Results of Operations

Vonovia had a successful start in the 2021 fiscal year. The ongoing coronavirus pandemic still did not have any significant impact on the company’s operational and financial performance.

In many areas, our business processes again continued virtually unhindered thanks to employees working from home. The employees of the craftmen’s organization were active on site almost without restriction.

In the first quarter of 2021, we observed stable demand for rental apartments and no negative impact on market values as a result of the coronavirus pandemic. Vonovia experienced only a very low level of rent losses in the first three months of 2021, and expects defaults to remain low in the future, too. The coronavirus pandemic had only a minor impact on modernization and/or new construction measures in the first quarter of 2021.

As of March 31, 2021, Vonovia managed a portfolio comprising 414,715 of its own residential units (March 31, 2020: 415,323), 138,796 garages and parking spaces (March 31, 2020: 138,383) and 6,552 commercial units (March 31, 2020: 6,673). The locations span 627 cities, towns and municipalities (March 31, 2020: 640) in Germany, Sweden and Austria. 72,476 residential units (March 31, 2020: 72,971) are also managed by Vonovia for other owners.

As of March 31, 2021, Vonovia employed a total of 10,684 people (March 31, 2020: 10,499).

Total Segment Revenue increased by 14.7% from € 998.8 million in the first quarter of 2020 to € 1,145.5 million in the first quarter of 2021. The main drivers behind the development in total segment revenue in the first quarter of 2021 were income from disposal of properties in the Recurring Sales segment, income from disposals in the Development segment and the increase in rental income due to organic growth. Detailed information on total segment revenue is provided below: