By Ian Walker

Vonovia SE on Thursday reported a swing to loss for the first quarter of the year after booking a large depreciation and amortization charge, but backed its full-year guidance.

The German real-estate company posted a net loss for the quarter of 29.1 million euros ($30.9 million) compared with a profit of EUR247.0 million for the year-earlier period. It booked a depreciation and amortization charge of EUR1.11 billion compared with EUR21.2 million for the first quarter of 2021.

Revenue for the period was EUR1.63 billion compared with EUR1.15 billion.

Group funds from operations--the company's key figure for operational profitability also called FFO--was EUR564.0 million compared with EUR390.5 million.

Vonovia said it is targeting total segment revenue of between EUR6.2 billion and EUR6.4 billion this year as guided in March. It also reiterated that it sees group FFO of between EUR2.0 billion and EUR2.1 billion.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

May 05, 2022 01:47 ET (05:47 GMT)

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