16.05.2018 ADO Properties S.A.  LU1250154413

DGAP-News: ADO Properties S.A. starts successful into the financial year 2018

DGAP-News: ADO Properties S.A. / Key word(s): Quarterly / Interim Statement
ADO Properties S.A. starts successful into the financial year 2018

16.05.2018 / 07:00
The issuer is solely responsible for the content of this announcement.


ADO Properties S.A. starts successful into the financial year 2018

* Strong increase of income from rental activities by +23.7%

* Like-for-like rental growth improved to 4.9%

* EBITDA from rental activities +25.0% and FFO1 +21.4%

* EPRA Net Asset Value per share at EUR 45.37 as of 31 March 2018
(31 December 2017: EUR 45.10)

* Further diversification of the company's funding sources by new
commercial paper program

* Positive outlook for the 2018 financial year with an increased FFO 1 run
rate guidance of at least EUR 66 million after closing all signed
transactions based on the long term financing structure

Berlin, 16 May 2018 - ADO Properties S.A., the only Prime Standard listed
residential real estate company solely focused on the city of Berlin, got
off to a successful start into the financial year 2018. This is reflected by
the key figures for first three months 2018 published today.

Key figures showing the company's ongoing strong growth
The income from rental activities of ADO Properties increased in the first
quarter 2018 by 23.7% to EUR 31.3 million (Q1 2017: EUR 25.3 million),
driven by the solid 4.9% like-for-like rental growth and further expansion
of the residential portfolio. The EBITDA from rental activities rose by
25.0% from EUR 18 million in Q1 2017 to EUR 22.5 million in the first
quarter 2018.

The FFO1 (from rental activities) increased by 21.4% up to EUR 15.9 million
(Q1 2017: EUR 13.1 million) equivalent to an FFO1 of EUR 0.36 per share (Q1
2017: EUR 0.30 per share) due to the ongoing strong operational performance.

The average in-place rent of the residential portfolio was EUR 6.49 per sqm
per month at the end of the reporting period (31 December 2017: EUR 6.42).
The vacancy rate for the residential portfolio improved slightly to 3.5% as
of 31 March 2018 (31 December 2017: 3.6%).

Portfolio expansion continued
In the first three months 2018 ADO Properties' portfolio value has grown by
EUR 45 million to EUR 3,366 million as of 31 March 2018. The portfolio
comprised 22,198 units at the end of the reporting period, of which are
20,864 residential units (31 December 2017: 20,649 residential units). The
EPRA Net Asset Value of the portfolio amounted to EUR 2,001 million or EUR
45.37 per share as of 31 March 2018.

Financial structure remains conservative - average interest rate at 1.8%
ADO Properties' financial structure remains conservative with an LTV of
40.5% by the end of the reporting period. The average weighted maturity of
the outstanding debts is approximately 5.2 years while the average interest
rate is 1.8%. Almost all loans have fixed interest rates or are hedged.
Taking into account commitments for signed deals, the pro-forma net LTV
stands at around 44.7%. "During the first quarter 2018 we further
diversified our funding sources by setting up a commercial paper program
backed up by a EUR 200 million revolving credit facility which has gone live
successfully after the end of the quarter. However, we maintain our
conservative financing policy. We mean to keep funding our assets with an
well-balanced mix of equity and fixed rate debt provided by banks as well as
by capital market instruments", says Florian Goldgruber, CFO of ADO

Expected FFO 1 run rate in 2018 at least EUR 66 million
"The successful start of ADO Properties into the financial year 2018 is a
very solid basis for the upcoming months", comments Rabin Savion, CEO of ADO
Properties. "Anticipating further growth and value increases for ADO
Properties, we expect our 2018 year-end FFO 1 run rate to be at least EUR 66
million after closing all signed transactions and implementation of the long
term financing. Our fully integrated management platform, our results-driven
corporate culture and our outstanding knowledge of the Berlin residential
market and its potentials remain the most important strengths of our company
and the sources of its capability to deliver further attractive returns to
our investors."

Key Figures 01.01.18-- 01.01.17-- Difference Difference
31.03.18 31.03.17 absolute percentage
Income from rental 31.3 25.3 6.0 23.7%
activities, in MEUR
EBITDA from rental 22.5 18.0 4.5 25.0%
activities, in MEUR
EBITDA, in MEUR 23.1 18.7 4.4 23.5%
FFO 1 (from rental 15.9 13.1 2.8 21.4%
activities), in MEUR
FFO 1 per share, EUR 0.36 0.30 0.06 20.0%
FFO 2 (incl. disposal 16.5 13.8 2.7 19.6%
results), in MEUR

31.03.18 31.12.17 Difference Difference
absolute percentage
EPRA NAV, in MEUR 2,001 1,989 12 0.6%
EPRA NAV per share, 45.37 45.10
LTV, percent 40.5% 39.6%
Residential units 20,864 20,649 215 1.0%
Portfolio value, in 3,366 3,321 45 1.4%
In-place-rent 6.49 6.42
Vacancy rate 3.5% 3.6%
residential percent
Maintenance and CAPEX, 30.50 29.10
EUR per sqm

Definitions of our alternative performance measures like FFO1 or EPRA NAV
are available in our latest financial report under
http://ado.properties/websites/ado/English/4000/publications.html in the
Financial Performance Indicators section.

About ADO Properties
ADO Properties is a Berlin-based business focused on residential real estate
with a portfolio of approximately 22,200 units in Berlin. 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.


16.05.2018 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.

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Language: English
Company: ADO Properties S.A.
1B Heienhaff
L-1736 Senningerberg
Phone: +352 26 493 412
Fax: +352 27 860 722
E-mail: ir@ado.properties
Internet: www.ado.immo
ISIN: LU1250154413
WKN: A14U78
Developed Europe Index, FTSE EPRA/NAREIT Germany Index
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Dusseldorf, Stuttgart, Tradegate
Exchange; Luxemburg

End of News DGAP News Service

686357 16.05.2018

ADO Properties
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A14U78 45,180 Kaufen 1.992,44
12,91 5,98 1,13 22,94
Dividende '17e in € Dividende '18e in € Div.-Rendite '17
in %
0,60 0,70 1,33 19.06.2018
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
16.05.2018 15.08.2018 14.11.2018 20.03.2018
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
0,76% 5,18% 6,47% 20,75%

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