EQS-News: Deutsche Wohnen SE: Stable Performance in the First Nine Months 2022

Corporate News
Interim Results January to September 2022

Deutsche Wohnen: Stable Performance in the First Nine Months 2022  

• FFO I of €413.3 million (€0.92 per share)
• Adj. NAV of €22,778.7 million (€57.39 per share)
• Stable outlook and guidance confirmed

Berlin, November 8, 2022. Deutsche Wohnen SE delivered a stable operating performance in the first nine months 2022. The portfolio volume was ca. 15,000 apartments smaller compared to the prior-year period (primarily as a result of the disposal to the City of Berlin). Accounting for this volume effect, Deutsche Wohnen looks back on a successful first nine months.

Olaf Weber, CFO of Deutsche Wohnen commented: “Deutsche Wohnen continued its successful development in the first nine months. The key metrics are in line with our expectations. Against the background of our performance during the first nine months we confirm our guidance for the current financial year.”

The earnings from Residential Property Management was €509.8 million (-9.1%), which was particularly driven by a 9.5% smaller residential portfolio. The in-place rent per square meter was €7.45. The vacancy rate remained at a very low level of 1.8%.

Taking into account the smaller portfolio, other relevant KPIs also saw a stable development. The FFO I was €413.3 million, which was 2.1% lower than in 9M 2021. On a per-share basis, the FFO 1 came to €0.92 € compared to €1.22 in the prior-year period. This was mainly attributable to the higher number of shares following the convertible bonds conversion in the context of the business combination with Vonovia. The adjusted NAV (formerly EPRA NTA) grew by 5.5% since year-end 2021 to €22,778.7 million (€57.39 per share). This increase was largely driven by the gain from the fair value measurement of investment properties in H1 2022. The LTV was 27.8%.

Guidance confirmed

Against the background of a solid first nine months, Deutsche Wohnen confirms its guidance for the current financial year.

Key numbers

P&L		9M 2022	9M 2021	Change
Earnings from Residential Property Management	€ million	509.8	560.8	-9.1%
Earnings from Disposals	€ million	-4.4	30.5	n.m.
Earnings from Nursing and Assisted Living	€ million	63.6	61.7	3.1%
EBITDA (adjusted)	€ million	509.5	575.3	-11.4%
Profit for the period	€ million	913.8	840.6	8.7%
FFO I	€ million	413.3	422.2	-2.1%
FFO I per share	€	0.92	1.22	-24.6%
Balance sheet		Sep. 30, 2022	Dec. 31, 2021	Change
Investment properties	€ million	30,087.0	28,730.5	4.7%
Equity	€ million	18,147.9	17,203.4	5.5%
LTV	%	27.8	28.6	-80bps
ICR	X times	9.0	6.6	2.4
NAV	€ million	22,778.7	21,588.7	5.5%
NAV per share	€	57.39	54.39	5.5%
Non-financial KPIs		Sep. 30, 2022	Sep. 30, 2021	Change
Number of residential and commercial units		142,652	157,583	-9.5%
In-place rent (residential)	€/sqm	7.45	7.17	3.9%
Vacancy rate (residential)	%	1.8%	1.6%	20bps

About Deutsche Wohnen

Deutsche Wohnen is one of the leading publicly listed property companies in Europe and is part of the Vonovia Group. The business focus of the company is on managing its own portfolio of residential properties in dynamic metropolitan regions and conurbations in Germany. Deutsche Wohnen sees itself as having both a social responsibility and a duty to maintain and newly develop good-quality and affordable housing in vibrant residential neighborhoods. As at 30 September 2022, the portfolio comprised a total of around 140,000 residential units.

Important note

This publication is neither an offer to sell nor a solicitation to buy securities.

To the extent that this document contains forward-looking statements, these are not facts and are recognizable by such words as ‘will’, ‘expect’, ‘believe’, ‘estimate’, ‘intend’, ‘endeavor’, ‘assume’ and similar expressions. These statements express the intentions, opinions or current expectations and assumptions of Deutsche Wohnen and the individuals acting in concert with it. The forward-looking statements are based on current plans, estimates and forecasts that Deutsche Wohnen and the individuals acting in concert with it have made to the best of their knowledge, but do not make any claims as to their future accuracy. Forward-looking statements are subject to risks and uncertainties that are generally difficult to predict and are usually not within the control of Deutsche Wohnen or the individuals acting in concert with it. It should be remembered that the actual results or consequences may differ considerably from those mentioned or contained in the forward-looking statements.

Contact:

Phone +49 (0)30 897 86-5413
Fax +49 (0)30 897 86-5419
ir@deutsche-wohnen.com