DGAP-Adhoc: Fair Value REIT AG publishes preliminary figures for 2007

Fair Value REIT-AG / Preliminary Results

14.03.2008 

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Munich, March 14, 2008 – Fair Value REIT-AG published its preliminary
figures for fiscal year 2007 today. The Fair Value Group recorded rental
income of EUR 4.3 million. The Sparkasse portfolio acquired as a direct
investment in the fourth quarter of 2007 only resulted in minor revenues as
the risks and rewards were only transferred as of December 21, 2007. Net
rental income after property-related expenses totaled EUR 2.5 million. This
income thus primarily stems from majority interests in closed-end real
estate funds that were fully consolidated for the first time on September
30, 2007.

Earnings from associated companies were carried in the financial result
after inclusion of impairment to take ongoing fund-specific costs into
account. Other key items of the financial result are net interest expenses,
minority interests and one-off costs of EUR 1.8 million for last year's
stock exchange listing. The financial result thus totaled EUR 3.5 million
in fiscal year 2007.

After deducting general administrative expenses and one-off expenses for
establishing the REIT as well as other consulting costs, the Fair Value
Group recorded net income for the year of EUR 1.6 million (IFRS). This
corresponds to weighted earnings per share (IFRS) of EUR 0.68.

As of December 31, 2007, the Fair Value Group's equity amounted to EUR 94.5
million. This also corresponds to the company's net asset value. The NAV
per share on the balance sheet date thus totaled EUR 10.05 based on the
9,406,882 shares in circulation. The increased market values of the real
estate proportionately due to Fair Value have had a positive impact on NAV.
Compared to December 31, 2006 (reference date for the fund investments)
respectively the initial carrying amounts (Sparkasse portfolio) these were
up 2.4% from EUR 269 million to EUR 275 million.

The final figures are expected to be published together with the 2007
annual report on April 15, 2008 on the Web site www.fair-value-reit.de.

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Information and Explaination of the Issuer to this News:

Company profile

Munich-based Fair Value REIT-AG focuses on the acquisition, rental,
property management and sale of commercial properties in Germany. Its
investment activities focus primarily on offices, logistics and retail
properties in German regional centers. As a REIT-AG, Fair Value is not
subject to corporation or trade tax and benefits from the exit tax
privilege when purchasing properties. Fair Value's USP is that – in
addition to investing directly in real estate – it also acquires interests
in closed-end real estate funds.

In its 'Participations' segment Fair Value currently owns interests in 13
closed end real estate funds with a highly diversified portfolio of 49
properties. The rental area of this portfolio totals 422,503 m² and had a
market value of around EUR 558 million as of December 31, 2007 (Fair
Value's interest in this portfolio currently totals around EUR 225
million).

In its 'Direct Investments' segment, Fair Value acquired a portfolio of 32
commercial properties in the federal state of Schleswig-Holstein with a
rental area of 43,113 m², mostly used as bank branches. These properties
had a total market value of around EUR 50 million as of December 31, 2007.

As of December 31, 2007, the total portfolio which has a proportionate
market value of EUR 275 million for Fair Value, had an economic occupancy
level of more than 96% of the possible annual rent of around EUR 22
million. Around 47% of rental income stems from offices, 40% from retail
facilities, 8% is from logistics facilities and 5% from other facilities.


Contact

Investor & Media Relations
cometis AG
Ulrich Wiehle
Tel.: +49(0)611 – 205855-11
Fax: +49(0)611 – 205855-66 
e-mail: wiehle@cometis.de


DGAP 14.03.2008 
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Language:     English
Issuer:       Fair Value REIT-AG
              Leopoldstraße 244
              80807 München
              Deutschland
Phone:        +49 (0)89 9292 815-01
Fax:          +49 (0)89 9292 815-15
E-mail:       info@fair-value-reit.de
Internet:     www.fair-value-reit.de
ISIN:         DE000A0MW975
WKN:          A0MW97
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Stuttgart, München
End of News                                     DGAP News-Service
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