ADLER Real Estate AG / Quarter 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 well positioned  - ADLER Real Estate AG publishes Nine-month result   - Expectations for 2008 adjusted Hamburg, 14 November 2008. ADLER Real Estate AG (ISIN DE0005008007),Frankfurt, is adapting to the general slowdown in economic growth andaltered conditions on the financing markets brought on by the financialcrisis. For the year as a whole, the Management Board assumes that thecompany will achieve a slightly positive—but in all cases abalanced—result, after original forecasts called for a return of approx.10% to 15% on equity. The current estimate takes into account the tougherfinancing conditions for large real estate projects, which could lead to aslowdown in transactions. Irrespective of this, the company is stillconsistently further developing its current projects. Various successfulsteps, including the parceling of building land and the preparations forissuance of building permits, have improved the company asset values.The financial statements as of 30 September 2008 still do not contain thesale, successfully closed in October, of the land to develop a logisticscenter in Duisburg. As a result, the income statement for the first ninemonths closed with a negative consolidated result of EUR 2.4 million. EBITalso amounted to minus EUR 2.4 million. Revenue declined in the reportingperiod to EUR 3.14 million (previous year:15.3), but was not comparable tothe previous year, which included extraordinary income from the takeover ofMÜBAU Real Estate GmbH. The sale of the property for logistic space becameeffective in October 2008 when the purchase price became due. This willlead to a significant improvement in the Group's liquidity and earningspositions in the fourth quarter. The equity ratio amounts to 74%. Thecompany thus feels it is well armed to pass through the general crisis andto take advantage of any opportunities that arise.The Management BoardIf you may have any request please refer as follows German communication dbk agJörg Bretschneider Alsterufer 34, 20354 HamburgTel.: 040/46 88 33 0, Fax: 040/47 81 80presse@german-communication.com14.11.2008  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 ---------------------------------------------------------------------------