Deutsche Wohnen SE, a German real estate firm part of the Vonovia Group, has reported a decrease in their fiscal 2023 group's funds from operations (FFO). Further, the company registered a significant increase in its after-tax losses due to challenging market conditions.
The FFO from ongoing operations totaled 521.8 million euros or 1.31 euros per share, a 3.3% reduction from the previous year's 539.6 million euros or 1.36 euros per share.
The company computed its losses for this period at 2.76 billion euros, a significant spike when compared to the previous year's loss of 445.7 million euros.
However, Deutsche Wohnen SE saw growth in its adjusted Earnings Before Tax (EBT), a crucial earnings measure, which grew by 1.4% to 546.1 million euros over the last year. Similarly, the adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) saw a modest increase of 1%, reaching 634.8 million euros. The Adjusted EBITDA from rental income went up by 6.3% to 638.1 million euros.
The company also reported a depreciation in its net asset value (NAV), previously known as EPRA NTA, by 16.6% since the end of fiscal year 2022, amounting to 16.98 billion euros or 42.77 euros per share.
