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ADLER Real Estate AG: Successful start to 2016

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

2016-05-13 / 12:31

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Corporate News

ADLER Real Estate AG: Successful start to 2016

- Rental income up more than 60 percent

- FFO I improves more than 50 percent

- FFO II almost trebles

- LTV reduces further


Hamburg, 13 May 2016. ADLER Real Estate AG, Frankfurt/M. began 2016 with substantial growth in its income from letting and trading residential properties. Rental income came to EUR 42.0 million in the first quarter of 2016, 66.8 percent higher than in the previous year's quarter (EUR 25.2 million). This increase reflects the growth in the property portfolio resulting from various acquisitions in the past year. As of 31 March 2016, the ADLER Group owned a total of 48,055 units. Income from the sale of properties, the ADLER Group's second segment, also grew sharply and almost trebled to reach EUR 21.6 million in the first quarter of 2016 (Q1 2015: EUR 7.6 million).

The substantial growth in rental income and income from the sale of properties were reflected in a corresponding increase in funds from operations (FFO), the key operating performance figure for real estate companies. FFO I, which presents operating results net of disposal proceeds, rose to EUR 5.7 million in the first quarter of 2016 and exceeded the comparable previous year's figure by more than 50 percent (Q1 2015: EUR 3.8 million). FFO II, which also includes income from the sale, i.e. trading and privatisation, of residential properties, almost trebled to EUR 8.9 million (EUR 3.0 million).

"In the first quarter, we benefited for the first time in full from the acquisitions made last year. What's more, we are all well on track in terms of our expectations for the 2016 financial year", comments Arndt Krienen, Management Board member at ADLER Real Estate AG. "Having said that, this strong operating performance is not directly reflected in the earnings figures reported in the income statement as the previous year's figures were significantly influenced by non-cash, non-recurring items."

Net of these one-off items, first-quarter EBITDA came to EUR 31.0 million, equivalent to growth of 123 percent on the same period in the previous year (EUR 13.9 million).

The balance sheet at the end of the first quarter did not show any material changes compared with the end of the previous year, as ADLER did not make any acquisitions or implement any financing measures in the first three months. As bank liabilities have declined due to scheduled repayments, however, the ratio of net financial liabilities to assets excluding cash (loan-to-value) improved further. Excluding convertible bonds, the LTV ratio came to 67.3 percent at the end of March 2016, as against 68.0 percent at the end of 2015.

The company's value - expressed in terms of its EPRA NAV (Net Asset Value) - grew from EUR 879.5 million at the end of 2015 to EUR 882.7 million at the end of March 2016. Per share, that corresponds to EUR 15.57, as against EUR 15.51 at the end of the past year.

The complete interim report of ADLER Real Estate AG for the 1st quarter of 2016 is available at ADLER's homepage (

EUR million     Change in %
Income statement 01.01.- 31.03 2016 01.01.- 31.03. 2015  
Rental income 42.0 25.2 67
Income from sale of properties 21.6 7.7 180
FFO I 5.7 3.8 50
FFO I per share (EUR) 0.12 0.12 0
FFO II 8.9 3.0 197
FFO II per share (EUR) 0.19 0.09 111
Balance 31.03.2016 31.12.2015  
Investment properties 2,279.8 2,270.2 1
EPRA NAV 882.7 879.5 0
EPRA NAV per share (EUR) 15.57 15.51 0
LTV in % 67.3 68.0 -1
Proprietary rental units in portfolio
As at 31 March 2016


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 of residential property privatisation. ADLER invests primarily in portfolios with residential property companies in B-locations of major conurbations with units that achieve a positive cash flow and can demonstrate a sustained appreciation potential.

The ADLER subsidiary, ACCENTRO Real Estate AG, is one of the largest privatisers of residential property in Germany. ACCENTRO markets suitably targeted residential property from the holdings of the ADLER Group and procures condominiums for third party owner-occupiers and investors seeking to provide for their retirement.

In addition, ADLER holds a 23.5 percent stake (31 December 2015) in conwert Immobilien Invest SE, Vienna, one of the leading real estate companies in Austria. conwert holds more than 82 per percent of its property portfolio in Germany, many of them in A-cities.

With nearly 50,000 residential units, ADLER is among the top five largest German residential property companies listed 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 Deutschen 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

2016-05-13 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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