March 5, 2020 / 6:32 AM / a month ago

Vonovia confirms 2020 guidance as it reports 8% increase in 2019 funds from operations

BERLIN, March 5 (Reuters) - German residential property company Vonovia on Thursday confirmed its 2020 guidance for funds from operations (FFO) to hit between 1.275 billion euros and 1.325 billion euros ($1.42 billion - $1.48 billion).

Vonovia, which owns roughly 416,000 flats in Germany, Austria and Sweden, said FFO - its operating earnings - increased by around 8% to 1.219 billion euros, adding that this beat its forecast of between 1.165 billion and 1.215 billion euros.

It said that was helped by new construction plus the integration of Austria’s Buwog and Swedish firm Victoria Park.

“The positive business trend points to a favorable outlook for 2020,” Vonovia said in a statement.

It said it planned to increase its dividend by 9% to 1.57 euros per share. ($1 = 0.8979 euros) (Reporting by Michelle Martin Editing by Riham Alkousaa)

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