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ADLER Real Estate AG: ADLER Real Estate AG expects to break even

ADLER Real Estate AG / Half Year 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.
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ADLER Real Estate AG expects to break even 

  - Semi-annual earnings deflated by DB Immobilien GmbH 

  - Multiple transactions in the works 

Hamburg, 14 August 2009. ADLER Real Estate AG (ISIN DE0005008007),
Frankfurt, expects to break even in Fiscal Year 2009 on the strength of a
few property sales. Earnings in the first six months of the year were
depressed by the absence of large-scale transactions and the total
write-off of the investment in DB Immobilien GmbH. Consolidated net
revenues increased to EUR 0.982 million in the reporting period, up from
EUR 0.57 million in the first half of last year. In addition to the sale of
a few parcels by ADLER subsidiary Münchener Baugesellschaft, revenues were
generated from asset and property management fees, as well as rent. Other
operating income came to EUR 0.186 million, up from EUR 0.114 million the
year before. The company's operating loss grew to EUR 1.948 million (from
EUR 1.576 million) as a result of current expenses, as well as the
write-off of the EUR 0.76 million remaining from the investment in DB
Immobilien GmbH, and consolidated net earnings were EUR -2,068 million,
down from EUR -1,377 million last year.

Expectations for improved earnings in the second half of the year are based
on the fact that multiple promising transactions will soon be successfully
concluded. The sale of the property in Homburg an der Saar has already been
notarized, for example, and the agreement will take effect once a single
formality is taken care of. The company is also in final-stage negotiations
for some other projects. Münchener Baugesellschaft should benefit from
reorganized marketing operations and the improvement in the general
economy, and should be able to sell more properties in the second half of
the year.

The Management Board 


For questions, please contact:

german communications dbk ag

Jörg Bretschneider

Alsterufer 34, 20354 Hamburg

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

presse@german-communications.com 
14.08.2009  Financial News transmitted by DGAP
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Language:     English
Issuer:       ADLER Real Estate AG
              Neuer Wall 77
              20354 Hamburg
              Deutschland
Phone:        +49 (0)40 - 29 8130-0
Fax:          +49 (0)40 - 29 8130-35
E-mail:       info@adler-ag.de
Internet:     www.adler-ag.de
ISIN:         DE0005008007
WKN:          500800
Listed:       Regulierter Markt in Berlin, Frankfurt (General Standard),
              Düsseldorf, München; Freiverkehr in Hamburg
 
End of News                                     DGAP News-Service
 
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