Deutsche Konsum REIT : Presentation H1 2023/2024

H1 2023/2024 FINANCIAL RESULTS

1 October 2023 - 31 March 2024

15 May 2024

Disclaimer	2

The material in this presentation has been prepared by Deutsche Konsum REIT-AG("DKR") and is general background information about DKR'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 DKR's 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. DKR 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 DKR's control. Past performance is not a

reliable indication of future performance.

Unless otherwise specified all information is for the period ("FY") ended 31 March 2024.

H1 2023/2024 Financial results | Deutsche Konsum REIT-AG

HIGHLIGHTS

HIGHLIGHTS H1 2023/2024	4

Operative business remains stable - refinancing of corporate bonds expected in short-term

Strong and steady operational business / FFO reduction due to higher debt costs

• Rental income 39.8m EUR (up 2.9% y-o-y)- due to slightly larger portfolio size and rent increases
• However Net rental income has decreased to 24.8m EUR (down 6.5% y-o-y) due to higher non-recs (more cautious running costs billing)
• FFO 16.5m EUR (-17.2%y-o-y) / FFO per share (undiluted) 0.47 EUR (-17.2%y-o-y)
• AFFO per share 0.31 EUR (25.1% y-o-y)- due to less CAPEX investments compared to the prior year

Sale of a property portfolio of 14 properties / Further selective property disposals intended

• Sale of 14 properties with an annual rent of 5.5m EUR notarised at end of March 2024 at attractive conditions
• Before DKR has sold the vacant former REAL hypermarket in Trier-Kenn (closed on 31 December 2023)
• DKR intends further selective property disposals at book value
• Proceeds will mainly be used to repay debt instruments and reduce the LTV

Refinancing of maturing bonds still in progress but in the final phase

• DKR in final negotiations with the bondholder regarding the two maturing bonds in April (70m EUR) and May (35.9m EUR) 2024 - both instruments initially prolonged until 30 June 2024

KPIs remain solid / LTV to be reduced within the next quarters

• LTV at 61.4% (30 September 2023: 61.6%) - to be reduced by property disposals and ongoing amortisations
• EPRA NTA (fully diluted) per share 7.91 EUR (30 September 2023: 7.64 EUR)
• ICR at 2.6x cash-based EBITDA
• Average weighted debt costs at 3.07% (including secured and unsecured debt)

FFO guidance for the FY 2023/2024

• Based on the current forecast (not reflecting potential further property disposals), management expects FFOs of 27m EUR - 30m EUR

H1 2023/2024 Financial results | Deutsche Konsum REIT-AG

FINANCIAL KEY FIGURES	5
Solid business development

Rental income

(k EUR)

38,710	39,835
H1 2022/2023	H1 2023/2024

	FFO	FFO per share
(k EUR)		0.60
	(EUR)
19,899		0.57
	0.40
	16,480	0.47
		0.20
		0.00
H1 2022/2023	H1 2023/2024	H1 2022/2023	H1 2023/2024

aFFO per share

(EUR)
	0.31
0.24
H1 2022/2023	H1 2023/2024

Investment properties

(k EUR)

	1,109,514
1,029,673		994,760
31.03.2022	31.03.2023	31.03.2024

EPRA NTA per share

(fully diluted)

(EUR)
	11.27
10.14
		7.91
31.03.2022	31.03.2023	31.03.2024

H1 2023/2024 Financial results | Deutsche Konsum REIT-AG

PROPERTY PORTFOLIO

PROPERTY PORTFOLIO	7
Pro forma portfolio consists of 183 properties with approx. 1,070,000 sqm

>> Portfolio development within the last 18 months:

	30/09/2022	30/09/2023	31/03/2024	Pro Forma
				(incl. notarised
				disposals and
				acquisitions)
Number of	175	184	183	169
properties
Rental space	1,048.3	1,082.9	1,070,266	998,621
(sqm)
Total fair value				912.5
1,050.7	995.4	994.8
(m EUR)
Fair value per	1,002	919	929	914
sqm (EUR)*
Valuation				12.6x
14.2x	12.6x	12.7x
multiple
Total
annualised	73.2	79.2	78.1	72.5
portfolio rent
(m EUR)
In-place-rent
per sqm per	6.60	6.82	6.81	6.81
month (EUR)
Vacancy rate	11.7	11.7	11.7	12.1
(%)
WALT (years)	5.2	5.0	4.8	4.8

Schleswig-	Mecklenburg
Holstein	-
	Pommerania

Lower

Saxony

Saxony-

AnhaltBrandenburg

Northrhine-

Westphalia

Saxony

Thuringia

Hesse

Rhineland

-

Palatinate

Bavaria

Baden-Wurttemberg

Portfolio as at 31/03/2023 (183 properties)

* The cost of building new properties is usually more than 1,800 EUR per sqm	Notarised sold assets as at 31/03/2023 (14 properties)

H1 2023/2024 Financial results | Deutsche Konsum REIT-AG

PROPERTY PORTFOLIO

Stable portfolio development

Annualised rent (m EUR)

	72.9	73.2	79.2	78.1
63.1
30.09.2020	30.09.2021	30.09.2022	30.09.2023	31.03.2024

Initial yield (%)

10.5	10.3	10.0	10.0	10.0
30.09.2020	30.09.2021	30.09.2022	30.09.2023	31.03.2024

8

Vacancy (%)

		11.7	11.7	11.7
9.9	10.7
30.09.2020	30.09.2021	30.09.2022	30.09.2023	31.03.2024

WALT (years)

5.4	5.5	5.2	5.0
		4.8
30.09.2020	30.09.2021	30.09.2022	30.09.2023	31.03.2024

H1 2023/2024 Financial results | Deutsche Konsum REIT-AG

TENANT STRUCTURE	9

68% Rent contribution from non-cyclical tenants (81% including DIY)

>> Rent contribution by tenant classification (m EUR)1:

Other cyclical	Non-
uses	cyclical
15.3	rents

31.8

9.3	Food retail

DIY-stores

8.5

Other non-cyclical	4.2	8.9
uses2
	Health sector	Non-food
	discounters

>> Rent contribution by major tenants1 :

Tenant group	Brands	Rent	WALT
(m EUR)	in years
Edeka Group		9.0	4.3
Schwarz Group		11.7	5.8
Metro Group		0.9	4.9
Bartels-Langness Group		1.1	3.7
REWE Group		4.2	4.7
Norma		0.9	2.5
Aldi		0.9	5.5
Others		3.2	5.2
Food retail		31.8	5.0
REWE Group		2.3	3.0
Tengelmann Group		1.3	4.8
Hellweg		3.7	9.8
Others		2.0	4.3
DIY stores		9.3	6.2
Tengelmann Group		1.2	4.4
H.H. Group		2.6	4.1
Others		5.1	3.1
Non-food discounters		8.9	3.6

• Annualised rent contribution of the current portfolio (183 properties)
  2 Involves e.g. drug stores, bakeries, banks and apartments

H1 2023/2024 Financial results | Deutsche Konsum REIT-AG

TENANT STRUCTURE	10
Resilient and inflation-linked rental income

• Strategy with focus to tenants with daily-needs supply pays off:
• Cyclical and lockdown-affected tenants amount to a low percentage of all rents (e.g. electronic retail, furnitures, textiles, restaurants, three cinema theatres)
• Almost 90% of rents are CPI-linked which preserves the value of rent cashflows in an inflationary economic environment
• Share of CPI-linked rents:

Not CPI-

linked

13%

CPI-linked

87%

H1 2023/2024 Financial results | Deutsche Konsum REIT-AG