Germany's Adler confirms full-year guidance after bondholder group pact

Adler SA

29/11/2022 07:12

BERLIN, Nov 29 (Reuters) - German real estate investor
Adler Group's  ADJ.DE  loan-to-value (LTV) ratio, an important
yardstick of its debt burden, rose further at the end of the
third quarter, the embattled company said on Tuesday, while
confirming full-year guidance.
    The company said the LTV stood at 59.9% as of Sept. 30, up
from 50.9% at the end of 2021. 
    Adler confirmed its 2022 full-year guidance, saying it
expected funds from operations from rental activities (FFO 1) in
the range of 84 million euros-88 million euros. 
    FFO 1 for the third quarter fell to 18 million euros ($18.68
million) due to the sale of residential packages, in comparison
to 35 million euros in the corresponding period a year ago,
Adler said.  
    Adler, embroiled in an accounting investigation following
accusations by short sellers last year, said this month it had
reached an agreement with a group of bondholders about changes
to terms and conditions and the provision of secured debt
financing for the group. 
($1=0.9636 euros)
 (Reporting by Matthias Inverardi, Writing by Miranda Murray;
Editing by Janane Venkatraman)
 ((Miranda.Murray@thomsonreuters.com;))