Deutsche Wohnen Ag Ord (DWHHF) Q1 2020 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to our call on Deutsche Wohn's Q1 results. As always, let me give you a summary of the quarter and give you some background on some of the key factors that influence our performance before handing over to Philipp, who will provide you with detailed insights into the Q1 results. Again, this has been a strong and successful quarter for Deutsche Wohn. But let me explain the quarter also against the backdrop of the two overriding topics that are on people's minds. The COVID-19 situation and the developments around the rent cap in Berlin. It is times like these that validate our strategy in terms of portfolio growth, operations, and capital structure growth. And it makes me proud to see that we have taken the right strategic decisions in the past to deliver strong results, even in adverse times like currently. And even more, as a very strong organization with resilient business model, we are able to benefit of opportunities that arise and also extend a helping hand to those in need in times like these. First of all, and most importantly, with regard to the COVID-19 crisis, our company runs uninterrupted, especially also on the development and on the nursing home side. We are doing everything possible that it stays this way. We managed to implement all necessary workplace safety measures and work from home options for our employees. So far, there have only been very few tenants who were not able to pay rent on time. In relation to the residential sector, only 930 tenants inquired about deferral possibilities. This reflects significantly less than 1% of our tenants. Regarding the commercial side, 350 or 13% of our commercial tenants have registered for deferral possibilities. These figures are more than manageable for us in vi...