deutsche industrie reit-ag (dir) · all figures based on proforma portfolio as of 15/05/2019 =...

Deutsche Industrie REIT-AG (DIR)H1 2018/2019 Financial Results

15 May 2019

Content

▪ H1 2018/2019 Highlights

▪ Portfolio

▪ Recent Acquisitions

▪ Financing

▪ Financial Results H1 2018/2019

▪ DIR Shares

▪ Appendix: Properties, Glossary

2

H1 2018/2019 Highlights

Highlights H1 2018/2019

Key figures

4

Properties

49

Portfolio

Value

337.8 m€

Total Rental

Space

1.08m sqm

Annualised

In-Place

Rent

32.5 m€

FFO

5.2 m€

LTV

58.3%

EPRA NAV

5.46 € per

share

Rental

Income

8.6 m€

Proforma

Portfolio YTD*

Key Figures

H1 2018/2019

Land Bank

2.05m sqm

*based on proforma portfolio as of 15/05/2019 = including notarised properties YTD with transfer of ownership after 31/03/2019

2018/2019

FFO-Guidance

12-14 m€

Portfolio

PortfolioKey figures

10.0

26.3

32.5

31/03/2018 31/03/2019 proforma

Annualised in-place rent (mEUR)

77.5

86.3

88.9

31/03/2018 31/03/2019 proforma

Occupancy (%)

3.6

4.7

5.2

31/03/2018 31/03/2019 proforma

WALT (years)

90.0

275.0

337.8

31/03/2018 31/03/2019 proforma

GAV (mEUR)

Portfolio snapshot

▪ Strong and steady growth due to huge

acquisition pipeline

▪ Regional and sectoral diversification

▪ Significant increase in occupancy…

▪ … and higher WALT

Proforma figures based on portfolio as of 15/05/2019 = including notarised properties with transfer of ownership after 31/03/2019 6

Portfolio as of 31/03/2019

Acquired properties, with transfer after 31/03/2019 or no transfer yet

PortfolioRegional allocation

4

3

1

7

5

2

8

9

10

14

15

12

16

17

18

19

20

x

x

21

All figures based on proforma portfolio as of 15/05/2019 = including notarised properties with transfer of ownership after 31/03/2019 7

23

39

22

24

26

27

28

30

32

33

34

35

38

37

36 40

41 42

43

6 25 29

11

Federal State Properties Commercial spaceAnnualised

in-place rent

% of in-place

rent

North Rhine-Westphalia 17 224,410 sqm 8,328 k€ 25.7%

Lower Saxony 5 208,993 sqm 6,270 k€ 19.3%

Baden-Württemberg 4 109,315 sqm 5,598 k€ 17.2%

Bavaria 4 69,580 sqm 3,481 k€ 10.7%

Mecklenburg Western Pomerania 8 129,897 sqm 3,004 k€ 9.3%

Thuringia 3 49,275 sqm 1,459 k€ 4.5%

Brandenburg 2 16,171 sqm 1,147 k€ 3.5%

Rhineland Palatinate 1 20,887 sqm 1,022 k€ 3.1%

Saarland 1 44,084 sqm 948 k€ 2.9%

Saxony-Anhalt 2 11,900 sqm 558 k€ 1.7%

Bremen 1 9,903 sqm 420 k€ 1.3%

Berlin 1 8,816 sqm 221 k€ 0.7%

Total 49 903,230 sqm 32,456 k€ 100.0%

44

45

46

32 47

13 48

49

PortfolioProperties as of 31 March 2019

8

# Location TypeCommercial

units

Total rental

space in sqm

Commercial

rental space in

sqm

Annualised

in-place

rent in k€

IPR

commercial

in €/sqm

WALT

in

years

Occupancy

commercial

Current market

value in k€Yield

Date of

transfer

1 Neubrandenburg Production & logistics 27 56,444 36,168 748 1.70 6.9 99% 5,100 14.7% 01/01/2015

2 Stralsund Production & logistics 28 3,235 2,279 36 2.34 2.1 28% 553 6.4% 01/07/2016

3 Güstrow Production & logistics 1 15,274 6,130 90 1.22 12.0 100% 690 13.0% 22/03/2016

4 Bad Salzdetfurth Industrial park 145 51,218 49,341 1,668 3.55 1.7 78% 11,100 15.0% 01/01/2017

5 Löhne Logistics 2 47,518 47,518 1,949 3.42 2.8 100% 18,200 10.7% 01/05/2017

6 Schortens I Industrial park 165 97,878 96,031 3,586 4.98 4.3 60% 38,100 9.4% 30/11/2017

7 Rostock Logistics 116 39,606 39,532 1,038 2.43 3.1 90% 9,900 10.5% 06/10/2017

8 Bornheim Logistics 3 9,057 9,057 307 2.91 1.0 95% 3,900 7.9% 01/10/2017

9 Drei Gleichen Logistics 1 24,004 24,004 600 2.08 2.3 100% 3,600 16.7% 07/03/2018

10 Wuppertal Industrial park 69 10,068 9,307 554 4.84 1.5 93% 6,250 8.9% 01/05/2018

11 Remscheid I Industrial park 178 27,139 25,520 880 3.22 0.9 89% 9,300 9.5% 01/05/2018

12 Neustadt-Glewe Production & logistics 9 12,499 11,749 47 1.90 4.8 17% 2,100 2.2% 21/02/2018

13 Dortmund I Industrial park 40 24,831 20,832 781 3.42 4.2 87% 8,600 9.1% 01/06/2018

14 Bochum Industrial park 7 3,522 3,119 171 4.97 7.5 86% 2,400 7.1% 01/06/2018

15 Witten Industrial park 32 11,174 7,494 356 3.32 3.9 100% 3,500 10.2% 01/06/2018

16 Ronnenberg Production & logistics 5 31,099 30,099 827 2.50 2.8 90% 9,700 8.5% 01/08/2018

17 Elchingen Production & logistics 1 7,690 3,258 168 4.29 9.8 100% 1,950 8.6% 28/06/2018

18 Lichtenfels Production & logistics 1 28,404 16,356 854 4.35 9.8 100% 9,690 8.8% 28/06/2018

19 Meschede Industrial park 4 6,563 6,563 123 2.41 0.8 64% 1,900 6.5% 01/06/2018

20 Hattingen Industrial park 5 2,506 2,506 110 3.64 2.8 100% 1,160 9.5% 01/08/2018

21 Meerbusch Logistics 4 13,380 13,380 660 4.11 0.8 100% 6,540 10.1% 01/09/2018

22 Wildau Logistics 110 16,854 14,771 1,059 5.68 2.4 97% 12,730 8.3% 01/09/2018

22 Total - properties with transfer before 30/09/2018 953 539,963 475,014 16,611 3.39 3.6 84% 166,963 9.6%

PortfolioProperties as of 31 March 2019

9


units

Total rental

space in sqm

Commercial

rental space

in sqm

Annualised

in-place rent

in k€

IPR

commercial

in €/sqm

WALT in

years

Occupancy

commercial

Current

market value

in k€

YieldDate of

transfer

23 Schleiz Production & logistics 1 5,929 5,929 228 3.20 6.4 100% 2,600 8.8% 04/10/2018

24 Bremen Production & logistics 16 9,903 9,903 420 3.53 4.8 100% 3,670 11.4% 01/10/2018

25 Schortens II Logistics 29 29,909 29,909 161 0.91 1.8 49% 2,000 8.1% 01/10/2018

26 Wismar Production & logistics 16 11,873 11,873 303 2.15 4.2 99% 3,400 8.9% 01/10/2018

27 Simmern Production & logistics 6 127,517 20,887 1,022 4.08 8.3 100% 12,500 8.2% 01/11/2018

28 Solingen Logistics 3 25,537 25,537 1,013 3.41 1.3 97% 10,500 9.6% 15/12/2018

29 Schortens III Production & logistics 11 4,010 3,612 27 1.82 0.0 34% 550 4.9% 21/12/2018

30 Fehrbellin Logistics 1 2,700 1,400 88 4.29 1.6 100% 1,200 7.4% 01/02/2019

31 Schwerin I Industrial park 21 19,451 19,451 588 2.50 2.8 100% 5,450 10.8% 01/01/2019

32 Berlin Production & logistics 7 10,034 8,816 221 2.31 3.8 90% 5,128 4.3% 01/01/2019

33 Münster Production & logistics 1 2,889 2,889 132 3.81 4.8 100% 1,538 8.6% 01/01/2019

34 Regensburg Production & logistics 1 19,699 19,699 667 2.75 4.8 100% 6,154 10.8% 01/01/2019

35 Wolfratshausen Production & logistics 3 30,267 30,267 1,792 4.93 4.8 100% 18,154 9.9% 01/01/2019

36 Dinslaken* Production & logistics 2 3,793 3,793 0 0.00 0.0 24% 1,500 0.0% 01/01/2019

37 Bad Waldsee Logistics 3 46,350 46,350 2,559 4.60 9.8 100% 28,150 9.1% 01/03/2019

38 Duisburg Production & logistics 2 16,221 15,157 500 2.75 9.8 100% 5,547 9.0% 01/02/2019

16 Total - properties with transfer in H1 2018/2019 123 366,081 255,471 9,720 3.46 6.4 91% 108,042 9.0%

38 Portfolio as of 31/03/2019 1,076 906,044 730,486 26,332 3.41 4.7 86% 275,005 9.6%

*forward deal with lease guarantee, rental income from 11/2020

PortfolioAcquired properties

10


units

Total rental

space in sqm

Commercial

rental space

in sqm

Annualised in-

place rent in k€

IPR

commercial

in €/sqm

WALT in

years

Occupancy

commercial

Current

market

value in

k€

YieldDate of

transfer

39 Zella-Mehlis Production & logistics 12 19,342 19,342 632 2.65 8.1 100% 6,900 9.2% 01/04/2019

40 Halberstadt Production & logistics 2 1,500 1,500 42 2.33 8.8 100% 399 10.5% 01/04/2019

41 Remscheid II Production & logistics 1 16,245 16,245 318 1.63 5.8 100% 1,400 22.7% n/a

42 Remscheid III Production & logistics 1 11,993 11,993 234 1.63 5.8 100% 3,400 6.9% n/a

43 Freisen Production & logistics 1 44,084 44,084 948 1.79 5.8 100% 10,600 8.9% n/a

44 Essingen Logistics 3 32,886 32,886 1,551 3.91 6.8 100% 18,000 8.6% 01/05/2019

45 Aalen Production & logistics 2 9,711 9,711 1,086 9.32 9.3 100% 8,000 13.6% 01/05/2019

46 Rosengarten Production & logistics 1 20,368 20,368 402 1.64 0.0 100% 4,400 9.1% n/a

47 Schwerin II Logistics 1 2,715 2,715 156 4.77 4.8 100% 1,670 9.3% n/a

48 Dortmund II Logistics 1 3,500 3,500 240 5.72 2.7 100% 2,500 9.6% n/a

49 Barleben Production & logistics 1 10,400 10,400 516 4.13 10.3 100% 5,550 9.3% n/a

11 Total - transfer after 31 March 2019 26 172,744 172,744 6,124 2.94 7.2 100% 62,819 9.7%

49 Proforma portfolio ytd 1,102 1.078,788 903,230 32,456 3.31 5.2 89% 337,824 9.6%

PortfolioSolvent major tenants – adequate WALT

▪ Annualised in-place rents split by remaining lease duration

11

WALT: 5.2 Years

All figures based on proforma portfolio as of 15/05/2019 = including notarised properties with transfer of ownership after 31/03/2019

Tenant Sector % rent

Aenova / Haupt Pharma Pharmaceutical Industry 8.7%

Versandhaus Walz GmbH, Baby Walz Online/Mail order seller 7.9%

DST Defence Service Tracks GmbH Defence industry 4.7%

Otto ( GmbH& Co KG ) Logistics 4.5%

Gabo Stahl GmbH Metalworking 3.9%

Bundesanstalt für Immobilienaufgaben German Armed Forces / Customs 3.7%

CompAir / Gardner Denver Compressed air systems 3.2%

Veenendaal Schaumstoffwerk GmbH Foam processing 2.7%

Zwilling J A Cuttlery 2.6%

Laverana GmbH & Co. KG Natural cosmetics 2.5%

Top Ten Tenants 44.4%

Top Twenty Tenants (364 Tenants at all) 62.5%

PortfolioWell diversified mix of uses and sectors

12All figures based on proforma portfolio as of 15/05/2019 = including notarised properties with transfer of ownership after 31/03/2019

Industrial sector% of in-

place rent

Metalworking 14.1%

Transport / logistics services 11.4%

Pharmaceutical industry 8.7%

Online/Mail order seller 8.0%

Public Authorities 6.1%

Industrial/specialist traders, wholesale 5.0%

Plastics Processing 4.8%

Defense Industry 4.7%

Mechanical and plant engineering 4.3%

Compressed air systems 3.2%

Top Ten 70.3%

What’s the

business of the

tenant

Type PropertiesTotal rental

space

Commercial

rental space

IPR p.

sqmVacancy WALT

Annualised in-

place rent

% of in-

place rent

Production & logistics 26 530,423 sqm 372,507 sqm 2.89 € 5.7% 6.8 12,258 k€ 37.8%

Logistics 13 294,016 sqm 290,558 sqm 3.48 € 7.2% 4.6 11,382 k€ 35.1%

Industrial park 10 254,349 sqm 240,164 sqm 3.88 € 24.2% 3.3 8,816 k€ 27.2%

Total 49 1,078,788 sqm 903,230 sqm 3.31 € 11.1% 5.2 32,456 k€ 100.0%

What‘s the type

of the property

How is the

single unit used

Annualised total

portfolio rent

(mEUR)

Valuation

multiple Yield

Portfolio

value

(mEUR)

Net LTVNet debt

outstanding

NAV

(mEUR)

Number

of shares

million

Hypothetical

NAV per

share (EUR)

premium/discount

at share price of

13.00 €

Portfolio as of 31.03.2019 (IFRS) 26.3 11.2 8.9% 296.0 58% 172.5 122.9 22.50 5.46 138%

Pro forma portfolio as of 15/05/2019 32.5 10.4 9.6% 337.8 58% 196.9 140.9 22.50 6.26 108%

Assumptions

based on pro forma portfolio

32.5 11.0 9.1% 357.0 55% 196.9 160.1 22.50 7.12 83%

32.5 12.0 8.3% 389.5 51% 196.9 192.6 22.50 8.56 52%

32.5 13.0 7.7% 421.9 47% 196.9 225.0 22.50 10.00 30%

32.5 14.0 7.1% 454.4 43% 196.9 257.5 22.50 11.44 14%

32.5 14.5 6.9% 470.6 42% 196.9 273.7 22.50 12.17 7%

32.5 15.0 6.7% 486.8 40% 196.9 290.0 22.50 12.89 1%

32.5 15.5 6.5% 503.1 39% 196.9 306.2 22.50 13.61 -4%

32.5 16.0 6.3% 519.3 38% 196.9 322.4 22.50 14.33 -9%

32.5 17.0 5.9% 551.8 36% 196.9 354.9 22.50 15.77 -18%

32.5 18.0 5.6% 584.2 34% 196.9 387.3 22.50 17.21 -24%

32.5 19.0 5.3% 616.7 32% 196.9 419.8 22.50 18.66 -30%

PortfolioValuation potential - share price trades at attractive ~6.5 % yield

13

Current

share

price

level

Portfolio

value

Value per sqm

rental space

Value per sqm

land bankYield In-place rent

proforma portfolio 15/05/2019 337.8 m€ 313 €/sqm 165 €/sqm 9.6% 3.31 €/sqm

...at implied yield on share price level of 13 € 486.6 m€ 451 €/sqm 238 €/sqm 6.7% 3.31 €/sqm

Required rent at constant yield 486.6 m€ 451 €/sqm 238 €/sqm 9.6% 4.32 €/sqm

▪ Premium reflects market expectation on strong rent and

value upside potential

▪ Share price level implies ~6.5 % yield

▪ Value per sqm moderate, also at 6.5 % yield▪ Still low rent in comparison to market level of 6-8 €/sqm

Recent Acquisitions

AcquisitionsAlready signed in Q3 2018/2019 – Schwerin, Dortmund, Barleben

15

Schwerin II Grevesmühlener Straße 18a

Acquired 02/05/2019

Type Logistics

Rental space 2,715 sqm

Annualised in-place rent 156 k€

WALT 4.8 years

Vacancy 0.0%

Purchase price 1,670 k€

Net initial yield 9.3%

Sector(s) Building materials trade

Dortmund II Westfaliastraße 187

Acquired 02/05/2019

Type Logistics



WALT 2.7 years

Vacancy 0.0%



Sector(s) Parcel Service / Post

Barleben Im Hasenwinkel 5

Acquired 08/05/2019

Type Production & logistics



WALT 10.3 years

Vacancy 0.0%



Sector(s) Packaging

Financing

Financial structureRefinancing process continued

17

Current financing

portfolio

# of

encumbered

assets

FV of

encumbered

assets

Nominal

Debt

Ø Interest

Rate

Interest

fixation

in years

Maturity

in years

Bank loans 20 115.8 m€ 66.0 m€ 2.14% 9.4 12.0

Secured bond 9 127.4 m€ 118.0 m€ 4.00% 3.3 3.3

Total 29 243.2 m€ 184.0 m€ 3.33% 5.5 6.4

Unencumbered assets 20 94.7 m€ Potential financing volume 45-55 m€

35%

1%

64%

Debt allocation (initial nominal loan amount)

Savings Banks (Sparkassen) Cooperative Banks (Volksbanken) Secured Bond

▪ Increase of secured bond with 28.1m€ in February 2019

▪ New loan with Berliner Sparkasse in April 2019

42 m€ secured with 11 assets

▪ Further negotiations mainly with local savings banks

All figures based on proforma portfolio as of 15/05/2019 = including notarised properties with transfer of ownership after 31/03/2019 and loan/bond figures signed until 15/05/2019

Financial Results

H1 2018/2019

Financial Results H1 2018/2019Condensed IFRS balance sheet

k€ 31/03/2019 30/09/2018 k€ 31/03/2019 30/09/2018

Assets Equity and liabilities

Investment properties 284,057.9 168,242.2 Issued share capital 22,500.1 18,000.0

Other non-current assets 13,101.1 12,113.5 Capital reserve 75,948.5 31,976.8

Total non-current assets 297,158.9 180,355.7 Other reserves 50.0 50.0

Other current assets 3,973.8 3,143.2 Retained earnings 24,434.3 21,784.2

Cash position 159.9 117.1 Total equity 122,932.9 71,811.0

Total current assets 4,133.8 3,260.3

Bank liabilities 21,076.3 11,042.5

Liabilities from corporate bonds 120,198.8 89,686.2

Other non-current liabilities 1,488.7 1,302.9

Total non-current liabilities 142,763.7 102,031.6

Bank liabilities 1,518.0 870.8

Other financial liabilities 30,172.6 2,744.4

Other current liabilities 3,905.4 6,158.2

Total current liabilities 35,596.0 9,773.4

Total assets 301,292.7 183,616.0 Total equity and liabilities 301,292.7 183,616.0

Pro forma portfolio of

€ 337 million

including latest

notarised acquisitions

19

Capital increase in 12/2018

from 18.0m to 22.5m shares

at 11.00 per share

New loans nominal 11.2 m€

Dividend payment of 2.0 m€

in Q2 2018/2019

Financial Results H1 2018/2019Condensed IFRS income statement

k€ 01/10/2018 - 31/03/2019 01/10/2017 - 31/03/2018

Rental income 10.515.6 3,921.5

Income from operating and ancillary costs 2,062.5 793.9

Operating expenses -3,928.3 -1,539.5

Net rental income 8,649.8 3,176.0

Valuation result 0.0 1,578.6

Other income 272.5 59.2

Personnel expenses -336.6 -167.2

Depreciation of assets -53.4 -2.1

Impairment of receivables -263.9 -72.4

Other operating expenses -773.2 -606.9

EBIT 7,495.2 3,965.2

Interest income 24.9 1,409.4

Interest expenses -2,867.2 -1,403.0

EBT 4,652.9 3,971.6

Income taxes 0.0 1,412.5

Other taxes 22.3 0.0

Total period income 4,675.1 5,384.1

No valuation in H1-2018/2019,

Regular valuation only once a year

Income tax gains due to

reimbursement of deferred

taxes after obtaining REIT

status

20

Mainly income from insurance

compensations

Reporting change due to IFRS 15

from FY 2018/2019

Financial Results H1 2018/2019FFO, NAV and LTV reconciliation

k€01/10/2018 -

31/03/2019

01/10/2017 -

31/12/2017

Total period income 4,675.1 5,384.1

+/- Income taxes 0.0 -1,412.5

+ Depreciation of assets 53.4 2.1

+/- Gain/loss from fair value

measurement of investment

properties

0.0 -1,578.6

Other non-current / non-cash

expenses/income484.7 259.6

FFO 5,213.2 2,654.7

- Capex -2,609.4 0.0

aFFO 2,603.8 2,654.7

FFO per share (€) 0.25 0.21

aFFO per share (€) 0.13 0.21

Avg. # of shares for the period 20,670,395 12,378,004

k€ 31/03/2019 30/09/2018

Total equity 122,932.9 71,811.0

Adjustments 0.0 0.0

EPRA NAV 122,932.9 71,811.0

# of shares 22,500,072 18,000,056

NAV per share (€) 5.46 3.99

EPRA NAV:FFO/aFFO:

k€ 31/03/2019 30/09/2018

Total financial liabilities 172,965.7 104,343.9

Cash / Other current assets -159.9 -261.8

Trust Accounts (Property management) -271.5 -1,700.4

Net debt 172,534.3 102,381.7

Investment properties

incl. advanced payments296,045.4 179,438.3

Net LTV 58.3% 57.1%

LTV*:

21

* Starting from FY 2018/2019 the Trust Accounts (Property management) has

included. The reported LTV for 30/09/2018 was 58.0%

Financial Results H1 2018/2019FFO-Guidance for the Fiscal Year 2018/2019

▪ FFO guidance is mainly driven by prospective acquisitions

▪ DIR plans to invest between 140 and 170 mEUR in the FY 2018/2019

▪ Based on current projections DIR expects FFO between 12 and 14 mEUR for the Fiscal Year 2018/2019

▪ FFO run rate between 17 and 19 mEUR by the end of FY 2018/2019

22

DIR Shares

DIR SharesShare performance & coverage

24

L

Coverage

Bank Date Target price

Baader 14/02/2019 12.00 €

ODDO BHF 15/02/2019 12.20 €

2

Market Cap as of 08/05/2019: ~ 333 m€

1

Event Date Price

52 weeks low 08/05/2018 8.59 €

Capital increase 1.5m shares 23/04/2018 7.75 €



52 weeks high 06/05/2019 15.10 €

1

2

L

H

3

3

H

Financial calendar & IR contactWe keep you informed

IR contact:

René Bergmann (CFO)

August-Bebel-Str. 68

D-14482 Potsdam

E-Mail: [email protected]

Tel: +49 (0) 331 / 740 076 535

Fax: +49 (0) 331 / 740 076 520

25

Financial calendar

15/05/2019 H1 2018/2019 Financial report

15/05/2019 Commerzbank Northern European Conference 2019, New York

14/08/2019 9M 2018/2019 Quarterly statement

23/09/2019 Berenberg and Goldman Sachs

German Corporate Conference, Munich

25/09/2019 Baader Investment Conference, Munich

19/12/2019 Annual financial report 2018/2019

Updates:

https://www.deutsche-industrie-reit.de/en/investor-relations/financial-calender/

mailto:[email protected]

https://www.deutsche-industrie-reit.de/en/investor-relations/financial-calender/

Disclaimer

The material in this presentation has been prepared by Deutsche Industrie REIT-AG (Deutsche Industrie) and is general background information about Deutsche Industrie’s

activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including

forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities

or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information

you should consider the appropriateness of the information having regard to these matters. Any relevant offer document and in particular, you should seek independent

financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial

or political developments and, in international transactions, currency risk.

This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Deutsche Industrie’s

businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are

cautioned not to place undue reliance on these forward looking statements. Deutsche Industrie does not undertake any obligation to publicly release the result of any revisions

to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in

the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty

and contingencies outside Deutsche Industrie’s control. Past performance is not a reliable indication of future performance.

Unless otherwise specified all information are for the financial quarter ended 31 March 2019.

26

Appendix

AppendixProperties

▪ Detailed information of all our properties can be found here:

▪ https://www.deutsche-industrie-reit.de/en/portfolio/properties/

28

https://www.deutsche-industrie-reit.de/en/portfolio/properties/

AppendixGlossary

29

# Glossary

1 Commercial units e.g. logistics, production, warehouse, office or similar without parking and other units (for example antennas, open spaces, apartments)

2 Total rental spacealso contains ancillary areas such as open spaces, ancillary rooms (corridors, sanitary facilities, common areas), apartments, owner-

occupied space (concierge or similar)

3 Commercial rental space e.g. logistics, production, warehouse, office or similar without parking and other units (for example antennas, open spaces, apartments)

4 Annualised in-place rent Contractual net cold rent p.a. for all units (includes also antennas, parking lots, open spaces, apartments etc.)

5 Vacancy commercial vacant commercial space divided by (total) commercial space

6 WALT Weighed average lease terms - only contracts with an agreed fixed term have been considered

7 IPR commercial per sqm Rent of leased commercial units divided by space of leased commercial units

8 Current market value Value determined by means of market value appraisal or, where this is not yet available, the purchase price

9 Date of transfer Transfer of ownership (benefits and encumbrances)

10 EPRA NAV per share total equity modified according to EPRA guidelines divided by number of shares

11 FFO Funds From Operation - Recurring and one-off adjusted result from the operation of the property portfolio

12 GAV Gross Asset Value – Value of investment properties in the balance sheet

13 Net-LTV Net loan-to-value – debt (financial liabilities minus cash) divided by GAV

deutsche industrie reit-ag (dir) · all figures based on proforma portfolio as of 15/05/2019 =...

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