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ADLER Real Estate AG: First half year 2018: Boost to growth through first-time consolidation of Brack Capital Properties and ADLER operational performance
DGAP-News: ADLER Real Estate AG / Key word(s): Quarter Results/Half Year Results
31.08.2018 / 07:30
The issuer is solely responsible for the content of this announcement.
First half year 2018: Boost to growth through first-time consolidation of Brack Capital Properties and ADLER operational performance
- Net Rental Income increased by 32.1 percent yoy to EUR 109.1 million
- FFO I grew by 123.6 percent yoy to EUR 35.1 million
- Diluted EPRA NAV (excl. Goodwill) increased by 11.7 percent to EUR 17.17
- WACD reduced to 2.26 percent per annum and ICR increased to 2.27x
Berlin, 31 August 2018 - During the first half of 2018 ADLER Real Estate AG registered significant growth through the first-time consolidation of Brack Capital Properties N.V. (BCP), and through its on-going focus on operational performance.
Net rental income increased by 32.1 percent to EUR 109.1 million compared to the same period in previous year
The strong portfolio growth was the main driver for the increase in net rental income, which stood at EUR 109.1 million in the first half of 2018 and thus 32.1 percent higher than in the same period during the previous year (EUR 82.6 million). In addition, net rental income also increased as ADLER was able to improve the operational performance through successful re-letting resulting from the internalization of property and facility management.
Net of expense items, which comprise recoverable and non-recoverable operating costs and maintenance expenses, earnings from property lettings amounted to EUR 96.5 million in the first half of 2018, 61.1 percent more than in H1 2017 (EUR 59.7 million).
FFO I grew by 123.6 percent to EUR 35.1 million
Basic FFO I per share amounted to EUR 0.53 as of June 30, 2018 compared to EUR 0.23 one year ago. On a fully diluted basis FFO I per share increased to EUR 0.44 compared to EUR 0.19 for the first half year 2017.
EPRA NAV increased further to EUR 1,228.6 million
WACD was further reduced to 2.26 percent and ICR increased to 2.27x
Tomas de Vargas Machuca, Co-CEO of ADLER real Estate AG commented: "Through the acquisition of BCP, ADLER has once again delivered growth. With this latest acquisition we have significantly improved FFO, as well as our WACD and ICR - key metrics that rating agencies utilize when assessing the quality of an enterprise and are therefore working towards obtaining an Investment Grade rating.
Maximilian Rienecker, Co-CEO of ADLER Real Estate AG, added: "In the first three months in ̶which BCP has become part of the ADLER Group, all our expectations have been met. We are all set to develop our company in the right direction and look forward to unlocking synergies and economies of scale."
The complete financial report of ADLER Real Estate AG for the first half year 2018 is available on the company's website (www.adler-ag.com).
Your contact for enquiries:
Dr. Rolf-Dieter Grass
Key financials H1 2018
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|Company:||ADLER Real Estate AG|
|Joachimsthaler Straße 34|
|Phone:||+49 30 398 018 10|
|Fax:||+49 30 639 61 92 28|
|ISIN:||DE0005008007, XS1211417362, DE000A1R1A42, DE000A11QF02|
|WKN:||500800, A14J3Z, A1R1A4, A11QF0|
|Indices:||SDAX, GPR General Index|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|