Stop parsing PDFs. Get the API. Request Access

AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

Vonovia SE

Earnings Release • May 3, 2018

477_ip_2018-05-03_9c5e3f51-779b-4112-98f4-28e6f7f7c18d.pdf

Earnings Release

Open in Viewer

Opens in native device viewer

Q1 2018 Earnings CallMay 3, 2018

Rolf Buch, CEODr. A. Stefan Kirsten, CFO

d
A
g
e
n
a
hlig
hts
1.
Hig		 2.
Q
1 2
01
8 r
lts
esu		 3.
kee
Ho
ing
use
p		 4.
Wr
ap
-up		 nd
5.
Ap
ix
pe
1 h
l
h
H
i
i
t
g
g
s
2 l
Q
1
2
0
1
8
t
e
s
s
r
u
3 k
H
i
o
u
s
e
e
e
p
n
g
4 W
r
a
p
-u
p
5 d
A
i
p
p
e
n
x
h
l
h
H
i
i
t
g
g
s
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
3.
Ho
kee
esu
use		 ing
4.
Wr
p
ap
-up		 5.
Ap
nd
ix
pe
O
i
t
p
e
r
a
o
n
s		 f
Or
ic
h
4.
2
%
t g
t
g
an
re
n
ro
w
o
y
-o
-y
l o
du
d
by
2
3
%
Re
ta
t
in
1.
n
p
er
a
g
ex
p
en
se
s
re
ce
l
he
do
b
le
fro
im
in
t
in
t
t s
tr
tu
e
a
g
co
s
uc
re
m
c
u
d
A
j.
E
B
I
T
D
A
Op
io
5.
2
%
€
3
t
to
er
a
ns
u
p
y
-o
-y
d
j.
Op
io
in
(
in
A
E
B
I
T
D
A
t
te
er
a
ns
m
ar
g
ex
. m
a		 €
3.
9m
l
f c
d
to
5
t o
t
in
a
s
a
re
su
on
ue
lu
de
d
Q
2
0
t
in
in
1
1
7.
on
we
c
r
1
5.
7m
in
Q
1
2
0
1
8.
)
8
9.
9
%
in
Q
2
0
8
fro
to
1
1
na
nc
e
up
m		 f
f
d
ic
ie
in
e
nc
g
a
s
an
y
8
8.
6
%
in
2
0
F
Y
1
7.
F
F
O
1		 d
by
F
F
O
1
in
1
1.
6
%
to
€
2
4
3.
6m
ea
se
-o
cr
y
-y
On
ha
ba
is,
F
F
O
1
€
0.
5
0,
7.
a
p
er
-s
re
s
wa
s
u
p		 in
Q
1
2
0
1
8.
9
%
y
-o
-y
B
U
W
O
G		 l
low
he
ha
f c
l o
h
2
6,
Fo
in
t
tro
Ma
g
c
ng
e
o
on
n
rc
's
he
he
f
Vo
ia
Q
1
ts
t
i
t a
no
ac
co
un
re
as
p
ro
n
v
w
,
2
0
1
8.
ia
's
ke
in
O
G
f
i
l
3
0
Vo
ta
B
U
W
Ap
no
v
s
as
o
r
wa
l
d
he
d
f
Op
io
in
io
t
te
t
ta
te
t
t
er
a
na
g
ra
n
s
r
a
e
n
o
bu
d
be
fu
l
ly
le
d
by
in
is
te
to
te
s
es
s
ex
p
ec
co
m
p		 2
0
8,
he
ba
la
he
da
f
1
t
t
ta
B
U
nc
e
s
e
o
d
lo
da
d
h
f
low
l
l o
ly
ta
i
ss
a
n
ca
s
s
n
w
%
7
7.
4
s
h
d
he
f
Ma
in
io
B
U
W
O
G
t
te
t
rc
an
g
ra
n
o
he
d
f
h
is
t
t
e
n
o
y
ea
r.		 O
lu
de
d
W
G
is
in
in
c
be
lu
de
d
in
ta
t
in
Q
2
c
s
g
r
's
Ge
in
t
rm
an
o
p
er
a
g
d
G
i
a
n
c
e
u		 d
da
by
ha
In
2
0
1
8
F
F
O
1
i
t
cr
ea
se
g
u
nc
e
m
or
e
€
0m
ia
d-
lo
im
4
Vo
ta
no
v
s
n
a
ne
p
ro
ve
m
low
in
d
te
t
ta
er
re
s
an
x
ex
p
en
se
bu
d
fro
€
3
0m
tr
i
t
io
te
B
U
on
n
ex
p
ec
m
c		 7
%
€
1,
0
3
0m
€
1,
0
5
0m
to
n
:
-
d
fro
h
ig
he
l
in
ts
te
ta
en
e
xp
ec
m
r r
en
co
W
O
G		 low
ba
d
t
m
e,
er
c
os
se
a
n
f
9
%
O
G
h
S
l
l
l
i
7
F
F
1
P
B
t
t
o
o
n
a
m
a
e
o
o
o
a
s
e
-o
r
w
r
r
y
-y
hlig
hts
1.
Hig		 lts
2.
Q
1 2
01
8 r
esu		 kee
3.
Ho
ing
use
p		 4.
Wr
ap
-up		 nd
5.
Ap
ix
pe
  • Excluding BUWOG, the average number of square meters declined by 2.9% as a result of disposals.
  • On this smaller portfolio base, Adj. EBITDA Operations was up 5.2% driven by higher rental income and lower operating expenses. Combined with reduced interest expenses the FFO per share was up 7.9%.
be
lu
d
Nu
in
B
U
W
O
G
m
rs
ex
c
g		 Q
1
2
0
1
8		 Q
1
2
0
1
7		 De
l
ta
be
f r
de
l s
Av
i
t
ia
er
ag
e
nu
m
r o
es
n
q
m		 `0
0
0		 2
6
2
9
1,		 2
2,
2
6
7		 -2
9
%
Av
be
f r
i
de
ia
l u
i
t
ts
er
ag
e
nu
m
r o
es
n
n		 # 3
4
5,
9
0
7		 3
5
6,
4
1
1		 -2
9
%
Or
ic
h
(
)
t g
t
g
an
re
n
ro
w
y-
o-
y		 % 4.
2		 3.
4		 8
0
bp
+
s
la
(
)
In
-p
ce
r
en
eo
p		 €
/m
h
/sq
t
on
m		 6.
3
4		 6.
0
6		 4.
6
%
+
t
(
)
Va
te
ca
nc
y
ra
eo
p		 % 2.
7		 2.
7		 --
-
l
Re
ta
in
n
co
m
e		 €m 8.
3
4
1		 2
4
1
7.		 0.
3
%
+		 €
1.
1m
+
Ma
in
te
na
nc
e
ex
p
en
se
s		 €m -6
2
1.		 -6
3.
1		 -3
0
%
Op
t
in
er
a
g
ex
p
en
se
s		 €m 3.
9
-5		 -6
8.
5		 -2
3
%
1.
A
d
j.
E
B
I
T
D
A
Re
l
ta
n		 €m 3
0
3.
2		 2
8
5.
6		 6.
2
%
+		 €
1
7.
6m
+
d
lu
d
d
A
j.
E
B
I
T
D
A
Va
Bu
in
e-
a
s
es
s		 €m 1
7.
8		 1
9.
8		 -1
0.
1
%
d
A
j.
E
B
I
T
D
A
Op
t
io
er
a
ns		 €m 3
1
5.
7		 3
0
0.
1		 5.
2
%
+		 €
1
5.
6m
+
O
In
te
t e
F
F
re
s
xp
en
se		 €m -6
7.
7		 6.
8
-7		 8
%
-1
1.
Cu
in
O
1
t
ta
F
F
rre
n
co
m
e
xe
s		 €m -4
4		 1
-5		 -1
3.
%
7
F
F
O
1		 €m 2
4
3.
6		 2
1
8.
2		 1
1.
6
%
+		 €
2
5.
4m
+
ha
(
)
F
F
O
1
N
O
S
H
p
er
s
re
eo
p		 € 0.
5
0		 0.
4
7		 7.
9
%
+
ha
(
)
F
F
O
1
N
O
S
H
p
er
s
re
av
g.		 € 0.
5
0		 0.
4
7		 7.
3
%
+
G
h
S
l
l
l
h
R
i
i
A
i
P
t
t
t
t
e
n
r
o
w
n
c
c
e
e
r
a
o
n
a
s
e
hlig
hts
1.
Hig		 2.
Q
1 2
01
8 r
esu		 lts 3.
Ho
use		 kee
ing
p		 4. Wr
ap
-up		 nd
5.
Ap
pe		 ix
Po
i
iv
t
t g
s
e
re
n		 h
t
tra
ro
w		 j
to
ec
ry
h
dr
iv
(
la
)
Re
t g
t
t
1
2
M
n
ro
w
er
s
s		 Q
0
8
1
2
1		 Q
0
1
2
1
7		 l
De
ta		 2
0
1
3		 2
0
14		 2
0
15		 2
0
1
6		 2
0
17		 (
)
2
0
1
8
E
ke
dr
Ma
t
ive
r
n		 6
%
1.		 6
%
1.		 %
1.7		 %
1.5		 6
%
1.		 ≈
S
i
ing
t
t
te
ts
na
n
(
inc
l.
bs
i
d
ize
d
)
ts
su
re
n		 %
1.
1		 %
1.
1		 -- de
iza
ion
Mo
t
rn		 0.
%
4		 0.
9
%		 1.
2
%		 1.
8
%		 2.5
%
le
Ne
t
t
ing
w
s		 0.
%
5		 0.
%
5		 -- Sp
ion
t
ac
e c
rea		 --- --- --- --- 0.
1
%
Su
b
l
to
ta
ke
dr
iv
h
t-
t g
t
m
ar
en
re
n
ro
w		 1.
6
%		 1.
6
%		 -- Or
ic
nt
g
an
re
h
wt
g
ro		 1.
9
%		 2.
5
%		 2.
9
%		 3.
3
%		 4.
2
%		 6
%
4.
-
4.
8
%
de
iza
ion
Mo
t
rn		 2.
5
%		 1.
7
%		 8
0
bp
+
s		 In
tm
t
tra
ve
s
en
io
t
sp
ac
e
cr
ea
n		 k
c
re
co
)		 d
(
€m
r
;		 lu
de
in
c		 de
s
m
o
rn		 iza
t
io
n		 d
an
Su
b
l
l-
f-
l r
h
to
ta
t g
t
en
ro
w		 4.
1
%		 3.
3
%		 8
0
bp
+
s		 7 7
9		 1,
0
0
0
~
Sp
ion
t
ac
e
cr
ea		 0.
1
%		 0.
1
%		 -- 3
5
6		 4
7
2
Su
b
l o
ic
h
to
ta
t g
t
rg
an
re
n
ro
w		 4.
2
%		 3.
4
%		 bp
8
0
+
s		 7
1
2
0
1
3
2		 1
7
2
0
1
4		 2
0
1
5		 2
0
1
6		 2 0
1
7
2		 0
1
8+
(
E
)

Continued EBITDA Margin Expansion

  1. Q1 2018 results 3. Housekeeping

  2. Wrap-up 5. Appendix

  3. 6.2% EBITDA Rental growth driven largely by ongoing efficiency gains and elimination of the conwertcosts that were included in Q1 2017.

  4. Adj. EBITDA Operations per unit is up 8.4% to €913 from €842 in the prior-year period.
  5. EBITDA Operations margin expansion (excl. maintenance) to 89.9%.
€m
(un
les
s in
dic
d o
the
ise
)
ate
rw		 Q
1
2
0
1
8		 Q
1
2
0
1
7		 De
l
ta
Re
l
inc
ta
n
om
e		 8.
3
4
1		 2
4
1
7.		 0.
3
%
+
Ma
in
te
na
nc
e
ex
p
en
se
s		 -6
1.
2		 -6
3.
1		 -3
0
%
Op
ing
t
er
a
e
xp
en
se
s		 -5
3.
9		 -6
8.
5		 -2
1.
3
%
d
j.
l
A
E
B
I
T
D
A
Re
ta
n		 3
0
3.
2		 2
8
5.
6		 6.
2
%
+
In
co
me		 2
6
9
5.		 2
8
1
5.		 2
3.
2
%
+
f w
h
ic
h
l
te
o
ex
rn
a		 5
2.
0		 5
1.
4		 1.
2
%
+
f w
h
h
l
ic
in
te
o
rn
a		 2
1
3.
9		 1
6
4.
4		 3
0.
1
%
+
Op
t
ing
er
a
e
xp
en
se
s		 -2
4
8.
1		 -1
9
6.
0		 2
6.
6
%
+
A
d
j.
E
B
I
T
D
A
Va
lu
d
d
Bu
in
e-
a
s
es
s		 8
1
7.		 9.
8
1		 0.
%
-1
1
1
d
he
A
j.
E
B
I
T
D
A
O
t
r		 3
-5		 3
-5		 0.
0
%
+
A
d
j.
E
B
I
T
D
A
Op
io
t
er
a
ns		 3
1
5.
7		 3
0
0.
1		 2
%
5.
+

Mainly consolidation

O
S
h
F
F
1
p
e
a
e
r
r		 9
%
U
7
p
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4.
Wr
ap
-up		 5.
Ap
nd
ix
pe
  • Driven by better operational performance and lower interest expenses, FFO1 per share was up 7.9% y-o-y.
  • Compared to Q4 2017 the Q1 2018 FFO per share (eop) was up €0.02 (4.2%).
€
m
(
les
d
d
he
)
in
ica
ise
te
t
un
s
o
rw		 Q
1
2
0
1
8		 Q
1
2
0
1
7		 l
D
t
e
a
d
A
j.
E
B
I
T
D
A
O
io
t
p
er
a
ns		 3
1
5.
7		 3
0
0.
1		 5.
2
%
+
In
F
F
O
t
t
er
e
s
ex
p
e
ns
e		 -6
7.
7		 -7
6.
8		 -1
1.
8
%
Cu
O
t
in
t
F
F
1
e
n
o
m
e
e
rr
c
ax
s		 -4
4		 -5
1		 -1
3.
7
%
O
F
F
1		 2
4
3.
6		 2
1
8.
2		 1
1.
6
%
+
f w
h
h
bu
b
le
ha
ho
l
d
ic
t
tr
i
t
t
Vo
ia
o
a
a
o
no
v
s
re
er
s		 2
3
0.
8		 2
0
6.
2		 1
1.
9
%
+
f w
h
h
bu
b
le
hy
br
d
l
ic
t
tr
i
t
t
Vo
ia
i
i
t
in
t
o
a
a
o
no
v
c
a
p
a
ve
s
or
s		 1
0.
0		 1
0.
0		 0.
0
%
f w
h
ic
h
i
bu
b
le
l
l
in
in
t
tr
t
t
tr
t
t
o
a
a
o
no
n-
c
o
n
o
g
er
e
s
s		 2.
8		 2.
0		 4
0.
0
%
+
C
i
l
ize
d
in
t
t
a
p
a
m
a
e
na
nc
e		 -2
6
1.		 3.
6
-1		 8.
8
%
5
+
O
A
F
F		 2
2
2.
0		 2
0
6
4.		 8.
%
5
+
A
d
j
d
E
B
I
T
D
A
S
le
t
u
s
e
a
s		 1
5.
7		 9.
1
1		 8
%
-1
7.
Cu
in
S
le
t
t
rr
e
n
c
o
m
e
ax
e
s
a
s		 -7
4		 -1
1.
0		 -3
2.
%
7
F
F
O
2		 2
5
1.
9		 2
2
6.
3		 3
%
1
1.
/
ha
(
)
F
F
O
1
€
N
O
S
H
s
re
e
o
p		 0.
0
5		 0.
4
7		 9
%
7.
+
/
ha
(
)
F
F
O
1
€
N
O
S
H
s
re
av
g.		 0.
5
0		 0.
4
7		 7.
3
%
+
d
S
h
A
j.
N
A
V
p
e
a
r		 e
r
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4.
Wr
ap
-up		 5.
Ap
nd
ix
pe
  • Adj. NAV per share is up 22.1% y-o-y.
  • Compared to YE2017, Adj. NAV per share is down 1.1%, as expected, following the inclusion of BUWOG.
  • This slight dilutive impact will reverse once the BUWOG value growth, development potential and synergies start materializing.
€m
(un
les
ind
ica
ted
oth
ise
)
erw
s		 M
3
1,
ar
2
0
1
8		 De
3
1,
c
2
0
1
7		 M
3
1,
ar
2
0
1
7
Eq
i
i
bu
b
le
Vo
ia
's
ha
ho
l
de
ty
t
tr
ta
to
u
a
no
v
s
re
rs		 1
5,
2
2
1.
6		 1
5,
0
8
0.
8		 1
2,
7
0
6.
5
fe
d
in
ie
d
he
l
d
fo
De
ta
tm
t p
t
ts
rre
xe
s
on
ve
s
en
ro
p
er
s
an
as
se
r
le
sa		 6,
6
4
3.
5		 6,
1
8
5.
7		 4,
8
2
7.
4
1
f
f
Fa
ir
lu
de
iv
iv
in
ia
l
in
t
tr
ts
va
e
o
r
a
e
an
c
s
um
en		 7
2.
5		 2
6.
9		 2
9.
0
fe
d
de
f
l
De
ta
iv
t
iv
in
ia
in
tr
ts
rre
xe
s
on
a
e
an
c
s
um
en
r		 -2
6
1.		 -8
8		 -1
4.
3
E
P
R
A
N
A
V		 2
1,
9
1
6.
0		 2
1,
2
8
4.
6		 1
7,
5
4
8.
6
dw
l
l
Go
i
o		 -3
8.
4
4
7
,		 -2
6
3.
1
5
,		 -2
9
3
8
1.
,
A
d
j.
N
A
V		 1
8,
4
6
7.
3		 1
8,
6
7
1.
1		 1
4,
6
1
6.
8
/
ha
E
P
R
A
N
A
V
€
s
re		 4
5.
1
8		 4
3.
8
8		 3
7.
4
3
d
j.
€
/
ha
A
N
A
V
s
re		 3
8.
0
7		 3
8.
9
4		 3
8
1.
1

Adjusted for effects from cross currency swaps.

Smooth Maturity Profile with Diverse Funding Mix

incl. BUWOG loans assumed as mortgages. 2 Average financing cost of debt maturing in the relevant year. 3 Weighted avg. financing costs excl. Equity Hybrid. Including Equity Hybrid avg. interest rate of debt maturing in 2021 is 3.6%. 4all numbers incl. BUWOG. 5 excl. Equity Hybrid.

l
d
f
L
T
V
T
i
U
E
T
R
t
t
e
m
p
o
r
a
r
y
a
p
p
e
r
n
o
a
r
g
e
a
n
g
e
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
esu		 3.
kee
ing
Ho
use
p		 4.
Wr
ap
-up		 nd
ix
5.
Ap
pe

Following the all-debt settlement of the first acceptance period for BUWOG the LTV moved slightly above the upper end of the 40% - 45% target range.

€m
(un
les
ind
ica
ted
oth
ise
)
s
erw		 M
3
1,
2
0
1
8
ar		 De
3
1,
2
0
1
7
c		 M
3
1,
2
0
1
7
ar
No
de
iva
ive
f
ina
ia
l
l
ia
b
i
l
i
ies
t
t
n-
nc
r		 8,
8
8
0
1
7.		 0
6
0.
1
4,
5		 3
3
1
4,
4
5.
ha
f
fe
Fo
ig
te
ts
re
n
ex
c
ng
e
ra
e
c		 8
-1
7.		 -2
3.
5		 9
8
-1
4.
Ca
h
d
h
iva
len
ts
s
an
ca
s
eq
u		 -8
2
9.
3		 -2
6
6.
2		 -1
0
0
7.
9
,
Ne
de
b
t
t		 8,
0
3
9.
9
1		 3,
0.
8
1
7
7		 3,
3
1
2
2.
6
les
b
les
/
dv
fro
les
Sa
iva
ts
re
ce
a
an
ce
p
ay
me
n
m
sa		 -2
3
2.
4		 -2
0
2
1.		 -1
4
4.
4
d
d
i
ion
l
loa
fo
d
ing
is
i
ion
A
t
t
ts
ta
t
a
n a
mo
un
r o
u
n
a
cq
u
s		 --
-		 --
-		 2
7
5.
0
A
d
j.
de
b
t
t
ne		 8
1
7,
0
7.
5		 1
3,
5
6
9.
6		 1
3,
3
6
3.
2
ir
lue
f r
l e
fo
l
io
Fa
ta
te
t
va
o
ea
s
p
or		 3
8,
4
8
5.
6		 3
3,
4
3
6.
3		 2
9,
6
0
7.
6
S
ha
in
he
l e
ies
t
ta
te
re
s
o
r r
ea
s
co
m
p
an		 6
6
6.
6		 6
4
2.
2		 5
2
0.
4
d
j.
fa
ir
lu
f r
l e
fo
l
io
A
ta
te
t
va
e
o
ea
s
p
or		 3
9,
1
5
2.
2		 3
4,
0
7
8.
5		 3
0,
1
2
8.
0
L
T
V		 %
4
5.
5		 3
9.
8
%		 %
4
4.
4
bt
l S
ic
lus
Su
ot
tra
te
C
te
a
g
rs		 3
4
6,
41
0		 6.
3
6		 2.
5		 3
2,
9
8
8.
6		 8
8
%
Pri
ize
t
va		 1
3,
5
9
0		 6.
1
8		 4.
0		 1,
4
6
4.
5		 4
%
Se
l
l		 1
0,
2
6
0		 4.
97		 9.
0		 4
8
8.
3		 1
%
l
To
ta
Ge
rm
an
y		 3
0,
0
7
2
6		 3
6.
1		 2.
7		 3
94
4,
1.4		 9
3
%
Au
str
ia		 2
3,
3
9
7		 0
4.4		 4.
5		 2,
47
1.4		 7
%
To
l R
i
de
ia
l P
fo
l
io
ta
nt
t
es
or		 3
9
3,
6
3
9		 6.
1
8		 2.
8		 3
7,
41
2.
8		 1
0
0
%

1 Fair value of the developed land excluding €1,072.8m, of which €391,4m for undeveloped land and inheritable building rights, €203.9m assets under construction, €404.6m development and €72.9m other.

Growing Contribution from Value-add Business

ResidentialEnvironment

…

SmartMetering

2014 2015 2016 2017 2018(E)

Pre-tax WACC of 4.68% as per Dec. 31, 2017. 2 Gardening and landscaping work

l
d
h
l
S
S
C
i
i
t
F
t
A
t
t
t
M
a
e
s
e
a
a
s
o
a
a
c
e
a
g
n
s
y
w
r
v
r
–
hlig
hts
1.
Hig		 lts
2.
Q
1 2
01
8 r
esu		 kee
3.
Ho
ing
use
p		 4.
Wr
ap
-up		 nd
5.
Ap
ix
pe
  • In spite of value growth of the portfolio, privatization fair value step-ups still came out to 27.6% for Q1 2018 (adjusted for the small block sales in this segment the fair value step-up was 32.8%).
  • The sell portfolio disposals saw a record fair value step-up of 15.9% in Q1 2018, driven largely by two block sales, as we are utilizing the high market liquidity to profitably dispose of our Sell Portfolio.
  • The income and fair value figures of the Sell Portfolio for the prior-year period include a substantial amount of commercial property sales.
Pr
iv
ize
t
a		 Po
fo
l
io
t
r		 Se
l
l
Po
fo
l
io
t
r		 T
O
T
A
L
€m
(un
less
ind
icat
ed o
the
rwis
e)		 Q
1
2
0
1
8		 Q
1
2
0
1
7		 Q
1
2
0
1
8		 Q
1
2
0
1
7		 Q
1
2
0
1
8		 Q
1
2
0
1
7
de
l u
l
d
Re
i
ia
i
t
ts
s
n
n
so		 5
9
4		 5
3
5		 1,
1
4
9		 1,
1
5
7		 1,
7
4
3		 1,
6
9
2
In
fro
d
isp
ls
co
me
m
os
a		 6
7.
1		 7
2.
0		 4
6.
9		 4
2
0.
2		 1
1
4.
0		 4
9
2.
2
Fa
ir
lue
f
d
isp
ls
va
o
os
a		 -5
2.
6		 -5
4.
9		 -4
0.
5		 -4
1
0.
9		 -9
3.
1		 -4
6
5.
8
d
f
fro
d
ls
A
j.
i
t
isp
p
ro
m
os
a		 1
4.
5		 1
7.
1		 6.
4		 9.
3		 2
0.
9		 2
6.
4
lue
(
)
Fa
ir
te
%
va
s
p-
up		 2
6
%
7.		 3
%
1.
1		 9
%
1
5.		 2.
3
%
Se
l
l
ing
ts
co
s		 -5
2		 -7
3
A
d
j.
E
B
I
T
D
A
Sa
les		 1
5.
7		 1
9.
1
d
d
I
G
i
n
c
r
e
a
s
e
u
a
n		 c
e
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4.
Wr
ap
-up		 5.
Ap
nd
ix
pe

All guidance elements are excluding BUWOG, except for FFO 1, FFO 1 per share and dividend.

For H1 results on Aug. 31 we will present an update on all guidance elements including BUWOG.

Based on an apples-to-apples definition, we estimate BUWOG's FFO 1 contribution for 2018 to be €30m.

ls
2
0
1
7
Ac
tu
a		 8
i
da
2
0
1
Gu
nc
e		 8
i
da
2
0
1
Gu
nc
itia
l (
20
17
)
In
No
v.		 e
da
(
20
18
)
Up
te
Ma
y
Or
h
(
)
ic
t g
t
g
an
re
n
ro
w
eo
p		 2
%
4.		 6
%
8
%
4.
4.
-
6
%
8
%
4.
4.
-
(
)
Va
ca
nc
eo
p
y		 2.
5
%		 2.
5
%
<
2.
5
%
<
l
(
€m
)
Re
ta
In
n
co
me		 6
6
9
1,
7.		 6
6
0
6
8
0
1,
1,
-		 6
0
6
9
0
1,
7
1,
-
F
F
O
1
(
€m
)		 9
2
0.
8		 9
6
0
9
8
0
-		 1,
0
3
0
1,
0
5
0
–
(
1,
00
0 –
1,
02
0 V
NA
d-a
lon
e)
st
an
O
(
€
/
ha
)
F
F
1
s
re
eo
p
,		 9
0
1.		 2
9
8
2.
0
2
1.
-		 2
2.
2
2.
6
1
1
-
2 V
(
d-a
lon
e)
2.0
6 –
2.1
0
NA
st
an
Ma
in
(
€m
)
te
na
nc
e		 3
4
6.
2		 ~3
6
0
~3
6
0
de
&
(
)
Mo
iza
t
ion
In
tm
ts
€m
rn
ve
s
en		 8.
7
7
6		 0
0
0
~1
,
0
0
0
~1
,
Pr
iva
iza
ion
(
be
f u
i
)
t
t
ts
nu
m
r o
n		 2,
6
0
8		 ~2
3
0
0
,
~2
3
0
0
,
(
)
F
V
te
Pr
iva
t
iza
t
ion
s
p-
up		 3
2.
%
7		 ~3
0
%
~3
0
%
No
(
be
f u
i
)
ts
n-
co
re
nu
m
r o
n		 1
1,
7
8
0		 is
ic
tu
t
op
p
or
n
is
ic
tu
t
op
p
or
n
(
l
l
fo
l
)
F
V
te
Se
Po
t
io
s
p-
up
r		 9
%
7.		 0
%
>		 ~5
%
D
iv
i
de
d
/
ha
n
s
re		 1
€
1.
3
2		 f
~7
0
%
F
F
O
1
o		 f
~7
0
%
F
F
O
1
o

Proposed to the 2018 Annual General Meeting. 2 Based on current number of 485.1m shares outstanding.

FFO 1 and Other Sources of Earnings

  1. Q1 2018 results 3. Housekeeping

FFO 1 is Vonovia's lead earnings KPI and includes the contribution of the Rental and Value-add Segments.

  1. Wrap-up 5. Appendix

  2. FFO 1 is the basis for the dividend level.

  3. This approach overshadows the fact that Vonovia's business model has additional sources of earnings that contribute to the overall cash flow of the company.

The broader range of earnings contributions is a competitive advantage over the peer group.

plus Adj. EBITDA Other

  • Vonovia'sAnnual General Meeting 2018 will take place in Bochum on May 9.
  • Following the high acceptance levels last year, Vonovia's Supervisory Board resolved on May 2 to offer to shareholders the choice between a scrip dividend and a cash dividend at the upcoming AGM.
  • Upon approval of the allocation of the 2017 net profit by the AGM, the timeline1 for the cash and scrip dividend would be as follows:
  • May 11: Publication of rights issue, dividend announcement and start of subscription period
  • May 25: Determination of reference price / subscription price
  • May 28: End of subscription period
  • June 7: Payment date for cash dividend
  • June 12: Capital increase related to the scrip dividend
  • June 14: Settlement date for scrip dividend

Tender Offer for Victoria Park

f
f
O
e
r		 d
h
d
f
f
f
O
M
3
2
0
1
8
V
i
V
i
i
t
t
n
a
o
n
o
a
a
n
n
o
n
c
e
a
c
a
s
e
n
e
o
e
o
c
o
a
y
v
u
r
r
r
r
,
,
k,
l
d
d
h
d
l
P
i
S
i
i
i
t
t
a
a
s
e
e
s
e
s
e
n
a
c
o
m
p
a
n
r
w
r
y.
F
i
i
n
a
n
c
n
g		 f
f
f
f
f
V
i
's
l
i
l
V
i
i
P
k
t
t
t
o
n
o
o
e
e
e
n
e
n
e
p
e
e
o
o
o
p
p
o
v
a
r
r
c
s
a
r
r
s
v
a
u
c
r
a
a
r
a
r
x
b
€
1
7
n
h
f
h
b
h
I
i
i
i
€
1
i
t
t
t
t
t
t
t
t
t
t
n
e
c
o
n
e
o
s
a
n
s
a
c
o
n
e
e
p
e
c
o
a
s
e
p
o
n
n
e
x
r
w
x
r
u
,
k
d
d
d
k
d
i
i
i
i
i
i
t
t
t
t
t
e
q
u
y
m
a
r
e
s,
e
p
e
n
n
g
o
n
m
n
g
a
n
m
a
r
e
c
o
n
o
n
s.
h
F
t
e
u
r
r
f
i
i
t
n
o
m
a
o
n
r		 d
h
l
f
A
i
i
i
i
t
t
t
t
t
t
t
s
e
p
a
a
e
n
e
s
o
p
e
s
e
n
a
o
n
a
n
o
e
e
e
a
n
n
o
m
a
o
n
a
e
r
v
r
r
r
r
v
r
r
b
l
h
d
h
d
d
d
b
h
/
/
k
d
i
i
i
i
i
t
t
t
t
t
t
t
p
s
e
o
n
e
e
c
a
e
a
n
s
a
c
o
n
e
s
e
p
e
n
o
n
o
a
e
u
r
w
:
v
v
-
d
O
U
B
U
W
t
p
e
o
n
a		 G
I
i
t
t
n
e
g
o
n
r
a
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
3.
Ho
kee
esu
use
p		 ing
4.
Wr
ap
-up		 5.
Ap
nd
ix
pe
O
h
i
w
n
e
r
s
p		 f
l
A
A
i
3
0
V
i
s
o
p
r
o
n
o
v
a
o
w
n
e
,
h
l
d
h
3
8
%
T
i
i
t
7
t
s
n
c
u
e
s
e
e
n
f
f
i
9
9
8
%
h
t
o
n
e
o
n
o
o
e
c
v
r
s
d
h
k
f
l
l
i
i
t
t
a
c
q
e
n
e
m
a
e
o
o
u
r
r		 d
f
l
l
d
7
7
4
%
i
t
t
o
a
o
u
s
a
n
n
d
d
h
f
i
t
i
t
t
e
r
e
n
e
r
s
a
c
c
e
p
a
n
i
b
l
b
d
d
t
t
o
n
e
e
o
n
e
n
e
e
c
v
r
s
r
h
d
f
h
f
i
i
t
t
t
n
g
e
e
n
o
e
s
a
w
r		 h
B
U
W
O
G
g
s
a
r
e
s.
d
i
c
e
p
e
r
o
,
d
d
h
n
e
a
s
a
r
s
d
i
t
c
c
e
p
a
n
c
e
p
e
o
r
S
d
e
o
n
c
t
a
c
c
e
p
a
n
c
e
d
d
i
p
e
o
n
e
a
r
u
r
w
y		 d
d
M
t
t
a
n
a
o
s
e
c
o
n
a
c
c
e
p
a
n
r
y		 d
d
i
J
1
8
c
e
p
e
o
e
n
s
o
n
n
e
r
u
N
t
t
e
x
s
e
p
s		 b
b
l
V
i
t
t
t
o
n
o
v
a
e
x
p
e
c
s
o
e
a
e
f
h
b
i
h
k
t
t
t
t
e
a
s
s
o
e
c
u
r
r
e
n
s
a
k
l
l
A
i
T
L
t
s
a
n
a
e
o
e
a
a
o
u
r
v
r
w
w
h
l
d
f
h
h
9
0
%
t
o
n
e
o
s
o
e
s
a
w
r		 l
h
i
i
t
t
o
r
e
a
z
e
e
c
o
m
m
u
n
c
a
e
f
i
t
s
o
a
s
q
e
e
e
o
n
c
a
s
r
u
z
u
e
s
o
m
o
e
r
r
r		 d
i
e
s
y
n
e
r
g
e
s
o
n
h
j
i
t
t
e
e
m
a
o
r
y
I
i
t
t
n
e
g
o
n
r
a		 O
i
l
i
i
t
t
t
t
t
p
e
r
a
o
n
a
n
e
g
r
a
o
n
s
a
r
f
's
B
U
W
O
G
G
i
t
o
e
m
a
n
o
p
e
a
r
r
l
d
b
h
d
f
h
i
t
t
t
c
o
m
p
e
e
e
e
n
o
y		 f
d
h
d
h
t
t
M
e
a
e
e
n
o
a
r
c
a
n
b
d
i
i
t
t
n
g
s
n
e
s
s
s
e
p
e
c
e
u
x
s
e
a
y
r.		 d
h
i
i
t
t
t
e
n
e
g
r
a
o
n
b
f
l
l
o
e
u
y

Operations remain on strong trajectory – dynamic start into 2018.

Increased guidance reflects strong business fundamentals.

BUWOG integration is fully on track and will deliver first results already in 2018.

Within the parameters of its communicated strategy, Vonovia is continuing to seek opportunities for sustainable shareholder value creation in Germany and in selected European metropolitan areas.

IR Contact & Financial Calendar

  1. Q1 2018 results 3. Housekeeping

Rene HoffmannHead of Investor RelationsVonovia SEPhilippstraße 3 44803 BochumGermany

+49 234 314 [email protected]@vonovia.dewww.vonovia.de

C
t
t
o
n
a
c		 C
F
i
i
l
l
d
2
0
1
8
n
a
n
c
a
a
e
n
a
r
3
Ma
y		 im
l
3
2
0
8
In
te
ts
M
1
r
re
su
Ma
9
y		 l
l
in
in
hu
An
Ge
Me
t
Bo
nu
a
ne
ra
e
g
c
m
Ma
1
4
&
1
5
y		 é
é
én
ér
ds
ho
do
(
le
)
Ro
Lo
So
i
t
G
a
w,
n
n
c
a
Ma
1
7
y		 fu
Ro
ds
ho
Fr
k
(
Ke
ler
C
he
)
t
a
an
p
re
w,
r
uv
ux
Ma
2
3
y		 1
Be
be
Co
fe
Ta
Ne
Yo
k
to
re
n
rg
n
re
nc
e,
rry
wn
w
r
Ma
2
4
&
2
5
y		 1
Ro
ds
ho
To
d
C
h
ica
(
Ex
)
to
a
w,
ro
n
a
n
g
o
an
e
2
9
Ma
y		 1
ler
C
he
Ge
&
Ke
Au
tr
ian
Pr
ty
Da
Pa
is
p
uv
re
ux
rm
an
s
op
er
y,
r
Ma
3
0
y		 da
Ke
Eu
Se
ina
Am
te
m
p
en
ro
p
ea
n
m
r,
s
r
m
Ju
4-
5
ne		 i
l
ke
l
in
Ca
ta
Ma
ts
Da
Be
p
r
y,
r
Ju
6
n		 fe
D
B
Ac
Co
Be
l
in
ce
ss
n
re
nc
e,
r
Ju
7
n		 1
G
S
Eu
F
ina
ia
l
Co
fe
Fr
k
fu
t
ro
p
ea
n
nc
n
re
nc
e,
an
r
Ju
1
4
n		 C
O
Co
fe
is
Ex
Eu
E
Pa
an
e
ro
p
ea
n
n
re
nc
e,
r
3
Au
1
g		 im
l
6
2
0
8
In
te
ts
M
1
r
re
su
Se
2
4
p		 /
be
fe
h
G
S
Be
Ge
Co
te
Co
Mu
ic
re
n
rg
rm
an
rp
or
a
n
re
nc
e,
n
Se
2
6
p		 de
fe
h
1
Ba
In
Co
Mu
ic
tm
t
a
ve
s
en
n
re
nc
e,
n
r
Se
2
6
p		 Bo
f
A
M
L
G
lo
ba
l
Re
l
Es
Co
fe
Ne
Yo
k
ta
te
a
n
re
nc
e,
w
r
Se
2
7
&
2
8
p		 Ro
ds
ho
No
h
Am
ica
t
a
w
r
er
6
De
c		 im
l
9
2
0
8
In
te
ts
M
1
r
re
su
d
A
i
p
p
e
n
x
1.
Hig		 hlig
hts		 2.
Q
1 2
01
8 r
lts
esu		 3.
kee
ing
Ho
use
p		 4.
Wr
ap
-up		 nd
ix
5.
Ap
pe
G
S
P
A
E		 C
O
N
T
E
N
T
2
2-
3
1		 l
Q
1
t
r
e
s
u		 d
d
l
d
i
i
t
t
a
o
n
a
a
a
s
–
3
2-
3
7		 S
t
t
a
e
g
r
y,		 f
d
i
k
t
a
n
e-
e
a
a
c
e
c
o
v
y
r
r
r
r		 d
d
h
i
i
l
K
P
I
t
a
n
s
o
c
a
s
r
3
8-
4
2		 F
i
i
n
a
n
c
n
g
3-
4
4
5		 f
l
P
t
i
M
o
r
o
o		 t
a
n
a
g
e
m
e
n
6
4		 &
M
e
r
g
e
r
s		 A
i
i
t
i
c
q
u
s
o
n
s
4
7-
4
8		 l
l
h
F
t
o
o
w
e		 l
h
i
t
g
4
9-
5
1		 V
i
o
n
o
v
a
s		 h
a
r
e
s
5
2-
5
5		 b
S
i
i
t
s
a
n
a
u		 l
i
t
y
5
6-
6
0		 R
i
d
i
t
e
s
e
n
a		 l
k
d
t
t
m
a
e
a
a
r
6
1		 l
N
o
c
o
r
r
e
a		 b
G
t
i
t
o
n
e
w
e
e
n
e
r
m
a
n
r
e		 d
l
l
d
d
i
t
i
i
i
t
s
e
n
a
y
e
s
a
n
n
e
r
e		 t
t
s
r
a
e
s
6
2		 h
l
T
r
e
e
a
y
e		 f
i
t
r
s
o
p
e
r
c
e
p
o
n
6
3-
7
2		 P
i
t
c
u
r
e
s
7
3		 l
D
i
i
s
c
a
m
e
r
l
C
i
V
t
o
n
s
e
r
v
a
v
e
a		 l
i
L
t
u
a
o
n
e
v
e
s
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4.
Wr
ap
-up		 5.
Ap
nd
ix
pe

In-place values are still way below replacement values, in spite of accelerating valuation growth in recent years.

Note: VNA 2010 – 2014 refers to Deutsche Annington Portfolio at the time; construction costs excluding land. The land value refers to share of total fair value allocated to land. Source for market costs: Arbeitsgemeinschaft für zeitgemäßes Bauen e.V.

*Actual number of residential sqm excluding BUWOG

l
f
R
i
i
i
I
F
R
S
P
i
F
F
O
t
t
t
e
c
o
n
c
a
o
n
r
o
o
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4.
Wr		 ap
-up		 5.
Ap
nd
ix
pe
(u
nle
ind
ted
he
)
€m
ica
ot
ise
ss
rw		 Q
1 2
01
8		 Q
1 2
01
7		 lta
De
IF
RS
PR
OF
IT
FO
R T
HE
PE
RI
OD		 12
9.2		 130
.7		 1%
-1.
1
l re
sul
Fin
cia
t
an		 83
.0		 83
.0		 -
Inc
e t
om
axe
s		 78
.2		 83
.0		 -5.
8%
nd
De
cia
tio
ort
iza
tio
pre
n a
am
n		 9.0 7.1 26
.8%
e f
fa
alu
dju
Ne
t in
ir v
stm
com
rom
e a		 of
ts
inv
est
nt
rtie
en
me
pro
pe
s		 - - -
= E
BI
TD
A I
FR
S		 29
9.4		 30
3.8		 4%
-1.
No
rrin
ite
n-r
ecu
g
ms		 27
.9		 13
.9		 >1
00
%
fro
To
tal
rio
d a
dju
stm
ts
ets
pe
en
m
ass		 ld f
he
sal
or
e		 4.1 1.5 >1
00
%
l in
e f
Fin
cia
in
stm
ts
an
com
rom
ve
en		 the
al
in o
est
ate
ies
r re
co
mp
an		 - - -
= A
DJ
US
TE
D E
BI
TD
A		 33
1.4		 31
9.2		 3.8
%
Ad
jus
ted
EB
ITD
A S
ale
s		 -15
.7		 -19
.1		 .8%
-17
= A
DJ
US
TE
D E
BI
TD
A O
PE
RA
TI		 ON
S		 31
5.7		 30
0.1		 5.2
%
2
FFO
in
ter
est
ex
pe
nse		 -67
.7		 -76
.8		 -11
.8%
Cu
FO
nt
inc
e t
s F
1
rre
om
axe		 -4.
4		 -5.
1		 -13
.7%
= F
FO
1		 24
3.6		 21
8.2		 11
.6%
Ca
ita
lize
d m
ain
ten
p
an
ce		 -21
.6		 -13
.6		 58
.8%
= A
FF
O		 22
2.0		 20
4.6		 8.5
%
Cu
inc
s S
ale
nt
e t
rre
om
axe
s		 -7.
4		 -11
.0		 -32
.7%
FF
O2
(
FF
O1
in
cl.
Ad
jus
ted
EB
IT		 DA
Sa
les
/
Cu
inc
Sa
les
nt
e t
rre
om
ax
es		 ) 25
1.9		 22
6.3		 .3%
11
FFO
sha
in €
(eo
NO
SH
)
1 p
er
re
p		 0.5
0		 0.4
7		 7.9
%
AF
FO
ha
in €
(eo
NO
SH
)
pe
r s
re
p		 0.4
6		 0.4
4		 4.9
%
Nu
mb
of
sha
(m
illio
n)
er
res
eo
p		 48
5.1		 46
8.8		 3.5
%

Excluding income from investments. 2 Including financial income from investments in other real estate companies.

S
&
I
F
R
P
L
hlig
hts
2.
Q
1 2
01
8 r
lts
1.
Hig
esu		 3.
kee
Ho
ing
use
p		 4.
Wr
ap		 -up nd
5.
Ap
ix
pe
les
d
d o
he
€m
in
ica
ise		 1 2
0
1
8		 1
2
0		 De
l
(
)
te
t
un
s
rw		 Q Q
17		 ta
fro
let
Inc
ert
t
ing
om
e
m
p
rop
y		 5 8
9.
3		 5
8
6.
7		 0.
%
4
Ot
he
r in
fro
ert
t
co
me
m
p
rop
y
ma
na
g
em
en		 0.
1
7		 0.
0
1		 7.
0
%
fro
In
ty
t
co
me
m
p
ro
p
er
m
an
ag
em
en		 6 0
0.
0		 5
9
6.
7		 0.
6
%
fro
d
l o
f p
Inc
isp
ert
ies
om
e
m
os
a
rop		 11
4.
0		 4
9
2.
2		 -7
6.
8
%
Ca
ing
f p
ies
l
d
nt
ert
am
ou
o
rop
so
rry		 -1 0
8
5.		 6.
-4
7
7		 8
%
-7
7.
f a
for
Re
lua
ion
he
l
d
le
t
ts
va
o
sse
sa		 8.
7		 9.4 -7
.4
%
Pr
f
it
d
isp
l o
f p
ies
t
o
on
os
a
ro
p
er		 6.
9
1		 24
9		 -3
2.
1
%
fro
fa
f
Ne
t
inc
ir
lue
d
j
tm
ts
inv
tm
t p
t
ies
om
e
m
va
a
us
en
o
es
en
ro
p
er		 --- --- ---
Ca
ita
lize
d
int
l e
p
er
na
xp
en
se
s		 1 0
5.
6		 8
5.
4		 2
3.
7
%
f m
ls
Co
st
ate
ria
o		 -2 8
0.
2		 -2
74
3		 2.
2
%
Pe
l e
rso
nn
e
xp
en
se
s		 -1 11
8		 -1
0
2.
0		 9.
6
%
d a
De
iat
ion
rt
iza
t
ion
p
rec
an
mo		 -9
0		 -7
.1		 2
6.
8
%
Ot
he
ing
in
t
r o
p
era
co
me		 24
3		 2
6.
5		 -8
3
%
Ot
he
ing
t
r o
p
era
ex
p
en
se
s		 -6
3.
0		 -5
9.7		 5.
5
%
l in
Fin
ia
an
c
co
me		 9.
6		 7.
3		 3
%
1.5
Fin
ia
l e
an
c
xp
en
se
s		 -8
0
5.		 -8
0
4.		 1.
2
%
ing
be
fo
Ea
ta
rn
s
re
xe
s		 2 0
7.4		 21
3.
7		 -2
9
%
Inc
e t
om
ax
es		 -7
8.
2		 -8
3.
0		 8
%
-5
f
fo
Pr
it
he
io
d
r t
o
p
er		 1 2
9.
2		 1
3
0.
7		 -1
.1
%
At
i
bu
b
le
tr
ta
to
:
Vo
via
's
ha
ho
l
de
no
s
re
rs		 11
6.
4		 11
6.
6		 -0
2
%
's
hy
br
d c
l in
Vo
via
i
ita
sto
no
ap
ve
rs		 7.5 7.4 %
1.4
No
l
lin
int
tro
sts
n-c
on
g
ere		 6
5.		 6.
7		 -1
6.
4
%
Ea
ing
ha
(
ba
ic
d
d
i
lut
d
)
in
€
rn
s p
er
s
re
s
an
e		 0.
24		 0.
25		 -4
0
%
l
h
(
/
l
)
I
F
R
S
B
S
1
2
T
A
t
t
t
a
a
n
c
e
e
e
o
a
s
s
e
s
–
1.
Hig
hlig
hts
2.
Q
1 2
01
8 r
lts
3.
Ho
kee
esu
use		 ing
4.
Wr
p
ap
-up		 5.
Ap		 nd
ix
pe
€m
(
les
in
d
ica
d o
he
ise
)
te
t
un
s
rw		 Ma
3
1,
2
0
1
8
r.		 De
3
1,
2
0
17
c.		 De
lta
As
ts
se
Int
i
b
le
ts
an
g
as
se		 3,
47
9.
9		 2,
6
3
7.
1		 3
2.
0
%
lan
d e
Pro
ert
t a
ip
nt
p
y,
p
n
q
u
me		 2
0
9.7		 17
7.
6		 1
8.
1
%
Inv
ies
tm
t p
ert
es
en
rop		 3
8
6
0.
8
7,		 3
3,
8
2.
8
1		 14
.1
%
Fin
ia
l a
ts
an
c
sse		 7
3
3.
9		 6
9
8.
0		 5.
1
%
he
Ot
ts
r a
sse		 21
9		 1
3.
8		 5
8.
7
%
De
fer
d t
ts
re
ax
as
se		 1
0.
3		 1
0.
3
To
l n
ta
nt
et
on
-c
ur
re
a
ss
s		 4
2,
3
1
6.
5		 3
6,
71
9.
6		 2
%
15
rie
Inv
to
en
s		 6.
5		 6.
2		 8
4.
%
de
b
les
Tr
iva
a
re
ce		 3
77
8		 2
3
4.
9		 6
0.
8
%
Fin
ia
l a
ts
an
c
sse		 1
2.7		 0.
5		 >1
0
0
%
he
Ot
ts
r a
sse		 21
0.
6		 9
8.
4		 >1
0
0
%
Inc
iva
b
les
e t
om
ax
re
ce		 41
9		 47
9		 -1
2.5
%
Ca
h a
d c
h e
len
iva
ts
s
n
as
q
u		 8
2
9.
3		 2
6
6.
2		 >1
0
0
%
l E
Re
sta
te
Inv
to
rie
a
en
s		 3
0
0.
2		 0 >1
0
0
%
As
he
l
d
for
le
ts
se
sa		 8
0.
7		 14
2.
6		 3.
%
-4
4
l c
To
ta
nt
et
ur
re
a
ss
s		 1,
8
5
9.
7		 7
9
6.
7		 >1
0
0
%
l a
To
ta
et
ss
s		 44
17
6.
2
,		 3
7,
5
1
6.
3		 17
8
%

Q1 2018 Earnings Call

1.
Hig
hlig
hts
2.
Q
1 2
01
8 r
lts
3.
Ho
kee
ing
4.
Wr
5.
Ap
nd
ix
esu
use
p
ap
-up
pe
(u
nle
ind
ted
he
)
€m
ica
ot
ise
Ma
r. 3
1,
20
18
De
31
20
17
De
ss
c.
rw
,
Eq
uit
nd
lia
bil
itie
y a
s
bsc
rib
ed
l
Su
ita
cap
48
5.1
48
5.1
0.0
Ca
ita
l re
p
ser
ve
s
96
6.3
96
6.3
0.0
5,
5,
tai
ned
rni
Re
ea
ng
s
8,
58
7.9
8,
47
1.6
+1
he
Ot
r re
ser
ve
s
18
2.3
15
7.8
+1
5.5
To
tal
uit
ttr
ibu
tab
le
to
Vo
via
's
sh
ho
lde
eq
y a
no
are
rs
15
22
1.6
15
08
0.8
0.9
,
,
ibu
tab
le t
o h
bri
d c
l in
Eq
uit
ttr
ita
sto
y a
y
ap
ve
rs
1,
01
1.5
1,
00
1.6
+1
To
tal
uit
ttr
ibu
tab
le
to
Vo
via
's
sh
ho
lde
d h
bri
d c
ita
l in
sto
eq
y a
no
are
rs
an
ap
ve
rs
y
16
23
3.1
16
08
2.4
+0
,
,
No
llin
int
tro
sts
n-c
on
g
ere
63
7
60
8.8
+4
tal
uit
To
eq
y
16
87
0.1
16
69
1.2
+1
,
,
Pro
vis
ion
s
61
2.4
60
7.2
0.9
Tra
de
ab
les
pay
0.8
2.4
-66
n d
fin
l lia
bili
No
eri
vat
ive
cia
tie
an
s
17
57
1
12
45
9.4
+4
1.0
,
,
De
riv
ati
ve
s
59
.2
8.7
00
>1
Lia
bili
tie
s f
fin
lea
rom
an
ce
ses
94
.6
94
.7
-0.
bili
olli
Lia
tie
s t
ntr
int
sts
o n
on
-co
ng
ere
31
.5
24
.9
+2
6.5
s f
fin
Fin
cia
l lia
bili
tie
te
nt
cin
an
rom
na
an
g
35
.3
0
+3
5.3
Ot
he
r li
ab
iliti
es
49
.9
65
.3
-23
fer
red
x l
iab
iliti
De
ta
es
5,
68
9.6
5,
32
2.6
+6
To
tal
t l
iab
ilit
ies
no
n-c
ren
ur
24
4.3
18
58
5.2
29
14
,
,
Pro
vis
ion
s
40
8.8
37
6.5
8.6
de
ab
les
Tra
pay
176
.1
130
.7
34
No
n d
eri
ive
fin
cia
l lia
bili
tie
vat
an
s
31
6
60
1,
1,
1.1
-17
De
riv
ati
ve
s
86
5.6
4.4
>1
00
bili
s f
fin
lea
Lia
tie
rom
an
ce
ses
4.6
2.2
4.7
Lia
bili
tie
olli
int
s t
ntr
sts
o n
on
-co
ng
ere
7.0
9.0
-22
l
liab
iliti
fro
fin
Fin
cia
ten
t
cin
an
es
m
an
an
g
116
.9
7.7
>1
00
he
r li
ab
iliti
Ot
es
26
6.7
10
5.9
>1
00
To
tal
lia
bil
itie
nt
cu
rre
s
3,
16
1.8
2,
23
9.9
41
.2%
tal
lia
bil
itie
To
s
27
30
6.1
20
82
5.1
31
,
,		 l
h
(
/
l
d
b
I
F
R
S
B
S
2
2
T
E
i
L
i
i
t
t
t
a
a
n
c
e
e
e
o
a
q
u
y
a
n
a
–		 l
)
i
i
t
e
s
lta
%
%
.4%
%
%
.0%
.9%
.6%
.1%
%
.7%
%
%
1%
%
%
.6%
.9%
.9%
%
.7%
.8%
%
%
.2%
%
%
.1%
44
17
6.2
37
51
6.3
17
,
,		 To
tal
uit
nd
lia
bil
itie
eq
y a
s		 .8%

Q1 2018 Earnings Call

h
l
I
F
R
S
C
F
a
s
o
w
Hig
hlig
hts
2.
Q
1 2
01
8 r
lts
3.
1.
Ho
esu
use		 kee
ing
p		 4.
Wr
ap
-up		 5. nd
ix
Ap
pe
(
les
d
d
he
€m
in
ica
te
t
un
s
o
rw		 )
ise		 8
Q
1
2
0
1		 Q
1
2
0
1
7		 l
D
t
e
a
h
f
lo
fr
C
t
in
t
iv
i
t
ie
a
s
w
o
m
o
p
er
a
g
a
c
s		 2
6
2.
7		 2
4
1.
9		 8.
6
%
+
f
fr
C
h
lo
in
in
t
a
s
w
o
m
ve
s
g		 iv
i
ie
t
t
a
c
s		 -2
5
0
0.
3
,		 -7
7
3.
2		 %
1
0
0
>
h
f
lo
fr
f
C
in
in
a
s
w
o
m
a
nc
g		 t
iv
i
t
ie
a
c
s		 8
2,
0
0.
7		 -1
6		 1
0
0
%
>
h
in
h
N
t
e
c
a
ng
e
s
c
a
s
a
n		 d
h
iv
l
t
c
a
s
e
q
u
a
e
n
s		 5
6
3.
1		 -5
3
2.
9		 1
0
0
%
>
C
h
d
h
iv
le
he
b
in
in
f
he
io
d
t
t
t
t
a
s
a
n
c
a
s
e
q
a
n
s
a
e
g
n
g
o
p
er
u		 2
6
6.
2		 1,
5
4
0.
8		 -8
2.
%
7
h
d
h
iv
l
h
d
f
h
i
d
C
t
t
t
t
a
s
a
n
c
a
s
e
q
u
a
e
n
s
a
e
e
n
o
e
p
e
r
o		 8
2
9.
3		 0
0
9
1,
7.		 -1
7.
7
%
f
I
P
M
t
t
n
c
o
m
e
r
o
m
r
o
p
e
r
y
a
n
a
g
e
m
e
n
1.
Hig
hlig
hts
2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4.
Wr
ap
-up		 5.
Ap
nd
ix
pe
€
m
(
les
in
d
ica
d o
he
ise
)
te
t
un
s
rw		 Q
1
2
0
1
8		 Q
1
2
0
1
7		 l
D
t
e
a
1
Re
l
in
t
n
a
c
o
m
e		 4
1
9.
3		 4
1
8.
3		 0.
2
%
+
An
i
l
la
t
c
ry
c
o
s		 1
7
0.
0		 1
6
8.
4		 1.
0
%
+
fr
in
In
Pr
ty
L
t
t
c
o
m
e
o
m
o
p
e
e
g
r		 5
8
9.
3		 5
8
6.
7		 0.
4
%
+
O
he
fr
t
in
ty
t
c
o
m
e
o
m
p
ro
p
er
m
a
na
g
e
m
e
n
r		 0.
1
7		 0.
0
1		 7.
0
%
+
fr
In
ty
t
c
o
m
e
o
m
p
r
o
p
e
r
m
a
n
a
g
e
m
e
n		 6
0
0.
0		 9
6.
5
7		 0.
6
%
+

Rental income under IFRS definition. Includes €1.0m of rental income attributable to Value-add Business.

f
l
C
M
i
t
t
o
s
o
a
e
a
s
r
1.
Hig
hlig
hts
2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4.
Wr
ap
-up		 5.
Ap
nd
ix
pe
€
m
(
les
d
d o
he
)
in
ica
te
t
ise
un
s
rw		 Q
1
2
0
1
8		 Q
1
2
0
1
7		 D
l
t
e
a
Ex
fo
i
l
la
t
p
e
ns
e
s
r a
nc
ry
c
o
s
s		 6.
9
1
5		 8.
0
1
5		 -0
%
7
fo
Ex
in
t
p
e
ns
e
s
r m
a
e
na
nc
e		 1
0
1.
5		 9
2.
5		 9.
7
%
O
he
f p
ha
d
d
d
t
t
ic
o
o
e
g
o
o
n
er
e
r c
s
ur
c
s
s
a
s
v
s		 2
1.
8		 2
3.
8		 -8
4
%
f
T
l c
i
ls
t
t
t
o
a
o
s
o
m
a
e
r
a		 2
8
0.
2		 2
3
7
4.		 2.
2
%

All Strategic Markets Show Upward Potential

1.
Hig
hlig
hts		 2.
Q
1 2
01		 8 r
lts
esu		 3.
Ho		 kee
ing
use
p		 4. Wr
ap
-up		 5.
Ap
nd
pe		 ix
Fai
r va		 lue In-
pla
t
ce
ren
Re
ion
l
Ma
ke
t
g
a
r		 (€m
)		 (€/
)
sqm		 Res
ide
l uni
ntia
ts		 Liv
ing
a ('00
are
0 s
)
qm		 Vac
anc
y (%
)		 al (p.a
Tot
., €
m)		 Res
l (p.a
ide
ntia
., €
m)
(€/		 Res
ide
ntia
l
/m
h)
ont
sqm		 Org
ani
nt gro
c re
wth (%
)		 le (in-
Mu
ltip
pla
t)
ce
ren		 nt gro
Ave
rag
e re
wth
for
st CB
eca
(5 y
rs) (%
RE
)		 Ave
nt
rag
e re
wth
(%
) fr
gro
om
Opt
imi
ze Apa
rtm
ent
s
Ber
lin		 5,9
38.
8		 2,0
46		 43,
997		 2,8
04		 1.9 223 211 6.4
0		 3.7 26.
6		 4.3 49.
1
Rhi
(F
kfu
Ma
in A
rt,
ne
rea
ran
Dar
tad
t, W
ies
bad
en)
ms		 3,5
34.
3		 1,9
53		 27,
900		 1,7
80		 1.5 169 163 7.7
6		 3.8 21.
0		 3.5 41.
9
Rhi
nel
and
(Co
log
Dü
ldo
rf,
ne,
sse
Bon
n)		 3,2
50.
3		 1,5
87		 29,
727		 1,9
90		 2.8 167 159 6.8
7		 3.4 19.
4		 3.1 27.
5
Sou
the
rn R
uhr
Ar
(Do
und
rtm
ea
,
chu
m)
Ess
Bo
en,		 2,9
11.
5		 1,0
62		 881
43,		 82
2,6		 3.3 184 178 5.7
1		 4.5 8
15.		 2.9 8
30.
Dre
sde
n		 2,8
92.
2		 1,2
37		 38,
568		 2,1
93		 2.7 160 149 5.8
4		 5.8 18.
1		 3.7 34.
5
bur
Ham
g		 2,2
22.
0		 1,7
13		 19,
823		 1,2
64		 1.6 105 101 6.7
5		 4.7 21.
1		 3.3 42.
9
Mu
nic
h		 1,8
19.
3		 2,7
74		 9,6
95		 638 1.2 63 59 7.8
0		 3.3 29.
0		 4.8 52.
1
Stu
ttg
art		 1,7
42.
3		 1,8
96		 14,
128		 889 1.7 84 80 7.5
9		 2.8 20.
9		 3.1 39.
7
l
Kie		 1,7
40.
7		 1,2
39		 23,
391		 1,3
47		 2.1 100 94 5.9
4		 5.3 17.
5		 3.2 39.
9
Nor
the
Ruh
r Ar
(Du
isb
rn
ea
urg
,
lse
nki
rch
en)
Ge		 1,4
25.
8		 862 26,
449		 1,6
34		 3.6 106 103 5.4
4		 4.2 13.
4		 2.4 25.
0
Han
ove
r		 1,4
23.
9		 1,3
75		 16,
129		 1,0
16		 2.7 77 74 6.2
5		 5.3 18.
4		 2.9 40.
2
Bre
me
n		 918
.9		 1,2
37		 11,
905		 722 3.2 48 46 5.4
7		 3.1 19.
1		 3.6 29.
4
Lei
pzig		 765
.1		 1,2
33		 9,1
68		 588 4.5 42 39 5.7
9		 3.4 18.
4		 2.9 26.
0
hal
ia
(Mü
Osn
abr
ück
)
We
stp
nst
er,		 673
.3		 1,0
85		 9,4
71		 613 2.4 42 41 5.7
2		 4.9 16.
0		 3.0 37.
2
ibu
Fre
rg		 546
.4		 1,9
55		 4,0
46		 277 1.4 24 23 7.0
7		 4.0 22.
9		 4.1 44.
4
Oth
er S
ic L
tion
tra
teg
oca
s
al S
ic L
tio
Tot
tra
teg
oca
ns		 2,4
93.
1		 1,2
94		 29,
857		 1,8
78		 2.9 142 136 6.2
4		 5.1 17.
5		 3.3 39.
5
Ge
rm
any		 34,
298
.0		 1,4
91		 35
8,1
35		 22,
31
5		 2.5 1,7
36		 1,6
56		 6.3
5		 4.2 19.
8		 3.4 36
.4
Aus
tria
e: *
lue
of t
he d
lope
d la
nd e
Not
Fai
r va
eve		 2,4
71.
4
xclu
ding
€
1,07		 1,2
92
2.8
mill
of w
hich
ion,		 23,
379
mill
€
391
.4
ion		 46
1,7
for
und
lope
d la
eve		 4.5
nd a
nd i
nhe
rita		 106
ble
buil
ding
rig		 88
hts
nted
, €
203
gra		 0
4.4
mill
for
.9
ion
ts u
asse		 -
nde
nstr
ucti
r co
on,		 23.
4
mill
for
dev
€
404
.6
ion		 n/a
elop
d €
t an
72.9
men		 n/a
mill
for
othe
ion
r.
1.
hts		 2.
1 2		 01
8 r		 3.
Ho
kee		 4.
Wr		 5.
nd
ix
Hig
hlig		 Q lts
esu		 ing
use
p		 ap
-up		 Ap
pe
Re
p
u		 io
&
Cu
ta
t
to
n
s
m
er		 fa
Sa
is
io
t
t
c
n
l
a
n
o
i
it
d
a
r
T		 Pr
Ma
ty
1
op
er		 t
na
g
em
en		 Sy
te
t
s
ma
fo
p
er
rm
an
hr
h
t
ou
g
h
de
H
ig
g
du
l
in
tr
ia
s
iza
t
or
g
an		 f o
ic
t
im
iza
t
ion
op
o
p
er
a
d
bu
ine
ce
a
n
co
re
s
ss
p
lev
l
f
fe
ing
ing
ts
er
ag
sc
a
e
c
f s
da
d
ta
iza
t
ion
re
e o
n
r
a
hr
ho
he
iza
t
ion
t
t
t
ou
g
u
e
ion		 t
ing
du
t
iv
i
ty
ro
c
d
n
t
ire
n		 5 Me
&
rg
er
s
Ac
is
i
t
io
q
ns
u
Co
inu
iew
f o
t
n
ou
s
re
v
o
n-
d
f
f-m
ke
t
an
o
ar
i
ies
lev
tu
t
to
op
p
or
n
er
F
in
2
an
c		 in
g		 En
su
re
w
f
le
i
i
t
p
ro
w
de
g
ra
c
re
t
im
es
d
Fa
t a
s
n
i
l m
ta
ca
p		 l
l-
ba
lan
d
f
ina
ing
e
ce
nc
m
h
low
f
ina
ing
ts
nc
c
os
,
d
d
de
i
t r
t
ing
te
a
a
n
a
q
ua
fe
d
t
te
to
un
re
ac
ce
ss
e
q
ke
l
l
im
ts
t a
t
ar
a
es		 ix
d
i
tu
ty
an
ma
r
inv
tm
t
es
en
l
d
l
l
iq
i
i
ty
t a
u
a
i
d
de
b
ty
t
u
a
n		 f s
le
d
ies
ec
on
om
o
ca
an
ly
l
lar
tra
te
ic
i
1-
4
ap
p
s
g
p
s
fo
l
to
ing
t
io
a
g
ro
w
p
or
l
l a
is
i
ion
A
t
t m
t
cq
u
s m
us
ee
he
t
tr
ing
t a
is
i
t
ion
s
en
cq
u
i
te
ia
cr
r
Po
fo
l
io
Ma
t
3
r
na		 t
g
em
en		 Po
fo
l
io
t
r
is
i
ion
t
ac
q
u
d
isp
ls
os
a
ke
ts
ma
r		 im
iza
ion
by
f
t
t
ta
op
w
ay
o
d
/
s a
n
no
n-
co
re
no
n-
s
to
to
e
ns
ur
e
ex
p
os
ur
e
s		 ica
l
t
c
ic
tra
te
g
loc
l
tro
ng
a		 6 Eu
Ac
iv
i
ie
t
t
ro
p
ea
n
s
Pr
ive
t
o-
ac
inv
tm
es
en
ig
h
t m
r
ar		 de
lop
f
he
t o
t
ve
me
n
p
f
fe
he
ig
h
ts
to
t
t p
o
r
r
ro
ke
d
lon
ts
te
an
on
a
g-
rm		 fo
l
io
hr
h
t
t
or
ou
g
du
in
he
ts
t
c
ba
is
s		 Bu
i
l
d
ing
is
ing
t
o
n
ex
Ge
ion
t
rm
an
o
p
er
a
s
Ex
ion
p
an
s		 f c
bu
ine
to
o
or
e
s
ss
e
x		 d
he
lue
te
t
n
v
a		 Me
d
h
as
e
ap
p
ro
ac
ur
e
v
ti
a
v		 lu
d
d
4
Va
e-
a		 Bu
in
s
es
s		 ha
in
by
c
o
du
ts
p
ro
c
to
cu
s
me		 f
fe
ing
d
d
i
ion
l s
t
r
a
a
er
v
ha
d
ire
ly
l
in
ke
d
t
t a
t
re
c
d
/
he
ies
t
t
rs
an
or
p
ro
p
er		 ice
d
s a
n
to
o
ur		 l
len
fo
Ex
t p
tn
ce
ar
er
s
r
ion
t
co
op
er
a
o
n
n
I		 In
ing
so
ur
c
p
ro
ce
ss
m		 f s
ice
to
o
er
v
s
e
ns
ur
e
d
t a
t c
an
ag
em
en
n
co
s		 im
ma
x
um
l
tro
on		 kn
ho
Le
ing
ve
ra
g
ow
w,
d
be
ien
t
ex
p
er
ce
a
n
s
t
ice
p
ra
c
s
C S
i
t
t
o
e
a
e
g
e
r
r		 s O
p		 i
i
S
i
t
t
t
t
p
o
n
s
c
a
e
g
e
s
r
u
r

Proven 4+1 Strategy is Evolving into 4+2 Strategy

Q1 2018 Earnings Call

Q1 2018 Earnings Call

…Leading to Sustainable FFO 1 Growth and an Attractive Dividend Policy

Rental income + EBITDA Value-add Business and Other; excluding sales effects. 2 Proposed to the Annual General Meeting 2018.

l
(
/
)
H
i
i
K
F
i
1
2
t
s
o
r
c
a
e
y
g
u
r
e
s
1.
Hig
hlig
hts
2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4. Wr
ap
-up		 5.
Ap
pe		 nd
ix
Fin
cia
l K
Fig
s (
€m
les
ed
oth
ise
)
tat
an
ey
ure
un
s s
erw
,		 2
0
17		 2
0
1
6		 2
0
15		 2
0
14		 2
0
1
3
l in
Re
nta
co
me		 1,
6
6
7.
9		 1,
5
3
8.
1		 1,
41
4.
6		 7
8
9.
3		 7
2
8.
0
A
d
j
d
EB
IT
DA
Op
ion
te
t
us
era
s		 1,
2
24
2		 1,
0
94
0		 95
7.
6		 5
0
3.
4		 44
2.4
d
d
l
A
j
te
EB
IT
DA
R
ta
us
en		 1,
15
0.
0		 1,
0
4
6.
2		 9
24
.4		 4
8
2.
6		 4
3
3.
0
d
d
lue
d
d
A
j
te
EB
IT
DA
V
Bu
ine
us
a
-a
s
ss		 1
0
2.
1		 5
7.
0		 3
7.
6		 2
3.
6		 1
0.
5
A
d
j
d
EB
IT
DA
Ot
he
te
us
r		 -2
9
7.		 -9
2		 -4
.4		 -2
8		 -1
.1
fro
d
l o
f p
Inc
isp
ert
ies
om
e
m
os
a
rop		 1,
2
0
6.
4		 1,
2
27
9		 7
2
6.
0		 2
8
7.
3		 3
5
3.
5
A
d
j
d
EB
IT
DA
S
les
te
us
a		 0.
8
11		 9
2,
5		 71
.1		 0.
5
1		 27
.7
d
d
A
j
te
EB
IT
DA
us		 1,
3
3
5.
0		 1,
1
8
6.
5		 1,
0
2
8.
7		 5
5
3.
5		 47
0.
1
EB
IT
DA
IF
RS		 27
8
1,
1.		 0
8
3.
1,
7		 8
3
8.
4		 0
0.
3
5		 3
0
4
1.
FF
O
1		 9
2
0.
8		 7
6
0.
8		 6
0
8.
0		 2
8
6.
6		 2
2
3.
5
he
f a
i
bu
b
le
Vo
via
ha
ho
l
de
t
ttr
ta
to
reo
no
s
re
rs		 8
6
6.
2		 3.
71
4		 5
5
5.
5		 27
5.
1		 21
8.
4
he
f a
bu
b
le
hy
br
d c
l in
t
ttr
i
ta
to
Vo
via
i
ita
sto
reo
no
ap
ve
rs		 4
0.
0		 4
0.
0		 3
3.
0		 - -
he
f a
i
bu
b
le
No
l
lin
int
t
ttr
ta
to
tro
sts
reo
n-c
on
g
ere		 6
14		 7.4 9.5
1		 11
.5		 5.
1
FF
O
2		 1,
0
1
2.4		 8
2
3.
8		 6
6
2.
1		 3
3
6.
7		 25
1.
2
AF
F
O		 8
3
5.
1		 6
8
9.
2		 2
0.
5
5		 25
8.
3		 2
0
3.
5
ha
FF
O
1 p
in
€
er
s
re		 1.
9
0		 1.
6
3		 1.
3
0		 1.
0
0		 0.
95
fro
fa
f in
Inc
ir v
lue
d
j
ies
tm
ts
stm
t p
ert
om
e
m
a
a
us
en
o
ve
en
rop		 3,
4
3
4.
1		 3,
2
3
6.
1		 1,
3
2
3.
5		 3
71
.1		 5
5
3.
7
EB
T		 4,
0
0
7.4		 3,
8
5
9.
8		 1,
7
3
4.
5		 5
8
9.
1		 6
8
9.
6
fit
for
Pro
he
io
d
t
p
er		 2,
5
6
6.
9		 2,
5
1
2.
9		 9
94
.7		 4
0
9.7		 4
8
4.
2
Ca
h
f
low
fro
t
ing
t
ivi
t
ies
m
op
era
s
ac		 94
6.
0		 8
2
8.
9		 6
8
9.
8		 45
3.
2		 25
9.
6
f
fro
Ca
h
low
inv
ing
ivi
ies
t
t
t
s
m
es
ac		 -1
3
5
0.
1
,		 41
6.
4		 -3
2
3
9.
8
,		 -1
17
7.
9
,		 17
1.
3
Ca
h
f
low
fro
fin
ing
t
ivi
t
ies
s
m
an
ac
c		 -8
7
0.
5		 -2
8
1
2.4
,		 4,
0
9
3.
1		 1,
74
1.7		 -3
5
3.
2
Ma
int
d m
de
iza
ion
t
en
an
ce
a
n
o
rn		 1,
1
24
8		 7
9
2.4		 6
8
6.
3		 3
45
.5		 2
2
8.
4
he
f
for
d c
lize
d m
t
int
ita
int
reo
m
a
en
an
ce
ex
p
en
se
s a
n
ap
a
en
an
ce		 3
4
6.
2		 3
2
0.
1		 3
3
0.
7		 17
3.
8		 15
7.
6
f
for
he
de
iza
ion
t
t
reo
m
o
rn		 77
8.
6		 47
2.
3		 3
5
5.
6		 17
1.7		 7
0.
8

The key figures of prior years have been adjusted to match the definitions of the 2017 fiscal year. The key figures per share are based on the shares carrying dividend rights on the corresponding reporting date. Values for 2013 and 2014 are TERP-adjusted.

l
(
/
)
H
i
i
K
F
i
2
2
t
s
o
c
a
e
g
e
s
r
y
u
r
1.
Hig
hlig
hts
2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4. Wr
ap
-up		 5.
Ap
pe		 nd
ix
Ke
Ba
lan
Sh
eet
Fig
s (
€m
les
tat
ed
oth
ise
)
y
ce
ure
un
s s
erw
,		 3
De
1,
c.
2
0
17		 3
De
1,
c.
2
0
1
6		 3
De
1,
c.
2
0
15		 3
De
1,
c
2
0
14		 3
De
1,
c
2
0
1
3
lue
f r
l e
fo
lio
Fa
ir v
sta
te
ort
a
o
ea
p		 3
3,
4
3
6.
3		 27
11
5.
6
,		 24
15
7.7
,		 1
2,
75
9.
1		 1
0,
3
2
6.
7
d
d
A
j
te
NA
V
us		 1
8,
6
71
.1		 14
3
2
8.
2
,		 11
27
3.
5
,		 6,
47
2.
0		 5,
1
2
3.
4
d
d
ha
A
j
te
NA
V
in
€
us
p
er
s
re		 3
8.
4
9		 3
0.
75		 24
.1
9		 2
2.
6
7		 21
.74
LT
V
(
%
)		 3
9.
8		 6
41		 6.
9
4		 9.
3
4		 8.
4
1
ina
nci
al
Fig
No
n-F
Ke
y
ure
s		 2
0
17		 2
0
1
6		 2
0
15		 2
0
14		 2
0
1
3
be
f u
nit
d
Nu
m
r o
s m
an
ag
e		 4
0
9,
27
5		 3
9
2,
3
5
0		 3
97
7
9
9
,		 2
3
2,
24
6		 2
0
1,
7
3
7
he
f o
t
art
nts
reo
wn
ap
me		 3
4
6,
6
44		 3
3
3,
3
8
1		 3
5
7,
11
7		 2
0
3,
0
2
8		 17
5,
25
8
f a
he
d
by
he
t
art
nts
ot
reo
p
me
ow
ne
rs		 6
2,
6
3
1		 5
8,
9
6
9		 4
0,
6
8
2		 2
9,
21
8		 2
6,
47
9
be
f u
nit
bo
ht
Nu
m
r o
s
ug		 8
24
47
,		 8
2,
15		 8,
1
6
6
3
2		 8
8
3
1,
5		 0
be
f u
l
d
Nu
nit
m
r o
o
s s		 11
7
8
0
,		 2
6,
6
3
1		 15
17
4
,		 4,
0
8
1		 6,
7
2
0
he
f P
t
riv
at
ize
reo		 2,
6
0
8		 2,
7
0
1		 2,
97
9		 2,
2
3
8		 2,
5
7
6
f S
he
l
l
t
reo
e		 9,
17
2		 2
3,
9
3
0		 1
2,
1
95		 1,
8
4
3		 4,
14
4
Va
(
in
%
)
rat
ca
nc
y
e		 2.5 2.4 2.7 3.
4		 3.
5
h
ly
lac
€
/sq
Mo
nt
in-
t
in
p
e r
en
m		 6.
27		 6.
0
2		 5.
75		 5.
5
8		 5.
4
0
h
ly
lac
h
(
%
)
Mo
nt
in-
t o
ic
t
p
e r
en
rg
an
g
row		 4.
2		 3.
3		 2.
9		 2.5 1.
9
be
f e
loy
Nu
m
r o
mp
ee
s		 8,
44
8		 7,
4
3
7		 6,
3
6
8		 3,
8
5
0		 2,
9
3
5
EP
RA
Ke
Fig
y
ure
s		 2
0
17		 2
0
1
6		 2
0
15		 2
0
14		 2
0
1
3
EP
RA
N
AV		 21
2
8
6
4.
,		 0
17
47
.1
,		 3,
9
8
8.
2
1		 6,
8.
0
5
7		 2
3.
5,
1
4
ha
in
€
EP
RA
N
AV
p
er
s
re		 4
3,
8
8		 3
6.
5
8		 3
0.
0
2		 2
3.
0
4		 21
.74
EP
RA
N
NN
AV		 14
6
5
7.5
,		 1
2,
0
3
4.4		 9,
7
3
9.
8		 - -
EP
RA
Ea
ing
rn
s		 5
7
3.
1		 45
0.
0		 3
2
9.
2		 - -
EP
RA
N
In
it
ia
l Y
ie
l
d
in
%
et		 3.
7		 4.
1		 4.
5		 - -
"to
d-
" N
it
ia
l Y
ie
l
d
in
%
EP
RA
et
In
p
p
e
up		 3.
7		 4.
1		 4.
5		 - -
%
EP
RA
V
te
in
an
ac
cy
ra		 2.
3		 2.
2		 2.5 3.
0		 3.
1
(
l.
d
)
EP
RA
C
t R
at
io
inc
ire
ct
sts
in
%
os
va
ca
nc
y
co		 2
6.
2		 2
8.
4		 3
1.
9		 - -
(
l.
d
)
EP
RA
C
t R
at
io
ire
ct
sts
in
%
os
ex
c
va
ca
nc
y
co		 24
.7		 27
0		 3
0.
2		 - -

The key figures of prior years have been adjusted to match the definitions of the 2017 fiscal year. The key figures per share are based on the shares carrying dividend rights on the corresponding reporting date. Values for 2013 and 2014 are TERP-adjusted.

Source: Dealogic, Bloomberg, Broker research, Deutsche Bundesbank, Verband deutscher Pfandbriefbanken (VdP), FactSet as of April 4, 2018

Quarterly Mortgage Pfandbrief issuances for 2005-2012 based on equal distribution of annual issuances based on VdP data; 2013 -3Q2017 figures based on Deutsche Bundesbank

2Corporate bond issuance volume includes senior unsecured and hybrid bonds ≥ €50mm, issued in EUR in Western Europe

Excludes Mortgage Pfandbriefe in 1Q18 as data not yet available.

Currently used by Vonovia

i
i
i
D
T
F
e
c
s
o
n
e
e
n
r		 i
S
a
n
c
n
g
o
c
e
s
u
r
hlig
hts
1.
Hig		 2.
Q
1 2
01
8 r
lts
esu		 3.
kee
Ho
ing
use
p		 4.
Wr
ap
-up		 nd
5.
Ap
ix
pe
C
d
K
t
o
e
n
a
n
s
a
n
v		 P
I
s
(
h
3
2
0
8
)
M
1,
1
a
c
r
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4.
Wr
ap
-up		 5.
Ap
nd
ix
pe
d
B
K
P
I
o
n
s		 C
t
o
v
e
n
a
n		 l
L
e
v
e		 3
2
0
8
M
1,
1
a
r
L
T
V
l
b
/
l
T
t
D
t
T
t
A
t
o
a
e
o
a
s
s
e
s		 6
0
%
<		 4
3
%
d
S
L
T
V
e
c
u
r
e
d
b
/
l
S
D
T
A
t
t
t
e
c
u
r
e
e
o
a
s
s
e
s		 %
4
5
<		 2
%
1
C
I
R
2
/
2
L
t
1
M
E
B
I
T
D
A
L
t
1
M
I
t
t
E
a
s
a
s
n
e
r
e
s
x
p
e
n
s
e		 1.
8
0
>
x		 4.
8
x
b
d
U
A
t
n
e
n
c
u
m
e
r
e
s
s
e
s
b
d
/
d
b
U
A
U
D
t
t
n
e
n
c
u
m
e
r
e
s
s
e
s
n
s
e
c
u
r
e
e		 2
%
1
5
>		 2
0
2
%
R
t
i
K
P
I
a
n
g
s		 C
t
o
v
e
n
a
n		 l
(
)
L
B
B
B
+
e
v
e
b
C
i
l
D
t
t
t
e
o
a
p
a		 6
0
%
l
b
/
l
l
b
T
t
D
t
T
t
E
i
t
T
t
D
t
+
o
a
e
o
a
q
u
y
o
a
e		 <
I
C
R
/
L
1
2
M
E
B
I
T
D
A
L
1
2
M
I
E
t
t
t
t
a
s
a
s
n
e
r
e
s
x
p
e
n
s
e		 8
0
1.
>
x
d
/
B
R
i
t
o
n
s
a
n
g
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4.
Wr
ap
-up		 5.
Ap
nd
ix
pe

Corporate Investment grade rating

as of
201
8-03
-31
tin
Ra
g a
ge
nc
y		 tin
Ra
g		 Ou
tlo
ok		 da
La
st
Up
te
nd
ard
&
r's
Sta
Poo		 BB
B+		 ble
Sta		 19
c 2
01
De
7

Bond ratings

as of
201
8-03		 -31
Na
me		 Te
r &
Co
no
up
on		 IS
IN		 Am
nt
ou		 ice
Iss
ue
pr		 Co
up
on		 Fin
al
Ma
tu
rit
y Da
te		 tin
Ra
g
nd
00
2 (
d)
Bo
EU
R-B
on		 6 y
3.1
25
%
ea
rs		 00
0A
52
DE
1H
NW		 €
60
0m		 99
.93
5%		 3.1
25
%		 25
Jul
20
19
y		 BB
B+
Bo
nd
00
4 (
US
D-
Bo
nd
)		 10
5.
00
0%
ye
ars		 US
25
15
5FA
B2
2		 US
D 2
50
m		 98
.99
3%		 1
4.5
80
%		 02
Oc
t 2
02
3		 BB
B+
Bo
nd
00
5 (
EM
TN
)		 8 y
3.6
25
%
ea
rs		 DE
00
0A
1H
RV
D5		 €
50
0m		 99
.84
3%		 3.6
25
%		 08
Oc
t 2
02
1		 BB
B+
Bo
nd
00
6 (
Hy
bri
d)		 60
4.
62
5%
ye
ars		 XS
10
28
95
96
71		 €
70
0m		 99
.78
2%		 4.6
25
%		 08
Ap
r 2
07
4		 BB
B
nd
7 (
)
Bo
00
EM
TN		 8 y
2.1
25
%
ea
rs		 DE
00
0A
1Z
LU
N1		 €
50
0m		 99
.41
2%		 2.1
25
%		 Jul
09
20
22
y		 BB
B+
Bo
nd
00
8 (
Hy
bri
d)		 tua
l 4
%
pe
rpe		 XS
11
17
30
08
37		 €
1,
00
0m		 100
.00
0%		 4.0
00
%		 tua
l
pe
rpe		 BB
B
Bo
nd
00
9A
(
EM
TN
)		 5 y
0.8
75
%
ea
rs		 DE
00
0A
1ZY
97
1		 €
50
0m		 99
.26
3%		 0.8
75
%		 30
Ma
r 2
02
0		 BB
B+
Bo
nd
00
9B
(
EM
TN
)		 10
1.
50
0%
ye
ars		 DE
00
0A
1ZY
98
9		 €
50
0m		 98
.45
5%		 1.5
00
0%		 31
Ma
r 2
02
5		 BB
B+
nd
(
)
Bo
01
0B
EM
TN		 5 y
1.6
25
%
ea
rs		 DE
00
0A
18V
138		 €
1,
25
0m		 99
.85
2%		 1.6
25
%		 15
De
c 2
02
0		 BB
B+
nd
(
)
Bo
01
0C
EM
TN		 8 y
2.2
50
%
ea
rs		 DE
00
0A
18V
146		 €
1,
00
0m		 99
.08
5%		 2.2
50
0%		 15
De
c 2
02
3		 BB
B+
Bo
nd
01
1A
(
EM
TN
)		 6 y
0.8
75
%
ea
rs		 DE
00
0A
18
2V
S4		 €
50
0m		 99
.53
0%		 0.8
75
%		 10
Jun
20
22		 BB
B+
Bo
nd
01
1B
(
EM
TN
)		 10
1.
50
0%
ye
ars		 DE
00
0A
18
2V
T2		 €
50
0m		 99
.16
5%		 1.5
00
0%		 10
Jun
20
26		 BB
B+
nd
01
2 (
)
Bo
EM
TN		 2 y
3M
OR
+0
.38
0%
EU
RIB
ea
rs		 00
0A
18
C9
DE
5W		 €
50
0m		 100
.00
0%		 0.1
40
%
hed
d
ge		 13
Se
20
18
p		 BB
B+
nd
3 (
)
Bo
01
EM
TN		 8 y
1.2
50
%
ea
rs		 DE
00
0A
189
ZX
0		 €
1,
00
0m		 99
.03
7%		 1.2
50
%		 06
De
c 2
02
4		 BB
B+
Bo
nd
01
4A
(
EM
TN
)		 5 y
0.7
50
%
ea
rs		 DE
00
0A
19
B8
D4		 €
50
0m		 99
.86
3%		 0.7
50
%		 25
Jan
20
22		 BB
B+
Bo
nd
01
4B
(
EM
TN
)		 10
1.7
50
%
ye
ars		 DE
00
0A
19
B8
E2		 €
50
0m		 99
.26
6%		 1.7
50
%		 25
Jan
20
27		 BB
B+
nd
01
5 (
)
Bo
EM
TN		 8 y
25
%
1.1
ea
rs		 00
0A
19
NS
93
DE		 €
50
0m		 99
.38
6%		 25
%
1.1		 08
Se
20
25
p		 BB
B+
nd
01
6 (
)
Bo
EM
TN		 2 y
3M
OR
+0
.35
0%
EU
RIB
ea
rs		 00
0A
19S
DE
E1
1		 €
50
0m		 100
8%
.44		 3M
OR
+0
.35
0%
EU
RIB		 20
v 2
01
9
No		 BB
B+
Bo
nd
01
7A
(
EM
TN
)		 6 y
0.7
50
%
ea
rs		 DE
00
0A
19
UR
61		 €
50
0m		 99
.33
0%		 0.7
50
%		 15
Jan
20
24		 BB
B+
Bo
nd
01
7B
(
EM
TN
)		 10
1.
50
0%
ye
ars		 DE
00
0A
19
UR
79		 €
50
0m		 100
.80
5%		 1.5
00
%		 14
Jan
20
28		 BB
B+
nd
(
)
Bo
01
8A
EM
TN		 4.7
5 y
3M
EU
RIB
OR
+0
.45
0%
ea
rs		 DE
00
0A
19X
79
3		 €
60
0m		 100
.00
0%		 hed
d
0.7
93
%
ge		 22
De
c 2
02
2		 BB
B+
nd
01
8B
(
)
Bo
EM
TN		 8 y
00
%
1.5
ea
rs		 00
0A
19X
8A
DE
4		 €
50
0m		 99
.18
8%		 00
%
1.5		 22
r 2
02
6
Ma		 BB
B+
nd
(
)
Bo
01
8C
EM
TN		 12
2.
12
5%
ye
ars		 DE
00
0A
19X
8B
2		 €
50
0m		 98
.96
7%		 2.1
25
%		 22
Ma
r 2
03
0		 BB
B+
nd
(
)
Bo
01
8D
EM
TN		 20
2.
75
0%
ye
ars		 DE
00
0A
19X
8C
0		 €
50
0m		 97
.89
6%		 2.7
50
%		 22
Ma
r 2
03
8		 BB
B+

EUR-equivalent Coupon

Vonovia location

High-influx cities ("Schwarmstädte"). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html

Q1 2018 Earnings Call

Illustration of Germany at Night

Illustration of Germany at Night

Note: Vonovia Strategic Portfolio

High-influx cities ("Schwarmstädte"). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html

VNA share price performance since IPO vs. DAX and EPRA Europe Index

Q1 2018 Earnings Call

  1. Wrap-up 5. Appendix

IPO in 2013.

Vonovia History

Final exit of private equity in 2014.

  1. Q1 2018 results 3. Housekeeping

Reconciliation of Shares Outstanding

hlig
hts
1.
Hig		 lts
2.
Q
1 2
01
8 r
esu		 kee
3.
Ho
ing
use
p		 4.
Wr
ap
-up		 nd
5.
Ap
ix
pe
D
t
a
e		 N
O
S
H
(
i
l
l
i
)
m
o
n		 C
t
o
m
m
e
n
b
D
3
1,
2
0
1
6
e
c
e
m
e
r		 4
6
6
0
h
M
3
1,
2
0
1
7
a
c
r		 4
6
8
8		 i
i
i
t
t
c
o
n
e
a
c
q
s
o
n
w
r
u
3
0
2
0
1
J
7
n
e
u
,		 6
4
7
5		 S
i
d
i
i
d
d
p
e
n
c
r
v
b
S
3
0
2
0
1
7
t
e
p
e
m
e
r
,		 8
4
5
1		 f
h
b
d
G
a
g
a
c
r
o
s
s-
o
r
e
r
m
e
r
g
e
r
b
D
3
1,
2
0
1
7
e
c
e
m
e
r		 4
8
5
1
h
3
2
0
8
M
1,
1
a
r
c		 8
4
5
1

The number of outstanding shares is always available at http://investoren.vonovia.de/websites/vonovia/English/2010/key-share-information.html

Sustainability at a Glance

  1. Q1 2018 results 3. Housekeeping

Integrated element of Vonovia's business model

  • With almost 400,000 apartments throughout Germany, Vonovia is the country's leading residential real estate company. This role in the housing landscape imposes on us a particular responsibility to actively shape the development of the housing industry.
  • We aim to live up to the responsibility by pursuing a continuous dialogue with our stakeholder groups, and by considering social and ecological issues in our core activities. A key priority for us is to use our business model and our holistic approach to help resolve the most urgent challenges in the housing industry and make a positive contribution to social development.

Sustainability reporting at Vonovia

  • Separate Sustainability Reporting Unit at Vonovia.
  • Start Sustainability Reporting in 2015 with our first sustainability report published in 2016, based on GRI G4 guidelines.
  • Publication of second Sustainability Report in 2017, based on the new GRI standards (published in October 2016), report is available at:http://investoren.vonovia.de/websites/vonovia/English/7033/sustainability.html
  • Vonovia received the EPRA Silver Award for the 2016 Sustainability Report.

Sustainability Report for 2017 to be published in June 2018.

Sustainability Approach

  1. Q1 2018 results 3. Housekeeping

"Our sustainability approach results directly from our business model, on the one hand, and also addresses developments that influence our business, or which we can influence, on the other."

Vonovia's Sustainability approach

• Vonovia implements extensive measures to maintain and develop its portfolio, in particular, measures to improve the energy efficiency of the stock. This allows us to make a significant contribution to protecting our climate. At the same time, wellinsulated apartments increase efficiency and simultaneously reduce ancillary expenses for our customers.

• A nice, stable environment is part of a good residential atmosphere. Therefore, we become involved beyond our buildings and set trends with cities, companies and city planners, as well as with associations, initiatives and, last but not least, with ourlocal customers for the sustainable development of entire neighborhoods.

Sustainability: Establishment within Vonovia

  • • At the highest level, the CEOof Vonovia SE is responsible for sustainability.
  • •The Audit Committee in particular handles sustainability on behalf of the Supervisory Board.
  • • Vonovia established a new function, sustainability specialist, in 2017, in order to ensure that sustainability issues can be tackled in a more structured, cross-departmental manner and to expand our dialogue with stakeholders.

Sustainability Stakeholder Groups and Facts

Sustainability Key Topics

  1. Q1 2018 results 3. Housekeeping

Materiality MatrixSustainable Corporate Governance: •Society and Customer Interests:•remuneration. institutions.Mieterstiftung e.V. renewable energies, entry into own electricity production via photovoltaic systems.Employees:• Employees from 60 different nations. •

  • Long-term growth: Basis to Vonovia Business Model.
  • Compliance and Anti-Corruption: Implemented Code of Conduct within Vonovia.
  • Adherence to Labor, Social and Environmental Standards in the Supply Chain: Business Partner Code for subcontractors and suppliers: e.g. ruling out of illicit employment, payment of at least legal minimum wage.
  • CSI (Customer Satisfaction Index) is an element used in determining Management Board
  • Neighbourhood development: not only maintenance, modernization, shaping the residential environment, but also supporting social or cultural facilities or educational
  • Social Commitment: several initiatives, e.g. Vonovia Foundation, Vonovia

Climate and Environmental Protection:

  • Reduction of energy and emission consumption: e. g. modernization of energy systems, modern boilers, intelligent thermostats. Further measures against climate change: e. g. expansion of renewable energy sources, targeted purchasing of
  • Several health programs, support work-life-balance, participation in company's success
  • 2016: GdW: Award as an exemplary training company and from Focus Money the award "Germany's best training companies".
  • German Olympic Sports Federation, representatives of the Sports Ministers' Conference and the German Chambers of Industry and Commerce honouredVonovia as a top sports-friendly company in 2017.

German Residential – Safe Harbor and Low Risk

  1. Q1 2018 results 3. Housekeeping

  2. Wrap-up 5. Appendix

Rental regulation safeguards high degree of stability

  • Contrary to most other jurisdictions such as the USA, rental growth in Germany is regulated and not directly linked to CPI, GDP development etc.
  • Rents are regulated via "Mietspiegel" (city-specific rent indices), which look at the asking rents of the previous four years to determine a rent growth level for existing tenants for the next two years.

Sources: Federal Statistics Office, GdW (German Association of Professional Homeowners), REIS, BofA Merrill Lynch Global Research, OECD. Note: Due to lack of q-o-q US rent growth data, the annual rent growth for a year is assumed to also be the q-o-q rent growth of that year.

German Residential – Landlords Benefit from Structural Imbalance between Supply and Demand

New supply falls short of demand

Consensus estimates see a current shortage of around 1 million apartments in urban areas. Three main constraints stand in the way of material changes in the short and even medium term:

  1. Wrap-up 5. Appendix

  2. Building permits often take several years because city administrations lack qualified personnel.

  3. Severe shortage of building capacity after years of downsizing.

  4. Q1 2018 results 3. Housekeeping

Substantial gap between in-place values and market replacement cost render construction in affordable segment economically unfeasible.

Sources: Federal Statistics Office, IW Köln, GdW (German Association of Professional Homeowners)

Sources: German Federal Statistics Office, GdW (German Association of Professional Homeowners). 2035(E) household numbers are based on trend scenario of the German Federal Statistics Office.

Sources: JLL Research, European Commission, Federal Statistics Office, Eurostat

Sources: Federal Statistics Office, Eurostat, JLL Research, own calculations

No Correlation between Interest Rates and Asset Yields

  1. Q1 2018 results 3. Housekeeping

  2. Wrap-up 5. Appendix

Valuation methodology for German residential properties is primarily based on market prices for assets – not on interest rates

  • While market prices are affected by general interest rate levels, there is no significant correlation.
  • Other factors such as supply/demand imbalance, rental regulation, market rent growth, location of assets etc. outweigh the impact of interest rates when it comes to pricing residential real estate.
  • The steep decline in interest rates (down by 760bps since 1992) is not mirrored by asset yields (down by 120bps since 1992).
  • Asset yields outperformed interest rates by 240bps on average since 1992 and 550bps in June 2016.

Yearly asset yields vs. rolling 200d average of 10y interest ratesSources: Thomson Reuters, bulwiengesa

h
l
T
V
e
e
a
a
r
u
hlig
hts
1.
Hig		 lts
2.
Q
1 2
01
8 r
esu		 kee
3.
Ho
ing
use
p		 4.
Wr
ap
-up		 nd
5.
Ap
ix
pe

High degree of stability and predictability of underlying business (layer 1) and portfolio valuation (layer 2) is not reflected in share price development (layer 3), as equity markets appear to apply valuation parameters that are substantially less material for Vonovia's operating performance.

Q1 2018 Earnings Call

Dortmund

Frankfurt

Essen

Dresden

d
M
i
i
O
t
o
e
r
n
z
a
o
n
-
1.
Hig
hlig
hts		 2.
Q
1 2
01
8 r
lts
esu		 3.
Ho
kee
ing
use
p		 4.
Wr
ap
-up		 5.
Ap
nd
ix
pe

Elmshorn

Modernization - Upgrade Building

  1. Q1 2018 results 3. Housekeeping

Kerpen

Q1 2018 Earnings Call

S
C
d
l
C
i
M
i
t
t
t
p
e
e
o
n
o
o
n
o
n
a
c
r
a
u
a
r
s
r
u
c
-
hlig
hts
1.
Hig		 lts
2.
Q
1 2
01
8 r
esu		 kee
3.
Ho
ing
use
p		 4.
Wr
ap
-up		 nd
5.
Ap
ix
pe

Disclaimer

This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, "Vonovia") for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it.

This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein.

This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of Vonovia ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from Vonovia's current business plan or from public sources which have not been independently verified or assessed by Vonovia and which may or may not prove to be correct. Any forward-looking statements reflect current expectations based on the current business plan and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements only speak as at the date the presentation is provided to the recipient. It is up to the recipient of this presentation to make its own assessment of the validity of any forward-looking statements and assumptions and no liability is accepted by Vonovia in respect of the achievement of such forward-looking statements and assumptions.

Vonovia accepts no liability whatsoever to the extent permitted by applicable law for any direct, indirect or consequential loss or penalty arising from any use of this presentation, its contents or preparation or otherwise in connection with it.

No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient's purposes. The delivery of this presentation does not imply that the information herein is correct as at any time subsequent to the date hereof.

Vonovia has no obligation whatsoever to update or revise any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof.

This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.

This presentation is neither an advertisement nor a prospectus and is made available on the express understanding that it does not contain all information that may be required to evaluate, and will not be used by the attendees/recipients in connection with, the purchase of or investment in any securities of the Company. This presentation is selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its securities. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or on its completeness, accuracy or fairness.

This presentation is not directed to or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

Neither this presentation nor the information contained in it may be taken, transmitted or distributed directly or indirectly into or within the United States, its territories or possessions. This presentation is not an offer of securities for sale in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Consequently, the securities of the Company may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States unless registered under the Securities Act.

Tables and diagrams may include rounding effects.

More from Vonovia SE

Board/Management Information 2025
Dec 9
Declaration of Voting Results & Voting Rights Announcements 2025
Nov 28
Declaration of Voting Results & Voting Rights Announcements 2025
Nov 17
Capital/Financing Update 2025
Nov 5
Earnings Release 2025
Nov 5
Investor Presentation 2025
Nov 5
Quarterly Report 2025
Nov 5
Declaration of Voting Results & Voting Rights Announcements 2025
Oct 31
Report Publication Announcement 2025
Oct 23
Environmental & Social Information 2025
Oct 1
View all filings →

Talk to a Data Expert

Have a question? We'll get back to you promptly.