Operating performance data – another substantial rise in average rent
In 2018, the Group once again improved its operating performance. At the end of the period under review, the average contractually agreed rent per square metre per month for the overall portfolio amounted to EUR 5.45, EUR 0.28 higher than the figure for the same period of the previous year (2017: EUR 5.17 without BCP). Not including BCP, ADLER would have reported an average rent of EUR 5.30 at the end of 2018. BCP alone achieved a slightly higher average rent than ADLER, amounting to EUR 6.12 at the end of the year.
In the core portfolio, which includes the BCP portfolio but not the non-core-portfolio which has now been sold, the average contractually agreed rent per square metre per month amounted to EUR 5.49 at the end of 2018, which was EUR 0.28 higher than one year ago (2017: EUR 5.21 without BCP).
The occupancy rate for the overall portfolio came to 92.7 percent at the end of 2018 against 90.6 percent one year earlier. The occupancy rate in the core portfolio reached 94.0 percent at the reporting date in 2018. This equates to an improvement of 1.9 percentage points compared with one year ago (92.1 percent). Here again, part of the increase is due to the acquisition of BCP. In its former structure, ADLER had an occupancy rate of 93.7 percent at the end of the year, while for BCP it was 94.9 percent. The improvement in the operating performance indicators also reflects the fact that ADLER has meanwhile incorporated all its property holdings in its former structure under the Group’s own management. Further positive effects are expected to come from the creation of a separate letting division in September 2018.