Vonovia 9-month FFO Climbs, Backs FY22 View; Sees Weak FFO In FY23

German real estate company Vonovia SE (VONOY) reported Friday that its nine -month funds from operations or FFO, a key indicator for sustainable profitability, grew 35 percent to 1.58 billion euros from last year's 1.17 billion euros.

Group FFO per share was 1.98 euros, up 4.2 percent from 1.90 euros a year ago.

Profit for the period, meanwhile, fell 42.8 percent to 2.21 billion euros from prior year's 3.87 billion euros.

The EBITDA increased 37 percent from last year to 2.11 billion euros, largely due to the development business, alongside the merger with Deutsche Wohnen.

The total segment revenues climbed 31.4 percent to 4.62 billion euros from last year's 3.52 billion euros.
Due to sales with a good increase in value, the Recurring Sales segment's revenue is at the same level as in the same period last year.

Further, the company has confirmed its forecast for the full financial year 2022 amid persistently high demand for residential space.

For fiscal 2023, the company is anticipating a stable development.

For 2023, Group FFO will be slightly below the level of 2022 due to developments in interest rates and taxes, while the EBITDA total is expected to be slightly above this year's level,

Vonovia is forecasting an increase in total segment revenue between 6.8 billion euros and 7.4 billion euros.

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