By Kim Richters

Vonovia SE on Friday said that profit declined in 2021, and that it proposed a decreased dividend.

The German real-estate company said net profit fell to 2.64 billion euros ($2.93 billion) from EUR3.23 billion in 2020.

However, adjusted earnings before interest, taxes, depreciation and amortization came in at EUR2.27 billion, up from EUR1.91 billion, it said.

Total segment revenue rose 18.5% to EUR5.18 billion, and funds from operations--the company's key figure for operational profitability--increased 24% to EUR1.67 billion, the company said.

Vonovia proposed a dividend of EUR1.66 a share, compared with EUR1.69 previously.

For the current year, the company said it targets total segment revenue between EUR6.2 billion and EUR6.4 billion, and funds from operations between EUR2.0 billion and EUR2.1 billion.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

March 18, 2022 02:40 ET (06:40 GMT)

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