The property portfolio
As of 31 March 2019, ADLER held a total of 58,105 rental units with a total space of 3.6 million square metres and an annualized net rent (including parking spaces and other areas) of EUR 218.6 million. The fair value of the total portfolio (investment properties and inventories) amounted to EUR 4,946.0 million. The regional focus is on Lower Saxony (18,310 units), North Rhine-Westphalia (13,869 units) and Saxony (9,707 units). At the end of December 2018 around 3,700 non-core residential units have been sold in two separate transactions (notarised in Q1 2019), reducing the overall portfolio accordingly.
The residential properties also include a small number of commercial units which consist entirely of shops and offices of the kind that can often be found in city-centre residential properties. As at the end of the first quarter of 2019, these units numbered 940 and accounted for 1.6 percent of the properties held for permanent letting.