Deutsche Industrie REIT : 9M 2019/2020 Results

Deutsche Industrie REIT-AG (DIR)

9M 2019/2020 Results

Content

• 9M 2019/2020 Highlights
• Real Estate Portfolio
• Valuation
• Acquisitions
• Financing
• Results 9M 2019/2020
  -------------------------------------------------
• Appendix: Glossary, Disclaimer

2

9M 2019/2020 Highlights

Highlights 9M 2019/2020

Key figures

Pro forma	Properties	Occupancy	Commercial	Annualised	Portfolio	Land Bank
Space	In-Place Rent	Value
Portfolio YTD*	73	88.0%		3.1m sqm
1.30m sqm	48.1 m€	582.3 m€
Key Figures	Net rental	Revaluation	FFO	REIT equity	LTV		2019/2020
Income	gains	ratio	FFO-Guidance
9M 2019/2020	18.3 m€	38.7%
29.7 m€	35.4 m€	63.6%		23-25 m€

* Based on pro forma portfolio as of 13/08/2020 = including notarised properties YTD with transfer of ownership after 30/06/2020	4

Highlights 9M 2019/2020

Key figures

FFO per share (€)

0.64

0.40

	9M 2018/2019	9M 2019/2020
Avg. # of	21,280,287	28,363,575
shares

EPRA NAV per share (€)

11.53

7.74

30/09/201930/06/2020

# of shares

23,451,945

32,079,505

Corona update

• Still no significant material impact
• Rent recivables increased from 1.2 m€ (31/03/20) to 3.6 m€ (30/06/20) mainly due to agreed deferrals
• 1.7 m€ total volume of agreed deferrals
• One major tenant (35% of deferrals) declared to skip the deferral and will pay normally from 08/2020

5

Real Estate Portfolio

Portfolio

Sustainable external and internal growth

Absolute growth year on year and pro forma1

Like-for-like development2

No. of properties

73

64

42

06/2019 06/2020 Pro forma

Occupancy (%)

88.5 86.8 88.0

Annualised in-place rent		GAV (m€)
(m€)
				582.3
44.3	48.1	547.0
30.1		357.2

06/2019 06/2020 Pro forma 06/2019 06/2020 Pro forma

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

1 Based on pro forma portfolio as of 13/08/2020= including notarised properties YTD with transfer of ownership after 30/06/2020

06/2019 06/202006/2019 06/2020

2 Based on 28 properties on both balance sheet dates	7

Portfolio

Broad regional allocation

Portfolio as of 30/06/2020

Acquired properties

with transfer after 30/06/2020

Source | Google Maps

Federal State	Properties	Commercial space	Annualised rent	% of rent
North Rhine-Westphalia	25	371,460 sqm	13,815 k€	28.7%
Lower Saxony	8	265,436 sqm	7,987 k€	16.6%
Bavaria	6	125,109 sqm	7,731 k€	16.1%
Baden-Wurttemberg	8	172,929 sqm	7,042 k€	14.6%
Mecklenburg Western Pomerania	7	119,742 sqm	3,082 k€	6.4%
Brandenburg	5	46,399 sqm	2,204 k€	4.6%
Saxony-Anhalt	6	58,466 sqm	1,920 k€	4.0%
Thuringia	4	57,150 sqm	1,680 k€	3.5%
Rhineland Palatinate	1	20,905 sqm	1,043 k€	2.2%
Saarland	1	44,084 sqm	948 k€	2.0%
Bremen	1	9,496 sqm	420 k€	0.9%
Berlin	1	8,816 sqm	228 k€	0.5%
Total	73	1,299,991 sqm	48,100 k€	100.0%

Every location of our properties can be found here:

DIR Properties in Google maps

Pro forma portfolio as of 13/08/2020 = including notarised properties YTD with transfer of ownership after 30/06/2020

8

Portfolio

Diversified mix of uses

Type	Properties	Total rental space	Commercial rental space	IPR p.	Occupancy	WALT	Annualised rent	% of rent	GAV	yield
sqm	commercial
Industrial park	15	374,064 sqm	354,054 sqm	4.63 €	77.3%	3.6	15,778 k€	32.8%	161,040 k€	9.8%
Logistics	23	437,567 sqm	412,374 sqm	3.43 €	91.2%	4.5	15,546 k€	32.3%	208,150 k€	7.5%
Production & logistics	35	816,273 sqm	533,562 sqm	2.76 €	92.6%	6.8	16,775 k€	34.9%	213,089 k€	7.9%
Total	73	1,627,903 sqm	1,299,991 sqm	3.43 €	88.0%	5.1	48,100 k€	100.0%	582,279 k€	8.3%

Types of use by commercial space

How is the single unit used

Production

33%

	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

Pro forma portfolio as of 13/08/2020 = including notarised properties YTD with transfer of ownership after 30/06/2020

9

Portfolio

Well-balanced industrial sectors

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%

Cyclicality by total rent

cyclical

55.3%

non-cyclical

39.5

privat/ non commercial	public sector
0.9%	4.3%

Pro forma portfolio as of 13/08/2020 = including notarised properties YTD with transfer of ownership after 30/06/2020	10

Portfolio

Solvent major tenants - adequate WALT

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%

• Annualised in-place rents split by remaining lease duration

WALT: 5.1 Years

13.402 k€

9.668 k€

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

Pro forma portfolio as of 13/08/2020 = including notarised properties YTD with transfer of ownership after 30/06/2020	11

Portfolio

Valuation potential - share price trades at attractive ~5.4 yield

	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%

• Premium reflects market expectation on strong rentand valueupside potential
• Assumptions based on annualised in-place rent for the proforma portfolio

Current share price level

12

Portfolio

Individual properties

• Detailed information of all our properties can be found here:
• • https://deutsche-industrie-reit.de/en/property/portfolio/

13

Valuation

Portfolio

Valuation as of 30 June 2020

	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%

• Highest valuation change in production & logistics and logistic market segment, shows the yield compression in this both asset classes
• Positive portfolio valuation uplift reflects the market development in the light industrial sector
• Valuation was done by CBRE
• Booked valuation result for 9M 2019/2020 = 35.4 m€

	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

• Based on valuation results as of 30/06/2020, includes only properties with transfer of ownership until 30/06/2020,

in addition 34.8 m€ balanced leaseholds results in the investment property of 581.8 in the balance sheet

15

Acquisitions

Acquisitions

Track record

Financial Year	Properties	Commercial space	Purchase price	Current Fair Value	Rent at acquisition	current in-place rent	Yield on PP	Yield on FV
before 2017/2018	4	138,524 sqm	28.8 m€	43.6 m€	4.3 m€	4.4 m€	14.9%	10.1%
2017/2018	17	333,201 sqm	116.0 m€	158.5 m€	12.0 m€	12.5 m€	10.4%	7.9%
2018/2019	28	438,476 sqm	174.4 m€	218.6 m€	16.4 m€	16.5 m€	9.4%	7.5%
Transfered in 9M 2019/2020	15	260,141 sqm	104.9 m€	126.3 m€	11.2 m€	10.9 m€	10.7%	8.6%
Signed, transfer expected in	9	129,650 sqm	32.9 m€	35.3 m€	3.8 m€	3.8 m€	11.5%	10.7%
Q4 2019/2020
Total Portfolio End of	73
2019/2020	1,299,991 sqm	457.0 m€	582.3 m€	47.8 m€	48.1 m€	~10.5%	~8.3%

Track record of acquisitions

(purchase price in m€)

closed

signed

17

Acquisitions

Track record / Pipeline insight

Comparing DIR to market (01/10/2019 - 30/06/2020):

• Investment opportunities of DIR:

•	Period:	01/10/2019 - 30/06/2020
•	Offerings:	386
•	Asking price vol.:	2.63 billion EUR
•	Rental space:	4.9 million sqm

Adjusted by duplicates1 and validity2:

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

1. Assets offered more than once
2. Considering only offers with valid price, space & rent data

Asking vs. purchase price EUR/sqm

591
	307
Market	DIR

Asking vs. purchase price yield

	10.7%
6.4%
Market	DIR

18

Acquisitions

Selected deals

Euskirchen	Adolf-Halstrick-Str. 6		Oschersleben	Anderslebener Straße 159		Bielefeld	Gustav-Winkler-Str. 17
Acquired	17/06/2020		Acquired	18/06/2020		Acquired	06/07/2020
Type	Production & logistics		Type	Logistics		Type	Logistics
Rental space	39,445 sqm		Rental space	15,000 sqm		Rental space	12,655 sqm
Annualised in-place rent	1,206 k€		Annualised in-place rent	378 k€		Annualised in-place rent	360 k€
WALT	10.0 years		WALT	1.5 years		WALT	2.7 years
Occupancy commercial	100.0%		Occupancy commercial	100.0%		Occupancy commercial	89.1%
Purchase price	9,572 k€		Purchase price	3,000 k€		Purchase price	3,600 k€
Yield	12.6%		Yield	12.6%		Yield	10.0%
Sector(s)	Paper processing, cardboard		Sector(s)	Logistics		Sector(s)	Beverage wholesale

19

Financing

Financing

Debt structure

				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

Loan allocation (% initial nominal loan amount)

Private

Bank

3%

Savings banks

38%

Corporate Bond

39%

Convertible Bond

• Further diversification of financial instruments
• Long term maturity profile
• Cost of debt down to 2.71% (3.09%, 30/06/19)
• Average interest rate of bank loans at 1.8%
• ICR of 6.65 times (EBITDA/Net interests)
• Current loan pipeline ∿18.6 m€ at ∿0.96%

Maturity profile (m€ initial nominal loan amount)

120 m€

110 m€

100 m€

90 m€

80 m€

70 m€

60 m€

50 m€

Cooperative

banks

6%

14%

40 m€

30 m€

20 m€

10 m€

0 m€

2020 2021 2022 2024 2025 2026 2028 2029 2030 2035 2036 2037 2038

21

Results

9M 2019/2020

Financial Results 9M 2019/2020

Condensed IFRS balance sheet

Including balanced leaseholds of 34.8 m€. Nominal FV of the properties is 547.0 m€

Fair value of financial derivatives (interest SWAP)

Liquidity management by financial investments

			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

Capital increases in 11/19 (at

16.25 €) and 6/20 (at 20.0 €) from 23.5m to 32.1m shares

Corporate bond

nominal 118.0 m€

Convertible bond

nominal 41.6 m€

Mainly liabilities from

leaseholds

23

Financial Results 9M 2019/2020

NAV, LTV and REIT equity ratio

EPRA NAV:

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

REIT equity ratio

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%

REIT criteria fulfilled (45% by law)

LTV*:

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%

24

Financial Results 9M 2019/2020

Condensed IFRS income statement

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

Regular valuation in 06/2020

• 50.2m€ higher market values vs. capex and transaction costs

Mainly a IFRS- Valuation effect from financial investments amounting to 1.6 m€

* Note: There were minor changes for 9M 2018/2019 in the context of the auditor's review for the preparation of the securities prospectus.

25

Financial Results 9M 2019/2020

FFO / aFFO reconciliation

FFO/aFFO:

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

Increase of FFO per share +60%

* Note: There were minor changes for 9M 2018/2019 in the context of the auditor's review for the preparation of the securities prospectus.

26

Financial Results 9M 2019/2020

Outlook

• Acquisition volume of ~ 140 m€
• Based on current projections DIR expects still
  an FFO between 23 m€ and 25 m€for the Financial Year 2019/2020
• FFO run rate between 27 m€ and 29 m€ by the end of FY 2019/2020

27

Appendix

Financial calendar & IR contact

We keep you informed

IR contact:	Financial calendar
René Bergmann (CFO)	20/08/2020	Hamburg Investors Day, Hamburg
August-Bebel-Str. 68
21/09/2020	Berenberg-Goldman Sachs, German Corporate Conference, virtual
D-14482 Potsdam
E-Mail:[e-mail]	23/09/2020	Baader Investment Conference, virtual
Tel:	+49 (0) 331 / 740 076 535	17/11/2020	Deutsches Eigenkapitalforum 2020, virtual
Fax:	+49 (0) 331 / 740 076 520
18/12/2020	Annual report for the financial year 2019/2020

Further Information about our share, analyst coverage or financial calendar

you'll find here:

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

29

Appendix

Glossary

#	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 space	Also 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 commercialspace divided by (total) commercialspace
6	WALT	Weighed average lease terms - only contracts with an agreed fixed term have been considered
7	IPR commercialper sqm	Rent of leased commercialunits divided by space of leased commercialunits
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

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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 REIT-AG 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 REIT-AG 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 REIT-AG control. Past performance is not a reliable indication of future performance.

The individual financial statements comprise the balance sheet, statement of comprehensive income, statement of changes in equity, cash flow statement and are prepared in Euros (EUR). All amounts are presented in thousands of Euros (kEUR) (exceptions are indicated), which may result in rounding differences.

Unless otherwise specified all information are for the financial quarter ended 30 June 2020.

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