This topic discusses Q3 2023 Deutsche Wohnen earnings expectations and results.
I=7
Vonovia reported its Q3 2023 earnings results today. Here is a summary of its results;
- Operating results weren’t overly bad; revenue was € 1.3 billion (-13% y/y), adjusted EBITDA was €671.7 million (-5% y/y) and Group FFO was €481.2 million (-6.5% y/y).
- At the end of 9 months, portfolio value was €88.7 billion (-6.3% y/y), LTV was 45% (at the upper end of its 40-45% target) due to sales volume of around €3.7 billion in 2023, while vacancy rate was unchanged from last year at 2.1%.
- 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.
- Vonovia said it’s looking to sale another portfolio in Northern Germany worth €1 billion to Apollo, a transaction expected to be completed at the end of the year.
- Vonovia confirmed its outlook for 2023 and said that its 2024 rental revenue and EBITDA is likely to be at the same level as forecasts for 2023 though FFO will likely be moderately lower than in 2023 due to higher taxes and interest.
Google sheet calculations.
1 Like
I=8
Following Vonovia’s results, Deutshe Wohnen also published its preliminary results as follows;
- Deutsche Wohnen FFO in the 9 months 2023 grew 3.4% y/y to € 456.3 million.
- Adjusted NAV fell 18% y/y to € 18.6 billion.
1 Like