BERLIN (dpa-AFX) - Deutsche Wohnen SE (DWHHF.PK), a German property company, on Monday posted a decline in funds from operations or FFO for the first quarter, amidst the lower rent revenues following the portfolio sales. In addition, for the full year, the company has reaffirmed its guidance.
For the first quarter, the Berlin-headquartered firm reported its FFO at 135.6 million euros or 0.34 euro per share, compared with 154.8 million euros or 0.45 euro per share a year ago.
A decline in FFO was mainly due to the lower rent revenues following the portfolio sales and an increase in the number of shares as part of the merger with Vonovia.
The company's earnings after taxes moved up to 236 million euros as against 199.7 million euros of previous year.
Adjusted EBITDA was 166.1 million euros, versus 208.6 million euros, posted for the first three-month period of 2021.
In the quarter, contracted rental income declined 13 percent from last year to 189.6 million euros.
Moving forward, for the fiscal 2022, Deutsche Wohnen continues to expect its FFO to be at around 490 million euros with an adjusted EBITDA of around 640 million euros.
Olaf Weber, CFO of Deutsche Wohnen, said: 'The key business figures have developed positively and in line with our expectations. Moreover, we see the increase in the value of our holdings as proof that our investments in the quality of our portfolio are paying off. Against this background, we anticipate that our business operations will continue to develop positively in 2022.'
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