Deutsche Wohnen reports higher profits
Deutsche Wohnen has increased its income during Q1, primarily due to acquisitions and higher rental income. Operative earnings (FFO I) grew by 16.5 % to €144.2mn, with group earnings of €111mn (+7.4 %) on the bottom line. Contract rents logged a plus of 6.1 % to €204.7mn. As the listed company reports, it also invested €73mn in existing properties during Q1, which is 20 % more than the previous year. These investments were mainly for energy-optimization. About 3,400 apartments were acquired during Q1 for €760mn. CEO Michael Zahn pointed out that the firm is involved in intensive talks with tenants, policy makers, and the public. In Berlin for instance, where signatures are currently being collected for a referendum to expropriate large housing companies, the firm has established cooperation agreements with the districts for individual quarters in Tempelhof and Neukölln as well as Lichtenberg.
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