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Other Key Figures at Group Level

At the level of the Group as a whole, the EPRA Net Tangible Assets (EPRA NTA) per share and the Sustainability Performance Index (SPI) are our most meaningful performance indicators.

The EPRA Net Tangible Assets (EPRA NTA) is used to review how the company’s value is developing. Our calculations are based on the best practice recommendations of the EPRA (European Public Real Estate Association).

Calculation of EPRA NTA

Calculation of EPRA NTA

Total equity attributable to Vonovia’s shareholders


Deferred tax in relation to fair value gains of investment properties*


Fair value of financial instruments**




Intangible assets




Number of shares carrying dividend rights on the reporting date


EPRA NTA per share

  1. *Share for hold portfolio.
  2. **Adjusted for effects from cross currency swaps.

In addition to our key financial figures, we also focus on non-financial operating performance indicators.

Our business activities are aimed at protecting the environment, ensuring trustworthy, transparent and reliable corporate governance and taking social responsibility for our customers and employees.

Sustainability Performance Index (SPI)

In line with this focus, we had already introduced the Sustainability Performance Index as a key non-financial control parameter back in the 2021 fiscal year. Indicators used in the new Sustainability Performance Index are the carbon intensity of the housing stock, the energy efficiency of new buildings, the share of accessible (partial) modernization measures in relation to newly let apartments, the increase in customer and employee satisfaction and proportion of female managers in the company’s top management team.

Each component is assigned an individual factor and a defined annual target amount. The weighted targets add up to a target of 100% that we aim to achieve every year. In the reporting on the levels of the individual indicators within the Non-financial Group Declaration, the business activities of Deutsche Wohnen are included (excluding the Care segment), unless otherwise stated.

Other non-operating financial key figures include the loan-to-value (LTV) ratio, which is used for monitoring the degree to which debt is covered by the value of the properties, the net debt/EBITDA ratio, which is used for monitoring the degree to which debt is covered by our sustained operating result and the Interest Coverage Ratio (ICR), which expresses the extent to which interest is covered by our sustained operating result.