alstria office REIT-AG

Quarterly Report • Nov 20, 2018

CONSOLIDATED INTERIM STATEMENT

as of September 30, 2018

GROUP FINANCIALS

EUR k	Jan. 1 – Sept. 30, 2018	Jan. 1 – Sept. 30, 2017	Change
Revenues and earnings
Revenues	144,886	143,784	0.8%
Net rental income	127,263	129,070	–1.4%
Consolidated profit for the period	94,457	111,699	–15.4%
FFO1)	88,556	85,916	3.1%
Earnings per share (EUR)	0.54	0.73	–26.0%
FFO per share (EUR)1)	0.50	0.56	–10.7%

1) Excluding minorities.

EUR k	Sept. 30, 2018	Dec. 31, 2017	Change
Balance sheet
Investment property	3,508,808	3,331,858	5.3%
Total assets	3,770,848	3,584,069	5.2%
Equity	2,250,774	1,954,660	15.1%
Liabilities	1,520,074	1,629,409	–6.7%
Net asset value (NAV) per share (EUR)	12.69	12.70	–0.1%
Net LTV (%)	34.8	40.0	–5.2 pp

G-REIT figures	Sept. 30, 2018	Dec. 31, 2017	Change
G-REIT equity ratio (%)	63.4	57.1	6.3 pp
Revenues including other income from investment properties (%)	100	100	0.0 pp

EPRA figures1)	Jan. 1 – Sept. 30, 2018	Jan. 1 – Sept. 30, 2017	Change
EPRA earnings per share (EUR)	0.54	0.53	1.9%
EPRA cost ratio A (%)2)	22.1	19.0	3.1pp
EPRA cost ratio B (%)3)	17.7	15.3	2.4pp
	Sept. 30,	Dec. 31,

	2018	2017	Change
EPRA NAV per share (EUR)	12.68	12.71	–0.2%
EPRA NNNAV per share (EUR)	12.39	12.45	–0.5%
EPRA net initial yield (%)	4.5	4.6	–0.1 pp
EPRA 'topped-up' net initial yield (%)	4.9	5.0	–0.1 pp
EPRA vacancy rate (%)	10.4	9.4	1.0 pp

1) For further information, please refer to EPRA Best Practices Recommendations, www.epra.com.

2) Including vacancy costs.

3) Excluding vacancy costs.

CONSOLIDATED INTERIM STATEMENT

1. PORTFOLIO OVERVIEW AND SIGNIFICANT EVENTS

Key metrics	Sept. 30, 2018	Dec. 31, 2017
Number of properties	117	116
Market value (EUR bn)1)	3.5	3.4
Annual contractual rent (EUR m)	196.3	202.0
Valuation yield (%, contractual rent /market value)	5.6	5.9
Lettable area (m²)	1,610,600	1,570,100
EPRA vacancy rate (%)	10.4	9.4
WAULT (years)	4.9	4.7
Average value per m² (EUR)	2,179	2,171
Average rent/m² (EUR/month)	12.08	12.06

1) Including fair value of owner-occupied properties.

Real estate operations

Letting metrics	Jan. 1 – Sept. 30, 2018	Jan. 1 – Sept. 30, 2017	Change (m²)
New leases (m²)	86,700	68,600	18,100
Renewals of leases (m²)	64,500	126,600	–62,100
Total	151,200	195,200	–44,000

During the first three quarters of financial year 2018, letting activities amounted to approximately 151,200 m² (as measured by new leases and lease extensions).

Asset	City	Lettable area (m²)	Net rent/m² (EUR)	Net rent p.a. (EUR k)	Lease length (years)	Rent free (in % of lease length)
T-Online-Allee 1	Darmstadt	29,100	12.00	4,200	7.5	0.0
Elisabethstrasse 5–11	Düsseldorf	4,4001)	20.23	1,068	10.6	1.6
Am Wehrhahn 33	Düsseldorf	2,700	17.28	560	10.0	8.3
Am Wehrhahn 33	Düsseldorf	2,400	16.98	489	7.0	10.7
Georg-Glock-Strasse 18	Düsseldorf	2,000	18.67	448	7.0	4.8
Süderstrasse 24	Hamburg	1,900	11.62	265	3.0	8.3
Am Wehrhahn 33	Düsseldorf	1,900	17.02	388	10.0	7.5
Heidenkampsweg 99−101	Hamburg	1,800	12.04	260	5.0	0.0
Gasstrasse 18	Hamburg	1,800	16.34	353	10.0	3.3
Breitwiesenstrasse 5–7	Stuttgart	1,700	12.11	247	5.0	0.0
Heidenkampsweg 99−101	Hamburg	1,600	12.86	247	10.0	1.6
Am Wehrhahn 33	Düsseldorf	1,500	16.16	291	10.0	8.3

The signing of the following lease contracts had a substantial impact on the development of the new leases:

1) A 2,500 m² extension of an existing lease and a 1,900 m² new lease.

Transactions

alstria performed the following transactions in financial year 2018:

Disposals
-----------	--

Asset	City	Disposal price (EUR k)	Gain to book value (EUR k)	Signing SPA	Transfer of benefits and burdens
Frankfurter Strasse 71−75	Eschborn	16,200	500	Oct. 9, 2017	Q4 20181)
Eschersheimer Landstrasse 55 Frankfurt a.M.		44,000		16,600 Dec. 21, 2017	Mar. 31, 2018
Lötzener Strasse 3	Bremen	3,600	0	Jan. 26, 2018	June 30, 2018
Harburger Ring 17	Hamburg	10,000	750	Feb. 20, 2018	Aug. 31, 2018
Washingtonstrasse 16	Dresden	28,080	11,080	Oct. 5, 2018	Q4 20181)
Gathe 78	Wuppertal	9,120	120	Oct. 10, 2018	Q4 20181)
Jagenbergstrasse 1	Neuss	23,400	4,400	Oct. 29, 2018	Q4 20181)
Total Disposals		134,400	33,450

1) Expected.

Acquisitions

Asset	City	Acquisition price1) (EUR k)	Signing SPA	Transfer of benefits and burdens
Eichwiesenring 1	Stuttgart	28,000	Dec. 20, 2017	Apr. 1, 2018
Sonninstrasse 26−28	Hamburg	54,584	Dec. 21, 2017	Feb. 1, 2018
Taunusstrasse 45−47	Frankfurt a.M.	25,100	June 7, 2018	Aug. 1, 2018
Gustav-Nachtigal-Strasse 5	Wiesbaden	7,675	July 27, 2018	Sept. 1, 2018
Schinkestrasse 20	Berlin	9,400	Aug. 27, 2018	Nov. 1, 2018
Total Acquisitions		124,759

1) Excluding transaction costs.

2. EARNINGS POSITION

Funds from operations amounted to EUR 91,011 k (before minorities) or EUR 88,556 k (after minorities) in the first three quarters of 2018, compared to EUR 88,731 k (before minorities) or EUR 85,916 k (after minorities) in the first three quarters of 2017.

The increase mainly resulted from a better net financial result of EUR 4,622 k. Small opposite effects were the slightly higher personnel expenses compared to the previous-year period.

Sept. 30,	Jan. 1 – Sept. 30, 2017
94,401	114,051
–1,387	–
–2,454	3,632
–216	–3,127
–	–30,121
667	4,296
91,011	88,731
–2,455	–2,815
88,556	85,916
–39,809	–28,994
48,747	56,922
177,416	153,342
0.50	0.56
	Jan. 1 – 2018

1) This amount includes noncash income or expenses plus nonrecurring effects. The main effects during the first three quarters of 2017 were expenses for the valuation of the limited partner capital (EUR 5,262 k), an other operating income from a compensation payment by a tenant (EUR 5,000 k), as well as costs related to the takeover of alstria office Prime (EUR 931 k). The main effects during the first three quarters of 2018 were expenses for the valuation of the limited partner capital (EUR 2,583 k), other operating income from compensation payments by tenants (EUR 3,064 k), and another operating income from the reversal of provisions (EUR 2,250 k).

• 2) (A)FFO is not a measure of operating performance or liquidity under generally accepted accounting principles, in particular IFRS, and it should not be considered an alternative to the Company's income or cash-flow measures as determined in accordance with IFRS. Furthermore, no standard definition exists for (A)FFO. Therefore, alstria's (A)FFO values and the measures with similar names presented by other companies may not be comparable.
• 3) AFFO is equal to FFO after adjustments are made for capital expenditures used to maintain the quality of the underlying investment portfolio and expenses for lease-ups.

Rental revenues amounted to EUR 144,886 k during the first three quarters of 2018 and hence increased by EUR 1,102 k compared to the revenues during the first three quarters of the previous year (EUR 143,784 k). The increase mainly results from the acquisition of assets during the second half of financial year 2017 and thereby led to a higher rental income.

The consolidated net result amounted to EUR 94,457 k in the reporting period and was lower than the consolidated net result from the first three quarters of 2017 (EUR 111,699 k). Overall, an improved net financial result and an improved net loss from fair value adjustments on financial derivatives were overcompensated by a decrease of the share of the result of joint venture companies. alstria's share of earnings from joint venture companies in the first three quarters of 2017 was mainly attributable to the sale of the Kaisergalerie asset in Hamburg.

3. FINANCIAL AND ASSET POSITION

Investment properties

The total value of investment properties amounted to EUR 3,508,808 k as of September 30, 2018, compared to EUR 3,331,858 k as of December 31, 2017.

EUR k

Investment properties as of December 31, 2017	3,331,858
Investments	64,485
Acquisitions	109,859
Acquisition costs	6,729
Disposals	–12,850
Transfers to held for sale	–
Transfers to property, plant, and equipment (owner-occupied properties)	–60
Transfers out of property, plant, and equipment (owner-occupied properties)	7,400
Net result from the adjustment of the fair value of investment property1)	1,387
Investment properties as of September 30, 2018	3,508,808
Carrying amount of owner-occupied properties	18,235
Fair value of properties held for sale	16,200
Interest in joint venture	8,607
Carrying amount of immovable assets	3,551,850

1) This is an income from the reversal of a provision for real estate transfer tax.

For a detailed description of the investment properties, please refer to the Annual Report 2017.

As of September 30, 2018, alstria had cash and cash equivalents in the amount of EUR 161,759 k (December 31, 2017: EUR 102,078 k).

The total equity increased by EUR 296,114 k to EUR 2,250,774 k as of September 30, 2018 (December 31, 2017: EUR 1,954,660 k). Of this increase, EUR 190,461 k is based on the capital increase, which took place on January 31, 2018, and EUR 98,562 k is related to the conversions of the convertible bond taking place within the first half of 2018. The period's profit contributed to a higher equity of EUR 94,457 k. On the other hand, dividend payments decreased the equity by EUR 92,170 k (for further information, please refer to the consolidated statement of changes in equity).

Loans

The loan facilities in place as of September 30, 2018, are as follows:

		Principal amount drawn as of Sept. 30, 2018	LTV as of Sept. 30, 2018	LTV covenant	Principal amount drawn as of Dec. 31, 2017
Liabilities	Maturity	(EUR k)	(%)	(%)	(EUR k)
Loan #1	June 28, 2024	67,000	37.0	65.0	67,000
Loan #21)	Apr. 30, 2021	–	–	–	57,975
Loan #3	Mar. 28, 2024	45,900	38.1	75.0	45,900
Loan #4	June 30, 2026	56,000	37.4	65.0	56,000
Loan #5	July 31, 2021	14,996	32.0	60.0	15,113
Loan #6	Sept. 29, 2028	60,000	50.0	–	–
Total secured loans		243,896	39.4	–	241,988
Bond #1	Mar. 24, 2021	326,800	–	–	326,800
Bond #2	Apr. 12, 2023	325,000	–	–	325,000
Bond #3	Nov. 15, 2027	350,000	–	–	350,000
Convertible bond	June 14, 2018	–	–	–	73,500
Schuldschein 10 y/fix	May 6, 2026	40,000	–	–	40,000
Schuldschein 7 y/fix	May 8, 2023	37,000	–	–	37,000
Schuldschein 4 y/fix	May 6, 2020	38,000	–	–	38,000
Schuldschein 7 y/variable	May 8, 2023	17,500	–	–	17,500
Schuldschein 4 y/variable	May 6, 2020	17,500	–	–	17,500
Revolving credit line	June 15, 2020	–	–	–	–
Total unsecured loans		1,151,800	–	–	1,225,300
Total		1,395,696	39.4	–	1,467,288
Net LTV			34.8

1) Loan agreement terminated, refinancing (Loan #6) occurred on September 28, 2018.

4. COVENANT REPORT

Compliance with and calculation of the Covenants referring to §11 of the Terms and Conditions*

In case of the incurrence of new Financial Indebtedness that is not drawn for the purpose of refinancing existing liabilities, alstria needs to comply with the following covenants:

• › The ratio of the Consolidated Net Financial Indebtedness over Total Assets will not exceed 60%
• › The ratio of the Secured Consolidated Net Financial Indebtedness over Total Assets will not exceed 45%
• › The ratio of Unencumbered Assets over Unsecured Consolidated Net Financial Indebtedness will be more than 150%

In the third quarter of 2018, alstria incurred further Financial Indebtedness in the amount of EUR 60,000 k primarily to refinance existing Secured Financial Indebtedness (for further information, please refer to the loan overview on page 7).

Sept. 30, 2018
1,237,716
–
1,237,716
3,609,089
–
–
3,609,089
34%

^* The following section refers to the Terms and Conditions of the Fixed Rate Notes, issued on November 24, 2015, April 12, 2016, and on November 15, 2017, as well as to the Terms and Conditions of the Schuldschein, issued on May 6, 2016 (for further information, please refer to www.alstria.de). Capitalized terms have the meanings defined in the Terms and Conditions.

EUR k	Sept. 30, 2018
Secured Consolidated Net Financial Indebtedness as of the reporting date	215,352
Secured Net Financial Indebtedness incurred since the reporting date	–
Sum Secured Consolidated Net Financial Indebtedness	215,352
Total Assets as of the reporting date (less cash attributable to secured debt)	3,742,703
Purchase price of any Real Estate Property acquired or contracted for acquisition since the reporting date	–
Proceeds of any Financial Indebtedness incurred since the reporting date that were not used to acquire Real Estate Property or to reduce Financial Indebtedness	–
Sum Total Assets	3,742,703
Ratio of the Secured Consolidated Net Financial Indebtedness over Total Assets (max. 45%)	6%

EUR k	Sept. 30, 2018
Value of Unencumbered Real Estate Property	2,878,363
Value of all other assets	113,992
Unencumbered Assets as of the Reporting Date	2,992,355
Net Unencumbered Assets recorded since the Reporting Date	–
Sum Unencumbered Assets	2,992,355
Unsecured Consolidated Net Financial Indebtedness as of the Reporting Date	1,022,364
Net Unsecured Financial Indebtedness incurred since the Reporting Date	–
Sum Unsecured Consolidated Net Financial Indebtedness	1,022,364
Ratio of Unencumbered Assets over Unsecured Consolidated Net Financial Indebtedness
(min. 150%)	293%

Furthermore, alstria needs to maintain a ratio of the Consolidated Adjusted EBITDA over Net Cash Interest of no less than 1.80 to 1.00. The calculation and publication of the ratio should be done at every reporting date following the issuance of the bond, starting after the fifth reporting date.

	Q4 2017 – Q3 2018
EUR k Earnings Before Interest and Taxes (EBIT)	cumulative 342,521
Net gain/ loss from fair value adjustments to investment property	–182,878
Net gain/ loss from fair value adjustments to financial derivatives	3,247
Gain/loss from the disposal of investment properties	–16,782
Other adjustments1)	2,794
Fair value and other adjustments in the joint venture	–
Consolidated Adjusted EBITDA	148,902
Cash interest and other financing charges	–25,904
One-off financing charges	4,835
Net Cash Interest	–21,069
Consolidated Coverage Ratio (min. 1.80 to 1.00)	7.07

1) Depreciation and amortisation and nonrecurring or exceptional items.

As of September 30, 2018, no covenants under the loan agreements and/or the terms and conditions of the bonds and Schuldschein have been breached.

5. RECENT DEVELOPMENTS AND OUTLOOK

Recent developments

On October 29, 2018, alstria announced the signing of a new lease for 3,800 m² office and ancillary space for its asset at Epplestrasse 225, Stuttgart. The new lease contract will start on November 1, 2019, and has a maturity of ten years.

Please refer to the table on page 4 for more details regarding the transactions that have an impact on financial year 2018.

Outlook

The first three quarters of financial year 2018 proceeded as expected. alstria's original revenue and FFO forecasts for 2018 presented in the annual statement 2017 increased in the most part due to the time lag of the transfer of benefits and burdens of the purchased and sold assets as well as the indexation of substantial lease contracts. The revenue forecast of EUR 190 million and the FFO forecast of EUR 113 million stated in the half-year financial report as per June 30, 2018, have not changed in the third quarter of 2018. Any other forecasts or statements presented in the annual statement 2017 regarding the Company's prospective development for financial year 2018 have not changed substantially.

Risk management

The Group is exposed through its business to various risks. For further details, please refer to the Annual Report 2017.

alstria's overall risk situation has not changed.

PRINCIPLES OF THE CONSOLIDATED INTERIM STATEMENT

The consolidated interim statement of the alstria office REIT-AG was prepared in accordance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB) and adopted as European law by the European Union. Besides no explanatory notes are disclosed, the requirements of IAS 34 (Interim financial reporting) have been considered.

The consolidated interim statement contains the consolidated statement of financial position, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of cash flow and the consolidated statement of changes in equity.

DISCLAIMER

The management report contains statements relating to anticipated future developments. These statements are based on current assessments and are, by their very nature, exposed to risks and uncertainty. Actual developments may differ from those predicted in these statements.

CONSOLIDATED INCOME STATEMENT

EUR k	July 1 – Sept. 30, 2018	July 1 – Sept. 30, 2017	Jan. 1 – Sept. 30, 2018	Jan. 1 – Sept. 30, 2017
Net rental revenues	48,642	50,452	144,886	143,784
Service charge income	7,397	6,851	31,059	28,171
Real estate operating costs	–12,027	–11,334	–48,682	–42,885
Net Rental Income	44,012	45,969	127,263	129,070
Administrative expenses	–1,896	–1,622	–6,147	–5,854
Personnel expenses	–3,926	–3,619	–11,487	–9,864
Other operating income	1,919	633	7,260	7,913
Other operating expenses	–1,154	–2,275	–4,101	–8,108
Net gain/ loss from fair value adjustments on investment property	0	0	1,387	0
Gain on disposal of investment property	5	1,950	216	3,127
Net Operating Result	38,960	41,036	114,391	116,284
Net financial result	–6,905	–9,415	–22,392	–27,014
Share of the result of joint venture	–121	4,302	–52	28,413
Net result from fair value adjustments on financial derivatives	–1	–748	2,454	–3,632
Pre-Tax Income (EBT)	31,933	35,175	94,401	114,051
Income tax expense	5	–2,055	56	–2,352
Consolidated Profit for the period	31,938	33,120	94,457	111,699
Attributable to:
Owners of the company	31,938	33,120	94,457	111,699
Earnings per share in EUR
based on the profit attributable to alstria's shareholders
Basic earnings per share	0.18	0.22	0.54	0.73
Diluted earnings per share	0.18	0.21	0.54	0.70

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR k	July 1 – Sept. 30, 2018	July 1 – Sept. 30, 2017	Jan. 1 – Sept. 30, 2018	Jan. 1 – Sept. 30, 2017
Consolidated profit for the period	31,938	33,120	94,457	111,699
Items which might be reclassified to the income statement in a future period:
Additions to the revaluation surplus	0	0	3,485	0
Other comprehensive result for the period	0	0	3,485	0
Total comprehensive result for the period	31,938	33,120	97,942	111,699
Total comprehensive profit / loss attributable to:
Owners of the company	31,938	33,120	97,942	111,699

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at September 30, 2018

ASSETS

EUR k	Sept. 30, 2018	Dec. 31, 2017
Non-Current Assets
Investment property	3,508,808	3,331,858
Equity-accounted investments	8,607	8,659
Property, plant and equipment	19,675	22,442
Intangible assets	333	313
Financial assets	36,810	36,567
Derivatives	2	14
Total Non-Current Assets	3,574,235	3,399,853
Current Assets
Trade receivables	8,276	7,153
Tax receivables	43	25
Other receivables	10,335	14,760
Cash and cash equivalents	161,759	102,078
thereof restricted	0	0
Assets held for sale	16,200	60,200
Total Current Assets	196,613	184,216

Total Assets 3,770,848 3,584,069

EQUITY AND LIABILITIES

EUR k	Sept. 30, 2018	Dec. 31, 2017
Equity
Share capital	177,416	153,962
Capital surplus	1,538,204	1,363,316
Retained earnings	531,669	437,382
Revaluation surplus	3,485	0
Total Equity	2,250,774	1,954,660
Non-Current Liabilities
Liabilities minority interests	54,413	53,834
Long-term loans, net of current portion	1,351,192	1,381,965
Other provisions	1,119	1,499
Other liabilities	4,584	4,408
Total Non-Current Liabilities	1,411,308	1,441,706
Current Liabilities
Liabilities minority interests	28	47
Short-term loans	48,283	86,450
Trade payables	6,542	7,268
Profit participation rights	500	538
Derivatives	0	27,529
Liabilities of current tax	5,255	13,675
Other provisions	5,459	2,992
Other current liabilities	42,699	49,204
Total Current Liabilities	108,766	187,703
Total Liabilities	1,520,074	1,629,409
Total Equity and Liabilities	3,770,848	3,584,069

CONSOLIDATED STATEMENT OF CASH FLOW

EUR k	Jan. 1 – Sept. 30, 2018	Jan. 1 – Sept. 30, 2017
1. Operating activities
Consolidated profit for the period	94,457	111,699
Interest income	–556	–635
Interest expense	22,949	27,649
Result from income taxes	–56	2,352
Unrealized valuation movements	–1,557	–19,678
Other non-cash expenses (+)/income(–)	3,224	1,588
Gain (–)/Loss (+) on disposal of fixed assets	–216	–3,127
Depreciation and impairment of fixed assets (+)	595	357
Decrease (+)/Increase (–) in trade receivables and other assets that are not attributed to investing or financing activities	–2,552	858
Decrease (–)/increase (+) in trade payables and other liabilities that are not attributed to invest ing or financing activities	–7,768	2,004
Cash generated from operations	108,520	123,067
Interest received	556	635
Interest paid	–20,147	–29,804
Income tax received (+)/paid (–)	–12,699	–8,521
Net cash generated from operating activities	76,230	85,377
2. Investing activities
Acquisition of investment properties	–171,273	–229,067
Proceeds from sale of investment properties	58,600	44,802
Payment of transaction cost in relation to the sale of investment properties	–139	–530
Acquisition of other property, plant and equipment	–1,763	–447
Net cash used in investing activities	–114,575	–185,242

EUR k	Jan. 1 – Sept. 30, 2018	Jan. 1 – Sept. 30, 2017
3. Financing activities
Cash received from equity contributions	193,071	0
Payment of transaction costs of issue of shares	–2,611	0
Payments for the acquisition of limited partnerships of minority shareholders	–82	–26,743
Distributions on limited partnerships of minority shareholders	–1,941	0
Proceeds from the issue of bonds and borrowings	60,000	30,000
Payments of transaction costs	–150	–216
Payments of dividends	–92,170	–79,680
Payments of the redemption of bonds and borrowings	–58,091	–11,407
Payments for the acquisition/ redemption/ adjustment of financial derivatives	0	60
Net cash generated from/used in financing activities	98,026	–87,986
4. Cash and cash equivalents at the end of the period
Change in cash and cash equivalents (subtotal of 1 to 3)	59,681	–187,851
Effect of changes in consolidated group on cash and cash equivalents	102,078	247,489
Cash and cash equivalents at the end of the period (thereof restricted: EUR 0; previous year: EUR 0)	161,759	59,638

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EUR k	Share capital	Capital surplus	Retained earnings	Revaluation surplus	Total Equity
As of January 1, 2018	153,962	1,363,316	437,382	0	1,954,660
Changes Q1–Q3 2018
Consolidated profit	0	0	94,457	0	94,457
Other comprehensive income	0	0	0	3,485	3,485
Total comprehensive income	0	0	94,457	3,485	97,942
First-time adoption from IFRS 9	0	0	–170	0	–170
Payments of dividends	0	–92,170	0	0	–92,170
Proceeds from shares issued against contribution in cash	15,323	175,138	0	0	190,461
Share-based remuneration	0	1,201	0	0	1,201
Conversion of convertible participation rights	144	144	0	0	288
Conversion of convertible bond	7,987	90,575	0	0	98,562
As of September 30, 2018	177,416	1,538,204	531,669	3,485	2,250,774

EUR k	Share capital	Capital surplus	Retained earnings	Total Equity
As of January 1, 2017	153,231	1,434,812	140,395	1,728,438
Changes Q1–Q3 2017
Consolidated profit	0	0	111,699	111,699
Other comprehensive income	0	0	0	0
Total comprehensive income	0	0	111,699	111,699
Payments of dividends	0	–79,680	0	–79,680
Share-based remuneration	0	816	0	816
Conversion of convertible participation rights	111	111	0	222
As of September 30, 2017	153,342	1,356,059	252,094	1,761,495

BUILDING YOUR FUTURE

alstria office REIT-AG www.alstria.com info@alstria.de

Steinstrasse 7 20095 Hamburg, Germany +49 (0)40/226341-300

Elisabethstrasse 11 40217 Düsseldorf, Germany +49 (0)211/301216-600

Platz der Einheit 1 60327 Frankfurt /Main, Germany +49 (0)69/153 256-740

Danneckerstrasse 37 70182 Stuttgart, Germany +49 (0)711/335001-50

Rankestrasse 17 10789 Berlin, Germany +49 (0)30/8967795-00