Kontakt

Dr. Rolf-Dieter Grass
Head of Corporate Communication

Tel: +49 30 2000 914 29
Mobil: +49 172 386 255 8
Fax: +49 30 639 6192 28
r.grass@adler-ag.com

Berlin, March 31, 2021 – ADLER Real Estate AG has closed the business year 2020 successfully as part of the new ADLER Group. Although net rental income fell slightly year on year following reductions in the property portfolio, both FFO I and EPRA NRV increased further.

 

Net rental income declined slightly due to reduction in property portfolio

Net rental income amounted to EUR 239.7 million in 2020 and was thus 3.6% below the comparable prior-year figure. This development is mainly due to the fact that the commercial portfolio of BCP which was sold in 2019 did not further contribute to rental income in 2020 and, in addition, the number of rental units also declined in the course of the business year in the course of further portfolio optimisation. At the same time, operational KPI´s such as the vacancy rate and the average monthly rent per sqm improved further in 2020.

As a consequence, earnings from property lettings fell slightly. As income from fair value adjustments – partly due to Corona – was also lower than in the previous year, earnings declined overall.

 

FFO I improved by 1.8%

Notwithstanding the decline in sales and earnings, FFO I proved to be robust compared to the previous year and increased by 1.8 percent to EUR 85.9 million.

 

EPRA NRV increased by 5.3% 

The EPRA NRV (excluding goodwill, fully diluted and taking into account the capital increase resolved at the beginning of October 2020) amounted to EUR 2.3 billion at the end of 2020 and was thus 5.3% above the comparable prior-year level.

Since the Adler Group took over the majority of ADLER shares in mid-2020, ADLER has been part of Adler Group. The IFRS consolidated financial statements of ADLER Real Estate AG are therefore fully consolidated in the IFRS consolidated financial statements of Adler Group S.A.

The complete 2020 financial report is available on ADLER’s website at www.adler-ag.com.

 

2020 key data

 

EUR Mio 2020         2019
Consolidated Statement of Income
Net rental income 239.7 248.7
Earnings from property lettings 211.2 219.3
Earnings from sale of properties 12.1 0.5
Income from fair value adjustments of investment properties 239.5 362.6
EBIT 353.3 469.0
Funds from Operations I 85.9 84.4
FFO I/share (diluted) (€) 1.05 1.06
Consolidated Balance Sheet 31.12.2020 31.12.2019
Investment properties (incl. inventories) 5,020.1 5,007.3
EPRA NRV (adjusted and fully diluted) 2,324.2 2,206.2
NRV/share (€) 19.93 27.62
LTV (%) 51.2 49.4
WACD (%) 1.94 2.05
Portfolio  31.12.2020 31.12.2019
Units 52,178 58,083
  • Annualised net rental income
219.9 224.4
Vacancy rate (%) 4.3 4.9
Ø Rent/month/sqm (€)  6.00 5.60

 

Contact:

Tina Kladnik

Head of Investor Relations

ADLER Real Estate AG

Tel: +49 (162) 424 6833

t.kladnik@adler-ag.com