Operating performance data – substantial rise in average rent
The Group further improved its key performance data in the first nine months of the current financial year. At the end of the period under report, the average contractually agreed rent per square metre per month for the overall portfolio amounted to EUR 5.08, EUR 0.13 higher than the figure for the previous year’s period (9M 2016: EUR 4.95). In the core portfolio, the average rental income (per square metre and month) amounted to EUR 5.11 as of 30 September 2017, up EUR 0.07 on the start of the year (EUR 5.04), when this performance indicator was ascertained for the first time. In the course of nine months, the development of average rent therefore already reached the level that ADLER had previously expressed in its forecast for the year as a whole.

The occupancy rate for the overall portfolio came to 89.9 percent at the end of the first nine months of 2017 against 89.3 percent one year earlier. The occupancy rate in the core portfolio reached 91.1 percent at the end of the third quarter of 2017. This equates to an improvement of 0.4 percentage points since the year’s halfway point (89.5 percent), but also a slight decline since the start of the year, when this performance indicator was also ascertained for the first time (91.4 percent). However, ADLER has not yet met its own target for this key figure. This is mainly due to the fact that the massive transition of tenant support services from external service providers to internal group property and facility management at the beginning of the year gave rise to a certain volume of “friction losses” that had not been expected. These were initially reflected in a higher tenant turnover rate and a higher vacancy rate. Although this negative development has been partially rectified over the course of the year, the original targets were no longer achievable in the first nine months of the year – and are not expected to be achieved by the end of the year either.

Core portfolio (like for like)9M 20176M 2017Change
Residential & Commercial
Units44,612
Ø rent in €/sqm/month5.115.070.8 %
Occupancy rate in %90.990.90,0 pp
Residential only
Units43,810
Ø rent in €/sqm/month5.065.020.8 %
Occupancy rate in %91.491.40.0 pp
Commercial only
Units802
Ø rent in €/sqm/month6.666.640.3 %
Occupancy rate in %76.576.6-0,1pp
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