Results of Operations

Overview

With regard to the business figures reported below, it is important to remember that the quarterly comparison is impaired by the inclusion of Deutsche Wohnen in the consolidated financial statements for the first time as of September 30, 2021. Deutsche Wohnen is not included in the 3M 2021 figures. Deutsche Wohnen is included in the 12M 2021 figures with the earnings contribution from the fourth quarter of 2021.

Vonovia made a successful start to the 2022 fiscal year, with its corporate strategy unchanged.

The ongoing coronavirus pandemic still did not have any significant impact on the company’s operational and financial performance.

The first few moderate effects of the war in Ukraine left their mark on energy and construction costs in particular.

In the first quarter of 2022, we observed stable demand for rental apartments and no negative impact on market values. All in all, Vonovia experienced only a very low level of rent losses due to the coronavirus pandemic 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 three months of 2022.

As of March 31, 2022, Vonovia managed a portfolio comprising 550,496 of its own residential units (March 31, 2021: 414,715), 163,284 garages and parking spaces (March 31, 2021: 138,796) and 8,946 commercial units (March 31, 2021: 6,552). The locations span 637 cities, towns and municipalities (March 31, 2021: 627) in Germany, Sweden and Austria. 72,434 residential units (March 31, 2021: 72,476) are also managed for other owners. As of March 31, 2022, Vonovia employed 15,900 people (March 31, 2021: 10,684).

Total segment revenue increased by 42.6% from € 1,145.5 million in the first quarter of 2021 to € 1,633.4 million in the first quarter of 2022. Deutsche Wohnen was the main contributor to this increase, with a volume of € 286.3 million in 2022.