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Deutsche Wohnen FY17 FFO I Rises, Lifts Dividend; Sees Higher Result In FY18

German real estate firm Deutsche Wohnen AG (DWHHF.PK) Friday reported that its fiscal 2017 Funds from Operations or FFO I increased 13% to 432.3 million euros from previous year's 383.9 million euros, as a result of acquisitions and operating improvements in the portfolio.

FFO I per share increased 8% from last year to 1.23 euros.

FFO II, including disposals, grew 10% to 482.6 million euros from last year's 438.2 million euros. FFO II per share increased 5% to 1.37 euros.

Deutsche Wohnen's group profit was 1.8 billion euros, up 9% as against 2016.

The EPRA NAV increased significantly in comparison with the previous year by 20% to 35.74 euros per share.

Rental income grew to 744.2 million euros from previous year's 704.5 million euros.

Adjusted EBITDA, excluding earnings from Disposals, improved 9% to 574.0 million euros. The adjusted EBITDA margin increased to 77.1% from 74.9% last year.

Portfolio appreciated by 2.4 billion euros as a result of sustained dynamic market development.

Further, the company said that subject to the consent of the Annual General Meeting, the dividend for the financial year 2017 amounts to 0.80 euros per share, an increase of 8% compared with the
previous year.

Looking ahead, for the financial year 2018, Deutsche Wohnen is forecasting an FFO I of about 470 million euros and an adjusted EBITDA, without disposals, of about 615 million euros.

Given the positive outlook for the German residential property market, particularly in the metropolitan areas, the company is expecting a further rise in the value of its real estate portfolio in 2018 and a resulting increase in EPRA NAV compared with 2017.

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