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In an environment dominated by difficult overall conditions, Vonovia can look back on a 2023 fiscal year characterized by a robust core Rental business. The property management business showed positive economic development, bolstered in particular by sustained high demand and rising rents, as well as synergies realized from the cooperation with Deutsche Wohnen. The environment of higher interest rates and inflation translated into lower results in the other segments.

Due to two successful joint ventures and extensive sales, liquidity was gained to strengthen the capital structure. The changes in return requirements – both internally and externally – are having an impact on capital allocation and, as a result, on investments.

In the 2023 fiscal year, a total of 2,425 apartments were completed in the Development segment.

The Adjusted EBITDA Total from continuing operations came to € 2,583.8 million, down slightly against the prior-year figure of € 2,606.1 million. The increase in Adjusted EBITDA Rental almost compensated for the downward trend in the other segments despite the sales made.

At € 1,801.6 million, the Group FFO from continuing operations was 9.1% below the previous year’s figure of € 1,981.6 million. mainly due to higher interest rates.

The EPRA NTA per share came in at € 46.82, down by 18.5% on the prior-year value of € 57.48.

The Sustainability Performance Index stood at 111% in the 2023 fiscal year. This was helped along in particular by the reduction of CO2 intensity, the development of the average primary energy requirements of new construction and (partial) modernization measures to make apartments fully accessible, as well as by the high levels of employee satisfaction.

Sustained Earnings

Group FFO (continuing operations)

Maintenance, Modernization and New Construction


Organic Rent Growth

Organic Rent Increase


Vacancy Rate

Net Assets


Fair Value of the Real Estate Portfolio

Fair Value