FRANKFURT, May 13 (Reuters) - German property group Deutsche Wohnen said on Wednesday that 1,100 of its tenants have asked for help due to anticipated payment difficulties related to the COVID-19 pandemic and the company has set up a 30 million euro relief fund.
“Deutsche Wohnen will not be making any rent increases during the Coronavirus crisis, nor will it be serving notice to tenants who have got into payment difficulties,” the company said in a statement as it reported a 13% rise in first-quarter earnings.
Deutsche Wohnen, which manages 161,000 flats, is offering tenants to move flats, to pay rents later and even to waive rental payments. The company has said that it is capping its dividend to finance this.
In the first quarter, the company saw net earnings rise to 125.4 million euros, while its FFO I - a key measure of profitability - was down 4% at 141 million euros.
Deutsche Wohnen also confirmed its 2020 earnings guidance. (Reporting by Arno Schuetze Editing by Scot W. Stevenson)