Key Figures
Keyfigures
Financial Key Figures in € million | H1 2024 | H1 2025 | Change in % | 12M 2024 | ||||
Adjusted EBITDA Total (continuing operations) | 1,266.5 | 1,419.0 | 12.0 | 2,625.1 | ||||
Adjusted EBITDA Rental | 1,191.6 | 1,225.6 | 2.9 | 2,385.7 | ||||
Adjusted EBITDA Value-add | 56.8 | 100.7 | 77.3 | 168.4 | ||||
Adjusted EBITDA Recurring Sales | 22.2 | 38.7 | 74.3 | 57.6 | ||||
Adjusted EBITDA Development | -4.1 | 54.0 | – | 13.4 | ||||
Adjusted EBT (continuing operations) | 887.2 | 984.3 | 10.9 | 1,799.6 | ||||
Adjusted EBT (continuing operations) per share in €* | 1.09 | 1.20 | 9.9 | 2.20 | ||||
Adjusted EBT (continuing operations) after | 804.3 | 898.7 | 11.7 | 1,633.6 | ||||
Adjusted EBT (continuing operations) after | 0.99 | 1.09 | 10.7 | 1.99 | ||||
Income from fair value adjustments of investment properties | -1,432.0 | 520.3 | – | -1,559.0 | ||||
Earnings before tax (EBT)* | -588.3 | 751.0 | – | -603.4 | ||||
Profit for the period | -529.2 | 811.2 | – | -962.3 | ||||
Operating Free Cash-Flow** | 763.9 | 1,171.7 | 53.4 | 1,840.3 | ||||
Cash flow from operating activities | 1,127.8 | 1,590.1 | 41.0 | 2,401.6 | ||||
Cash flow from investing activities | 114.4 | 80.8 | -29.4 | -187.6 | ||||
Cash flow from financing activities | -1,107.8 | -1,796.6 | 62.2 | -1,821.0 | ||||
Total sum of maintenance, modernization, portfolio investments and new construction | 673.8 | 856.4 | 27.1 | 1,601.0 | ||||
thereof for maintenance measures | 332.3 | 356.5 | 7.3 | 764.7 | ||||
thereof for modernization & portfolio investments | 243.2 | 368.3 | 51.4 | 611.8 | ||||
thereof for new construction | 98.3 | 131.6 | 33.9 | 224.5 | ||||
Key Balance Sheet Figures/Financial Covenants in € million | Dec. 31, 2024 | Jun. 30, 2025 | Change in %**** | |||||
Fair value of the real estate portfolio | 81,971.4 | 82,903.9 | 1.1 | |||||
EPRA NTA | 37,215.6 | 37,739.6 | 1.4 | |||||
EPRA NTA per share in €*** | 45.23 | 45.16 | -0.1 | |||||
LTV (%) | 47.7 | 47.3 | -0.4 pp | |||||
Adjusted Net debt/Adjusted EBITDA Total | 15.1x | 14.3x | -0.8x | |||||
ICR | 3.8x | 3.5x | -0.3x | |||||
Non-financial Key Figures | H1 2024 | H1 2025 | Change in %**** | 12M 2024 | ||||
Number of units managed | 614,578 | 608,133 | -1.0 | 613,153 | ||||
thereof own apartments | 542,881 | 533,064 | -1.8 | 539,753 | ||||
thereof apartments owned by others | 71,697 | 75,069 | 4.7 | 73,400 | ||||
Number of units bought | – | 1,615 | – | – | ||||
Number of units sold | 3,869 | 8,285 | >100 | 7,654 | ||||
thereof Recurring Sales | 921 | 1,134 | 23.1 | 2,470 | ||||
thereof Non Core/other | 2,948 | 7,151 | >100 | 5,184 | ||||
Number of new units completed | 1,655 | 615 | -62.8 | 3,747 | ||||
thereof own units | 637 | 335 | -47.4 | 1,276 | ||||
thereof units for sale | 1,018 | 280 | -72.5 | 2,471 | ||||
Vacancy rate (in %) | 2.2 | 2.1 | -0.1 pp | 2.0 | ||||
Monthly in-place rent in €/m² | 7.86 | 8.22 | 4.6 | 8.01 | ||||
Organic rent increase (in %) | 3.8 | 4.4 | 0.6 pp | 4.1 | ||||
Carbon intensity achieved in Germany (in kg CO₂e/m²) | 31.5 | 31.4 | -0.3 | 31.2 | ||||
Number of employees (continuing operations) | 12,087 | 12,393 | 2.5 | 12,056 | ||||
- *Based on the weighted average number of shares carrying dividend rights.
- **In accordance with the current definition of key figures including intragroup profits/losses and reclassification of capital commitment.
- ***Based on the shares carrying dividend rights on the reporting date.
- ****Unless otherwise specified.