EmailMinusMobilPlusNavpfeilrunterNavpfeilrunterNavpfeilhochNavpfeillinksNavpfeilrechtsarrow_rightarrow_rightBurgermenuDownloadflogo-HexRBG-Wht-58_2FaxTelefonDokumentStandortLoginEmail_invertSucheicon_searchElement 1Schliessen



Deutsche Wohnen AG delivers solid first quarter results

Press release: Deutsche Wohnen AG delivers solid first quarter results

Frankfurt / Berlin, 28 May 2009: In the first quarter of this year, Deutsche Wohnen AG was able to continue the positive development of its business operations shown in previous quarters and was able to benefit for the first time from its successful restructuring efforts, a fact highlighted by a significantly improved FFO. Despite selling approximately 1,800 properties, FFO improved by 55% compared to the same quarter of the previous year, climbing to EUR 0.34 per share.

Details of the results:

» The rent per m2 in the core portfolio increased by 0.3% to EUR 5.25. The investments in our development portfolio (Cluster B) resulted in an increase in rents in this segment, which grew by 0.8% to EUR 4.76 per m2.

» The vacancy rates in the core portfolio fell by a further 5.1%, to 3.7%, a rate that is roughly equivalent to full occupancy. As planned, vacancy rates in the western regions were significantly reduced, by 9.8% to now 4.6%.

» In the area of individual privatisation of properties, we have already notarised 205 purchase and sale agreements, thereby achieving 40% of the overall objective for the entire year. The average sales price continued to be 32% higher than the respective fair value.

» In relation to the previous year's quarter, staff expenditure was reduced by 22% and material costs by 11%. Last year's efforts to streamline the organisational structure have become fully effective.

» EUR 21 million, or 1% of the financial liabilities, were repaid, reducing the leverage ratio to 70.1%. The continuous repayment of liabilities has reduced current financing costs, thereby increasing the cash flow.

» The interest rate swaps concluded in order to secure the variable-rate loans reduced equity by around EUR 33 million, decreasing the net asset value by around 3%.

» One-time effects totalling around EUR 4 million associated with further staff-related measures and the reorganisation of the company together with taxes resulted in a slightly negative net result for the period.

Michael Zahn: 'The continuation of the positive development of our business operations in combination with the restructuring measures that have been implemented show that we are headed in the right direction. Today, Deutsche Wohnen is an efficient manager of residential properties with a proven ability to successfully manage integration processes and designed to function as a consolidation platform.'

For further details, please visit our website at, where you will also find our interim report, a presentation containing up-to-date information as well as a letter to our shareholders.