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Deutsche Wohnen H1 FFO I Rises; Lifts FY17 Like-for-like Rental Growth View

German real estate firm Deutsche Wohnen AG (DWHHF.PK) Friday reported that its first-half funds from operations, operating result after current interest and taxes or FFO I increased 11% to 220.8 million euros from 198.7 million euros in the previous year. FFO I per share rose just under 7% to 0.63 euro.

EPRA NAV increased 6% to 31.42 euros per share.

In the first half, consolidated Group profit was 672.0 million euros, higher than 647.2 million euros last year.

Contracted rental income grew to 366.5 million euros from prior year's 347.8 million euros. This led to an increase in the operating result, i.e., net operating income, to 283.7 million euros from previous year's 272.9 million euros.

The adjusted EBITDA excluding earnings from Disposals rose to 290.7 million euros from 266.5 million euros last year, at a largely stable cost ratio of around 11% compared to the end of 2016.

Looking ahead, for fiscal 2017, Deutsche Wohnen raised its forecast for the expected like-for-like rental growth to over 4% from 3.5% across its entire letting portfolio, while furthermore adhering to its projection of an increase in its FFO I to approximately 425 million euros in the base case scenario, i.e. without any further acquisitions and opportunistic disposals.

by RTT Staff Writer

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