ADLER REAL ESTATE AG Content 1. ADLER Real Estate AG at a glance - - PowerPoint PPT Presentation
Company Presentation August 2017 H1 2017 results ADLER REAL ESTATE AG Content 1. ADLER Real Estate AG at a glance 2. Market environment 3. H1 2017 Financial performance 4. H1 2017 Operational performance Company presentation 5.
1. ADLER Real Estate AG – at a glance 2. Market environment 3. H1 2017 Financial performance 4. H1 2017 Operational performance 5. ACCENTRO Real Estate AG 6. ADLER on the Capital Markets 7. Governance and operational organisation 8. Guidance and outlook
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Unlock organic growth potential Company presentation H1 2017
An ongoing success story
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■ A leading listed real estate company in Germany ■ SDAX-listed since 2015 (also included in FTSE EPRA/Nareit, Global Real Estate Index, GPR General Index, DIMAX) ■ Focus on growth and value creation ■ Event-driven/special situation strategy ■ Strong acquisition-led growth 2013 to 2015 and consolidation in 2016, growth and capital structure optimization in 2017 ■ Focus on affordable housing in specific regions in Germany
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A clear equity story for value investors
Supplier of affordable housing
■ Significant FFO increases for the next 3 years Through operational efficiencies Through reduction of interest expenses for higher yielding debt Further portfolio growth (pipeline of ca. 7,500 units) ■ Continued improvements of key financial metrics Reduction of LTV from 66.9% (2013) to 57,8% (H1 2017) Reduction of WACD from 4.70% (2013) to 3.66% (H1 2017) Rating improvements from B+ to BB-/positive outlook ■ Internalisation of key operational functions Property management Facility management Consistently delivering on targets and building a stronger track record
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A simple, clear business model
Acquisitions/Disposals Capital markets
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Portfolio 1,906 units Portfolio 2,400 units Portfolio 8,500 units ESTAVIS AG 2,100 units Portfolio 4,300 units Successful disposal
Commercial assets Westgrund AG
Takeover offer
Successful disposal
1,174 units Ajax portfolio
Acquisition of 24.79% of ATX listed conwert Immobilien Invest SE 29,896 units ADLER announces a package of measures to sustainably boost earnings strength Portfolio 700 units Portfolio 160 units Corporate Bond 14/19 EUR 50m Capital increase EUR 80m Tap 14/19 Corporate Bond EUR 50m Capital Increase EUR 21m Corporate Bond 15/20 EUR 300m Capital increase EUR 190m Mandatory Convertible Bond (IFRS Equity) EUR 175m Tap Corporate Bond 15/20 EUR 50m Change in the Group’s Management Board Convertible Bond 16/21 EUR 137m Redemption Schuldscheindarlehen EUR 62m Redemption Schuldscheindarlehen EUR 30m
2014 2015 2017 2016
Redemption Margin Loan EUR 200m Portfolio 6,750 units Tap 14/19 Corporate Bond EUR 30m Additional 5m shares in conwert aquired Stake in conwert sold to Vonovia SE
Considerable growth and value creation as a result of a successful strategy and its execution
From 7,000 to 50,000 units in 3 years
Tap Corporate Bond 15/20 EUR 150m
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J
Portfolio 200 units Buyback ACCENTRO convertible EUR 12m Redemption Bond 14/19 EUR 130m
7.9 15.7 10 20 30 3M 6M 9M FY 2016 2017 43.9 86.4 50 100 150 200
3M 6M 9M FY
2016 2017
Significant growth and year on year value creation
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Net rental income Number of rental units NAV FFO I
Market value investment properties
LTV
€ m € m € m
Growth and value creation
7,797 20,086 48,218 47,662 48,233 0,000 10,000 20,000 30,000 40,000 50,000 60,000
2013 2014 2015 2016 H1 2017
+ 1.2% + 3.0%
418 1,171 2,235 2,442 2,505 0,000 0,500 1,000 1,500 2,000 2,500 2013 2014 2015 2016 H1 2017 € m
+ 30.8%
95 351 880 1,066 1,094 0,000 0,200 0,400 0,600 0,800 1,000 1,200 2013 2014 2015 2016 H1 2017 € m
+ 2.3%
66.9 68.7 68.0 61.3 57.8 50 55 60 65 70 2013 2014 2015 2016 H1 2017 %
+ 2.6%
German residential market offers huge potential
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Positive macro backdrop
GDP Germany, yoy change (%) Source: Bundesanstalt für Arbeit Source: Statistisches Bundesamt
500 1.000 1.500 2011 2012 2013 2014 2015
Immigration balance (000) Source: Statistisches Bundesamt Index of manpower demand
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Source: ifo institute, 2013 - 2016 December * 2017 Estimates, Gemeinschaftsprognose der führenden Wirtschaftsinstitute Unemployment rate (%)
433 81 11 531 83 Asia America Africa Europe Other
Ifo business climate index Origin of immigration (000), 2015
Positive economic
industry
1,0 1,5 2,0 2014 2015 2016 2017* 2018* 100 150 200 250 2013 2014 2015 2016 Jun 17 100 105 110 115 120 2013 2014 2015 2016 Jun 17 5 5,5 6 6,5 7 2014 2015 2016 Jun 17 2018*
ADLER exposed to strong and growing regions
GDP 2016, yoy growth (%)
Source: Arbeitskreis Erwerbstätigenrechnung des Bundes und der Länder
Employment growth*, Δ 2016 to 2011 (%) GDP 2016, in € bn
Source: Statistische Ämter der Länder
% %
Page 10 Germany total NRW Lower Saxony Berlin Saxony Brandenburg Thuringia Saxony-Anhalt Mecklenb.-Pom. Berlin Saxony Thuringia Brandenburg Germany total NRW Mecklenb.-Pom. Lower Saxony Saxony-Anhalt
* Number of employed persons
41 59 61 69 118 129 264
100 200 300 400 500 600 700
3.133
at current prices at current prices
2.6 2.9 3.1 3.2 3.3 3.3 3.5 4.3 4.6 2 4
Portfolios located in strongly growing federal states
0.4 1.6 2.7 4.2 4.9 5.2 6.2
5 10 Berlin Lower Saxony Germany total NRW Saxony Brandenburg Mecklenb.-Pom. Thuringia Saxony-Anhalt
Financial metrics improved
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Net rental income
43.9 86.4 50 100 150 200 3M 6M 9M FY € m 7.9 15.7 5 10 15 20 25 30 3M 6M 9M FY
FFO I
H1 2017 H1 2016 Change (%) Gross rental income 131.1 130.8 0.2 Net rental income 86.4 83.9 3.0 Earnings from property lettings 62.5 61.0 2.5 Earnings from the sale of properties 11.3 16.5
EBIT 87.7 83.8 4.7 FFO I 15.7 12.0 30.8 FFO II 20.1 27.4
€ m 9.4 20.1 20 40 60 3M 6M 9M FY
FFO II
€ m Page 12
ADLER in line with 2017 guidance 00
+ 3.0% + 30.8%
Solid operational performance
Euro m
*at reporting date, ACCENTRO had additional sales of c. EUR 30 m signed, but rights and obligations had not yet been transferred
66.9 68.7 68.0 61.3 57.8 50 55 60 65 70 2013 2014 2015 2016 H1 17 % 4.70 4.15 3.99 3.69 3.66 3 3,5 4 4,5 5 2013 2014 2015 2016 H1 17 %
H1 2017 FY 2016 Change (%)
Investment properties (€ m)
2,505.5 2,442.0 2.6
EPRA NAV (€ m)
1,094.4 1,069.9 2.3
Equity ratio (%)
29.0 26.6 2.4 PP
LTV (excl. convertibles) (%)
57.8 61.3
WACD (%)
3.66 3.69
Equity ratio LTV WACD
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ADLER in line with 2017 guidance
00 ADLER with improved financial profile
18.9 22.0 25.3 26.6 29.0 10 20 30 40 2013 2014 2015 2016 H1 17 %
+ 2.4 PP Euro m
3.5 4.5
Insourcing impacts structure of expenses
Comments Page 14
Expenses from property lettings reduced due to ongoing insourcing of services. Financial result already shows efforts to reduce interest expenses. But also affected by one-offs amounting to EUR 5.6 million from prepayment penalties and utilisation of reserves resultig from conwert participation. Other operating expenses impacted by one-
to sale of conwert stake, tap of corporte bond and Westgrund squeeze-out. Personnel expenses up due to insourcing of property and facility management activities. Of which EUR 3.6 m current tax expense and EUR 13.7 m deferred taxes
Operating results increased
2016 dividends of conwert participation. Change due to sale of conwert stake.
Balance sheet strengthening through redemption of liabilities
Page 15 Comments
Investment properties increased due to acquisition of portfolios comprising 893 units and value adjustments. Financial liabilities declined following redemption of liabilities, particular strong decrease in current liabilities. Equity increased increased after conversion
by 2.4 PP to 29.0 percent. Cash position surpasses working capital
Non-current assets held for sale strongly reduced after sale of conwert shares to Vonovia. Inventories up with acquisition of 336 units for privatisation by ACCENTRO. At the same time 327 units were sold in H1.
Reflecting the company´s successful activities of financial consolidation
Diversified sources of funding (99% fixed)
€ m 100 200 300 400 500 2017 2018 2019 2020 2021 2022 2023 2024 2025
Secured debt Corporate bonds Convertibles
No major refinancing risk over the next three years
67.6 % 26.3 % 6.1 %
Convertibles* Corporate Bonds* Secured debt (Schuldschein- Darlehen and bank loans)
* unsecured
7.07 8.0 5.6 5.2 4.7 2 4 6 8 10 2013 2014 2015 2016 H1 17
WAM
0,5 1 1,5 2 2015 2016 H1 17
ICR
%
Covenant of 04/2020 corporate bond ISIN XS1211417362
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Improved credit credentials
4.70 4.15 3.99 3.69 3.66 3 3,5 4 4,5 5 2013 2014 2015 2016 H1 17 %
WACD
3.66% 1.63 4.7
Reducing the company´s interest expense
years
Volume (€ m) Due date Strike- price (€)
ADLER shares from conversion (m) Nominal interest rate Premature redemption Rate, at which premature redemption is possible Bonds 2013/18 35 April 3, 2018 8.75 None 2015/20 500 April 8, 2020 4.75* Anytime 104.75 until 8. 4. 2019 from capital increases,
100,0 from 8. 4. 2019 Convertibles 2013/18 11.25 Dec 10, 2018 3.75 3.3 6.0 No call At face value, if amount outstanding falls below 30% of original amount 2016/2021 138 June 29, 2021 14.39 11.0 2.5 From Juli 19, 2019 At face value, if trading at more than 130 percent of strike price for at least 20
2014/19 Accentro 15 Mar 27, 2019 2.50
If less than 30 percent outstanding At nominal value plus accrued interest
Redemption of debt to improve financial metrics
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Most high yielding bonds can be paid back prematurely
As at July 31, 2017
* 150 m Euro Tap in April, yield to call 2,5%
Operational metrics improved
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Portfolio*
30.06.2017 Total Core Portfolio Non Core Portfolio Rental units 48,089 45,469 2,620 Ø rent/sqm/month in € (actual) 5.06 5.09 4.54 Ø rent/sqm/month in € (re-letting) 5.40 5.45 4.66 Occupancy rate in% 89.5 90.7 71.7 Market value/sqm in € 829 852 498 Contracted annual net cold rent (NRI) in € m 164.2 156.8 7.4 Multiple 15.3 15.4 12.8
TOP 20 Locations NRI per year € m Units
Wilhelmshaven 22.4 6,870 Duisburg 16.4 4,162 Berlin 7.6 1,698 Wolfsburg 5.5 1,300 Cottbus 5.1 1,868 Goettingen 4.4 1,139 Halle 4.3 1,656 Helmstedt 4.1 1,219 Leipzig 3.5 1,167 Chemnitz 3.0 971 Dortmund 2.9 776 Ludwigshafen 2.8 526 Norden 2.6 747 Duesseldorf 2.6 474 Borna 2.5 913 Schoeningen 2.5 916 Aurich 2.4 785 Schwerin 2.3 809 Fuerstenwalde 1.9 567 Erfurt 1.8 643
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* Investment Properties, without 192 units acquired at the end of Q2
Upside potential in rents, occupancy rates and market value Top 20 locations account for c. 60%
ADLER Group H1 2017 H1 2016 Change 2017 guidance Gross rental income (€ m) 131.1 130.8 0.2% Net rental income 86.4 83.9 3.0% 3.0% Occupancy rate (%)* 89.5 88.9 0.6 PP 3 PP Ø rent €/sqm/month (€)* 5.06 4.98 1.6% 1.6% Net rental income 50 100 150 200
3M 6M 9M FY
2016 2017 € m
88,0 89,0 90,0 91,0
Q1 Q2 Q3 Q4 Q1 Q2
% Occupancy rate* 4,90 4,95 5,00 5,05 5,10
Q1 Q2 Q3 Q4 Q1 Q2
€/sqm/month Ø rent*
Core portfolio*
H1 2017 Q1 2017 Change Residential & Commercial Units 44,764 Ø rent in €/sqm/month 5.09 5.07 0.4% Occupancy rate in% 90.8 90.7 0.1 pp Residential only Units 43,842 Ø rent in €/sqm/month 5.04 5.02 0.4% Occupancy rate in% 91.4 91.2 0.2 pp Commercial only Units 922 Ø rent in €/sqm/month 6.12 6.12 0.0% Occupancy rate in% 79.8 79.9
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ADLER in line with guidance Core portfolio accounts for c. 95%
2016 2017 2016 2017
+ 3.0% + 1.6% + 0.6 PP
* Total portfolio
* All figures like-for-like
Success in vacancy reduction and rental increase and considerable future upside potential
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* Change as against 31.3.2017
Location Federal state NRI in € m Units Ø rent €/sqm/month * Rent new contracts Occupancy rate (%)*
As at June 30, 2017 30.6.2017 Change in EUR 30.6.2017 Change in PP 1 Wilhelmshaven Lower Saxony 22.4 6,870 4.77 0.03 4.98 91.9 0.5 2 Duisburg North Rhine-Westphalia 16.4 4,162 5.29 0.02 5.79 97.6
3 Berlin Berlin 7.6 1,698 5.52 0.02 5.69 98.8 0.6 4 Wolfsburg Lower Saxony 5.5 1,300 5.46 0.04 7.14 95.8
5 Cottbus Brandenburg 5.1 1,868 4.54 0.01 4.99 84.9
6 Goettingen Lower Saxony 4.4 1,139 4.98 0.05 6.60 96.7 1.6 7 Halle Saxony-Anhalt 4.3 1,656 4.52 0.02 5.21 86.7
8 Helmstedt Lower Saxony 4.1 1,219 5.00 0.01 5.43 95.1 0.9 9 Leipzig Saxony 3.5 1,167 4.40 0.02 5.02 93.7 0.2 10 Chemnitz Saxony 3.0 971 4.74 0.02 4.71 79.5
11 Dortmund North Rhine-Westphalia 2.9 776 4.75 0.02 5.70 95.4
12 Ludwigshafen Rhineland-Palatinate 2.8 526 5.93 0.15 6.38 96.1 0.1 13 Norden Lower Saxony 2.6 747 4.80 0.04 6.12 96.6
14 Duesseldorf North Rhine-Westphalia 2.6 474 7.54 0.05 8.59 98.6 0.8 15 Borna Saxony 2.5 913 4.57 0.00 4.48 85.4
16 Schoeningen Lower Saxony 2.5 916 4.91 0.02 4.95 75.9 0.4 17 Aurich Lower Saxony 2.4 785 4.54 0.03 6.31 81.5
18 Schwerin Mecklenburg-Pomerania 2.3 809 4.40 0.04 5.65 89.5
19 Fuerstenwalde Brandenburg 1.9 567 5.36 0.01 5.45 95.5 0.1 20 Erfurt Thuringia 1.8 643 5.52 0.03 6.36 69.3 2.2
Top 20 locations account for c. 60%
As at June 30, 2017 Vacancy rate (%) Inplace-rent (€/sqm/month) Berlin – Spandau
10.8% 1.2% 2013 H1 17 4.95€ 5.45€ 2013 H1 17
Rostock/Kiel/Lübeck/Bad Bramstedt
100% 71.5% 2016 H1 17 6.71€ 2016 H1 17
Ludwigshafen
4.4% 3.7% 2013 H1 17 4.71€ 5.92€ 2013 H1 17
Saalfeld
13.1% 2013 H1 17 4.15€ 4.57€ 2013 H1 17
accomodate refugees
Duisburg
7.3% 2.4% 2015 H1 17 4.71€ 5.29€ 2015 H1 17
Wilhelmshaven
8.8% 8.1% 2015 H1 17 4.65€ 4.77€ 2015 H1 17
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Properties need specific measures for successful vacancy reduction and rent increase
15.1%
Trading and Privatisation platform as a key contributor to the Group
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Considerable reserves in inventories
Privatisation (unit by unit) FY 2015 FY 2016 H1 2017 Units sold
No. 476 976
337 Sales proceeds
EUR m 31.4 116.9
38.1 Disposal of book values
EUR m 25.9 80.5
27.5 Profit from disposals
EUR m 5.5 36.4
10.6 Gross margin
% 21.3 45.1
38.5 Trading (block trades) FY 2015 FY 2016 H1 2017 Units sold
No. 1,310 717
16 Sales proceeds
EUR m 101.8 19.7
3.5 Disposal of book values
EUR m 86.0 17.3
3.4 Profit from disposals*
EUR m 26.0 2.4
0.1 Gross margin
% 30.2 13.9
2.0
Location % of total book value Units sqm (000) BW/sqm (€) Berlin* 71% 1,313 90 2.015 Short- to medium term market expectation:
> 27% gross margin
Asset base with significant upside potential
Berlin exposure per district
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Strong exposure to attractive Berlin market
District units Altglienicke 75 Charlottenburg 39 Friedrichshain 203 Hellersdorf 18 Hermsdorf 17 Lichtenberg 137 Hohenschoenhausen 707 Johannisthal 23 Koepenick 24 Lichtenrade 23 Mitte 103 Neukoelln 207 Oberschoeneweide 13 Reinickendorf 101 Schoeneberg 59 Schoeneweide 27 Spandau 102 Steglitz 42 Tegel 15 Tempelhof 3 Wedding 27 Wilmersdorf 23 Total 1,988
*Does not include acquired development project of 675 units in Hohenschönhausen
Outperforming benchmarks
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In €
NAV/share, basic/diluted (June 30, 2017) 15.86/14.98 Consensus 17.78 Actual trading (August 8, 2017) 13.80 Upside Potential ~ 10%
Company
Recommendation*
Target (EUR) Date
Equinet Bank Buy 17.00 03/2017 ODDO Seydler Buy 17.50 03/2017 DZ Bank Buy 17.50 03/2017 Lampe Bank Buy 17.50 03/2017 Berenberg Buy 16.20 02/2017 HSBC Buy 21.00 01/2017 Consensus 17.78
ADLER share versus peers ADLER share versus indices Page 26
Outperforming peers and indices ADLER share traded at discount to NAV
bonus shares and conversion of convertible
80 100 120 140 160 180 200 220 240
ADLER SDAX DAX DIMAX
80 100 120 140 160 180 200 220 240
ADLER ADO Deutsche Wohnen Vonovia Grand City LEG TAG
Successful share buy back programme
Average trading volume per day 2017: c. 60,000 shares
Shareholders (July 31, 2017) Holdings (%) Wecken Cie. Basel 24.9 Mezzanine IX Investors S.A. Luxembourg 18.7 Uhlandstrasse Immobilien GmbH Berlin 6.3 Asset Value Investors Ltd London 5.1 Free float 45.0 Total 100.0 Total voting rights 57,543,705 Of which acquired via buy back programme 409,476* Listed/Stock exchange Prime Standard/Frankfurt am Main Indices: SDAX, CDAX, FTSE EPRA/NAREIT Global Real Estate Index, GPR General Index, DIMAX Basic information (July 31, 2017)
* 2014 – 2016, valuation at end of year
200 400 600 800 1000 2014 2015 2016 Jul 17 € Mio Market cap* Page 27
Market cap tripled in 3 years
0,000 20,000 40,000 60,000 80,000 Jan Feb Mar Apr May Jun Jul Average trading volume per day
* Acquisition volume EUR 4.6 m 1,000
Operational activities re-aligned
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Lean organisational structure
Management Board
Executive Committee
(CFO and Head), A. Krienen,
ADLER REAL ESTATE AG Supervisory Board
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Operational Management / Transaction
Corporate Communication
Legal
Bank Financing
Accounting & Controlling
Corporate Finance & Strategy
Corporate Governance Compliance & Human Resources
Lean
structure
Tomas DE VARGAS MACHUCA
CFO and Head of Executive Committee ■ Responsible for the Company’s Capital Markets
■ Before joining ADLER, Tomas de Vargas Machuca spent 15 years in the real estate business of which 10 years in banking ■ He was an Executive Director at UBS Investment Bank’s Real Estate Finance ■ He holds a B.A. and a MSc in Economics from Bocconi University in Milan, Italy
Arndt KRIENEN
CEO, Management Board, Executive Committee ■ CEO since 9 June 2016 ■ Member of the Management Board of ADLER Real Estate AG as from January 2016 ■ CEO of Westgrund AG since 2000 which ADLER has taken over in 2015 ■ Experience of more than 15 years in real estate business ■ Born 1966, attorney at law
Sven-Christian FRANK
COO, Management Board, Executive Committee ■ Since 9 June 2016 ■ Responsible for operational management (asset, property and facility mgmt) and transaction ■ Formerly held various leading positions in real estate business, notably at Gestrim Deutschland AG and Deutsche Real Estate AG ■ Born 1965, attorney at law, mediator (DAA), real estate asset manager (IREBS)
Carsten WOLFF
Head of Accounting and Finance, Executive Committee ■ Joined ADLER Real Estate AG in 2003 as Head of Accounting and Finance department ■ Carsten Wolff has a degree in business management and has worked in the areas of accounting, controlling, risk management as well as internal auditing for more than 25 years ■ Born 1960, worked for many years at Deutsche Steinzeug Cremer & Breuer, most recently as Head
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Experienced international team
Integrated real estate group
■ Regional structure established ■ Complete internalisation of Property and Facility Management ■ Shared Service Centre established for rent and operating cost administration ■ Single IT system throughout the company ■ Capex and modernisation program concerning 1,500 vacant residential units nearly finished ■ 2nd tranche of modernization program resolved
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ADLER to become fully integrated real estate company
Taking ADLER to the next level
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Unveiling organic growth potential
2015 2016 H1 2017 Target 2017 Change vs 2016 (%) Measures Net rental income (€ m) 131.6 167.5 86.4 172.5 + 3.0 Compensate sale of non-core by improved
Occupancy rate (%) 88.8 90.0 90.7* 93.0 + 3.3 Internalisation of property/facility management, tenant app Ø rent €/sqm/month (€) 4.93 5.00 5.09* 5.08 + 1.6 Internalisation of property/facility management FFO I (€ m) 16.1 27.3 15.7 40 + 46.5 Debt redemption leads to decrease in financial liabilities, cost cutting, improved operational performance FFO II (€ m) 44.3 55.3 20.0 50
Net of potential of block trades EPRA NAV (€ m) 879.5 1,069.9 1,094.9 1,250 + 16.8 Further fair value adjustments LTV (excl. convertibles) (%) 68.0 61.3 57.8 55
Debt redemption, fair value adjustments WACD (%) 3.99 3.69 3.66 3.45
Redemption of higher yielding debt, refinancing Page 33
ADLER set to improve
financial metrics further
* Core portfolio
This document and its contents are confidential and not meant for
whole or part) to other persons. Outside of Germany the distribution of this document may be restricted by applicable laws. This document does not constitute an offer to sell or an invitation to make an offer to buy or subscribe for securities. This document and the information contained therein may not be distributed in the United States of America. Canada. Australia. Japan or
make an offer to buy or subscribe for securities is not allowed. This document does not constitute an offer to sell securities in the United
Aktiengesellschaft may not be sold or offered for sale within the United States or to or for the account of / in favour of US citizens (as defined in Regulation S under the U.S. Securities Act of 1933 in the current version (the "Securities Act") unless they are registered under the regulations of the Securities Act or unless they are subject to an exemption from registration. This document includes 'forward-looking statements'. Forward-looking statements are all statements. which do not describe facts of the past. but containing the words "believe". "estimate". "expect". "anticipate". "assume". "plan". "intend". "could". and words of similar meaning. These forward-looking statements are subject to inherent risks and uncertainties since they relate to future events and are based on current assumptions and estimates of ADLER Real Estate Aktiengesellschaft. which might not occur at all or occur not as assumed. They therefore do not constitute a guarantee for the occurrence of future results or performances of ADLER Real Estate Aktiengesellschaft. The actual financial position and the actual results of ADLER Real Estate
regulatory environment may differ materially from the expectations. which are assumed explicitly or implicitly in the forward-looking statements and do not comply to them. Therefore. investors are warned to base their investment decisions with respect to ADLER Real Estate Aktiengesellschaft on the forward-looking statements mentioned in this document.
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ADLER Real Estate AG Joachimsthaler Straße 34 10719 Berlin www.adler-ag.com Tel: +49 (0)30 39 80 18 10 E-mail info@adler-ag.com Investor Relations
Corporate Communication Tel: +49 (0) 30 200 09 14 29 Mobile: +49 172 386 25 58 Email: r.grass@adler-ag.com
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