DGAP-News: alstria office REIT-AG: Acquisitions drive FFO performance
(firmenpresse) - DGAP-News: alstria office REIT-AG / Key word(s): Quarter Results
alstria office REIT-AG: Acquisitions drive FFO performance
08.05.2012 / 07:36
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Press release
First quarter 2012
Acquisitions drive FFO performance
- Revenues at EUR 23.6 m (+10.7%) and funds from operations (FFO) at EUR
9.8 m (+22.2%)
- Full year guidance confirmed (revenues EUR 100 m and FFO EUR 40 m)
- EPRA NAV per share at EUR 11.15
Hamburg, May 8, 2012 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces its result for the
first three months of 2012.
Revenues of EUR 23.6 m and FFO of EUR 9.8 m
In the first three months of 2012, alstria's revenues increased by 10.7%
year-on-year to EUR 23.6 m, mainly as a result of the acquisition of real
estate assets in 2011. The funds from operations improved by 22.2% to EUR
9.8 m in the first three months of 2012, reflecting the increased revenue
base and normalised administration expenses. More importantly, the FFO per
share increased by 9.1% to EUR 0.12 (EUR 0.11 in Q1 2011), demonstrating
the company's ability to deliver on FFO accretion. alstria's net profit for
the first three months of 2012 amounted to EUR 10.2 m and was up by 3.7%
compared to the first quarter of 2011.
Further improvement of balance sheet ratios
As of March 31, 2012, alstria's investment property totalled EUR 1.5 bn.
This number is unchanged compared to December 31, 2011. The real estate
portfolio acquired in February 2012 was consolidated as of May 1, 2012 and
is therefore not reflected in the numbers for the first quarter 2012.
alstria's equity amounted to EUR 837 m as of March 31, 2012. The increase
of EUR 69 m compared to December 31, 2011 was mainly driven by the capital
increase executed end of February 2012 and the operating profit for the
period. alstria's G-REIT equity ratio amounted to 52.9% as per end of March
2012, the Company's net LTV at the reporting date (including inflow from
the capital increase) was 46.3%.
Operational performance
In the first three months of the year alstria has signed new leases of
3,600 sqm. The Company has agreed to renew around 30,000 sqm of leases
with two of its key tenants, which were due to expire at the end of 2012,
following the initial five year leaseback period.
The total physical vacancy rate in the portfolio has increased in the first
quarter 2012 from 8.6% (as of year-end 2011) to 10.7%, mainly reflecting
the expected vacancy of the Hans-Böckler-Strasse asset (Düsseldorf), which
was acquired in 2011 as part of the Vastned portfolio. The EPRA vacancy
rate remained low at around 7.5% (6.5% as of year-end 2011).
'It was of paramount importance that we generated FFO per share growth
following the capital increase reinvestment, and we are glad that we have
been able to deliver on this promise' said Olivier Elamine, CEO of alstria.
'The consolidation of the recently acquired DIVE portfolio should allow us
to further improve our FFO per share. Our asset management work is now
focusing on leasing up the new vacant space that we have acquired,
providing even further upside to the FFO.'
Outlook
alstria confirms its forecast for the 2012 financial year: annual revenues
of EUR 100 m (2011: EUR 90.7 m) and EUR 40 m in FFO (2011: EUR 34.7 m).
Key financials at a glance
Q12012 Q1 2011 Change
Revenues (EUR m) 23,6 21,3 10,7%
Net result for the period (EUR m) 10,2 9,9 3,7%
Funds from operations (FFO) (EUR m) 9,8 8,0 22,2%
FFO per share4 (EUR) 0,12 0,11 9,1%
Mar. 31, 2012 Dec. 31, 2011 Change
Investment properties (EUR m) 1.529 1.529 0,0%
Cash at hand (EUR m) 153,4 96,0 59,8%
EPRA NNNAV per share (EUR) 10,61 10,71 -0,9%
G-REIT equity ratio (%) 52,9 48,7 4.2 pp
Net LTV ratio (%) 46,3 50,2 -3.9 pp
Invitation to the conference call on May 08, 2012
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) 69 58 999 0805
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. Its current portfolio
comprises 85 properties with an aggregate lettable space of approx. 929,000
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 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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