The company posted a January-June loss of one billion euros, widening from a loss of 604 million euros a year earlier.
Adler, one of Germany's biggest landlords, is fighting a liquidity crisis, triggered by a downturn in the domestic property market, rising energy and building prices caused by Russia's invasion of Ukraine and the fallout from the COVID-19 pandemic.
"We are experiencing value losses, as everyone else in the market, due to a significantly changed interest rate environment," CEO Thierry Beaudemoulin said.
The company plans to continue reducing its 26,000-apartment portfolio - especially projects that are still under construction - against the backdrop of a tough market environment.
Sales and purchases in the property market have "dried up", Beaudemoulin said.
Funds from operations (FFO 1), a measure of recurring free cash flow and a key indicator for operational strength of real estate companies, fell 84% to 8 million euros during January-June, the company said.
The company also faces legal woes after offices of its subsidiary, Adler Real Estate, were searched by prosecutors as part of an accounting investigation in June. Adler Group said it stands behind its legal executive Sven-Christian Frank, who is listed as a defendant in the case.
Adler shares were down 8% by 0848 GMT. The stock has lost almost all of its value in the wake of a series of crises over the last two years.
($1 = 0.9246 euros)
($1 = 0.9256 euros)
(Reporting by Andrey Sychev and Matthias Inverardi, Editing by Friederike Heine, Sherry Jacob-Phillips and Sharon Singleton)
By Andrey Sychev and Matthias Inverardi
