DGAP-News: alstria office REIT-AG: Outstanding first quarter results
(firmenpresse) - DGAP-News: alstria office REIT-AG / Key word(s): Quarter Results
alstria office REIT-AG: Outstanding first quarter results
07.05.2013 / 07:30
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Press release
First quarter 2013
Outstanding first quarter results
- Revenues at EUR 26.3 m (+11.4%) and funds from operations (FFO) at EUR
13.9 m (+42.2%)
- Full-year guidance confirmed (revenues EUR 103 m and FFO EUR 45 m)
- Strong balance sheet: G-REIT equity ratio at 51.5% and Net LTV at46.8%
- EPRA NAV per share at EUR 11.17 (+1.7%)
Hamburg, May 7, 2013 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces its results for
the first three months of 2013.
Revenues of EUR 26.3 m and FFO of EUR 13.9 m
In the first three months of 2013, alstria's revenues increased by 11.4%
year-on-year to EUR 26.3 m, due to organic growth on the one hand and
acquisition-related effects on the other hand. The funds from operations
(FFO) improved massively by 42.2% to EUR 13.9 m in the first three months
of 2013, reflecting the increased revenue base, but were also driven by
lower operating and administrative expenses, as well as by decreased
financing costs. As the number of shares remained unchanged compared to
last year, the FFO per share also improved by 42.2% to EUR 0.18 (EUR 0.12
in Q1 2012). alstria's net profit for the first three months of 2013
amounted to EUR 15.0 m and was up by 46.6% compared to the first quarter of
2012.
Full-year guidance confirmed
As the increase of alstria's FFO reflects operational improvements as well
as seasonal effects, the full-year guidance remains unchanged with expected
revenues of EUR 103 m and FFO of EUR 45 m. Real estate operating expenses
are expected to normalise in the course of the year and disposed assets,
which were still on the balance sheet in the first quarter, will slightly
reduce the revenue base going forward.
Continued de-leveraging process
As of March 31, 2013, alstria's investment property totalled EUR 1.6 bn
and was down by 1.4%. In the first quarter of 2013, alstria made
significant progress in streamlining the portfolio by selling smaller
assets mainly located in Eastern Germany. As of today alstria has signed
binding notarised agreements for the sale of five buildings for total
proceeds of EUR 26.5 m.
Within the first three months of 2013, alstria's equity increased by 2.5%
to EUR 849.7 m, mainly reflecting the positive net profit contribution.
alstria's G-REIT equity ratio amounted to 51.5% as per end of March
2013 and the Company's net LTV at the reporting date improved to 46.8%.
Operational performance
In the quarter of the year alstria has signed new leases of 7,100 sqm, as
well as lease extensions of around 4,800 sqm. The EPRA vacancy rate was
stable in the first quarter 2013 and amounted to 8.1%.
Dividend proposal of EUR 0.50 per share
'The continuous growth of revenues, FFO and FFO per share is testimony to
alstria's ability to grow in a low-growth environment. Our shareholders are
benefiting immediately from this, as we are proposing a dividend of EUR
0.50 per share to our next AGM, up from EUR 0.44 last year' said Olivier
Elamine, CEO of alstria. 'We will continue to concentrate on our strengths
and are confident in our capability to unlock further growth potential in
the coming months.'
Key financials at a glanceQ1 2013 Q1 2012 Change
Revenues (EUR m) 26.3 23.6 11.4%
Net result for the period (EUR m) 15.0 10.2 46.6%
Funds from operations (FFO) (EUR m) 13.9 9.8 42.2%
FFO per share3 (EUR) 0.18 0.12 42.2%
Mar. 31, 2013 Dec. 31, 2012 Change
Investment properties (EUR m) 1,600 1,623 -1.4%
Cash at hand (EUR m) 131.6 118.5 11.1%
EPRA NAV per share (EUR) 11.17 10.98 1.7%
G-REIT equity ratio (%) 51.5 50.0 1.5 pp
Net LTV ratio (%) 46.8 47.8 -1.0 pp
Invitation to the conference call on May 07, 2013
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 one of the following dial-in numbers:
Germany: +49 (0) 6103 485 3001
UK: + 44-207-153 2027
Please note that you can watch the management's presentation live as a
webcast on our website www.alstria.com. As soon as the conference call
begins, the presentation and the Q1 report will be available for 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. As of March 31, 2013 its
portfolio comprised 82 properties with an aggregate lettable space of
919,000 sqm and is valued at approximately EUR 1.6 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(at)alstria.de
More information on:
www.alstria.com
www.alstria.blogspot.com
www.twitter.com/alstria_REIT
Disclaimer:
This release constitutes neither an offer to sell n or 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.
End of Corporate News
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Language: English
Company: alstria office REIT-AG
Bäckerbreitergang 75
20355 Hamburg
Germany
Phone: 040-226 341 300
Fax: 040-226 341 310
E-mail: info(at)alstria.de
Internet: http://www.alstria.de
ISIN: DE000A0LD2U1
WKN: A0LD2U
Indices: SDAX, EPRA, German REIT Index
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Hamburg, München, Stuttgart
End of News DGAP News-Service
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