ADO Properties S.A.: ADO Properties S.A. continues with a strong growth dynamic in the first nine months of 2015

(DGAP-Media / 2015-11-19 / 07:35)

- Significant growth of income from rental activities (+88%), EBITDA (+81%)

and FFO1 (+99%)
- Strong like-for-like rental growth of 6.5%
- Net Asset Value per share at EUR 20.54 as of 30 September, before the
revaluation of the portfolio at the end of the year
- The company signed new deals in an amount of approx. EUR 150 million to
be completed by the end of the year increasing its annualized FFO1 to
approximately EUR 39 million

Berlin, 19 November 2015 - ADO Properties S.A., the only Prime Standard
listed residential real estate company solely focused on the city of
Berlin, has continued with its growth dynamic in the third quarter of the
current financial year. This is reflected in the figures published today
for the first nine months of 2015.

Operational key figures again improved significantly 
The income from rental activities of ADO Properties increased by 88%
year-on-year to EUR 46.7 million in the first nine months of the year
(30.9.2014: EUR 24.8 million). This growth was mainly driven by the
integration of the Carlos Portfolio with 5,750 residential units from 1
April 2015. The EBITDA from rental activities increased by 81% from EUR
18.9 million for the first nine months of 2014 to EUR 34.2 million for the
first nine months of 2015.

The FFO1 (without profit from disposals) in Q3 2015 rose by approximately
125% to EUR 8.5 million in comparison to the corresponding Q3-period of the
previous year (Q3 2014: EUR 3.8 million). This results in an annualized
FFO1 of EUR 21.6 million for this year's first nine months respectively EUR
0.79 per share (9 months 2014: EUR 10.9 million respectively EUR 0.43 per

The average in-place rent of the residential portfolio increased to EUR
5.75 per sqm per month at the end of the reporting period. In comparison,
the average rent for new lettings amounted to EUR 7.92 per sqm and month.
On a like-for-like basis that reflected an average annual rental growth of
6.5% as of 30 September 2015. The vacancy rate for the residential
portfolio was reduced by the company from 4.8% as of 31 December 2014 to
4.0 % (3.0% on a like-for-like basis) as of 30 September 2015.

Further growth of the portfolio by new acquisitions 
ADO Properties' portfolio was valued at EUR 1.2 billion as of 30 September
2015. It comprises approximately 14,600 units at the end of the reporting
period, of which are around 13,850 residential units (31.12.2014: 6,600
units). The acquisition of the Carlos Portfolio with 5,750 residential
units in Spandau and Reinickendorf in April 2015 had the greatest impact on
portfolio growth. The Net Asset Value of the portfolio amounted to EUR
719.0 million or EUR 20.54 per share as of 30 September 2015. After the end
of the reporting period the company acquired further 1,021 residential
units and 121 commercial units in Berlin, thus providing further potential
for earnings and growth.

The financial structure of the company remains conservative and solid with
an LTV of 41.8% by 30 September 2015. The average interest rate is at 2.6%.
More than 95% of the loans have fixed interest rates or are hedged. The
loan maturity is approximately 5.75 years.

Outlook for 2015 remains positive - FFO forecast confirmed
'We can confirm our FFO1 guidance of EUR 30 million for the financial year
2015', explained Rabin Savion, CEO of ADO Properties. 'Including our new
acquisitions we are expecting to close in 2015, we expect an annualized
FFO1 run-rate of EUR 39 million. The results of the first nine months show,
that our successful development is based on our stable operative business
as well as on the consistent implementation of our growth strategy. After
our IPO we promised further growth of our portfolio and since then we have
signed five acquisitions adding more than 1,200 units to our portfolio
which will positively influence our results from next year. At the same
time we also got a significantly higher perception at the capital market.
Five analysts are currently covering ADO Properties with price targets
between EUR 24 to EUR 27, and our company became not only member of the
FTSE EPRA/NAREIT Global Real Estate Index family but also of the German
Stock Exchange's SDAX Index. This is an important step for many of our

Ofer Kotler to leave the board - Moshe Lachmani appointed as new chairman
With effect of the board meeting on November 18, 2015 Mr. Ofer Kotler
resigned from his position as Chairman of ADO Properties S.A. after he left
his positions at ADO Group Ltd., the largest shareholder of ADO Properties
S.A. and Shikun & Binui, the major shareholder in ADO Group. Mr. Yaron
Karisi (47, Civil Engineer), the new CEO of Shikun & Binui and a new
director in ADO Group Ltd., was appointed as new board member of ADO
Properties S.A.. Mr. Moshe Lachmani was appointed as new chairman of the
board of ADO Properties S.A..
                      30.09.15  30.09.14  Difference  Difference   31.12.14
Key Figures                               absolute    percentage

Income from rental    46,721    24,837    21,884      88.1%        33,719
activities, in
thousands EUR

EBITDA from rental    34,224    18,946    15,278      80.6%        24,584
activities, in
thousands EUR

EBITDA, in thousands  35,215    18,983    16,232      85.5%        24,682

FFO 1, in thousands   21,597    10,851    10,746      99.0%        13,529

FFO 1 per share, EUR  0.79      0.43      0.36        83.7%        0.54

FFO 2 (including      22,492    10,888    11,604      106.6%       13,627
disposal), in
thousands EUR

EPRA NAV, in          719,050                                      354,779
thousands EUR

EPRA NAV per share,   20.54                                        14.19

LTV, percent          41.8%                                        54.4%

Residential Units     13,851                                       6,596

Portfolio value, MEUR 1,211

In-place-rent         5.75
residential EUR/sqm/

Vacancy rate          4.0%
residential percent

Rent for new letting, 7.92

Maintenance and CAPEX 19.6
per sqm

About ADO Properties

ADO Properties is a pure-play, Berlin-based residential real estate company
16,000 units including the latest acquisitions. The Company has a fully
integrated, scalable in-house platform with its own property management.
Along with the responsibility for the condition of its apartments and
buildings, ADO Properties also assumes responsibility towards people,
employees, and neighborhoods. ADO Properties' portfolio is focused on
central locations in Berlin and attractive suburban districts.

Press contact
Franziska Jenkel
Wallstraße 16
10179 Berlin, Germany

Phone.: +49 30 2844987-61
Fax: +49 30 2844987-99

End of Media Release


Issuer: ADO Properties S.A.
Key word(s): Real estate

2015-11-19 Dissemination of a Press Release, transmitted by DGAP - a
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Language:    English                                                 
Company:     ADO Properties S.A.                                     
             20 rue Eugène Ruppert                                   
             LK-2453 Luxembourg                                      
             Grand Duchy of Luxembourg                               
Phone:       +49 (0)30-403 907 900                                   
Fax:         +49 (0)30-403 907 901                                   
E-mail:      office@ado.immo                                         
Internet:    www.ado.immo                                            
ISIN:        LU1250154413                                            
WKN:         A14U78                                                  
Indices:     SDAX                                                    
Listed:      Regulated Market in Frankfurt (Prime Standard),         
             Luxembourg; Regulated Unofficial Market in Dusseldorf,  
             Stuttgart, Tradegate Exchange                           
End of News    DGAP Media  
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