ADLER Real Estate AG / Interim ReportRelease 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 Reports Slight Growth in Sales  - Write-downs increase size of net loss;  - Insolvency plan procedure for DB Immobilien GmbH.Hamburg, 15 May 2009. Due to the very weak economy in the first quarter of2009, the sales growth reported by ADLER Real Estate AG (ISINDE0005008007), Frankfurt, was not enough to keep the company in the black.Although consolidated net sales rose to TEUR 630 in the first quarter of2009 (up from TEUR 280 in the first quarter of last year), the companyposted a consolidated net loss of EUR 1.147 million (compared to a loss ofTEUR 732 in the first quarter of 2008). The sales growth was attributableto the sale of residential properties by ADLER subsidiary MünchenerBaugesellschaft. The increase in the size of the company's net loss waslargely due to a write-down on its minority interest in DB Immobilien GmbH,which has been forced to file for bankruptcy due to the nearly completecollapse of its brokerage business for commercial real estate.Nevertheless, DBI is seeking an insolvency plan procedure with a viewtowards remaining in business following a necessary restructuring process.Any marketing activities by DB Immobilien GmbH for MünchenerBaugesellschaft which are already underway will continue unchanged. ADLERalso continued to work on various projects during the reporting period.Some development plan procedures are already in their final stage, so thata number of transactions could be completed this year. As a result, ADLERReal Estate AG should be able to report positive net earnings in 2009.The Management BoardIf you have any questions, please contact:german communications dbk agJörg BretschneiderAlsterufer 34, 20354 HamburgPhone: 040/46 88 33 0, Fax: 040/47 81 80presse@german-communications.com15.05.2009  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 ---------------------------------------------------------------------------