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Net Assets

Vonovia’s net asset value figures are based on the best practice recommendations of the European Public Real Estate Association (EPRA). At the end of 2021, the EPRA NTA came to € 51,826.1 million, up by 46.0% on the value of € 35,488.6 million seen at the end of 2020. EPRA NTA per share increased from € 58.78 at the end of 2020 (TERP-adjusted) to € 66.73 at the end of 2021.

EPRA Net Tangible Assets (EPRA NTA)

EPRA Net Tangible Assets (EPRA NTA)

in € million

Dec. 31, 2020

Dec. 31, 2021

Change in %

Total equity attributable to Vonovia shareholders

23,143.9

33,287.1

43.8

Deferred tax in relation to fair value gains of investment properties*

10,466.7

15,498.3

48.1

Fair value of financial instruments**

54.9

28.6

-47.9

Goodwill as per the IFRS balance sheet

-1,494.7

-2,766.5

85.1

Intangibles as per the IFRS balance sheet

-117.0

-238.8

>100

Real estate transfer tax*

3,434.8

6,017.4

75.2

EPRA NTA

35,488.6

51,826.1

46.0

EPRA NTA per share in €***

58.78

66.73

13.5

  1. * Proportion of hold portfolio.
  2. ** Adjusted for effects from cross currency swaps.
  3. *** Based on the shares carrying dividend rights on the reporting date December 31, 2020: 565,887,299, December 31, 2021: 776,597,389, prior-year value TERP-adjusted (1.067).

Over a period of five years, Vonovia has continually created value and also increased GAV (gross asset value) every year.

EPRA NAV and GAV development

in € million

EPRA NTA

GAV

2021

51,826.1

98,225.3

2020

35,488.6

59,207.1

2019

29,762.2

53,586.3

2018

44,226.9

2017

33,424.9