alstria office REIT-AG

Quarterly Report • Nov 5, 2013

Points of view

Interim Financial Report as per September 30, 2013

53° 33' 13'' N; 9° 58' 54'' E

alstria offi ce REIT-AG: Key fi gures

according to IFRS

	Ja 1 n. –	Ja 1 n. –
k in E U R	Se pt . 3 0, 2 01 3	Se pt . 3 0, 2 01 2	ha C ng e
nd Re ni ve nu es a e ar ng s
Re ve nu es	78 ,1 23	75 ,0 89	% 4 .0
l i N et ta r en nc om e	72 ,4 43	66 ,7 11	8 .6 %
lid ed fi t f he d C at t io on so p ro or p er	24 ,0 89	32 ,5 26	–2 5 .9 %
O FF	34 ,4 25	32 ,0 25	% 7 .5
ha Ea in ( in E U R) rn gs p er s re	0 .3 1	0 .4 2	–2 6. 2 %
ha ( R) FF O in E U p er s re	0 .4 4	0 .4 1	7 .5 %
1) ha ( R) EP RA in in E U ea rn gs p er s re	0 .4 4	0 .4 2	% 4 .8
EP RA tio t c os ra	18 % .7	2 2 .6 %	–3 .9 p p

	Se pt . 3 0, 2 01 3	D . 3 1, 2 01 2 ec	C ha ng e
Ba la sh t nc e ee
In st t ty ve m en pr op er	1, 63 5 ,9 28	1, 62 2 ,9 88	0 .8 %
l a To ta et ss s	1, 78 2 ,3 61	1, 78 6, 89 3	% –0 .3
Eq ui ty	82 7 ,2 71	82 9 ,2 87	% –0 .2
ab ili Li tie s	95 5 ,0 90	95 7 ,6 06	–0 .3 %
ha ( R) N A V in E U p er s re	10 .4 8	10 .5 1	–0 .2 %
N TV et L	% 51 .2	% 47 .8	3 .4 p p
ke fi G -R EI T y gu re s
G -R EI T ui io ty at eq r	49 .6 %	50 .0 %	–0 .4 p p
cl th Re in in ve nu es . o er co m e fr in tie st t om ve m en pr op er s	10 0 %	10 0 %	0 .0 p p
1) ke fi EP RA y gu re s
ilu d D te EP RA -N A V ha ( in E U R) pe r s re	10 9 .4	10 .9 8	% –4 .4
ha EP RA -N N N A V ( in E U R) p er s re	10 .4 6	10 .5 0	–0 .4 %
al ld EP RA et in iti ie n y	% 5 .7	% 5 .7	0 .0 p p
d- al ld EP RA 't ' n et in iti ie op pe up y	% 5 .8	% 5 .7	0 .1 p p
EP RA at v ac an cy r e	7 .1 %	8. 0 %	–0 .9 p p

1) Please refer to EPRA Best Practices Recommendations, www.epra.com.

M t le tt a n a g e m e n e r	4 2
ls ia 's h tr a s a re	6 2
C li d d i ri te te t rt o n so a n m m a n a g e m e n re p o	8 2
fo lio Po ie rt o ve rv w
Ea in si ti rn g s po o n
l a nd Fi ia et si ti na nc a ss p o o n
k nd R is rt ity rt a o p po u n r e po
d el nd lo k R nt nt ut ec e ev o p m e s a o o
C li i ri fi ci d te d te l st te ts o n so a n m n a n a a m e n	18
C lid ed at i st at nt o ns o nc o m e em e
lid ed f he C at ta te nt iv in o ns o s m e o co m p re ns e co m e
f fi C lid ed l p at ta te nt ia si ti o ns o s m e o na nc o o n
lid ed f ch C at ta te nt i ity o ns o s m e o a ng es n eq u
lid ed f sh fl C at ta te nt o ns o s m e o ca o w
N te o s	26
he nd ed lid ed fi l s to t i nt ri at ia ta te nt c o e ns e m c o ns o n a nc m e s
be t Se te 3 0 , 2 0 13 as a p m r
li M t ta te t a n a g e m e n co m p a n ce s m e n	33 34
2 0 E ts 1 4 v e n	35 34

Management Letter

Alexander DexneChief Financial Offi cer Olivier ElamineChief Executive Offi cer

Ladies and Gentlemen, dear shareholders, business partners and tenants,

The most important event for alstria in the third quarter of 2013 was the early refi nancing of the syndicated loan in the amount of EUR 544 m. The seven year loan granted by a consortium of four German banks more than doubled the average debt maturity from 2.5 years to 5.6 years, and is testimony to the confi dence of the fi nancing banks in alstria's business model. We now have no major refi nancing needs until 2018. In addition, the current favourable interest rate environment allows us to lower our funding costs in the years to come. We will use this additional fi nancial fl exibility to further reduce our debt.

In the operating business, the favourable development continued in the third quarter. Acquisitions and new leasing contracts laid the foundation for revenue growth in the fi rst nine months of 2013, by 4.0 % to EUR 78.1 m. Our operating profi t (FFO) rose even more strongly, by 7.5 % to EUR 34.4 m. As expected the cost situation normalised in the third quarter and we are well on our way to achieving our fi nancial targets for the year 2013. The FFO per share improved in the same order of magnitude and reached EUR 0.44. Our balance sheet ratios remained strong with a net LTV of 51.2 % and a G-REIT equity ratio of 49.6 %.

In terms of leasing, alstria recorded a very good result in the fi rst nine months of 2013. Due to a very dynamic German leasing market, we were able to sign new leases for 25,200 sqm and contracts for 14,700 sqm have been extended. Our leasing success reduced the EPRA vacancy rate by 90 bps to 7.1 % in the course of the fi rst nine months 2013. A special highlight in the third quarter was the signature of a long-term lease in our development project Schaartor 1 in Hamburg. The building at the entrance of Hamburg's HafenCity was acquired in 2010 and is currently undergoing a substantial refurbishment. The Schaartor project is a good example of how the right acquisition strategy and hard work translate into value creation for our shareholders.

We have continued to streamline our portfolio and have exited a number of smaller locations. The funds from the sale of these properties, mainly in Eastern Germany, were immediately reinvested in our core markets of Düsseldorf and Stuttgart. The streamlining of our asset base increases our effi ciency and the long-term attractiveness of our portfolio.

Kind Regards

Olivier Elamine Alexander Dexne

alstria's share

Share price development

In the fi rst nine months of 2013 share prices worldwide recorded a signifi cant upward trend. This is particularly due to the continuing expansive monetary policy of all major central banks and investors' search for yield. In addition, most economic indicators showed improved expectancy components in the third quarter, expressing the hope of a speedy economic recovery. However, the continuing high volatility of stock prices is a clear indication that the unresolved debt problems in Europe, the U.S. and Japan still raises huge concerns on the investors' side. Above all, the uncertainty as to how long the central banks will hold their expansionary monetary policy and the possible tapering of the money supply is likely to impact the development of stock markets in the coming months.

As per the end of September, the German DAX30 index stood at 8,594 points and recorded, under heavy fl uctuations, an increase of 12.9 % in the fi rst nine months of the year. alstria's share price performed in line with the European stock-listed real estate sector. In the course of the fi rst nine months of 2013 the share price fl uctuated between EUR 8.30 and EUR 10.01. The share price movement also refl ected the dividend payment on May 30, 2013, which resulted in a corresponding markdown of the share price.

The Annual General Meeting of alstria offi ce REIT AG held on May 29, 2013 resolved to grant a dividend entitlement of EUR 0.50 per share for the fi nancial year 2012. The total dividend therefore amounted to EUR 39,467 k.

Share price development September 30, 2013 – EUR 8.40

alstria EPRA Europe EPRA Germany EPRA Europe REITs

Key share data

IS IN	D E0 00 A 0 LD 2 U 1
bo l Sy m	A O X
ke M t t ar se gm en	l S Fi ia vi na nc er ce s
du In st ry g ro up	al Re E st at e
Pr im ct e se or	da rd nk fu P rim St , F rt e an ra
di In ce s	de P/ lo ba l R de SD A X , E PR A , G R EI T In S & C iti G EI T In er m an x, gr ou p x
D ig d te es na sp on so rs	C lo B th Se yd le J. P. M se ro er s r, or ga n

	Se pt . 3 0, 2 01 3	Se pt . 3 0, 2 01 2
ho d in t us an	78 ,9 33	78 ,9 33
in t ho d us an	78 ,9 33	78 ,9 33
in E U R	8. 40	8. 35
k in E U R	66 3 ,0 37	65 9 ,0 91
in nt p er ce	88	80

		Q 1– Q 3 20 13	Q 1– Q 3 20 12
A d ai ly di ol t ve ra ge ra ng v um e ) (a ll ch nd O TC ) 2 ex an ge a	k in E U R	2 ,0 32	1, 89 6
th f X ET RA er eo	in E U R k	1, 07 3	80 1
Sh h h1 ) ic ig ar e pr e:	in E U R	10 .0 1	9 .3 8
Sh lo 1) ic ar e pr e: w	in E U R	8. 30	7 .6 4

1) Xetra-closing share price.

2) Source: Bloomberg.

Consolidated interim management report

Portfolio overview

On September 30, 2013, alstria's portfolio consisted of 78 offi ce properties and one retail property with a total lettable area of approximately 911,779 sqm and a contractual vacancy rate of 10.1 %. The portfolio is valued at a yield of 6.6 % and the remaining weighted average unexpired lease term is approximately 6.6 years. Additionally, alstria is shareholder in two joint ventures, in each case alstria holds 49 %.

For a detailed description of the alstria portfolio, please refer to the annual report 2012 (Parts I/II – company report, pp. 36–57).

Key metrics for the portfolio1)

f be Se pt r 3 0 , 2 01 3 as o em
M et ric	V al ue
be f ) N tie s² um r o pr op er	79
be f j N oi nt tu rt ie um r o v en re p ro pe s	1
ke al ( bn ) M t v EU R ar ue	1 ,6
C al (E U R /a ) tr tu t on ac r en m nn um	07 1 .5
al el d al V tio yi (c tr tu t/ O M V ) ua n on ac r en	6 .6 %
ab le (k ) Le tt a re a s qm	9 12
³) V ( % f le ab le a) tt ac an cy o a re	% 10 .1
W A U LT ( s) ye ar	6 .6
( th ) A t/ EU R/ ve ra ge r en sq m m on	1 0 .9 3

1) Includes assets classifi ed under property, plant and equipment. ²)As at reporting date, two assets are classifi ed as 'assets held for sale'.

³)Contractual vacancy includes vacancy in assets of the Company's development pipeline. EPRA vacancy rate of 7.1 %.

Transactions

In the fi rst nine months of 2013, the transfer of benefi ts and burden took place for seven properties, of which two were classifi ed as 'assets held for sale' as of December 31, 2012. alstria signed binding and notarised agreements for the sale of six properties by the end of September 2013. While the transfer of benefi ts and burden of six properties took place in the fi rst half of 2013, in Q3 2013, one asset was transferred on July 31, 2013.

As of September 30, 2013, two assets are classifi ed as 'assets held for sale'. While the transfer of benefi ts and burden for the asset in Erfurt took place after the reporting period on October 31, 2013, an additional binding and notarised sales and purchase agreement was signed on October 24, 2013 for another asset in Halle. The transfer of benefi ts and burden is expected to take place before the end of 2013.

Sales and disposals 2013

				A . l vg ea se
A et ss	C ity	Sa le ic s pr e (E k) 1) U R	l r A t nn ua en (E k) U R	le th ng (y )2 ) ea rs	Si in gn g SP A	sf f Tr an er o be nd b n. a ur
C lo d Q Q tr ct io 1– 3 se an sa ns
gl Zw in ist r.	sd D re en	2 ,6 40	2 03	2 .5	1 2- 10 -2 5	1 3- 01 -0 1
he ch lo al le Be at r S nr ss e	ld f D üs se or	7 ,6 20	6 14	8 .4	1 2- 11 -1 4	1 3- 02 -0 1
th -S St Lo tr ei t- ar r.	ka Zw ic u	3 50	0	–	1 3- 03 -2 8	1 3- 05 -2 4
hw nf Sc ei r S te tr ur	zb W ür ur g	30 4 ,5	3 97	3 .0	3- 04 -0 2 1	3- 06 -3 0 1
lst Ka na r.	bu H am rg	1 5 ,0 00	9 14	4 .3	1 3- 03 -0 5	1 3- 05 -3 1
el H La St en e- ng e r.	sd P ot am	5 ,7 00	4 22	4 .7	1 3- 05 -0 6	1 3- 06 -3 0
A R B ot m en er g	rf E t ur	,0 60 1	2 14	1 .5	3- 04 -2 3 1	3- 07 -3 1 1
		36 ,9 00	2 ,6 92
h el d- fo le A et rt ie ss r- sa p ro pe f be Se pt r 3 0, 2 01 3 as o em	s
ha Jo st nn es r.	rf E t ur	5 ,8 50	5 77	3 .9	1 3- 07 -1 8	1 3- 10 -3 1
Jo lio C ie -P la t- tz ur	H al le	6 10	8 1	0 .9	3- 10 -2 1 4	3) Q 20 13 4
		6, 46 0	6 58
l To ta		4 3, 36 0	3 ,3 50

1) Excluding transaction costs.

²)At the time of transfer of benefi ts and burden; for future transfers of benefi ts and burden: expected at predicted time.

3) Expected transfer of benefi ts and burden.

Up to September 30, 2013 alstria signed binding and notarised agreements for the acquisition of a freehold in Düsseldorf, which was held as a leasehold before, and two offi ce properties in Stuttgart and Düsseldorf. The acquisition of the freehold was closed in April 2013, while the transfer of benefi ts and burden of the assets in Stuttgart and Düsseldorf took place on July 1, 2013 and September 1, 2013, respectively.

Acquisitions 2013

A et ss	C ity	ha Pu ric rc se p e 1) (E U R k)	l r A t nn ua en (E U R k)	. l A vg ea se le th ng ) (y )2 ea rs	Si in gn g SP A	sf f Tr an er o be nd b n. a ur
ho ld Fr ee
lo ck G -G -S tr eo rg	ld f D üs se or	7 ,5 64	–	–	1 3- 02 -1 3	1 3- 04 -2 3
H pt st ät te r S tr au	St ut tg t ar	1 9 ,5 76	1 ,7 01	3 .5	1 3- 05 -2 2	1 3- 07 -0 1
Im tr m er m an ns	ld f D üs se or	1 6, 80 3	1 ,1 40	3 .4	1 3- 07 -1 1	1 3- 09 -0 1
To l ta		3, 94 3 4	2 ,8 41

1) Including transaction costs.

2)At the time of transfer of benefi ts and burden; for future

transfers of benefi ts and burden: expected avg. lease

length.

Real Estate Operations

In the fi rst nine months of 2013, alstria signed new leases* totalling approximately 25,200 sqm.

With the successful lease-up of 7,700 sqm of offi ce and ancillary space at Hans-Böckler-Str. 36, alstria signed one of the largest new leasing contracts in Düsseldorf this year. The Company agreed on a long-term lease for the entire building with the State of North Rhine-Westphalia for the accommodation of a regional tax offi ce (Finanzamt Düsseldorf-Nord). The lease will start in the fi rst half of 2014.

In Q3 2013, alstria signed a long-term lease for 4,000 sqm of offi ce and ancillary space at Schaartor 1, Hamburg with a leading advertising agency in Germany. The lease will start after the completion of the development on August 1, 2014 and will generate EUR 0.7 m of rental income per annum on an eight-year lease-term basis.

Another key component in terms of letting achievements was the lease-up with a new tenant for the property Ernsthaldenstr. 17, Stuttgart. A fi ve-year contract comprising around 2,500 sqm of offi ce and ancillary space has been signed. The lease will start in the fourth quarter of the year 2013.

The vacancy rate decreased to 10.1 % or 92,163 sqm compared to the vacancy rate as of December 31, 2012 (11.4 % or 105,890 sqm). Of these 92,163 sqm, around 31,097 sqm represent strategic vacancy (intended vacancy implemented by alstria as part of its repositioning process for certain assets), while the remaining areas describe the operational vacancy.

Tenants and utilisation

The focus on a small number of anchor tenants remains one main characteristic of alstria's portfolio. More than 70 % of the total rental revenues are generated by the top-ten tenants. The 2013 portfolio still refl ects the clear concentration on one asset class: offi ces. Offi ces make up to 96 % of the total lettable area.

Total portfolio by utilisation

based on % of lettable area

alstria's core tenants

based on % of annual rent

^* New leases correspond to lease of vacant space. It does not account for any lease renewal, prolongation or tenant exercise of renewal option.

EARNINGS POSITION

Revenues increased due to acquisitions

In the fi rst three quarters of 2013, revenues increased due to previous-year acquisitions by 4.0 % compared to the fi rst three quarters of 2012. Revenues amounted to EUR 78,123 k (Q1–Q3 2012: EUR 75,089 k) with real estate operating expenses of EUR 5,851 k or 7.5 % of revenues (Q1–Q3 2012: EUR 8,327 k or 11.1 % of revenues). As a result of the transactions which occurred in 2012 and 2013, and the lower real estate operating expenses, the net rental income increased by EUR 5,732 k to EUR 72,443 k compared to the fi rst three quarters of the year 2012.

For the reporting period, administrative expenses and personnel expenses increased by EUR 392 k to EUR 9,686 k (Q1–Q3 2012: EUR 9,294 k). Increasing personnel expenses (EUR 768 k) were partly compensated by decreasing administrative expenses (EUR 376 k). In the fi rst three quarters of 2013, total operating expenses amounted to 12.4 % of total revenues (Q1–Q3 2012: 12.4 %).

For the reporting period, funds from operations (FFO) amount to EUR 34,425 k compared to EUR 32,025 k in the fi rst three quarters of 2012.

The increase of the FFO is mainly based on higher revenues (EUR 3,034 k), and a reduction of real estate operating expenses (EUR 2,476 k) partly compensated by an increase of fi nancing costs (EUR 2,578 k). As a consequence of the reversal of accrued transaction costs for the existing syndicated loan, the fi nancial result was burdened with one-off expenditures of EUR 2,710 k. (For more information, please refer to the fi nancial management section.)

As a result, the FFO per share reached EUR 0.44 in the fi rst nine months of 2013 (Q1–Q3 2012: EUR 0.41).

Funds from operations (FFO) at EUR 0.44 per share

	Ja 1 S t. 30 , 2 01 2 n.
24	ep – 32 ,5 44
0	–2 48
10 ,9 62	81 5
–1 89	14 6
–4 71	–1 ,2 32
0	0
34 ,4 25	32 ,0 25
–4 ,8 07	–1 ,3 62
29 ,6 18	30 ,6 63
	Ja S 30 , 2 01 3 1 t. n. ep – ,1 23

1)Non-cash income or expenses and non-recurring effects.

2) (A)FFO is not a measure of operating performance or liquidity under generally accepted accounting principles, in particular IFRS, and should not be considered as an alternative to the Company's income or cash-fl ow measures as determined in accordance with IFRS. Furthermore, no standard defi nition exists for (A)FFO. Thus, the (A)FFO or measures with similar names as presented by other companies may not necessarily be comparable to alstria's (A) FFO.

3)The AFFO is equal to the FFO with adjustments made for capital expenditures used to maintain the quality of the underlying investment portfolio.

Hedging Instruments

alstria uses hedge accounting on all qualifying hedges in order to limit the impact of volatile interest rate markets on the profi t and loss account. This allows alstria to recognise part of the losses or gains on the qualifying part of the derivatives through the equity cash fl ow hedge reserve with no effect on income. (For more details, please refer to the Notes to the consolidated fi nancial statements as at December 31, 2012.)

On June 7, 2013, alstria issued a convertible bond for a total amount of EUR 79,400 k. Due to the terms and conditions of the convertible bond, the conversion right has to be separately accounted as an embedded derivative.

The following derivative fi nancial instruments existed as of the end of the reporting period:

rate forward cap agreement with a notional value of EUR 380,870 k and a cap rate of 0.0000 % was entered to hedge the variable interest payments. The cap will become effective on July 20, 2015 and will expire on September 30, 2020. This transaction was executed on September 11, 2013.

In line with alstria's hedging strategy, a new interest

The interest rate forward cap agreement will replace the existing interest rate forward swap with a notional amount of EUR 380,870 k, a swap rate of 2.9900 % and a maturity to July 20, 2015. (For more information, please refer to the fi nancial management section.)

			Se be r 3 pt em	0, 2 01 3	be D r 3 ec em	1, 2 01 2
od Pr t uc	ke St ri ric % p e	d M at ity at ur e	l N ot io na lu va e k) (E U R	Fa ir lu va e k) (E U R	l N ot io na lu va e k) (E U R	Fa ir lu va e k) (E U R
C ap	3 .0 00 0	Se pt . 3 0 , 2 01 9	42 ,5 00	6 63	42 ,5 00	3 95
C ap	4 .6 00 0	O ct . 2 0 , 2 01 5	47 ,9 02	1 0	1) 47 ,9 02	8
l de Fi ia riv at iv na nc es – f he ld di t or ra ng			90 02 ,4	6 73	2) 42 00 ,5	40 3
d- 3) Fo C rw ar ap	0 .0 00 0	Se pt . 3 0 , 2 02 0	38 0 ,8 70	3 0 ,5 36	0	0
C ap	3 .0 00 0	D . 1 7 , 2 01 8 ec	56 ,0 00	6 95	56 ,0 00	3 95
C ap	3 .2 50 0	D . 3 1, 2 01 5 ec	11 ,3 71	6	11 ,5 00	5
C ap	3 .3 00 0	O ct . 2 0 , 2 01 4	0	0	22 ,8 76	2
C ap	3 .3 00 0	O ct . 2 0 , 2 01 4	0	0	7 ,8 71	1
Sw ap	2 .1 94 0	D . 3 1, 2 01 4 ec	37 ,2 83	1, 01 8 –	37 ,2 83	1, 63 2 –
Sw ap	2 .9 90 0	ly Ju 2 0 , 2 01 5	38 0 ,8 70	18 ,1 00 –	47 2 ,5 00	–3 3 ,4 48
l de Fi ia riv at iv na nc es – sh fl h ed ca ow ge s			44 ) 48 5, 52	12 ,1 18	60 8, 03 0	–3 4 ,6 77
l I To ta nt t te er es ra de riv at iv es			5 75 ,9 26	12 ,7 91	65 0, 53 0	–3 4 ,2 74
be dd ed d Em iv at iv er e	/a n	Ju 1 4 , 2 01 8 ne	5) 7 ,8 84	–1 1, 02 5	0	0
l To ta				1, 76 7		–3 4 ,2 74

1)Not effective before July 10, 2013.

2)Notional excluding the EUR 47,902 k not effective before July 10, 2013.

3)Not effective before July 20, 2015.

4)Notional excluding the EUR 380,870 k not effective before July 20, 2015.

5)Underlying number of shares for conversion in thousand.

The value changes of the derivatives are refl ected in various balance sheet items.

The following table shows the change in fi nancial derivatives since December 31, 2012:

	l d Fi ia iv at iv na nc er es
		l a Fi ia na nc ss	et s	l Fi ia na nc lia bi lit ie s
k in E U R	C h fl as ow he dg e re se rv e	N nt on -c ur re	C nt ur re	N nt on -c ur re	l To ta
ed H gi i tr ts at ng ns um en a s be D r 3 1, 2 01 2 ec em	22 ,1 37 –	4 03	4 03	–3 5, 08 0	34 ,2 74 –
Ef fe ch f al h ct iv in ai e an ge r v ue c as fl o h ed w ge s	1 1, 65 8	4 9	0	1 1, 60 9	11 ,6 58
ef fe ch f al h In ct iv in ai e an ge r v ue c as fl o h ed w ge s	0	11 ,3 67 –	0	0	–1 1, 36 7
t f f N ul ai al ha in et r es ro m r v ue c ng es fi n al d lif f ci iv at iv ot yi an er es n q ua ng or sh fl h ed gi ca ow ng	0	0	2 70	1 ,4 29	1, 69 9
cl sifi of ul ed lo Re at io at as c n c um ss fr ity t in st at t om e qu o co m e em en	1 ,2 94	0	0	0	0
C ha in ed in te st ng es a cc ru re s co nc er fi l d ni ia iv at iv ng na nc er es	0	0	0	1 19	11 9
A ui sit io cq ns	0	4 2 ,1 52	0	12 ,4 53 –	29 ,6 99
ls D is po sa	0	0	0	4 ,2 33	4 ,2 33
ed H gi i tr ts at ng ns um en a s be Se pt r 3 0, 2 01 3 em	–9 ,1 85	3 1, 23 7	6 73	–3 0, 14 3	1 ,7 67

An increase of EUR 11,658 k is attributed to the change in fair value of cash fl ow hedges and has been recognised in the hedging reserve in the fi rst three quarters of the fi nancial year 2013 (Q1–Q3 2012: decrease of EUR 7,250 k).

The ineffective portion, which has been recognised in the profi t or loss, arises from cash fl ow hedges and amounts to a fair value loss of EUR 11,367 k (Q1– Q3 2012: loss of EUR 823 k). Further gains totalling EUR 1,699 k (Q1–Q3 2012: gain of EUR 726 k), due to the market valuation of derivatives not included in hedge accounting, were recognised in the income statement.

A loss of EUR 1,294 k (Q1–Q3 2012: loss of EUR 717 k) relates to the cumulative losses from cash fl ow hedges for which the forecast transaction is no longer expected to occur due to premature repayment of loans.

Together, this results in a loss of EUR 10,962 k (Q1–Q3 2012: loss of EUR 815), which is shown as a net result from fair value adjustments on fi nancial derivatives.

Financial result

The following table shows the fi nancial result for the period January 1 to September 30, 2013:

Financial result breakdown

k EU R	Ja 1 n. – Se pt . 3 0, 2 01 3	Ja 1 n. – Se pt . 3 0, 2 01 2	ha C ng e (% )
nd ed lo In te st ic at re e xp en se s sy an	–1 0 ,7 14	–1 1, 53 9	–7 .1
he r l In te st ot re e xp en se s oa ns	–6 ,8 61	–7 ,3 95	–7 .2
ul de In te st t riv at iv re r es es	–1 0 ,5 24	–8 ,9 58	1 7 .5
ib le b d In te st rt re e xp en se c on ve on	–1 ,5 08	0	/a n
O th in te st er re e xp en se s	19 –1	–3 2	2 .9 71
l e Fi ia na nc xp en se s	–2 9, 72 6	–2 7, 92 4	6 .5
l i Fi ia na nc nc om e	26 7	57 2	–5 3 .3
O th fi l e ia er na nc xp en se s	–5 72	–1 01	/a n
fi lt N et in na nc g re su	–3 0, 03 1	–2 7, 45 3	–9 .4

As at September 30, 2013, alstria was not in breach of any of its fi nancial covenants.

Interest expenses of EUR 1,508 k relate to a convertible bond issued by alstria in the third quarter of the fi nancial year 2013.

The increase in net fi nancing costs by EUR 2,578 k in comparison with the fi rst three quarters of the fi nancial year 2012 mainly resulted from one-off expenses in relation to the refi nancing of the syndicated loan.

Decrease in consolidated net result due to valuation effects

The consolidated net result amounts to EUR 24,089 k (Q1–Q3 2012: EUR 32,526 k). Compared to the same period in 2012, a higher net operating result could be generated (Q1–Q3 2013: EUR 65,231 k; Q1–Q3 2012: EUR 60,291 k). However, the increase was overcompensated by the losses of fair value adjustments on fi nancial derivatives (Q1–Q3 2013: EUR 10,962 k; Q1–Q3 2012: EUR 815 k).

Earnings per share are EUR 0.31 for the fi rst nine months of 2013.

Financial and asset position Financial management

alstria's fi nancial management is carried out at corporate level, with individual loans and corporate bonds being taken out at both property level and portfolio level. alstria's main fi nancial goal is to establish a sustainable long-term fi nance structure. An integral part of this structure is for example the coverage of long-term loans by corresponding hedging instruments, more precisely swaps and caps. The aim of this strategy is largely to eliminate short-term interest volatility from the income statement.

During September 2013, alstria signed a credit agreement amounting to EUR 544 m, replacing the existing syndicated loan facility, which was due to mature as of July 20, 2015. The draw down on the new syndicated loan facility took place on September 30, 2013, while amortising the old syndicated loan with an amount of EUR 544 m at the same time. The new syndicated loan has a maturity of seven years and has been signed by four German banks. The early refi nancing allows alstria to benefi t from the attractive fi nancing environment and signifi cantly improves the overall debt maturity profi le of the Company to around 5.5 years. With the new syndicated loan in place, alstria has no major refi nancing needs before mid-2018.

Furthermore, alstria issued its fi rst convertible bond in June 2013. The bonds have a maturity of fi ve years, and are issued and will be redeemed at 100% of their principal amount. The coupon is set at 2.75% p.a., payable quarterly in arrears. The initial conversion price was set at EUR 10.0710, representing a conversion premium of 15% above the reference share price of EUR 8.7574. The convertible bond has also improved the current maturity profi le and is considered to be an important step in diversifying the Company's sources of fi nancing. As one of the fi rst refi nancing measures resulting from the corporate bond issue, alstria terminated one non-recourse facility and repaid it on July 22, 2013 (EUR 30,240 k).

In conjunction with the disposal of fi ve assets, an amount of EUR 20,619 k of the old syndicated loan has been repaid until September 30, 2013.

Existing fi nancing agreements as per September 30, 2013

	Pr	l A in ci nt pa m ou
Fi in na nc g	M at ity ur	di O ut st an ng k) (E U R	C nt L TV ur re (% )	LT V -C t ov en an (% )
Lo an s
Sy nd ed lo ic at an	Se pt . 3 0 , 2 02 0	54 4 ,1 00	53 .8	7 0 .0
lo N # 1 on -r ec ou rs e an	O ct . 2 0 , 2 01 5	4 7 ,9 02	7 0 .2	8 0 .0
lo N # 2 on -r ec ou rs e an	D . 3 1, 2 01 4 ec	4 2 ,6 70	64 .9	8 0 .0
N lo # 3 on -r ec ou rs e an	Ju 3 0 , 2 01 4 n.	2 8, 77 1	54 .5	6 2 .5
N lo # 4 on -r ec ou rs e an	Ja 3 2 01 1, 7 n.	0 ,0 7 71	59 .1	.0 7 5
Lo # 5 an	D . 3 1, 2 01 5 ec	1 1, 37 1	58 .1	8 0 .0
Lo # 6 an	D . 1 7 , 2 01 8 ec	5 6, 00 0	4 8. 8	6 0 .0
Lo # 7 an	Se pt . 3 0 , 2 01 9	4 2 ,5 00	4 5 .6	6 5 .0
l l To ta oa ns		84 3, 38 5	54 .6
ib le b d C rt on ve on	Ju 1 4 , 2 01 8 n.	7 9 ,4 00
l a of S be To ta te r 3 0, 2 01 3 s ep m		92 2 ,7 85

Cash position is EUR 69,059 k

Cash fl ows from operating activities for the fi rst nine months amounted to EUR 37,771 k. The increase compared to the fi rst three quarters of the fi nancial year 2012 (EUR 34,917 k) resulted mainly from higher rental revenues.

The cash fl ows from investing activities are impacted by cash infl ows of EUR 34,449 k received for the sale of investment properties. Cash outfl ows related to the acquisition of investment properties and investments in existing properties (EUR 52,899 k) as well as contributions of capital to joint ventures (EUR 3,370 k).

The cash fl ows from fi nancing activities refl ect cash infl ows in the amount of EUR 623,500 k for the issue of a convertible bond (EUR 79,400 k) and the refi nancing of the syndicated loan (EUR 544,100 k). Cash outfl ows were made in an amount of EUR 597,699 k for the redemption of loans, in an amount of EUR 46,385 k for the acquisition and termination of fi nancial derivatives and in an amount of EUR 39,467 k for the dividend payment.

As a result, alstria ended the fi rst nine months of 2013 with a cash position of EUR 69,059 k (September 30, 2012: EUR 70,080 k).

Investment property remains stable

The total value of investment properties at the reporting date amounts to EUR 1,635,928 k in comparison with EUR 1,622,988 k at the beginning of the fi nancial year. The increase of investment property relates to the acquisition of the assets Hauptstätterstr. and Immermannstr. during the third quarter of the fi nancial year 2013.

Interim Management Report

Development of investment properties

k in E U R
In st t ti t D . 3 1, 2 01 2 ve m en pr op er es a ec	1 ,6 22 ,9 88
C l e di ita tu ap xp en re s	8, 95 6
A ui sit io cq ns	3 6, 78 4
ls D is po sa	–2 6, 10 0
cl sifi Re at io as c n	–6 ,7 00
fr f N lo /g ai ai al dj et tm ts ss n om r v ue a us en in st t ty on ve m en pr op er	0
In st t ti t Se pt . 3 0, 2 01 3 ve m en pr op er es a	1 ,6 35 ,9 28
lu of ed Fa ir pi rt ie va e o w ne r- oc cu p ro pe s	5 ,9 24
lu of he ld f al Fa ir rt ie va e p ro pe s or s e	6 ,2 85
In in jo in te st t v tu re s en re s	2 0 ,6 11
lu of ab le Fa ir i et va e m m ov a ss s	1 ,6 68 ,7 48

Long-term derivatives increased by EUR 30,834 k

In the course of the refi nancing of the syndicated loan facility, alstria purchased a forward cap with a strike rate of 0 %, starting in July 2015 and maturing in September 2020. The cap hedges 70 % of the notional amount of EUR 544 m. As per September 30, 2013, the cap is capitalised with an amount of EUR 30,536 k.

Equity ratio of 46.4 % – G-REIT equity ratio at 49.6 %

The balance sheet refl ects a total equity position of EUR 827,271 k with an equity ratio of 46.4 % (December 31, 2012: EUR 829,287 k or 46.4 %).

The G-REIT equity ratio, which is defi ned as total equity divided by the fair value of immovable assets, decreased by 0.4 percentage points to 49.6 % (December 31, 2012: 50.0 %). According to the G-REIT Act (REIT-Gesetz – REITG), the minimum requirement for compliance with G-REIT criteria is a G-REIT equity ratio of 45 % calculated at the end of the fi nancial year.

NNNAV at EUR 10.46 per share

The NNNAV (Triple Net Asset Value according to EPRA*) remains stable at EUR 10.46 per share as of September 30, 2013, in comparison to December 31, 2012 with a value of EUR 10.50 per share. The development considers the dividend payment in June 2013 of EUR 39,467 k, which is partly compensated by the consolidated profi t for the period of EUR 24,089 k. As a result, this leads to a change in equity from EUR 829,287 k to EUR 827,271 k**.

Decrease of non-current liabilities

Non-current liabilities decreased by 2.8 % or EUR 25,749 k to EUR 903,756 k in Q1–Q3 2013. The main reason for the decrease is largely owing to the reduction of long-term loans of EUR 868,353 k as per September 30, 2013, in comparison to EUR 882,105 k as per September 30, 2012. Furthermore, a reduction of the fi nancial liabilities in the amount of EUR 6,397 k resulted from the acquisition of a leasehold liability.

Increase in current liabilities

Current liabilities went up by 82.7 % or EUR 23,233 k to EUR 51,334 k, which is mainly linked to the increase of short-term loans by EUR 25,834 k. The increase is mainly based on the reclassifi cation of a loan, which is due to expire within the next twelve months (EUR 27,943 k). On the other hand, other current liabilities decreased by EUR 4,213 k mainly because of advance payments received in December 2012 for a property which was transferred to the new owner at the beginning of 2013.

Risk and opportunity report

The EU Directive on Alternative Investment Fund Managers (AIFM Directive) will result in a more regulated European investment industry in the future. The directive was transposed into national law by mid-2013. It is not yet clear whether alstria will fall under the scope of the directive. If so, the new law could result in higher expenses due to new regulatory requirements.

The risks and opportunities to which alstria is exposed are described in detail in the annual report 2012. There have been no further changes to the status in that report.

• **EPRA: European Public Real Estate Association, Best Practices Committee, Brussels, Belgium.
• ** See also the consolidated statement of changes in equity.

Recent developments and outlook

One of two assets, which were accounted for as 'held for sale' as at September 30, 2013 was transferred to the buyer on October 31, 2013.

In the fourth quarter of 2013 alstria signed binding and notarised sales agreements for two assets. One agreement was signed for an asset in Halle, which was accounted for as 'held for sale' as at September 30, 2013, on October 24, 2013. The second agreement for one asset in Norderstedt has been signed at the end of October 2013.The transfers of benefi ts and burden for both assets are expected to take place on December 31, 2013.

Financial guidance

In consideration of the business development of the fi rst nine months of 2013, and based on the expected course of business for the remainder of the year, alstria confi rms its previous full–year guidance of EUR 103 m of revenues and approximately EUR 45 m of funds from operations (FFO).

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

for the period from January 1 to September 30, 2013

k in E U R	N ot es	ly Ju 1 – Se pt . 3 0, 2 01 3	ly Ju 1 – Se pt . 3 0, 2 01 2	Ja 1 n. – Se pt . 3 0, 2 01 3	Ja 1 n. – Se pt . 3 0, 2 01 2
Re ve nu es		2 ,9 67 5	2 ,8 5 4 1	78 23 ,1	,0 89 75
le fr d In co m e ss e xp en se s om p as se ti on o pe ra ng e xp en se s		24 5	–3	17 1	–5 1
al Re st at at in e e op er g ex pe ns es		1, 81 2 –	–3 ,4 25	–5 ,8 51	–8 ,3 27
N l i et ta r en nc om e		24 ,4 00	22 ,4 13	72 ,4 43	66 ,7 11
dm A in ist tiv ra e ex pe ns es		1, 33 0 –	1, 30 3 –	–4 ,0 17	–4 ,3 93
l e Pe rs on ne xp en se s	6 .1	–2 ,6 23	1, 86 9 –	–5 ,6 69	–4 ,9 01
th O ti in er o pe ra ng co m e		7 22	4 99	2 ,3 18	2 ,8 20
O th ti er o pe ra ng e xp en se s		–8	–2	–3 3	8 –4
fr f al dj N et ai ai tm ts g n om r v ue a us en in st t ty on ve m en pr op er		0	–7	0	24 8
lo di al G ai n/ ss o n sp os of in st t ty ve m en pr op er		2 6	1 –	18 9	–1 46
ul N et ti t o pe ra ng r es		21 ,1 87	1 9, 73 0	65 ,2 31	60 ,2 91
N fi l r ul et ia t	6 .2	12 4 1	–9 99	–3 0 31	–2 7 53
na nc es Sh of he ul of t t in t v tu r		,2 – –9 5	,1 5 13	,0 –1 15	,4 52 1
jo ar e es en re lo f f al dj N et ai tm ts ss ro m r v ue a us en fi l d ia iv at iv on na nc er es		13 ,7 81 –	–2 30	–1 0 ,9 62	–8 15
lt (E ) Pr ta BT e- x re su		,9 30 –4	0, 81 1 4	24 23 ,1	32 ,5 44
In ta co m e x ex pe ns e	6 .3	–8	0	–3 4	8 –1
lid ed fi lo C at t/ on so p ro ss		–4 ,9 38	1 0, 81 4	24 ,0 89	32 ,5 26
rib ab le A tt ut t o :
Sh eh ol de ar r		–4 ,9 38	1 0 ,8 14	24 ,0 89	32 ,5 26
ha Ea in i EU R rn gs p er s re n
Ba si in ha c ea rn gs p er s re	6 .4	–0 .0 6	0 .1 4	0 .3 1	0 2 .4
ilu d ha D te in ea rn gs p er s re	6 .4	–0 .0 6	0 .1 4	0 .3 1	0 .4 2

Consolidated statement of comprehensive income

for the period from January 1 to September 30, 2013

in E U R k	N ot es	Ju ly 1 – Se pt . 3 0, 2 01 3	Ju ly 1 – Se pt . 3 0, 2 01 2	Ja 1 n. – Se pt . 3 0, 2 01 3	Ja 1 n. – Se pt . 3 0, 2 01 2
lid ed fi fo he d C at t r t io on so p ro p er		–4 ,9 38	1 0 ,8 14	24 ,0 89	32 ,5 26
hi ch ht b cl sifi d Ite ig to m s w m e re as e th f d in st at t in ut rio e co m e em en a ur e pe :
h fl o h ed C as w ge s	8 .1	2 ,3 94	–2 ,0 81	11 ,6 58	–7 ,2 50
sifi fr Re cl io at as c n om sh fl o h ed gi ca w ng r es er ve	8 .1	2 5	2 22	1, 29 4	71 7
th eh ul fo he d O si t r t io er c om pr en ve r es p er		2 ,4 19	–1 ,8 59	12 ,9 52	–6 ,5 33
l c eh ul fo he d To ta si t r t io om pr en ve r es p er		–2 ,5 19	8 ,9 55	37 ,0 41	25 ,9 93
l c eh fi To ta si t om pr en ve p ro ib ab le at tr ut t o:
O f th w ne rs o e co m pa ny		–2 ,5 19	8 ,9 55	37 ,0 41	2 5, 99 3

Consolidated statement of fi nancial position

as at September 30, 2013

Assets

k in E U R	N ot es	Se pt . 3 0, 2 01 3	D . 3 1, 2 01 2 ec
N nt et on -c ur re a ss s
In st t ty ve m en pr op er	7 .1	1, 63 5 ,9 28	1, 62 2 ,9 88
ed Eq ui ty nt in st ts -a cc ou ve m en		20 ,6 11	18 ,1 83
la nd Pr ty nt ip t op er , p a e qu m en		5 ,1 97	5 ,3 34
ib le In ta et ng a ss s		47 0	46 7
D iv at iv er es		31 ,2 37	40 3
l n To ta nt et on -c ur re a ss s		1 ,6 93 ,4 43	1, 64 7, 37 5
C nt et ur re a ss s
he ld f al A et ss s or s e	7 .1	6, 28 5	10 ,0 10
ad ab le Tr iv e re ce s		6, 15 8	3 ,6 56
ab le f A nt iv jo in t v tu cc ou s re ce ro m en re s		89	89
D iv at iv er es	8 .3	67 3	40 3
O th ei bl er r ec va es		6, 65 4	6, 81 2
h d sh al C iv ts as an ca e qu en	7 .2	69 ,0 59	11 8, 54 8
th f r d tr ic te er eo es		25 1	25 2
To l c ta nt et ur re a ss s		8 8, 91 8	13 9, 8 51

l a To ta et ss s	1, 78 2 ,3 61	1 ,7 86 ,8 93

Equity and liabilities

k in E U R	N ot es	Se pt . 3 0, 2 01 3	D . 3 1, 2 01 2 ec
Eq ui ty	8. 1
Sh l pi ta ar e ca		78 ,9 33	78 ,9 33
l s pl C ita ap ur us		73 0 ,3 55	76 9 ,4 12
ed H gi ng r es er ve		–9 ,1 85	–2 2 ,1 37
Re in ed ni ta e ar ng s		27 68 ,1	3 ,0 79
l e To ta ity qu		82 7, 27 1	82 9, 28 7
l bi lit N nt ia ie on -c ur re s
f Lo lo io -t et t rt ng er m an s, n o cu rr en po n	8 .2	86 8, 35 3	88 2 05 ,1
D iv at iv er es	8 .3	30 ,1 43	35 ,0 80
th O vi si er p ro on s		4 ,5 28	5 ,1 91
O th li ab ili tie er s		73 2	7 ,1 29
l n l bi lit To ta nt ia ie on -c ur re s		9 03 ,7 56	92 9, 50 5
l bi lit C nt ia ie ur re s
Sh lo t- te or rm an s	8 .2	35 ,8 20	9 ,9 86
ad bl Tr e pa ya es		5 ,2 59	3 ,7 35
ofi ht Pr t tic ip at io rig p ar n s	1 2	43 3	34 5
O th li ab ili nt tie er c ur re s		9 ,8 22	14 ,0 35
To l c l ia bi lit ie ta nt ur re s		33 5 1, 4	28 01 ,1
l l bi lit To ta ia ie s		9 55 ,0 90	95 7, 60 6
l e nd l bi lit To ta ity ia ie qu a s		1 ,7 82 ,3 61	1, 78 6, 89 3

Consolidated statement of changes in equity

for the period ended September 30, 2013

k in E U R	N ot es	Sh ar e l pi ta ca	C l ita ap lu su rp s	ed H gi ng re se rv e	ed Re ta in in ea rn gs	l E To ta ity qu
of A J 1 , 2 01 3 s an ua ry		78 ,9 33	7 69 ,4 12	–2 2 ,1 37	3 ,0 79	82 9, 28 7
ha C i Q 1– Q 3 20 13 ng es n
lid ed fi t C at on so p ro		0	0	0	24 ,0 89	24 ,0 89
O th eh siv in er c om pr en e co m e		0	0	1 2 ,9 52	0	1 2 ,9 52
l c eh To ta si i om pr en ve nc om e		0	0	12 ,9 52	24 ,0 89	3 7, 04 1
f di de nd Pa ts vi ym en o s	9	0	–3 9 ,4 67	0	0	–3 9 ,4 67
Sh ba d at io ar e- se re m un er n		0	4 10	0	0	4 10
of S be A te r 3 0, 2 01 3 s ep m	8. 1	78 ,9 33	7 30 ,3 55	-9 ,1 85	2 7, 16 8	82 7, 27 1

Consolidated statement of changes in equity

for the period ended September 30, 2012

k in E U R	N ot es	Sh ar e l pi ta ca	l C ita ap lu su rp s	ed H gi ng re se rv e	ed Re ta in in ea rn gs	l E To ta ity qu
of A J 1 , 2 01 2 s an ua ry		04 71 ,7	,0 84 7 51	76 0 –1 7,	–3 6, 83 3	68 95 7 ,1
ha C i Q 1– Q 3 20 12 ng es n
C lid ed fi t at on so p ro		0	0	0	3 2 26 ,5	3 2 26 ,5
th eh O siv in er c om pr en e co m e		0	0	–6 ,5 33	0	–6 ,5 33
To l c eh si i ta om pr en ve nc om e		0	0	–6 33 ,5	32 26 ,5	2 99 3 5,
of d id ds Pa t iv ym en en	9	0	–3 4 ,7 05	0	0	–3 4 ,7 05
Sh ba d at io ar e- se re m un er n		0	3 79	0	0	3 79
ds f ha d Pr iss oc ee ro m s re s ue		7 ,1 70	5 3 ,7 78	0	0	6 0 ,9 48
Tr ct io st an sa n co s of of is ha su e s re s		0	31 0 1, –	0	0	31 0 1, –
of sh C io t on ve rs n re as ur y ar es		5 9	5 9	0	0	1 18
of be A S te r 3 0, 2 01 2 s ep m	8. 1	78 ,9 33	7 69 ,2 85	–2 4 ,2 93	–4 ,3 07	8 19 ,6 18

Consolidated statement of cash fl ow

for the period from January 1 to September 30, 2013

k in E U R	N ot es	Ja 1 n. – Se pt . 3 0, 2 01 3	Ja 1 n. – Se pt . 3 0, 2 01 2
O ti iv it ie 1. ct pe ra ng a s
lid ed fi t f he d C at t io on so p ro or p er		24 ,0 89	32 ,5 26
lis ed al U tio ts nr ea v ua n m ov em en		11 ,0 78	29 3
In in te st re co m e	6 .2	–2 67	72 –5
In te st re e xp en se	6 .2	30 ,2 98	28 ,0 25
lt fr Re in ta su om co m e xe s		34	18
O th h (– )/ ( +) in er n on -c as co m e ex pe ns es		1, 08 6	61 4
di al f fi x ed G ai (– )/ Lo ( +) et n ss o n sp os o a ss s		–1 89	14 6
d of fi d ( +) D ci at io im irm t ts ep re n an pa en xe as se		40 8	27 7
(+ )/ ( –) de bl nd th D In in t ei et ec re as e cr ea se ra r ec va es a o er a ss s th rib ed fi at ot tt ut t in st in in tiv iti a re n a o ve g or na nc g ac es		–2 ,3 43	–2 ,9 00
(– )/ ( +) de ab le d he r l bi lit D in in t ot ia ie ec re as e cr ea se ra p ay s an s th rib ed fi at ot tt ut t in st in in tiv iti a re n a o ve g or na nc g ac es		–6 58	1, 61 8
C h d fr te ti as ge ne ra om o pe ra on s		6 3, 53 6	60 ,0 45
d In te st ei re r ec ve		26 7	57 2
d In te st ai re p		–2 5 ,9 98	–2 5 ,7 00
id In ta co m e x pa		–3 4	0
h fl fr C ti ct iv it ie as ow s om o pe ra ng a s		3 7, 77 1	34 ,9 17
2 . I ti ct iv it ie nv es ng a s
of A ui sit io in st t tie cq n ve m en pr op er s	7 .1	–5 2 ,8 99	–1 03 ,6 07
ds f al of Pr in st t tie oc ee ro m s e ve m en pr op er s		34 ,4 49	8, 54 2
of el Pa t t tio st in at io ym en ra ns ac n co r n of he al in tie to t st t s e ve m en pr op er s		–3 75	–2 51
of th la nd A ui sit io rt nt ip t cq n o er p ro pe y, p a e qu m en		–2 74	–3 69
ds f he el f Pr t ity in te st in jo in t v tu oc ee ro m e qu r ea se o re s en re s		82 6	23 ,2 76
f l c ib Pa ts ita tr ut io in jo in t v tu ym en or c ap on n en re s		–3 ,3 70	0
ds f he of lo d Pr t t te to jo in t v tu oc ee ro m r ep ay m en an s gr an en re s		0	1, 77 1
h fl ed C i in st in tiv it ie as ow s us n ve g ac s		–2 1, 64 3	–7 0, 63 8

		Ja 1 n. –	Ja 1 n. –
k in E U R	N ot es	Se . 3 0, 2 01 3 pt	Se pt . 3 0, 2 01 2
3. F in ci ct iv it ie an ng a s
C h ed f ib iv ity tr ut io as re ce ro m e qu c on ns	8 .1	0	61 ,0 66
of of of Pa tio is ha t t st ym en ra ns ac n co s su e s re s	8 .1	0	,3 10 –1
ds f he of b ds nd b Pr t is in oc ee ro m su e on a or ro w gs		62 3 ,5 00	0
f di de nd Pa ts vi ym en o s		–3 9 ,4 67	–3 4 ,7 05
Pa f he ui sit io d in io ts t te at ym en or a cq n an rm n of fi l d ia iv at iv na nc er es		–4 6, 38 5	–8 ,1 04
f of Pa th de io b ds nd b in ts pt ym en o e re m n on a or ro w gs		97 ,6 99 –5	–7 ,1 55
f fo he of b ds nd Pa ts tr ct io st r t is ym en o an sa n co s su e on a bo in rr ow gs		–5 ,6 55	0
h fl ed ed f fi C i / g at in tiv it ie as ow s us n en er ro m na nc g ac s		–6 5, 61 7	9, 79 2
h d sh al th d of he d 4 . C iv ts t t io as an ca e qu en a e en p er
ha h d sh al bt al f C in iv ts ( ot 1 to 3 ) ng e c as an ca e qu en su o		–4 9 ,4 89	–2 5 ,9 29
h d sh al th be of he d C iv ts t gi in t io as an ca e qu en a e nn g p er		11 8, 54 8	96 ,0 09
C h d sh al th d of he d iv ts t t io as an ca e qu en a e en p er th f r d: k; k tr ic te E U R 25 1 vi : E U R 25 1 er eo es p re ou s ye ar	7 .2	69 ,0 59	70 ,0 80

1 Corporate information

alstria offi ce REIT-AG, Hamburg, (hereinafter referred to as the 'Company' or 'alstria offi ce REIT-AG' and, together with its subsidiaries, as 'alstria' or the 'Group'), is a German stock corporation registered in Hamburg. The Group's principal activities are described in detail in Section 1 of the Notes to the consolidated fi nancial statements for the fi nancial year ended December 31, 2012.

The condensed interim consolidated fi nancial statements for the period from January 1, 2013 to September 30, 2013 (hereinafter referred to as the 'consolidated interim fi nancial statements') were authorised for issue by resolution of the Company's Management Board on November 4, 2013.

2 Basic of preparation

These consolidated interim fi nancial statements were prepared in accordance with IAS 34 'Interim Financial Reporting'. They do not contain all of the disclosures and explanations required in the annual fi nancial statements and should therefore be read in conjunction with the consolidated fi nancial statements as at December 31, 2012.

These condensed interim consolidated fi nancial statements have not been audited.

3 Signifi cant accounting policies

The accounting policies applied are consistent with those policies applied in the Group's annual fi nancial statements for the year ended December 31, 2012, as outlined in those annual fi nancial statements.

The following new interpretations and amendments to standards and interpretations are mandatory for the fi rst time for the fi nancial reporting period beginning January 1, 2013:

› IFRS 13 'Fair value measurement'; new standard issued on May 12, 2011. IFRS 13 establishes a single source of guidance for fair value measurements and disclosures about fair value measurements. The Standard defi nes fair value, establishes a framework for measuring and requires disclosures about fair value measurements. The scope of IFRS 13 is broad; it applies to both fi nancial instrument items and non-fi nancial instrument items for which other IFRSs require or permit fair value measurements or disclosures about fair value measurements, except for share-based payment transactions within the scope of IFRS 2 'Share-based Payment', leasing transactions within the scope of IAS 17 'Leases', measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 'Inventories', or value in use in IAS 36 'Impairment of Assets'. IFRS 13 is applicable to annual reporting periods beginning on or after January 1, 2013.

• › Amendments to IFRS 1 'Severe hyperinfl ation and removal of fi xed dates for fi rst-time adopters', issued on December 20, 2010. The amendment is generally applicable for fi nancial years starting on July 1, 2011 or later but was allowed to be applied not before January 1, 2013 on as a result of the European Union endorsement process. Since alstria has no exposure to hyperinfl ation markets, the amendments have no effect on alstria's fi nancial reporting.
• › Amendment to IFRS 1 with regard to government grants with interest rates not in line with market level. The amendment was published on March 13, 2012 and will give fi rst-time adopters the same relief to recognition and measurement of government grants as existing preparers. The amendment applies to annual periods beginning on or after January 1, 2013 and has no effect on the Group's fi nancial reporting.
• › The IASB has revised the requirements for offsetting fi nancial assets and fi nancial liabilities and as a result, published amendments to IAS 32 'Financial instruments: presentation' and IFRS 7 'fi nancial instruments: disclosure'. The current offsetting model in IAS 32 has been basically maintained and was solely substantiated by additional application guidance, which applies to annual periods beginning on or after January 1, 2014.

A new feature is the IFRS 7 disclosure requirements inserted in connection with certain settlement agreements. The amendments to IFRS 7 are to apply retrospectively for annual periods beginning on or after January 1, 2013. Impact from these changes may result in terms of reporting in the event that there is a netting agreement.

• › Amendments to IAS 1 'Presentation of fi nancial statements'. On June 16, 2011, the International Accounting Standards Board (IASB) published amendments to IAS 1. The amendments to IAS 1 retain the 'one or two statement' approach at the option of the entity and only revise the way other comprehensive income is presented, requiring separate subtotals for those elements which may be 'recycled', and those elements that will not. The amendments are applicable to annual periods beginning on or after July 1, 2012, with early adoption permitted. The amendments do not affect the presentation of the Group's fi nancial statements.
• › Amendment to IAS 12 'Deferred tax: Recovery of underlying assets', issued on December 20, 2010. This amendment, which will have no impact on the fi nancial reporting of alstria is generally to apply from January 1, 2012 but was allowed to be applied not before January 1, 2013 on as a result of the European Union endorsement process.
• › Amendments to IAS 19 'Employee benefi ts'. On June 16, 2011, the IASB published amendments to IAS 19, implementing new reporting procedures on employee benefi ts. The amendments are applicable to annual periods beginning on or after January 1, 2013, with early adoption permitted. The amendments are not affecting the presentation of the Group's fi nancial reporting.
• › IFRIC 20 'Stripping costs in the production phase of a surface mine': IFRIC 20 considers when and how to account separately for benefi ts arising from the stripping activities in surface mining operations. IFRIC 20 applies to annual periods beginning on or after January 1, 2013. The interpretation has no relevance for the Group.
• › The International Accounting Standards Board (IASB) issued 'Annual Improvements 2009–2011', a collection of amendments to IFRSs, in response to issues addressed during the 2009–2011 cycle. Five standards (IFRS 1, IAS 1, IAS 16, IAS 32 and IAS 34) are primarily affected by the amendments, with consequential amendments to numerous others. The improvements apply to annual periods beginning on or after January 1, 2013 and will be of only minor, if any, relevance for the Group.

The initial application of the newly applied IFRS had no material effect on the presentation of the consolidated interim fi nancial statements.

The following new standards, interpretations and amendments to published standards have been issued but are not effective for the fi nancial year 2013 and have not been applied by the Group before they are mandatory:

• › IFRS 9 'Financial instruments'; new standard issued November 12, 2009. The standard addresses the classifi cation and measurement of fi nancial assets and is likely to affect the Group's accounting of fi nancial assets. Application of the standard is not mandatory until January 1, 2015. But subject to EU endorsement, the standard is available for early adoption. The Group has not yet assessed the full impact of IFRS 9.
• › IFRS 10 'Consolidated fi nancial statements'; new standard issued on May 12, 2011. The objective of IFRS 10 is to establish principles for the presentation and preparation of consolidated fi nancial statements when an entity controls one or more other entities. The standard supersedes the guidelines on consolidation as outlined in the present IAS 27 'Consolidated and Separate Financial Statements' and SIC-12 'Consolidation – Special Purpose Entities'. IFRS 10 is applicable to annual reporting periods beginning on or after January 1, 2014*. It is not expected that the application of the new standard will lead to a change in the basis of consolidation of the Group.
• › IFRS 11 'Joint arrangements'; new standard issued on May 12, 2011. The core principle of IFRS 11 is that a party to a joint arrangement determines the type of joint arrangement in which it is involved by assessing its rights and obligations, and accounts for those rights and obligations, in accordance with that type of joint arrangement. The standard supersedes IAS 31 'Interests in Joint Ventures' and SIC-13 'Jointly Controlled Entities – Non-Monetary Contributions by Venturers'. IFRS 11 is applicable to annual reporting periods beginning on or after January 1, 2014*. It is not expected that the application of the new standard will lead to a change in the accounting for joint ventures.
• › IFRS 12 'Disclosures of interests in other entities'; new standard issued on May 12, 2011. The objective of IFRS 12 is to require the disclosure of information that enables users of fi nancial statements to evaluate the nature of, and risks associated

^* Shift of the mandatory apllication date for EU companies to January 1, 2014.

with, the interests in other entities and the effects of those interests on their fi nancial position, fi nancial performance and cash fl ows. IFRS 12 is applicable to annual reporting periods beginning on or after January 1, 2014*. The Group has not yet assessed the full impact of IFRS 12.

• › IAS 27 'Separate fi nancial statements'; new revised standard issued on May 12, 2011. IAS 27 (revised 2011) has the objective of setting standards to be applied in accounting for investments in subsidiaries, joint ventures, and associates when an entity elects, or is required by local regulations, to present separate (non-consolidated) fi nancial statements. IAS 27 (2011) together with IFRS 10 'Consolidated Financial Statements' supersedes the previous version of IAS 27 (2008) 'Consolidated and Separate Financial Statements' including the related interpretation SIC-12 'Consolidation – Special Purpose Entities'. IAS 27 (revised 2011) is applicable to annual reporting periods beginning on or after January 1, 2014*. Since none of alstria's Group companies prepares single entity fi nancial statements in accordance with IFRS, no impact on accounting is expected as a result of the revised standard.
• › IAS 28 'Investments in associates and joint ventures'; new standard issued May 12, 2011. The objective of IAS 28 (revised 2011) is to prescribe the accounting for investments in associates, and to set out the requirements for the application of the equity method when accounting for investments in associates and joint ventures. IAS 28 (2011), together with IFRS 12 'Disclosures of interests in other entities', supersedes the previous version of IAS 28 (2008) 'Investments in Associates'. IAS 28 (revised 2011) is applicable to fi nancial years beginning on or after January 1, 2014*. It is not expected that the application of the new standard will lead to a change in the accounting for joint ventures.
• › An entity may apply the aforementioned standards IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements', IFRS 12 'Disclosure of Interests in Other Entities', IAS 27 'Separate Financial Statements (2011)' and IAS 28 'Investments in Associates and Joint Ventures 2011' to an earlier accounting period, but if it elects to do this prematurely, it must adopt all standards together.

* Shift of the mandatory apllication date for EU companies to January 1, 2014.

• › The IASB has revised the requirements for offsetting fi nancial assets and fi nancial liabilities and as a result, published amendments to IAS 32 'Financial instruments: presentation' and IFRS 7 'fi nancial instruments: disclosure'. The current offsetting model in IAS 32 has been basically maintained and was solely substantiated by additional application guidance, which applies to annual periods beginning on or after January 1, 2014.
• › Amendments to IFRS 10 'Consolidated fi nancial statements', IFRS 11 'Joint arrangements', and IFRS 12 'Disclosures of interests in other entities' – Transition Guidance. The amendments will clarify the transition guidance in IFRS 10 and grants additional relief in all three standards. The amendments are applicable – similar to IFRS 10, IFRS 11 and IFRS 12 - to annual periods beginning on or after January 1, 2014*.
• › Amendment to IAS 36 'impairment of assets'. IAS 36 was amended by Recoverable Amount Disclosures for Non-Financial Assets (clarifi cation of disclosures required). The amendment is applicable to reporting periods beginning on or after January 1, 2014 and will have no consequences for the Group's fi nancial reporting.
• › Amendment to IAS 39 'Financial instruments: recognition and measurement'. Amendment relating to the novation of derivatives and continuation of hedge accounting, whereby there is no need to discontinue hedge accounting if a hedging derivative is novated, provided certain criteria are met. The amendment is applicable to reporting periods beginning on or after January 1, 2014 and is available for early adoption. It is not assumed that the amendment will have consequences for the recognition and accounting of derivative instruments.
• › IFRIC 21 'Levies'. The interpretation provides guidance on when to recognise a liability for a levy imposed by a government, both for levies that are accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and those where the timing and amount of the levy is certain. The interpretation is applicable to reporting periods beginning on or after January 1, 2014 and is not assumed to have material consequences for the Group's fi nancial reporting.

4 Consolidated group

There have been no changes to the consolidated Group since the consolidated fi nancial statements as of December 31, 2012.

5 Key judgements and estimates

Preparing the consolidated fi nancial statements in accordance with IFRS requires assumptions and estimates to be made for various items that have an effect on the amount and disclosure of assets, liabilities, income and expenses. Actual amounts may vary from these estimates.

6 Notes to the Consolidated Income Statement

6.1 Personnel expenses

The personnel expenses shown in the profi t and loss account totalling EUR 5,669 k (January 1 to September 30, 2012: EUR 4,901 k) include accrued bonuses in the amount of EUR 925 k (January 1 to September 30, 2012: EUR 847 k). Furthermore, personnel expenses of EUR 782 k (January 1 to September 30, 2012: EUR 447 k) relating to sharebased compensation granted to the management are included (see Note 11), as are expenses for share-based compensation resulting from the convertible profi t participation rights granted to employees in an amount of EUR 499 k (January 1 to September 30, 2012: EUR 483 k).

6.2 Financial result

The following table shows a breakdown of the fi nancial result.

k in E U R	Ja 1 n. – Se pt . 3 0, 20 13	Ja 1 n. – Se pt . 3 0, 20 12
In te st re e xp en se nd ed lo ic at sy an	–1 0 ,7 14	–1 1, 53 9
th lo In te st re e xp en se o er an s	–6 ,8 61	–7 ,3 95
ul fr d In te st t iv at iv re r es om er es	–1 0 ,5 24	–8 ,9 58
In te st re e xp en se tib le b d co nv er on	–1 ,5 08	0
O th in te st er re e xp en se s	–1 19	–3 2
l e Fi ia na nc xp en se s	–2 9, 72 6	–2 92 7, 4
In te st in re co m e	26 7	57 2
th fi l e O ia er na nc xp en se s	–5 72	–1 01
fi N in et st na nc g co s	–3 0, 03 1	–2 3 7, 45

The changes in the loan portfolio are explained in detailed under Section 8.2 'fi nancial liabilities'.

6.3 Income taxes

As a consequence of its status as a G-REIT, alstria offi ce REIT-AG is exempt from German corporation tax (Körperschaftsteuer – KSt) and German trade tax (Gewerbesteuer – GewSt).

Minor tax payment obligations may arise for affi liates serving as a general partner of a partnership or REIT service companies.

For a detailed description of the tax implications, please refer to Section 9.10 of the consolidated fi nancial statements as at December 31, 2012.

6.4 Earnings per share

The table below shows the income and share data used in the earnings per share computations:

	Ja 1 n. – Se pt . 3 0, 20 13 ud d) (u ite na	Ja 1 n. – Se pt . 3 0, 20 12 (u ud d) ite na
ofi rib ab le th Pr t tt ut t a o e sh eh ol de ( k) in E U R ar rs	24 ,0 89	32 ,5 26
be f sh A ve ra ge n um r o ar es nd (Q ts ta in 1– Q 3 ou g ; ho ds ) in t us an	78 ,9 33	77 ,4 83
ha Ba si in c ea rn gs p er s re (in ha ) E U R pe r s re	0 .3 1	0 .4 2

7 Notes to the Consolidated Balance Sheet – Assets

7.1 Investment property

alstria offi ce REIT-AG uses the fair value model pursuant to IFRS 13 for revaluation. External appraisals were obtained for the determination of value as at December 31, 2012. A management review of fair values, as at the date of the consolidated interim fi nancial statements as at September 30, 2013, resulted in a fair value increase for investment properties held at December 31, 2012 totalling EUR 8,956 k. This amount relates to capitalised expenditure invested in the fi rst three quarters of 2013 for refurbishment and project development. For a detailed description of the asset value determination process, please refer to Section 7 of the consolidated fi nancial statements as at December 31, 2012.

In the fi rst nine month of 2013, the sales transfer of benefi ts and burden took place for seven properties, two of which were classifi ed as 'asset held for sale' as of December 31, 2012. The transaction volume amounted to EUR 36,900 k.

In addition, alstria signed a binding and notarised agreement for the sale of a further property during the third quarter of 2013. The transfer of benefi ts and burden for the property took place on October 31, 2013. The asset is classifi ed as 'asset held for sale' as of September 30, 2013.

The acquisition of one land asset in Düsseldorf (owned through leasehold before) was closed in the second quarter of 2013 and led to an increase in investment property of EUR 405 k.

Furthermore, the Group acquired two investment properties with the transfer of benefi ts and burden in the reporting period. The transaction volume for the properties amounted to EUR 36,379 k.

For more information about changes in the immovable property, please refer to the 'Transactions' section in the interim Group management report for the third quarter of 2013 (see page 8).

7.2 Cash and cash equivalents

As of September 30, 2013, EUR 251 k of total cash and cash equivalents (EUR 69,059 k) is subject to restrictions. The amount corresponds to accrued interest obligations and other amounts over which the Company may not freely dispose.

8 Notes to the Consolidated Balance Sheet – Equity and Liabilities

8.1 Equity

Please refer to the consolidated statement of changes in equity for details.

Share capital

On September 30, 2013, alstria offi ce REIT-AG's share capital amounted to EUR 78,933,487, represented by 78,933,487 non-par value bearer shares. The majority of the shares in the Company are in free fl oat.

Treasury shares

On September 30, 2013, the Company held no treasury shares.

By resolution of the Annual General Meeting held on June 8, 2011, the Company's authorisation to acquire treasury shares was renewed. According to the resolution, alstria offi ce REIT-AG is authorised to acquire up to 10 % of the capital stock until June 8, 2016. There is no intention to make use of this authorisation at present.

Cash fl ow hedging reserve

k in E U R	Ja 1 n. – Se pt . 3 0, 2 01 3 (u ud d) ite na	20 12 (a ud ite d)
A at J 1 s an ua ry	–2 2 ,1 37	–1 7 ,7 60
ha N et in c ng es sh fl h ed ca ow ge s	12 ,9 52	–4 ,3 77
/ A at S t. 30 D . 3 1 s ep ec	–9 ,1 85	–2 2 ,1 37

This reserve includes the portion of the gain or loss on hedging instruments in cash fl ow hedge that is determined to be an effective hedge. The net changes for the increased valuation of derivative fi nancial instrument amounts to EUR 11,658 k. An amount of EUR 1,294 k relates to reclassifi cations of cumulated devaluations of cash fl ow hedges, for which the forecasted hedged transactions are no longer expected to occur due to the redemption of loans before maturity.

8.2 Financial liabilities

As at September 30, 2013, alstria's total interestbearing debt, mainly consisting of outstanding loan balances and the convertible bond, amounted to EUR 922,785 k (December 31, 2012: EUR 896,984 k). The lower carrying amount of EUR 904,173 k (EUR 868,353 k non-current and EUR 35,820 k current) takes into account interest liabilities and transaction costs to be allocated under the effective interest method upon the raising of liabilities. Financial liabilities with a maturity of up to one year are recognised as current loans.

The issuing volume resulting from the convertible bond loan amounted to EUR 79,400 k and is included totally in the fi nancial liabilities.

In the second quarter of the fi nancial year 2013, alstria offi ce REIT-AG issued a convertible bond generating proceeds of EUR 79,400 k. The convertible bond has a maturity of fi ve years. It will be redeemed at 100 % of its principal amount and the coupon was set at 2.75 % p.a., payable quarterly in arrears.

alstria's main loan was refi nanced in the third quarter. As a replacement, a new syndicated loan was taken out, amounting to 544,100 as at September 30, 2013.

Furthermore, a reduction of other non-current liabilities in the amount of EUR 6,746 k resulted from the acquisition of a piece of land previously used as a leasehold.

For a detailed description of the loans, loan terms and loan securities, please refer to the 'Financial management' section in the interim Group management report for the third quarter of 2013 (see page 14) and Section 11.2 of the consolidated fi nancial statements as at December 31, 2012.

8.3 Derivative fi nancial instruments

Derivative fi nancial instruments include interest swaps and caps. The purpose of these fi nancial derivatives is to hedge against interest risks arising from the Company's business activities and its sources of fi nancing. In addition, an embedded derivative resulting from the issue of the convertible bond is included.

The fair value of the derivative fi nancial instruments was determined by an independent expert by discounting the expected future cash fl ows at prevailing market interest rates.

For a more detailed description of the Group's derivative fi nancial instruments and the presentation of their fair values, please refer to page 12 of the consolidated interim management report.

All of the Group's fi nancial instruments which are measured in the balance sheet at fair value are valued using the level 2 valuation measurement approach. This only applies to the Group's fi nancial derivatives, as there are no other fi nancial instruments that are measured in the balance sheet at fair value. The fair value determination of the Group's fi nancial derivatives is based on forward interest rates extracted from observable yield curves.

9 Dividend paid

	Ja 1 n. – Se pt . 3 0, 20 13 (u ud ite d) na	Ja 1 n. – Se pt . 3 0, 20 12 (a ud ite d)
id ds di ha s1 ) D iv en o n or na ry s re k d in E U R (n ni ot r ec og se as lia bi lit Se 0) t pt . 3 a y as a :	39 ,4 67	34 ,7 05
id d ha D iv i EU R en pe r s re n	0 .5 0	0. 44

1)Refers to all shares at the dividend payment date.

The Annual General Meeting of alstria offi ce REIT-AG, held on May 29, 2013, resolved to distribute dividends totalling EUR 39,467 k (EUR 0.50 per outstanding share). The dividend was distributed on May 30, 2013.

10 Employees

In the period from January 1 to September 30, 2013, the Company had an average of 61 employees (January 1 to September 30, 2012: average 53 employees). The average number of employees was calculated on the basis of the total of employees at the end of each month. On September 30, 2013, 64 people (December 31, 2012: 59 people) were employed at alstria offi ce REIT-AG, excluding the Management Board.

11 Share-based remuneration

As part of the success-based remuneration for members of the Management Board, a sharebased remuneration system was implemented. The share-based remuneration is made up of a longterm component, the Long-Term Incentive Plan (LTI), and a short-term component, the Short-Term Incentive Plan (STI). The remuneration types are a cash-settled and a share-based payment transaction, respectively.

The development of the virtual shares until September 30, 2013 is shown in the following table:

f N be um r o l s ha vi rt ua re s	Ja 1 n. – Se pt . 3 0, 2 01 3 ud d) (u ite na		20 12 (a ud d) ite
	LT I	ST I	LT I	ST I
Ja 1 nu ar y	26 7 ,6 65	24 ,6 29	17 5 ,7 11	1 1, 71 8
ed he G nt in t ra d rt in rio re po g pe	86 ,1 14	1 3 ,0 78	91 ,9 54	1 2 ,9 11
ed he Te in at in t rm d rt in rio re po g pe	0	11 ,7 18 –	0	0
Se 0/ pt . 3 D . 3 1 ec	3 53 ,7 79	2 5, 98 9	26 7, 66 5	24 ,6 29

In the fi rst nine months of 2013, the LTI and the STI generated remuneration expenses amounting to EUR 782 k (Q1–Q3 2012: remuneration expenses of EUR 447 k) and, at the end of the reporting period, provisions amounting to EUR 2,113 k (December 31, 2012: EUR 1,472 k). The Group recognises the liabilities arising from the vested virtual shares under other provisions. Please refer to Section 18 of the consolidated fi nancial statements as of December 31, 2012 for a detailed description of the employee profi t participation rights programme.

12 Convertible profi t participation rights programme

Under the convertible profi t participation rights scheme established by the Supervisory Board of alstria offi ce REIT-AG, 269,800 convertible profi t participation certifi cates ('certifi cates') existed as of September 30, 2013; 36,500 certifi cates have been terminated in the course of the fi rst three quarters of 2013. A total of 111,800 certifi cates were offered to the employees on June 7, 2013, and issued after the expiration of the acceptance period on July 5, 2013.

The nominal amount of each certifi cate is EUR 1.00and is payable on issuance. The fair value of the inherent options for conversion is estimated using a binary barrier option model based on the Black-Scholes pricing model. The model takes into account the terms and conditions upon which the instruments were granted.

The following table shows the inputs to the model used for the determination of the options for conversion granted on June 7, 2013:

	Ju 7 , 2 01 3 ne ud d) (u ite na
id d el d (% ) D iv yi en	5 .6 8
sk -f (% ) Ri in te st at re e re r e	0 .0 4
ed ol ili Ex ct at ty ( % ) pe v	2 5 .2 0
ed li fe (y ) Ex ct pt io pe o n ea rs	2 .0 0
ha (E R) Ex ci ric U er se s re p e	2 .0 0
fl Em pl io ( % ) tu at te oy ee uc n ra	0 .0 0 1
k f v al da St ic tio te ( EU R) oc pr e as o ua n	8 .8 0

The fair value of one option for conversion at the granting date was EUR 6.18.

For a detailed description of the employee profi t participation rights programme, please refer to Section 19 of the consolidated fi nancial statements as of December 31, 2012.

13 Related parties

Except for the granting of virtual shares to the members of the Company's Management Board as detailed in Note 11, no signifi cant legal transactions were executed with related parties during the reporting period.

14 Signifi cant events after the end of the reporting period

One of the properties accounted for as 'held for sale' as at September 30, 2013 was transferred to the buyer on October 31, 2013.

In the fourth quarter of 2013, alstria offi ce REIT-AG signed binding and notarised agreements for the sale of two assets, one of which had been classifi ed as 'asset held for sale' as per September 30, 2013.

15 Management Board

As of September 30, 2013, the members of the Company's Management Board are:

Mr Olivier Elamine (Chief Executive Offi cer)

Mr Alexander Dexne (Chief Financial Offi cer)

16 Supervisory Board

Pursuant to section 9 of the Company's Articles of Association, the Supervisory Board consists of six members, all of whom are elected by the Annual General Meeting of shareholders. The term of offi ce for all members expires at the close of the Annual General Meeting of shareholders in 2016.

As at September 30, 2013, the members of the Supervisory Board are:

Mr Alexander Stuhlmann (Chairman)

Dr Johannes Conradi (Vice-Chairman)

Mr Benoît Hérault

Mr Roger Lee

Mr Richard Mully

Ms Marianne Voigt

Hamburg, Germany, November 4, 2013

Olivier ElamineCEO

Alexander DexneCFO

Managment compliance statement

'We confi rm that, to the best of our knowledge, the consolidated fi nancial statements give a true and fair view of the net assets, fi nancial position and results of operations of the Group and the group management report gives a true and fair view of business performance including the results of operations and the situation of the Group, and describes the main opportunities and risks and anticipated development of the Group in accordance with the applicable fi nancial reporting framework.'

Hamburg, Germany, November 4, 2013

Olivier ElamineCEO

Alexander DexneCFO

Events 2014Special dates you should note …

February 28, 2014

Annual Press ConferenceFinancial Results 2013 (Frankfurt)

March 28, 2014

Publication of annual report Annual report (Hamburg)

May 6, 2014

Publication of Q1 report Interim report (Hamburg)

Stay updated about our Investor Relations events. Visit our website: ››www.alstria.com/investors

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Investor RelationsRalf Dibbern

Phone: +49 (0)40 226341-329 Fax: +49 (0)40 226341-229 E-mail: rdibbern@alstria.de

Bäckerbreitergang 75 20355 Hamburg, Germany Phone: +49 (0)40 226341-300 Fax: +49 (0)40 226341-310 www.alstria.com

alstria offi alstria offi ce REIT-AGR

Friedrichstr. 1940217 Düsseldorf, Germany Phone: +49 (0)211 301216-600 Fax: +49 (0)211 301216-615 www.alstria.com