DGAP-News: alstria office REIT-AG: Q1-Q3 2013 Strong operating business drives revenues and FFO
(firmenpresse) - DGAP-News: alstria office REIT-AG / Key word(s): Quarter Results
alstria office REIT-AG: Q1-Q3 2013 Strong operating business drives
revenues and FFO
05.11.2013 / 07:24
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Press release
Q1-Q3 2013
Strong operating business drives revenues and FFO
- Revenues at EUR 78.1 m (+4.0%) and FFO at EUR 34.4 m (+7.5%)
- EPRA vacancy rate drops by 90 bps to 7.1%
- Financial guidance 2013 confirmed
- Publication of Sustainability Report 2013
Hamburg, November 5, 2013 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces its result for the
first nine months of 2013.
Revenues of EUR 78.1 m and FFO of EUR 34.4 m
In the first nine months of 2013, alstria's revenues increased by 4.0%
year-on-year to EUR 78.1 m, mainly as a result of the acquisition of real
estate assets. The funds from operations (FFO) improved by 7.5% to EUR 34.4
m in the first nine months of 2013, driving the FFO margin by 1.4
percentage points to 44.0%. This development was positively impacted by an
increased revenue base and lower real estate operating expenses. On the
other hand the early refinancing of alstria's syndicated loan caused a
one-off burden of EUR 2.7 m, which was also recognised in the operating
result. alstria's FFO per share increased by 7.5% to EUR 0.44 (Q1-Q3 2012:
EUR 0.41) and continued its steady upward trend. The net profit for the
first nine months of 2013 amounted to EUR 24.1 m and was negatively
impacted by a non-cash valuation result from financial derivatives.
Successful refinancing strengthens alstria's balance sheet
As of September 30, 2013, alstria's investment property totalled EUR 1.6
bn and was largely stable compared to December 31, 2012. The proceeds from
the disposal of smaller assets mainly located in Eastern Germany were
immediately reinvested in alstria's core areas of Düsseldorf and Stuttgart.
As of September 30, 2013 alstria's equity amounted to EUR 827.3 m and was
almost unchanged compared to December 31, 2012. The ERPA NNNAV per share
therefore amounted to EUR 10.46 as of end of September 2013. The G-REIT
equity ratio stood at 49.6%, the Company's net LTV at the reporting date
was 51.2%. The successful refinancing in the first nine months of 2013,
comprising the issuance of a convertible bond in the amount of EUR 79.4 m
and the refinancing of the syndicated loan amounting to EUR 544 m massively
strengthened alstria's balance sheet. The average debt maturity more than
doubled to 5.5 years and thus secures the current favourable financing
conditions.
Leasing success all across the portfolio
Since the beginning of the year, alstria has signed new leases for a total
lettable area of 25,200 sqm and extended 14,700 sqm of expiring leases. The
EPRA vacancy rate stood at 7.1% and was down by 90 bps compared to
December 31, 2012. alstria was able to sign major new leases in Hamburg,
Düsseldorf, Hanover, Stuttgart and Frankfurt.
Disposal of an asset in Norderstedt
On October 31, 2013 alstria signed a binding a notarised agreement on the
sale of an asset in Norderstedt. The building was acquired in 2012 for a
total consideration of EUR 5.5 m. After investing EUR 0.9 m and
substantially reducing the vacancy the assets was sold for EUR 10.3 m,
generating an IRR of 36% for alstria. The transfer on benefits and burden
is expected for the end of 2013.
'In the first nine months of 2013 we have made significant progress in
terms of leasing and streamlining our portfolio,' said Olivier Elamine, CEO
of alstria. 'On top of that the early and successful refinancing of two
thirds of our corporate debt massively improved our balance sheet quality.
The combination of our secured funding base with our long-term leases
creates one of the most attractive and reliable cash flow profiles in the
European real estate sector.'
Outlook
alstria confirms its forecast for the 2013 financial year with annual
revenues of EUR 103 m and EUR 45 m in FFO.
New sustainability report published
Today alstria has published its new Sustainability Report for the year
2013. The report, which has a GRI self-declared B application level,
demonstrates the high level in terms of sustainability reporting by the
Company.
Key financials at a glance
Q1-Q3 2013 Q1-Q3 2012 Change
Revenues (EUR m) 78.1 75.1 4.0 %
Net result for the period (EUR m) 24.1 32.5 -25.9 %
Funds from operations (FFO) (EUR m) 34.4 32.0 7.5 %
FFO per share (EUR) 0.44 0.41 7.5 %
Sep. 30, 2013 Dec. 31, 2012 Change
Investment properties (EUR m) 1,636 1,623 0.8 %
Cash at hand (EUR m) 69.1 118.5 -41.7 %
EPRA NNNAV per share (EUR) 10.46 10.50 -0.4 %
G-REIT equity ratio (%) 49.6 50.0 -0.4 pp
Net LTV (%) 51.2 47.8 3.4 pp
Invitation to the conference call on November 05, 2013
The alstria Management Board will present the results of the first nine
months 2013 during a conference call at 10.00 am (CET).
Please use the following dial-in numbers:
Germany: +49 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 interim report, as well as the
Sustainability 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 September 30, 2013 the
portfolio comprises 79 properties with an aggregate lettable space of
911,800 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 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.
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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