...Business Risk Financial Risk + Very large portfolio of income-producing residential property assets, worth about 38 billion as of March 31, 2018. + Good asset localization, with the majority of the portfolio in German regions that enjoy healthy economic and demographic trends. + Strong rental income supported by highly diversified asset and tenant bases, high occupancy, and long tenant stay. + Market leadership in Germany and a track record of successful integration of recent acquisitions, supporting continuous growth in wealthier and populous regions of Germany, Austria, and now also Sweden. + Geographic concentration and high reliance on Germany, despite recent expansion to the Austrian and Swedish residential property markets + Moderate debt leverage with a debt-to-debt plus equity ratio of about 50%-53%. + Significant investment plans and leverage policy constraining ability to further reduce the debt burden. + Low cost of debt and strong capacity to cover interest, with ratio of EBITDA...
