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REAL TRUST – REAL PERFORMANCE Annual Report 2017 KEY FIGURESASSETS UNDER MANAGEMENT (EUR 21.9BN) in DETAIL

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REAL TRUST – REAL PERFORMANCE Annual Report 2017 KEY FIGURESASSETS UNDER MANAGEMENT (EUR 21.9BN) in DETAIL REAL TRUST – REAL PERFORMANCE Annual Report 2017 KEY FIGURESASSETS UNDER MANAGEMENT (EUR 21.9BN) IN DETAIL Other 11% REVENUES AND EARNINGS 3% F r a n c e & B e l g i u m Change EUR k 2017 2016 5 in % 5% United Kingdom & Ireland Revenues 249,574 325,417 −23.3% Total operating performance 227,651 226,916 0.3%5% Netherlands Germany GEOGRAPHICAL ONE GLANCE AT PATRIZIA EBITDA 71% 95,788 56,236 70.3% DISTRIBUTION 5% Nordics EBIT 87,107 50,102 73.9% EBT 80,128 41,935 91.1% Operating income ¹ 82,185 72,219 13.8% Consolidated net profi t 58,898 27,743 112.3 % STRUCTURE OF ASSETS AND CAPITAL Change EUR k Light industrial 1% 31.12.2017 31.12.2016 in %2% Care homes Non-current assets 275,900 258,813 6.6% Other 2% 3% Hotel Current assets 976,494 734,446 33.0% Equity (excl. non-controlling shareholders) 754,701 749,342 0.7% 4% Logistics Equity ratio (excl. non-controlling shareholders) 60.3% 75.4% −15.2% Non-current liabilities 325,671 47,506 585.5% Current liabilities 170,331 194,720 −12.5% 20% Retail Residential Total assets 37% SECTORAL1,252,394 993,259 26.1% DISTRIBUTION SHARES 31% Office ISIN DE000PAT1AG3 SIN (Security Identifi cation Number) PAT1AG Code P1Z Issued shares as at 31.12.2017 92,351,476 shares Outstanding shares as at 31.12.2017 ² 89,555,059 shares 2017 high ³ Other 11% EUR 20.17 2017 low ³ EUR 13.34 Closing price as at 31.12.2017 ³ EUR 19.34 4% Banks, foundations & Share price performance 2017 ³ +35% companies Market capitalisation as at 31.12.2017 EUR 1.8bn Average trading volume per day 2017 4 about 190,000 shares INVESTOR Pension funds 44% Insurance Indices SDAX, DIMAX 19% STRUCTURE companies 1 Please see page 27 for the defi nition of operating income 2 Reduced number of shares compared to the issued shares due to share buybacks in 2017 3 Closing price on Xetra trading 4 All German stock exchanges Savings banks 22% 5 Adjusted, excluding the Harald portfolio ASSETS UNDER MANAGEMENT (EUR 21.9BN) IN DETAIL Other 11% 3% F r a n c e & B e l g i u m 5% United Kingdom & Ireland REAL TRUST – REAL PERFORMANCE Netherlands 5% Germany 71% GEOGRAPHICAL ONE GLANCE AT PATRIZIA DISTRIBUTION 5% Nordics for our German and international investors in real estate investments throughout Europe. Light industrial 1% 2% Care homes Other 2% 3% Hotel 4% Logistics 20% Retail Residential 37% SECTORAL DISTRIBUTION 31% Office Other 11% Our results last year clearly emphasise the strong performance of our pan-European network of 4% Banks, foundations & companies experts when it comes to identifying and successfully carrying out attractive real estate investments in all types of use and risk classes for institutional and INVESTOR Pension funds 44% Insurance 19% STRUCTURE companies private investors in the various European markets. “ WOLFGANG EGGER, CHIEF EXECUTIVE OFFICER (CEO) 22% Savings banks LOCAL INVESTOR SERVICE ASSETS UNDER MANAGEMENT (EUR 21.9BN) IN DETAIL Other 11% 3% F r a n c e & B e l g i u m United Kingdom & Ireland 5% HONG KONG Netherlands NEW YORK 5% Germany 71% GEOGRAPHICAL ONE GLANCE AT PATRIZIA COPENHAGEN DISTRIBUTION Nordics 5% LONDON AMSTERDAM PARIS AUGSBURG MELBOURNE Light industrial 1% 2% Care homes Our investor base is constantly growing in the context of our company’s internationalisation and as a result of the expansion of our offering Other 2% 3% Hotel of various types of investments. We work in the DACH region (Germany, Austria and Switzerland) and internationally to allow investors throughout the world to access the European real estate market. Our array of offices worldwide play a key role, as they support and expand 4% Logistics our broad, diversified network of investors. 20% Retail Residential 37% SECTORAL DISTRIBUTION 31% Office KEY FACTS Since 2012, more than EUR 10bn of equity have been entrusted to our local teams by investors for investments in European Other 11% real estate. In the 2017 financial year, 40% of the new capital entrusted to 4% Banks, foundations & us came from international investors - in the financial year 2016 companies this figure was around 18%. Pension funds 44% INVESTOR The acquisitions of Sparinvest, TRIUVA and Rockspring will 19% Insurance further expand the share of international investors. STRUCTURE companies The biggest transaction for an international investor to date was Commerzbank Tower in Frankfurt / Main, closed in 2017. 22% Savings banks LOCAL INVESTOR SERVICE ASSETS UNDER MANAGEMENT (EUR 21.9BN) IN DETAIL Other 11% 3% F r a n c e & B e l g i u m United Kingdom & Ireland 5% HONG KONG Netherlands NEW YORK 5% Germany 71% GEOGRAPHICAL ONE GLANCE AT PATRIZIA COPENHAGEN DISTRIBUTION Nordics 5% LONDON AMSTERDAM PARIS AUGSBURG MELBOURNE Light industrial 1% 2% Care homes Our investor base is constantly growing in the context of our company’s internationalisation and as a result of the expansion of our offering Other 2% 3% Hotel of various types of investments. We work in the DACH region (Germany, Austria and Switzerland) and internationally to allow investors throughout the world to access the European real estate market. Our array of offices worldwide play a key role, as they support and expand 4% Logistics our broad, diversified network of investors. 20% Retail Residential 37% SECTORAL DISTRIBUTION 31% Office KEY FACTS Since 2012, more than EUR 10bn of equity have been entrusted to our local teams by investors for investments in European Other 11% real estate. In the 2017 financial year, 40% of the new capital entrusted to 4% Banks, foundations & us came from international investors - in the financial year 2016 companies this figure was around 18%. Pension funds 44% INVESTOR The acquisitions of Sparinvest, TRIUVA and Rockspring will 19% Insurance further expand the share of international investors. STRUCTURE companies The biggest transaction for an international investor to date was Commerzbank Tower in Frankfurt / Main, closed in 2017. 22% Savings banks REAL TRUST – REAL PERFORMANCE Additional information about our acquisitions and strategic direction can be found on page 8. CONTENTS OUR COMPANY 04 04 Preamble by the Managing Board 08 REAL TRUST – REAL PERFORMANCE 14 Supervisory Board Report 18 The PATRIZIA Share GROUP MANAGEMENT REPORT 24 24 Group Fundamentals 33 Economic Report 58 Other Disclosures 66 Development of Risks and Opportunities 72 Forecast CONSOLIDATED FINANCIAL STATEMENTS 78 78 Balance Sheet 80 Income Statement 81 Consolidated Statement of Comprehensive Income 82 Consolidated Statement of Cash Flows 84 Consolidated Statement of Changes in Equity NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 88 88 IFRS – Notes to the Consolidated Financial Statements 153 List of Shareholdings 158 Responsibility Statement 159 Auditor’s Opinion FURTHER INFORMATION 165 165 Five-year Consolidated Income Statement 166 Five-year Balance Sheet 168 Supervisory Board 169 Managing Board 170 Index of Figures 171 Financial Calendar and Contact Details REAL TRUST – REAL PERFORMANCE Additional information about our acquisitions and strategic direction can be found on page 8. Our Company Preamble by the Managing Board 5 PREAMBLE BY THE MANAGING BOARD We are delighted to be looking back at an eventful and successful 2017 financial year at PATRIZIA with you. In 2017, PATRIZIA’s business model – investing in attractive properties and property portfolios in Europe for global institutional and private investors – again proved to be characterised by stability, growth and profitability for our investors, and for PATRIZIA. With operating income of EUR 82.2m, we improved our adjusted result for the previous year by 14%. During this time, we organically grew the assets under management entrusted to us by DETAILS EUR 2.2bn, in particular as a result of new and attractive property products for our investors. We also professionally concerning the financial position can be found and successfully carried out property transactions throughout Europe with a total value of EUR 6.0bn for our inves- here tors in the past financial year. PAGE 42 FF. Furthermore, with the announcement of three key strategic acquisitions in three European countries, we substantially strengthened PATRIZIA’s business model and significantly expanded the product and investment opportunities for our institutional and private investors. These acquisitions are therefore crucial steps on our path to becoming the leading global provider of European real estate assets. Above all, our investors will be the ones to benefit from the forward-looking strategic acquisitions. The acquisitions ADDITIONAL expand product diversity for our institutional and private investors, improve access to the European property market information on our acquisitions can be through the substantially stronger European platform and increase our assets under management significantly found on the page to a pro forma amount of EUR 38.7bn, an increase of more than double as against the end of 2016. following the preamble PAGE 8 However, we do not see growth as an end in itself. Rather, the value added for our investors – institutional and private investors – is the driving factor in making our business model and the company even more stable and viable moving forward for you as our shareholders and all stakeholders. The fact that we announced three acquisitions at short intervals was the result of a strategic and long-term process of familiarisation and negotiation, at the end of which it was clear, particularly to the owner-managed target companies, that PATRIZIA – with its strong European locations, long-standing investor confidence and its proven and successful strategy – is the right partner for the future of the respective company, its investors and its employees. PATRIZIA has already successfully acquired and integrated companies in the past, advancing their product and service ranges.
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