Adler Group S.A. with Continued Solid Operational Performance in Q1 2024

Adler Group S.A. has released its financial results for the first quarter of 2024, showing solid operational performance despite a slight decline in net rental income. This income decreased by 4% to €51 million due to portfolio disposals in 2023. However, like-for-like rental growth was up 5.1%, with an average residential rent of €7.63 per square meter per month and a low vacancy rate of 1.7%.

The company maintained its FY 2024 net rental income guidance between €200 million and €210 million. Completed disposals of development projects in Berlin and Leipzig brought total cash proceeds of €43 million to date. Rising interest costs and restructuring expenses continued to negatively impact net income.

Adler Group's residential core portfolio holds 25,015 units, primarily in Berlin, collectively valued at €4.2 billion. The company also executed asset sales worth approximately €10 million in Q1 2024. Subsequent to Q1, the Leipzig development project was sold for €26 million.

CEO Thierry Beaudemoulin highlighted the company's progress in various business aspects and recounted the binding recapitalization agreement with bondholders to strengthen Adler Group's equity position.