Bochum (dpa -Afx) – Germany’s largest residential property group Vonovia (vonovia se (ex German Annington)) remains confident despite increasing yields. “We used to get out of the crisis than many others,” said CEO Rolf Buch when presenting the year for 2024 on Wednesday. The company will continue to pursue its growth course. Like all landlords, Vonovia benefits from a high demand for living space in the metropolitan areas. The rent rose on average in 2024 to 8.01 euros per square meter – that was 3.5 percent more than a year earlier. In Germany, the average monthly rent was 7.89 euros per square meter at the end of December.
But it was also a bit better for the company. The adjusted profit before interest, taxes and depreciation (EBITDA) increased in 2024 thanks to good business with additional services in the year by 1.6 percent to EUR 2.63 billion. The adjusted input tax, on the other hand, shrank by 3.6 percent to just under 1.8 billion euros, for example due to higher interest expenses. With the results, the company met the expectations of the analysts.
The bottom line was Vonovia at the end of December a loss of 962 million euros. However, this was significantly lower than a year earlier. In 2023, the group had devalued its portfolio several times against the background of the real estate crisis and thus suffered a shortfall of almost 6.8 billion euros.
For 2024, the board proposes a dividend of 1.22 euros per share. That is more than experts on average on their notes. Vonovia had paid 90 cents per share for 2023. The company confirmed the goals for the current year./mne/stk
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