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 2022, the EPRA NTA came to € 45,744.5 million, down by 6.0% on the value of € 48,640.8 million seen at the end of 2021. EPRA NTA per share developed from € 62.63 at the end of 2021 to € 57.48 at the end of 2022. It is important to note that the creation of a new MFH Sales subportfolio has reduced the amounts added for deferred taxes, as these are only intended to be recognized for properties to be held in the portfolio in the long term.
EPRA Net Tangible Assets (EPRA NTA)
EPRA Net Tangible Assets (EPRA NTA) | ||||||
in € million | Dec. 31, 2021 | Dec. 31, 2022 | Change in % | |||
Total equity attributable to Vonovia shareholders*** | 32,896.7 | 31,331.5 | -4.8 | |||
Deferred tax in relation to fair value gains of investment properties* | 18,438.4 | 16,190.0 | -12.2 | |||
Fair value of financial instruments** | 28.6 | -117.5 | – | |||
Goodwill as per the IFRS balance sheet*** | -2,484.1 | -1,529.9 | -38.4 | |||
Intangibles as per the IFRS balance sheet*** | -238.8 | -129.6 | -45.7 | |||
EPRA NTA**** | 48,640.8 | 45,744.5 | -6.0 | |||
EPRA NTA per share in €**** | 62.63 | 57.48 | -8.2 | |||
- * Proportion of hold portfolio.
- ** Adjusted for effects from cross currency swaps.
- *** 2021 adjusted after closing of Deutsche Wohnen PPA.
- **** 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.
Over a five-year observation period, Vonovia’s property assets showed the following development based on the EPRA NTA and the GAV (gross asset value):
EPRA NTA and GAV development
in € million | EPRA NTA | GAV | ||
2022 | 45,744.5 | 95,125.5 | ||
2021 | 48,640.8 | 98,225.3 | ||
2020 | 35,488.6 | 59,207.1 | ||
2019 | 29,762.2 | 53,586.3 | ||
2018 | 44,226.9 | |||