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ADLER Real Estate AG: Continued strong performance for the third quarter 2019
DGAP-News: ADLER Real Estate AG
/ Key word(s): Quarterly / Interim Statement
14.11.2019 / 07:00
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Adler Real Estate AG: Continued strong performance for the third quarter 2019
- Strong earnings growth with FFO I up 12.9% year-on-year (YoY) to EUR 62.0m driven by strong underlying like-for-like (l-f-l) rental growth
- Diluted EPRA NAV per share (excl. goodwill) 16.5% higher at EUR 23.91 (FY 2018: EUR 20.77)
- Reduction of LTV by 5.2ppts YoY to 56.2%, on track to achieve year end guidance
- Circa 71% (GAV or EUR 341.4m) of BCP's retail assets have been sold to date at an average discount of c.3.0% to book value
- ADO Group merger expected to close between 8-10 December 2019 following 100% shareholder approval and merger control clearance
- Dividend policy to be revised in 2020
Berlin, 14 November 2019 ADLER Real Estate AG (ADLER) continues to make solid progress in 2019 as evidenced by strong Q3 operational and financial performance as well as agreeing to acquire a 33% stake in ADO Properties S.A. (ADO Properties) through the acquisition of ADO Group Ltd. (ADO Group) for c. EUR 708m.
Net rental income increased by 8.3% to EUR 187.7m YoY
FFO I grew by 12.9% to EUR 62.0m
EPRA NAV increased further by 16.5% to EUR 1,909.8m
LTV reduced by 5.2ppts to 56.2% compared to FY 2018
As of November 2019, c.71% (GAV of EUR 341.1m) of the BCP's retail assets were sold at an average discount of c.3.0% to book value. We are in negotiations for the remaining assets in the portfolio with GAV of EUR 138.9m and expect to sell another part of the remaining retail portfolio by the end of 2019 or Q1 2020.
Treasury shares exchanged for assets
Acquisition of ADO Group
ADLER will be looking to pass on the future dividend received from ADO Properties to its own shareholders. The purchase price represents an 18% discount to ADO Properties' H1 2019 reported EPRA NAV and an implied underlying residential real estate asset value of EUR 2,088/sqm which we believe is an exceptional entry price for good quality assets in Berlin.
ADLER has received merger control clearance and approval for merger by ADO Group's shareholders at its EGM on 7 November 2019. The merger is expected, therefore, to close between 8-10 December 2019, 30 days after the EGM as required by Israeli law.
The complete financial report of ADLER Real Estate AG is available on the company's website (www.adler-ag.com).
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Key financial data 9M 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:||912521|
|End of News||DGAP News Service|