According to Art.17 of Marktmissbrauchsverordnung (MMVO) a listed company is obliged to publish without undue delay so-called insider information – meaning information which could considerably influence the price of the shares or other securities of the company in case the information became publicly known.

ADLER Real Estate AG: Extraordinary Expenses Continue to Weigh Down Earnings

ADLER Real Estate AG / Interim Report


Dissemination 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.


Hamburg, 13 November 2009. The change of strategy adopted by ADLER Real
Estate AG (ISIN DE0005008007), Frankfurt, has been weighing upon its
results so far this year. In the first nine months of Fiscal Year 2009, the
Group's earnings are down to EUR -3.495 million (from EUR -2.355 million
the year before). Adjusting for extraordinary effects, however, ADLER's
earnings were EUR -1.939 million, a slight improvement over the year
before. This improvement in the operating result is attributable above all
to the sale of plots by ADLER subsidiary Münchener Baugesellschaft. ADLER's
consolidated revenues climbed to EUR 1.524 million at the end of September
2009, up from EUR 0.858 million.

The EUR 1.640 million in extraordinary expenses are attributable to
write-downs on the Group's investment in DB Immobilien GmbH, which had to
file for bankruptcy in the spring, as well as the Group's investments in
the two office building portfolios held together with AIG Real Estate
Group. The latter write-down was the result of the division to get out of
the asset and property management business on behalf of third parties.
Negotiations with AIG regarding termination of the relationship have not
yet been finalized. Prospects are now good that DB Immobilien GmbH will
rapidly complete its ongoing planned bankruptcy procedure, which would
allow ADLER to recover accounts receivable from DBI which have been written
off. The negotiations with AIG may also allow at least partial reversal of
the write-downs.

In the future, ADLER will focus on investing in and acquiring
cash-generating properties. In order to raise the capital needed for this
purpose, efforts to sell existing properties and projects will be
intensified. If the company succeeds in executing these transactions,
ADLER's consolidated earnings should improve through the end of 2009, but
will remain in the negative digits.

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

13.11.2009  Financial News distributed by DGAP. Media archive at and

Language:     English
Company:      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