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Deutsche Wohnen's H1 consolidated group profit up YOY

Deutsche Wohnen SE's first-half consolidated group profit came in at €672.0 million, up from €647.2 million in the year-ago period.

A revaluation of the company's portfolio and higher operating result translated to an uplift of "just under" €900 million. Of the amount, €800 million is attributable to the core plus segment, especially in Greater Berlin.

Funds from operations, or FFO I, for the review period rose 11% year over year to reach €220.8 million, from €198.7 million in the first half of 2016.

FFO I per share registered an approximately 7% increase to reach 63 euro cents.

EPRA NAV increased 6% to reach €31.42 per share, from €29.68 per share as at 2016-end.

The company said it invested €124.9 million, or roughly €25.27 per square meter in maintenance and modernization work across its portfolio during the first half, as part of its €1 billion modernization program. The company intends to refurbish roughly 30,000 units until 2021.

Deutsche Wohnen affirmed its FFO I forecast for the year, which it projected to reach €425 million.