Deutsche Wohnen:Quarterly Results/2023 Q3
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Return to: Deutsche Wohnen 9M 2023 figures | Deutsche Wohnen:Quarterly Results/2023 Q2 | Deutsche Wohnen:Quarterly Results | Earnings Season:2023 Q3
Deutsche Wohnen Results
| Key Items | 9M 2023 | Y/Y Growth |
|---|---|---|
| Adjusted EBITDA Total | EUR 528.8 million | -0.6% |
| Adjusted EBITDA | EUR 465.1 million | 6.2% |
| Group FFO | EUR 456.3 million | 3.4% |
| Group FFO per share | EUR 1.15 | 3.6% |
| LTV | 28.8% | 0.7% |
| NAV | EUR 18,602.0 million | -8.6% |
| NAV per share | EUR 46.86 | -8.7% |
| In-place rent (residential) | 7.66 | 2.8% |
| Vacancy rate (residential) | 1.7 | -0.1% |
Vonovia Results
Vonovia reported its Q2 2023 earnings results on November 3[1]. Here is a summary of its results;
- Operating results have been stable; revenue was € 1.495 billion(+1.1% y/y), adjusted EBITDA was € 681.2 million(+0.6% y/y), Group FFO was € 502.2 million(-0.3%), NAV was €40,460.1 million(-18.7% y/y and -5.4% Q/Q) and vacancy rate was unchanged from last year at 2.2%.
- Portfolio value now stands at €88.2 billion after declining by €6.1 billion in H1 and €2.7 billion in Q2 2023.
- LTV stands at 46.8%(Q1 2023: 46.6%), still above its target of lower end of 40-45%.
- In the 9 months, income, operating expenses and adjusted EBITDA in the rental busines was €2.4 billion (+2% y/y), €297.1 million (-15.6% y/y), and €1.8 billion (+7% y/y), respectively, due to full occupancy and Deutsche Wohnen synergies.
- In Q3, Core business EBITDA rose 10.3% y/y to €618.5 million due to a 3.5% increase in organic rent, Deutsche Wohnen synergies and new construction and modernization growth.
- Vonovia confirmed its 2023 outlook and pointed out that insights from Value Marktdaten, BNP Paribas, and ifo institute indicate a positive but cautious outlook for the real estate industry.
- "FFO guidance for 2023 is inline, and for 2024 a moderate decline should not surprise in our view," J.P.Morgan says.
See Google sheet calculations.