November 5, 2019 / 6:24 AM / 12 days ago

Vonovia forecasts 7% growth in 2020 operating earnings

FRANKFURT, Nov 5 (Reuters) - Germany’s biggest residential property firm Vonovia SE on Tuesday posted a positive outlook for 2020, having seen 11% higher funds from operations (FFO) in the first nine months of the year of 932.8 million euros ($1.04 billion).

The DAX-listed company cited acquisitions, development business, construction activity and efficiency gains.

Full-year 2019 FFO should be at the upper end of previous estimates and should see further growth of 7% next year to around 1.275 billion to 1.324 billion euros, it said.

Since going public in 2013, Vonovia has grown by swallowing up smaller rivals, and has expanded outside its home market in Austria and Sweden. ($1 = 0.8988 euros) (Reporting by Vera Eckert Editing by Michelle Martin)

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