We published our Q1 2011 results this morning. Surprisingly we get the most questions about the time of our conference call - but there won't be any!

Other questions & answers:

• What is the latest NAV?
  The last valuation was done end of 2010 and the NAV per share was €26.16. If you applies the same calculation method with the numbers from the balance sheet you'll end up with €26.64 per share.
  

  Total equity	€1,270,543 thousand
  + Deferred tax liabilities	€  105,124 thousand
  NAV	€1,375,667 thousand
  / number of shares	51,631,400
  NAV per share	€26.64

• What was the like-for-like turnover development of DES' tenants?
  Germany -3.2%, incl. Austria, Hungary and Poland: -2.9%
  comparison: German retail overall: -1.6%
  DES' like-for-like revenue: +1.3%
  
  
• Is the gearing really 107%?
  We apologise for this mistake. In fact the gearing is unchanged compared to 31 Dec. 2010 and amounts to 94%.