German Portfolio

Strategically located. Geographically diversified.

• 300 income-producing office, mixed use and industrial properties, with a small residential component, comprising approximately 15.2 million square feet of GLA
• Concentrated in urban centres, many in main city squares with ready access to major transportation hubs
• Strategically important locations for primary tenant, Deutsche Post, in terms of operations, logistics and its distribution network

Stable cash flow, attractive yield

• Stable monthly distributions in the amount of 6.67 cents per unit
• Target debt level in the range of 55% to 60%
• Distribution and coupon payments on debentures fully hedged against foreign exchange movements

Economic Overview: Germany

Germany has the largest population (81+ million) and economy (measured by GDP) of any country in the European Union and the fourth-largest economy in the world. Home to a well-educated and highly skilled work-force, Germany is also the world's second-largest exporter. The country has been able to rebound from the recent global economic crisis thanks, in large measure, to the strength of its manufacturing sector and the high global demand for products designed and made in Germany.

Economic strengths

• Diverse, technically advanced economy
• Low unemployment
• Economic growth rate of 0.7% in 2012