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ADLER Real Estate AG: ADLER Real publishes the First Quarterly Report as at March 31, 2008

ADLER Real Estate AG / Quarter Results

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

ADLER Real Estate AG publishes the First Quarterly Report as at March 31,

Hamburg, Mai 15, 2008. During the first quarter of the financial year 2008,
the project development environment cyclically influenced the business
performance of ADLER Real Estate AG (ISIN DE0005008007). Because of the
lack of transactions in project development there were no major sales and
earnings performance in the first quarter 2008. Earnings reached only a
range of EUR 0.23 million which resulted from current revenues of the Asset
and Property Management and rental income. Other operating income amounted
to about EUR 0.102 million. A comparison with the extraordinary transaction
of MÜBAU Real Estate GmbH in the first quarter of last year is not
possible. Operating loss of EUR 0.742 million and a negative consolidated
result of EUR 0.769 million occurred due to operating expenses.

The results to date of reporting period have not yet reflected the strength
that ADLER reached in project development business that continue to develop
during the first quarter. The Management Board therefore believes to aim a
clearly positive result in the current financial year.

The Management Board

If you may have any request please refer as follows: 
german communications dbk ag
Jörg Bretschneider
Alsterufer 34, 20354 Hamburg
Tel.: +49 (0)40 46 88 33 0, Fax: +19 (0)40 47 81 80

15.05.2008  Financial News transmitted by DGAP
Language:     English
Issuer:       ADLER Real Estate AG
              Neuer Wall 77
              20354 Hamburg
Phone:        +49 (0)40 - 29 8130-0
Fax:          +49 (0)40 - 29 8130-35
ISIN:         DE0005008007
WKN:          500800
Listed:       Regulierter Markt in Berlin, Frankfurt (General Standard),
              Düsseldorf, München; Freiverkehr in Hamburg
End of News                                     DGAP News-Service