BERLIN (dpa-AFX) - Vonovia SE (DAIMF), a German residential property company, reported Tuesday that its first-quarter profit climbed 16.7 percent to 247 million euros from 211.6 million euros last year.
Vonovia increased its Group FFO or operating income by 14.1 percent to 382.9 million euros from last year's 335.5 million euros.
EBITDA IFRS increased 11 percent to 475.4 million euros from last year's 428.1 million euros. Adjusted EBITDA was 506.1 million euros, up 11 percent from 456.1 million euros a year ago.
Total Segment Revenue rose 14.7 percent to 1.15 billion euros from 998.8 million euros a year ago.
Due to current market conditions, rents increased 0.7 percent, compared to last year's growth of 1 percent.
Further, the company confirmed the forecast for 2021. Vonovia is expecting its Group FFO to rise between 1.415 billion euros and 1.465 billion euros. Adjusted EBITDA Total is expected between 1.975 billion euros and 2.025 billion euros. Total Segment Revenue is expected to be within a range of approximately 4.90 billion euros to 5.10 billion euros.
In 2021, Vonovia is planning to invest between 1.30 billion euros and 1.60 billion euros.
Copyright RTT News/dpa-AFX
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