Interim Statement Q3 2019


Vonovia continued its positive business development in the third quarter of 2019. With investments in modernization and new construction totaling € 963.9 million, our investment program remains the driver of our organic growth. Our Group FFO increased by 10.7% from € 842.7 million in the first nine months of 2018 to € 932.8 million in the first nine months of 2019 due to acquisitions.

Increase in Sustained Earnings

Group FFO

Group FFO (Bar chart)

Maintenance and Modernization Expanded Further


Investments (Bar chart)

Organic Rent Growth

Organic rent increase

Organic Rent Growth (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.