Management System


Our management system is based on our corporate strategy, which continued to apply unchanged in the 2016 fiscal year. As part of the management of the company, we make a distinction between three segments: Rental, Extension and Sales.

The Rental segment combines all of the business activities that are aimed at the value-enhancing management of our properties.

The Extension segment combines all of the business activities relating to the expansion of our core business to include additional customer-oriented services. They are:

  • Our craftsmen’s organization
  • Our organization for the upkeep and maintenance of the residential environment in which our properties are located
  • The provision of a cable TV connection to our tenants
  • Condominium administration for own apartments and for the apartments of third parties
  • Metering services for measuring the consumption of water and heating
  • Insurance services for own apartments and for the apartments of third parties 102-2

The Sales segment bundles all real estate sales from our portfolio. It focuses on the targeted sale of apartments, buildings and subportfolios that do not fit into our property management strategy or can be better managed in a different context for other reasons.

As far as our key figures are concerned, we make a distinction between financial and non-financial performance indicators:

  • Net asset value (NAV): real estate assets without liabilities
  • Funds from operations (FFO 1): profit from operations after current interest and taxes
  • Customer Satisfaction Index (CSI): level of customer satisfaction
  • Adjusted EBITDA at segment level

In addition, for management we take into account operating key figures like vacancy rate, the level of our maintenance and modernization measures or important financial key figures like the loan-to-value ratio (see AR 2016, Management System).