DGAP-News

Deutsche Wohnen AG: Interim result as at 30 September 2014 - Deutsche Wohnen strongly positioned

DGAP-News: Deutsche Wohnen AG / Key word(s): Interim Report/9-month
figures
Deutsche Wohnen AG: Interim result as at 30 September 2014 - Deutsche
Wohnen strongly positioned

12.11.2014 / 07:02

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Interim result as at 30 September 2014

Deutsche Wohnen strongly positioned

- Group profit more than doubled to EUR 144.9 million
- FFO I (without disposals) increased by 93% to EUR 166.3 million, FFO II
(incl. disposals) up by 97% to EUR 205.1 million
- Improvement of financing structure and cash flow

Frankfurt/Main and Berlin, 12 November 2014. In the first nine months of
the financial year 2014 Deutsche Wohnen earned a Group profit of EUR 144.9
million (previous year: EUR 66.5 million). Essentially, this doubling of
Group profit was made possible by the takeover of GSW Immobilien AG. The
Funds from Operations (FFO I, without disposals) increased in comparison to
the previous year by 93% to EUR 166.3 million (previous year: EUR 86.3
million). Calculated per share, it increased by around 9% to EUR 0.58.
Considering the disposals segment, FFO II improved by 97% to EUR 205.1
million (previous year: EUR 104.2 million) and on a per share basis it rose
by around 13% to EUR 0.72. As at the reporting date, the Loan-to-Value
Ratio (LTV) was brought down to 54.7% (31 December 2013: 57.3%). The
intrinsic value of the company, measured as EPRA NAV (undiluted), had risen
in the reporting period to EUR 14.34 per share (31 December 2013: EUR 13.99
per share).

Further improvement in key operating figures

As at 30 September 2014 the portfolio of Deutsche Wohnen comprised 146,822
residential units with a fair value of around EUR 8.8 billion. The average
in-place rent for the entire holdings was EUR 5.65 per sqm as at the
reporting date, with a vacancy rate of 2.4%. Deutsche Wohnen continues to
benefit from the ongoing high demand for housing in Germany's metropolitan
areas - in which 80% of its holdings (Core+) are located.

Accordingly, in the first nine months of 2014 it was possible to increase
the gross rental income to EUR 469.3 million (previous year: EUR 259.5
million), with a Net Operating Income (NOI) of EUR 354.5 million (previous
year: EUR 189.0 million). Over the last twelve months Deutsche Wohnen
(incl. GSW) achieved rental growth in its entire portfolio of 2.8% on a
like-for-like basis, with a consistently low vacancy rate of 2.4%. In its
Core+ regions the company achieved like-for-like rental growth of 3.1%,
with a vacancy rate of 2.0%. The Core regions, which for the most part