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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
As of Q1 2019, ADLER's portfolio comprised 58,105 units. Net rental income increased by 44.3% YoY to EUR 64.8m as of Q1 2019. Significant increase was driven by operational improvements achieved through internalization of property and facility management as well as the acquisition of BCP. Consequently, all the main key performance indicators improved. ADLER achieved like-for-like (l-f-l) rental growth of 3.9%, 170bps YoY decrease in vacancy rate to 6.6%. The average in-place rent increased to EUR 5.52 per sqm/month (Q1 2018: EUR 5.23 sqm/month).

Strong increase in FFO
As of Q1 2019 FFO I stood at EUR 21.6m, representing 52.1% YoY increase (Q1 2018: EUR 14.2m). Fully diluted FFO I per share amounted to EUR 0.27. Strong growth in FFO is reflecting positive operational performance and acquisition of BCP in April 2018.

EPRA NAV remained stable compared to 2018-year end. As of Q1 2019 EPRA NAV (excl. goodwill and fully diluted) amounted to EUR 1,641.6m, 0.2% increase compared to EUR 1,639.0 as of Q4 2018. Diluted EPRA NAV per share (excl. goodwill) stood at EUR 20.81 (Q4 2018: EUR 20.77).

"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 (


Key financials Q1 2019

In EUR millions        
Consolidated Statement of Income   Q1 2019   Q1 2018
Net rental income   64.8   44.9
Earnings from property lettings   55.5   39.0
Earnings from the sale of properties   -0.4   0.9
EBIT   46.1   46.2
Consolidated net profit   14.7   -12.8
FFO I   21.6   14.2
FFO I per share in EUR 1)   0.32   0.21
Consolidated Balance Sheet   31.03.2019   31.12.2018
Investment Properties   4,858.4   4,989.1
EPRA NAV   1,634,2   1,632.7
EPRA NAV per share in EUR 1)   23.86   23.84
LTV in % 2)   61.2   61.4
Cashflow   Q1 2019   Q1 2018
Net cash flow from operating activities   18.5   32.9
Net cash flow from investing activities   15.4   -222.3
Net cash flow from financing activities   -31.3   210.1
Portfolio   31.03.2019   31.03.2018
Rental units   58,105   50,236
of which residential   57,202   49,216
Average rent (EUR/sqm/month)   5,52   5.23
Occupancy rate (%)   93,4   91.7
Employees   31.03.2019   31.12.2018
Number of employees   824   828
FTE's (Full-time-equivalents)   755   752
1) based on the number of shares outstanding as at balance sheet date
2) excluding convertible bonds


Your contact for enquiries:

Tina Kladnik
Head of Investor Relations
ADLER Real Estate AG
Tel: +49 162 424 68 33

15.05.2019 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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