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ADLER Real Estate AG significantly increases revenue in the first nine months of 2015

DGAP-News: ADLER Real Estate AG / Key word(s): 9-month figures

2015-11-16 / 08:16

Corporate News

ADLER Real Estate AG significantly increases revenue in the first nine months of 2015

- Gross rental income rises by 179 per cent to EUR 152.1 million as at 30 September 2015

- Funds from Operations I grew by 266 per cent to EUR 9.9 million

- Funds from Operations II increased by more than the ten-fold to EUR 38.5 million

- EBITDA adjusted for non-recurring effects improve by 296 per cent to EUR 70.9 million

- In the third quarter EBIT increased to EUR 30 million (same period in 2014: EUR 8million)

- Gross rental income for FY 2015 is anticipated to be higher than expected totalling EUR 210 million

- ADLER confirms its target for reducing the weighted average cost of debt ("WACD") and improving the financial structure

Hamburg, 16 November 2015. ADLER Real Estate AG, Frankfurt/M. (ISIN DE0005008007) sharply increased its operating income and profits in the third quarter of fiscal year 2015 (compared to Q3 2014). In the period from July to the end of September 2015, Earnings Before Interest and Taxes (EBIT) almost quadrupled to EUR 30 million (Q3 2014: EUR 8 million). This result is largely due to the doubling of earnings from property lettings to EUR 26.9 million (EUR 13.4 million), the robust increase in earnings from the sale of properties to EUR 2.4 million (EUR 0.1 million) and the revaluation of investment properties in an amount of EUR 11.3 million (EUR -0.4 million). "After the consolidation of WESTGRUND on 26 June 2015, we can see in the third quarter, the expected effect of the new investment reflected for the first time in our income" said Axel Harloff, CEO of ADLER Real Estate AG. "In addition, we continue to benefit from the continued positive macroeconomic environment positively affecting residential real estate."

Against this background, ADLER expects gross rental income for the full year 2015 to reach EUR 210 million which is higher than initially predicted (EUR 196 million). During the first nine months of the reporting period these revenues had already increased by 179 % to EUR 152.1 million (EUR 54.5 million). Gross rental income and sale of properties once again grew vigorously. Fund from Operations from property lettings ("FFO I") increased to EUR 9.9 million (EUR 2.7 million). Furthermore due to the successful development of ACCENTRO Real Estate AG, which privatises properties for ADLER and third parties, the FFO II also increased to EUR 38.5 million (EUR 2.6 million). EBITDA after adjustment for non-recurring effects increased approximately by a four-fold from EUR 17.9 million to EUR 70.9 million.

As a result of the consolidation of WESTGRUND in second quarter 2015 as well as the other portfolios acquired in 2015, the Group's total assets rose to EUR 3.089 billion (end 2014: EUR 1.416 billion). Consequently, ADLER owned over 50,000 residential and commercial units at the end of September. The capital structure of the Company will continue to improve in line with industry peers.

ADLER continues to pursue the goal to further reduce the weighted average cost of debt (WACD) from 4.02 per cent (at the end of September 2015) to 4 per cent or below by year end. The Loan to Value (LTV), adjusted for convertible bonds, was further reduced at the end of September to 65.9 per cent down from 68.7 per cent in H1. ADLER aims to continue to improve its LTV to 60 per cent or below by the end of 2016.

For further details of the first nine months of fiscal year 2015, please refer to the respective quarterly report of ADLER Real Estate AG and the current presentation on the website

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About ADLER Real Estate AG:

ADLER Real Estate AG, headquartered in Frankfurt and with its administrative headquarters in Hamburg, focuses on the acquisition, management and administration as well as privatisation of residential property. ADLER invests primarily in portfolios or participations of residential real estate companies with properties predominantly situated in B locations in German conurbations that achieve a positive cash flow and can offer a sustained value appreciation potential.

The ADLER subsidiary, ACCENTRO Real Estate AG, is one of the largest privatisers of residential property in Germany. ACCENTRO markets suitable residential properties from the ADLER Group's portfolio on a targeted basis, and also brokers individual apartments on behalf of third parties to owner-occupiers and investors who for example are seeking to create a quasi-pension income. ADLER holds a 24.79 per cent stake in conwert Immobilien Invest SE, Vienna, one of the leading real estate companies in Austria. Over 80 per cent of conwert's property portfolio is located in A-listed cities in Germany.

With a portfolio of over 50,000 residential and commercial units, ADLER is among the top five largest listed German residential real estate companies in Germany. In addition to the listing on the FTSE EPRA / NAREIT Global Real Estate Index in London and the GRP General Index, shares in ADLER are also listed in the small cap index SDAX of the Deutsche Börse.

For enquiries please contact:

german communications dbk ag
Jörg Bretschneider
Milchstr. 6 B, 20148 Hamburg
Tel.: +49 40/46 88 33 0
Fax: +49 40/46 88 33 40

Investor Relations:
Hillermann Consulting
Christian Hillermann
Poststraße 14, 20354 Hamburg
Tel.: +49 40/32 02 79 10
Fax: +49 40/32 02 79 114

2015-11-16 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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