9M 2018/2019

9M 2019/2020

Avg. # of

21,280,287

28,363,575

shares

# of shares

23,451,945

32,079,505

Annualised in-place rent

GAV (m€)

(m€)

582.3

44.3

48.1

547.0

30.1

357.2

IPR (€/sqm)

WALT (years)

3.56

4.9

5.0

5.1

3.44

3.43

Annualised in-place rent

IPR (€/sqm)

(m€)

30.1

30.5

3.44

3.54

06/2019

06/2020

06/2019

06/2020

Occupancy (%)

GAV (m€)

88.5

87.6

357.2

380.7

06/2019 06/2020 Pro forma

06/2019 06/2020 Pro forma

06/2019 06/2020 Pro forma

2 Based on 28 properties on both balance sheet dates

7

Office

15%

Logistics

Storage

10%

41%

Other

commercial

space

1%

What's the type

of the property

What's the

letting structure

of the portfolio

Letting structure

Number of

Annualised

% of

IPR p.

Occupancy

WALT

properties

rent

rent

sqm

commercial

multi tenant

19

17,304 k€

36.0%

4.82 €

71.3%

3.8

dominating major tenant

24

14,679 k€

30.5%

2.92 €

92.4%

4.8

single tenant

30

16,117 k€

33.5%

3.00 €

98.5%

6.6

Total

73

48,100 k€

100.0%

3.43 €

88.0%

5.1

Industrial sector

% of Rent

Transport/logistics services

18.7%

Metalworking

9.6%

Mechanical and plant engineering

6.2%

Mail order/online trade

6.0%

Pharmaceutical industry

6.0%

Automotive

5.0%

Paper Processing/Paperboard/Packaging

4.5%

Public sector

4.4%

Plastics processing

3.9%

Air carrier

3.7%

Defence industry

3.2%

Industry/specialist/wholesale trade

3.1%

Textile coating

2.4%

Compressed air technology

2.2%

Retail trade

1.9%

Top Fifteen

80.8%

privat/ non commercial

public sector

0.9%

4.3%

Tenant

Sector

% of rent

Aenova / Haupt Pharma

Pharmaceutical Industry

5.8%

Versandhaus Walz GmbH, Baby Walz

Online/Mail order seller

5.3%

Lufthansa Group

Aerospace company

3.4%

DST Defence Service Tracks GmbH

Defence industry

3.1%

Otto ( GmbH& Co KG )

Logistics

3.0%

Gabo Stahl GmbH

Metalworking

2.6%

Bundesanstalt für Immobilienaufgaben

German Armed Forces / Customs

2.5%

Sihl GmbH

Printable materials

2.5%

keeeper tableware GmbH

Paper processing, cardboard, packaging

2.5%

CompAir / Gardner Denver

Compressed air systems

2.2%

Top Ten Tenants

33.0%

Top Twenty Tenants

489 Tenants in total

48.8%

5.008 k€

4.659 k€

4.085 k€

4.092 k€

4.036 k€

3.151 k€

up to 1 year up to 2 years up to 3 years up to 4 years up to 5 years 5 to 10 years >10 years

no fixed

expiration

Annualised total

Hypothetical

Portfolio value (m€)

EPRA

Number of

Hypothetical

(book value incl.

Net debt

premium/discount at

portfolio rent

valuation

Yield

Net LTV

NAV

shares

NAV per

38.8 m€ from

outstanding

share price of 17.8 €

(m€)

multiple

(m€)

million

share (€)

leaseholds)

Portfolio as of 30/06/2020 (IFRS)

44,3

13,1

7,6%

581,8

39%

231,6

369,9

32,0

11,56

54%

48,1

14,0

6,8%

708,2

45%

318,7

389,5

32,0

12,17

46%

48,1

15,0

6,4%

756,3

42%

318,7

437,6

32,0

13,68

30%

48,1

16,0

6,0%

804,4

40%

318,7

485,7

32,0

15,18

17%

48,1

17,0

5,6%

852,5

37%

318,7

533,8

32,0

16,68

7%

Assumptions

48,1

17,5

5,5%

876,6

36%

318,7

557,9

32,0

17,43

2%

based on pro forma portfolio

48,1

18,0

5,3%

900,6

35%

318,7

581,9

32,0

18,18

-2%

48,1

19,0

5,1%

948,7

34%

318,7

630,0

32,0

19,69

-10%

48,1

20,0

4,8%

996,8

32%

318,7

678,1

32,0

21,19

-16%

48,1

21,0

4,6%

1044,9

30%

318,7

726,2

32,0

22,69

-22%

Commercial

Annualised

GAV

Fair Value per sqm

Valuation

Type

rental space

Yield

in sqm

rent in k€

in k€ *

commercial space

change

Industrial park

354,054

15,778

161,040

455

9.8%

8.2%

Logistics

372,516

14,401

197,230

529

7.3%

12.6%

Production & logistics

443,770

14,137

188,707

425

7.5%

9.3%

Total

1,170,341

44,316

546,977

467

8.1%

10.1%

9.8%

9.0%

8.5%

8.4%

8.0%

8.1%

7.5%

7.3%

Logistics

Production &

Industrial park

Total

logistics

Yield before revaluation

Yield as of 30/06/2020

•

Period:

01/10/2019 - 30/06/2020

•

Offerings:

386

•

Asking price vol.:

2.63 billion EUR

•

Rental space:

4.9 million sqm

Type

Offerings

Rental space

Asking price

€/sqm

Average

(million sqm)

vol. (billion €)

Multiple

Industrial park

67

1.2

0.69

592

18.5

Logistics

64

0.7

0.46

649

15.3

Production &

165

2.1

1.17

571

14.5

logistics

Total

296

4.0

2.33

591

15.7

591

307

Market

DIR

10.7%

6.4%

Market

DIR

Loan

Loan

Fixed interest

#

Lender

Interest

Amortisation

Duration

nominal

(years)

(years)

1

Secured Corporate bond

4.00%

0.00%

118.0 m€

2.2

2.2

1

Convertible bond

2.00%

0.00%

41.6 m€

6.0

6.0

14

Savings Banks

1.88%

5.16%

115.5 m€

10.5

8.1

5

Cooperative Banks

1.30%

5.75%

16.8 m€

15.8

8.7

1

Private Bank

2.25%

0.00%

10.0 m€

4.7

4.7

21

Total

2.71%

2.30%

301.9 m€

6.7

5.4

120 m€

110 m€

100 m€

90 m€

80 m€

70 m€

60 m€

50 m€

40 m€

30 m€

20 m€

10 m€

0 m€

k€

30/06/2020

30/09/2019

k€

30/06/2020

30/09/2019

Assets

Equity and liabilities

Investment properties

581,779.3

392,849.0

Issued share capital

32,079.5

23,451.9

Intangible assets

0.7

1.8

Capital reserve

230,015.8

89,530.2

Property, plant and equipment

1,061.2

1,051.9

Other reserves

50.0

50.0

Derivative financial instruments

208.6

0.0

Other Comprehensive Income

208.6

0.0

Other financial assets

25,308.5

0.0

Retained earnings

107,585.3

68,431.1

Other non-current assets

16,466.1

38,886.2

Total equity

369,939.2

181,463.2

Total non-current assets

624,824.6

432,788.9

Liabilities to banks

127,319.2

67,526.5

Trade and other receivables

2,954.4

815.9

Corporate bonds

121,564.9

117,904.0

Other current assets

88,665.7

2,883.7

Convertible bonds

49,091.0

41,184.0

Cash and cash equivalents

360.2

2,065.7

Other non-current liabilities

34,776.5

1,530.1

Total current assets

91,980.3

5,765.2

Total non-current liabilities

332,751.5

228,144.6

Financial liabilities

7,261.4

3,956.9

Non-current assets held for sale

435.0

Liabilities to other creditors

0.0

20,177.7

Other current liabilities

6,852.7

5,246.7

Total current liabilities

14,114.1

29,381.2

Total assets

716,804.9

438,989.1

Total equity and liabilities

716,804.9

438,989.1

k€

30/06/2020

30/09/2019

Total equity

369,939.2

181,463.2

NAV

369,939.2

181,463.2

Fair value of derivative instruments

-208.6

-

Deferred taxes

-

-

Interest SWAP

EPRA NAV

369,730.6

181,463.2

# of shares

32,079,505

23,451,945

NAV per share - undiluted (€)

11.53

7.74

k€

30/06/2020

30/09/2019

Total equity

369,939.2

181,463.2

Investment properties

581,779.3

392,849.0

REIT-Equity ratio

63.6%

46.2%

k€ 30/06/2020

30/09/2019

Liabilities to banks

127,319.2

67,526.5

Liabilities from corporate bonds

121,564.9

117,904.0

Liabilities from convertible bonds

49,088.0

41,184.0

Other non-current liabilities

34,776.5

1,527.1

Non-current financial liabilities

332,748.5

228,141.6

Liabilities to banks

7,261.4

3,956.9

Liabilities to other creditors

0.0

20,177.7

Current financial liabilities

7,261.4

24,134.6

Other non-current financial assets

-25,308.5

0.0

Cash and cash equivalents

-360.2

-2,065.7

Trust accounts

-382.1

-459.0

Short-term loans

-82,378.5

0.0

Current financial assets

-83,120.8

-2,524.7

Net debt

231,580.6

249,751.5

Investment properties

581,779.3

392,849.0

Advance payments on investment properties

16,466.1

38,886.2

Non-current assets held for sale

0.0

435.0

Total Investment properties

598,245.5

432,170.2

Net LTV

38.7%

57.8%

Operating expenses

9M-2019/2020

9M-2018/2019

Recoverable operating

and ancillary costs

-7.291,7

-2.776,5

Maintanance

-2.086,0

-1.464,0

Property management

-906,4

-567,0

Asset management

-1.832,8

-1.072,3

Other operating

expenses

-279,9

-165,1

Total

-12.396,8

-6.044,9

k€ 01/10/2019 - 30/06/2020 01/10/2018 - 30/06/2019*

Gross Rental income

29,680.8

17,764.4

Income from operating and ancillary costs

6,474.8

2,814.6

Operating expenses

-12,396.8

-6,044.9

Net rental income (NRI)

23,758.8

14,534.1

Other income

130.0

309.4

Result from the revaluation of investment properties

35,429.6

36,607.0

Personnel expenses

-630.3

-627.5

Depreciation of assets

-120.7

-84.5

Impairment loss of inventories and receivables

-1,905.6

-295.4

Other operating expenses

-1,695.5

-1,188.2

EBIT

54,966.3

49,254.9

Valuation result of financial liabilities

-7,904.0

0.0

Interest income

3,306.3

71.7

Interest expenses

-6,548.2

-4,796.1

EBT

-11,145.9

44,530.5

Income and other taxes

-0.1

22.3

Net income

43,820.3

44,552.8

k€ 01/10/2019 - 30/06/2020 01/10/2018 - 30/06/2019*

Net income

43,820.3

44,552.8

Adjustment amortisation and depreciation

120.7

84.5

Adjustment revaluation result

-35,429.6

-36,607.0

Adjustment revaluation result financial liabilities

7,904.0

0.0

Adjustment sales result

0.0

0.0

Adjustment for special effects / non-cash expenses + income

1,556.7

193.1

Adjustment for one-off expenses/income

321.5

373.7

FFO

18,293.6

8,597.1

FFO per share undiluted (€)

0.64

0.40

FFO per share diluted (€)

0.62

0.37

- Capex

-5,852.3

-2,789.3

aFFO

12,441.3

5,807.8

aFFO per share undiluted (€)

0.44

0.27

FFO per share diluted (€)

0.43

0.25

Avg. # of shares for the period

28,363,575

21,280,287

Adjustment

k€

Increase / decrease in individual value

1,116.9

adjustments for financial receivables

Increase / decrease in individual value

326.7

adjustments for rent receivables

Valuation adjustments for interest expenses

113.1