Adler Group Reports Stable Rental Income Amid Recapitalisation Efforts

Adler Group S.A. demonstrated resilience in its 2024 performance, reporting a net rental income of €103 million for the first half of the year, representing a 4% decline from the previous year due to 2023 portfolio disposals.

Despite the decrease, like-for-like rental growth of 4.6% and a low vacancy rate of 1.8% were noted. Average residential rent stood at €7.65 per square meter per month. The company maintained its net rental income guidance for the full year.

The yielding asset portfolio's value decreased by only 2.1%, indicating potential stabilization. A comprehensive recapitalisation is on track for completion in September 2024. All 2024 maturing bank loans, totaling €262 million, were successfully extended.

Adler Group faced a net loss of €507 million in H1 2024, impacted by higher interest expenses. Cash and cash equivalents were at €334 million by the end of Q2 2024. FFO I was negative, while EPRA NTA fell significantly.

With the recapitalisation agreement nearing completion, Adler Group expects to release audited reports for 2022 and 2023 by the end of September 2024.