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Consolidated Financial Statements Dresden S A AROUNDTOWN INTERIM CONSOLIDATED REPORT For the six-month period ended June 30, 2021 Frankfurt FRANKFURT: Büro Center (FBC) Mainzer Landstraße MAIN CENTRAL TRAIN STATION 43k sqm & CENTRAL BUSINESS DISTRICT AT HAS APPROX. 200,000 SQM LETTABLE SPACE IN Frankfurt Stadtmitte Intercontinental Frankfurt Bleichstraße Wilhelm-Leuschner Strasse FRANKFURT‘S PRIME CENTER 9k sqm 28k sqm Frankfurt HBF Frankfurt Office Campus Stuttgarter Straße Gutleutstraße 9k sqm 88k sqm Banking District Frankfurt Hauptbahnhof Frankfurt HBF (Central Train Station) Karlstraße 3k sqm R Frankfurt HBF VI TOWE EW FR FICE Hafenstraße OM H . OF AFE STR 20k sqm NST FEN R. O HA FFI OM CE FR TO W WE VIE R Frankfurt CONTENT BOARD OF DIRECTORS´REPORT INTERIM CONSOLIDATED FINANCIAL STATEMENTS THE BUSINESS & OPERATIONS INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2 Key Financials 46 Interim consolidated statement of profit or loss 4 The Company 47 Interim consolidated statement of other comprehensive income 6 Key Achievements 48 Interim consolidated statement of financial position 8 Aroundtown’s Quality Portfolio 50 Interim consolidated statement of changes in equity 19 Capital Markets 52 Interim consolidated statement of cash flows MANAGEMENT DISCUSSION AND ANALYSIS NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 20 Notes on Business Performance 54 Notes to the interim consolidated financial statements 40 Alternative Performance Measures DISCLAIMER 45 Responsibility Statement & Disclaimer MANAGEMENT DISCUSSION THE BUSINESS & OPERATIONS DISCLAIMER AND ANALYSIS FINANCIAL POSITION KEY FINANCIALS HIGHLIGHTS in € millions unless otherwise indicated Jun 2021 Dec 2020 Dec 2019 in € millions unless otherwise indicated 1–6/2021 Change 1–6/2020 Total Assets 30,720.6 31,021.6 25,444.7 Revenue 541.4 (8%) 588.3 Total Equity 15,717.9 15,583.0 13,378.9 Net rental income 457.8 (9%) 501.9 Investment property 20,898.7 21,172.4 18,127.0 Adjusted EBITDA 1) 451.9 (10%) 500.0 Cash and liquid assets 1) 3,244.2 3,262.7 3,043.8 FFO I before Covid adjustment 1) 247.2 (8%) 268.5 Unencumbered assets ratio 2) 81% 76% 81% FFO I per share before Covid adjustment 1) 0.21 5% 0.20 Equity Ratio 51% 50% 53% FFO I 1) 2) 3) 172.0 (26%) 233.5 Loan-to-Value 33% 34% 34% FFO I per share 1) 2) 3) 0.15 (12%) 0.17 1) including cash and liquid assets under held for sale FFO II 2) 4) 548.4 61% 340.3 2) by rent ICR 5.0x 0.5x 4.5x Profit for the period 362.1 (42%) 626.3 EPS (basic) (in €) 0.25 (31%) 0.36 NET ASSET VALUE EPS (diluted) (in €) 0.25 (31%) 0.36 in € millions unless otherwise indicated 1) including AT‘s share in companies which AT has significant influence, excluding the contributions from assets held for sale EPRA NRV EPRA NTA EPRA NDV 2) including extraordinary expenses for uncollected rent due to the Covid pandemic (€75 million in H1 2021, €35 million in H1 2020) 3) previously defined as FFO I (per share) after perpetual, Covid adjusted Jun 2021 13,113.4 11,221.5 8,371.8 4) reclassified in Q4 2020 to be based on FFO I (previously defined as FFO I after perpetual, Covid adjusted) Jun 2021 per share (in €) 11.2 9.6 7.2 Per share growth (dividend adjusted) 3% 3% 5% Per share growth 1% 1% 1% Dec 2020 13,093.9 11,187.4 8,354.9 Dec 2020 per share (in €) 11.1 9.5 7.1 2 | AROUNDTOWN SA | Board of Directors‘ Report MANAGEMENT DISCUSSION THE BUSINESS & OPERATIONS DISCLAIMER AND ANALYSIS Alexanderplatz Alexanderplatz Karl-Liebknecht-Straße Karl-Liebknecht-Straße 24k sqm 34k sqm Alexanderplatz BERLIN Karl-Liebknecht-Straße 6k sqm ALEXANDERPLATZ Alexanderplatz AT HAS OVER 140,000 SQM Alexanderstraße 55k sqm LETTABLE SPACE IN THE PRIME COMMERCIAL AND TOURIST CENTER ALEXANDERPLATZ Berlin TV Tower Alexanderplatz Bernhard-Weiß-Straße 2k sqm Alexanderplatz Train Station Alexanderplatz Rathausstraße 11k sqm Hackescher Market Münzstraße & Max-Beer-Straße 2k sqm Hackescher Market Dircksenstrasse 9k sqm Alexanderplatz Berlin AROUNDTOWN SA | Board of Directors‘ Report | 3 MANAGEMENT DISCUSSION THE BUSINESS & OPERATIONS DISCLAIMER AND ANALYSIS THE COMPANY Quality assets with a focus on large EU cities primarily in Germany/NL Capital recycling by selling Income generating portfolio non-core/mature assets with value-add potential Centrally Attractive acquisitions below Asset repositioning, market value and below located portfolio increasing cash flow, quality, replacement costs in top tier WALTs and value cities Healthy capital structure Extracting new building rights with a strong & conservative on existing and new land & financial profile buildings The Board of Directors of Aroundtown SA and its investees (the “Company”, “Aroundtown” or “AT”), including associates (the “Group”), hereby submits the interim report as of June 30, 2021. The figures presented are based on the interim consolidated financial statements as of June 30, 2021, unless stated otherwise. Aroundtown SA is a real estate company with a focus on income generating quality properties with value-add potential in central locations in top tier European cities primarily in Germany and the Netherlands. Aroundtown invests in commercial and residential real estate which benefits from strong fundamentals and growth prospects. The commercial properties are held by Aroundtown and the residential investment is held through a holding in Grand City Properties S.A. (“GCP”). GCP is a publicly traded real estate company that focuses on investing in value-add opportunities predominantly in the German residential real estate market. As of June 2021, the Company’s holdings in GCP is 42% (44% excluding shares GCP holds in treasury). In AT’s financials, GCP is accounted for as an equity-accounted investee. The Group’s unique business model and experienced management team led the Company to grow continuously since 2004. 4 | AROUNDTOWN SA | Board of Directors‘ Report MANAGEMENT DISCUSSION THE BUSINESS & OPERATIONS DISCLAIMER AND ANALYSIS Munich AROUNDTOWN SA | Board of Directors‘ Report | 5 MANAGEMENT DISCUSSION THE BUSINESS & OPERATIONS DISCLAIMER AND ANALYSIS HALF YEAR BUSINESS AND FINANCIAL HIGHLIGHTS HIGH LIQUIDITY AND FINANCIAL FLEXIBILITY CONSERVATIVE ACCRETIVE DEBT PROFILE CAPITAL RECYCLING AND SHARE BUYBACK €3.2BN FINANCIAL DISCIPLINE Cash and Liquid assets MAINTAINED APPROX. 1.4% 3 TIMES Low cost of debt €1.1BN Liquidity is 3 times Disposals closed in H1 2021 the debt maturing in the next 3 years 33% 5.8Y +3% Low LTV Long average debt maturity Margin above book value, €16.1BN/ validating the conservative value 3 TIMES of the portfolio 81% OF RENT Current assets are 3 times 97% Unencumbered assets the current liabilities High interest hedge ratio FIREPOWER Fuelling accretive share buybacks BBB+/STABLE at deep discount to NAV Credit rating by S&P (reaffirmed in Dec 2020) 6 | AROUNDTOWN SA | Board of Directors‘ Report MANAGEMENT DISCUSSION THE BUSINESS & OPERATIONS DISCLAIMER AND ANALYSIS ADJUSTED EBITDA (IN € MILLIONS) FFO I (IN € MILLIONS) EPRA NTA & NRV (IN € MILLIONS) FFO I FFO I before Covid adjustment EPRA NTA EPRA NRV 500 CAGR CAGR CAGR FFO I before EPRA NTA 452 Covid adjustment +17% 269 +4% +14% 13,113 247 13,094 363 234 11,987 217 11,187 11,222 10,523 280 DISPOSALDISPOSAL 167 172 EFFECT DISPOSALDISPOSAL EFFECTEFFECT H1 2018 H1 2019 H1 2020 H1 2021 H1 2018 H1 2019 H1 2020 H1 2021 Dec 2019 Dec 2020 Jun 2021 DISPOSALS ABOVE BOOK VALUE FFO I PER SHARE (IN €) EPRA NTA & NRV PER SHARE (IN €) SUPPORTED FFO I per share FFO I per share before Covid adjustment EPRA NTA per share EPRA NRV per share SHARE BUY-BACK FFO I CAGR PROGRAMS yield* EPRA NTA +4.4% per share 11.1 11.2 EXECUTED AT +8% 9.8 9.5 9.6 DISCOUNT TO NAV, 8.6 0.21 CREATING 0.19 0.20 0.17 0.17 ACCRETIVE GROWTH 0.15 ON A PER SHARE BASIS H1 2018 H1 2019 H1 2020 H1 2021 Dec 2019 Dec 2020 Jun 2021 *H1 2021 FFO I per share annualized and based on a share price of €6.75. AROUNDTOWN SA | Board of Directors‘ Report | 7 MANAGEMENT DISCUSSION THE BUSINESS & OPERATIONS DISCLAIMER AND ANALYSIS AROUNDTOWN’S QUALITY PORTFOLIO RESIDENTIAL PORTFOLIO 44% IN GCP €8.4 BN* COMMERCIAL PORTFOLIO €21 BN *representing GCP at 100%. AT‘s holding rate in GCP is 44% excluding the shares GCP holds in treasury 8 | AROUNDTOWN SA | Board of Directors‘ Report MANAGEMENT DISCUSSION THE BUSINESS & OPERATIONS DISCLAIMER AND ANALYSIS GROUP PORTFOLIO OVERVIEW TWO OF THE STRONGEST ECONOMIES IN TOGETHER AMONG THE MAKING UP EUROPE WITH LOWEST MORE THAN A AAA CREDIT UNEMPLOYMENT QUARTER OF THE RATING LEVELS 8 OF THE EU'S ECONOMY IN EUROPE AMONG THE 15 LARGEST LOWEST METROPOLITANS DEBT/GDP IN THE EU ARE LEVELS IN IN GERMANY POPULATION DENSITY IN GERMANY : 85% of EUROPE & THE NL rlands the c ethe omm AND THE NETHERLANDS e N erc Th ia & l p ny or a tfo rm li Ge o 36 - 105 105 - 156 Hamburg Bremen 156 – 283 Berlin Amsterdam Hannover Utrecht Rotterdam 283 – 933 Halle NRW Leipzig Dresden 933 - 4,686 Wiesbaden Frankfurt Inhabitants per sqkm (2017, Destatis; 2019, CBS) Mainz Mannheim Nuremberg-Fuerth Stuttgart Munich AROUNDTOWN SA | Board of Directors‘ Report | 9 MANAGEMENT DISCUSSION THE BUSINESS & OPERATIONS DISCLAIMER AND ANALYSIS WELL-DIVERSIFIED GROUP PORTFOLIO WITH FOCUS ON STRONG VALUE DRIVERS ASSET TYPE TENANT High tenant diversification with no The largest asset type is Office (51%) and together with material tenant or industry dependency. Residential, it makes up 66% of the portfolio. Office 51% Commercial portfolio Hotels make up 24% with approx. 3,500 tenants and residential portfolio with very granular tenant base GROUP ASSET TYPE Logistics/ Other 3% BREAKDOWN % 5 1 Retail 7% l June 2021 ia t by value* n e d si e R LOCATION INDUSTRY Ho tel 24% The portfolio is focused on the strongest economies in Each location has different Europe: 85% of the commercial portfolio is in Germany and key industries and fundamentals the Netherlands, both AAA rated countries.
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