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13.05.2016 12:31:16
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DGAP-News: Adler Real Estate AG
DGAP-News: Adler Real Estate AG: Successful start to 2016
- FFO I improves more than 50 percent
- FFO II almost trebles
- LTV reduces further
Hamburg, 13 May 2016. ADLER Real Estate AG, Frankfurt/M. began 2016 with substantial growth in its income from letting and trading residential properties. Rental income came to EUR 42.0 million in the first quarter of 2016, 66.8 percent higher than in the previous year's quarter (EUR 25.2 million). This increase reflects the growth in the property portfolio resulting from various acquisitions in the past year. As of 31 March 2016, the ADLER Group owned a total of 48,055 units. Income from the sale of properties, the ADLER Group's second segment, also grew sharply and almost trebled to reach EUR 21.6 million in the first quarter of 2016 (Q1 2015: EUR 7.6 million).
The substantial growth in rental income and income from the sale of properties were reflected in a corresponding increase in funds from operations (FFO), the key operating performance figure for real estate companies. FFO I, which presents operating results net of disposal proceeds, rose to EUR 5.7 million in the first quarter of 2016 and exceeded the comparable previous year's figure by more than 50 percent (Q1 2015: EUR 3.8 million). FFO II, which also includes income from the sale, i.e. trading and privatisation, of residential properties, almost trebled to EUR 8.9 million (EUR 3.0 million).
"In the first quarter, we benefited for the first time in full from the acquisitions made last year. What's more, we are all well on track in terms of our expectations for the 2016 financial year", comments Arndt Krienen, Management Board member at ADLER Real Estate AG. "Having said that, this strong operating performance is not directly reflected in the earnings figures reported in the income statement as the previous year's figures were significantly influenced by non-cash, non-recurring items."
Net of these one-off items, first-quarter EBITDA came to EUR 31.0 million, equivalent to growth of 123 percent on the same period in the previous year (EUR 13.9 million).
The balance sheet at the end of the first quarter did not show any material changes compared with the end of the previous year, as ADLER did not make any acquisitions or implement any financing measures in the first three months. As bank liabilities have declined due to scheduled repayments, however, the ratio of net financial liabilities to assets excluding cash (loan-to-value) improved further. Excluding convertible bonds, the LTV ratio came to 67.3 percent at the end of March 2016, as against 68.0 percent at the end of 2015.
The company's value - expressed in terms of its EPRA NAV (Net Asset Value) - grew from EUR 879.5 million at the end of 2015 to EUR 882.7 million at the end of March 2016. Per share, that corresponds to EUR 15.57, as against EUR 15.51 at the end of the past year.
The complete interim report of ADLER Real Estate AG for the 1st quarter of 2016 is available at ADLER's homepage (www.adler-ag.com).
EUR million Change in % Income statement 01.01.- 31.03 2016 01.01.- 31.03. 2015 Rental income 42.0 25.2 67 Income from sale of 21.6 7.7 180 properties FFO I 5.7 3.8 50 FFO I per share 0.12 0.12 0 (EUR) FFO II 8.9 3.0 197 FFO II per share 0.19 0.09 111 (EUR)
Balance 31.03.2016 31.12.2015 Investment 2,279.8 2,270.2 1 properties EPRA NAV 882.7 879.5 0 EPRA NAV per share 15.57 15.51 0 (EUR) LTV in % 67.3 68.0 -1
Proprietary rental 48,055 units in portfolio As at 31 March 2016
ADLER Real Estate AG: ADLER Real Estate AG, headquartered in Frankfurt and with its administrative headquarters in Hamburg, focuses on the acquisition, management and administration of residential property privatisation. ADLER invests primarily in portfolios with residential property companies in B-locations of major conurbations with units that achieve a positive cash flow and can demonstrate a sustained appreciation potential.
The ADLER subsidiary, ACCENTRO Real Estate AG, is one of the largest privatisers of residential property in Germany. ACCENTRO markets suitably targeted residential property from the holdings of the ADLER Group and procures condominiums for third party owner-occupiers and investors seeking to provide for their retirement.
In addition, ADLER holds a 23.5 percent stake (31 December 2015) in conwert Immobilien Invest SE, Vienna, one of the leading real estate companies in Austria. conwert holds more than 82 per percent of its property portfolio in Germany, many of them in A-cities.
With nearly 50,000 residential units, ADLER is among the top five largest German residential property companies listed in Germany. In addition to the listing on the FTSE EPRA / NAREIT Global Real Estate Index in London and the GRP General Index, shares in ADLER are also listed in the small cap index SDAX of the Deutschen Börse.
For enquiries please contact:
Press: german communications dbk ag Jörg Bretschneider Milchstr. 6 B, 20148 Hamburg Tel.: +49 40/46 88 33 0 Fax: +49 40/46 88 33 40 presse@german-communications.com
Investor Relations: Hillermann Consulting Christian Hillermann Poststraße 14, 20354 Hamburg Tel.: +49 40/32 02 79 10 Fax: +49 40/32 02 79 114 c.hillermann@adler-ag.com
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13.05.2016 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.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: ADLER Real Estate AG Herriotstr. 5 60528 Frankfurt am Main Germany Phone: +49 (0)40 - 29 8130-0 Fax: +49 (0)40 - 29 8130-99 E-mail: info@adler-ag.com Internet: www.adler-ag.com ISIN: DE0005008007, XS1211417362, DE000A1R1A42, DE000A11QF02 WKN: 500800, A14J3Z, A1R1A4, A11QF0 Indices: SDAX, GPR General Index Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg End of News DGAP News Service ---------------------------------------------------------------------------
463651 13.05.2016
DGAP-News: ADLER Real Estate AG / Key word(s): Quarter Results
ADLER Real Estate AG: Successful start to 2016
13.05.2016 / 12:31
The issuer is solely responsible for the content of this announcement.
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Corporate News
ADLER Real Estate AG: Successful start to 2016
- Rental income up more than 60 percent
- FFO I improves more than 50 percent
- FFO II almost trebles
- LTV reduces further
Hamburg, 13 May 2016. ADLER Real Estate AG, Frankfurt/M. began 2016 with substantial growth in its income from letting and trading residential properties. Rental income came to EUR 42.0 million in the first quarter of 2016, 66.8 percent higher than in the previous year's quarter (EUR 25.2 million). This increase reflects the growth in the property portfolio resulting from various acquisitions in the past year. As of 31 March 2016, the ADLER Group owned a total of 48,055 units. Income from the sale of properties, the ADLER Group's second segment, also grew sharply and almost trebled to reach EUR 21.6 million in the first quarter of 2016 (Q1 2015: EUR 7.6 million).
The substantial growth in rental income and income from the sale of properties were reflected in a corresponding increase in funds from operations (FFO), the key operating performance figure for real estate companies. FFO I, which presents operating results net of disposal proceeds, rose to EUR 5.7 million in the first quarter of 2016 and exceeded the comparable previous year's figure by more than 50 percent (Q1 2015: EUR 3.8 million). FFO II, which also includes income from the sale, i.e. trading and privatisation, of residential properties, almost trebled to EUR 8.9 million (EUR 3.0 million).
"In the first quarter, we benefited for the first time in full from the acquisitions made last year. What's more, we are all well on track in terms of our expectations for the 2016 financial year", comments Arndt Krienen, Management Board member at ADLER Real Estate AG. "Having said that, this strong operating performance is not directly reflected in the earnings figures reported in the income statement as the previous year's figures were significantly influenced by non-cash, non-recurring items."
Net of these one-off items, first-quarter EBITDA came to EUR 31.0 million, equivalent to growth of 123 percent on the same period in the previous year (EUR 13.9 million).
The balance sheet at the end of the first quarter did not show any material changes compared with the end of the previous year, as ADLER did not make any acquisitions or implement any financing measures in the first three months. As bank liabilities have declined due to scheduled repayments, however, the ratio of net financial liabilities to assets excluding cash (loan-to-value) improved further. Excluding convertible bonds, the LTV ratio came to 67.3 percent at the end of March 2016, as against 68.0 percent at the end of 2015.
The company's value - expressed in terms of its EPRA NAV (Net Asset Value) - grew from EUR 879.5 million at the end of 2015 to EUR 882.7 million at the end of March 2016. Per share, that corresponds to EUR 15.57, as against EUR 15.51 at the end of the past year.
The complete interim report of ADLER Real Estate AG for the 1st quarter of 2016 is available at ADLER's homepage (www.adler-ag.com).
EUR million Change in % Income statement 01.01.- 31.03 2016 01.01.- 31.03. 2015 Rental income 42.0 25.2 67 Income from sale of 21.6 7.7 180 properties FFO I 5.7 3.8 50 FFO I per share 0.12 0.12 0 (EUR) FFO II 8.9 3.0 197 FFO II per share 0.19 0.09 111 (EUR)
Balance 31.03.2016 31.12.2015 Investment 2,279.8 2,270.2 1 properties EPRA NAV 882.7 879.5 0 EPRA NAV per share 15.57 15.51 0 (EUR) LTV in % 67.3 68.0 -1
Proprietary rental 48,055 units in portfolio As at 31 March 2016
ADLER Real Estate AG: ADLER Real Estate AG, headquartered in Frankfurt and with its administrative headquarters in Hamburg, focuses on the acquisition, management and administration of residential property privatisation. ADLER invests primarily in portfolios with residential property companies in B-locations of major conurbations with units that achieve a positive cash flow and can demonstrate a sustained appreciation potential.
The ADLER subsidiary, ACCENTRO Real Estate AG, is one of the largest privatisers of residential property in Germany. ACCENTRO markets suitably targeted residential property from the holdings of the ADLER Group and procures condominiums for third party owner-occupiers and investors seeking to provide for their retirement.
In addition, ADLER holds a 23.5 percent stake (31 December 2015) in conwert Immobilien Invest SE, Vienna, one of the leading real estate companies in Austria. conwert holds more than 82 per percent of its property portfolio in Germany, many of them in A-cities.
With nearly 50,000 residential units, ADLER is among the top five largest German residential property companies listed in Germany. In addition to the listing on the FTSE EPRA / NAREIT Global Real Estate Index in London and the GRP General Index, shares in ADLER are also listed in the small cap index SDAX of the Deutschen Börse.
For enquiries please contact:
Press: german communications dbk ag Jörg Bretschneider Milchstr. 6 B, 20148 Hamburg Tel.: +49 40/46 88 33 0 Fax: +49 40/46 88 33 40 presse@german-communications.com
Investor Relations: Hillermann Consulting Christian Hillermann Poststraße 14, 20354 Hamburg Tel.: +49 40/32 02 79 10 Fax: +49 40/32 02 79 114 c.hillermann@adler-ag.com
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13.05.2016 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.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: ADLER Real Estate AG Herriotstr. 5 60528 Frankfurt am Main Germany Phone: +49 (0)40 - 29 8130-0 Fax: +49 (0)40 - 29 8130-99 E-mail: info@adler-ag.com Internet: www.adler-ag.com ISIN: DE0005008007, XS1211417362, DE000A1R1A42, DE000A11QF02 WKN: 500800, A14J3Z, A1R1A4, A11QF0 Indices: SDAX, GPR General Index Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg End of News DGAP News Service ---------------------------------------------------------------------------
463651 13.05.2016
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