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DGAP-News: ADLER Real Estate AG: First Quarter 2019: On track to reach full year targets

DGAP-News: Adler Real Estate AG / Key word(s): Interim Report


ADLER Real Estate AG: First Quarter 2019: On track to reach full year targets


15.05.2019 / 07:00



The issuer is solely responsible for the content of this announcement.


First Quarter 2019: On track to reach full year targets

- Sale of EUR180.6m (c.37%) of BCP's commercial portfolio on 25 March 2019 at c.7.6% premium to the book equity value.

- Strong operational performance with l-f-l rental growth of 3.9%, YoY reduction in vacancy to 6.6% and increase in average in-place rent to EUR5.52 per sqm/month

- FFO increased by 52.1 %, EPRA NAV stable

 

Berlin, 15 May 2019 - During the first quarter of 2019 ADLER Real Estate AG completed the sale of first part of BCP's commercial portfolio. In an initial transaction, three commercial units were sold, which accounted for approximately 37% of the total commercial portfolio with a total gross asset value of EUR 180.6m. The remaining commercial properties are expected to be sold opportunistically throughout the year. Non-core residential portfolio consisting of c. 3.700 units which were sold at the end of December have now been notarized with the final transfer of rights and obligations taking place during Q1 2019.

Operational metrics further improved

As of Q1 2019, ADLER's portfolio comprised 58,105 units. Net rental income increased by 44.3% YoY to EUR 64.8m as of Q1 2019. Significant increase was driven by operational improvements achieved through internalization of property and facility management as well as the acquisition of BCP. Consequently, all the main key performance indicators improved. ADLER achieved like-for-like (l-f-l) rental growth of 3.9%, 170bps YoY decrease in vacancy rate to 6.6%. The average in-place rent increased to EUR 5.52 per sqm/month (Q1 2018: EUR 5.23 sqm/month).
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