Troubled Adler Group earns less in the quarter

Dusseldorf At the ailing Adler Group, the level of indebtedness has continued to rise. The LTV ratio at the end of September 2022 was 59.9 percent, as the real estate investor announced on Tuesday. At the end of December 2021 it was still 50.9 percent.

As a result of the sale of apartment packages, operating income (FFO 1) shrank to around EUR 18 million in the third quarter from EUR 35 million a year earlier. According to its own statements, the Adler Group still has around 26,000 apartments. Adler confirmed the forecast for the year as a whole.

However, the Adler Group had recently procured more time and money from its most important creditors. A group of bondholders, including investors like Blackrock and Pimco, are willing to roll over the bonds maturing in 2024 by a year — in return for a rate hike — and defer interest until maturity, the company said.