DGAP-Adhoc: PATRIZIA Immobilien AG: Extraordinary one-time effects negatively impacted net result of the period

PATRIZIA Immobilien AG / Quarter Results

07.05.2008 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc disclosure in line with Article 15 of the Wertpapierhandelsgesetz 
(WpHG – German Securities Trading Act) –

PATRIZIA: Extraordinary one-time effects negatively impacted net result of
the period

  - Broad increase of revenues to EUR 46.6 million (Q1 2007: EUR 23.5
    million). Without extraordinary one-time effects revenues amount to EUR
    63.7 million.

  - After elimination of all one-time effects, adjusted earnings before tax
    amount to EUR -2.3 million

  - Sale of 229 units satisfactory 

Augsburg (Germany) – May 7, 2008: In the first quarter of 2008, PATRIZIA
Immobilien AG (ISIN DE000PAT1AG3) generated a net loss of EUR -18.1
million. The net loss was negatively impacted by extraordinary one-off
effects of EUR 16.4 million.

Revenues in the first quarter of 2008 almost doubled year-on-year, totaling
EUR 46.6 million. It must be noted that at EUR -17.1 million, revenues were
negatively impacted by the reverse transaction of a sale of 165 residential
units already notarized in fiscal year 2006. The individual sale of 144
units during the first three months of 2008 led to purchase price revenues
of EUR 21.4 million. The block sale in March 2008 of 85 Asset Repositioning
units contributed EUR 14.85 million to revenues. Rental income amounted to
EUR 19.1 million. Excluding the impact of the reverse transaction, revenues
amounted to EUR 63.7 million.

The reverse transaction also impacted EBIT, which fell 31.3 % year-on-year
to EUR 6.8 million. EBT of EUR -18.6 million was also extraordinarily
impacted by the fair value adjustments arising from the market valuation of
interest rate hedging transactions in the amount of EUR -10.3 million (Q1
2007: EUR 4.2 million). After elimination of all one-time effects, adjusted
EBIT amounts to EUR 12.9 million and adjusted EBT amounts to EUR -2.3
million.

In contrast, the resale figures were satisfying: at 229 units, an increase
of 169 % was achieved compared with the same period of the previous year
(85 units). At the same time, it was confirmed that the adjusted rental
income of EUR 18.3 million covers the interest expenses of EUR -17.5
million. The upcoming credit extensions in the first quarter were
negotiated early and extended in due time.

Despite the net loss, PATRIZIA is convinced that it will be able to
generate its forecast EBT of between EUR 25 million and EUR 30 million in
full-year 2008 purely from its operating activities.

The complete interim report for the first quarter of 2008 can be found at
www.investor.patrizia.ag.

Key figures first quarter 2008:<pre>

 (in TEUR)                       Q1 2008     Q1 2007 

Revenues                                46,598                      23,460
Revenues (adjusted)                     63,681                      23,460
EBITDA                                   6,967                      10,098
EBIT                                     6,788                       9,889
EBIT (adjusted)                         12,851                       6,455
EBT                                    -18,644                       4,163
EBT (adjusted)                          -2,268                        -802</pre>

Management Board

Augsburg (Germany) – May 7, 2008
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
D – 86150 Augsburg

Listing:  Frankfurt Official Market (Prime Standard)
ISIN:  DE000PAT1AG3
SIN:  PAT1AG

Contact:
Investor Relations
Claudia Kellert
Tel.: +49 (0) 821 5 09 10-360
Fax: +49 (0) 821 5 09 10-399
investor.relations@patrizia.ag

Press
Andreas Menke
Tel.: +49 (0)821 5 09 10-655
Fax: +49 (0) 821 5 09 10-695
presse@patrizia.ag
DGAP 07.05.2008 
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Language:     English
Issuer:       PATRIZIA Immobilien AG
              Fuggerstraße 26
              86150 Augsburg
              Deutschland
Phone:        +49 (0)821 - 509 10-000
Fax:          +49 (0)821 - 509 10-999
E-mail:       investor.relations@patrizia.ag
Internet:     www.patrizia.ag
ISIN:         DE000PAT1AG3
WKN:          PAT1AG
Indices:      SDAX
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, München, Hamburg, Düsseldorf, Stuttgart
End of News                                     DGAP News-Service
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