HOWOGE Achieves Strong First Half-Year 2024 Performance

Berlin, 29th August 2024 – HOWOGE Wohnungsbaugesellschaft mbH has reported a successful first half of 2024. The Berlin-based public company added approximately 240 apartments, bringing its total to around 76,700 units by the end of June. HOWOGE's FFO saw a year-over-year increase to €105.6 million.

Managing directors Ulrich Schiller and Katharina Greis noted the resilience in market conditions. HOWOGE completed more than 200 new-build apartments and began work on an additional 150 units. The company also notarized the acquisition of 4,500 apartments and acquired ATOZ Facility Solutions GmbH to enhance in-house services.

Financially, HOWOGE benefited from routine rent adjustments and portfolio growth, with rental income rising 4.8% to €201.1 million. The adjusted EBITDA reached €139.3 million. Despite the challenging market, HOWOGE issued a €300 million Social Bond in May, covering much of its recent portfolio acquisition costs.

HOWOGE's portfolio comprised 76,684 apartments and 1,151 commercial units with a low vacancy rate of 1.2%. The average rent increased to €6.70 per square meter. The company continues to aim for climate neutrality, showcased by a large-scale refurbishment project in Lichtenberg. Additionally, HOWOGE completed major school building projects, highlighting its contribution to Berlin's infrastructure.

HOWOGE remains optimistic about achieving an FFO of €180 to €200 million for the full year of 2024.