AROUNDTOWN SA FY 2020 FINANCIAL RESULTS MARCH 2021 TABLE OF CONTENTS 1 2 OPERATIONS & HIGHLIGHTS PORTFOLIO 3 4 ESG FINANCIAL RESULTS 5 6 GUIDANCE APPENDIX 2 HIGHLIGHTS NAVIGATE BACK TO TABLE OF CONTENTS 3 FINANCIAL PERFORMANCE HIGHLIGHTS BOTTOM LINE TOP LINE VALUATIONS FFO I = FFO I after perpetual €358m €0.27 €1,003m €769m / +3.9% FFO I FFO I per share 1) Net rental income Revaluation and capital (previously defined as FFO I after (previously defined as FFO I per share +31% YOY perpetual, Covid adjusted) after perpetual, Covid adjusted) gains / LFL value gains -20% YOY -29% YOY +0.2% LFL net rental income €447m €0.34 €11.2bn / €9.5 growth FFO I per share before FFO I before perpetual EPRA NTA / per share Dec 2020 perpetual -11% YOY +6% / 10% YOY +1.3% LFL excl. Hotels -21% YOY €0.22 -1.8% LFL Hotels dividend2) 1) From FY 2021 onwards, dividend payout ratio is 75% of this per share KPI 2) Based on 65% of FFO I per share before perpetual – subject to AGM approval 4 BUSINESS HIGHLIGHTS ACCRETIVE M&A SOLID FINANCIAL CONSERVATIVE DEBT PROACTIVE GROWTH WITH TLG POSITION PROFILE REFINANCING €24.5bn €3.3bn 6.1y Over €1.5bn Group Portfolio* Cash and liquid assets Long average debt maturity Debt repayments during 2020 €15.6bn / 76% of rent 1.4% 65% / 24% Funded by disposals and Unencumbered investment Low cost of debt Office & Resi* / Hotels issuances at lower coupons properties (current) Third Largest €1bn bond at 0% coupon, 34% 97% 6-year maturity Listed RE firm in Europe by total Low LTV High interest hedge ratio Refinancing €600m of older bonds assets (3y) at an avg. coupon of 1.5% Largest Office Landlord BBB+/Stable 4x €600m perpetual at 1.625% coupon In Berlin, Frankfurt & Munich Credit rating by S&P, Liquidity covering debt maturities Refinancing over €230m perpetual at among listed peers reconfirmed in Dec 2020 in the next 3 years 3.75% coupon *Including 41% of GCP (residential portfolio) and excluding assets held for sale 5 DISPOSALS IN 2020 DISPOSALS OF MAINLY NON-CORE >€2.7 BILLION Mainly spread across Mainly spread across Non-core non-core cities in non-core cities in Signed during 2020 Germany Germany cities 40% Berlin Cologne 2% 20% Stuttgart 3% Development & Hotel 8% Frankfurt Mainly Frankfurt, Dresden/ Dresden & Rostock Office 35% 13% Mainly Berlin, Utrecht, Leipzig 9% Frankfurt, Amsterdam, Dresden/Leipzig, €2.3 BILLION Wiesbaden, Rostock etc. Closed during 2020 DISPOSAL DISPOSALS ABOVE INCREASING PROCEEDS: +3% +33% 19x BOOK VALUE PORTFOLIO Strengthen liquidity Margin Margin VALIDATE QUALITY THROUGH Rent PROPERTY DISPOSAL OF NON- Support debt Over Book Over Total repayments Multiple VALUATIONS CORE Value Costs Fuel share buyback 6 STRONG DISTRIBUTION TO SHAREHOLDERS VIA MULTIPLE CHANNELS ACCRETIVE SHARE BUYBACKS DURING 2020, €1BN BOUGHT BACK AT AN AVG. PRICE OF €4.9, FUNDED BY DISPOSALS ABOVE BOOK VALUE CLOSE TO 50% DISCOUNT TO NAV +12% shareholder return including dividends +12% SHAREHOLDER VALUE GROWTH By disposing assets above book value & channelling these proceeds into share buybacks at a deep discount to EPRA NTA, AT created +8% shareholder return & +4% including dividends and value creation. The Board of Directors has shareholder approval for further 7% buyback. €0.2 €0.1 €0.7 LEVERAGE NEUTRAL The proceeds from over €2.7 billion of disposals above book value were €9.5 €9.6 channelled into share buybacks (€1bn) and debt repayments (>€1.5bn) €8.6 ADDITIONAL DIVIDEND DISTRIBUTION Dec 2019 EPRA Impact of disposals Profit and other Dec 2020 EPRA Dividend for FY 2019** Dec 2020 EPRA Well-balanced shareholder distribution through buyback and dividend NTA/ps and buyback items* NTA/ps NTA/ps div adj. of €0.14/ps. *Profits generated during the year (excl. disposal profits), impact from the takeover of TLG, dilution impact, etc. Share buyback improves share KPI’s, thus increasing future dividends ** Dividend was paid in January 2021 but AT created the corresponding reserves already in 2020 financial statements 7 CORPORATE ACHIEVEMENTS IN 2020 EPRA AWARDS INDEX INCLUSION IMPROVED GOVERNANCE (4 YEARS IN A ROW) 50% of Aroundtown’s Board of Directors are independent directors and 33% members are AT is included in the new DAX 50 ESG Index In September 2020, AT received the EPRA BPR female, providing further support to the which was launched in March 2020. Gold award for the 4th consecutive year & EPRA Company’s strong governance and diversity AT is also included in GPR ESG indices sBPR Gold award for the 3rd consecutive year, highest standards for financial & sBPR reporting ROBECOSAM SUSTAINALYTICS GENDER EQUALITY (Top 8th percentile – Low Risk Category) Continued increase (75th percentile) Among the 380 global companies AT is ranked in the Top 8th percentile globally AT is ranked in the 75th percentile among its peer group among 941 real estate peers that was included nd Top 4th percentile globally among 12,704 companies Decisive for inclusion in leading Dow Jones Sustainability in the index, 2 including all industries Index (DJSI), with goal to be included in the future year in a row March 2020 November 2020 8 OPERATIONS & PORTFOLIO NAVIGATE BACK TO TABLE OF CONTENTS 9 STRONG LOCATIONS & PROPERTY QUALITY ARE KEY TO SUCCESS & STABILITY OF THE PORTFOLIO GERMANY & THE NETHERLANDS: GERMANY & THE 86% OF THE PORTFOLIO NETHERLANDS Well-diversified across AAA sovereign top tier cities credit rating of the commercial portfolio Among the lowest >25% of EU’s GDP & Home unemployment rates & of EU’s 8/15 largest Debt/GDP levels in the EU metropolitans by GDP AT’s Top 4 office cities: Berlin, Frankfurt, Munich & Berlin, Munich, Frankfurt Amsterdam: €0.8 trill. GDP1) and Amsterdam from multiple industries Source: Eurostat, 1) Metropolitan regions of Berlin, Munich, Frankfurt/Rhine-Main, Amsterdam and Hamburg 10 HIGH DIVERSIFICATION DIVERSIFICATION ASSET TYPE TENANT & INDUSTRY High tenant & industry 65% / 24% diversification with no Office & Residential / Hotel dependency Each location has distinct Strong diversification key demand drivers, among asset types with supporting industry diverse fundamentals diversification of tenants * Including proportion in GCP and development rights & invest 11 DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE Large tenant base of over 4,000 Limited dependency on single tenants: Collection rate is back to pre-Covid tenants is further supported by Top 10 Tenants: 18% of rental income levels for all asset types excl. hotels highly granular German residential High tenant Large Tenant Base with over 4,000 tenants quality DECEMBER 2020 Investment Lettable area Annualized EPRA Vacancy In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT Portfolio by asset type property (€m) (k sqm) net rent (€m) Office 11,558 3,841 11.6% 467 10.8 3,009 4.0% 4.6 Hotel 5,409 1,788 4.0% 295 14.1 3,025 5.5% 17.3 Retail 1,685 749 9.6% 86 10.2 2,250 5.1% 5.0 Logistics/Other 638 861 11.0% 35 3.6 740 5.4% 5.7 Development rights & Invest 1,882 Total 21,172 7,239 8.9% 883 10.8 2,665 4.6% 8.9 12 LIKE-FOR-LIKE RENTAL INCOME POSITIVE ORGANIC GROWTH FROM INTERNAL LFL OCCUPANCY VS IN-PLACE RENT SOURCES TOTAL LIKE-FOR-LIKE NET RENTAL In-place rent Occupancy POSITIVE ORGANIC GROWTH FROM INTERNAL POSITIVEL -ORGANICF-L GROWTHL-F-L FROM INCOME GROWTH L-F-L Excl. Hotels L-F-L Hotels +0.4% -0.2% SOURCES INTERNALDec 2020 SOURCESDec 2020 +1.3% +0.2% -1.8% Dec 2020 Dec 2020 Dec 2020 13 PROPERTY REVALUATIONS IN 2020 Through the high degree of diversification STRONG VALUATION RESULTS DIVERSIFICATION AS A (asset type, location, tenants, lease structure), AT benefits from many KEY DRIVER different value drivers which support the overall portfolio valuations +3.9% LFL VALUATIONS (Dec 2020 vs Dec 2019) Valuations remained supportive during SUPPORTIVE 2020, driven by operational achievements, strong fundamentals and VALUATIONS low yield compression. Disposals above book value strengthen the valuations +7.2% -4.8% LFL VALUATIONS LFL VALUATIONS Excluding hotels Only Hotels Demand for real estate remains high, HIGH DEMAND FOR driven by the stimulus packages & expiring government bonds. Recent deals REAL ESTATE in the transaction markets are reflective Further benefiting from >+4% LFL of such high demand & valuations Valuations Residential through GCP 14 COMMERCIAL PORTFOLIO: UPSIDE POTENTIAL AS A DOWNSIDE PROTECTION Commercial Dec 2020 annualized rental income vs. Market potential including vacancy reduction not including Large upside potential from rent increases to development potential (in €m) market levels +23% 1,083 Long lease terms with a WALT of 8.9 years 883 Value upside: conservative valuations with current Dec 2020 annualized Annualized market potential values at less than half of replacement costs 15 OFFICE PORTFOLIO – WELL-LOCATED IN TOP TIER CITIES OF GERMANY AND THE NETHERLANDS OFFICE: 51% of the Group portfolio No dependency on a single location, single WELL-DIVERSIFIED tenant, single asset or single industry FOCUS ON CENTRAL LOCATIONS OF TOP TIER CITIES Diversified lease structure with 4.6 years LONG WALT WALT >50% of rents from Governmental, STRONG TENANT Insurance & Banking, IT, Health Care, Energy, Infrastructure, Telecomm. & INDUSTRY BASE Professional services Largest office tenant segment: public sector (25%).Strong top tenants, such as DIVERSE TENANT BASE German & Dutch Government, Deutsche Bundesbank, Siemens, Deutsche Bahn, Orange, Allianz etc. 16 RESIDENTIAL PORTFOLIO RESIDENTIAL: 14% of the Group portfolio GERMAN RESIDENTIAL: THE MOST RESILIENT GERMANY 80%: ASSET TYPE IN NRW: 17% Berlin: 26%, 9 YEARS AVERAGE GRANULAR TENANT Dresden/Leipzig/Halle: 13% EUROPEAN London: 19% TENANCY LENGTH BASE REAL ESTATE... ...REMAINED RESILIENT 1.8% like-for-like net rent growth, DURING COVID-19 decreasing vacancy and practically PANDEMIC unaffected from Covid 17 HOTEL PORTFOLIO HOTEL: 24% of the Group portfolio Across Europe with a focus on locations WELL-DISTRIBUTED with large catchment areas Long fixed contracts with no variable 174 HOTELS 17.3Y WALT component Mainly in top tier European cities Benefitting from the largest diverse 4 STAR: 85% demand segment, incl.