The real estate company Deutsche Wohnen still earns well on its apartments – despite the debate about more protection for tenants. The new quarterly balance sheet shows that rental income continues to grow.
However, the prospect of a Mietendeckel in the main market Berlin leaves its first mark. The Group is looking for new sources of income and is increasingly focusing on nursing homes. He uses the high house prices for more sales.
"It is very clear," that the role of the seller for his group "more and more" sense, said CEO Michael Zahn in an analysts conference. 6500 apartments would be in northern Germany to disposition, also 3000 in Berlin.
This has nothing to do with the planned Berlin Mietendeckel, said Zahn. "We see a lot of cheap money and an increasing demand in the market."
After years of strong rent increases, real estate companies are experiencing strong headwinds, especially in Berlin. Recently, the Senate has agreed on cornerstones to freeze rents in the capital for the next five years. At the prestigious Karl-Marx-Allee, the land of Deutsche Wohnen snatched away several hundred apartments.
More than 70,000 people also signed up for an initiative to expropriate landlords with more than 3,000 homes. The Senate is currently examining whether the desired referendum can be approved.
Scope of rent mirror not maxed out
It was not until the weekend that the housing company Vonovia announced that it would no longer increase rents in Berlin for the time being so as not to further fuel the situation. The latest rent index offers five percent of leeway. According to Deutsche Wohnen, Deutsche Wohnen has not yet used the new rent index for increases.
The management reacted to the criticism with a voluntary measure: There should be no rent increase, if a household has to spend more than 30 percent of its net income for the net rent of a reasonable living space. Tenants have to disclose their income in order to use this hardship regulation.
On average tenants of Deutsche Wohnen pay € 6.73 per square meter in cold, in Berlin it was € 6.82. On average, tenants paid 3.3 percent more than in the same period of the previous year on a comparable basis, and even 3.6 percent more in the 116,000 homes in Berlin.
Although this allowed profits in current business to grow by more than 13 percent to 283.4 million euros. The bottom line, however, was the decline in consolidated profit. At 603 million euros, the half-year result was almost 50 million euros below the previous year's value.
More shops with care facilities
This was helped by the fact that the value of apartments is estimated to be lower than a year ago. In this context, the consolidated balance sheet refers to the Berlin plan to freeze rents for five years. Deutsche Wohnen's shares slid to its lowest level for more than two years on Tuesday.
Most recently, the Group's portfolio grew to over 165,000 apartments nationwide. Now you become a "net seller," Zahn said. While this year, a total of about 10,000 apartments to be sold, at the same time about 4000 units have been purchased. "This is something to expect in the next few years."
He also announced a concept for the third quarter on how the nursing home segment could continue to grow. The corporate strategy will not change fundamentally.