Vonovia made a successful start to the 2019 financial year. We continued to apply our business strategy unchanged in the first three months. With over € 240 million invested in modernization and new construction projects in the first quarter of 2019, the investment program remains the key driver of our organic growth. Our rose by 20.0% in 2019 as against the prior-year quarter to total € 303.6 million due to acquisitions.

Further Increase in Sustained Earnings

Group FFO

Group FFO (Bar chart)

Maintenance and Modernization Expanded Once Again


Investments (Bar chart)

Organic Rent Growth

Organic rent increase

Organic rent increase (Bar chart)

Vacancy Rate

Vacancy Rate

Vacancy Rate (Bar chart)

Increase in Net Assets


EPRA NAV (Bar chart)

Fair Value of the Real Estate Portfolio

Fair Value of the Real Estate Portfolio

Fair Value of Real Estate Portfolio (Bar chart)
Group FFO
Group FFO reflects the recurring earnings from the sustained operating business. In addition to the Adjusted EBITDA for the Rental, Value-add, Recurring Sales and Development segments, Group FFO allows for recurring cash-effective net interest expenses from non-derivative financial instruments as well as income taxes. This key figure is not determined on the basis of any specific international reporting standard but is to be regarded as a supplement to other performance indicators determined in accordance with IFRS.