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Annual Report As at December 31, 2015 Including the Consolidated Financial Statements, the Group Management Report

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Annual Report As at December 31, 2015 Including the Consolidated Financial Statements, the Group Management Report DEMIRE Deutsche Mittelstand Real Estate AG AnnuAl RepoRt 2015 Financial year January 1 – December 31, 2015 2 DeMIRe Deutsche Mittelstand Real estate AG | Annual Report 2015 portrait First in secondary locations DeMIRe Deutsche Mittelstand Real estate AG has commercial real estate holdings in mid-sized cities and upcoming areas bordering metropolitan areas across Germany. the Company has its special strength in these secondary locations – first in secondary locations – and focuses on properties which that are particularly attractive for medium-sized companies. DeMIRe has grown rapidly in recent years as a result of aquisitions of individual properties and company shares alike. At the end of the 2015 fiscal year, DeMIRe’s portfolio contained rental space of 1.1 million sqm with a market value of almost EUR 1 billion. the portfolio’s focus on office, retail and logistic properties results in a risk structure that DeMIRe believes is reasonable for the commercial real estate segment. the Company places importance on long-term contracts with solvent tenants and, therefore, anticipates stable and sustainable rental income. DeMIRe intends to maintain its corporate organisation as lean as possible, although it believes that economies of scale and portfolio optimisation are best achieved by having its own in-house asset, property and facility management. this safeguards the Company’s business expertise and, equally important, allows the Company to maintain direct contact with the customer. the shares of DeMIRe Deutsche Mittelstand Real estate AG are listed on the regulated market (General Standard Segment) of the Frankfurt Stock exchange. 3 DeMIRe at a glance rental reVenue eBit naV 230.7 + 0.5 % 43.3 58.4 58.7 + 344 % + 1,170 % 51.7 3.7 2014 2015 2014 2015 2014 2015 in EUR millions property portFolio Focus on three asset classes 928 1.100 181 72 Retail 19.6 % 150 6.4 5.4 Breakdown according 333 350 33 office 65.0 % to potential rent as at logistics 8.6 % 31.12.2015 others 6.8 % number Market value net rent, WALT Rental space properties (euR million) excl. utilities (Years) (m² thousands) (euR million) 31/12/2014 31/12/2015 Group Key FiGures euRK consolidated income statement 01/01/2015– 01/04/2014– 31/12/2015 31/12/2014 Rental revenue 43,344 3,749 net rental income 23,680 2,290 eBit 58,740 58,434 Financial result -25,728 -2,938 eBt 33,012 55,496 net profit/loss for the period 28,873 45,707 net profit/loss for the period per share (undiluted / diluted, in eur) 1.09 / 0.71 3.03 / 1.74 consolidated Balance sheet 31/12/2015 31/12/2014 total assets 1,032,945 373,012 Investment properties 915,089 333,070 non-current assets held for sale 13,005 0 total portfolio 928,094 333,070 Financial liabilities 655,239 295,665 Cash and cash equivalents 28,467 4,397 net financial liabilities 626,772 291,268 % of total portfolio (LTV) 67,5 87,4 equity according to the consolidated balance sheet 264,902 54,629 equity ratio in % 25.6 14.6 equity attributable to equity holders of the parent company (nAV) 230,697 51,684 epRA nAV (undiluted / diluted) 256,267 / 271,585 60,996 / 71,420 epRA nAV per share (undiluted / diluted, in euR) 5.20 / 4.25 4.26 / 2.84 4 DeMIRe Deutsche Mittelstand Real estate AG | Annual Report 2015 Competitive strengths Focus ■ Clear investment strategy ■ Focus on commercial real estate holdings in secondary locations in Germany ■ Value appreciation through favourable purchase prices combined approach ■ Value-Added strategy with a Core plus approach ■ Stable cash flows generated by Core plus strategy ■ Appreciation potential through Value-Added Value chain ■ Fully integrated real estate group ■ Coverage of the entire value chain from purchase and management to sale, when strategically feasible ■ Group in-house asset, property and facility management Flexibility ■ Flat hierarchies ■ Short and quick decision-making process expertise and commitment ■ Long-standing experience and extensive expertise in the real estate industry ■ Efficient processes capital market ■ Increasing market capitalisation ■ Active in equity and debt capital markets ■ Aimed at long-term oriented dividend policy long-term approach ■ DeMIRe strives for long-term value appreciation of the core portfolio ■ Not interested in temporary profit increases 5 Contents 2 demire AT a Glance 88 CONSOLIDATED Financial 2 portrait STATEMENTS 3 Share and key figures 88 Consolidated statement of income 4 Competitive strengths 89 Statement of comprehensive income 5 Contents 90 Consolidated balance sheet 92 Consolidated statement of cash flows 6 Foreword oF the executiVe Board 93 Consolidated statement of changes in equity 10 report oF the superVisory Board 94 NOTES TO the CONSOLIDATED Financial STATEMENTS 16 First in secondary locations 94 A. General information 16 Highlights 2015 103 B. Scope of consolidation and 18 portfolio consolidation methods 26 DeMIRe on the capital market 124 C. Accounting policies 32 Interview with the executive Board 143 D. notes to the consolidated statement of income 36 COMBined manaGement REPORT 153 e. notes to the consolidated balance (Group and aG) sheet 36 I. Group principles 184 F. notes to the consolidated 38 II. economic report balance sheet 57 III. Changes in the composition of 186 G. notes to the consolidated the governing bodies statement of changes in equity 58 IV. Remuneration report 188 H. Group segment reporting 62 V. Subsequent events 194 I. other disclosures 64 VI. Report on opportunities, risks, 217 Attachments to the notes and outlook 73 VII. Acquisition related information 228 Balance sheet oath 82 VIII.Corporate Governance/ Statement on Corporate Governance 229 auditor’s report 82 IX. Management Report for DeMIRe Deutsche Mittelstand Real estate AG 231 imprint & contact disclaimer: the report is published in German and as an english translation. In the event of any conflict or inconsistency between the english and the German versions, the German original shall prevail. 6 DeMIRe Deutsche Mittelstand Real estate AG | Annual Report 2015 Foreword of the executive Board ladies and Gentlemen, For DeMIRe Deutsche Mittelstand Real estate AG, the year 2015 represented a year of tremendous growth – partly due to direct investments, but mainly as a result of the acquisition of a majority interest in Fair Value ReIt-AG at the end of the fiscal year. these investments more than tripled the value of our real estate portfolio bringing it to a total of almost one billion euros. Since the Fair Value acquisition took place shortly before the year’s end, this quantum jump in growth is reflected in our balance sheet but not yet evident in our income statement. At the end of 2015, the sum of the contracted annual net rent, excluding utilities, of DeMIRe’s real estate holdings amounted to EUR 72 million or around eighteen times higher than DeMIRe’s total net rent in 2014. there is no better illustration of the new dimension our company has grown into in 2015. We are now one of the leading listed companies in our industry measured in terms of revenue and portfolio value. naturally, this rise was due in large part to our takeover of Fair Value ReIt-AG, whose former shareholders we would like to welcome at this point as new DeMIRe shareholders. Holders of a total of 77.7 % of the shares accepted our voluntary public takeover offer to exchange one Fair Value share into two DeMIRe shares. these shareholders clearly saw the benefits that we believe accompany the acquisition: similar business models with very different acquisition channels, the potential for economies of scale from the joint management of properties through the Group’s own asset, property and facility management operations and a significantly stronger foundation for further growth. We not only grew rapidly in 2015 but for the first time we also diversified our portfolio through targeted direct investments in new rental segments resulting in the introduction of new asset classes. the acquisition of logistikpark leipzig marked our entry into the logistic property segment, and the acquisition of Gutenberg-Galerie in leipzig our entry into the retail property segment – a step that was substantially reinforced by our takeover of Fair Value ReIt-AG at the end of the year. our purchase of Kurfürsten-Galerie in Kassel represented a further investment in this asset class but had no influence on the 2015 financial statements because it was transferred to us only at the beginning of the current fiscal year. these purchases make us less dependent on the office segment. We are diversifying our risks. A natural consequence of the property portfolio’s tremendous expansion was a few personnel changes. the second-tier management of important areas such as asset, property and facility management as well as real estate acquisition, have been reinforced with seasoned industry and professional experts. the same is true for central functions such as accounting and controlling. In 2015, the number of employees increased from eight to a total of 54. nevertheless, the DeMIRe Group’s corporate structure remains lean. FoReWord oF tHe ExeCutive Board | RepoRt oF tHe Supervisory Board | First In SeCondary locatIonS 7 CoMBINED MAnAGeMENT REPORt (GROUP AnD AG) | CONSOLIDATED FInAnCIAl StATEMENTS NOTES TO tHe CONSOLIDATED FInAnCIAl StATEMENTS | BAlAnCe sheet oAtH | AuditoR’S RepoRt » Foreword of the executive Board From left to right: Dipl.-Kfm. (FH) Markus Drews, executive Board Member (COO), Hon.-prof. Andreas Steyer MRICS, Speaker of the eecutive Board (CEO), Frank Schaich, executive Board Member (CFo) In addition, the executive Director of Fair Value ReIt-AG, Frank Schaich, was appointed in early February 2016 to DeMIRe’s executive Board, bringing the number of Board members to a total of three. this expansion reflects the wider range of tasks within the Group.
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