Top 20 locations generate more than 60 percent of rental income

The focus on the metropolitan regions outlined above also means that the properties in ADLER’s 20 most important towns and cities account for more than 62 percent of the company’s total rental income.
Wilhelmshaven remains the most important location for the Group, with 6,895 rental units and annual net rental income of EUR 23.7 million. Measured in terms of rental units, Duisburg is the next largest location, with 4,925 units and net rental income of EUR 19.9 million, and Leipzig, with 4,749 units and net rental income of EUR 17.5 million. Berlin, Cottbus, Halle and Dortmund rank next. ADLER does not play a significant role in the local housing markets in any of its top 20 locations apart from Wilhelmshaven, where almost one-fifth of the local housing belongs to the Group.

as at September 30, 2019
LocationUnitsArea (sqm thousands)Annualised Net NRI (EUR )Ø rent/ month/sqm (EUR)Change YOY (%)Vacancy rate (%)Change YOY (PP)
in thou. sqmin EUR min EUR in %in %in ppts
Wilhelmshaven6,895406.723.75.151.95.9-1.5
Duisburg4,925305.019.95.550.82.1-0.7
Leipzig4,749254.817.55.933.83.7-2.1
Cottbus1,867110.05.94.791.36.9-2
Halle (Saale)1,858105.95.54.932.511.91.0
Dortmund1,770102.37.15.862.61.5-0.9
Berlin1,699111.77.95.972.01.8-1.3
Goettingen1,37785.26.16.12.71.7-2.9
Wolfsburg1,30187.66.56.313.01.2-4.8
Helmstedt1,21970.74.45.261.02.0-0.9
Hannover1,11363.35.47.213.21.6-1.8
Essen1,04366.34.45.750.93.0-0.3
Kiel97066.85.46.813.40.7-0.5
Borna90050.22.14.691.124.510.8
Bremen87353.646.342.21.9-0.7
Schoeningen84650.22.605.014.615.4-1.2
Chemnitz83752.52.34.8-5.415.51.2
Oberhausen81962.63.705.091.03.9-0.3
Schwerin81648.02.74.871.33.6-0.3
Norden79550.23.35.523.81.7-0.2
Top 2036,6722,203.7140.25.582.24.8-1.0
Total58,0833,546.6224.45.62.05.4-0.6
as at December 31, 2019