Deutsche Wohnen with FFO I slightly above the previous year – decline in net profit

By Ulrike Duration

FRANKFURT (Dow Jones)–In 2021, as an independent company, Deutsche Wohnen slightly exceeded the target of an operating profit FFO I at the previous year’s level.

As reported by the Berlin-based residential real estate group, which is now 88 percent owned by the Vonovia Group, it generated FFO I of EUR 553.6 million in 2021, after EUR 544.1 million a year earlier. The FFO is an important parameter in the real estate industry. It corresponds to an operating profit after current interest and taxes. FFO I per share was EUR 1.54 after EUR 1.56.

Adjusted operating earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) excluding sales reportedly rose to 715.8 million euros from 704.8 million.

After taxes, the group earned EUR 919 million for the year as a whole (previous year: EUR 1.545 billion). The housing group justified the decline in particular with a lower sales result and transaction-related one-off expenses.

On the income side, contract rents increased slightly to EUR 843.6 million from EUR 838 million in 2020.

The portfolio was revalued by a total of EUR 1.862 billion over the year as a whole, so the valuation result was roughly the same as the previous year (EUR 1.855 billion).

Deutsche Wohnen SE intends to publish the annual report for 2021 with the complete set of figures including the net result on March 31.

From 2022, the Deutsche Wohnen mother Vonovia will publish goals including the Berlin subsidiary, which were first announced on Friday morning. Since October, Vonovia has held 88 percent of Deutsche Wohnen, for which the group has put 18.4 billion euros on the table. The second takeover bid in 2021 – and the third overall – was ultimately successful.

Contact to the author: [email protected]; @UlrikeDauer_

DJG/uxd/sha

(END) Dow Jones Newswires

March 18, 2022 03:33 ET (07:33 GMT)

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