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Deutsche Wohnen:Quarterly Results/2023 Q2: Difference between revisions
Deutsche Wohnen:Quarterly Results/2023 Q2 (view source)
Revision as of 12:25, 4 August 2023
, 4 August 2023→Vonovia Q2 2023 results
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* Vonovia said that the development of its key metrics exceeded analysts estimates. | * Vonovia said that the development of its key metrics exceeded analysts estimates. | ||
* “It’s a major achievement that we performed so well in this challenging market environment, and we’re equally positive about the further development of the year,” CEO Rolf Buch said. | * “It’s a major achievement that we performed so well in this challenging market environment, and we’re equally positive about the further development of the year,” CEO Rolf Buch said. | ||
==== Portfolio Revaluation ==== | |||
* Portfolio value now stands at €88.2 billion after declining by €6.1 billion in H1 and €2.7 billion in Q2 2023<ref name=":1" />. | |||
==== Rental segment ==== | ==== Rental segment ==== | ||
* 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. | |||
* Vacancy rate is at 2.2%<ref name=":1" />. | * Vacancy rate is at 2.2%<ref name=":1" />. | ||
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* Organic rent increase was 3.5%. | * Organic rent increase was 3.5%. | ||
==== | ==== Industry Performance Insights ==== | ||
* | |||
* Data from real estate portals indicate that demand for new-build rental flats was 90% higher than at the end of 2019 while demand for existing flats was 30% higher<ref>https://www.eqs-news.com/news/corporate/vonovia-se-strong-rental-business-in-q2-2023-refinancing-already-covered-until-well-into-2024/1873117↵↵https://investoren.vonovia.de/en/news-and-publications/presentations/</ref>. | |||
* Value Marktdaten analysis indicated that the listing prices for flats continued to drop but the rate of decline is starting to slow. | |||
* BNP Paribas Real estate noted that a possible break in interest rate hike in fall will lead to a noticeable higher momentum in real estate investment at the end of 2023 and specifically next year. | |||
* ifo-Institut survey indicate that economists expect global real estate prices to rise in the next 10 years. | |||
==== Hengeler Mueller and Deloitte investigation ==== | ==== Hengeler Mueller and Deloitte investigation ==== | ||