DGAP-News: ADLER Real Estate AG
/ Key word(s): Quarterly / Interim Statement
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
FFO I reached EUR 19.1m
EPRA NRV now at EUR 2,121.0m
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:
17.05.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||ADLER Real Estate AG|
|Joachimsthaler Straße 34|
|Phone:||+49 30 39 80 18 10|
|Fax:||+49 30 39 80 18 199|
|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|