ADLER Real Estate AG / Half Year ResultsRelease of an Ad hoc announcement according to § 15 WpHG, transmitted byDGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.----------------------------------------------------------------------ADLER Real Estate AG expects to break even   - Semi-annual earnings deflated by DB Immobilien GmbH   - Multiple transactions in the works Hamburg, 14 August 2009. ADLER Real Estate AG (ISIN DE0005008007),Frankfurt, expects to break even in Fiscal Year 2009 on the strength of afew property sales. Earnings in the first six months of the year weredepressed by the absence of large-scale transactions and the totalwrite-off of the investment in DB Immobilien GmbH. Consolidated netrevenues increased to EUR 0.982 million in the reporting period, up fromEUR 0.57 million in the first half of last year. In addition to the sale ofa few parcels by ADLER subsidiary Münchener Baugesellschaft, revenues weregenerated from asset and property management fees, as well as rent. Otheroperating income came to EUR 0.186 million, up from EUR 0.114 million theyear before. The company's operating loss grew to EUR 1.948 million (fromEUR 1.576 million) as a result of current expenses, as well as thewrite-off of the EUR 0.76 million remaining from the investment in DBImmobilien GmbH, and consolidated net earnings were EUR -2,068 million,down from EUR -1,377 million last year.Expectations for improved earnings in the second half of the year are basedon the fact that multiple promising transactions will soon be successfullyconcluded. The sale of the property in Homburg an der Saar has already beennotarized, for example, and the agreement will take effect once a singleformality is taken care of. The company is also in final-stage negotiationsfor some other projects. Münchener Baugesellschaft should benefit fromreorganized marketing operations and the improvement in the generaleconomy, and should be able to sell more properties in the second half ofthe year.The Management Board For questions, please contact:german communications dbk agJörg BretschneiderAlsterufer 34, 20354 HamburgPhone: 040/46 88 33 0, Fax: 040/47 81 80presse@german-communications.com 14.08.2009  Financial News transmitted by DGAP---------------------------------------------------------------------- Language:     EnglishIssuer:       ADLER Real Estate AG              Neuer Wall 77              20354 Hamburg              DeutschlandPhone:        +49 (0)40 - 29 8130-0Fax:          +49 (0)40 - 29 8130-35E-mail:       info@adler-ag.deInternet:     www.adler-ag.deISIN:         DE0005008007WKN:          500800Listed:       Regulierter Markt in Berlin, Frankfurt (General Standard),              Düsseldorf, München; Freiverkehr in Hamburg End of News                                     DGAP News-Service ---------------------------------------------------------------------------