DGAP-News: alstria office REIT-AG: Strong operating performance: Increase of full year FFO guidance to EUR 32 million
(firmenpresse) - DGAP-News: alstria office REIT-AG / Key word(s): Quarter Results
alstria office REIT-AG: Strong operating performance: Increase of full
year FFO guidance to EUR 32 million
06.05.2011 / 07:35
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Press release
First Quarter 2011
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 financialyear: annual revenues
of EUR 87 million and EUR 32 million in FFO.
Key financials at a glance
3M 2011 3M 2010 Variation in %
Revenues (EUR m) 21,3 23,1 -7,8%
Net profit for the period (EUR m) 9,9 8,4 17,8%
Funds From Operations (EUR m) 8,0 7,3 10,3%
FFO per share (EUR)2 0,13 0,13 0,0%
2011-03-31 2010-12-31 Variation in %
Investment properties (EUR m) 1.409 1.348 4,5%
Cash (EUR m) 87,9 121,0 -27,4%
EPRA-NAV per share (EUR) 11,57 11,68 -0,9%
G-REIT equity ratio (%) 55,8 49,8 6.0 pp
Net LTV (%) 45,0 50,1 -5.1 pp
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
Please note that you can watch Olivier Elamine and Alexander Dexne'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 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.
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(at)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.
End of Corporate News
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---------------------------------------------------------------------Language: English
Company: alstria office REIT-AG
Bäckerbreitergang 75
20355 Hamburg
Deutschland
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
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Hamburg, München, Stuttgart
End of News DGAP News-Service
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123298 06.05.2011
Datum: 06.05.2011 - 07:35 Uhr
Sprache: Deutsch
News-ID 33985
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