ADLER Real Estate AG / Preliminary 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 strengthens provisions for risks  - Negative earnings in 2008 due to write-downs of assets  - Profitability Planned for 2009Hamburg, 17 March 2009. ADLER Real Estate AG (ISIN DE0005008007),Frankfurt, intends to write down EUR 4.9 million in various assets in itsportfolio due to lower performance and a weak economy. In its 2008financial statements, the company will write down EUR 4.9 million of itsexisting properties and investments, and will report a consolidated netloss of EUR 4.197 million in 2008 compared to net consolidated earnings ofEUR 7.273 million in 2007. ADLER will disclose an operating profit of EUR0.524 million.Consolidated net sales rose to EUR 7.173 million in 2008 from EUR 5.414million in 2007 due primarily to the sale of land in Duisburg.EUR 2.7 million of the write-downs will relate to the two office buildingportfolios in which a majority interest is held by AIG Global Real Estate(Europe) Ltd., a subsidiary of the US insurance group AIG. ADLER holds a 15percent interest in each portfolio. Write-downs of EUR 2.2 million willalso be made on various other properties in the ADLER portfolio due to adecline in value brought on by the weakening economy. Operating expensesrose to EUR 2.423 million in 2008 from 2.37 million in 2007.ADLER's investment in DB Immobilien GmbH, a national real estate sales andmarketing firm, will strengthen ADLER's real estate operating network andis expected to expedite the disposition of many of its assets.ADLER will continue to market for sale the bulk of its land investments in2009 and continue to concentrate on improving the operations of itsportfolio investments with the expectations 2009 will perform at a profit.The final figures of the 2008 financial statements will be published inApril 2009.The Management BoardIf you have any questions, please contact:german communications dbk ag Jörg BretschneiderAlsterufer 34, 20354 HamburgPhone: 040/46 88 33 0, Fax: 040/47 81 80presse@german-communications.com 17.03.2009  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 ---------------------------------------------------------------------------