First-half funds from operations 1, or FFO 1, at Vonovia SE rose 18% year over year to €457.7 million from €387.8 million.
The biggest residential company in Germany also logged a 15.7% increase in FFO 1 per share to 96 cents from 83 cents in the year-ago period.
Profit for the period ended June 30 totaled €1.06 billion, a 619.8% jump from €147.9 million in 2016 first half.
Net asset value, as defined by the European Public Real Estate Association, stood at approximately €18.70 billion as at June 30, compared to approximately €13.67 billion in the prior-year period. Meanwhile, adjusted earnings before interest, taxes, depreciation and amortization climbed 7.8% year over year to reach €651.9 million from €604.6 million in the first half of 2016.
Rental income from property management reached €833.2 million, a 7.6% increase from €774.7 million in the previous first half.
Vonovia CEO Rolf Buch said in a statement the company's investment program is "on track," with vertical expansions and densification projects "making good progress." The company added that it is looking to develop 2,000 new apartments every year. The first half also saw the integration of the conwert Immobilien Invest SE's real estate portfolio into Vonovia.
The company affirmed its full-year guidance in 2017, with the projected FFO 1 in a range of between €900 million and €920 million.