Funds From Operations (FFO)

In the 2016 fiscal year, we were able to increase our primary key figure for the sustained earnings power of our core business, , by 25.1% or € 152.8 million to € 760.8 million compared with the prior year.

Funds From Operations (FFO)

in € million

 

2016

 

2015

*

Excluding income from other investments

**

Incl. Financial income from investments in other real estate companies

***

Based on the shares carrying dividend rights on the reporting date of Dec. 31, 2016: 466,000,624; Dec. 31, 2015: 466,000,624

 

 

 

 

 

Profit for the period

 

2,512.9

 

994.7

Financial result*

 

433.0

 

414.0

Income taxes

 

1,346.9

 

739.8

Depreciation and amortization

 

27.0

 

13.4

Net income from fair value adjustments of investment properties

 

-3,236.1

 

-1,323.5

= EBITDA IFRS

 

1,083.7

 

838.4

Non-recurring items

 

94.5

 

209.4

Total period adjustments from assets held for sale

 

17.9

 

-18.7

Financial income from investments in other real estate companies

 

-9.6

 

-0.4

= Adjusted EBITDA

 

1,186.5

 

1,028.7

Adjusted EBITDA Sales

 

-92.5

 

-71.1

= Adjusted EBITDA operations

 

1,094.0

 

957.6

Interest expense FFO**

 

-322.7

 

-339.4

Current income taxes FFO 1

 

-10.5

 

-10.2

= FFO 1

 

760.8

 

608.0

Capitalized maintenance

 

-71.6

 

-87.5

= AFFO

 

689.2

 

520.5

Current income taxes Sales

 

-29.5

 

-17.0

FFO 2 (FFO 1 incl. adjusted EBITDA Sales/current income taxes Sales)

 

823.8

 

662.1

 

 

 

 

 

FFO 1 per share in €***

 

1.63

 

1.30

AFFO per share in €***

 

1.48

 

1.12

FFO 1
The profit or loss for the period to reflect the adjusted profit or loss from sales; period adjustments from assets held for sale; specific effects that do not relate to the period, are non-recurring or do not relate to the objective of the company; the net income from fair value adjustments of investment properties; depreciation and amortization; deferred and prior-year current taxes (tax expenses/income); transaction costs; prepayment penalties and commitment interest; valuation effects on financial instruments; the unwinding of discounting for provisions, particularly provisions for pensions, and other prior-year interest expenses and income that are not of a long-term nature.