DGAP-News: DEMIRE Deutsche Mittelstand Real Estate AG / Key word(s): Annual Results/Dividend 
DEMIRE Deutsche Mittelstand Real Estate AG: Another record year: DEMIRE grows FFO I* by 13.5 percent to EUR 39.2 
million 
2021-03-17 / 07:00 
The issuer is solely responsible for the content of this announcement. 
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Another record year: DEMIRE grows FFO I* by 13.5 percent to EUR 39.2 million 
- Rental income grows by 7.0 percent to EUR 87.5 million 
- Letting performance of 177,000 sqm represents all-time high 
- Outlook: FFO I* for 2021 expected to be between EUR 34.5 and EUR 36.5 million after numerous disposals in 2020 
Langen, 17 March 2021. DEMIRE Deutsche Mittelstand Real Estate AG (ISIN: DE000A0XFSF0) once again announces record 
results for FFO I*, rental income and letting performance for the 2020 financial year. Despite the economic 
uncertainties due to the Corona pandemic, the commercial real estate specialist can once again exceed the successful 
previous year. The investment in the office building Cielo contributed to additional improvements of the portfolio and 
the financial structure. The transaction sets the base for further expantion in 2021. 
High stability through REALize Potential strategy 
Funds from Operations I (FFO I*) reached EUR 39.2 million in the reporting period, an increase of 13.5 percent compared 
to the previous year (2019: EUR 34.5 million). This result is above the latest updated forecast from December 2020. 
DEMIRE also recorded an increase in rental income in 2020: up 7.0 percent to EUR 87.5 million (2019: EUR 81.8 million). 
Earnings before interest and taxes (EBIT) amount to EUR 27.7 million (2019: EUR 155.2 million), which includes the 
negative valuation result of EUR -22.1 million due to the effects of the Corona pandemic. Overall, the valuation 
effects are moderate due to the stable portfolio structure; effects on the retail and hotel asset classes were balanced 
by opposite results for logistics and office properties. 
The market value of the DEMIRE portfolio declined to around EUR 1.44 billion (2019: EUR 1.48 billion), in particular 
due to strategic streamlining resulting from the sale of 18 properties. The diluted EPRA NAV changed by EUR 0.43 per 
share to EUR 5.89 per share in the reporting period (2019: EUR 6.32) due to the dividend distribution of EUR 0,54 per 
share. 
With 177,000 sqm, DEMIRE one more reports a record letting performance (2019: 172,699 sqm). As a result of the strong 
letting performance and the portfolio streamlining, the EPRA vacancy rate fell from 9.4 to 6.9 percent. DEMIRE was able 
to keep the WALT constant at 4.8 years. 
Ingo Hartlief, CEO of DEMIRE, comments: "The good result of the 2020 financial year confirms our investment approach, 
which is highly resilient even in an economically challenging environment. Thus, we have been able to further optimise 
our portfolio despite the pandemic and once again achieve a record result." 
Financing costs further reduced 
"As part of our strategic financial management, we have taken advantage of the favourable interest rate environment to 
continuously optimise our financial structure and thus further reduce our cost of capital", explains Tim Brückner, 
DEMIRE's CFO. The average nominal cost of debt as at 31 December 2020 fell again by 13 basis points year-on-year from 
1.84 to 1.71 percent per annum. At the end of 2018, the figure was still 3.0 percent. The net leverage ratio (Net LTV) 
was 50.0 per cent at the reporting date. 
Dividend distribution and further growth through acquisitions 
The proposal for the appropriation of profits for the annual general meeting scheduled for 28 April 2021 includes the 
payout of a dividend of EUR 0.62 per share for the 2020 financial year. 
Despite the challenging macroeconomic conditions at the beginning of 2021, DEMIRE anticipates an general economic 
recovery. In this light, the company intends to further expand its portfolio through selective acquisitions. In 
February 2021 DEMIRE acquired a stake in the office property Cielo in Frankfurt am Main and secured a purchase right 
for the entire complex. 
"With Cielo, we have already secured an attractive asset with a total value of over EUR 270 million in the 2021. This 
is a further step in the strategic development of the DEMIRE portfolio The structure of the transaction generates an 
attractive return on the capital employed. We will continue to monitor the market and take advantage of opportunities 
to expand and optimise our portfolio and improve relevant key figures," explains Ingo Hartlief. 
For 2021 and considering the high sales volume in 2020, DEMIRE guides to generate rental income between EUR 80.0 and 
EUR 82.0 million and expects the FFO I* to be in the range of EUR 34.5 and EUR 36.5 million. 
*** 
* after taxes, before minorities 
end of press release 
 
The DEMIRE annual report 2020 is available on the Company's website: https://www.demire.ag/en/investor-relations/ 
reports-results 
Invitation to the Conference Call on 17 March 2021 
The Management Board of DEMIRE invites all interested parties to attend the presentation of the 2020 annual results 
during a conference call on 17 March 2021 at 10:00 CET, which will be streamed online: 
https://www.webcast-eqs.com/demire20210317/no-audio 
A presentation is available on https://www.demire.ag/en/investor-relations/reports-results 
 
Selected Key Performance Indicators of DEMIRE Group 
                                                             01/01/2020- 01/01/2019- 
                                                              12/31/2020  12/31/2019 
Consolidated income statement 
(in EURm) 
Rental income                                                       87.5        81.8 
Net income from the rental of real estate                           70.2        65.5 
EBIT                                                                27.7       155.2 
Financial results                                                  -21.2       -57.3 
Profit/loss for the period after tax                                 9.2        79.7 
- thereof attributable to shareholders of the parent company         8.5        75.5 
FFO I (after tax, before minority interests)                        39.2        34.5 
FFO II (after tax, before minority interests)                       37.4        45.7 
Basic/diluted earnings per share (in EUR)                      0.37/0.37   0.32/0.32 
Consolidated accounts (in EURm)                               12/31/2020  12/31/2019 
Total assets                                                     1,625.3     1,677.4 
Investment properties                                            1,426.3     1,493.9 
Cash and cash equivalents                                          101.6       102.1 
Properties held for sale                                            31.0        16.3 
Shareholders' equity (incl. non-controlling shareholders)          589.0       660.8 
Equity ratio (in % of total assets)                                 36.8        39.4 
Undiluted/diluted EPRA-NAV                                   625.3/625.9 684.1/684.6 
EPRA-NAV per share (EUR, basic/diluted)                        5.91/5.89   6.35/6.32 
Net financial liabilities                                          728.1       704.8 
Net debt-to-equity ratio (net LTV), in %                            50.0        46.7 
Portfolio key ratios                                          12/31/2020  12/31/2019 
Properties (number)                                                   75          90 
Market value (in EURm)                                           1,441.5     1,488.4 
Annualised gross rental income (in EURm)                            85.6        90.0 
Rental yield (in %)                                                  5.9         6.0 
EPRA vacancy rate (in %) **                                          6.9         9.4 
WALT (in years)                                                      4.8         4.8

** excl. assets held for sale

Contact:

DEMIRE Deutsche Mittelstand Real Estate AG

Michael Tegeder Head of Investor Relations & Corporate Finance Phone: +49 6103 372 49 44 Email: tegeder@demire.ag

About DEMIRE Deutsche Mittelstand Real Estate AG

DEMIRE - REALize Potential

DEMIRE Deutsche Mittelstand Real Estate AG acquires and holds commercial real estate in mid-sized cities and up-and-coming locations bordering metropolitan areas across German. The Company's particular strength lies in realising the potential of the properties at these locations while focusing on a range of properties that appeals to both regional and international tenants. As of 31 Devember 2020, DEMIRE's portfolio contains of 75 assets with lettable space totalling about 1 million sqm and has a market value in excess of EUR 1.4 billion.

The portfolio's focus on office properties with a blend of retail, hotel and logistics properties results in a return / risk structure that is appropriate for the commercial real estate segment. The Company places importance on long-term contracts with solvent tenants and the realisation of the properties' potential. DEMIRE anticipates continued stable and sustainable rental income along with solid value appreciation and expects the portfolio to grow significantly in the medium term. As it expands its portfolio, DEMIRE is concentrating on FFO-strong assets with potential and, at the same time, disposing of properties that are not in line with its strategy. DEMIRE is taking several steps to further the development of its operations and processes. Next to cost consciousness, the operating performance is set to improve through an active asset and portfolio management approach.

DEMIRE Deutsche Mittelstand Real Estate AG shares are listed in the Regulated Market (Prime Standard segment) of the Frankfurt Stock Exchange. -----------------------------------------------------------------------------------------------------------------------

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