Results of Operations

Vonovia achieved stable business development in the first nine months of 2020. During the coronavirus pandemic, Vonovia has acted as a reliable partner for all interest groups, but in particular for its customers. In many areas, our business processes have continued virtually unhindered thanks to employees working from home. The coronavirus pandemic is currently not having any significant impact on Vonovia’s corporate strategy, nor is it having any considerable impact on the company’s operational and financial performance. Vonovia is experiencing only a very low level of rent losses, meaning that it expects defaults to remain low in the future, too. To the extent that they were temporarily interrupted due to coronavirus restrictions, modernization and/or new construction measures, as well as sales activities, have been resumed and continued in full.

We are currently observing stable demand for rental apartments and no negative impact on market values as a result of the coronavirus pandemic.

As of September 30, 2020, Vonovia managed a portfolio comprising 414,570 of its own residential units (Sep. 30, 2019: 395,615), 138,927 garages and parking spaces (Sep. 30, 2019: 121,300) and 6,547 commercial units (Sep. 30, 2019: 5,281). The locations span 635 cities, towns and municipalities (Sep. 30, 2019: 649) in Germany, Sweden and Austria. 73,830 residential units (Sep. 30, 2019: 78,351) are also managed for other owners.

As of September 30, 2020, Vonovia employed 10,564 people (Sep. 30, 2019: 10,003).