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IS NOT ENOUGH. 1 Deutsche Wohnen AG Combined Management Report and Annual Financial Statements Combined Management Report for the Financial Year 2015 Contents

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IS NOT ENOUGH. 1 Deutsche Wohnen AG Combined Management Report and Annual Financial Statements Combined Management Report for the Financial Year 2015 Contents MANAGEMENT REPORT OF THE COMPANY AND THE GROUP AND ANNUAL FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2015 PE RF EC T IS NOT ENOUGH. 1 Deutsche Wohnen AG Combined management report and annual financial statements Combined management report for the financial year 2015 Contents COMBINED MANAGEMENT REPORT FUNDAMENTALS OF THE GROUP 2 Business model of the group 2 Organisation and group structure 2 Group strategy 2 Group control 7 Property portfolio 8 ECONOMIC REPORT 16 General economic conditions 16 Management Board analysis of the economic situation and business operations 24 Notes on the financial performance and position 25 EPRA performance indicators 31 Employees 33 REPORT ON THE INDIVIDUAL FINANCIAL STATEMENTS OF DEUTSCHE WOHNEN AG 34 EVENTS AFTER THE REPORTING DATE 37 RISK AND OPPORTUNITY REPORT 37 Risk management 37 Risk report 39 Opportunities for future development 42 Overview of our risk position 43 FORECAST 43 REMUNERATION REPORT 44 TAKEOVER-RELEVANT INFORMATION 48 CORPORATE MANAGEMENT 50 2 Deutsche Wohnen AG Combined management report and annual financial statements Combined management report for the financial year 2015 Fundamentals of the group FUNDAMENTALS OF THE GROUP Business model of the group influx and demographic development within German metro­ politan areas provide a sound basis for the achievement of reliable Deutsche Wohnen AG together with its subsidiaries (hereinafter cash flows with further potential for growth from the letting and referred to as “Deutsche Wohnen” or the “group”) is currently leasing of properties, and for the utilisation of opportunities for one of the five largest publicly listed property companies in the creation of value. Europe measured by market capitalisation. The company is lis­ ted on the MDAX stock index of the German stock exchange. Its property holdings comprise more than 148,000 residential and Organisation and group structure commercial units as well as nursing care facilities with over 2,000 nursing places and apartments, with a total fair value of An organisational distinction is made between management and approximately EUR 12 billion. Our investment focus is on resi­ asset companies: The management companies are allocated to dential properties in German metropolitan areas and the respective business segments – with Deutsche Wohnen AG conurbations. We believe that the expansion of the portfolio to assuming a traditional holding company function – comprising include nursing and commercial properties in these markets the areas of Portfolio Management, Corporate Finance, Finance, represents a further option for growth due to the dynamic develop­ Human Resources, Investor Relations, Corporate Communication ment discernible. Fundamental economic growth, population and Legal/Compliance. Deutsche Wohnen AG Management and central administration Residential/Commercial Strategic Property/asset shareholdings Disposals management Asset companies Property management Asset management The management of our holdings is largely undertaken by our The asset management segment is primarily responsible for the wholly owned subsidiaries. All activities related to the manage­ portfolio strategy, the valuation of its property holdings and its ment and administration of residential property, the management acquisition activities. of rental contracts and tenant support are consolidated within Deutsche Wohnen Management GmbH (DWM), Deutsche Wohnen The strategic orientation and valuation of the portfolio is under­ Immobilien Management GmbH (DWI) and Deutsche Wohnen taken in the portfolio management. On the basis of continuous Kundenservice GmbH (DWKS), while Deutsche Wohnen Construction analysis potential is identified and the strategic clustering of and Facilities GmbH (DWCF) is responsible for the technical the company’s property holdings into the strategic core and maintenance and development of our holdings. In the past, this growth regions and the Non­Core regions is effected. The opera­ arrangement has enabled us to realise potential for rent increases tional fields of activity “Operate”, “Develop” and “Dispose” are and keep the vacancy rate at a very low level. With strategic derived thereof. shareholdings, as well as collaboration with qualified system providers, we achieve to manage our residential properties with an above­average level of efficiency. 3 Deutsche Wohnen AG Combined management report and annual financial statements Combined management report for the financial year 2015 Fundamentals of the group As part of its growth strategy, Deutsche Wohnen is gradually of our properties and to sustainably reducing CO2 emissions expanding its portfolio, focusing on metropolitan areas and and energy costs. At the same time, G+D supplies and dis­ conurbations with good prospects for dynamic development. tributes the energy for our holdings; it has enabled us, among This is based on comprehensive market research and analysis of other things, to consolidate our gas purchasing activities for the the acquisitions concerning their potential for added value and Deutsche Wohnen properties throughout Germany in an even the positive impact on the relevant key figures of the company. more intelligent manner and to purchase gas directly through the energy exchange, thereby reducing the associated procure­ ment costs by approximately 10 %. G+D is now also successfully Disposals supplying third­party customers in the market. The disposal of properties is managed by Deutsche Wohnen Technical facility management: Deutsche Wohnen coordina­ Corporate Real Estate GmbH. We continuously release large tes its procurement of materials, products and services amounts of capital, especially in the privatisation context in our within the scope of technical facility management through strategic core and growth regions, and thereby strengthen our B&O Deutsche Service GmbH – a joint venture with B&O Service internal financing capacity. Opportunistic disposals of properties und Messtechnik AG – enabling both partners to benefit from in our Core+ and Core regions, in the context of sales to instituti­ economies of scale at the national level. The company further­ onal investors, are also possible in the current positive market more performs operational services in the context of technical environment. facility management. This association under company law helps us to ensure an even higher degree of quality assurance, secure market capacities and achieve maximum cost transparency with Strategic shareholdings additional savings having a direct positive impact on our core operating business. In addition to its core business activities, Deutsche Wohnen also operates within the scope of strategic shareholdings. Group strategy Nursing and Assisted Living: Under the brand KATHARINENHOF® and on the basis of a shareholding model, we manage retirement Deutsche Wohnen AG regards itself as a portfolio manager focu­ and nursing homes for senior citizens, which provide full in­ sing on residential property with a clear orientation towards patient care with the aim of maintaining the residents an active, German metropolitan areas; approximately 87 % of our holdings independent lifestyle to the greatest possible degree, as well are located in these Core+ regions. The markets are centres of as a comprehensive range of services tailored to the needs of high residential density, characterised by dynamic development senior citizens in the form of assisted living accommodation. of economic parameters such as economic power, income, inno­ At the beginning of the financial year 2015, the Nursing and vative capacity and competitive strength. Approximately 11 % of Assisted Living business became part of a shareholding struc­ our holdings are located in markets with moderately rising rents ture, with 51% of the shares being sold to KH Beteiligungs GmbH. and stable rent development forecasts. Deutsche Wohnen remains the holder of 49 % of the shares in KATHARINENHOF® and the owner of the nursing properties. Due to the size and quality of our property portfolio, our focus on attractive German metropolitan areas and the efficiency of our Energy supply: G+D Gesellschaft für Energiemanagement mbH, real estate platform with highly­trained and qualified employees, Magdeburg (G+D) is a strategic cooperation between Deutsche we consider ourselves to be ideally placed in the market to Wohnen and GETEC – a means of jointly restructuring the benefit to the optimum degree from the growth in German metro­ management of the energy­related aspects of our portfolio with a politan areas and to bring about a sustainable increase in the view to improving the energy efficiency of the power­generating value of our holdings. facilities 4 Deutsche Wohnen AG Combined management report and annual financial statements Combined management report for the financial year 2015 Fundamentals of the group Besides organic growth we focus on value­creating acquisitions Focus as far as they suit our portfolio strategy. Deutsche Wohnen has Deutsche Wohnen has pursued a clear investment strategy since repeatedly demonstrated its competence in the past in the cont­ 2008. Since then our portfolio focuses primarily on growth markets. ext of the acquisition and integration of portfolios, and thereby Today, approximately 98 % of our portfolio is located in major consistently achieved its related goals in both quantitative and cities and conurbations within Germany, and 73 % of our overall qualitative terms. As a result of the consolidation with GSW, we holdings in Greater Berlin alone.
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