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ADLER Real Estate AG: First three months of 2017: Further operating and financial improvements

DGAP-News: ADLER Real Estate AG / Key word(s): Quarter Results ADLER Real Estate AG: First three months of 2017: Further operating and financial improvements 15.05.2017 / 08:01 The issuer is solely responsible for the content of this announcement.

First three months of 2017: Further operating and financial improvements

- Net Rental income rose to EUR 43.9 million, up 4.5 percent compared to Q1 2016

- Q1 FFO I reached EUR 7.9 million, up 38.6 percent compared to Q1 2016

- LTV reduced by 3.6 percentage points to 57.7 percent

 

Berlin, 15 May 2017 - ADLER Real Estate AG further improved its key operating and financial figures in the first three months of the current financial year. "Our focus remains to increase the Company's performance and consequently we were able to increase our rental income and FFO", comments Arndt Krienen, CEO of ADLER Real Estate AG, "In the first quarter, we placed particular emphasis on improving our capital structure. We used the proceeds from the sale of our conwert shares to repay liabilities and thus have reduced our LTV by a further 3.6 percentage points to 57.7 percent in the first quarter. This means we have already taken a significant step towards reaching our target of reducing LTV to 55.0 percent by the end of 2017."

Net Rental income rose to EUR 43.9 million, up 4.5 percent compared to Q1 2016

Rental income in the first quarter 2017 reached EUR 43.9 million and was thus 4.5 higher than in the comparable quarter one year earlier (Q1 2016 EUR 42.0 million). The increase was mainly due to an improved operational performance. Average rent/sqm/month for the portfolio as a whole reached EUR 5.04 in the first quarter 2017, up 2.0 percent on Q1 2016 (Q1 2016 EUR 4.94). The occupancy rate across the portfolio increased by 0.6 percentage points to 89.4 percent.