Reconciliation of Profit for the Period/FFO

The profit for the period came to € 1,205.2 million in the first nine months of 2017, up considerably on the value of € 278.3 million reported in the same period of 2016. This is primarily due to the half-year valuation result, an improved financial result as well as an increase in rental income.

Reconciliation of Profit for the Period to FFO

in € million

 

9M 2017

 

9M 2016

 

Change in %

 

12M 2016

 

 

 

 

 

 

 

 

 

*

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 Sep. 30, 2017: 485,100,826; Sep. 30, 2016: 466,000,624 and Dec. 31, 2016: 466,000,624

Profit for the period

 

1,205.2

 

278.3

 

333.1

 

2,512.9

Financial result*

 

218.2

 

354.1

 

-38.4

 

433.0

Income taxes

 

663.8

 

177.1

 

274.8

 

1,346.9

Depreciation and amortization

 

23.0

 

16.4

 

40.2

 

27.0

Net income from fair value adjustments of investment properties

 

-1,164.7

 

 

 

-3,236.1

= EBITDA IFRS

 

945.5

 

825.9

 

14.5

 

1,083.7

Non-recurring items

 

75.9

 

70.3

 

8.0

 

94.5

Total period adjustments from assets held for sale

 

-5.0

 

11.2

 

-144.6

 

17.9

Financial income from investments in other real estate companies

 

-13.0

 

-9.6

 

35.4

 

-9.6

= Adjusted EBITDA

 

1,003.4

 

897.8

 

11.8

 

1,186.5

Adjusted EBITDA Sales

 

-81.3

 

-65.5

 

24.1

 

-92.5

= Adjusted EBITDA operations

 

922.1

 

832.3

 

10.8

 

1,094.0

Interest expense FFO**

 

-216.5

 

-249.1

 

-13.1

 

-322.7

Current income taxes FFO 1

 

-15.1

 

-11.6

 

30.2

 

-10.5

= FFO 1

 

690.5

 

571.6

 

20.8

 

760.8

Capitalized maintenance

 

-50.3

 

-47.3

 

6.3

 

-71.6

= AFFO

 

640.2

 

524.3

 

22.1

 

689.2

Current income taxes Sales

 

-23.8

 

-33.1

 

-28.1

 

-29.5

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

 

748.0

 

604.0

 

23.8

 

823.8

 

 

 

 

 

 

 

 

 

FFO 1 per share in €***

 

1.42

 

1.23

 

16.0

 

1.63

AFFO per share in €***

 

1.32

 

1.13

 

17.3

 

1.48