Vonovia earns more and produces solar power
Vonovia has increased its rental income from €890mn to €1,015mn in the first half of the year compared to the same period of last year. The group FFO after interest and taxes increased from €539mn to €609mn. The group’s portfolio shrank slightly (own properties from 404,000 to 397,000, assets under management from 83,000 to 79,000 rental units). The year-end forecast for the group FFO is €1.17bn to €1.22bn (2018: €1.13bn). The upswing, according to information released by the company, was primarily the result of the acquisitions of Buwog and Victoria Park, the development business, new construction, and efficiency improvements. The average monthly net rent rose from €6.36 to €6.64/sqm, with a market-related increase of 1.2 % and investments in existing property generating a plus of 2.8 %. Investments in new construction and infill increased substantially from €26.4mn to €163.5mn, modernization expenditures grew from €565.5mn to €804.3mn. In addition, Vonovia has launched a program to equip 1,000 roofs with photovoltaic systems.
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