Results of Operations

Vonovia’s corporate strategy remained unchanged in the first half of 2019 and the Group showed solid development overall.

As of June 30, 2019, Vonovia had a real estate portfolio comprising 396,739 residential units, 120,964 garages and parking spaces and 5,278 commercial units. The locations span 691 cities, towns and municipalities in Germany, Austria and Sweden. 79,015 residential units are also managed for other owners.

The following key figures provide an overview of Vonovia’s results of operations and the relevant drivers in the first half of 2019. When comparing the current key figures against the previous year, it is important to bear in mind that the figures for 2019 include BUWOG and Victoria Park, which were acquired in the previous year, together with their earnings contributions for the period from January to June 2019. BUWOG was consolidated for the first time with effect from March 31, 2018 and Victoria Park with effect from June 30, 2018. This means that the key figures and segment figures for the first half of 2018 include BUWOG with its earnings contributions for the period from April to June.