March 26 (Bloomberg) -- Deutsche Wohnen AG, Germany’s largest residential landlord by market value, said funds from operations rose 44 percent in 2012 after the company increased the number of apartments it owns by more than half.
FFO excluding divestments, a measure of a property company’s ability to generate cash, climbed to 68.2 million euros ($87.8 million) from 47.5 million euros a year earlier, the Berlin-based company said in a statement today. In November, Deutsche Wohnen said its FFO in 2012 would be at least 65 million euros.
German residential landlords are taking advantage of rising stock prices to finance acquisitions by raising money from shareholders at favorable terms. In January, Deutsche Wohnen issued 195 million euros of new shares to pay for planned purchases.
The company owned 83,000 apartments at the end of 2012, up from 51,000 a year earlier 2011, after making the most acquisitions in its history, spokeswoman Manuela Damianakis said. Deutsche Wohnen will purchase about 35,000 additional homes by June, the company said today.
Annual net income almost tripled to 145.5 million euros, or 1.15 euros a share, from 50.6 million euros, or 61 cents, a year earlier, Deutsche Wohnen said.
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