Results of Operations

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

As of September 30, 2019, Vonovia had a real estate portfolio comprising 395,615 residential units, 121,300 garages and parking spaces and 5,281 commercial units. The locations span 649 cities, towns and municipalities in Germany, Austria and Sweden. 78,351 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 nine months 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 September 2019. BUWOG was consolidated for the first time with effect from March 31, 2018, and Victoria Park with effect from June 30, 2018. Therefore, BUWOG is included in the key figures and segment figures beginning on April 1, 2018, and Victoria Park beginning on July 1, 2018.