First nine months 2011
-
Revenues at EUR 66.6
million (-1.1%) and funds from operations at EUR 25.6 million (+18.7%)
-
EPRA-NAV per share at EUR 11.24
-
Acquired assets transferred to alstria’s balance sheet
Hamburg, November 7, 2011 – alstria office REIT-AG
(symbol: AOX, ISIN: DE000A0LD2U1), the leading German office REIT, releases its
financial results for the first nine months of 2011.
Revenues of EUR 66.6 million (-1.1%) and FFO of EUR 25.6
million (+18.7%) in line with guidance
In the first nine months of 2011 alstria’s revenues
decreased slightly by 1.1% year-on-year to EUR 66.6 million. Despite
declining revenues, funds from operations improved strongly by 18.7% to EUR 25.6
million in the first nine months of 2011, reflecting the improved
capital structure of the Company and the recent acquisitions closed in the
course of 2011. The improvement of the FFO is also true on a per share basis, where
the FFO increased by 1 cent/share from EUR 0.35/share to EUR 0.36/share. This
increase of FFO/share is testimony to the ability of alstria to raise capital
and invest it in an accretive manner for the benefit of all its shareholders. alstria’s
net result for the first nine months of 2011 amounted to EUR 27.6 million
and compares with a loss of EUR -11.5 million in the prior year period.
Strong balance sheet – Equity up by 10.9%
As of September 30, 2011, alstria’s investment
property totalled EUR 1.5 billion and increased by 14.0% compared to
year-end of 2010. This reflects the inclusion of ten assets, acquired in the
course of 2010/2011. As of September 30, 2011, alstria’s equity amounted to EUR
767.6 million (+10.9%). The increase of EUR 75.2 million
compared to the end of 2010 is mainly resulting from the capital increase in
March 2011, but also reflects the dividend payment to shareholders of EUR 31.5
million in June 2011 and the positive operating cashflow in the first nine
months of 2011. alstria’s G-REIT equity ratio amounted to 48.7% as per end of September
2011, the company’s net LTV at the reporting date was 51.7%.
New leases of 28,000 sqm
In the first nine months of the year the Company
has signed new lease agreements
of 28,000 sqm, or around 47% of the vacancy of the portfolio at the
beginning of the year, representing the strongest leasing result in alstria’s
history. The total physical vacancy rate in the portfolio as of September 30,
2011 stood at 8.5% or 73,500 sqm. The increase compared to June 30, 2011
reflects the consolidation of the acquired assets in Düsseldorf and Frankfurt. The
EPRA vacancy rate (excluding vacancy related to development projects) increased
for the same reason to 6.4% or 55,300 sqm as of September 30, 2011.
“For the first nine months of
2011 alstria reports a very strong development in all its KPI’s”, said Olivier
Elamine, CEO of alstria. “With our early refinancing in 2010, the rapid
execution of two capital increases and the accretive investment of the proceeds
the company is in an excellent position to sail through the stormy weather that
will come up in the next months, and is ideally positioned to seize
opportunities”.
Outlook
alstria confirms its forecast for the 2011
financial year: annual revenues of EUR 89 million and EUR 34 million
in FFO.
Key financials at a glance
Invitation to the conference call on November 7, 2011
The alstria management board, CEO Olivier Elamine and CFO
Alexander Dexne, will present the results of the first nine months 2011 during
a conference call on November 7, 2011 at 10.00 am (CET) – conference call for
analysts and journalists.
Please use the following dial-in numbers:
Germany: + 49 (0) 6103 485 3002
UK: +
44 – 207 – 153 2027
Please note that you can watch the presentation
of Olivier Elamine and Alexander Dexne live as a webcast on our website www.alstria.com.
As soon as the conference call begins, the presentation and the 9M report will
be also available to download.
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. The Company owns a diversified portfolio of properties across attractive
German office real estate markets. Its current portfolio comprises 80
properties with an aggregate lettable space of approx. 864,000 sqm and is
valued at approximately EUR 1.5 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:
www.alstria.de
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.
