ADLER Real Estate: FFO and EPRA NRV continue to increase in the third quarter of 2020

Berlin, November 30, 2020 - ADLER Real Estate AG has remained on the road to success as part of the new ADLER Group. Although net rental income fell slightly year on year due to the property sales that had already taken place in the previous year, both FFO I and EPRA NRV increased further.

Net rental income declined slightly due to property sales

Net rental income amounted to EUR 179.1 million and was thus 4.6% below the comparable prior-year figure (9M 2019: EUR 187.7 million). This development is mainly due to the fact that BCP's commercial portfolio still contributed to rental income in the first nine months of 2019, while this was not the case in 2020 as the larger part had been sold in the course of 2019.

As a result, earnings from property lettings also fell slightly. As income from fair value adjustments - partly due to Corona – was also lower than in the previous year, earnings declined overall.

FFO I improved by 2.6%

Notwithstanding the decline in sales and earnings, FFO I proved to be robust compared to the previous year and increased by 2.6 percent to EUR 63.6 million.

EPRA NRV increased by 3.8%

The EPRA NRV (excluding goodwill, fully diluted and taking into account the capital increase resolved at the beginning of October) amounted to EUR 2.3 billion at the end of Q3 2020 and was thus 3.8% above the comparable prior-year level.

Since the ADLER Group took over the majority of ADLER shares in mid-2020, ADLER has been part of ADLER Group. The IFRS consolidated quarterly financial statements of ADLER Real Estate AG are therefore fully consolidated in the IFRS consolidated quarterly financial statements of ADLER Group S.A.

The complete financial report for the first nine months of 2020 is available on the ADLER Group's website at www.adler-ag.com.

 

 

Contact:

Tina Kladnik

Head of Investor Relations

ADLER Real Estate AG

Tel: +49 (162) 424 6833

t.kladnik@adler-ag.com