HOWOGE Reports Strong Performance and Strategic Growth in 2023 Financial Year

Berlin-based housing company HOWOGE Wohnungsbaugesellschaft mbH announced its financial results for 2023, demonstrating a robust operating performance and ongoing strategic growth despite challenging market conditions. The company successfully expanded its housing units to 76,400 by adding nearly 1,000 new rental apartments. The financial report revealed that the funds from operations (FFO) stood at approximately EUR 200 million, maintaining stability compared to the previous year.

The company reported a loan-to-value (LTV) ratio of 32 percent as of December 31, 2023. Despite market-induced valuation decreases impacting the portfolio, HOWOGE maintains a strong credit profile supported by A and AA- ratings from major rating agencies. Strategic growth continued with the acquisition of significant housing portfolios in Berlin, enhancing its capacity to provide affordable housing. The company also completed important projects, including nearly 170 new apartments at Rummelsburg Bay and continued its involvement in Berlin’s school building campaign.

In financial maneuvers, HOWOGE highlighted its conservative yet diverse financing approach, facilitating long-term stability. With a focus on sustainability, HOWOGE also launched its climate strategy, aiming for climate-neutral holdings by 2045. The strategy includes enhancing energy efficiency and expanding renewable energy installations across its properties.