Focus on residential property
ADLER essentially sees itself as a provider of rented apartments. Consistent with this approach, these accounted for 49,553 units. Thus 97.9 percent of the properties in the portfolio were held for permanent letting as at the reporting date. Having said this, the overall portfolio also includes a small share of commercial units. In a certain sense, these are a by-product as some of the inner-city residential properties also include shop or office space. There were 1,088 such units at the reporting date, accounting for a 2.1 percent share of the portfolio of properties held for permanent letting.
Property holdings expanded through acquisitions
The number of rental units held for permanent letting increased by 6.3 percent in the first nine months of the year. A total of 498 rental units were sold in the course of streamlining the portfolio to remove units no longer viewed as forming part of the core portfolio. The holdings were augmented in particular through the acquisition of several portfolios, comprising 701 units in the Bremen area in the first quarter, 192 units in Senftenberg in the second quarter and 2,505 rental units with an emphasis on fast-growing locations in North Rhine-Westphalia, Lower Saxony and Bremen, which were acquired in the third quarter. ADLER has thus met the objective it set itself of moderately expanding its portfolio. The number of properties held for trading has also increased slightly.