Brief: Adler Q3 Net Rental Income Down At EUR 187 Mln

Adler SA

29/11/2022 06:06

Nov 29 (Reuters) - ADLER GROUP SA  ADJ.DE :
    * REPORTS CONTINUED ROBUST OPERATIONAL 9M PERFORMANCE AND
CONFIRMS
GUIDANCE FOR FULL FISCAL YEAR
    * NET RENTAL INCOME EXPECTED IN RANGE OF EUR 233M - EUR 242M
AND
FFO 1 EXPECTED BETWEEN EUR 84M - EUR 88M FOR FISCAL YEAR 2022
    * NEW STRATEGY FOCUSING ON RESIDENTIAL REAL ESTATE PORTFOLIO
IN
BERLIN WHILE ONLY SELECTIVE DEVELOPMENT EXPOSURE WILL REMAIN
    * 9M LIKE-FOR-LIKE ("LFL") RENTAL GROWTH OF +2.0% YOY, 9M
NRI AND
FFO 1 DECREASED DUE TO SEVERAL PORTFOLIO DISPOSALS OVER LAST
TWELVE MONTHS
    * SOLID CASH POSITION OF EUR 615M (EXCLUDING. CASH HELD HAT
BCP
LEVEL) ADDING TO FULL FUNDING OF ADLER GROUP UNTIL MID-2025
    * 9-MONTH AVERAGE RESIDENTIAL RENT STABLE AT EUR 7.56 PER
SQUARE
METER, VACANCY RATE NEARLY HALVED TO 1.7% COMPARED TO PREVIOUS
YEAR
    * CONCERNING FULL FISCAL YEAR 2022, ADLER GROUP CONFIRMS ITS
GUIDANCE AND EXPECTS A NET RENTAL INCOME IN RANGE OF EUR 233M -
EUR 242M AND AN FFO 1 BETWEEN EUR 84M - EUR 88M
    * Q3 NET RENTAL INCOME DECREASED BY -28% YOY TO EUR 187M,
FFO 1
WAS AT EUR 68M (-33% YOY)

Source text for Eikon:  ID:nEQ5JC03Xa 
Further company coverage:  ADJ.DE 
 (Gdansk Newsroom)
 ((Gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))