Deutsche Wohnen Se · XETR:DWNI

Deutsche Wohnen — Merger or Acquisition (November 2015)

12 slides from Deutsche Wohnen's merger presentation, Nov 27, 2015

  1. Slide 1: Bolt-on acquisitions of 15,200 units

    Deutsche Wohnen AG » Bolt-on acquisitions of 15,200 units 27 November 2015 1

  2. Slide 2: EUR 1.2bn acquisitions with significant upside potential

    » EUR 1.2bn acquisitions with significant upside potential Key highlights Overview of locations Units 15,185 Average rent per sqm EUR 5.92 Kiel / Lübeck Market rent per sqm EUR 7.10 Hamburg Core+ Vacancy rate 2.2% Core Acquisition price EUR 1.2bn Hanover / Berlin Acquisition price per sqm EUR 1,342

  3. Slide 3: Concentrated portfolios enable efficiency and optionality

    » Concentrated portfolios enable efficiency and optionality Units Rent Vacancy Fair In-place Market (#) (EUR/sqm) rate (%) value rent rent Key highlights (EUR/sqm) multiple multiple  Concentrated portfolio predominately in existing Core + 8,599 6.37 2.1 1,663 21.6 17.6 Core+ and Core regions allowi

  4. Slide 4: Portfolio overlap & concentration lead to EBITDA margins >80%

    » Portfolio overlap & concentration lead to EBITDA margins >80% Hold portfolio Core+ Core Rhine Main & Berlin Dresden Kiel Other Total Rhineland Units 5,648 1,204 300 3,818 919 11,889 In-place rent (EUR/sqm) 5.55 6.65 5.66 5.37 5.37 5.59 Market rent (EUR/sqm) 7.05 7.52 7.01 6.50 5.71 6.81 Vacancy ra

  5. Slide 5: Quality of Dispose portfolio creates optionality to enhance value

    » Quality of Dispose portfolio creates optionality to enhance value Units In-place rent Vacancy rate Fair Value Market rent Dispose portfolio (#) (EUR/sqm) (%) (EUR/sqm) multiple Core + 1,447 9.31 1.8 2,642 19.8 Thereof Munich 1,070 9.89 1.4 3,014 20.7 Core 360 5.64 3.3 966 12.9 Non Core 1,489 5.36

  6. Slide 6: Highly accretive acquisitions with significant upside

    » Highly accretive acquisitions with significant upside 1 Attractive portfolio adding ~12,000 units in Core+ and Core regions 2 Up to 30% rent potential 3 Dispose portfolio includes attractive locations and properties 4 Total FFO I impact pre disposals of EUR ~40m p.a. 5 FFO accretive with an FFO I

  7. Slide 7: Appendix

    ‘ ) a Deutsche Wohnen » Appendix deutsche-wohnen.com

  8. Slide 8: Berlin cluster – Overview

    » Berlin cluster – Overview Background Key metrics  Highly concentrated with more than 75% in six big settlements Strategy Operate  No rent restrictions Residential units 5,648 Purchase price EUR 442m  High rent potential and low vacancy rate (current rent below tenant Price per sqm EUR 1,469 tab

  9. Slide 9: Kiel cluster – Overview

    » Kiel cluster – Overview Background Key metrics  28% of the total portfolio Strategy Operate  Highly concentrated mainly in three settlements Residential units 3,818 Purchase price EUR 235m  Strategic extension in our Core-region Kiel/Lübeck and Price per sqm EUR 1,043 establishment of an own se

  10. Slide 10: Overview of total acquisitions signed in 2015

    » Overview of total acquisitions signed in 2015 Residential units Strategy In-place Market Vacancy Fair Value Market rent 1) 1) 1) rent rent Rate (EUR/sqm) multiple (EUR/sqm) (EUR/sqm) in % # Greater Berlin 11,455 Hold 5.27 6.53 2.0 1,324 16.9 Munich 1,070 Dispose 9.89 12.12 1.4 3,014 20.7 Rhine-Mai

  11. Slide 11: Disclaimer

    » Disclaimer This presentation contains forward-looking statements including assumptions, opinions and views of Deutsche Wohnen or quoted from third party sources. Various known and unknown risks, uncertainties and other factors could cause actual results, financial positions, the development or the

  12. Slide 12: Deutsche Wohnen AG

    Deutsche Wohnen AG Registered Office Berlin Office Pfaffenwiese 300 Mecklenburgische Straße 57 65929 Frankfurt/Main 14197 Berlin Phone: +49 30 897 86 5413 Fax: +49 30 897 86 5409 © 2015 Deutsche Wohnen AG 12

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