Half-Year Report 2020


  • Positive business development despite ongoing coronavirus pandemic
  • Tenant services available in full with no significant disruption of business operations
  • Continued focus on preventing social hardship
  • Impact of the coronavirus on modernization and new construction activities only temporary

Vonovia achieved stable business development in the first half of 2020 in spite of the coronavirus pandemic. Group FFO increased by 11.0% from € 609.1 million in the first half of 2019 to € 676.3 million in the first half of 2020, largely due to acquisitions.

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.