PATRIZIA AG

Earnings Release • Apr 2, 2008

News Details

Ad-hoc | 2 April 2008 07:29

PATRIZIA Immobilien AG meets its forecast with consolidated net profit of EUR 48 million

PATRIZIA Immobilien AG / Final Results

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Ad hoc disclosure in line with Article 15 of the WpHG –

PATRIZIA Immobilien AG meets its forecasts with consolidated net profit of
48 MEUR.

• Increase in real-estate assets from 228 MEUR to 1,525 MEUR
• Value growth of real estate portfolios positively influences profit
• Forecast adjusted for 2008

Augsburg (Germany) – April 2, 2008. In the 2007 fiscal year, PATRIZIA
Immobilien AG (ISIN DE000PAT1AG3) achieved the consolidated net profit
forecast of 48.0 MEUR, thus generating an increase over the previous year
(2006: 32.4 MEUR) of 48.3 %.

Revenues declined by around 18.7 % from 237.6 MEUR to 193.3 MEUR due to
lower resale figures in Residential Property Resale and unrealized block
sales. 64.5 MEUR, or 33.4 %, of this resulted from the property resale of
487 units (previous year: 152.2 MEUR). By contrast, the broad extension of
the real estate portfolio led to rental income rising year-on-year by
around 386 % to 62.5 MEUR, thus contributing to 32 % of the Group’s
revenues.

The earnings from the resale of residential units are therefore below our
expectations. Conversely, under consideration of the difficult market
environment, the real estate purchases were pleasing with a total of 2,166
notarized units.

The key earnings figures have risen in comparison with the previous year,
since write-ups on parts of the portfolio amounting to 69.5 MEUR that were
recognized during 2007 have taken effect. EBIT climbed 116.6 % to 111.0
MEUR (previous year: 51.3 MEUR) and EBT rose 33.8 % to 63.2 MEUR (previous
year: 47.2 MEUR). After taking income taxes into account, consolidated net
profit stands at 48.0 MEUR.

To strengthen the Company’s equity in the currently unpredictable market
environment and with respect to the source of profit in 2007, the Managing
and Supervisory Boards of PATRIZIA Immobilien AG will propose to the 2008
Annual General Meeting that the 2007 retained earnings be fully carried
forward to new account.

PATRIZIA Immobilien AG’s total assets have more than quadrupled over the
fiscal year to 1,643.2 MEUR. Inventories rose from 228.4 MEUR to 793.4
MEUR, while investment property amounted to 711.6 MEUR (previous year: 0
EUR). Overall, on the balance sheet date PATRIZIA held real estate with a
carrying amount of 1,525.2 MEUR (previous year: 228.4 MEUR).

Of our current bank liabilities of 1,262.0 MEUR reported as at December 31,
2007, 48.1 % or 606.4 MEUR are due in more than one year. Interest rate
hedges have been entered into for around 82 % of existing bank liabilities.

As a result of the effects of the continuing US mortgage crisis on the
German real estate market and given constant market conditions, we expect
consolidated profit before income taxes for 2008 of between 25 MEUR and 30
MEUR. This forecast purely includes the earnings from rental income, the
resale of real estate portfolios and service fees from the Service segment;
possible effects of the revaluation of the real estate portfolios or from
interest rate hedges were not taken into account.

In addition to Residential Property Resale, we also further developed the
other high-return business segments – Asset Repositioning, Project
Development and Investment Management – in fiscal year 2007. It is our aim
to generate continuous income for PATRIZIA in the Services segment. We laid
the foundations for this in the 2007 fiscal year. By setting up two
open-ended real estate funds for institutional investors and by
establishing our co-investment with two international pension funds, we
offer tailored solutions for investors. Due to our high-quality real estate
portfolios in attractive locations throughout Germany, our wide-ranging
knowledge of real estate, our track record, and our experienced investment
and asset management, we believe we are well positioned beyond the current
fiscal year. The complete Annual Report for the 2007 fiscal year can be
found at www.investor.patrizia.ag.

Managing Board
Augsburg (Germany) – April 2, 2008
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
D – 86150 Augsburg

Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG

Contact:
Investor Relations
Claudia Kellert
Tel.: +49 (0) 821 5 09 10-360
Fax: +49 (0) 821 5 09 10-399
investor.relations@patrizia.ag

Press
Andreas Menke
Tel.: +49 (0) 821 5 09 10-655
Fax: +49 (0) 821 5 09 10-695
presse@patrizia.ag
02.04.2008 Financial News transmitted by DGAP

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Language: English
Issuer: PATRIZIA Immobilien AG
Fuggerstraße 26
86150 Augsburg
Deutschland
Phone: +49 (0)821 - 509 10-000
Fax: +49 (0)821 - 509 10-999
E-mail: investor.relations@patrizia.ag
Internet: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hamburg, Düsseldorf, Stuttgart

End of News DGAP News-Service

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