Real Estate
Troubled Landlord Adler Takes $1 Billion Hit From Restructuring
- Sales are progressing at a slower than expected pace: firm
- German company now owns about 25,000 residential units
This article is for subscribers only.
Adler Group SA reported a €971 million ($1.06 billion) operating loss for the first nine months of the year as the impact of rising interest rates and the costs of its restructuring plan hit earnings.
The loss comes despite the landlord not conducting an updated portfolio valuation for the third quarter after taking a separate €1 billion writedown on the value of its assets in the first half. Adler’s loan-to-value ratio still rose to 89.1% after the sale of two development projects and a portfolio of newly built apartments in Berlin, according to a statement on Tuesday.