Deutsche Wohnen: No dividends for shareholders
After taking over the Gehag group in 2007, Deutsche Wohnen AG will not distribute dividends to its shareholders. The 2007 net asset value rose by 2.4% to €37.16 per share from €36.29 per share in 2006, which includes the Gehag transaction. Operating profits before interest and taxes (EBITDA) ran to €101.2mn, with funds from operations reaching €10.2mn. The concern’s earnings after taxes amounted to €231.4mn. Net income from unheated rentals totaled €186.3mn based on a 3.6% average net rent increase to €4.89 per sqm. Due to a judgement by the Berliner Kammergericht (Superior Court of Justice) against a Gehag property fund, indemnity suits might be in the offing for Deutsche Wohnen.