Results of Operations
Vonovia’s corporate strategy remained unchanged in the first nine months of 2021 and the Group showed positive business development. The ongoing coronavirus pandemic still did not have any significant impact on the company’s operational and financial performance.
In many areas, our business processes again continued virtually unhindered thanks to employees working from home. The employees of the craftmen’s organization were active on site almost without restriction. In the first nine months of 2021, we observed stable demand for rental apartments and no negative impact on market values as a result of the coronavirus pandemic. All in all, Vonovia experienced only a very low level of rent losses in the reporting period, and expects defaults to remain low in the future, too. The coronavirus pandemic had only a minor impact on modernization and new construction measures in the first nine months of 2021. The figures below are for Vonovia excluding Deutsche Wohnen, unless the figures are explicitly described as combined/consolidated figures. This limits comparison with the previous year.
As of September 30, 2021, Vonovia, including Deutsche Wohnen, managed a portfolio comprising 568,451 of its own residential units (Sep. 30, 2020: 414,570), 170,147 garages and parking spaces (Sep. 30, 2020: 138,927) and 9,365 commercial units (Sep. 30, 2020: 6,547). The locations span 648 cities, towns and municipalities (Sep. 30, 2020: 635) in Germany, Sweden and Austria. 71,427 residential units (Sep. 30, 2020: 73,830) are also managed for other owners.
As of September 30, 2021, Vonovia, including Deutsche Wohnen, employed a total of 16,051 people (Sep. 30, 2020: 10,564).
Total segment revenue increased by 9.5% from € 3,211.6 million in the first nine months of 2020 to € 3,517.0 million in the first nine months of 2021. The main drivers behind the development in total segment revenue in the 2021 reporting period were income from disposals in the Development segment, income from disposal of properties in the Recurring Sales segment and the increase in rental income due to organic growth.
Total Segment Revenue
in € million
Change in %
Other income from property management unless included in the operating expenses in the Rental segment
Income from disposals Recurring Sales
Internal revenue Value-add
Income from disposal of properties (Development)
Fair value Development to hold
Total Segment Revenue