Q4 2023 Deutsche Wohnen Earnings

Investments
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This topic discusses Q4 2023 Deutsche Wohnen earninings results. Here is our Wiki article on the same:

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  • Deutsche Wohnen preliminary results indicate 2023 Group FFO fell by 12.1% y/y to 521.8 million euros while NAV was down 16.6% y/y to 16.98 billion euros or 42.77€ per share.
  • The 2023 Group FFO was dragged down by Q4 Group FFO which fell by 57% to 65.5 million euros as per my calculations.

https://www.eqs-news.com/news/corporate/deutsche-wohnen-publishes-preliminary-results-for-fy-2023/2015241

  • Without additional information , it’s hard to tell what caused the dismal performance in the past quarter. We will provide more assessment once they release the full report next week.
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  • Deutsche Wohnen said they abolished the nursing segment at the end of 2023; hence the Group FFO growth rate for 2023 and Group FFO for Q4 calculated above are not correct.
  • Adjusted for the abolished nursing segment, the business looks stable; 2023 Group FFO fell by 3.3% y/y to 521.8 million euros, adjusted EBITDA rental rose 6.3% to 631.8 million euros, vacancy rate fell to 1.5% from 1.9% in 2022, in-place rent per sqm grew to 7.72 from 7.48 while LTV rose to 30.4% from 28.1% in 2022.
  • For 2024, the company expects its adjusted EBITDA Total to be at the same level as last year ( 628.5 million euros or +1% y/y), a further increase in its enterprise value (slight increase in NAV per share) before considering further market-related changes in property values and a slight decline in adjusted EBT (2023: -2.8 billion euros).