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Net Assets

Vonovia’s net asset value figures are based on the best practice recommendations of the EPRA (European Public Real Estate Association).

At the end of the first half of 2022, the EPRA NTA came to € 49,770.4 million, up by 2.1% on the value of € 48,748.8 million seen at the end of 2021 (based on the new 2022 definition). EPRA NTA per share increased from € 62.77 at the end of 2021 to € 62.54 at the end of the first half of 2022. It must be noted that the creation of the new Recurring Sales (MFH) subportfolio for low-yielding properties has led to reduced additions for deferred taxes as these are only intended for properties that are to be held in the portfolio over the long term.

EPRA Net Tangible Assets (EPRA NTA)

EPRA Net Tangible Assets (EPRA NTA)

in € million

Dec. 31, 2021

June 30, 2022

Change in %

Total equity attributable to Vonovia shareholders

33,287.1

34,173.7

2.7

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

18,438.4

17,429.8

-5.5

Fair value of financial instruments**

28.6

-43.5

Goodwill as per the IFRS balance sheet

-2,766.5

-1,648.8

-40.4

Intangibles as per the IFRS balance sheet

-238.8

-140.8

-41.0

EPRA NTA***

48,748.8

49,770.4

2.1

EPRA NTA per share in €***

62.77

62.54

-0.4

  1. * Proportion of hold portfolio.
  2. ** Adjusted for effects from cross currency swaps.
  3. *** Based on the new 2022 definition excluding real estate transfer tax. EPRA NTA per share based on the shares carrying dividend rights on the reporting date.