PATRIZIA Immobilien AG Business model, Financials and Market May 2011 PATRIZIA Immobilien AG PATRIZIA Bürohaus Fuggerstraße 26 86150 Augsburg T +49/8 21/5 09 10-0 00 F +49/8 21/5 09 10-9 99 immobilien@patrizia.ag www.patrizia.ag
Agenda BUSINESS MODELL BUSINESS DEVELOPMENT AND FINANCIALS Q1 2011 OUTLOOK 2011 GERMAN RESIDENTIAL MARKET APPENDIX 2
PATRIZIA The Real Estate Investment House WHO WE ARE Founded in 1984 by Wolfgang Egger, CEO and majority shareholder (49.97%) 27 years of experience in residential property resale PATRIZIA is a real estate investment house, i.e. a real estate agent and full service provider Holistic, one-stop real estate expertise Organically grown with first acquisition on an organizational level in Dec 2010 (LB Immo Invest GmbH, investment company) WHAT WE DO Fully integrated business model We invest on our own account and for third parties We offer direct and indirect investments in residential and commercial real estate in Germany and Europe As a strategic partner, we offer customized investment products to national and international institutional and private clients e.g. as fund vehicle or co-investment We operate nationwide with own local teams ASSETS UNDER MANAGEMENT (IN EUR MILLION 1 ) FOR THIRD PARTIES OWN INVESTMENTS TOTAL Residential 580.2 1,058.9 1,639.1 Commercial 3,537.9 15.2 3,553.1 Total 4,118.1 1,074.1 5,192.2!) Data from various sources, including LBII. Where book value is not available, investment volumes, acquisition costs or fair value have been considered, without calculation of potential changes in value 3
PATRIZIA Nationwide Platform with Local Market Expertise HEAD OFFICE: Augsburg BRANCHES: Berlin, Cologne, Dresden, Frankfurt, Hamburg, Munich, Stuttgart EMPLOYEES: 427 permanent employees incl. 14 trainees (March 2011), thereof Corporate/Holding 125 Commercial 69 Residential 94 Project Development 11 Property Management 114 Converted to full-time positions: 366 4
PATRIZIA The Real Estate Expert Exit: Investment realization Placement Marketing preparation / sales management Research Fund raising Due diligence Acquisition Optimization cash income / net operating income Professional property management Refurbishment Fund management, portfolio management Value-oriented asset management approach 5
Segment Reporting 2011 Residential and Commercial 27-year in-depth real estate know-how and profound market knowledge, EUR 5bn assets under management RESIDENTIAL COMMERCIAL SPECIAL REAL ESTATE BUSINESS CORPORATE Portfolio Management: Asset and Investment Management Own Investments: Residential Property Resale Asset Repositioning Residential Funds via PATRIZIA Immobilien Kapitalanlagegesellschaft mbh Portfolio Management: Asset and Investment Management Own Investments Co-Investment PATRoffice Commercial Funds via LB Immo Invest GmbH Both residential and commercial Project Development Own Investments (Frankfurt/Main, Düsseldorf, Augsburg) Services for thirdparty clients Property Management For own investments and third-party clients Holding: Internal services, e.g. Research Financing Accounting/tax Controlling Legal affairs IT Marketing Communications etc. 6
PATRIZIA s Own Portfolio 1 RESIDENTIAL PROPERTY RESALE Sale of single units to tenants, owner-occupiers and private investors via own local sales force in nationwide subsidiaries, approx. 2,700 units for sale ASSET REPOSITIONING Exit via block sales, approx. 6,400 units for sale REGION/ CITY UNITS (NUMBER) SHARE (%) AREA (SQM) FUTURE PROSPECTS 2 Munich 3,427 37.6% 236,098 top Cologne / Dusseldorf 1,378 15.1% 120,993 good Leipzig 970 10.6% 63,730 very good Berlin 806 8.8% 47,317 stable Frankfurt/Main 797 8.7% 50,168 top Hamburg 764 8.4% 49,847 stable Hanover 396 4.3% 27,574 stable Regensburg 374 4.1% 25,753 very good Dresden 152 1.7% 10,284 very good Friedrichshafen 48 0.5% 3,214 very good Total 9,112 100% 634,978 1 As of March 31, 2011 2 According to Prognos/Handelsblatt 2010 7
Residential Funds PATRIZIA IMMOBILIEN KAG (PATRIZIA WOHNINVEST KAG FROM JUNE 1, 2011) Five special funds with total investment volume of EUR 1.6 bn, EUR 664 million already invested in residential real estate in Germany and Europe Most of the services are provided in-house by other subsidiaries, service fees as intercompany revenues INVESTMENT COMMITTED VOLUME EUR MILLION VOLUME EQUITY INVESTED PATRIZIA German Residential Fund I 400 130 179 PATRIZIA EuroCity Residential Fund I 400 95 128 VPV Immo PATRIZIA I (Transfer fund) 185 185 185 PATRIZIA Urbanitas 300 150 139 PATRIZIA Domizil I 300 150 33 TOTAL 1,585 710 664 PATRIZIA GERMAN RESIDENTIAL FUND I: Focus on residential real estate in Germany, launched in 2007 PATRIZIA EUROCITY RESIDENTIAL FUND I: Focus on Scandinavia, France, the Netherlands; placement completed, launched in 2008 VPV IMMO PATRIZIA I: Transfer fund with VPV Lebensversicherungs-AG (insurance company), commercial properties were mainly transferred, launched end of 2009 PATRIZIA URBANITAS: Individual fund, tailored to one long-term-oriented largescale investor, focus on residential properties not exceeding 10 years of age, launched in January 2010 PATRIZIA DOMIZIL I: Individual fund, set up for a German institution for professional retirement provision, focus on newly built residential properties, launched in September 2010 As of March 31, 2011 8
Commercial Funds (I) LB IMMO INVEST GMBH (PATRIZIA GEWERBEINVEST KAG FROM JUNE 1, 2011) Asset management company, acquired from HSH Real Estate AG with effect from January 3, 2011 (94.9% stake) 13 special funds, mainly invested in commercial real estate Investors are mainly savings banks, insurance companies, pension funds MODULAR FUNDS INDIVIDUAL FUNDS LABEL FUNDS Investors can create a diversified portfolio and achieve the desired risk/reward profile by investing in different funds. Funds are launched based on the specifications of an individual investor. Real estate portfolio can be newly established or transferred by the investor. Provision of a fund platform in accordance with the German Investment Act. Asset management, purchase and sale are the responsibility of the investor or the investor s service provider. IN EUR BN MODULAR FUNDS INDIVIDUAL FUNDS LABEL FUNDS TOTAL Gross fund volume 1.2 0.4 0.7 2.3 Net fund volume 0.7 0.3 0.4 1.5 Subscribed capital 0.9 0.6 0.5 2.0 9
Overview of Special Funds of LB Immo Invest NAME LAUNCHED IN VOLUME INVESTED GROSS FUND VOLUME MODULAR FUNDS 1,274.8 1,229.3 LB Handels-Invest Deutschland I 2002 259.7 252.7 LB Büro-Invest Europa I 2004 272.3 251.9 LB Wohn-Invest Deutschland I 2005 232.5 233.0 LB Handels-Invest Europa I 2005 189.5 184.0 LB Hotel-Invest Deutschland I 2007 113.3 109.6 LB Pflege-Invest Deutschland I 2007 207.5 198.1 INDIVIDUAL FUNDS 465.3 419.6 SV Europa Direkt 2003 101.4 95.0 LB-VA ImmoInvest 2004 175.8 160.3 LB HanseMerkur Invest 2005 136.2 114.5 LB Immo Invest Saar 2005 51.9 49.8 LABEL FUNDS 759.5 690.9 GLL BVK Internationaler Immobilien-Spezialfonds 2004 670.8 612.5 LB Immo HBL 2010 88.7 78.4 TOTAL 2,499.6 2,339.7 As of March 31, 2011 10
Asset Allocation of LB Immo Invest ASSET ALLOCATION BY REGION 1 ASSET ALLOCATION BY SECTOR 1 5,1% Germany 3,1% 2,7% 1,5% 0,6% 5,2% France 6,8% Office 7,4% 10,4% 10,8% 58,5% USA UK Netherlands Finland Belgium Sweden 8,2% 11,9% 26,0% 41,9% Retail Residential Care Hotel Others 1 As of March 31, 2011 11
Commercial Co-Investment PATRoffice Actively managed co-investment with two of the leading European pension funds: APG (Netherlands) and ATP (Denmark) PATRIZIA holds a 6.25% stake PATRIZIA is responsible for the purchase of the entire portfolio and asset management Investment primarily in German commercial real estate Total volume invested: EUR 350 million Launched in 2007 Planed duration: 7 years Property out of the PATRoffice Portfolio: Münster (Germany), Regina-Protmann-Straße 12
Agenda BUSINESS MODELL BUSINESS DEVELOPMENT AND FINANCIALS Q1 2011 OUTLOOK 2011 GERMAN RESIDENTIAL MARKET APPENDIX 13
Residential Property Resale Single units sales 27.9% below Q1 2010 Buyers: 72.7% private buy-to-let investors, 24.2% owner-occupiers, 3.0% tenants Average price/sqm: EUR 2,260, price depends on regional sales mixture (e.g. share of sales in Munich decreased from 77% to 57%) 300 250 200 2.398 2.206 2.230 2.371 2.276 2.492 2.505 2.355 2.341 2.395 2.348 216 245 184 183 177 2.169 196 2.260 2.600 2.400 2.200 2.000 150 144 146 147 132 1.800 100 103 83 110 1.600 1.400 50 1.200 0 1.000 14
Asset Repositioning Block Sales Two smaller block sales in Hamburg with 18 and 45 units were realized in income in Q1 Average price per sqm: EUR 1,597 700 600 500 1.900 2.195 2.001 1.846 1.803 2.221 1.987 1.801 622 1.597 2.500 2.000 400 300 357 228 256 297 1.389 1.500 1.000 200 100 0 85 52 0 0 33 0 83 63 500 0 15
Key Earning Figures Q1 Q1 2011 EUR 000 Q1 2010 EUR 000 CHANGE % Purchase price revenues 27,750 31,030-10.6 - Purchase price revenues from residential property resale 20,650 31,030-33.5 - Purchase price revenues from asset repositioning (inventories) 5,500 0 - - Purchase price revenues from investment property* 1,600 0 - Rental revenues 14,362 16,711-14.1 Total revenues 50,595 54,814-7.7 EBIT 11,722 13,855-15.4 EBIT adjusted 12,214 13,855-11.8 EBT 12,150-5,060 340.1 EBT adjusted 590 2,136-72.4 Net profit 9,801-4,616 312.3 * Not included in revenues 16
Split of Revenues Revenues did not reach last year s level for Q1 (EUR 54.8 million, -7.7%) 60 50 40 30 Purchase price revenues of EUR 26.2 mn from the sale of inventories vs. decreases in the book value of EUR 22.1 mn Rental income exceeds our affecting financial payments (EUR 11.6 mn) by 23.6%; ongoing maintenance (EUR 1mn) included by 15% 14,4 4,1 1,4 4,6 1,6 20 5,5 50,6 10 20,6 0 Single unit sales Block sales Rental income (without ancillary costs) Funds Revenues other services Others (ancillary costs) Total revenues Purchase price revenues from the sale of investment property In EUR million 17
Financial Result Market valuation of interest rate hedges had a positive impact of EUR 12.1 million EUR 000 Q1 2011 Q1 2010 FY 2010 Interest on bank deposits 158 132 573 Income from securities 36 0 0 Income from interest hedges 0 0 0 Changes in the value of derivatives 12,941 45 10,546 Other interest 56 67 375 Finance income 13,191 244 11,494 Interest on revolving lines of credit and bank loans -5,283-5,036-25,782 Expenses from interest hedges -4,634-5,882-23,024 Changes in the value of derivatives -889-7,241-12,172 Other finance costs -1,957-1,000-272 Finance cost -12,763-19,159-61,250 FINANCIAL RESULT 428-18,915-49,756 Without valuation effects of derivatives Adjusted finance income 250 199 948 Adjusted finance cost -11,874-11,918 49,078 Adjusted financial result -11,623 11,719 48,130 18
EBT Adjustments EBT ADJUSTED Q1 2011 EBT ADJUSTED Q1 2010 15 15 10 11,7 0,4 12,2 12 9 13,9 5 6 3 0 EBIT Financial result EBT (IFRS) -12,1 Profit/ loss from interest rate hedges 0,5 0,6 Amortization (fund management contracts*) EBT adjusted 0-3 -6 EBIT -18,9-5,1 Financial result 7,2 2,1 EBT (IFRS) Profit/loss from interest rate hedges EBT adjusted * Acquisition of LB Immo Invest: Fund management contracts assigned to other intangible assets are subject to amortization over the expected remaining life of the contracts. 19
EBT adjusted by Quarter Elimination from profit/loss from non-cash market valuation of interest rate hedges Without amortization of fund management contracts (since Q1 2011) IN EUR MILLION 9,2 0,2 4,4 5,3 2,1 2,9 3,1 4,6 0,6-0,8-2,5-7,8-4,7 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 20
Segment Reporting Q1 2011 EUR MILLION RESIDENTIAL COMMERCIAL SPECIAL REAL ESTATE BUSINESS CORPORATE / CONSOLIDATION GROUP Q1 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 Third-party revenues 45.3 53.1 4.3 1.0 1.0 0.7 0 0 50.6 54.8 Intercompany revenues 2.7 3.5 0.9 0.9 1.7 1.0-5.4-5.4 0 0 Finance income 13.2 0.1 0.1 0.1 0.2 0.2-0.3-0.2 13.2 0.2 Thereof market valuation income derivatives 12.9 0 0 0 0 0 0 0 12.9 0 Finance cost -14.1-21.4-0.9-0.3-0.6-0.4 2.8 2.9-12.8-19.2 Thereof market valuation expenditures derivatives -0.9-7.2 0 0 0 0 0 0-0.9-7.2 Segment result EBIT 12.7 16.8 1.1 0.3 0.8-0.6-2.9-2.6 11.7 13.9 Segment result EBT 11.8-4.4 0.3 0 0.4-0.8-0.4 0.2 12.2-5.1 Segment result EBIT adjusted 12.7 16.8 1.1 0.3 0.8-0.6-2.4-2.6 12.2 13.9 Segment result EBT adjusted -0.3 2.8 0.3 0 0.4-0.8 0.1 0.2 0.6 2.1 21
Bank Loans 73% of loans are hedged by means of interest rate hedging instruments (will expire in July 2014 at the latest) Fixed interest rate guaranteed: 4.07% In Q1, cost of financing (incl. margin and processing fee) amounted to 4.95% on the average bank loans Share of long-term bank loans increased to 58% due to longer duration than the operating business cycle of 3 years (1) prolongation of investment property loans until June 30, 2014 (2) Financing of LB Immo Invest until March 31, 2015 EUR 000 1400 1200 1000 800 600 BANK LOANS VS. EQUITY RATIO Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 30% 25% 20% 15% MATURITY AMOUNT OF LOANS FALLING DUE AS OF MARCH 31, 2011 YEAR QUARTER EUR 000 % 2011 54,720 6.6 Q2 29,855 3.6 thereof Q3 20,783 2.5 Q4 4,082 0.5 2012 89,098 10.7 Q1 4,000 0.5 thereof Q3 43,319 5.2 Q4 41,779 5.0 2013 76,650 9.2 thereof Q1 4,000 0.5 Q4 72,650 8.7 2014 606,763 72.7 Q1 4,000 0.5 thereof Q2 588,409 70.5 Q3 14,355 1.7 2015 7,600 0.9 thereof Q1 7,600 0.9 TOTAL 834,831 100 22
Net Asset Value 25 20 15 10 5 0 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 NAV/share share price at quarter's end Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 EUR 000 03/31/10 06/30/10 09/30/10 12/31/10 03/31/11 Investment Property (fair value) 657,320 652,560 639,000 614,945 613,471 Participations (PATRoffice) 3,090 3,090 3,090 3,090 3,090 Inventories (at cost) 655,253 598,170 575,047 510,438 498,333 Bank balances and cash 53,530 58,801 64,124 70,537 49,656* - Bank loans -1,029,949-972,830-931,912-841,380-815,231* Net Asset Value (NAV) 339,244 339,791 349,349 357,630 349,319 Number of shares 52,130,000 52,130,000 52,130,000 52,130,000 52,130,000 NAV per share EUR 6.51 EUR 6.52 EUR 6.70 EUR 6.86 EUR 6.70 Share price at the end of the quarter EUR 3.25 EUR 2.95 EUR 3.24 EUR 3.84 EUR 4.92 * Without acquisition of LB Immo Invest, adjusted figures 23
Agenda BUSINESS MODELL BUSINESS DEVELOPMENT AND FINANCIALS Q1 2011 OUTLOOK 2011 GERMAN RESIDENTIAL MARKET APPENDIX 24
Outlook 2011 (I) FORECAST CONFIRMED: EBT ADJUSTED EUR16-17 MILLION Only slight improvement in earnings in Q2 expected, business should pick up in H2 Properties that have been put on the market since beginning of 2011 should have a noticeable effect on earnings in Q3 and Q4 Two further block sales with 12 and 25 units in the greater Hamburg area were notarized in April; recovery in block sales in Q3 and Q4 as well Debt reduction of approx. EUR 230 million till year-end (the reductions from real estate sales have already been offset against new finance for acquisitions) Equity ratio of at least 25% (has already been achieved in Q1: 25.1%) Further purchases for the special funds, investing the capital promised by the fund investors. In particular, LB Immo Invest can now concentrate fully on new business following the change in ownership and successful integration into the group. New business line Alternative Investments with focus on complex, non-standardized real estate transactions (1) purchase of financially or operationally distressed real estate companies and/or portfolios (2) restructuring the acquired properties in a sustained manner with the aid of PATRIZIA s comprehensive real estate expertise (3) position them on the market again successfully Further Co-Investments: first co-investments till year-end 25
Outlook 2011 (II) DIVIDEND POLICY If we achieve our profit target and our equity base is at least 25% we will pay out a dividend Given the appropriate business success, 20-25% of the EBT adjusted should be distributed as dividends CALCULATION EBT adjusted (according to forecast) Thereof 20-25% equates to EUR 16-17 million EUR 3.2-4.25 million Number of shares in issue 52,130,000 Potential dividend per share EUR 0.06 EUR 0.08 26
Agenda BUSINESS MODELL BUSINESS DEVELOPMENT AND FINANCIALS Q1 2011 OUTLOOK 2011 GERMAN RESIDENTIAL MARKET APPENDIX 27
German Market Supported by Strong Fundamentals NO BOOM NO CRASH Most European countries have experienced a steep increase in their house prices since 1995 and now see dramatic decreases since the beginning of the sub-prime crisis In contrast to that, Germany has more or less stable house prices since 1995 and therefore does not suffer from the current market environment HOUSE PRICE DEVELOPMENT 1998-2009 1 (INDEX 1998 = 100) OWNER OCCUPANCY RATE (IN %) 2 300 250 200 150 100 50 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 FR DE IE ES UK Switzerland Germany Austria France EU-Average USA UK Italy Greece Spain 35% 41% 57% 58% 63% 68% 71% 73% 84% 87% 1 Source. PATRIZIA Research, OECD 2 Source: PATRIZIA Research, Eurostat, Federal Statistical Office, OECD 2008 28
Investment Prospects of Regional Residential Markets REGIONAL ANALYSIS IN GERMANY NECESSARY An analysis of the opportunities and risks of residential investments needs to be carried out at local level and to include both supply and demand factors. On the supply side above all the provision of apartments and the structure of the housing stock are of importance for a potential investor in rented residential real estate. On the demand side demographic developments and purchasing power are the core factors to be considered in an initial location analysis. These two factors exert a decisive influence on the stability of the cash flow of the investment. far below average below average average above average high above average 29
Economic Prospects Regional Developments IMPORTANCE OF GERMAN METROPOLITAN AREAS INCREASES STRONG PRICE DIFFERENTIATION: Rents and prices will only increase in attractive regions, i.e. regions with positive economic prospects higher income level population growth GERMANY TENDS TO REGIONAL RE-URBANIZATION Index of Metropolitan areas Urban catchment area and population density major urban center space between peripheral area freeway Source: Regional Planning Report 30
Future Prospects by Region 2010 IMPLICATIONS FOR PATRIZIA 76% of our Portfolio is located in areas with top, very good or good future chances for economic growth. Regional capital Top chances Very high risk PATRIZIA portfolio locations share of PATRIZIA s portfolio 1 Top future prospects 46% (Munich, Frankfurt) Very good future prospects 15% (Hamburg, Dresden, Friedrichshafen, Regensburg) Good future prospects 15% (Cologne/Dusseldorf) With future prospects Stable risk-reward-relation 23% (Berlin, Hanover, Leipzig) With future risks Above average future risks High future risks 1 As of March 31, 2011 Source: Prognos/Handelsblatt 2010 31
Economic Strengths (Status quo) and Dynamics Status quo of locations strength PATRIZIA portfolio locations Highest strength Very high strength High strength Medium strength Low strength Very low strength Lowest strength Changes over time PATRIZIA portfolio locations Highest dynamic Very high dynamic High dynamic Medium dynamic Low dynamic Very low dynamic Lowest dynamic 32
Demand for Housing An increasing number of households is seen as the main driver for housing demand, compensating for the general decrease in the population. Hamburg HOUSING DEMAND FORECAST 2000-2050 (Index 2000 = 100) 130 Hanover Berlin 120 Cologne Leipzig Dresden 110 100 Frankfurt 90 2000 2010 2020 2030 2040 2050 Bavaria-Munich NRW-Cologne/DD Berlin Regensburg Friedrichshafen Munich PATRIZIA portfolio locations below -4% 0% to 4% -4% to 0% 4% to 8% 8% to 12% 12% and more Source: Empirica Institute 33
Household Formations CHANGE IN NUMBER OF HOUSEHOLDS FROM 2005 UNTIL 2025 IN % While the population in Germany will decrease, the household formations are expected to steadily rise. 41 40 39 38 37 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 84 83 82 81 80 German housholds in m (left side) Population inm (right side) PATRIZIA portfolio locations until below -10-10 until below -3-3 until below 3 3 until below 10 10 an more Source: Federal Office for Building and Planning, Bonn 34
Vacancy Risk ESTIMATION OF VACANCY RISK IN RENTED MULTI-FAMILY HOUSES / MULTI-STORY BUILDINGS 2005 UNTIL 2020 The vacancy risk for residential real estate is in Western German regions much lower than in Eastern Germany due to better future prospects. PATRIZIA portfolio locations very low low average high very high Source: Federal Office for Building and Planning, Bonn 35
Mietspiegel The Mietspiegel is an index of local residential markets rents published by each major municipality in Germany. The rent index contains average rents for apartments for each sub-market according to several factors, including: quality of the sub-market, age of building construction, average unit size, etc. EXISTING TENANTS A landlord is not allowed to raise rents for current tenants above the level indicated in the index, with a cap of a 20% increase over each 3 year time horizon Quality portfolios with below market rents stand to gain the most income growth, in particular if NEW TENANTS Past owners under-managed the portfolio and If the Mietspiegel index levels are above current levels or increasing significantly Empty apartments can be rented out at every price that the tenant agrees to pay 36
Building Permits and Completions NUMBER OF CONSTRUCTION PERMITS NUMBER OF COMPLETIONS 700 700 600 600 500 500 400 400 300 300 200 200 100 100 0 92 94 96 98 00 02 04 06 08 10e Single-family housing Multi-family housing 0 92 94 96 98 00 02 04 06 08 Total units Single-family houses Condominiums Rented apartments For the first time there were again more building permits issued in Germany in 2009 compared with 2008 that were not due to tax pull-forward incentives. A higher number of housing completions can be expected in 2010 due to the close historical relationship between permits and completions. Rising construction activity can also be expected in subsequent years given the very positive macroeconomic performance and positive housing construction indicators. This will be increasingly driven by the construction of apartment buildings since growing urbanization is shifting housing demand to the cities. In EUR 000 37
Agenda BUSINESS MODELL BUSINESS DEVELOPMENT AND FINANCIALS Q1 2011 OUTLOOK 2011 GERMAN RESIDENTIAL MARKET APPENDIX 38
PATRIZIA share PATRIZIA SHARE Q1 2011 AT A GLANCE ISIN DE000PAT1AG3 SIN (Security Identification Number) PAT1AG Code P1Z No. of shares in issue as at March 31, 2010 52,130,000 Q1 2011 high* / low* EUR 5.90 7 EUR 3.77 Closing price as at March 31, 2011* EUR 4.92 Share price performance Q1 28.1% Market capitalization as at March 31, 2011* EUR 256.5 million Average trading volume per day Q1 2011 181,100 shares Indices SDAX, EPRA, GEX, DIMAX RESEARCH CURRENT ESTIMATES BANK ANALYST DATE RATING PRICE TARGET Bankhaus Lampe Frank Neumann 19.05.2011 Buy EUR 7.00 Berenberg Bank Kai Klose 11.05.2011 Hold EUR 5.50 Close Brothers Seydler Research Manuel Martin 16.05.2011 Buy EUR 5.70 DZ Bank Ulrich Geis 11.05.2011 Buy EUR 6.00 HSBC Thomas Martin 28.02.2011 Underweight EUR 5.00 J.P. Morgan Harm Meijer 18.05.2011 Neutral EUR 5.75 UniCredit Burkhard Sawazki 23.02.2011 Hold EUR 6.00 Warburg Research Torsten Klingner 11.05.2011 Hold EUR 5.20 = DEVELOPMENT 2011 7 6 5 4 3 2 1 0 SHAREHOLDER STRUCTURE 3.2 % 1.2 % 20.8 % 49,97 % 24.8 % First Capital Partner (Wolfgang Egger) Other institutional investors Private shareholders Alfred Hoschek (former CIO) Other PATRIZIA managers *) Closing price at Frankfurt Stock Exchange Xetra trading 39
Financial Calendar and Contact Details June 29, 2011 Annual General Meeting, Augsburg August 10, 2011 Interim report for the first half of 2011 October 19, 2011 Real Estate Share Initiative, Frankfurt November 9, 2011 Interim report for the first three quarters of 2011 The conference calls about the financial reports will usually be held at 3 pm CET. Invitations and dial-in numbers will be provided in advance. To be always updated, please have a look on our website www.patrizia.ag MARGIT MILLER HEAD OF INVESTOR RELATIONS PATRIZIA Immobilien AG PATRIZIA Bürohaus Fuggerstraße 26 86150 Augsburg T +49/8 21/5 09 10-3 69 F +49/8 21/5 09 10-3 99 M +49/1 51/16 15 02 85 margit.miller@patrizia.ag www.patrizia.ag 40