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ADLER Real Estate resumes strong growth

ADLER Real Estate AG / Key word(s): Quarter Results

16.05.2014 / 11:05

ADLER Real Estate resumes strong growth

- Consolidated result increased to EUR 21.4 million in the first quarter of 2014

- Course for a successful takeover of ESTAVIS AG has been set

- Exchange period runs until 23 May 2014

Hamburg, 16 May 2014 - ADLER Real Estate AG, Frankfurt/M., (ISIN DE0005008007), resumes its strong growth. In the first quarter of business year 2014, which has been characterized by a rapid expansion of the residential property portfolio, both consolidated revenue and consolidated results increased substantially. Consolidated revenue increased more than twelvefold to EUR 12.8 (previous year: 1.08) million, as full rental income from the portfolios acquired in 2013 could be realized for the first time. Consolidated earnings increased to EUR 21.4 million after EUR 0.9 million in the comparable quarter of last year. The most important impact on the earnings development is the effect from the first-time consolidation of a share in a housing association holding 2,347 residential units in and around Helmstedt. Other operating income thereby increased to EUR 25.29 million (previous year's quarter: EUR 1.11 million). Total of all operating income increased to EUR 37.66 million (EUR 1.72 million).

Further growth will be enabled by the takeover offer for shareholders of ESTAVIS AG, Berlin. About one week before the end of the acceptance period for the exchange offer of each 14 ADLER shares for 25 ESTAVIS shares already 10.173 million shares have been tendered for exchange by shareholders of ESTAVIS. This is equivalent to 50.77 percent of the share capital of ESTAVIS AG. Therewith the minimum acceptance rate on the time of the publication of the offer document of 50 percent of the outstanding shares of ESTAVIS AG has been exceeded and the appropriate range condition has been fulfilled.

ADLER Group, which focuses on development and management of a substantial residential property portfolio in Germany, as a result would be able expand its residential property portfolio to more than 16,500 units following the occurrence off all other closing conditions and full consolidation of ESTAVIS AG.

"We are growing very successfully on all levels - revenue, assets and earnings and also have the resources which are required for continuing the expansion of ADLER rapidly and consistently", comments Axel Harloff, CEO of ADLER. Thus ADLER could already at the end of March 2014 successfully carry out the private placement of another corporate bond with a volume of EUR 50 million and now can invest the amounts into newly acquisitions. At the end of the first quarter balance sheet total of the ADLER Group increased to EUR 540.9 million (year end 2013: EUR 460.9 million). The largest position in the balance sheet is the interests at the residential real estate portfolios, which increased to a total value of EUR 500.6 million (year end 2013: EUR 417.9 million). The improvement in earnings as well as the effect from the increase of the share in a residential real estate portfolio in January 2014 resulted in an increase of equity to EUR 115.3 million (year end 2013: EUR 86.9 million).

For inquiries please contact:

Press: german communications dbk ag
Jörg Bretschneider
Alsterufer 34, 20354 Hamburg
Phone: +49 (0) 40/46 88 33 0
Fax: +49 (0) 40/47 81 80

Investor Relations: Hillermann Consulting
Christian Hillermann
Poststraße 14, 20354 Hamburg
Phone: +49 (0) 40/32 02 79 10
Fax: +49 (0) 40/32 02 79 114

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