Vonovia got off to a very successful start to the 2018 fiscal year. With over € 137.7 million invested in modernizing our properties as well as in new construction projects, the investment program is once again the driver of our organic growth. Our rose by 11.6% in 2018 as against the prior-year quarter. BUWOG is only included with the opening balance sheet.

Further Increase in Sustained Earnings


FFO 1 (Bar chart)

Further Increase in Maintenance and Modernization Services


Investments (Bar chart)

Organic Rent Growth

Organic Increase in Rent

Organic Increase in Rent (Bar chart)

Vacancy Rate Up Slightly Due to Investments

Vacancy Rate

Vacancy Rate (Bar chart)

Increase in Net Assets


EPRA NAV (Bar chart)

Growth in Property Assets Following First-Time Inclusion of BUWOG

Fair value of the real estate portfolio

Fair Value of Real Estate Portfolio (Bar chart)
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.