DGAP-News

ADO Properties S.A. concludes first half of 2016 with significant earnings growth

DGAP-News: ADO Properties S.A. / Key word(s): Half Year Results
ADO Properties S.A. concludes first half of 2016 with significant earnings
growth

17.08.2016 / 07:00
The issuer is solely responsible for the content of this announcement.

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ADO Properties S.A. concludes first half of 2016 with
significant earnings growth

- Significant increase in income from rental activities (+46%) and FFO1
(+51%)

- Substantial like-for-like rental growth of 5.2%

- Vacancy rate significantly reduced to 2.8% (31 December 2015: 4.0%)

- Net asset value per share increased by 14% to EUR 27.55 as of 30 June
2016 (31 December 2015: EUR 24.10)

- Additional successful portfolio acquisition after the reporting date
expands portfolio to 18,600 units

- Jörn Stobbe FRICS replaces Jörg Schwagenscheidt as a board member

Berlin, 17 August 2016 - ADO Properties S.A., the only Prime Standard-
listed residential real estate company that is focused solely on Berlin,
concludes the first half of 2016 with significant earnings growth.

Key operating performance indicators show stable growth
ADO Properties' income from rental activities increased year on year by 46%
to EUR 41.8 million (H1 2015: EUR 28.6 million). The rise was primarily due
to additional acquisitions and like-for-like rental growth of 5.2% over the
last twelve months. EBITDA from rental activities rose by 41%, from EUR
21.1 million in the first half of 2015 to EUR 29.7 million. The earnings in
the second quarter of 2016 correspond to annualised total EBITDA of more
than EUR 61 million.

FFO1 (excluding income from disposals) increased by 51% to EUR 19.9 million
during the first six months of 2016, following EUR 13.1 million in the
corresponding period of the previous year. Comparing Q2 2016 to Q1 2016
FFO1 increased by 11%.

By the end of the reporting period, the average in-place rent in the
residential portfolio had increased to EUR 5.92 per sqm (31 December 2015:
EUR 5.82). This corresponds to a like-for-like rental growth of 5.2% as of
30 June 2016. The company succeeded in further reducing the vacancy rate in
the residential portfolio to 2.8% (31 December 2015: 4.0%) by the end of
the second quarter.

Most recent portfolio acquisition expands portfolio to 18,600 units
The company's property portfolio has continued to grow substantially since
the start of the year. The company took over 1,023 units in Berlin in the
reporting period and another 1,900 units shortly thereafter. ADO
Properties' portfolio value amounted to EUR 1.74 billion as of 30 June
2016. In total, the portfolio consisted of 16,700 units, including 15,700