Very large portfolio of income-producing residential property assets, worth about €30.9 billion on Sept. 30, 2017. Good asset localization, mainly in German cities that enjoy healthy economic and demographic trends. Strong rental income supported by highly diversified asset and tenant bases, high occupancy, and long average lease duration. Market leadership in Germany and a track record of successful integration of recent acquisitions, supporting continuous growth in wealthier and populous regions of Germany. Full geographical focus--and therefore reliance--on Germany and its currently strong economic conditions. Significant debt leverage with a debt-to-debt plus equity ratio of about 50%. High investment and leverage policy constraining ability to further reduce the debt burden. Low debt cost and strong capacity to cover interest, with ratio
