alstria office REIT-AG

Earnings Release • Nov 11, 2010

THIRD QUARTER 2010 RESULTS

Hamburg, November 10, 2010

Disclaimer

Cautionary Note Regarding Forward-Looking Statements

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, general economic conditions, including in particular economic conditions in the alstria's core business and core markets, general competitive factors, the impact of acquisitions, including related integration issues, and reorganization measures. Furthermore, the development of financial markets, interest rate levels, currency exchange rates, as well as national and international changes in laws and regulations, in particular regarding tax matters, can have a corresponding impact. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

No duty to update

The company assumes no obligation to update any information contained herein.

Q3 2010 highlights

• Successful capital increase
• 5.6 m shares placed at EUR 8.75
• Gross proceeds of EUR 49 m
• Proceeds will be used to fund growth of alstria's portfolio
• Strong operating business
• Revenues at EUR 67.4 m
• FFO at EUR 21.6 m
• New lease of 4.000 sqm in alstria's Mundsburg Office Tower
• Launch of first CSR report

BESENBINDERHOF 41, HAMBURG

H1 2010 RESULTS

Q3 2010 RESULTS 3 NOVEMBER 10, 2010

Operations and valuations

Outlook and market update

Financial results in line with guidance

-8,000 -7,000 -6,000

-7,611

-8,390 -9,000

10,2%

One-off (non-cash) burden from refinancing

Q3 2010 RESULTS NOVEMBER 10, 2010

FFO margin improved to 32.0%

• Relative part of SG&A increased as revenues decreased following the asset sales
• FFO margin improvement driven by
• lower financing costs
• seasonal lower real estate operating costs

Strong balance sheet

G-REIT equity ratio at 47.4%

• Capital increase and disposals have significantly increased the G-REIT equity ratio to 47.4%
• Excluding 'properties held for sale' G-REIT equity ratio is at 48.2%
• alstria's G-REIT status secured

INVESTMENT PROPERTIES AS OF Sep. 30, 2010 (EUR k)

Investment properties as of Dec. 31, 2009	1,425,440
Subsequent acquisition and production costs	11,499
Disposals	-52,200
Reclassification	-25,700
Investment properties as at Sep. 30, 2010	1,359,039
Fair value of development properties	7,788
Fair value of properties held for sale	25,700
Interests in Real Estate Partnerships	22,885
Fair value of immovable assets	1,415,412

Net company LTV at 52.4%

LOAN TO VALUE
(EUR k)	2010-09-30
Syndicated loan	572,809
Non-recourse loans	225,030
Total debt	797,839
Free cash	87,023
Net debt	710,816
Total company LTV	58.9%
Net company LTV	52.4%

• alstria's mid-term targeted company LTV remains between 50% - 55%
• Average cost of debt remains stable at 4.3%

WASHINGTONSTR. 16, DRESDEN

Financial guidance for 2010

• Revenues expected to be around EUR 89 million
• Funds From Operations (FFO) at EUR 27 million

MAX-BRAUER-ALLEE 89-91, HAMBURG

Key financials

Operations and valuations

Outlook and market update

Unique portfolio across Germany

	30-Sep-10	31-Dec-09
Number of properties	72	77
Number of joint ventures (off balance)	2	1
Market value (EUR m)	1,393	1,601
Contractual rent (EUR m)	88.5	97.5
Valuation yield	6.4%	6.2%
Approx. lettable area (sqm)	794,000	867,400
Vacancy (% of lettable area)	7.3%	5.7%
Lease length (years)	8.7	9.6
Average value per sqm (EUR)	1,754	1,845
Average rent per sqm (EUR per month)	9.94	9.93
G-REIT equity ratio	47.4%	40.3%

Daimler Bilfinger Berger Siemens Barmer Deutsche Rentenversicherung Rheinmetall City of Hanover Others

¹As of Sept 30, 2010, unaudited

Mundsburg Office Tower already 45% pre-let

• Lowest floors of the tower which represents 45% of the office space let to Atos Origin
• Main terms of the lease:
• Lease start 2013
• 10 years
• 12 months rent free
• EUR 15.75/sqm
• 4,000 sqm of office and storage space
• Annual net rent: EUR 777,000

Location of Mundsburg Office Tower

9.200 sqm of modern office space

Strong asset management result

• Successful leasing activity:
• Percentage of leases expiring over next two years reduced from 10.6% to 7.3%
• Total vacancy rate decreased in the third quarter from 7.7% to 7.3% reflecting lease of 4.000 sqm to Atos Origin
• Total lease-up excluding lease renewal in 2010: 15,200 sqm
• Total vacancy as of Sep. 30: 58,100 sqm
  • Strategic vacancy: 27,100 sqm
  • Regular vacancy: 31,000 sqm

0% 10% 20% 30% 40% 50% 60% 70% 80% open ended 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 years annual rent in %

15

LEASE EXPIRY PROFILE

90% 100%

Disposals closed as planned

• Disposal of four assets in Hamburg at a total consideration of EUR 81.7 million in H2 2010
• Two asset transactions closed end of July 2010
• Two asset transactions closed in November 2010
• Disposal proceeds used for deleveraging and investment in the portfolio

Internal growth offers superior return potential

Combined investment volume: EUR 80 million Expected incremental rent: EUR 8 million

• Lettable Area: 9,200 sqm
• 45% pre-let

• Status: construction 2013

• Lettable Area: 2,400 sqm

• 95% let
• Status: Delivered

KAISER-WILHELM-STR.

• Lettable Area: 5,225 sqm
• 0% pre-let
• Status: to be launched 2014

Q3 2010 RESULTS NOVEMBER 10, 2010

Key financials

Operations and valuations

Outlook and market update

Investment market

• Increasing portfolio volume/assets put on the market
• Little trades outside of the core segment (i.e. long-term leases)
• Seller expectations on short-dated/riskier assets are significantly going down
• Financing availability is still key for transactions outside core segment

Net absorption ?

• Leasing markets fluid, very strong tenant demand
• Main tenant demand not driven by growth of companies

JONES LANG LASALLE Real value in a changing world	/pulse/ Office Market Overview - Q3 2010
	Recovery continues on office property lettings markets
Significantly higher demand	But vacancies increase further

• Mundsburg Office Tower case study:
• By moving to the new premises the tenant will reduce space by 45%
• Tenant costs per workstation will go down by around 27%
• Cost per sqm for the tenant will go up by 33%

alstria is in a perfect position

The market offers opportunities

• Investors/banks will be considering to sell their properties in order to generate liquidity and improve capital allocation
• Real estate owners will turn to listed sector whilst they seek liquidity
• German listed sector offers little alternatives

alstria is able to benefit

• alstria is an obvious discussion partner for institutions looking for liquidity for their real estate portfolios
• This is possible because alstria has:
• demonstrated its ability to manage real estate
• demonstrated its ability to recycle capital
• a low LTV
• no legacy financing

alstria starts CSR reporting

• CSR becoming more and more critical for investors, regulators and tenants alike
• alstria first German real estate company to start CSR reporting
• Reporting using GRI framework
• Self declare C level
• Incorporating 2008 and 2009 data

Improving transparency

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		"alstria office REIT-AG is an internally
		managed Real Estate Investment Trust (REIT) focused on acquiring, owning and managing
		office real estate in Germany."
LATEST NEWS	RECENT HIGHLIGHTS	UPCOMING EVENTS
Oct 04, 2010	alstria's first sustainability report >	Nov 06, 2010 - Trade Fair
Atos Origin to be the main tenant in alstria's Mundsburg Office Tower	Read our Q3 2010 report >	Hamburger Börsentag, Hamburg $\rightarrow$
	View our Q3 2010 analyst conference call >
Sep 22, 2010		Nov 10, 2010 - Publication of Q3 Report Interim Report, Hamburg
alstria office REIT-AG successfully executed capital increase		$\mathbf{v}$
	SHARE PRICE	Nov 18, 2010 - Roadshow
	Price Xetra $(\epsilon)$ + $\epsilon$ + $\gamma$ Date	Rabo Securities, The Netherlands
Jul 20, 2010 alstria successfully refinanced EUR 646 million	02.11.10 9.89 $-0.06 - 0.60$
		more events $\rightarrow$

Q3 2010 RESULTS NOVEMBER 10, 2010