• Strong operating performance: Increase of full year FFO guidance to EUR 32 million
• Revenues at EUR 21.3 million and Funds From Operations at EUR 8.0 million
• Full year FFO Guidance increased to EUR 32 million
• EPRA-NAV per share at EUR 11.57
Hamburg, May 6, 2011 - alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), an internally managed Real Estate Investment Trust (REIT) focused solely on acquiring, owning and managing office real estate in Germany, releases its financial result for the first three months of 2011.
Revenues of EUR 21.3 million and FFO of EUR 8.0 million outperforming previous guidance
In the first three months of 2011 alstria's revenues decreased by 7.8% year-on-year to EUR 21.3 million, mainly as a result of the disposal of real estate assets in 2010. Despite declining revenues the Funds From Operations improved by 10% to EUR 8.0 million in the first three months of 2011, reflecting the sale of lower yielding mature assets, and the improved capital structure of the company. alstria's net profit for the first three months of 2011 amounted to EUR 9.9 million and was up by 18% compared to the first quarter of 2010. The net result benefited from the successful operating business and positive non-cash valuation gains of interest derivatives amounting to EUR 2.0 million.
Further improvement of balance sheet ratios
As of March 31, 2011, alstria's investment property totalled EUR 1.4 billion. This number reflected the inclusion of the asset in Karlsruhe and two assets in Hamburg, acquired in November 2010 and January 2011 respectively. The third Hamburg asset was added to the balance sheet in April 2011, and therefore is not reflected in the numbers of the first quarter. alstria's equity amounted to EUR 808.7 million as of March 31, 2011. The increase of EUR 116.3 million compared to Q4 2010 was mainly driven by the successful capital increase executed end of March 2011 and operating profit for the period. alstria's G-REIT equity ratio amounted to 55.8% as per end of March 2011, the company's net LTV at the reporting date (including inflow from capital increase) was 45.0%.
Strong leasing activities
In the first three months of the year the company has signed new leases of 7,000 sqm, or around 12% of the vacancy of the portfolio at the beginning of the year. The total physical vacancy rate in the portfolio has declined in the first quarter from 7.6% (as of year-end of 2010) to 7.5%, mainly reflecting the strong leasing activities of the company. The EPRA vacancy rate amounted to 4.9% as of March 31, 2011 and was down from 5.1% as of year-end 2010.
'In the first quarter of 2011 alstria was able to further strengthen its portfolio, its balance sheet profile and its overall profitability,' said Olivier Elamine, CEO of alstria. 'Considering the first quarter result we are increasing the FFO guidance from EUR 30 to EUR 32 m. We are looking forward to putting the cash at hand at work, in order to further improve alstria's profitability'.
Outlook
alstria increases its forecast for the 2011 financial year: annual revenues of EUR 87 million and EUR 32 million in FFO.
Key financials at a glance
Invitation to the conference call on May 06, 2011
The alstria management board will present the Q1 results during a conference call at 10.00 am (CET) - conference call for analysts and journalists.
Please use the following dial-in numbers:
Germany: +49 (0) 6103 485 3000
UK: + 44 - 207 - 153 2027
About alstria:
alstria office REIT-AG is an internally managed Real Estate Investment Trust (REIT) focused solely on acquiring, owning and managing office real estate in Germany. alstria was founded in January 2006 and was converted into the first German REIT in October 2007. Its headquarters are in Hamburg.
alstria office REIT-AG owns a diversified portfolio of properties across attractive German office real estate markets. Its current portfolio comprises 74 properties with an aggregate lettable space of approx. 813,000 sqm and is valued at approximately EUR 1.4 bn.
The alstria office REIT-AG strategy is based on active asset and portfolio management as well as on establishing and maintaining good relationships with key customers and decision makers. alstria focuses on long-term real estate value creation.
For further information, please contact:
Ralf Dibbern, IR/PR
Phone: +49 (0) 40 / 226 341-329
Email: rdibbern@alstria.de
More information on:
http://www.alstria.de/
http://www.alstria.blogspot,com/
www.twitter.com/alstria_REIT
Disclaimer:
This release constitutes neither an offer to sell nor a solicitation of an offer to buy any shares. As far as this press release contains forward-looking statements with respect to the business, financial condition and results of operations of alstria office REIT-AG (alstria), these statements are based on current expectations or beliefs of alstria's management. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those reflected in such forward-looking statements. Apart from other factors not mentioned here, differences could occur as a result of changes in the overall economic situation and the competitive environment – especially in the core business segments and markets of alstria. Also, the development of the financial markets and changes in national as well as international provisions particularly in the field of tax legislation and financial reporting standards could have an effect. Terrorist attacks and their consequences could increase the likelihood and the extent of differences. alstria undertakes no obligation to publicly release any revisions or updates to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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