2m	/a n	€ 7 3 0m	/a n
Un de ly in ha r g s re s	1 4. 3m	1 6. 6m	1 9. 4m	1 5. 7m

*as of 30/09/2017

• Deeply "in the money convertibles" refinanced with "out of the money" convertibles, thereby reducing dilution risk for shareholders
• Mitigation of the refinancing risk and utilisation of the attractive financing environment
• Full flexibility to redeem convertible bonds in cash and/or shares, thereby effective tool to manage capital structure
• Prolongation of the overall maturity profile to ~8.2 years

» Conservative long term capital structure

Ra ing t	A- / A 3; b le lo k t t s a ou o
1) Ø i tu ty m a r	8. 2 y e a rs ~
1) d b k d b % t s e cu re a n e	6 6 %
1) % d d b t u ns e cu re e	3 4 %
1) Ø in t t t e re s c o s	(~ ) 1. 4 % 8 7 % he d d g e
L T V t t a rg e ra ng e	3 5- 4 0 %

• Low leverage, long maturities and strong rating
• Flexible financing approach to optimize financing costs –unencumbered assets increased to > EUR 4bn
• No significant maturities until and including 2019
• LTV at 37.0% as of 9M 2017 (-0.7pp vs year end)
• ICR (adjusted EBITDA excl. disposals / net cash interest) 5.9x (+0.5x yoy)
• Short term access to c. EUR 1bn liquidity through CP program and RCFs

1) pro forma convertible refinancing October 2017

2) Excluding commercial papers

» Appendix

» Bridge from adjusted EBITDA to profit

in E U R m	9 M 2 0 1 7	9 M 2 0 1 6
( j ) E B I T D A d d te a us	4 6 3. 8	4 5 1. 4
De ia ion t p re c	( ) 5. 2	( 4. 6 )
A i lua ion t e ty t q u va	1. 3	1. 5
( ) F ina ia l re l t t nc su ne	( 9 1. 4 )	( ) 8 8. 5
( j ) E B T d te d a us	3 6 8. 5	3 5 9. 8
Va lua ion ies t t p ro p er	8 8 5. 9	7 3 1. 3
On f fs e- o	( ) 3 2. 3	( ) 6. 4
Va lua ion S W A P d i b le bo ds t t an co nv er n	( 1 8. 3 ) 7	( 1 2 ) 5 5.
E B T	1, 0 4 3. 8	9 2 9. 5
Cu t tax rre n es	( ) 3 0. 2	( ) 2 1. 3
De fe d tax rre es	( ) 3 0 7. 6	( ) 2 4 5. 6
Pr f i t o	7 0 6. 0	6 6 2. 6
Pr f i i bu b le he ha ho l de f t a t tr ta to t o s re rs o he t t p ar en co mp an y	6 7 9. 0	6 4 2. 2
1) Ea ing ha rn s p er s re	1. 9 3	1. 9 0

in E U R m	M 9 2 0 1 7	M 9 2 0 1 6
In te t e re s xp en se s	( 7 4. 8 )	( 7 9. 3 )
In f l inc % ta o ren om e	1 4 % ~	1 5 % ~
No h in te t n- ca s re s ex p en se s	( ) 1 7. 2	( ) 9. 9
	( 9 2. 0 )	( 8 9. 2 )
In inc te t re s om e	0. 6	0. 7
F in ia l l ( ) t t an c re su ne	( 9 1. 4 )	( 8 8. 5 )

Non-cash interest expense increased mainly due to redemption of subsidized loans (accounted below itsnominal value)

Thereof EUR (181.5 m) from convertible bonds (increase in market value because of positive shareprice performance) and EUR 3.2m from valuation of derivatives

1) Based on weighted average shares outstanding (9M 2017: 351.3m; 9M 2016: 337.4m);

» Summary balance sheet

A t s s e s			E i d L i b i l i i t t q u y a n a e s
in E U R m	/ / 3 0 0 9 2 0 1 7	/ / 3 1 1 2 2 0 1 6	in E U R m	/ / 3 0 0 9 2 0 1 7	/ / 3 1 1 2 2 0 1 6
Inv ies tm t p t es en ro p er	1 7, 9 4 1. 0	1 6, 0 0 5. 1	To l e i ta ty q u	9, 1 4 6. 6	8, 2 3 4. 0
O he t t ts r n on -c ur re n as se	1 3 2. 2	1 0 8. 6	F ina ia l l ia b i l i ies t nc	4, 7 9 3. 6	4, 6 0 0. 0
De fe d tax ts rre as se	0. 7	0. 7	Co i b les t nv er	1, 3. 5 5 5	1, 0 4 1 5.
No t ts n cu rre n as se	1 8, 0 3. 9 7	1 6, 1 1 4. 4	Bo ds n	8 3 3. 2	7 3 2. 3
La d a d bu i l d ing he l d fo le n n s r sa	3 4 5. 1	3 8 1. 5	Ta l ia b i l i ies t x	5 0. 6	4 8. 3
Tr de iva b les a re ce	1 9. 1	1 6. 4	De fe d l ia b i l i ies tax t rre	1, 9 9 7. 9	1, 6 8 7. 1
O he t t ts r c ur re n as se	1 0 9. 0	9. 1 7	De iva ive t r s	2 1. 5	4 7. 0
Ca h d h e iva len ts s an ca s q u	3 9 5. 0	1 9 2. 2	O he l ia b i l i ies t t r	5 4 5. 2	3 8 9. 8
Cu t ts rre n as se	8 6 8. 2	6 6 9. 2	ia i i ies To ta l l b l t	9, 7 9 5. 5	8, 5 4 9. 6
To l a ta ts ss e	1 8, 9 4 2. 1	1 6, 7 8 3. 6	To l e i d l ia b i l i ies ta ty t q u an	1 8, 9 4 2. 1	1 6, 7 8 3. 6

Investment properties represent ~95% of total asset s

Strong balance sheet structure offering comfort throughout market cycles

» Full year guidance remains unchanged

	2 0 1 6	2 0 1 7 i G d u a n c e	d t u p a e	M i d iv a n r e r s
O ( ) F F I E U R m	3 8 4	4 2 5 ~		O f i l d i i i t t t p e r a o n a p e r o r m a n c e a n r e c e n a c q s o n s u
D i i d d v e n p e r ( ) h E U R s a r e	0. 7 4	0. 7 8 ~		O B d 6 % i f F F I 5 t t a s e o n p a y -o u r a o r o m d h d i t t t a n c r r e n s a r e s o s a n n g u u
L T V	3 % 7. 7	3 4 0 % 5- ( t t a r g e ) r a n g e		A i k i t t t m o e e p c r r e n r a n g u
L i k f l i k l t e- o r- e r e n a h t g r o w	2. 9 %	4 % >		I B l i l f l l h 5 % t t t t n e r n w e e x p e c u p o r e n a g r o w

» Strong like-for-like development in particular in Berlin

i -fo i L ke l ke r- / / 3 0 0 9 2 0 1 7	i ia i Re de t l u ts s n n Nu be m r	2) In- lac t p e r en / / 3 0 0 9 2 0 1 7 /sq E U R m	2) In- lac t p e r en / / 3 0 0 9 2 0 1 6 /sq E U R m	C ha ng e y- o-y	Va ca nc y / / 3 0 0 9 2 0 1 7 in %	Va ca nc y / / 3 0 0 9 2 0 1 6 in %	C ha ng e y- o-y
1) ing fo io Le t t t l p or	1 5 0, 3 0 2	6. 3 2	6. 0 7	4. 2 %	1. 7 %	5 1. %	0. 2 p p
Co + re	1 3 1, 6 2 0	6. 4 2	6. 1 4	4. 5 %	1. 6 %	1. 5 %	0. 1 p p
Gr Be l in ter ea r	1 0 8, 1 1 4	6. 3 5	6. 0 4	5. 0 %	1. % 7	1. 5 %	0. 2 p p
R h ine -M in a	8, 8 2 1	6 4 7.	4 2 7.	2. 9 %	1. 8 %	1. 4 %	0. 4 p p
R h ine lan d	4, 9 1 3	6. 2 2	6. 1 2	1. 6 %	0. 6 %	1. 2 %	0. 6 p p -
Ma he im / Lu dw ig ha fen nn s	4, 4 1 8	5. 9 6	5. 7 0	4. 5 %	0. 7 %	0. 6 %	0. 1 p p
/ Dr de Le ip ig es n z	3, 9 3 7	5. 4 1	5. 3 3	1. 6 %	2. 2 %	2. 4 %	0. 2 p p -
So ig Co t ns e re+	1, 3 8 1	9. 8 9	9. 7 8	1. 1 %	0. % 5	1. 3 %	0. 8 p p -
Co re	1 8, 6 8 2	5. 6 5	5. 5 6	1. % 7	2. 2 %	1. 8 %	0. 3 p p
/ Ha Br ic k no ve r un sw	9, 0 8 9	5. 7 4	5. 6 4	1. 9 %	1. 9 %	1. 9 %	0. 0 p p
K ie l / L ü be k c	4, 9 4 5	9 5. 5	2 5. 5	1. 4 %	2. 3 %	1. 6 %	0. 7 p p
Co C Ge i ies Ea t ter re s n rm an y	4, 6 4 8	5. 5 1	5. 4 3	1. 5 %	2. 7 %	2. 0 %	0. 7 p p
To ta l	3) 1 5 5, 2 3 8	6. 3 1	6. 0 5	4. 1 %	1. 9 %	1. 6 %	0. 2 p p

1) Excluding disposal portfolio and non-core portfolio; 2) Contractually owed rent from rented apartments divided by rented area; 3) Total L-f-l stock incl. Non-Core

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