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German Property Giant Deutsche Wohnen Posts First-Quarter Loss

08 May 2023
by EDITORIAL DESK
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German real estate giant Deutsche Wohnen reported a loss of €667.9 million ($737.3 million) for the first-quarter on Monday, compared to profit of €236 million in the previous year.

Group fund from operations (FFO) was €144.8, an increase of 0.9% from last year. Group FFO per share was €0.36, flat with prior year.

The segment revenue rental was €194.8 million, an increase of 2.6%.

Olaf Weber, chief financial officer of Deutsche Wohnen, said: “Deutsche Wohnen provided a solid performance in a still challenging market environment in the first quarter of 2023.”

Deutsche Wohnen, a publicly listed property company in Europe, is part of the Vonovia Group. As of March 31, 2023, the portfolio comprised a total of around 140,000 residential units.