18.05.2020 ADLER Real Estate AG  DE0005008007

DGAP-News: ADLER Real Estate AG: Solid performance for first quarter - well positioned for the future


DGAP-News: ADLER Real Estate AG / Key word(s): Quarterly / Interim Statement
ADLER Real Estate AG: Solid performance for first quarter - well positioned for the future

17.05.2020 / 22:00
The issuer is solely responsible for the content of this announcement.


ADLER Real Estate AG announces solid performance for first quarter - well positioned for the future

- Solid operational performance with like-for-like rental growth of 2.3%, YoY vacancy decrease to 6.2% and in-place rent increase to EUR 5.6 per sqm/month

- Net rental income stood at EUR 60.2m following optimization of portfolio through disposal of non-core assets

- FFO I reached EUR 19.1m

- EPRA NRV stood at EUR 2,121.0m

- We expect no material impact on FFO in 2020 from COVID-19 with rent deferrals relating to COVID-19 currently at merely 1.4%

Berlin, 18 May 2020 -- ADLER Real Estate AG ("ADLER" and together with its consolidated subsidiaries, the "Group") remains committed to the safety and wellbeing of the Group's employees and tenants during the COVID-19 pandemic. The ADLER Group is complying with Public Health and Government guidance to ensure everyone's safety and to limit the spread of COVID-19.

ADLER announced today its interim financial results for the first quarter of 2020 reporting a solid performance, which has seen limited impact from COVID-19. Currently, rent deferrals related to COVID-19 stand at only 1.4% of ADLER's total monthly rental income and are split into 0.1% of the residential rent and 1.3% of the commercial rent.

Financial key performance indicators were mainly impacted by disposal of non-core residential properties and BCP's retail portfolio aimed to optimize our portfolio. Some 3,700 non-core residential units with gross asset value (GAV) of EUR 179.2m were sold, with transaction completed in Q1 2019. Throughout 2019, we sold c. 71% of BCP's retail assets with GAV of EUR 341.1m.

Net rental income of EUR 60.2m
As of Q1 2020, ADLER's portfolio comprised of 58,190 units. Net rental income decreased by 7.1% to EUR 60.2m (Q1 2019: EUR 64.8m). This decrease was mainly driven by disposal of non-core residential units and BCP's retail portfolio throughout 2019, partially offset by operational improvements with all of the ADLER's main key performance indicators improved. ADLER achieved like-for-like rental growth of 2.3% and decreased its vacancy rate year-on-year to 6.2%. The average in-place rent increased to EUR 5.6 per sqm/month (Q1 2019: EUR 5.5 sqm/month).

FFO I reached EUR 19.1m
FFO I amounted to EUR 19.1m, representing a 11.6% decrease YoY (Q1 2019: EUR 21.6m). On a fully diluted basis, FFO I per share amounted to EUR 0.24 (Q1 2019: EUR 0.27). Decrease in FFO I mainly reflects disposal of non-core residential portfolio and BCP's retail portfolio throughout 2019.

EPRA NRV now at EUR 2,121.0m
EPRA NRV (excluding goodwill and on a fully diluted basis) amounted to EUR 2,121.0m, a 3.9% decrease compared to EUR 2,206.2m as of Q1 2019. The corresponding diluted EPRA NRV per share was at EUR 26.55 (Q1 2019: EUR 27.62).

Cooperation with ADO makes significant progress
ADLER's cooperation with ADO is progressing well and the combined group is capitalizing on the benefits of the transaction. The cooperation is being led by a dedicated and experienced Cooperation Management Office. The combined group is ahead of schedule in realizing its operational synergies of EUR 6.5m run rate expected for 2020. In addition, the combined group is seeking to simplify its corporate structure to unlock further shareholder value. To cover the entire asset-lifecycle effectively, a link between the "Build to Hold" and "Manage and Service" business lines has been established.

Delivering a leader in residential real estate
ADLER's successful combination with ADO was completed on April 9, 2020 and is on track to create one of the largest listed residential real estate companies in Europe. The combination of the two companies will result in approximately EUR 8.6bn in combined residential assets as of 31 March 2020. ADO's high-quality Berlin portfolio will be complemented by ADLER's Germany-wide portfolio, focused on German cities with attractive upside potential. The diversified, residential-focused portfolio of the combined group and its robust financial position enable it to navigate any headwinds resulting from COVID-19.

In light of the ongoing housing shortage in Berlin and other densely populated regions in Germany, the combined group is committed to providing solutions through accelerating the construction of new residential units.

We will be hosting a conference call today, 18 May 2020, at 3pm CET / 2pm GMT / 9am EDT. For dial in details and link to the webcast please follow the below link:

Your contact for enquiries:
Tina Kladnik
Head of Investor Relations
ADLER Real Estate AG
Tel: +49 (162) 424 6833
[email protected]

17.05.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: ADLER Real Estate AG
Joachimsthaler Straße 34
10719 Berlin
Phone: +49 30 39 80 18 10
Fax: +49 30 39 80 18 199
E-mail: [email protected]
Internet: www.adler-ag.com
ISIN: DE0005008007, XS1211417362
WKN: 500800, A14J3Z
Indices: 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: 1048693

End of News DGAP News Service

1048693  17.05.2020 


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 216,64 245,80 264,39 349,60 370,36 354,68 0,00
EBITDA1,2 118,80 103,30 124,90 119,30 112,10 -360,30 0,00
EBITDA-Marge3 54,84 42,03 47,24 34,12 30,27 -101,58 0,00
EBIT1,4 176,59 268,49 311,82 582,83 469,01 353,29 0,00
EBIT-Marge5 81,51 109,23 117,94 166,71 126,64 99,61 0,00
Jahresüberschuss1 78,28 133,78 142,63 332,45 367,76 -304,42 0,00
Netto-Marge6 36,13 54,43 53,95 95,09 99,30 -85,83 0,00
Cashflow1,7 24,97 100,55 36,35 131,00 94,36 149,15 0,00
Ergebnis je Aktie8 1,56 1,76 1,78 3,50 3,08 -4,39 2,05
Dividende8 0,00 0,00 0,04 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ebner Stolz

Adler Real Estate
WKN Kurs in € Einschätzung Börsenwert in Mio. €
500800 7,700 Halten 839,82
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
7,00 5,07 1,43 5,51
0,49 5,63 2,37 -11,93
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
0,00 0,00 0,00 14.12.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
28.05.2021 31.08.2021 30.11.2021 31.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-18,89% -32,90% -40,59% -39,94%
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Immobilien (Wohn) , 500800 , ADL , XETR:ADL