Troubled Landlord Adler Posts Losses on Debt Restructuring Costs
- German firm was hit by a short-seller report in October 2021
- Company signed a refinance deal last week with creditors
Adler was once again pushed to restructure its debt after failing to raise enough cash through property disposals.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
German real estate firm Adler Group SA posted a €81 million ($88 million) loss in the first quarter as it struggled with high interest and advisory costs linked to its second major debt overhaul.
Funds from operations, a metric for the operating earnings of real estate companies that strips out valuation gains, was down €27 million, while the firm spent €23 million on advisory fees this quarter, according to a statement on Tuesday.