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Vonovia SE

Investor Presentation • Mar 19, 2015

477_ip_2015-03-19_e9236e38-7eaf-4790-aa65-3230711e964c.pdf

Investor Presentation

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Deutsche Annington Immobilien SE

HSBC Real Estate ConferenceFrankfurt, March 19, 2015

Dr. A. Stefan Kirsten, CFO

HSBC Real Estate Conference Frankfurt / March 19, 2015

Promised and delivered – the 2014 Highlights

2014: Another strong year with KPIs at top end of guidance or exceeding

  • -Like-for-like rental growth of 2.5%
  • -FFO1 increased 28.2% to € 286.6m
  • -NAV/share plus 6.0% to € 24.22
  • -Proposed dividend up 11.4% to € 0.78/share

Successful execution of main work streams

  • -Cost saving program leads to significant cost per unit decline of 9% to € 754
  • -Strong rise of modernisation capex to € 172m
  • -Acquisitions of DeWAG and Vitus are fully integrated with solid KPI contribution
  • Confirmed positive outlook for 2015 (Deutsche Annington stand-alone)

GAGFAH transaction:

  • -Closing imminent
  • -Governance structure established
  • -Top teams at board and management level formed
  • -Integration starting next week
  • -First combined Q1 reporting on June 1st with detailed report on progress

The positive performance is driven by all strategic pillars

Improvement of all KPIs in 2014FFO 1/share +5.9%, NAV/share +6.0%

FFO 1 ex. maintenance (€m)

2) Based on average number of units over the period1) Based on number of shares as of 31 Dec 2013 (224.2 m) and 31 Dec 2014 (271.6 m)

Improvement of all KPIs in 2014Rents up 2.5%, vacancy down to 3.4%

FFO is significantly up in all categories

F
F
O
l
i
(
€
)
t
e
v
o
u
o
n
m		 2
0
1
4		 2
0
3
1		 F
F
O
b		 k
d
r
e
a
o		 (
€
)
w
n
m
(
€m
)		 2
0
1
4		 2
0
1
3
d
j
d E
A
BIT
DA
ust
e		 55
4.
0		 47
0.
4		 5
5
4
(-
)
Int
FF
O
et
ers
ex
p
en
se		 -20
9.
3		 -21
0.7
(-
)
Cu
inc
nt
e t
rre
om
ax
es		 -8.
0		 -8.
5
(=
)
FF
O
2		 3
3
6.7		 25
1.
2
(-
)
d
d E
les
A
ju
BIT
DA
Sa
ste		 -5
0.1		 -27
.7		 (
2
0
9
)		 (
8
)
(=
)
FF
O
1		 28
6.
6		 22
3.5
(-
)
ita
l
ise
d m
int
Ca
p
a
en
an
ce		 -28
.3		 -20
.0
(=
)
AF
O
F		 25
8.
3		 20
3.5
(
+)
l
d m
Ca
ita
ise
int
p
a
en
an
ce		 28
.3		 20
.0
(
+)
for
Exp
int
en
se
s
m
a
en
an
ce		 14
5.1		 13
6.5		 Ad
jus
ted		 Inte
t
res		 Cu
nt
rre
(=
)
l. m
int
FF
O
1 e
xc
a
en
an
ce		 4
3
1.7		 3
6
0.
0		 EB
ITD
A		 exp
en
se
O
FF		 inc
om
e
tax
es

Comments

  • All FFOs with significant positive development
  • Top-line growth from rental increases and acquisition at a better cost basis power positive development
  • Additionally, strong positive impact from privatisation

Steady NAV growth

Comments

  • Capital increase position is net of transaction costs
  • Deferred tax calculation has been adjusted to comply with EPRA best practise recommendation – see appendix for details

Note: Rounding errors may occur

Long-term and well-balanced maturity profile

K
P
I
f
D
3
1,
s
a
s
o
e
c		 2
0
1
4
A
l
t
c
u
a		 T
t
a
r
g
e
L
T
V
(
i
l
)
n
o
m
n
a		 4
9.
7
%		 5
0
%
*
<
U
b
d
n
e
n
c
u
m
e
r
e
i
t
%
a
s
s
e
s
n		 5
0
%		 ≥
5
0
%
G
l
b
l
I
C
R
o
a		 2.
6
x		 O
i
n
g
o
n
g
F
i
i
t
n
a
n
c
n
g
c
o
s		 3.
2
%		 i
i
i
i
h
t
t
t
o
p
m
s
a
o
n
w
i
l
t
m
o
s
e
c
o
n
o
m
c
a
f
d
i
u
n
n
g

*medium term

2014 results at top end of guidance or exceeding

F
b
2
0
1
4
e
G
i
d
u
a
n
c
e		 S
2
0
1
4
*
e
p
G
i
d
u
a
n
c
e		 2
0
1
4
R
l
t
e
s
u
s
L
f-
l
l
h
t
t
r
e
n
a
g
r
o
w
-		 2.
3
2.
6
%
–		 2.
3
2.
6
%
–		 2.
5
%
M
d
i
i
t
o
e
r
n
s
a
o
n
p
r
o
g
r
a
m		 €
1
5
0
m		 €
1
6
0
m		 €
1
7
1.
7
m
D
i
l
(
i
i
i
)
t
t
s
p
o
s
a
s
p
r
v
a
s
a
o
n		 i
~1
8
0
0
t
n
s
u
,		 i
2,
1
0
0-
2,
2
0
0
t
n
s
u		 i
2,
2
3
8
t
n
s
u
S
F
M
V
(
i
i
i
)
t
t
t
e
p
p
o
n
p
r
a
s
a
o
n
-u
v		 2
0
%		 3
0-
3
5
%		 3
7.
6
%
F
F
O
1		 €
2
5
0
2
6
5
m
–		 €
2
8
0
2
8
5
m
–		 €
2
8
6.
6
m
P
d
d
i
i
d
d
/
h
r
o
p
o
s
e
v
e
n
s
a
r
e		 €
0.
7
8		 €
0.
7
8

* Including pro-rata contribution of acquisitions, excluding disposal of Vitus NRW-Portfolio

Confirmed positive outlook for 2015

(Deutsche Annington without GAGFAH as of 1.1.2015)

R
l
2
0
1
4
t
e
s
u
s		 O
l
k
2
0
1
5
t
o
o
u
G
(
D
A
I
d
l
)
t
s
a
n
a
o
n
e
l-
f-
l
l
h
t
t
r
e
n
a
g
r
o
w		 2.
5
%		 2.
6
2.
8
%
–
R
l
i
t
e
n
a
n
c
o
m
e		 €
7
8
9.
3
m		 €
8
8
0
9
0
0
m
–
O
F
F
1		 €
2
8
6.
6
m		 €
3
4
0
3
6
0
m
–
)
1
N
A
V
/
h
s
a
r
e		 €
2
4.
2
2		 €
2
4
2
5
–
M
d
i
i
t
o
e
r
n
s
a
o
n
p
r
o
g
r
a
m		 €
1
7
1.
7
m		 €
2
0
0
m
>
P
l
d
d
i
l
(
i
i
i
)
t
t
a
n
n
e
s
p
o
s
a
s
p
r
v
a
s
a
o
n		 2,
2
3
8
i
t
u
n
s		 ~1
6
0
0
i
t
n
s
u
,
S
F
M
V
(
i
i
i
)
t
t
t
e
p
p
o
n
p
r
a
s
a
o
n
u
v		 3
7.
6
%		 ~3
0
%
D
i
i
d
d
l
i
e
n
p
o
c
v
y		 /
h
7
8
t
c
e
n
s
a
r
e		 f
F
F
O
~7
0
%
1
o

1)

•Includes adjustment of NAV calculation to more strictly reflect EPRA Best Practices Recommendations;

•NAV 2015 does not include any potential yield compression in year end fair value assessment;

Based on existing capital structure

Substantial rise in maintenance guarantees the sustainability of our portfolio's rental growth capacity

Successful 2014 cost saving program leads toa significant cost per unit improvement

  • Increased cost saving program lifts savings up to ~€ 76/unit (9% yoy improvement)
  • Effect of acquisitions in 2014 minor, as units count pro rata, full effect from 2015 onwards

Definition: (Rental Income – EBITDA Rental adjusted + Maintenance) / average # unitsRental EBITDA adjusted to fit Deutsche Annington definition

Proven track record of the modernisation programPromising start into the year 2015

2014 substantially over-delivered & more to come

  • Over-delivered on promise at IPO to substantially increase investments to~€ 150m p.a.
  • Expected 2015 investment volume: >€ 200m
  • 2015 contains both a steady investment flow to Deutsche Annington legacy portfolioas well as significant investments in acquired portfolios
  • Yield commitment (unlevered ~7%) andinvestment focus (energy & demographic change) remain unchanged
  • Initial yield from the 2014 program at 7.5%for the apartments already let
  • Preparations for all projects with construction start in Q1/2015 well advanced

*yield forecasted depending on new rents after modernisation

Significant fair value step-up on privatisationsand non-core disposals

P
i
i
i
t
t
r
v
a
s
a
o
n
F
Y
2
0
3
1		 F
Y
2
0
1
4
i
l
d
#
t
n
s
s
o
u		 2,
5
7
6		 2,
2
3
8
G
d
(
)
€
r
o
s
s
p
r
o
c
e
e
s
m		 2
2
3.
4		 2
3
1.
2
F
i
l
d
i
l
(
€
)
a
r
a
e
s
p
o
s
a
s
m
v
u		 1
7
8.
8
-		 1
6
8.
0
-
G
f
i
(
)
€
t
r
o
s
s
p
r
o
m		 4
4.
6		 6
3.
2
F
i
l
t
a
r
v
a
u
e
s
e
p
-u
p		 2
9
4.
%		 3
6
7.
%
T
2
0
%
t
a
r
g
e
>		 T
3
0-
3
5
%
t
a
r
g
e
N
d
i
l
o
n-
c
o
r
e
s
p
o
s
a
s
F
Y
2
0
3
1		 F
Y
2
0
1
4
i
l
d
#
t
u
n
s
s
o		 4,
1
4
4		 1,
8
4
3
G
d
(
)
€
r
o
s
s
p
r
o
c
e
e
s
m		 1
3
0.
1		 5
6.
1
F
i
l
d
i
l
(
)
€
a
r
v
a
u
e
s
p
o
s
a
s
m		 1
3
1.
7
-		 5
0.
6
-
G
f
i
(
)
€
t
r
o
s
s
p
r
o
m		 1.
6
-		 5.
5
F
i
l		 2
1.
%		 0.
9
1
%
t
a
r
v
a
u
e
s
e
p
-u
p		 -
  • Privatisation volume slightly below previous year, but above plan

  • Fair value step-up increased due to good market environment and sales strength

  • Non-core disposals 2013 driven by sale of a portfolio of 2,100 units

  • Disposals with a premium to fair value demonstrates sales strength

Successful start of the bathroom program

Status update

  • • Since initiation in August 2014, already~400 projects have been executed
  • •Average investment of € 6.7k
  • • Fixed price agreed with TGS, while TGS suggests execution dates
  • • After start with first roadshow container in August 2014, a second container has been set in place in February 2015
  • • Y-t-d >350 tenants have already committed their interest for the 2015 program
  • • Customer satisfaction has significantly increased

More satisfied tenants withyields significantly above the standard modernisation measures

Smart-Submetering – the next promising pilot project

Smart-submetering - What´s it about?

  • Consumption of heat and water has to be tracked (unit by unit). Currently, we have contracts with several service providers, delivering us data once a year
  • We aim to replace the service provider and insourcereal-time metering by a Deutsche Annington subsidiary
  • We are able to settle the utility bill every month or shortly after a tenant leaves
  • It creates a win-win situation for tenants and Deutsche Annington (lower cost, better visibility, etc)
  • First pilot in 1,000 flats in Bergkamen with 6,000 meters and 25 modems in place
  • Technical feasibility is proven: consumption data measured manually and automatically are identical
  • Business case on track, roll-out is now in detailedplanning phase

Pilot implemented

  • Measuring of consumption of Water and Heat (Sub-Metering)
  • 'Smart': Utilize intelligent online Metering technology
  • Evaluate value levers from insourcing

We are screening the market for potential acquisitions,but with a very selective approach

If it comes to an acquisition, we are a highly appreciated and reliable partner

  • We offer transaction security. If we sign, we close as well in a relatively short timeframe
  • Best-in-class financing strategy with fast access to a comprehensive set of funding tools
  • Our German-wide presence is a competitive advantage ("You don't easily find portfolios of 5,000 units in one city")
  • We have a dedicated and well experienced internal M&A team
  • Our processes are standardised and fast
  • Our deal criteria are transparent

Every potential acquisition is monitored by a dedicated process, thus keeping us highly disciplined

    • Our return matrix and portfolio segmentation are powerful tools to make an early decision about the strategic fit of an offered portfolio
    • The "cage" keeps us highly disciplined and prevents us from overpaying - a high risk in current markets

© Deutsche Annington Immobilien SE

We are well prepared for the GAGFAH integration

We are well prepared…

  • 2014 acquisitions of DeWAG and Vitus are fully integrated and financed – smooth and faster than planned
  • Systems and processes are accessed and now suitable for any integration
  • Hence, everything needed for the integration and funding of GAGFAH has been successfully tested
  • We have already achieved the first important milestones of the GAGFAH transaction:
    • Board and senior management team selected
    • Financing structure kicked-off with perpetual hybrid bond issuance in December 2014

…to go the extra mile, fast.

  • Next Steps 2015
  • -Start of integration
  • -Assimilation of IT-structure
  • -Segmentation of combined portfolio
  • -Execution of funding strategy
  • -Achievement of first synergy targets
  • Upcoming dates 2015
  • -April 30th : AGM
    • June 1st : Combined Q1 Results with detailed update
  • -June 15th & 16th : Capital Markets Day
  • -August 19th : Combined H1 results
  • 2016 Outlook
  • -Last mile on synergies

Summary

  • Promised and delivered: 2014 was an outstanding year for Deutsche Annington
    • Excellent operational performance continued leading to all major KPIs at or above guidance
  • -Innovative finance structure demonstrated by first hybrid issuance in German residential

We strictly follow our strategy

  • -Value enhancing portfolio management
  • -Sustainable efficiency improvement
  • -Recent transactions fulfilling our strict criteria and offering operational scale effects
  • We are ready to go: 2015 will be another positively exciting year

HSBC Real Estate Conference Frankfurt / March 19, 2015

Appendix

Portfolio reviewleads to a slightly adjusted segmention

© Deutsche Annington Immobilien SE

FY 2014 key figures

K
F
i
e
g
r
e
s
y
u
in
€m		 2
0
1
4		 2
0
1
3		 (
)
ha
in
C
%
ng
e
2
0
0
2
8		 1
7
2
5
8		 1
5.
i
de
ia
l u
i
k
Re
t
ts
s
n
n		 3, 5, 8
l
in
Re
ta
n
co
m
e		 8
9.
3
7		 2
8.
0
7		 8.
4
Va
%
te
ca
nc
y
ra		 3.
4		 3.
5		 -0
1
p
p
/
(
-fo
)
h
ly
in
la
€
l
i
ke
l
i
ke
M
t
t
on
-p
ce
re
n
sq
m
r-		 5.
5
5		 5.
4
0		 2.
5
d
d
l
A
j
E
B
I
T
D
A
Re
te
ta
us
n		 5
0
3.
9		 4
4
2.
7		 1
3.
8
/
d
l
A
j.
E
B
I
T
D
A
Re
i
in
€
ta
t
n
un		 2,
7
0
9		 2,
4
6
8		 9.
7
fro
d
l o
f p
In
is
ie
t
co
m
e
m
p
os
a
ro
p
er
s		 2
8
7.
3		 3
5
3.
5		 -1
8.
7
d
d
le
A
j
E
B
I
T
D
A
Sa
te
us
s		 5
0.
1		 2
7.
7		 8
0.
9
d
d
A
j
E
B
I
T
D
A
te
us		 5
5
4.
0		 4
7
0.
4		 1
7.
8
F
F
O
1		 2
8
6.
6		 2
2
3.
5		 2
8.
2
F
F
O
2		 3
3
6.
7		 2
1.
2
5		 3
4.
0
be
fo
F
F
O
1
in
te
re
m
a
na
nc
e		 4
3
1.
7		 3
6
0.
0		 1
9.
9
A
F
F
O		 2
5
8.
3		 2
0
3.
5		 2
6.
9
lu
ke
Fa
ir
ie
t p
t
va
e
m
ar
ro
p
er
s		 1
2,
7
5
9.
1		 1
0,
3
2
6.
7		 2
3.
6
N
A
V		 6,
5
7
8.
0		 5,
1
2
3.
4		 2
8.
4
%
L
T
V,
in		 9.
4
7		 9.
0
4		 1.
4
1
/
ha
F
F
O
1
in
€
s
re		 1.
0
6		 1.
0
0		 5.
9
1
/
ha
N
A
V
in
€
s
re		 2
2
2
4.		 2
2.
8
5		 6.
0

1) Based on the shares qualifying for a dividend on the reporting date Dec 31, 2013: 240,242,425 and Dec 31, 2014: 271,622,425

Like-for-like rental growth in 2014 accelerated to 2.5%(2013 = 1.9%)

R
i
t
t
e
n
n
c
r
e
a
s
e
y
p
e		 L-
f-
l
l
h
2
0
1
4
t
t
r
e
n
a
g
r
o
w
S
i
i
(
b
i
d
i
d
)
t
t
t
t
n
g
e
n
a
n
s
n
o
n-
s
u
s
s
e		 0.
8
%
+
S
i
i
(
b
i
d
i
d
)
t
t
t
t
n
g
e
n
a
n
s
s
u
s
s
e		 0.
3
%
+
N
l
t
e
r
e
n
a
s
w		 0.
5
%
+
S
b
l
l.
d
i
i
t
t
t
u
o
a
e
x
c
m
o
e
r
n
s
a
o
n		 6
1.
%
+
S
l
f
f
t
a
e
s
e
e
c		 0.
0
%
+
S
T
l
i
l.
l
t
o
a
n
c
a
e
s		 1.
6
%
+
M
d
i
i
t
o
e
r
n
s
a
o
n		 0.
9
%
+
S
T
l
i
l.
M
d
d
l
t
o
a
n
c
o
a
n
a
e
s		 2.
5
%
+

Rounded figures

FY 2014: Strong growth in adjusted EBITDA rentaland adjusted EBITDA sales

Bridge to Adjusted EBITDA

(
€m
)		 2
0
1
4		 2
0
1
3
f
i
for
he
io
d
Pro
t
t
p
er		 4
0
9.
7		 4
8
4.
2
in
l
Ne
t
ter
t re
t
es
su		 2
9
7
4.		 2
8
8.
3
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ia
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ies
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Re
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(
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f u
he
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its
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t
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um
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er
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er		 18
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4
4
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inc
Re
nta
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e		 78
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3		 72
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0
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ce		 -14
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ing
t
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3		 -14
8.
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d
j
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l
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Re
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e		 5
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9		 44
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le
Sa
t
s s
eg
m
en
-3
7
1.
1		 -5
5
3.
7		 (€m
)		 20
14		 20
13
mb
of
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d
Nu
its
er
un		 4,0
81		 6,7
20
e f
di
sal
of
Inc
ies
ert
om
rom
spo
pr
op		 28
7.3		 35
3.5
5
4.
0		 4
8.
4		 Ca
ing
of
rtie
old
nt
rry
am
ou
pro
pe
s s		 24
3.4
-		 32
5.8
-
-0.
3		 -9.
0		 lua
tio
f a
he
ld f
le
Re
ts
va
n o
sse
or
sa		 25
.1		 24
.3
fit
di
sal
of
ies
(IF
RS)
Pro
ert
on
spo
pr
op		 69
.0		 52
.0
lua
n (
lise
d)
of
s h
eld
fo
le
Re
tio
set
va
rea
as
r sa		 18
.6
-		 -15
.3
5
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3.
9		 4
4
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7		 lua
n f
di
al
of
s h
eld
fo
le
Re
tio
set
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rom
sp
os
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r sa		 24
.8		 15
.3
Ad
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ted
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t fr
di
sal
of
eri
Pr
om
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pr
op
es		 68
.7		 27
.7
5
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Se
ost
g c
s		 -18
.6		 15
.3
-
Ad
jus
ted
ale
EB
ITD
A S
s		 50
.1		 27
.7

Evolution of Adjusted EBITDA (€m)

  • Very solid EBITDA development driven by both rental und sales business
  • The sales result reflects just a very strong performance – doubled results at lower number of units sold.
  • The rental EBITDA is affected by the contribution from acquisitions, underlined by a strong performance.

FY 2014: P&L development

P&L

© Deutsche Annington Immobilien SE

ha
C
ng
e
(
€m
)		 2
0
1
4		 2
0
1
3		 (
)
€m		 %
fro
Inc
let
ing
ert
t
om
e
m p
rop
y		 1,
138
.4		 1,
04
8.3		 90
.1		 8.6
l
inc
Re
nta
om
e		 78
9.3		 72
8.0		 61
.3		 8.4
i
l
lary
An
sts
c
co		 34
9.1		 32
0.3		 28
.8		 9.0
he
fro
Ot
r in
ert
nt
com
e
m p
rop
y m
an
age
me		 18
.2		 19
.3		 -1.
1		 -5.
7
fro
Inc
ert
t
om
e
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rop
y
ma
nag
em
en		 1,
156
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06
7.6		 89
.0		 8.3
fro
le o
f p
ies
Inc
ert
om
e
m s
a
rop		 28
7.3		 35
3.5		 -66
.2		 -18
.7
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Ca
ing
ies
l
d
nt o
ert
rry
am
ou
op
so		 -24
3.4		 -32
5.8		 82
.4		 -25
.3
lua
f as
he
l
d
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le
Rev
ion
t
set
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o
s
sa		 25
.1		 24
.3		 0.8 3.3
f
it o
d
isp
l o
f p
ies
Pro
ert
n
osa
rop		 69
.0		 52
.0		 17
.0		 32
.7
inc
fro
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ir v
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jus
f
Ne
t
tm
ent
om
e
m
a
a
s o
inv
ies
est
nt
rt
me
pro
pe		 37
1.1		 55
3.7		 -18
2.6		 -33
.0
Ca
ita
lise
d
int
l m
de
rni
ion
sat
p
ern
a
o
ex
pe
nse
s		 85
.6		 42
.0		 43
.6		 103
.8
f m
ls
Co
ia
st o
ate
r		 -54
2.6		 -50
2.8		 -39
.8		 7.9
for
Exp
i
l
lar
ost
en
ses
an
c
y c
s		 -34
4.4		 -32
4.9		 -19
.5		 6.0
for
Exp
int
en
ses
ma
en
an
ce		 -14
1.0		 -11
9.7		 -21
.3		 17
.8
Ot
he
f p
ha
d g
ds
d s
ice
sts
r co
o
urc
se
oo
an
erv
s		 .2
-57		 -58
.2		 1.0 -1.
7
l ex
Pe
rso
nn
e
p
en
ses		 -18
4.6		 -17
2.1		 -12
.5		 7.3
iat
ion
d a
isat
ion
De
rt
p
rec
an
mo		 -7.
4		 -6.
8		 -0.
6		 8.8
he
ing
inc
Ot
t
r o
p
era
om
e		 65
.3		 45
.8		 19
.5		 42
.6
Ot
he
ing
t
r o
p
era
ex
p
en
ses		 -15
2.4		 -10
4.2		 -48
.2		 46
.3
ina
ia
l
inc
F
nc
om
e		 8.8 14
.0		 -5.
2		 -37
.1
ina
ia
l ex
F
nc
p
en
ses		 -28
0.3		 -29
9.6		 19
.3		 -6.
4
f
be
for
Pro
it
e t
ax		 58
9.1		 68
9.6		 -10
0.5		 -14
.6
Inc
e t
om
ax		 -17
9.4		 -20
5.4		 26
.0		 -12
.7
Cu
inc
nt
e t
rre
om
ax		 -8.
0		 -8.
5		 0.5 -5.
9
(
fer
)
Ot
he
inc
l.
de
d t
r
re
ax		 -17
1.4		 -19
6.9		 25
.5		 -13
.0
f
for
he
d
Pro
it
io
t
p
er		 40
9.7		 48
4.2		 -74
.5		 -15
.4

Comments

  • Increase primarily driven by DeWAG and Vitus acquisition which accounted for € 65.6m in 2014
  • Excluding acquisition effects, rental income remains relatively stable as sales effects are largely offset by higher Ø residential in-place rent per sqm and month (€ 5.55 vs. € 5.41) and lower vacancy rate
  • Increase primarily driven by DeWAG and Vitus acquisitions which accounts for € 25.2m in 2014
  • Excluding acquisition effects, income from ancillary cost increased by € 3.6m as the improved vacancy rate overcompensates reduced portfolio size
  • More stringent profitability standards resulted in a significant reduction of units sold.
  • However, this effect is more than offset by the positive market environment which results in highersales prices and corresponding in higher fair valuestep-ups for properties sold.
  • Result in 2014 is primarily due to yield compression effects, expiration of rent-restrictions and modernisation programme.
  • Increase driven by capitalised services rendered byinternal craftsmen organisation
  • Increase reflects increasing portfolio size from latest acquisitions partly compensated by insourcing effects of our own caretaker organisation
  • Increase primarily driven by higher expenses per sqm from € 11.93 in 2013 to € 12.23m combined with increased portfolio size

FY 2014: P&L development (cont'd)

P&L

ha
C
ng
e
(
€m
)		 2
0
1
4		 2
0
3
1		 (
)
€m		 %
fro
let
ing
Inc
ert
t
om
e
m p
rop
y		 1,
138
.4		 1,
04
8.3		 90
.1		 8.6
l
inc
Re
nta
om
e		 78
9.3		 72
8.0		 61
.3		 8.4
l
lary
An
i
sts
c
co		 34
9.1		 32
0.3		 28
.8		 9.0
fro
Ot
he
r in
ert
nt
com
e
m p
rop
y m
an
age
me		 18
.2		 19
.3		 -1.
1		 -5.
7
fro
Inc
ert
t
om
e
m p
rop
y
ma
nag
em
en		 1,
156
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06
7.6		 89
.0		 8.3
Inc
fro
le o
f p
ies
ert
om
e
m s
a
rop		 28
7.3		 35
3.5		 -66
.2		 -18
.7
f pr
l
d
Ca
ing
ies
nt o
ert
rry
am
ou
op
so		 -24
3.4		 -32
5.8		 82
.4		 -25
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lua
ion
f as
he
l
d
for
le
Rev
t
set
a
o
s
sa		 25
.1		 24
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i
ion
t
ac
q
u
s.
f
d
l o
f p
Pro
it o
isp
ies
ert
n
osa
rop
fro
fa
lue
d
f
Ne
inc
ir v
jus
t
tm
ent
om
e
m
a
a
s o		 69
.0		 52
.0		 17
.0		 32
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inv
ies
est
nt
rt
me
pro
pe		 37
1.1		 55
3.7		 -18
2.6		 -33
.0
lise
d
l m
de
Ca
ita
int
rni
ion
sat
p
ern
a
o
ex
pe
nse
s		 85
.6		 42
.0		 43
.6		 103
.8
f m
ia
ls
Co
st o
ate
r		 -54
2.6		 -50
2.8		 -39
.8		 7.9
for
l
lar
Exp
i
ost
en
ses
an
c
y c
s		 -34
4.4		 -32
4.9		 -19
.5		 6.0
for
int
Exp
en
ses
ma
en
an
ce		 1.0
-14		 9.7
-11		 -21
.3		 .8
17
he
f p
ha
d g
ds
d s
Ot
ice
sts
r co
o
urc
se
oo
an
erv
s		 -57
.2		 -58
.2		 1.0 -1.
7
l ex
Pe
rso
nn
e
p
en
ses		 -18
4.6		 -17
2.1		 -12
.5		 7.3
d a
De
iat
ion
isat
ion
rt
p
rec
an
mo		 -7.
4		 -6.
8		 -0.
6		 8.8
Ot
he
ing
inc
t
r o
p
era
om
e		 65
.3		 45
.8		 19
.5		 42
.6
he
ing
Ot
t
r o
p
era
ex
p
en
ses		 -15
2.4		 -10
4.2		 -48
.2		 46
.3
ina
ia
l
inc
F
nc
om
e		 8.8 .0
14		 2
-5.		 -37
.1
l ex
F
ina
ia
nc
p
en
ses		 -28
0.3		 -29
9.6		 19
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4
f
it
be
for
Pro
e t
ax		 58
9.1		 68
9.6		 -10
0.5		 -14
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Inc
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om
ax		 -17
9.4		 -20
5.4		 26
.0		 -12
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Cu
inc
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ax		 -8.
0		 -8.
5		 0.5 9
-5.
he
(
l.
de
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inc
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re
ax		 -17
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6.9		 25
.5		 -13
.0
f
it
for
he
io
d
Pro
t
p
er		 40
9.7		 48
4.2		 -74
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HSBC Real Estate Conference Frankfurt / March 19, 2015

FY 2014: Balance sheet evolution

Overview



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© Deutsche Annington Immobilien SE

Change in deferred tax recognition according to EPRA

  • Referring to the EPRA "Best Practices Recommendations", equity effects caused by deferred taxesshould be excluded in the EPRA NAV calculation if they are not expected to crystallise in normal circumstances. Usually, this should be the case for deferred taxes on property valuation surpluses.
  • Historically DAIG used a simplified approach to fulfil this requirement. Not only the deferred taxeson properties but the total net of deferred tax liabilities and deferred tax assets were recognisedand added to the shareholders equity.
  • For FY 2014, DAIG has changed its recognition of deferred taxes to deferred taxes on propertyvaluation surpluses (and on financial derivatives) only, with the following effect:
l
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Overview of DAIG modernisation and maintenance split

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* without DeWAG and Vitus

Rating and Bonds

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5
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a		 B
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*

-

*** preliminary rating

We are well positioned in a favourable market environment

Source: Federal Statistical Office, Euroconstruct, ifo

Favourable household development in Germany (m)

Source: BBSR Raumordnungsprognose 2030. Projectionsbased on 2009 numbers

Source: Schader Stiftung (Germany), Clameur (France), Association of Residential Letting Agents (UK)

Continuing supply / demand imbalance (units)

Deutsche Annington at a glance

  • Top 4 European real estate company1 and the largest German residential firm²
  • 203k (208k incl. Franconia) residential units well spread across Germany
  • 97% (96% incl. Franconia) of portfolio by fair value located in Western Germany and Berlin (and 82% [81% incl. Franconia] of portfolio by fair value in states with strongest rental growth)
  • Around 3.900 employees incl. own craftsmen organization with more than 2.000 employees
  • Standardized processes and industrialized platform
  • Best-in-class financing structure in the German real estate sector
  • Dedicated portfolio strategy and investment program focused on value creation

1By market cap; ² In listed German residential sector

We are able to reduce the effects of "Mietpreisbremse"by benefitting from our unique modernisation skills

  • With our German-wide presence and the approach to offer affordable living, only very few of our assetsare located in potential "high demand housing markets", where "Mietpreisbremse" might be applied
  • Assessed potential risk of lost rental growth amounts to around 0.2% p.a.
    1. Do nothing accept situation 2. Only "comprehensive, high-end-luxury" modernisationsNo option for Deutsche Annington, as not in line with our position of being "Germany's largest residential real estate manager"stagnationNo option for Deutsche Annington, as not in line with our general principle to offer `affordable living´. The only realistic scenario for Deutsche Annington due to the strategic advantage of TGS.3. Shift strategy to portfolio privatisation only
      1. Highest implementation probability through countrywide availability of craftsmen capacity
      1. Cost efficiency and economies of scale result in lower costs for tenants and lead to higher acceptance of modernisation efforts

Although Deutsche Annington might be affected by the "Mietpreisbremse", it offers the opportunity to focus even stronger on our strategic advantage – socially accepted modernisation executed by TGS, our own craftsmen organisation.

Options for DAIG

4. Broaden and expand rent-related investments

No option for Deutsche Annington, as it leads to growth

Our modernisation program is capitalising onmega-trends supported by German regulation

€ 500m investment opportunities identified

€ 300m investment opportunities identified1

Attractive growth potential at ~7% unlevered yield, proven by our track-record

Source: European Commission, BBSR-Bevölkerungsprognose 2030

1) Including investments for senior living as well as investments in high demand markets

Investment Process

Y
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Imbalanced market structure provides opportunities

Current return in %

  • Total return is the sum of current return and expected value growth
  • Imbalanced market structure provides opportunities
  • Growth is most crucial component
  • But analyses of history shows – rent forecasts by external data providers are not reliable

Innovative portfolio management for sustainable profitable growth

Deutsche Annington's portfolio management approach(Deutsche Annington's analyses of Germany)

  • We developed a framework to evaluate the housing market
  • Growth is derived from basic demographic data and own estimates
  • We will invest and acquire assets with above average returns and sell assets with low return
  • We identified 10 cities with a priority for acquisitions

City Priority city for acquisitions

Active portfolio management approach pays off

We implemented an efficient process to acquire smaller portfolios fast and smoothly (tactical acquisitions)

  • With tactical acquisitions (≤ 500 units), we enlarge our transaction toolkit

  • Our target is to refill reductions from privatisation sales by tactical acquisitions

  • Standardised and lean "fast track" process (2-4 weeks) for tactical acquisitions implemented

  • Low complexity leads to acceptable administrative cost
  • Best use of regional market knowledge
  • Requirements for strategic fit:
  • Asset deal
  • Focus region in line with growth-return matrix
  • Significant Dt. Annington portfolio close by
  • Property strategy (rental only)
  • Lean and tailored process to drive tactical acquisitions
  • First acquisitions as testing balloon in 2014, steady deal flow from 2015 onwards

We will focus on the systematical development of new services and products along social megatrends

42

Continuous success of our extended business proves DA's business model

9701.4762013+52%craftsmen 20144310012012connected units (k) 2013 2014 335250-25%€k TGSexecution priceaverage external offer pricefor restoring the heating systemStrategic advantages of the TGS joint venture: Higher quality (build-up of know how, efficient & closely coordinated processes) High reliability (direct access to craftsmen capacities) Cost reduction (managing total costs of process) Nationwide scalable operating platformTGS serves the basis of our investments and offers a significant cost advantage Steady personnel growth346240 177€mTGS share2014potential TGSshareDA ordervolume180120TV supply after roll-out€/a TV supply before roll-out-33% Development of multimedia partnerships (e.g. Deutsche Telekom, Unitymedia, etc.): >100,000 units will be connected by DAs own cable operator by the end of Q1 2015 Partnerships opens the ground for further cross-selling opportunities DTAG equips DAs properties with modern fibre-optic technologyDevelopment of connected unitsCost saving for our tenantsProject Start

•

•

•

•

•

•

•

IR Contact & Financial Calendar

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Disclaimer – Confidentiality Declaration

This presentation has been specifically prepared by Deutsche Annington Immobilien SE and/or its affiliates (together, "DA") 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 toany 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 DA ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from DA's current business plan or from public sources which have not been independently verified or assessed by DA 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 DA in respect of the achievement of such forward-looking statements and assumptions.

DA 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.

DA 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.

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