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The Adler Group Results presentation Berlin, 30 November 2020 Adler Group | Third quarter results 2020 Welcome to the Adler Group Well diversified €14.6bn pan German Adler in short Driving future growth residential real estate portfolio Rental units1 EPRA NAV Adler is a pure play German residential company with a unique development Schleswig-Holstein Mecklenburg- pipeline, striving to deliver sustainable 1,803 Western Pommerania 70,741 €45.27 1,015 Hamburg In operation Per share shareholder value by: Lower Saxony 2,000 Brandenburg 15,631 Bremen 1. Managing the core portfolio to grow earnings 3,703 1,516 and improve EBITDA margins Saxony- Berlin Average rent/ month1 LTV - Like for like rental growth Anhalt 1,000 19,193 - Reduction in vacancies 3,877 North Rhine-Westphalia €6.55 53.0% 2. Optimising the portfolio and recycling capital 4,000 12,165 Saxony 2 2 Per m in top 13 Pro-forma through selective acquisitions and sales Thuringia 9,617 Hesse 1,938 3. Adding value through development and 2,000 Development Portfolio residential units Vacancy1 FFO I modernisation – driving organic growth - Elevating quality of portfolio other units Portfolio of residential - Improving energy efficiency 283 rental units 2.5% €1.06 4. Simplifying capital structure Baden- Of top 13 rental portfolio Per share - Reducing LTV (mid term target 50%) Wuerttemberg - Targeting investment grade rating 1,500 - Reducing cost of debt 2 1 Calculated based on rental units in operation, hence excluding units under renovation and development projects 2 Pro-forma for the disposal of non-core Consus’ projects to Partners Immobilien Capital Management Adler Group | Third quarter results 2020 Highlights – first time consolidation of Consus ▪ €203.2m of NRI realized over the nine months of 2020, up from €101.7m in Q3 19 mainly as a result of the consolidation of Adler per April 2020 Operational ▪ €6.25/sqm/month average residential rent, up from €6.14/sqm/month in Q3 19 ▪ 1.4% like-for-like rental growth at Q3 20, down from 3.4% in Q3 19 due to the effects of the Berlin rent freeze performance ▪ 3.9% vacancy rate, down marginally from 4.1% in Q3 19 ▪ €74.7m FFO 1, up from €50.4m in Q3 19, mainly as a result of the consolidation of Adler per April 2020 ▪ Rent deferrals relating to COVID-19 as of today stand at 1.2% of the monthly rent, mainly coming from our commercial units ▪ During September we announced the disposal of around 5,000 residential units to a major international real estate company further streamlining the portfolio and leading to a Portfolio 200bps reduction in LTV. The portfolio was generating a NRI of €18.6m pa, with an average rent of €5.46 /sqm/month and a vacancy rate of 12% ▪ Investments in the portfolio continue and we have spent €4.8/sqm on maintenance (Q3 19: €4.9) and €13.4/sqm on capex (Q3 19: €17.0/sqm) during the first nine months of 2020 as most of the capex programs in Berlin have been put on hold as a consequence of the Berlin rent freeze ▪ €14.6bn total assets as of Q3 2020, up from €10.4bn at H1 2020, mainly on the back of the consolidation of Consus Valuation ▪ +6.6% value uplift like-for-like realized in the first nine months of 2020 ▪ EPRA NAV stood at €4.7bn (NRV: €5.6bn) as of Q3 2020 equating EPRA NAV per share of €45.27 (NRV: €53.46 per share) ▪ 3.20% weighted average cost of debt as per the end of Q3 2020 on the back of consolidation of Consus, as of today we have been able to further decrease the weighted Financing and average cost of debt to 2.98% and expect to decrease this going forward ▪ Successfully issued two €400m bonds, the first was placed in July at a 3.25% fixed coupon and a 5-year maturity, the second was placed in November at a 2.75% fixed coupon LTV and a 6-year maturity. The November issue was more than 4.0x oversubscribed with a high-quality book of pan European institutional investors ▪ 51.3% net LTV excluding convertibles, 50.1% pro-forma for the disposal of Consus’ projects to Partners Immobilien Capital Management 3 Adler Group | Third quarter results 2020 Agenda Operational performance Financing structure Developments Guidance confirmed Appendix 4 Operational performance Adler Group | Third quarter results 2020 Operational highlights, portfolio optimization ongoing ✓ ✓ ✓ ✓ Successful sale of Vacancy reduction Further rent increase Value uplift non-core assets ✓ As announced in September, we ✓ As of the end of Q3 2020, vacancy ✓ Despite the challenging regulatory ✓ On the back of further rent increases successfully sold c. 5,000 units to an stands at 2.5% for the top 13 cities of environment and the ongoing COVID- and yield compression outside Berlin, international real estate investor at a our rental portfolio 19 pandemic, like-for-like rental growth the portfolio has seen a +6.6% value premium to latest book values remains at +1.4% year-to-date as uplift like-for-like during the first nine ✓ The vacancy of the total portfolio stands expected months of 2020 ✓ On the back of the Consus transaction, at 3.9% at the end of the period 17 non-strategic development projects ✓ The portfolio outside Berlin continues to with a GAV €0.6bn were sold to Gröner generate a solid +2.0% like-for-like Group GmbH rental growth ✓ 8 non-strategic development projects ✓ As the Berlin rent freeze regulation has with a GAV of €0.4bn will be disposed entered into effect, realized like-for-like to Partners Immobilien Capital rental growth amounted to +0.4% for Management before the end of the year the first nine months of 2020 6 Adler Group | Third quarter results 2020 Value of the underlying portfolio continues to increase Development of GAV (€m) Development of number of units Development of fair value (€/sqm) 10,000 90,000 2,000 9,396 9,039 81,807 9,000 1,800 1,741 8,551 80,000 75,721 1,635 1,624 70,741 1,553 8,000 68,149 1,600 70,000 66,362 63,957 1,452 7,000 1,400 6,325 60,000 1,215 6,000 1,200 50,000 4,733 5,000 1,000 905 40,000 4,000 3,694 800 30,000 3,000 600 20,000 2,000 400 1,000 10,000 200 – – – 2015 2016 2017 2018 2019 Q3 2015 2016 2017 2018 2019 Q3 2015 2016 2017 2018 2019 Q3 Q3 2020 2020 2019 2020 7 Please note that the KPIs presented on this page include ground level commercial units, and exclude units under renovation and development projects and note that the numbers for the years 2015-2019 are provided for your convenience and serve for illustrative purposes of combining ADLER Group and ADLER Real Estate only. Metrics have been computed by using weighted averages on the back of publicly available information. Adler Group | Third quarter results 2020 Positive trend in average monthly rents Residential average rent (€/sqm/m) LfL residential rental growth YTD Residential portfolio vacancy rate 7.0 2.5% 9.0% 6.2 6.1 6.2 8.0% 6.0 8.0% 6.0 5.6 2.0% 5.4 2.0% 5.1 7.0% 5.0 6.0% 5.7% 1.5% 1.4% 5.0% 4.0 5.0% 4.3% 4.0% 4.1% 3.9% 3.0 4.0% 1.0% 3.0% 2.0 2.0% 0.5% 0.4% 1.0 1.0% – 0.0% 0.0% 2015 2016 2017 2018 2019 Q3 Q3 Berlin All other cities Total portfolio 2015 2016 2017 2018 2019 Q3 Q3 2019 2020 2019 2020 8 Please note that the KPIs presented on this page include ground level commercial units, and exclude units under renovation and development projects and note that the numbers for the years 2015-2019 are provided for your convenience and serve for illustrative purposes of combining ADLER Group and ADLER Real Estate only. Metrics have been computed by using weighted averages on the back of publicly available information. Adler Group | Third quarter results 2020 Investments in the rental portfolio continue Total Capex and Maintenance (€m) Maintenance expense (€/sqm) 180.0 10.0 8.9 8.6 7.2 8.0 6.5 6.7 160.0 6.0 4.9 4.8 40.8 140.0 4.0 2.0 120.0 34.4 – 2015 2016 2017 2018 2019 Q3 2019 Q3 2020 100.0 25.4 80.0 Capex invested (€/sqm) 31.3 23.2 30.0 26.1 60.0 124.3 34.4 25.0 97.7 18.9 88.6 20.0 17.0 40.0 14.7 26.6 13.4 63.5 65.3 15.0 10.8 10.0 20.0 42.0 5.8 23.6 5.0 – – 2015 2016 2017 2018 2019 Q3 2019 Q3 2020 2015 2016 2017 2018 2019 Q3 2019 Q3 2020 Capex Maintenance 9 Please note that the numbers for the years 2015-2019 are provided for your convenience and serve for illustrative purposes of combining ADLER Group and ADLER Real Estate only. Metrics have been computed by using weighted averages on the back of publicly available information. Adler Group | Third quarter results 2020 Vacancy reduction and rent increase ongoing Fair Value Fair Value Lettable area NRI1 Rental yield Vacancy Vacancy Q3 20 Avg. Rent NRI Location Units €m Q3 20 €/sqm Q3 20 sqm €m Q3 20 (in-place rent) Q3 20 Δ YoY €/sqm/month Δ YoY LFL Berlin 3,948 2,967 19,193 1,330,653 116.7 3.0% 1.4% 0.3% 7.53 0.4% Leipzig 444 1,744 4,746 254,629 17.6 4.0% 3.0% -2.0% 6.01 4.7% Wilhelmshaven 393 970 6,890 405,194 23.8 6.1% 4.3% -2.8% 5.20 2.8% Duisburg 339 1,111 4,923 305,003 19.8 5.8% 1.9% -0.8% 5.58 0.7% Wolfsburg 150 1,708 1,301 87,614 6.5 4.3% 2.2% 0.0% 6.41 0.6% Göttingen 144 1,692 1,377 85,238 6.1 4.3% 1.5% -1.3% 6.11 2.4% Dortmund 139 1,356 1,769 102,251 7.1 5.2% 1.8% -0.8% 5.97 2.8% Hanover 127 2,011 1,112 63,253 5.4 4.3% 1.2% -1.1% 7.32 2.8% Kiel 120 1,798 970 66,768 5.5 4.6% 1.3% 0.2% 7.05 3.5% Düsseldorf 114 3,106 577 36,719 3.5 3.1% 1.7% -1.0% 8.20 0.6% Halle (Saale) 94 889 1,858 105,892 5.5 5.8% 11.2% 0.2% 4.94 -0.5% Essen 91 1,377 1,043 66,341 4.5 5.0% 2.1% -1.8% 5.88 3.6% Cottbus 86 782 1,868 110,045 6.0 6.9% 5.7% -0.8% 4.82 1.3% Top 13 total 6,189 2,050 47,627 3,019,600 228.2 3.7% 2.5% -0.4% 6.55 1.3% Other 1,577 1,094 23,114 1,441,457 87.8 5.6% 6.7% 0.1% 5.59 1.5% Total 7,766 1,741 70,741 4,461,057 316.0 4.1% 3.9% -0.2% 6.25 1.4% 10 Please note that, for all KPIs in the table ground level commercial units are included, and units under renovation and development projects are excluded 1.
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