Deutsche EuroShop: Earnings up 22% in first quarter of 2013

- Year starts according to plan

- Initial contribution to earnings by the Herold-Center Norderstedt

- Consolidated profit: EUR 20.1 million (+22%)

- Forecast increased following acquisition of additional shares in Dresden

Hamburg, 15 May 2013 - With the results it posted for the first quarter of 2013, the year has started according to plan for shopping center investor Deutsche EuroShop. At EUR42.4 million, revenue was 10% higher than during the first three months of the previous year. Net operating income climbed 12% to EUR38.6 million while EBIT rose 10% to EUR37.3 million.

'This growth is especially due to the contribution of the Herold-Center in Norderstedt which has been a part of our portfolio since the start of the year', said Claus-Matthias Böge, Executive Board Spokesman for Deutsche EuroShop, when explaining this renewed and considerable rise in earnings.

Consolidated profit grew 22% to EUR20.1 million. Earnings per share increased from EUR0.32 to EUR0.37. EPRA, i.e. the result adjusted for valuation effects, rose from EUR0.34 to EUR0.40 per share which corresponds to an increase of 18%. FFO (funds from operations) - an important ratio for real estate companies - improved by 16% to EUR26.9 million.

Shortly after the end of the reporting period, Deutsche EuroShop increased its shareholding in the Altmarkt-Galerie Dresden to 100% by acquiring the remaining 33% of shares from its long-term co-investor. The investment volume amounts to some EUR132 million including proportionate liabilities assumed in the amount of EUR62 million.

Following this acquisition of additional shares in the Altmarkt-Galerie Dresden, the Board of Directors has adjusted its forecast for financial year 2013 and now anticipates

- revenue of between EUR186 million and EUR189 million (previously: EUR170-EUR173 million)

- earnings before interest and taxes (EBIT) of between EUR162 million and EUR165 million
(previously: EUR148-EUR151 million)

- earnings before taxes (EBT) without measurement gains/losses of between EUR113 million and EUR116 million (previously: EUR112-EUR115 million) and

- funds from operations (FFO) per share unchanged at between EUR1.99 and EUR2.03.

The company expects to pay a dividend of at least EUR1.20 per share once again in 2013.

Complete interim report

The complete interim report is available in downloadable PDF format and as an interactive online version (ePaper) at www.deutsche-euroshop.com/ir

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Thursday, 16 May 2013, at 9:00 a.m. CEST live on the Internet. The webcast can be accessed at the Company's website at
www.deutsche-euroshop.com/ir

Deutsche EuroShop - The Shopping Center Company

Deutsche EuroShop is Germany's only public company, that invests solely in shopping centers in prime locations. The MDAX-listed Company currently has equity interests in 20 European shopping centers in Germany, Austria, Hungary and Poland. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.

Key Data of Deutsche EuroShop (IFRS)

in EUR million	01.01.-31.03. 2013	01.01.-31.03. 2012	+ / -
Revenue	42.4	38.6	10%
EBIT	37.3	33.8	10%
Net finance costs	-10.1	-9.4	-7%
Measurement gains/losses	-1.4	-0.8	-75%
EBT	25.8	23.6	9%
Consolidated profit	20.1	16.5	22%
FFO per share (EUR)	0.50	0.45	11%
EPRA* earnings per share (EUR)	0.40	0.34	18%
	31.03.2013	31.12.2012	+ / -
Equity**	1,5503.2	1,528.4	1%
Liabilities	1,536.5	1,630.9	-6%
Total assets	3,086.6	3,159.3	-2%
Equity ratio (%)**	50.2	48.4
LTV-ratio (%)	43	40
Gearing (%)**	99	107
Cash and cash equivalents	82.0	158.2	-48%

* European Public Real Estate Association
** incl. non controlling interests