Company Presentation LEG Immobilien AG March 2020
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LEG Immobilien AG Company Presentation March 2020 1 I March 2020
Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature and is intended to provide an introduction to, and an overview of the Company’s business. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external sources, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realised from the proposals described herein. Forward-looking statements may include, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation, and supply and demand. The Company has based these forward-looking statements on its views and assumptions with respect to future events and financial performance. Actual financial performance could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. The information contained in this presentation is subject to change without notice and the Company does not undertake any duty to update the information and forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. This presentation does not constitute an offer or invitation to purchase or sell any shares in the Company and neither this presentation or anything in it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. 2 I March 2020
Affordable housing in Germany – made in NRW
Aachen Düsseldorf Duisburg Hamm
Köln Minden Münster Osnabrück
Ratingen Remscheid Siegburg Solingen
3 I March 2020
Agenda I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW II. FINANCIAL PERFORMANCE III. PORTFOLIO OVERVIEW IV. SUSTAINABILITY V. ATTRACTIVE MARKET NRW VI. APPENDIX 4 I March 2020
Affordable housing in Germany – Made in NRW Who we are and what we stand for No. 3 in Germany Social Responsibility Pure Play: Residential + Germany 365,000 tenants / 136,000 apartments Focus NRW (~98% of assets), no. 1 in NRW Average rent per unit ~€370 per month/ €5.82/sqm Market cap ~€7bn, 100% free float 25% social housing (rent-restricted) Conservative balance sheet Reasonable Return Loan to value 5% (on €12 bn assets) 5 I March 2020
Affordable housing in Germany – Made in NRW – Highlights
Key figures 2019
Operating results 2019 2018 +/- %
Net cold rent €m 586.1 560.2 4.6
Net rental and lease income €m 435.0 418.6 3.9
EBITDA adjusted €m 426.5 405.2 5.3
FFO I €m 341.3 318.6 7.1
FFO I per share € 5.27 5.04 4.6
Dividend per share € 3.60 3.53 2.0
+/-
Portfolio 31.12.19 31.12.18 %/bp
Residential units 1 number 134,031 133,969 0.0
In-place rent (l-f-l) €/sqm 5.82 5.66 2.9
EPRA vacancy rate (l-f-l) % 3.0 3.1 -10 bp
+/-
Balance sheet 31.12.19 31.12.18 %/bp
Investment properties €m 12,031.1 10,709.0 12.3
Equity €m 5,933.9 4,783.9 24.0
Net debt €m 4,570.9 4,364.5 4.7
LTV % 37.7 40.7 -300 bp
Net / EBITDA ratio
Pro forma NAV 2 €m 7,273.0 6,428.0 13.1
Pro forma NAV 2 per share € 105.39 93.40 12.8
Number of shares
Total number of outstanding shares 69,009,836 63,188,185 9.2
Weighted number of shares 64,820,501 63,188,185 2.6
1 c.136,000 residential units as at 1 January 2020. 2 After simulated executed conversion.
6 I March 2020
Strategic Agenda
Affordable housing in Germany – Made in NRW
Optimizing Expansion of Grow the
Core business value chain platform
Tapping rental Increase and extend Continuation of NRW-
growth potential value-add services focussed acquisition
strategy
Improving customer Reasonable
satisfaction exploitment Exploit opportunities
of development in Germany
Enhancing
efficiency Focus on
affordable housing
Strong balance sheet ESG framework Digitization
SOLID PLATFORM
7 I March 2020
Affordable housing in Germany – Made in NRW – Highlights 2019 – Further growing our platform
Delivering attractive pay-outs
No. of units FFO I €m Dividend €m
~138,900 +7% +11%
~1,200 341.3 248
~3,700 318.6 223
134,031
133,969 141.2 92
94,311
2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019
YTD
Advanced negotiations 2020
Transfer of ownership & deals signed 01/20
Improved portfolio quality through FFO I growth driven by: DPS19 €3.60 (vs. €3.53 in 2018)
disposal of 3,400 units, 2,700 via 1) 2.9% l-f-l rental growth
Dividend paid €248m, +11%
a single portfolio deal 2) Vacancy reduction
3) 2018 acquisition Pay-out from FFO I of 73%
Acquisition of c. 7,200 units
FFO I per share €5.27, +4.6%
5,700 units already disclosed
(o/w 2,200 units transferred at 1/1/20) Acquisitions of 7,200 units to add
c. €7m to FFO I in 2020
1,500 units in NRW and Rhineland-
Palatinate signed in January Refinancing actions from Q4 19
to add c. €7m in 2020
1,200 units in advanced negotiations/
outside NRW
8 I March 2020
Affordable housing in Germany – Made in NRW – Stable spread over 10year BUND
Attractive yields in a low/ no yield environment
Gross yield LEG vs. BUND Stable spread over 10y BUND
% %
6.53
10%
6%
5.88
8% 5.31
6.4 5%
6% 5.5
5.1 4%
4% 4.1
3%
2%
2%
0%
1%
-2%
2013 2014 2015 2016 2017 2018 2019 March 0%
2020 2 2013 2014 2015 2016 2017 2018 2019 March
2020 2
Orange Green Purple Spread LEG Rendite vs. 10Y BUND
1
LEG Total 10Y BUND
1 Annual average. 2 10 March 2020.
9 I March 2020
Affordable housing in Germany – Made in NRW – Highlights 2019 – Selective growth
Remaining focussed on
NRW/Germany and affordable living
Regional split Deal funnel 2019 Target markets Rationale
Share NRW (units)
Focus on NRW Market insight/
~100,000 offered as no.1 Cost advantages
first level
c.45% NRW ~67,000 analysis
Additionally B-/ Leveraging our
C-city locations in market access &
deep analysis & adjacent German platform
~34,000 presented to
states
management
(min. ~1,000 units
per location)
due
~14,000 diligence
acquired Focus affordable Sticking to our
c.56% NRW ~5,700 & closed housing standardized
processes, expertise
and social
responsibility
10 I March 2020Affordable housing in Germany – Made in NRW – Innovation & Value-Added Services
Leveraging LEG‘s strong customer base
with additional services
Strong FFO contribution – Services
€m
23
Partner Partner Partner
16
15
Cooperation Cooperation Joint venture (51%)
9
Multimedia: TV, Electricity, heating, Small repair work,
7 internet and telephone gas, metering craftsmen services
5
Launch January 2014 Launch March 2015 Launch January 2017
0
2013 2014 2015 2016 2017 2018 2019 Further roll-out of our Acquisition of Increased our FTE’s
media service offering outstanding by 31 (+10%) in order
in 2019 contributed 49% share in 2019 to better and faster
serve our tenants
>€1m
NAV per share from services of to the FFO growth Successful
cooperation with
€ 5.3 – 8.01 energy supplier to
market electricity and
Not reflected in Group NAV gas
1 Based on 4% - 6% discount rate
11 I March 2020Affordable housing in Germany – Made in NRW – Innovation & Value-Added Services
Digitization as a technology trend is of tremendous importance
for the real estate industry
LEG is headed towards a leading position as a driver of innovation
Greatest digital achievements
Accounting Robot in Receivables Management
increases customer satisfaction as employees focus on
customer need instead of repetitive bookkeeping-tasks
Success with tenant app, additional 50% active users
convinced by extended self-services
Streamlining internal processes in maintenance and
repair to reduce costs
Current development
Substituting written form by phone service to increase
customer satisfaction
No more phone queues as we call our customers back
on demand LEG’s Innovation management approach
Monitoring water quality in our apartment houses Internal scope External scope
continuously and automatically through IoT increasing
tenant safety and reducing costs Corporate culture Innovative services and
supporting constant business models
Digitization in the long run development / innovation Extensive network
Further automation of processes State-of-the-art processes Alliances and strategic
Development of ecosystems with strategic partners to Collaboration and partnerships
increase customer satisfaction and retention communication Transferable innovations
Development of value-add services (disruptive topics) and best practices
12 I March 2020Affordable housing in Germany – Made in NRW
Further improved financing structure:
Lower for longer
Maturity profile Average debt maturity (years)
€m
2019 8.1
2020 100 -0.3%
2018 7.6
2021 0
2022 0
Average interest costs
2023 331 1.9%
2019 1.43%
2024 891 1.6%
2018 1.58%
2025 980 1.3%
2026 526 1.5%
2027 919 1.3%
Loan-to-value
2028
2019 37.7%
458 1.6%
2029 128 1.4%
2018 40.7%
2030 102 1.8%
2031 0 Net debt/ Adj. EBITDA
2032+ 636 1.8%
2019 10.7x
2018 10.8x
Debt Bonds Convertible % Weighted avg. interest
(excl. subsidised loans)
(repaid in Feb. 2020)
13 I March 2020Affordable housing in Germany – Made in NRW – Portfolio Valuation 2019
Valuation uplift driven by letting
performance and yield compression
Breakdown revaluation gains
€m
Value drivers Valuation uplift by markets
Allocation capital growth
96
202 9.4% 9.1%
8.3%
422 6.1%
€1,125m1
607
923 Total High Stable Higher
growth yielding
Discount rate
Rent performance & building Revaluation gains
Others (e.g. cost adjustments) Capex
Yield compression (especially in Orange and Green markets) and broad-based strong letting performance drive portfolio values
Visible catch-up effects with respect to multiple B-cities and commuter towns
Adjustment of discount rate from 5.2% in 2018 to 4.8% (cap rate from 6.1% to 6.05%)
1 Change in Gross Asset Value, l-f-l.
14 I March 2020Outlook
Guidance 2020 confirmed
Strong Performing ESG
Financials Operations Topics
FFO I €370m – 380m L-f-l rental growth c.2.8% Energy efficient modernization
EBITDA-Margin ~74% (incl. 20bps from refinancing) of c.3% of the portfolio p.a.
LTV 43% max L-f-l vacancy slightly New foundation “Your home
decreasing helps” fully staffed with 8 FTE’s
Dividend 70% of FFO I
Investments ~31-33€/sqm New compensation structure
for board members reflecting
Acquisition of ~7,000 units also ESG criteria in STI-plan
and LTI-plan1
1 Proposal to AGM for new payment structure beginning 2021.
15 I March 2020Agenda I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW II. FINANCIAL PERFORMANCE III. PORTFOLIO OVERVIEW IV. SUSTAINABILITY V. ATTRACTIVE MARKET NRW VI. APPENDIX 16 I March 2020
Financial Performance – Highlights 2019 & first achievements 2020
Growing along our defensive profile
Guidance 2020 confirmed
Strong Performing ESG
Financials Operations Achievements
FFO I +7.1% Net cold rent +4.6% CO2 emission –5,400t from our
EBITDA-Margin 72.8% L-f-l rental growth +2.9% 2019 modernisation efforts
LTV 37.7%/ @1.43%, 8.1y L-f-l vacancy 3.0% New foundation „Your home
helps“, €16m funding
GAV €1,353/ sqm, 5.1% FFO Services €23m
gross yield Susanne Schröter-Crossan as
Acquisition of 5,700 units new CFO from 1 July
€3.60 DPS, +11% pay-out
Good start
into 2020
1,500 units signed, 1,200 units in advanced negotiations
Guidance 2020 confirmed with FFO I of €370m – €380m
Operating performance according to plan
17 I March 2020Financial Performance – Generating Attractive Shareholder Returns
NAV and dividend development
NAV per share Dividend per share
€, excl. goodwill €
105.39
93.40
3.53 3.601
83.81
3.04
67.15 2.76
58.92
52.69 2.26
49.36 1.96
1.73
+13.5% +13.0%
2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019
1 Proposal to Annual General Meeting. CAGR
18 I March 2020Financial Performance – Highlights 2019
Margin expansion story is set to continue
Net Cold Rent Adj. Net Rental and Lease Income Margin
€m €m
+4.6% Adj. Net Rental and Lease Income
+5.2%
%
560.2 586.1 76.8 77.3 Driver
430.5 453.3
Ongoing
efficiency gains
2018 2019
2018 2019 2018 2019 Adj. EBITDA
%
72.3 72.8
Benefitting from
Adj. EBITDA FFO I slightly declining
€m €m admin expenses
2018 2019 (see appendix
+7.1% chart 22)
+5.3%
FFO I
426.5 %
405.2 341.3
318.6 56.9 58.2 Broadly
stable interest
expenses and
lower cash taxes
2018 2019 2018 2019 2018 2019
19 I March 2020Financial Performance – Portfolio and Operating Performance – Rent Development
Sound underlying rent dynamics
L-f-l residential rent Rent growth drivers
(€/sqm/month) %
+2.9%
+3.0% +2.9%
5.66 5.82
0.7
0.9
2018 2019 Re-letting
0.8 Modernisation
L-f-l free financed rent 0.8
(€/sqm/month) Mietspiegel
adjustments
+3.6%
5.99 6.21 1.5
1.2
2018 2019 2018 2019
Performance of free financed units demonstrates strong Well diversified mix of growth drivers
underlying fundamentals Growth supported by modernisation program with focus
Rent restricted units: +0.5% year-on-year (like-for-like) on energy efficiency
High exposure to structural growth markets and respective
commuter belts supports strong performance
20 I March 2020Financial Performance – Scalability of platform + cost discipline support value accretive growth
Acquisitions: Leading Management Skills Paying Off
Strong volume growth at decreasing overhead cost…
# of units 36.7
33.1 32.1 33.3 34.0 33.2
Recurr. Admin
costs (€m) 133,969 134,031
128,488 130,085
106,961 108,916
2014 2015 2016 2017 2018 2019
…leads to a significant drop of the administrative costs ratio
Net cold rent
(€m)
8.5 8.4
560.2 586.1
Recurr. Admin 511.7 534.7
costs/net cold
390.1 436.1 6.1
rent (%) 5.7
6.3 6.2
2014 2015 2016 2017 2018 2019
21 I March 2020Financial Performance – Portfolio and Operating Performance – Capex & Maintenance
Lifting potential for growth and
energy efficiency
Lifting potential for growth and energy efficiency while maintaining high capital efficiency
€m
+16.9%
€295.3m
(€33.9/sqm)
€252.7m
(€29.4/sqm)
Investments increased c.17% year-over-year in line with
increased value enhancing capex
206.7 Capex program ongoing with major investments in
178.9 Dortmund, Monheim, Münster, Mönchengladbach
~5,400 tons of CO2 savings assumed due to
energetic refurbishment measures in FY 2019
Capex ratio of 70.0%
73.8 88.6
Outlook of ~31-33 €/sqm for FY 2020
2018 2019
Capex
Maintenance
22 I March 2020Financial Performance – Financial Performance – Portfolio Valuation 2019
Broadbased valuation uplifts
continue across market segments
Valuation uplift by markets (l-f-l), including commercial and other assets
Valuation uplift FY-19 Valuation uplift H2-19 Gross yield FY-19
High-Growth Markets 9.4% (7.5% in FY-18, l-f-l) 3.5% 4.1% (4.5% in FY-18)
Münster (6,103 units) 8.5% 2.8% 3.7% (4.0%)
Düsseldorf (5,209 units) 9.7% 2.8% 4.0% (4.3%)
Monheim (3,350 units) 16.4% 11.0% 4.4% (5.1%)
Stable markets 9.1% (10.7% in FY-18, l-f-l) 3.5% 5.5% (6.0% in FY-18)
Dortmund (13,318units) 11.3% 3.4% 4.7% (5.3%)
Essen (3,373 units) 7.3% 3.1% 5.4% (5.9%)
Mönchengladbach (6,436 units) 9.5% 5.1% 5.9% (6.2%)
Higher-yielding markets 6.1% (6.9% in FY-18, l-f-l) 2.4% 6.4% (6.9% in FY-18)
Duisburg (6,117 units) 4.9% 1.3% 6.1% (6.5%)
Hamm (1,626 units) 4.9% 0.1% 6.1% (6.6%)
Recklinghausen district 9.2% 4.7% 6.7% (6.9%)
Total portfolio 8.3% (8.2% in FY-18, l-f-l) 3.4% 5.1% (5.5% in FY-18)
23 I March 2020Agenda I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW II. FINANCIAL PERFORMANCE III. PORTFOLIO OVERVIEW IV. SUSTAINABILITY V. ATTRACTIVE MARKET NRW VI. APPENDIX 24 I March 2020
Portfolio Overview – Portfolio and Operating Performance
Positive rent development
across all submarkets
Strong results on the basis of
tailor-made management strategies
Bielefeld
Lippe North Rhine-Westphalia
Munster Gütersloh
(~129,600 units / ~97%)
Recklinghausen
Hamm Paderborn
Gelsenkirchen Dortmund Soest
Oberhausen
Duisburg Bochum
Essen Hagen Bremen
Mettmann
Wuppertal
Dusseldorf
Moenchen- Lower Saxony
Leverkusen
gladbach
Cologne Rhineland-Palatinate
Aachen
Bonn
(~4,400 units / ~3%)
Markets Total Portfolio High-Growth Stable High-Yielding
2019 (YOY) 2019 (YOY) 2019 (YOY) 2019 (YOY)
# of units 134,031 0.0% 40,843 +3.0% 52,034 +1.9% 41,154 -4.9%
In-place rent (sqm), l-f-l €5.82 +2.9% €6.63 +3.3% €5.50 +3.1% €5.37 +2.1%
In-Place Rent CAGR l-f-l
FY 2016 – FY 2018 3.0% 3.0% 3.1% 2.7%
Free Financed Portfolio Rent
CAGR l-f-l FY 2016 – FY 2018 3.8% 4.0% 4.0% 3.3%
EPRA-Vacancy, l-f-l 3.0% -10 bps 1.6% -30 bps 2.8% -10 bps 5.2% +30 bps
25 I March 2020Portfolio Overview – Portfolio (as of 31 December 2019)
Portfolio valuation: With €1,353/sqm @5.1% gross yield
still at attractive levels in absolute and relative terms
GAV In-Place GAV
Residential Residential GAV/ Gross Rent Market Commercial/ Total GAV
Market segment Units Assets (€m) sqm (€) yield Multiple Multiples1 Other (€m) (€m)
High-
Growth 40,843 5,170 1,913 4.1% 24.2x 20.6x 246 5,416
Markets
Stable
Markets 52,034 3,939 1,187 5.5% 18.3x 16.4x 134 4,074
Higher-Yielding
Markets 41,154 2,425 968 6.4% 15.7x 14.4x 78 2,502
Total Portfolio 134,031 11,535 1,353 5.1% 19.8x 17.5x 458 11,992
1 Estimated rental values as of December 31, 2019.
26 I March 2020Portfolio Overview
Well-balanced portfolio with significant growth potential
31.12.2019 Units Gross Asset Value Rental Income
By Market 21%
31% 30% 28%
45% 36%
34% 36%
39%
High Growth Markets Stable Markets Higher Yielding Markets
Restricted Subsidised Subsidised Subsidised
25% 26% 23%
vs.
Unrestricted Free- Free- Free-
financed financed financed
75% 74% 77%
27 I March 2020Portfolio Overview – Rent revisionary potential
Refinancing of subsidised loans lifting value
Rent Potential Subsidised Units Number of Units Coming Off Restriction and Rent Upside
Until 2028, c. 24,000 units will come # Units c. 17,000
c. 9,000
off rent restriction
2.272
1.667 1.620
Units show significant upside to
827
market rents 696
453
164 36
The economic upside can 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029ff
theoretically be realised the year
after restrictions expire, subject to
general legal and other restrictions4 Spread to Market Rent
(in €/sqm/month)
Over 70% of units to come off restriction 3.48
2.85
until 2028 1.88 1.94
2.26
2.01
1.56
1.20 1.22 1.16
≥10 years
26.7% ≤ 5 years
21.0%
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029ff
≤ 5 years2 6 – 10 years2 ≥ 10 years2
In-place rent €4.61 €4.91 €4.92
Market rent1 €6.54 €6.82 €6.09
6-9 years
Upside potential3 42% 39% 24%
52.3% Upside potential p.a.3 €11.3m €23.6m €10.7m
Source: LEG as of FY-2019
1 Employed by CBRE as indicator of an average rent value that could theoretically be achieved, not implying that an adjustment of the in-place rent to the market rent is feasible, as stringent legal and
contractual restrictions regarding rent increases exist.
2 ≤5 years = 2020-2024; 6-10 years = 2025-2029; ≥10 years = 2029ff.
3 Rent upside is defined as the difference between LEG in-place rent as of FY-2019 and market rent (defined in footnote 1) as of FY-2019.
4 For example rent increase cap of 15% or 20% for three years.
28 I March 2020Portfolio Overview – Leading Performance
Well diversified portfolio
with attractive reversionary potential
High Growth Markets Stable Markets Higher Yielding Markets
As of 31.12.2019 LEG NRW LEG NRW LEG NRW
No. of Residential Units 40,843 3,401,632 52,034 3,923,192 41,154 1,689,539
Occupancy Rate (%) 98.3% 98.1% 97.1% 96.3% 94.8% 94.9%
In-Place Rent per sqm (€) 6.61 7.77 5.50 6.13 5.36 5.86
Rent Potential1 17% n/a 11% n/a 9% n/a
The LEG portfolio offers a 13%
average rent upside potential1
Source: LEG as of FY-2019, CBRE, Empirica, IT.NRW
1 Market rent (CBRE) compared to LEG portfolio
29 I March 2020Portfolio Overview
Above inflationary rent growth and high occupancy
Significant rent upside1) potential with current in-place rents of € 5.82/sqm/month (as of FY-2019), approx. 13% below market rent levels
Residential % of total Rent Market rent2 % to EPRA- Rent CAGR last Occup. CAGR
Market (FY-2018) Units rent /sqm /sqm market1 Vacancy 5 yrs (lfl)* last 5 yrs (lfl)*
High Growth
40,843 36% 6.61 7.77 17% 1.7% 2.9% -0.5%
Markets
Stable
52,034 36% 5.50 6.13 11% 2.9% 2.8% 3.5%
Markets
Higher Yielding
41,154 28% 5.36 5.86 9% 5.2% 2.7% -4.1%
Markets
Total 134,031 100% 5.82 6.57 13% 3.1% 2.9% -1.0%
% Sub- EPRA-Vac. Rent CAGR Occ. change % free Rent EPRA-Vac. Rent CAGR Occup. CAGR
Market (FY-2018) sidised units Rent/sqm (%) last 5 yrs (lfl)* last 5 yrs (lfl)* financed units /sqm (%) last 5 yrs (lfl)* last 5 yrs (lfl)*
High-Growth
28% 5.12 0.8% 0.5% -4.8% 72% 7.23 2.0% 3.8% -0.4%
Markets
Stable
27% 4.73 1.9% 0.8% 8.3% 73% 5.82 3.2% 3.7% 1.7%
Markets
Higher Yielding
20% 4.45 2.1% 0.6% -4.9% 80% 5.62 5.9% 3.3% -4.6%
Markets
Total 25% 4.80 1.5% 0.7% 2.0% 75% 6.20 3.5% 3.7% -2.1%
Source: LEG, CBRE. * As of FY-2019 and FY-2015
1) rent upside is defined as the difference between LEG in-place rent and market rent, the latter of which is an indicator of an average rent value that could theoretically be achieved, not implying that an
adjustment of the in-place rent to the market rent is feasible, as stringent legal and contractual restrictions regarding rent increases exist.
2) Cf. Footnote 1 for a definition of market rent
30 I March 2020Portfolio Overview – 30 September 2019
Portfolio Structure
Construction Years Free Financed / Rent Restricted Units
After 1989 6% 12% Until 1949 Rent Free
restricted 25% 75% financed
units units
1970-1989 25%
57% 1950-1969
Building Types1 Apartment Size2
High 2% > 90 sqmPortfolio Overview – Leading Performance
Unlocking value potential
through construction on own land
Münster
Four buildings with 51 units in Münster: seizing value potential
through densification on vacant plots of own land
Construction cost €7.7m or c.€2,200/sqm; IPR c.€12-13/sqm
Respecting the environment and responding to demographic
changes
Cologne (Höhenhaus)
www.leg-wohnen.de/Gartensiedlung
43 buildings with c. 200 units will be replaced by 400 units
Architectural competition concluded at end of 2019
Approx. 30% of apartments will be subsidised or price-
demanded units, resulting in varying levels of in-place rent
Will include a kindergarten and be responsive to aging tenants
Hilden (Greater Düsseldorf)
Construction of 3 buildings with 38 apartments (completion by
spring/summer 2020)
Total pipeline
Total pipeline of c.1,000 units, yield on cost >4.5% New construction in Hilden
Target: 500 new build units per year from 20231)
1 250 new build units + acquisition of 250 new build units.
32 I March 2020Portfolio Overview – 2019 acquisitions
Accelerating external growth
Acquisitions Residential units Purchase price Rent multiple Price / sqm FFO p.a.
signed in 2019 5,700 approx. €500m 21.7x €1,433 c. €13m
(FY 2020)
Top 5 locations Units Federal state Market segment
Bremen 1,160 Bremen stable
Greater Aachen region1 1,094 NRW high growth
Oldenburg 912 Lower Saxony high growth
Dortmund 269 NRW stable
Duisburg 193 NRW higher yielding
Development Residential units Purchase price Rent multiple Price / sqm FFO p.a.
Projects2 2019 2103 approx. €38m 26.5x €2,576 c. €0.9m
Residential units Locations
Transfer/ 1,500 NRW (Hamm, Lünen), Rhineland-Palatinate (Kaiserslautern) 4
Acquisitions in 2020 1,100 in advanced negotiations, outside NRW
1 Baesweiler, Alsdorf, Übach-Palenberg. 2 Dortmund, Bielefeld, Lüdenscheid. 3 Including 99 subsidised units. 4 Purchase price not disclosed
33 I March 2020Agenda I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW II. FINANCIAL PERFORMANCE III. PORTFOLIO OVERVIEW IV. SUSTAINABILITY V. ATTRACTIVE MARKET NRW VI. APPENDIX 34 I March 2020
Sustainability
What we have done so far
Creation of an organisational and reporting structure
Sustainability Manager
Management Board bears overall responsibility Management Board
Top decision-maker Management Board: Lars von Lackum, CEO
Responsible Supervisory Board member: Stefan Jütte Steering Committee
Steering Committee for strategic decisions and pooling of the
activities includes the Heads of key divisions/functions
Sustainability Officers/Data Owners in various departments for Data Owner
monitoring the achievement of goals and for data collection
Sustainability Manager as interface
New committee established in 2019 working on the achievement of
climate targets
Disclosure and assessments
Annual Sustainability Reports 2017 - 2019 based on GRI standard
and including EPRA Sustainability Performance Measures
(third party assurance: limited assurance by PwC)
Participation in GRESB Real Estate Assessment
35 I March 2020Sustainability
Environmental commitment
LEG set itself measurable and publicly communicated targets for the energetic improvement
of the portfolio and reports on their achievement in its sustainability reports
Environmental targets
Energy efficient modernisation of more than 15% of our portfolio
i.e. 3% p.a. on average from 2017-2021
Thereby reducing the number of residential buildings in energy
efficiency classes G and H by more than 20%
Increasing tenants’ awareness (consumption transparency through
utility and heating cost invoicing; tenants’ manual)
LEG residential portfolio by energy efficiency classes
(in %, FY 2019) In 2019, potential
24
reduction of another
23
19 c.5,400 metric tons of
12 13 CO2 achieved
8
0 2
A+/A B C D E F G H
36 I March 2020Sustainability
Social commitment
Tenants Employees
Offering attractive housing at affordable rents Vocational training and professional development
Cooperation with professional partners for housing- Charta of Diversity signed (www.charta-der-vielfalt.de)
related services or offers (multimedia, green electricity Gender equality and reconciliation of work and family
at attractive prices) (audit certificate, www.berufundfamilie.de)
Annual inspections of all buildings to ensure tenants‘ Transparent remuneration structures (own collective
health, safety and well-being
bargaining agreement)
Socially oriented neighbourhood and integration Occupational health management (e.g. health and
management safety checks, preventive measures, training)
Numerous tenant events Regular surveys on employee satisfaction
Monitoring of tenant satisfaction (www.greatplacetowork.de)
Customer advisory council
LEG Tenant Foundation for short-term financial
assistance
Suppliers
New €16m foundation for sustainable social work Suppliers Code of Conduct
37 I March 2020Sustainability
Corporate Governance
Corporate Governance Code Compliance Management System
Compliance with the German Corporate Governance Certified Compliance Management System
Code Focus on fair and responsible business, competition
Member of the Corporate Governance Institute of the regulation, data protection, tax compliance, capital
German Real Estate Association market and product compliance
Code of Conduct (as part of employment contracts and
supplier contracts)
Board Structure Training of all employees, dedicated Intranet page and
compliance manual
Two-tier structure of Management Board and
Supervisory Board Whistleblower system for employees and third parties
Supervisory Board 100% independent Compliance Officer, Anti-Corruption Officer and external
ombudsman
Diversity concept for Management and Supervisory
Board
Further information: cf. LEG Annual Report
38 I March 2020Agenda I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW II. FINANCIAL PERFORMANCE III. PORTFOLIO OVERVIEW IV. SUSTAINABILITY V. ATTRACTIVE MARKET NRW VI. APPENDIX 39 I March 2020
Attractive Market NRW
Portfolio highly exposed to structural growth markets
Geographic reach of growth cities Key data
(60 km radius) Approx. 93% of LEG‘s portfolio is located in the
catchment area of growth cities (60 km) and around
Minden-
Lübbecke 64% in the commuter belts (60 km) of Düsseldorf
Steinfurt
Herford and Cologne, the most populous cities in NRW
Bielefeld
Lippe
Many principal university cities are located in NRW,
Borken Münster
Coesfeld Gütersloh e.g. Cologne, one of Germany’s “Universities of
Warendorf
Excellence” or Bonn, Aachen and Münster
Kleve Hamm Paderborn Höxter
Wesel Recklinghausen
Unna
Gelsenkirchen Soest
OberhausenHerne Dortmund
Bochum
DuisburgEssen
Hagen
Structural growth cities
Krefeld
Viersen Mettmann
Number of 1-2 person households constantly
Hochsauerlandkreis
Düsseldorf Wuppertal Märkischer Kreis
Mönchengladbach Solingen
Rhein-Kreis
Neuss Leverkusen Olpe growing in swarm cities and outperforming Germany
Heinsberg
Cologne OberbergischerSiegen-
Kreis
(2017: 75.3% in Germany)
Rhein-Erft-Kreis Wittgenstein
Aachen
Düren
Rhein-Sieg-Kreis Growth cities tend to younger age structure
Bonn
compared to Germany: stronger increase in share of
Euskirchen people under the age of 40 (2017: 43.0 % in Germany)
and percentage of people above the age of 60 steadily
shrinking (2017: 27.9% in Germany; rising trend)
Source: Federal Statistical Office
40 I March 2020Attractive Market NRW
North-Rhine Westphalia (NRW)
Favourable demograhics NRW household growth 2014-20401
Key metropolitan area in Germany, and one of the m
8.6 +5.3% 9.0
largest areas in Europe (17.9m inhabitants) >2 People
2.2 2.0
Households
Highest population density – key advantage for
efficient property management +10.3%
1-2 People
Low unemployment rate (2019 average: 6.5%) 6.4 7.0 Households
Above average growth of 1-2 person households
(10.3% growth of 1-2-people households expected in 2014 2040
NRW (2014 – 2040). Process driven by decrease of
average household size
High affordability
Low home ownership of approx. 43% in NRW 3) (45% € Purchasing power 2 / Household
in Germany4)) provides for consistent demand
34.6% Gross rent / Household
High affordability (on average 23.3% of household 29.3%
Gross rent ratio
purchase power spent on gross rent) 24.9% 23.6%
21.7% 23.3%
High demand for affordable living product: 4,644
4,138 3,910
Approx. 50% of households with income of less than 3,602
3,262 3,371
€2,000 per month
Beneficiary from immigration thanks to liquid labour 1,605
market and balanced mix of industries 956 1,031 796 781 910
Munich Berlin Dusseldorf Dortmund Essen NRW
Source: Own calculations based on Emirica (2018), IT: NRW (2017), MB Research (2018). 1 IT.NRW based on micro census 2011 2 Net income pre tax and
social insurance contributions and including received transfer payments. 3 Federal Statistical Office 2016 (census 2014) 4 IVD real estate association
41 I March 2020Attractive Market NRW
North-Rhine Westphalia (NRW)
Favourable economic climate Leading positions in important industries
Germany’s economic powerhouse generating approx. Direct investments: #1 in Germany for foreign investors
21% of German GDP 29.2% of direct investments in Germany
About one third of the largest companies in Germany Chemicals: #1 in Germany, #5 in Europe (sales)
are based in NRW NRW generates 30.8% of German sales
Centrally located in Europe, excellent infrastructure and Biotechnology: #1 in Europe, #9 worldwide (patents)
a key transport hub (with multiple airports, dense railway Highest number of biotech patent applications in Europe
system, motorway network and waterways) NRW generates 44.4% of German sales
Robust labour market with decreasing rate of Microsystems Technology: top position
unemployment 28% of all German players are located in NRW with focuses
(-40% since 2006) in Aachen, Cologne/Bonn, Münster, and Dortmund as a
hotspot
Nanotechnology: top position in Germany and Europe
Bielefeld More than 200 companies, thereof 50 large companies
220 institutes (of which 9 Fraunhofer, 3 Max Planck and
Gütersloh
universities)
Essen
Mobile communication: #1 in Germany
Mulheim/Ruhr
Düsseldorf
NRW companies account for 83% of the German mobile
Leverkusen
Cologne
communication market
Bonn
Education: 6 of 10 largest universities located in NRW2)
e.g. RWTH Aachen, one of the largest technical universities
in Europe, renowned for engineering, IT and natural sciences
42 I March 2020Agenda
I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW
II. FINANCIAL PERFORMANCE
III. PORTFOLIO OVERVIEW
IV. SUSTAINABILITY
V. ATTRACTIVE MARKET NRW
VI. APPENDIX
FINANCIALS
43 I March 2020Appendix – Financials 2019
FFO Calculation
€m 2019 2018
Net cold rent 586.1 560.2 +€25.9m/+4.6%
Profit from operating expenses -2.8 -4.5
Maintenance (externally-procured services) -61.0 -51.8
Growth in staff costs mainly
Staff costs -68.2 -60.3 due to additional FTE’s
Allowances on rent receivables -7.9 -8.4 (operations and for crafts
services)
Other -1.3 -10.4
Non-recurring project costs (rental and lease) 8.3 5.8
Adj. NRI increased by
Recurring net rental and lease income 453.2 430.6 +€22.6m YOY (+5.3%); rising
cost inflation more than offset
Recurring net income from other services 6.0 7.8
by efficiency gains
Staff costs -30.1 -24.8
Non-staff operating costs -32.6 -18.4 Recurring admin. costs ratio
Non-recurring project costs (admin.) 29.5 9.2 further reduced to 5.7%
(previous year: 6.1%)
Recurring administrative expenses -33.2 -34.0
Other income and expenses 0.5 0.8
Adjusted EBITDA 426.5 405.2
EBITDA increased by
Cash interest expenses and income -78.7 -77.2 +€21.3m YOY (+5.3%)
Cash income taxes from rental and lease -2.8 -5.8
FFO I (including non-controlling interests) 345.0 322.2 Almost stable interest costs
(average costs in FY-2019:
Non-controlling interests -3.7 -3.6
1.43% vs. 1.58% in FY-2018)
FFO I (excluding non-controlling interests) 341.3 318.6 despite higher debt volume
FFO II (including disposal of investment property) 327.9 318.8
Capex-adjusted FFO I (AFFO) 134.6 139.7
44 I March 2020Appendix – Financials 2019
Income Statement
€m 2019 2018
Higher rental income
(+€25.9m YOY/+4.6%)
Net rental and lease income 435.0 418.6
Higher personnel expenses
(€7.9m) and one-time costs
Net income from the disposal of investment property -1.3 -0.9 (+€2.5m)
Net income from the valuation of investment property 923.4 800.9
Net income from the disposal of real estate inventory -0.8 -1.6 Portfolio revaluation resulted
in 8.3% appraisal gain (FY-
2019)
Net income from other services 3.3 5.3
Admin costs including €16m
Administrative and other expenses -66.1 -44.8 for new foundation (“Your
home helps”)
Recurring admin. costs
Other income 0.5 0.8 slightly down (€33.2m/-€0.8m
YOY), despite wage inflation
Operating earnings 1,294.0 1,178.3
Net income from fair value
measurement of derivatives
Net finance costs -242.7 -81.9 -€96.1m; thereof -€94.8m from
convertibles
(FY-2018: +€25.4)
Earnings before income taxes 1,051.3 1,096.4 Cash interests nearly stable
(€78.7m; +€1.5m YOY) despite
Income tax expenses -230.2 -249.3 rising debt volume
Cash taxes FFO I -€2.8m,
Consolidated net profit 821.1 847.1 cash taxes from disposals
-€12.3m
45 I March 2020Appendix – Financials 2019 – Balance Sheet
Strong balance sheet
€m 2019 2018
Investment property 12,031.1 10,709.0 Revaluation €923.4 m
Acquisitions €360.7m
Other non-current assets 322.7 175.9 Capex €201.5m
Non-current assets 12,353.8 10,884.9
Cash flow from operating
Receivables and other assets 89.6 55.4 activities €318.2m
Investing activities
Cash and cash equivalents 451.2 233.6
-€489.1m
Current assets 540.8 289.0 Financing activities
€388.5m
Assets held for sale 25.2 20.3 Issue of corporate bonds
€800m
Total Assets 12,919.8 11,194.2 Net repayment of loans
-€153m
Equity 5,933.9 4,783.9
Dividend -€223.1m
Non-current financing liabilities 4,856.8 4,113.3
Other non-current liabilities 1,654.2 1,382.3
Non-current liabilities 6,511.0 5,495.6
Current financing liabilities 197.1 484.8
Other current liabilities 277.8 429.9
Current liabilities 474.9 914.7
Total Equity and Liabilities 12,919.8 11,194.2
46 I March 2020Appendix – Financials 2019
EPRA-Net Asset Value and Pro-forma-NAV
€m 2019 2018
€923.4m Portfolio revaluation
Equity (excl. minority interests) 5,909.9 4,757.6 -€223.1m Dividends
€596.8m Equity increase
Effect of exercising options, convertibles and other rights 26.1 553.9 -€144.8m Others
NAV 5,936.0 5,311.5
Fair value measurement of derivative financial instruments 84.0 222.2
Deferred taxes1 1,336.4 1,132.7
EPRA-NAV 7,356.4 6,666.4
Number of shares fully-diluted incl. convertible (m) 69.010 68.824 Comment on Pro-forma-NAV
post conversion
EPRA-NAV per share in € 106.60 96.86 This figure incorporates a
Goodwill resulting from synergies 83.4 52.7 simulated, executed
conversion of the 2014/2021
Adjusted EPRA-NAV (excl. goodwill) 7,273.0 6,613.7 convertible
In 2019 there is no difference
Adjusted EPRA-NAV per share in € 105.39 96.10 between adj. EPRA-NAV and
Pro-Forma-NAV due to the
Effects from a simulated executed conversion n/a -185.7
conversion of the convertible
Pro-forma NAV (excl. goodwill) post-conversion 7,273.0 6,428.0 in 2019
Pro-forma-NAV post conversion per share in € 105.39 93.40
Gross yield of 5.1% (thereof free financed portfolio: 5.3%) and value per sqm (€1,353) still
reflect decent gap to recent portfolio transactions
Value of services business not included in NAV
Scenario: additional value approx. €5.30-€8.00 per share (discount rate of 4.0%-6.0%)
1 And goodwill resulting from deferred taxes on EPRA-adjustments.
47 I March 2020Appendix – Financials 2019 – LTV
Strong credit profile in more volatile financing
environment
€m 2019 2018
Financial liabilities 5,053.9 4,598.1 Strong balance sheet with
LTV of 37.7% significantly
below maximum target (43%)
Excluding lease liabilities (IFRS 16) 31.8 -
leaves headroom for growth
investments
Cash & cash equivalents 451.2 233.6
Net Debt 4,570.9 4,364.5
Investment properties 12,031.1 10,709.0
Properties held for sale 25.2 20.3
Prepayments for investment properties 53.5 -
Business combinations - -
Property values 12,109.8 10,729.3
Loan to Value (LTV) in % 37.7 40.7
48 I March 2020Agenda
I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW
II. FINANCIAL PERFORMANCE
III. PORTFOLIO OVERVIEW
IV. SUSTAINABILITY
V. ATTRACTIVE MARKET NRW
VI. APPENDIX
REGULATION
49 I March 2020Appendix – Rent Regulation
Increasing political discussion – Coalition agreement
of the Federal Government of Germany
Future changes according to the coalition agreement and current drafts of Federal Government
Topic Description Impact for LEG
Mietspiegel Agreement on change of reference period from 4 to 6 years Likely to have a marginal negative
(reference rent) planned impact on rent growth.
Solely applicable for qualified Mietspiegel
Modernization Reduction of modernization charge from 11% to 8% LEG is only slightly affected, due to
(review after 5 years) pursuit of a less aggressive
Rent increase max. €3 per sqm over a period of six years modernization approach.
(rents below €7 per sqm: limitation to max. €2 per sqm)
Reletting Mandatory disclosure of previous tenant’s rent No impact for LEG.
Mietpreisbremse Assessment of suitability and effectiveness in NRW is ongoing LEG does not face significant
(rental cap) in 2020 effects.
Share deals Reform of the land transfer tax (Grunderwerbsteuer) includes LEG does not expect significant
lowering the threshold from 95 to 90% and increasing the holding effects (only for PE deals).
period from 5 to 10 years (which makes share deals less profitable)
Currently discussed on state level (Berlin) and demanded by certain political groups:
Rental freeze Rental freeze as proposed in Berlin is not expected to be No impact for LEG. NRW
expanded to NRW or local level. government disapproves of this
instrument.
50 I March 2020Appendix – Rent Regulation
Basics
Free financed units
Existing contracts
Rent increase by max. 20% (15% cap in 37 NRW cities) within 3 years; limit: local reference rent1 15% cap prolonged
After modernization: annual rent can be increased by 8% of modernization costs (modernization until June 2020
charge); limit: €3 per sqm (rent/sqm/month > €7) or €2 per sqm (rent/sqm/month < €7) over 6 years
New contracts
Prolongation until
Markets without rental cap: no regulation 2025 on national
In tense markets2 the rental cap (Mietpreisbremse) applies: max. 10% on local reference rent1 level (unchanged
Low impact of rental cap on LEG: 23% of free financed units or 17% of total portfolio concerned situation for LEG)
Rent restricted units
Cost rent adjustment
Every third year (i.e., 2017, 2020, 2023)
After full repayment of the underlying subsidised loan, the residential unit gets out of rent restriction and regular code applies
In the case of early repayment, rent restriction continues for another 10 years (tenant protection); then regular code applies
Advantages of early repayment
Earlier transition of subsidised unit into free financed segment
Immediate positive valuation effect (DCF model)
1 Based on rent table (Mietspiegel) or 3 comparable units or expert’s report.
2 22 cities in NRW: Aachen, Bielefeld, Bocholt, Bonn, Brühl, Düsseldorf, Erkrath, Frechen, Hürth, Kleve, Cologne, Langenfeld, Leverkusen, Meerbusch, Monheim, Münster, Neuss, Paderborn, Ratingen, Sankt
Augustin, Siegburg, Troisdorf.
51 I March 2020Agenda
I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW
II. FINANCIAL PERFORMANCE
III. PORTFOLIO OVERVIEW
IV. SUSTAINABILITY
V. ATTRACTIVE MARKET NRW
VI. APPENDIX
MANAGEMENT
52 I March 2020Appendix – Management
LEG Management Board
Lars von Lackum Dr. Volker Wiegel
CEO COO
Responsibilities
Strategy, M&A, Organisation and Digitisation Finance and Controlling Asset and Property-Management; incl.
Legal and Human Resources Corporate Finance & Treasury Commercial Management
Management and Supervisory Board Office Controlling Neighbourhood Management
Legal, Compliance and Internal Audit Investor Relations Property Management
Human Resources Portfolio Management Modernisation
Corporate Communications Accounting and Tax Central Procurement
Acquisition Accounting Receivables Management
New construction Tax Rent Management
IT Operating Expenses Management
TechnikServicePlus GmbH
EnergieServicePlus GmbH
Risk Management
With LEG
Since 2019 Since 2013
In Industry
6 years 6 years
53 I March 2020Agenda
I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW
II. FINANCIAL PERFORMANCE
III. PORTFOLIO OVERVIEW
IV. SUSTAINABILITY
V. ATTRACTIVE MARKET NRW
VI. APPENDIX
INVESTOR & CREDITOR RELATIONS
54 I March 2020Appendix – Investor & Creditor relations
LEG Share Information
Basic data Well-balanced shareholder structure1
Prime Standard, Frankfurt Stock Exchange Other free float MFS
Total no. of shares: 69,009,836 75.8% 10.5%
Ticker symbol: LEG BlackRock
ISIN: DE000LEG1110 7.5%
Indices: MDAX, FTSE EPRA/NAREIT, GPR 250,
BNP Paribas AM
Stoxx Europe 600, DAX ESG
3.2%
Weighting (31.1.2019): MDAX 2.94%; EPRA 2.81%
Rating: Baa1 (stable) by Moody’s Flossbach von Storch
3.0%
Share price (2.3.2020, indexed; 31.1.2013 = 100)
300
250
200
150 LEG
EPRA Germany
100
50
0
Feb. 2013 Feb. 2014 Feb. 2015 Feb. 2016 Feb. 2017 Feb. 2018 Feb. 2019 Feb. 2020
1 Source: LEG; shareholdings according to voting rights notifications.
55 I March 2020Appendix – Investor & Creditor relations
LEG Additional Creditor Information
Unsecured financing covenants Financing mix
Covenant Threshold 31.12.2019
Variable interest Fixed interest
Consolidated Adjusted EBITDA / 7.7% 80.8%
Net Cash Interest
>1.8x 5.4x
Unencumbered Assets / Swaps
Unsecured Financial Indebtedness
>125% 180%
11.5%
Net Financial Indebtedness /
Total AssetsAppendix – Investor & Creditor relations
Capital Market Financing
Corporate Bonds Convertible Bond
2017/2024 2019/2027 2019/2034 2017/2025
Issue Size €500m €500m €300m Issue Size €400m
Term / 7 years / 8 years / 15 years / Term/ 8 years /
Maturity Date 23 January 2024 28 November 2027 28 November 2034 Maturity Date 1 September 2025
Coupon 1.250 % p.a. 0.875 % p.a. 1.625 % p.a. Coupon 0.875% p.a.
(annual payment) (annual payment) (annual payment) (Semi-annually payment:
1 March, 1 September)
Issue Price 99.409 % 99.356 % 98.649 % Initial Conversion €118.4692
Price
Financial Covenants Net financial debt/ total assets ≤ 60% Adjusted €117.2547
Secured financial debt/ total assets ≤ 45% Conversion Price (as of 30 May 2019)
Unencumbered assets/ unsecured financial debt ≥ 125%
Adj. EBITDA/ net cash interest ≥ 1.8 x Issuer Call From 22 September 2022,
if LEG share price >130%
of the then applicable
conversion price
ISIN XS1554456613 DE000A254P51 DE000A254P69 ISIN DE000A2GSDH2
WKN A2E4W8 A254P5 A254P6 WKN A2GSDH
57 I March 2020Appendix – Investor & Creditor relations Financial Calendar 2020 March 2020 Report/Event 9th Annual Report 2019 May 2020 11th Quarterly Statement Q1 as of 31 March 2020 20th Annual General Meeting, Düsseldorf August 2020 7th Quarterly Report Q2 as of 30 June 2020 November 2020 12th Quarterly Statement Q3 as of 30 September 2020 58 I March 2020
Contact Investor Relations Frank Kopfinger, CFA Head of Investor Relations & Strategy Tel: +49 (0) 211 4568-550 Frank.Kopfinger@leg.ag Karin Widenmann Senior Manager Investor Relations Tel: +49 (0) 211 4568-458 Karin.Widenmann@leg.ag LEG Immobilien AG Phone: +49 (0) 211 4568-400 Hans-Boeckler-Str. 38 Fax: +49 (0) 211 4568-22 204 40476 Düsseldorf, Germany E-Mail: ir@leg.ag 59 I March 2020
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