Vonovia First Quarter Earnings Fall on Higher Costs
Germany's largest real estate group Vonovia reported a 4.1% drop in first quarter adjusted earnings to 462.2 million euros. Higher financing expenses driven by Middle East instability raised ten-year costs to 4.5% while the company still expects its portfolio value to rise this year.
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VONOVIA SE reported first-quarter adjusted earnings before tax fell 4.1% to 462.2 million euros. The decline in Germany's largest real estate group followed a 0.5 percentage point rise in 10-year financing costs to 4.5%. Geopolitical tension in the Middle East has increased debt servicing expenses.
