Q1 2019 ADO Properties SA Earnings Call Transcript
Dear ladies and gentlemen, welcome to the conference call of ADO Properties. At our customer's request, this conference will be recorded. (Operator Instructions)
May I now hand you over to Rabin Savion, CEO, who will start the meeting today? Please go ahead.
Thank you, Orelia. Good morning, everyone. I'm Rabin Savion, and I want to welcome you to our Q1 2019 update call. With me as usual is the rest of the senior management team, Eyal Horn and Florian Goldgruber.
The biggest news in our sector in the last couple of weeks was probably the release of the 2019 Mietspiegel. As expected, this release has again shown a figure that has nothing to do with the market reality. The official figures show an increase of 5.2% compared to the last Mietspiegel 2 years ago or roughly 2.6% per annum. Looking at our portfolio for comparison purposes, we have seen an increase of the in-place rent by 5% per annum from 2016 to 2018. This might sound a lot but while looking at the average new letting rent to
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