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 announces its figures of the first quarter 2007++++++ EBIT rises up to EUR 7.21 mn. ++++++ Balance sheet total: EUR 49.99 mn; Equity ratio of 71.7 per cent +++Hamburg, May 31, 2007: Today, the ADLER Real Estate AG (ISINDE0005008007),Frankfurt, announces its figures for the first quarter 2007.The operating income amounts to EUR 8.34 mn after EUR 0.77 mn in thecomparable  period as of 2006. Basically the increase is a result of theacquisition of MÜBAU Real Estate GmbH as of January, 1st. Due to the firstconsolidation an income related surplus arises from the difference betweenthe purchasing price and the reported equity. Balancing all assets by fairvalue, profits of EUR 7.17 mn. are shown, which is displayed in otheroperating income.EBIT increased from 0.24 mn in the first quarter 2006 by EUR 6.97 mn up toEUR 7.21 mn. Hence, the company generated a group result of EUR 7.18 mn inthe first quarter 2007. This is an increase of 6.94 mn compared to thefirst quarter 2006. As of March, 31st 2007, earnings per share amount toEUR 0.48.As of march 31st balance sheet total equals EUR 49.99 mn - an increase of35 per cent. Equity ratio is 71.7 per cent. Further on the company hasliquid assets in the amount of EUR 9.87 mn available.Besides the business segments of commercial project development, portfoliomanagement and asset management the real estate enterprise is additionallypositioned in the residential building sector due to the acquisition ofMÜBAU Real Estate GmbH.The quarterly report is available underwww.adler-ag.de/htm/ir_berichte.php.The board    Contacts:Company Contact:ADLER Real Estate AGNeuer Wall 77D-20354 Hamburgwww.adler-ag.de Phone: ++49 (40) 29 8130-0Fax:   ++49 (40) 29 8130-99info@adler-ag.deAgency Contact:Gesellschaft für Effekteninformation mbHBeethovenstraße 6060325 Frankfurt am Main, Germanywww.gfei.dePhone:  ++49 (69)74 30 37 00Fax:    ++49 (69)74 30 37 06ir-adler@gfei.deAbout ADLER Real Estate AG:ADLER Real Estate AG is dealing in the business fields of commercialproject development, portfolio management and asset management. Thecompany’s core competence is in the realization and marketing of ambitiousnational and international real estate projects. ADLER Real Estate AGemerged from the tradition-rich corporate veil of the Adlerwerke inFrankfurt. Their history goes back to the 19th century. Today, the majorityshareholder of ADLER Real Estate AG is the U.S. company Mezzanine IXInvestors L.P.DGAP 31.05.2007 ---------------------------------------------------------------------- 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.dewww:          www.adler-ag.deISIN:         DE0005008007WKN:          500800Indices:      Listed:       Amtlicher Markt in Berlin-Bremen, Frankfurt (General              Standard), Düsseldorf, München; Freiverkehr in Hamburg End of News                                     DGAP News-Service ---------------------------------------------------------------------------