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ADLER Real Estate AG: Another successful year
DGAP-News: ADLER Real Estate AG
/ Key word(s): Annual Results
31.03.2020 / 07:00
The issuer is solely responsible for the content of this announcement.
Financial year 2019: Another successful year
- Excellent operational performance with l-f-l rental growth of 2.4%, reduction in vacancy to 5.4% and increase in average in-place rent to EUR 5.60 per sqm/month, in line with the 2019 guidance
- Net rental income increased by 4.3% to EUR 248.7m
- FFO I grew by 13.7% to EUR 84.4m
- EPRA NAV (excl. goodwill and fully diluted) up by 39.3% to EUR 2,283.6m
- 91.93% (94.15% incl. treasury shares) of ADLER shareholders accepted takeover offer by ADO to create one of the largest listed residential real estate companies in Europe
Berlin, 31 March 2020 - In these challenging times driven by the Covid-19 pandemic, the safety and wellbeing of our tenants and employees remains our top priority. We are following all Public Health and Government guidelines to ensure everyone stays safe and we help to limit the spread of the virus. We are in discussions with our tenants and are considering rent deferral schemes for the vulnerable. The management board would like to thank the German health service and key workers for their exceptional and selfless efforts to safeguard the German population. We also offer our sincere condolences to any of you who have lost friends or family to the virus.
Our balance sheet and liquidity position are robust with significant headroom against debt covenants and we do not expect any material impact on FFO for 2020. Combined with ADO Properties (ADO), the Group has EUR 500 million of cash at hand.
Another very strong year for ADLER Real Estate AG (ADLER) reflecting in the company not only meeting, but in many cases exceeding, its financial targets for the year. Net rental income was EUR 248.7 million, in excess of a target range of EUR 235-240 million. At EUR 84.4 million, FFO I was in the middle of the forecast range of EUR 83-86 million. Average rent was on target at EUR 5.60 per sqm per month and the vacancy rate came to 5.4%, better than the target of 6%. LTV (excl. convertibles) as of 31 December 2019 stood at 51.4%, better than the 55% target.
Net rental income increased by 4.3% to EUR 248.7m YoY
FFO I grew by 13.7% to EUR 84.4m
EPRA NAV increased further by 39.3% to EUR 2,283.6m
LTV reduced by 10ppts to 51.4% compared to FY 2018
Successful combination with ADO
ADO also acquired a 22.18% strategic minority stake in CONSUS, Germany's leading residential developer focused on rental product in top-9 cities. The strategic stake, together with CONSUS shares already owned by ADLER, amount to an ownership position of around 25% of CONSUS. Furthermore, a call option has been agreed with Aggregate Holdings SA ("Aggregate"), CONSUS' 51% shareholder. The combined company may exercise its call option at any time until June 2021 with the consideration being paid in newly created ADO shares, at an exchange ratio of 0.2390 ADO shares for each CONSUS share, provided that this ratio will be adjusted to any dividends and equity raise done by ADO or CONSUS, as relevant.
The ongoing housing shortage in Berlin and other densely populated regions in Germany is an issue which the combined company takes seriously. It is committed to easing the pressure on the market through accelerating the construction of new stock suitable for rent. Through CONSUS, the combined company will gain exposure to a market-leading development platform with a high quality pipeline of over 15,000 residential rental units in top-9 cities.
We will be hosting a conference call today, 31 March 2020, at 3pm CET / 2pm GMT / 9am EDT. For dial in details and link to the webcast please follow the below link:
The complete annual report of ADLER Real Estate AG for the financial year 2019 is available on the company's website (www.adler-ag.com).
Your contact for enquiries:
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|Company:||ADLER Real Estate AG|
|Joachimsthaler Straße 34|
|Phone:||+49 30 39 80 18 10|
|Fax:||+49 30 39 80 18 199|
|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:||1011151|
|End of News||DGAP News Service|