Interim Statement Q1 2020


  • No material impact on the business model from the coronavirus pandemic
  • Focus on maintaining services and preventing social hardship
  • A good start to 2020
  • Customer satisfaction slightly up

Vonovia strengthened its development business with the acquisition of the project developer Bien-Ries AG in early April 2020. Bien-Ries AG is a German project developer operating primarily in the Rhine-Main region.

The investment program was once again the main driver behind the company’s organic growth. In the first three months of 2020, investments in modernization and new construction projects came to € 291.5 million, up 20.4% on the prior-year value of € 242.1 million. Hembla made a full contribution to the quarterly result for the first time.

Group FFO increased by 10.5% from € 303.6 million in the first quarter of 2019 to € 335.5 million in the first quarter of 2020.

Sustained Earnings

Group FFO

Group FFO (Bar chart)

Maintenance, Modernization and New Construction


Investments (Bar chart)

Organic Rent Growth

Organic Rent Growth

Organic Rent Growth (Bar chart)


Vacancy Rate

Vacancy Rate (Bar chart)

Net Assets

Adjusted NAV

Adjusted 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 operating business. In addition to the adjusted EBITDA for the Rental, Value-add, Recurring Sales and Development segments, Group FFO allows for recurring current net interest expenses from non-derivative financial instruments as well as current 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.