Deutsche Wohnen: Less consolidated profit, FFO on target
Deutsche Wohnen closed the first half of the year with a consolidated profit decline of 8% to €603.1mn. This was mainly due to lower revaluations (€450mn after €678mn). By contrast, FFO I increased by 13.5% to €283.4mn, and the full-year forecast of €535mn remains unchanged. Like-for-like rental growth was 3.3%, whereby existing rents increased by 1.4%. The company increased investments in its stock by 21% to €174.3mn, focusing in particular on energy-saving measures. The group, which invests mainly in Berlin apartments and is confronted with calls for a rent freeze and even expropriation, writes in its risk report: “The effects of a rent cap in Berlin will be assessed on the basis of a specific law in due course.”
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