EQS-News

Adler Group S.A. reports continued robust operational 9M performance and confirms guidance for full fiscal year - Seite 2

On 30 September 2022, the fair value of the yielding portfolio was +1.4% higher on a LFL basis compared to end of Q3 2021. Compared to mid-year 2022 the LFL fair value decreased by -2.3%, reflecting the surge in interest rates. The gross asset value (GAV) of standing assets amounted to €5.3bn on 30 September 2022. The €2.6bn reduction relative to year-end 2021 was mainly due to disposals of assets and classifying the stake in BCP as held for sale.

The EPRA NTA stood at €3,282m (€27.93 per share), a decrease of 23.1% compared to the value at the end of 2021 of €4,269m (€36.33 per share).

The net loan-to-value ratio (LTV) of Adler Group was at 59.9% as of 30 September 2022. The LTV applicable for the bond conditions (LTV adjusted for held-for-sale positions) was at 55.0% on 30 September 2022, which was clearly below the relevant bond covenant threshold of 60%.

The disposals of the three development projects Ostend Quartier (Frankfurt), Westend Ensemble LEA B (Frankfurt) and Neues Korallusviertel (Hamburg) were closed in the third quarter of 2022. Total gross proceeds amounted to c. €218m. Furthermore, the sale of the Eurohaus project (Frankfurt) was signed with expected gross proceeds amounting to c. €37m.

Concerning the full fiscal year 2022, Adler Group confirms its guidance and expects a net rental income in the range of €233m - €242m and an FFO 1 between €84m - €88m.

On 25 November 2022, Adler Group achieved an agreement with major bondholders concerning bond terms and conditions and the provision of fresh capital. The agreement secures the financing of Adler Group until mid-2025, even in the theoretical event of the absence of any further portfolio or project disposals. It includes an up to €937.5m incremental debt package committed by bondholders. The agreement allows Adler Group to stabilise its platform without any short-term pressure to dispose assets substantially below book value and therefore allows management to focus on maximising long-term value for all stakeholders. As part of the agreement with bondholders, Adler Group has agreed not to submit a dividend proposal to its shareholders.