euro adhoc: Sparkassen Immobilien AG / Financial Figures/Balance Sheet / Sparkassen Immobilien AG: revenues and rental income in third quarter 2008 up, business stable

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9-month report

18.11.2008

Despite continuing turmoil in world finance and capital markets,
stock exchange listed Sparkassen Immobilien AG (Bloomberg: SPI.AV;
Reuters: SIAG.VI) is pleased to be able to report a stable business
performance in the first nine months of 2008.

In the first three quarters of 2008 - compared with the same period
last year - revenues were up by 19% to EUR 81.5m and rental income
climbed 16% to EUR 63.9m. These positive developments are the result
of additions during last year and of Sparkassen Immobilien AG's
active property portfolio management. The bulk of the rental income
(41%) continues to come from the German part of the portfolio. The
CEE proportion already amounts to 29%, while Austria's share remains
virtually unchanged at 30%.

The valuation of Sparkassen Immobilien AG's properties as at 30
September 2008 showed an overall slight decline, amounting to EUR
1.0m. In the first nine months of 2008 the total realised gains on
property disposals were EUR 7.7m (EUR 11.1m in the same period last
year). Gains even under the currently prevailing conditions are a
clear demonstration of the conservatism of Sparkassen Immobilien AG's
valuation policies (sale of properties 17% above latest fair market
values).

EBITDA rose from EUR 46.9m in the first three quarters of 2007 by 6%
to EUR 49.6m for the nine months to 30 September 2008. EBIT was EUR
45.4m, a reduction of 47% in comparison with the first three quarters
of 2007 (EUR 86.0m), as a consequence of the slightly negative
revaluation results and higher operating expenses on newly acquired
properties.

EBT fell from EUR 32.3m last year to EUR 14.2m. As in the preceding
periods, income tax payments were very low, at EUR 0.6m. The
resulting consolidated net profit for the first three quarters was
EUR 11.7m, compared with EUR 21.4m in the same period last year.
Earnings per share were some EUR 0.17, as against EUR 0.31 in the
comparable period in 2007. The reduction in earnings is the result of
the absence of revaluation gains as a result of the financial markets
crisis. The results are still very solid.

Sparkassen Immobilien AG's net operating income (NOI) grew from EUR
48.4m to EUR 52.2m, and the NOI margin (NOI / revenues) was some 62%.
Cash flow from operating activities rose to EUR 41.3m for the first
nine months of 2008, after EUR 35.5m in the same period last year.
Funds from operations (FFO) increased to EUR 16.1m, as compared with
EUR 22.9m a year ago.

In the first nine months of 2008 the real estate portfolio grew from
EUR 1.6bn to EUR 1.7bn, largely as a result of the new acquisitions
that took place in the first half of the year. At 30 September 2008
the portfolio comprised 261 properties with total usable space of
1,448,400 m². The gross rental yield as at 30 September 2008 was
6.4%, with the occupancy rate standing at 91%. Sparkassen Immobilien
AG's net asset value (NAV) continues to hold up well, and at 30
September 2008 stood at EUR 9.7 per share, unchanged from a year
earlier. The NAV includes completed properties and undisclosed
reserves on hotels under management. Development projects are valued
at cost of acquisition or construction.

The continuing unfavourable climate for stocks, and for property
shares in particular, meant that at 30 September 2008 s IMMO Aktie's
market price of EUR 4.81 represented a discount of 51% to its NAV of
EUR 9.7 per share, and a fall of 37.8% compared with its price at the
beginning of the year.

In the light of the financial markets crisis and the current extreme
fluctuations in property valuations, from today's perspective
Sparkassen Immobilien AG now expects a significantly positive EBIT
for 2008 of between EUR 36m and EUR 48m (original forecast: EUR 72m).
Revenue and rental income targets of EUR 99.0m and EUR 78m remain
unchanged. Sparkassen Immobilien AG's strategy continues to be
supported by two core elements: optimisation of earnings from the
existing property portfolio and concentration on completing ongoing
development projects.

Consolidated income statement for the nine months ended 30 September
2008

EUR m / fair value basis

|01.01. - |01.01. - |Change %
|30.09. 30.09.
|2008 |2007

|Revenues |81.5 |68.4 |+ 19
|whereof rental income |63.9 |54.9 |+ 16
|Revaluation of properties |- 1.0 |41.5
|Other operating income |4.3 |2.8
|Gains on property disposals |7.7 |11.1
|Operating revenue |92.5 |123.7 |(25)
|Depreciation and amortisation |- 3.2 |- 2.3
|Other operating expenses |- 43.9 |- 35.4
|Operating profit (EBIT) |45.4 |86.0 |(47)
|Net financing costs |- 31.2 |- 32.7
|Expenses of restructuring |0.0 |- 21.0
participating certificates
|Profit before tax (EBT) |14.2 |32.3 |(56)
|Taxes on income |- 2.6 |- 8.2
|Consolidated net profit |11.5 |24.1 |(52)
|Minority interests |0.1 |- 2.7
|Interests of shareholders |11.7 |21.4 |(45)
in parent company

Property information as at 30 September 2008
|Number of properties |261 |
|Total lettable space (m2) |1,448,400 |
|- Austria |322,200 |
|- Germany |601,100 |
|- CEE |525,100 |
|Property portfolio at fair value (EUR m) |1,705 |
|Gross rental yield |6.4% |

end of announcement euro adhoc
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ots Originaltext: Sparkassen Immobilien AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Holger Schmidtmayr

Managing Director

Tel.: +43(0)50100-27550

Fax: +43(0)05100-927550

E-Mail: investor@s-immoag.at

wwww.sparkassenimmobilienag.at

Bosko Skoko

Corporate Communications

Tel.: +43(0)50100-27522

Fax: +43(0)05100-927522

E-Mail: bosko.skoko@s-immoag.at

wwww.sparkassenimmobilienag.at

Branche: Real Estate
ISIN: AT0000652250
WKN: 065225
Index: ATX Prime, Immobilien-ATX
Börsen: Wiener Börse AG / official market