By Kim Richters 
 

Vonovia SE said Thursday that its 2019 net profit fell, and it backed its guidance for 2020.

The German real-estate company said net profit for the year was 1.15 billion euros ($1.28 billion), compared with EUR2.27 billion a year earlier.

Vonovia's funds from operations, its operating profit after taxes and interest and also called FFO, rose to EUR1.22 billion from EUR1.13 billion.

Rental income increased to EUR2.07 billion from EUR1.89 billion, while adjusted earnings before interest, taxes, depreciation and amortization rose to EUR1.76 billion from EUR1.55 billion.

The company said it would propose a dividend of EUR1.57 per share for 2019, up from EUR1.44 a share for the previous year.

Vonovia backed its outlook for 2020, expecting FFO in the range of EUR1.275 billion to EUR1.325 billion.

 

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

 

(END) Dow Jones Newswires

March 05, 2020 01:52 ET (06:52 GMT)

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