Key Figures
Key Figures
Financial Key Figures in € million | 9M 2024 | 9M 2025 | Change in % | 12M 2024 | ||||
Adjusted EBITDA Total (continuing operations) | 1,986.7 | 2,114.7 | 6.4 | 2,625.1 | ||||
Adjusted EBITDA Rental | 1,801.9 | 1,847.0 | 2.5 | 2,385.7 | ||||
Adjusted EBITDA Value-add | 145.9 | 150.1 | 2.9 | 168.4 | ||||
Adjusted EBITDA Recurring Sales | 38.9 | 56.6 | 45.5 | 57.6 | ||||
Adjusted EBITDA Development | 0.0 | 61.0 | – | 13.4 | ||||
Adjusted EBT (continuing operations) | 1,363.9 | 1,456.2 | 6.8 | 1,799.6 | ||||
Adjusted EBT (continuing operations) per share in €* | 1.67 | 1.76 | 5.5 | 2.20 | ||||
Adjusted EBT (continuing operations) after minorities | 1,242.5 | 1,321.9 | 6.4 | 1,633.6 | ||||
Adjusted EBT (continuing operations) after minorities per share in €* | 1.52 | 1.60 | 5.1 | 1.99 | ||||
Income from fair value adjustments of investment properties | -1,426.3 | 516.2 | – | -1,559.0 | ||||
Earnings before tax (EBT)* | -502.0 | 1,226.2 | – | -603.4 | ||||
Profit for the period | -592.1 | 3,408.6 | – | -962.3 | ||||
Operating Free Cash-Flow** | 1,157.8 | 1,475.3 | 27.4 | 1,840.3 | ||||
Cash flow from operating activities | 1,645.5 | 1,948.0 | 18.4 | 2,401.6 | ||||
Cash flow from investing activities | 232.8 | -91.0 | – | -187.6 | ||||
Cash flow from financing activities | -1,134.2 | -660.8 | -41.7 | -1,821.0 | ||||
Total sum of maintenance, modernization, portfolio investments and new construction (to hold) | 1,051.3 | 1,356.5 | 29.0 | 1,601.0 | ||||
thereof for maintenance measures | 523.8 | 565.1 | 7.9 | 764.7 | ||||
thereof for modernization & portfolio investments | 410.2 | 590.5 | 44.0 | 611.8 | ||||
thereof for new construction (to hold) | 117.3 | 200.9 | 71.3 | 224.5 | ||||
Key Balance Sheet Figures/Financial Covenants in € million | Dec. 31, 2024 | Sep. 30, 2025 | Change in %**** | |||||
Fair value of the real estate portfolio | 81,971.4 | 83,182.6 | 1.5 | |||||
EPRA NTA | 37,215.6 | 37,596.6 | 1.0 | |||||
EPRA NTA per share in €*** | 45.23 | 44.72 | -1.1 | |||||
LTV (%) | 47.7 | 45.9 | -1.7 pp | |||||
Adjusted Net debt/Adjusted EBITDA Total | 15.1x | 14.0x | -1.1x | |||||
ICR | 3.7x | 3.8x | 0.1x | |||||
Non-financial Key Figures | 9M 2024 | 9M 2025 | Change in %**** | 12M 2024 | ||||
Number of units managed | 614,977 | 608,250 | -1.1 | 613,153 | ||||
thereof own apartments | 541,619 | 532,558 | -1.7 | 539,753 | ||||
thereof apartments owned by others | 73,358 | 75,692 | 3.2 | 73,400 | ||||
Number of units bought | – | 1,694 | – | – | ||||
Number of units sold | 5,429 | 9,038 | 66.5 | 7,654 | ||||
thereof Recurring Sales | 1,516 | 1,553 | 2.4 | 2,470 | ||||
thereof Non Core/other | 3,913 | 7,485 | 91.3 | 5,184 | ||||
Number of new units completed | 2,409 | 1,555 | -35.5 | 3,747 | ||||
thereof own units | 875 | 531 | -39.3 | 1,276 | ||||
thereof units for sale | 1,534 | 1,024 | -33.2 | 2,471 | ||||
Vacancy rate (in %) | 2.1 | 2.2 | 0.1 pp | 2.0 | ||||
Monthly in-place rent in €/m² | 7.94 | 8.28 | 4.3 | 8.01 | ||||
Organic rent increase (in %) | 3.8 | 4.2 | 0.4 pp | 4.1 | ||||
Carbon intensity achieved in Germany (in kg CO₂e/m²) | 31.1 | 30.7 | -1.3 | 31.2 | ||||
Number of employees (continuing operations) | 12,010 | 12,521 | 4.3 | 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.