Net Asset Value

Vonovia’s net asset value (NAV) figures are based on the best practice recommendations of the EPRA (European Public Real Estate Association). At the end of the fiscal year, the EPRA NAV came to € 26,105.0 million, up by 22.6% on the prior-year value of € 21,284.6 million. EPRA NAV per share increased from € 43.88 at the end of 2017 to € 50.39 at the end of 2018. At the end of 2018, the Adjusted NAV amounted to € 23,262.6 million, 24.6% higher than the € 18,671.1 million seen at the end of the previous year. This represents an increase in the Adjusted NAV per share from € 38.49 to € 44.90 at the end of 2018. The revaluation of the property portfolio had a significant impact on the NAV. Net income from fair value adjustments amounted to € 3,517.9 million in the 2018 fiscal year (2017: € 3,434.1 million).

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Net Asset Value (NAV)

in € million

Dec. 31, 2017

Dec. 31, 2018

Change in %

*	Adjusted for effects from cross currency swaps.
**	Based on the number of shares on the reporting date Dec. 31, 2018: 518,077,934, Dec. 31, 2017: 485,100,826.

Total equity attributable to Vonovia shareholders

15,080.8

17,880.2

18.6

Deferred taxes on investment properties

6,185.7

8,161.1

31.9

Fair value of derivative financial instruments*

26.9

87.2

>100

Deferred taxes on derivative financial instruments

-8.8

-23.5

>100

EPRA NAV

21,284.6

26,105.0

22.6

Goodwill

-2.613.5

-2.842.4

8.8

Adjusted NAV

18,671.1

23,262.6

24.6

EPRA NAV per share in €**

43.88

50.39

14.8

Adjusted NAV per share in €**

38.49

44.90

16.7

Over a period of five years, Vonovia has continually created value and increased NAV and GAV (gross asset value) every year.

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in € million	EPRA NAV	GAV

2018	26,105.0	44,226.9
2017	21,284.6	33,424.9
2016	17,047.1	27,106.4
2015	13,988.2	24,153.9
2014	6,578.0	12,757.1

EPRA (European Public Real Estate Association)

The European Public Real Estate Association (EPRA) is a non-profit organization that has its registered headquarters in Brussels and represents the interests of listed European real estate companies. Its mission is to raise awareness of European listed real estate companies as a potential investment destination that offers an alternative to conventional investments. EPRA is a registered trademark of the European Public Real Estate Association.

EPRA NAV/Adjusted NAV

The presentation of the NAV based on the EPRA definition aims to show the net asset value in a long-term business model. The equity attributable to Vonovia’s shareholders is adjusted to reflect deferred taxes on investment properties, the fair value of derivative financial instruments and the deferred taxes on derivative financial instruments. In order to boost transparency, an adjusted NAV, which involves eliminating goodwill in full, is also reported.

Fair Value

Valuation pursuant to IAS 40 in conjunction with IFRS 13. The estimated value of an asset. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.