EQS-News: Deutsche Wohnen SE: Stable Performance in the financial year 2022

Corporate News

Annual earnings as of 31 December 2022

Deutsche Wohnen: Stable Performance in the financial year 2022

• Group FFO of €593.6 million (€1.50 per share)
• NAV decreased to €20,361.0 million (€51.30 per share)
• Slight decline of Adjusted EBITDA Total and Group FFO expected

Berlin, March 24, 2023. In a challenging environment for the real estate industry, Deutsche Wohnen SE delivered a stable operating performance in the financial year 2022. The portfolio volume was ca. 9,000 apartments smaller compared to the prior-year period (primarily as a result of the disposal to the City of Berlin). Accounting for this volume effect, Deutsche Wohnen looks back on a stable financial year.

Olaf Weber, CFO of Deutsche Wohnen commented: “Deutsche Wohnen provided a solid performance in a challenging market environment in the financial year 2022. The key metrics are in line with our expectations”.

The segment revenue Rental was €767.1 million (-8.1%), which was particularly driven by a smaller residential portfolio compared to the comparative period of the previous year. The in-place rent per square meter was €7.48 (+3.9%). The vacancy rate remained at a very low level of 1.9%.

Other relevant KPIs also saw a stable development. The Group FFO was €593.6 million, which was at prior-year level. On a per-share basis, the Group FFO came to €1.50, unchanged the prior-year period. The old KPI FFO I was €517.9, which was -6.4% below the prior-year period, but around 6% above the initial prognosis. The NAV (formerly EPRA NTA) declined by 5.6% since year-end 2021 to €20,361.0 million or €51.30 per share. This decline was largely driven by the result from the fair value measurement of investment properties of -€917.5 million. The LTV was nearly constant at 28.1%.

Outlook 2023

Deutsche Wohnen expects a slight decline of the Adjusted EBITDA Total as well as the Group FFO. Furthermore, an increase in the company value and a small increase in the NAV per share are expected, disregarding any further market related changes in value. A proposal will be made to the Annual General Meeting on June 15, 2023 to distribute a dividend of €0.04 per share for fiscal year 2022.

Key numbers

Financial KPIs		2022	2021	Change
Adjusted EBITDA Rental	€ million	579.3	620.6	-6.7%
Adjusted EBITDA Value-add	€ million	14.1	14.2	-0.7%
Adjusted EBITDA Recurring Sales	€ million	14.6	9.9	+47.5%
Adjusted EBITDA Development	€ million	9.2	-3.3	-
Adjusted EBITDA Nursing	€ million	84.6	85.4	-0.9%
Adjusted EBITDA Total	€ million	701.8	726.8	-3.4%
Group FFO	€ million	593.6	594.3	-0.1%
Group FFO per share	€	1.50	1.50	-0.1%
FFO I (former lead KPI)	€ million	517.9	553.6	-6.4%
Profit for the period	€ million	-445.7	919.0	-
Balance sheet		Dec. 31, 2022	Dec. 31, 2021	Change
Investment properties	€ million	27,301.9	28,730.5	-5.0%
Equity	€ million	16,775.1	17,203.4	-2.5%
LTV	%	28.1	28.4	-30bps
ICR	X times	8.8	5.0	+3.8x
NAV	€ million	20,361.0	21,563.6	-5.6%
NAV per share	€	51.30	54.33	-5.6%
Non-financial KPIs		Dec. 31, 2022	Dec. 31, 2021	Change
Number of owned residential units		140,286	151,163	-7.2%
In-place rent (residential)	€/sqm	7.48	7.20	+3.9%
Vacancy rate (residential)	%	1.9	1.7	+20bps

About Deutsche Wohnen

Deutsche Wohnen is one of the leading publicly listed property companies in Europe and is part of the Vonovia Group. The business focus of the company is on managing its own portfolio of residential properties in dynamic metropolitan regions and conurbations in Germany. Deutsche Wohnen sees itself as having both a social responsibility and a duty to maintain and newly develop good-quality and affordable housing in vibrant residential neighbourhoods. As of 31 December 2022, the portfolio comprised a total of around 140,000 residential units.

Important note

This publication is neither an offer to sell nor a solicitation to buy securities.

To the extent that this document contains forward-looking statements, these are not facts and are recognisable by such words as ‘will’, ‘expect’, ‘believe’, ‘estimate’, ‘intend’, ‘endeavour’, ‘assume’ and similar expressions. These statements express the intentions, opinions or current expectations and assumptions of Deutsche Wohnen and the individuals acting in concert with it. The forward-looking statements are based on current plans, estimates and forecasts that Deutsche Wohnen and the individuals acting in concert with it have made to the best of their knowledge, but do not make any claims as to their future accuracy. Forward-looking statements are subject to risks and uncertainties that are generally difficult to predict and are usually not within the control of Deutsche Wohnen or the individuals acting in concert with it. It should be remembered that the actual results or consequences may differ considerably from those mentioned or contained in the forward-looking statements.

Contact:

Phone +49 (0)30 897 86-5413
Fax +49 (0)30 897 86-5419
[email protected]