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ADLER Real Estate AG: ADLER Real Estate AG strengthens provisions for risks

ADLER Real Estate AG / Preliminary 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 strengthens provisions for risks

  - Negative earnings in 2008 due to write-downs of assets

  - Profitability Planned for 2009

Hamburg, 17 March 2009. ADLER Real Estate AG (ISIN DE0005008007),
Frankfurt, intends to write down EUR 4.9 million in various assets in its
portfolio due to lower performance and a weak economy. In its 2008
financial statements, the company will write down EUR 4.9 million of its
existing properties and investments, and will report a consolidated net
loss of EUR 4.197 million in 2008 compared to net consolidated earnings of
EUR 7.273 million in 2007. ADLER will disclose an operating profit of EUR
0.524 million.

Consolidated net sales rose to EUR 7.173 million in 2008 from EUR 5.414
million in 2007 due primarily to the sale of land in Duisburg.

EUR 2.7 million of the write-downs will relate to the two office building
portfolios in which a majority interest is held by AIG Global Real Estate
(Europe) Ltd., a subsidiary of the US insurance group AIG. ADLER holds a 15
percent interest in each portfolio. Write-downs of EUR 2.2 million will
also be made on various other properties in the ADLER portfolio due to a
decline in value brought on by the weakening economy. Operating expenses
rose to EUR 2.423 million in 2008 from 2.37 million in 2007.

ADLER's investment in DB Immobilien GmbH, a national real estate sales and
marketing firm, will strengthen ADLER's real estate operating network and
is expected to expedite the disposition of many of its assets.

ADLER will continue to market for sale the bulk of its land investments in
2009 and continue to concentrate on improving the operations of its
portfolio investments with the expectations 2009 will perform at a profit.

The final figures of the 2008 financial statements will be published in
April 2009.

The Management Board

If you have any questions, please contact:

german communications dbk ag 

Jörg Bretschneider

Alsterufer 34, 20354 Hamburg

Phone: 040/46 88 33 0, Fax: 040/47 81 80 
17.03.2009  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