Changes in Size, Structure and Ownership Structure During the Reporting Period

At the beginning of the 2016 fiscal year, one portfolio, comprising 2,417 apartments predominately located in Baden-Württemberg, was incorporated into our portfolio.

In the course of 2016, properties in the Non-Core and Non-Strategic portfolios were sold as part of several partial sales during the implementation of the portfolio management strategy (19,716 units).

In addition to acquisitions and sales, Vonovia’s portfolio changed in 2016 as a result of additions arising from tactical acquisitions and new construction measures/densification in existing neighborhoods on the one hand, and disposals of owner-occupied apartments from our Privatize portfolio and the sale of multifamily residences from the Non-Core and Non-Strategic portfolio on the other.

The number of our own residential units dropped from 357,117 to 333,381 units in a year-over-year comparison, while the total number of managed units increased from 397,799 to 392,350.

Since the end of 2016, Vonovia has held a majority stake of 71.54% in conwert Immobilien Invest SE, Vienna (“conwert”). The successful takeover offer will allow the legal and organizational integration of conwert to be completed as scheduled in 2017. This will see Vonovia include around 24,500 additional units in attractive major German cities and in the Austrian capital, Vienna, in its portfolio (see AR 2016, Acquisition of conwert).

The number of employees working for Vonovia increased considerably in 2016. 7,437 people were working for Vonovia at the end of 2016 (Dec. 31, 2015: 6,368). The increase is largely due to the increase in the number of employees working for the craftsmen’s and residential neighborhood organization. 102-10

The vast majority of the company’s shares are still in free float (92.4%). In accordance with our long-term focus, the largest individual shareholders are institutional investors like pension funds and other funds with a similarly long-term focus (see AR 2016, Shareholder Structure and Annual General Meeting). 102-5