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Group FFO

Group FFO rose by 20.1% from € 1,694.4 million in 2021 to € 2,035.6 million in 2022.

The Adjusted EBITDA Total rose by 22.6% from € 2,254.4 million in the 2021 fiscal year to € 2,763.1 million in the 2022 fiscal year.

In the 2022 fiscal year, the non-recurring items eliminated in the Adjusted EBITDA Total came to € 127.5 million (2021: € 37.1 million). This was largely due to costs associated with the integration of Deutsche Wohnen. The following table gives a detailed list of the non-recurring items:

Non-recurring Items

Non-recurring Items

in € million

2021

2022

Change in %

Transactions*

14.1

113.2

>100

Personnel matters

1.6

-3.1

Business model optimization

24.2

12.2

-49.6

Research & development

3.6

4.2

16.7

Refinancing and equity measures

-6.4

1.0

Total non-recurring items

37.1

127.5

>100

  1. * Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs. In 2022 mainly integration costs of € 79.4 million and restructuring costs of € 22.6 million. In 2021 costs for transactions were offset by income resulting from the valuation of shares in Deutsche Wohnen amounting to € 87.5 million.