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ADLER Real Estate AG: First Quarter 2019: On track to reach full year targets
DGAP-News: ADLER Real Estate AG / Key word(s): Interim Report
15.05.2019 / 07:00
The issuer is solely responsible for the content of this announcement.
First Quarter 2019: On track to reach full year targets
- Sale of EUR180.6m (c.37%) of BCP's commercial portfolio on 25 March 2019 at c.7.6% premium to the book equity value.
- Strong operational performance with l-f-l rental growth of 3.9%, YoY reduction in vacancy to 6.6% and increase in average in-place rent to EUR5.52 per sqm/month
- FFO increased by 52.1 %, EPRA NAV stable
Berlin, 15 May 2019 - During the first quarter of 2019 ADLER Real Estate AG completed the sale of first part of BCP's commercial portfolio. In an initial transaction, three commercial units were sold, which accounted for approximately 37% of the total commercial portfolio with a total gross asset value of EUR 180.6m. The remaining commercial properties are expected to be sold opportunistically throughout the year. Non-core residential portfolio consisting of c. 3.700 units which were sold at the end of December have now been notarized with the final transfer of rights and obligations taking place during Q1 2019.
Operational metrics further improved
Strong increase in FFO
Stable EPRA NAV
"With our continued good performance of the first quarter", Tomas de Vargas Machuca, Co-CEO of ADLER Real Estate AG said, "ADLER Real Estate is well under way to meet its full-year targets once again in 2019, following successful takeover of BCP."
Maximilian Rienecker, Co-CEO of ADLER Real Estate AG, added: "We remain committed to achieving our FY 2019 LTV target of c.55%. We will see further improvements with the sale of remaining of BCP's commercial properties."
The complete financial report of ADLER Real Estate AG for the first quarter 2019 is available on the company's website (www.adler-ag.com).
Key financials Q1 2019
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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|
|EQS News ID:||811289|
|End of News||DGAP News Service|