I can never keep straight what the Protestants believe. I thought Luther believed that Christ was actually present, but didn't actually believe in transubstantiation. In any event, I used the phrase Real Presence, because I figured we Catholics were the only ones who used that phrase. But maybe we're not. I don't know...
I find in Luther's Little Catechism:
What is the Sacrament of the Altar? It is the true body and blood of our Lord Jesus Christ under the bread and wine, instituted by Christ Himself for us Christians to eat and to drink.
I believe this is termed "consubstantiation." I think referring to Real Presence makes the distinction, helpfully.