DGAP-News: Deutsche Wohnen AG / Key word(s): Interim Report/Quarter
Results
Deutsche Wohnen AG: Interim result as at 31 March 2014 - Deutsche
Wohnen makes a successful start to the financial year 2014

14.05.2014 / 07:03

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Interim result as at 31 March 2014

Deutsche Wohnen makes a successful start to the financial year 2014

  - Group profit increased by 74% to EUR 45.5 million
  - FFO (without disposals) raised by 91% to EUR 59.1 million

Frankfurt/Main and Berlin, 14 May 2014. With a Group profit of EUR 45.5
million Deutsche Wohnen was able to markedly increase its result for the
opening quarter of 2014 by around 74% following the takeover of GSW.

The key performance figure Funds from Operations (FFO, without disposals)
increased in comparison to the previous year by approximately 91% to EUR
59.1 million (previous year: EUR 30.9 million). The FFO per share increased
by 5% to EUR 0.21, already reflecting the profitability of the GSW
takeover. As at the reporting date, the Loan-to-Value Ratio (LTV) was 56.5%
(31 December 2013: 57.3%). The intrinsic value of the company, measured as
EPRA NAV (undiluted), rose to EUR 14.22 per share (31 December 2013: EUR
13.99 per share) in the first quarter 2014.

Convincing operational performance

Over the past twelve months Deutsche Wohnen (stand-alone) was able to
achieve rental growth in its Core+ regions of 4.2% on a like-for-like
basis, with a vacancy rate of just 1.6%. Rental increase in Berlin,
Deutsche Wohnen's largest location, was 4.6%, being also a result of the
effects arising from the implementation of the 2013 rent index.

In addition, Deutsche Wohnen benefits from the continuing high demand for
apartments as investment for owner-occupiers and investors. In the first
quarter 2014 a total of 2,607 units were sold with gross margins of 49% in
the case of single privatisations and 14% in the case of institutional
sales.

Liquidity of the Deutsche Wohnen share continues to increase

In the first quarter the market capitalisation of Deutsche Wohnen rose
further to around EUR 4.4 billion. This reinforces the strong position of
the company in the sector - both nationally and internationally. At the
same time, the trading volume rose, too, i.e. the liquidity of the share
continues to grow. With a closing price of EUR 15.56 as at the reporting
date 31 March 2014 the Deutsche Wohnen share achieved a price increase of
approximately 11% in comparison to the beginning of the year. Hence the
Deutsche Wohnen share performed considerably better than the MDAX, which
registered a slight minus at the end of the first quarter.

FFO forecast confirmed

The integration of the GSW Group is proceeding positively and therefore
well on track. This confirms the forecast of an FFO (without disposals) -
without further acquisitions - of at least EUR 210 million for the
financial year 2014. Taking into consideration an 8% minority stake in GSW,
an FFO (without disposals) of around EUR 203 million is anticipated.


Deutsche Wohnen

Deutsche Wohnen is one of the largest publicly listed residential property
companies in Germany and Europe with a business focus on managing and
developing its residential property portfolio. As at 31 March 2014 the
portfolio comprised a total of 150,895 units, of which 148,797 are
residential units and 2,098 commercial properties. The company is listed in
the Deutsche Börse's MDAX and is also included in the leading indices
EPRA/NAREIT and GPR 250.


Contact:
Investor Relations
+49 (0)30 / 89786 - 551


End of Corporate News

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Language:    English                                               
Company:     Deutsche Wohnen AG                                    
             Pfaffenwiese 300                                      
             65929 Frankfurt am Main                               
             Germany                                               
Phone:       +49 (0)30 89786-0                                     
Fax:         +49 (0)30 89786-507                                   
E-mail:      ir@deutsche-wohnen.com                                
Internet:    http://www.deutsche-wohnen.com                        
ISIN:        DE000A0HN5C6, DE000A1X3R56, DE0006283302,             
WKN:         A0HN5C, A1X3R5, 628330                                
Indices:     MDAX                                                  
Listed:      Regulierter Markt in Frankfurt (Prime Standard);      
             Freiverkehr in Berlin, Düsseldorf, Hamburg, München,  
             Stuttgart                                             
 
 
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