alstria office REIT-AG

Earnings Release • May 11, 2010

FIRST QUARTER 2010 RESULTS

Hamburg, May 11, 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.

…through our eyes: Q1 2010 highlights

• Revenues at EUR 23.1 million
• FFO at EUR 7.3 million and in line with guidance
• EUR 74 million of free cash creates flexibility for
• investments in the portfolio,
• acquisitions and
• debt management

Operations and valuations

Outlook and market update

Q1 2010 RESULTS May 11, 2010 4

Financial results in line with guidance

Q1 2010 RESULTS May 11, 2010 5

Overall P&L composition remains stable

• Change in revenues driven by disposals
• Disposals determine change in FFO from EUR 8,045 k to EUR 7,266 k
• FFO margin remains stable at 31.4%

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Cash increases flexibility

864,025

Q1 2010 RESULTS May 11, 2010

7

EUR 74 million free cash at hand

A breath away

• Successful disposals and JV execution have significantly increased the G-REIT equity ratio
• Target of the company is to be back at 45% by year-end

INVESTMENT PROPERTIES AS AT 31-MAR-10 (EUR k)

Investment properties as at 31-Dec-09	1.425.440
Subsequent acquisition and production costs	3.901
Investment properties as at 31-Mar-10	1.429.341
Fair value of development properties	5.000
Interests in real estate partnerships	22.719
Fair value of immovable assets	1.457.060

Net company LTV is at 56.2%

• Further reduction of the company LTV
• alstria's mid-term targeted company LTV is between 50% - 55%

LOAN-TO-VALUE POST TRANSACTIONS1 (EUR k)
Syndicated loan	646,110
Non-recourse loans	226,507
Total debt	872,617
Undrawn exposures	5,387
Free cash	73,569
Net debt	804,435
Total company LTV	61.0%
Net company LTV	56.2%

¹As of April 20, 2010

From EUR 1,103 million to EUR 646 million

• Syndicated loan successfully reduced to the targeted EUR 646 million
• Refinancing of syndicated loan main focus in 2010
• Syndicated loan LTV is at 59.9%
• Avg. cost of debt remains stable at 4.3%^¹

Q1 2010 RESULTS May 11, 2010

Financial guidance for 2010

• Revenues expected to be around EUR 89 million
• Funds from operations (FFO) at EUR 27 million

Key financials

Operations and valuations

Outlook and market update

Q1 2010 RESULTS May 11, 2010 13

Strong portfolio across Germany

ALSTRIA PORTFOLIO
	31-Mar-10	31-Dec-09	31-Dec-08
Number of properties	74	77	89
Number of Joint Ventures (off balance)	2	1	0
Market value (EUR m)	1.434	1.601	1.810
Contractual rent (EUR m)	90,3	97,5	106,5
Valuation yield	6,3%	6,2%	5,9%
Approx. lettable area (sqm)	820.900	867.400	943.700
Vacancy (% of lettable area)	6,5%	5,7%	5,9%
Lease length (years)	9,2	9,6	10,0
Average value per sqm (EUR)	1.743	1.845	1.918
Average rent per sqm (EUR per month)	9,8	9,93	9,41
G-REIT equity ratio	44,1%	40,3%	40,3%

Q1 2010 RESULTS May 11, 2010 14

Latest transactions closed

• JV Kaisergalerie has been closed on January 20, 2010
• Transaction generated cash proceeds of EUR 14.3 million
• Hamburg portfolio transaction announced in Q4 2009 closed by end of Q1 2010
• Group generated a disposal profit of EUR 6,703 k

Focus on asset management

• Significant investments in refurbishment projects within the portfolio:
• › In total the company has invested in 2009 EUR 14 million in two refurbishment projects (excluding 'Alte Post')
• Successful leasing activity:
• › Vacant building acquired mid 2009 in Hamburg, now fully refurbished and let on a 15 year basis
• › Overall vacancy rate in the portfolio remains stable despite the disposal of fully let assets
• EUR 30 40 million of investments planned for the next two years

Successful execution track records

Increase of rent by EUR 4.9 m

KEY FIGURES OF PROJECTS
EUR m	Initial rent	Rent today	Target rent1	Capex
Grosse Bleichen	1.6	2.7	4.5	7.0
Alte Post	1.2	0	3.0	35.0
Bieberhaus	2.1	2.1	2.3	12.0
Total	4.9	4.8	9.8	54.0
	Incremental rent:	+ EUR 4.9 m
	Incremental yield on cost:	9%
	Timing of project:	2007 -	2013

¹ Estimated ERV post capex

Alte Post – Significant progress made

• Signing of two leases of around 4,270 sqm (around 62% of total area)
• Secured annual rent of EUR 1.8 million
• Total office area (3,500 sqm) let to German law firm Graf von Westphalen
• First retail area (770 sqm) let to Tommy Hilfiger
• Completion is expected to be in Q3 2011

Key financials

Operations and valuations

Outlook and market update

What has changed since 2008?

Limited improvement in the financing environment

Increasing pressure in the leasing markets with increased tenant incentives

Price discovery process still ongoing on short dated assets regardless of quality and location as leasing market remains uncertain

Stabilised yields on long-dated assets with strong covenant tenants

Our view in 2008 Our current view

Financing situation has improved, but might further deteriorate in the near future

Leasing market has stabilised but remains challenging

Price discovery on short-dated assets has not started yet. Risk pricing still needs to adjust

Strong demand on long-dated assets, with limited stock pushing yields down

Acceleration of refinancing

• Window of available financing might be short
• Target for the next 18 months is to refinance the remaining EUR 646 million of loan
• Long-term target LTV for the company is between 50% and 55%
• Structured deleveraging process can start with a new financing in place
• Deleveraging should be driven by new acquisitions rather than payback of debt

Yields stabilise…

… but not everywhere

• Strong demand for long-term leases (>10 years lease length), but limited supply
• Price discovery process still ongoing for properties with short-term leases
• Bid-ask-gap narrowing
• alstria is reviewing a number of selected acquisition opportunities

No reversion in Germany

DMX RESULTS PER SEGMENT
	Contract rent1 (EUR/sqm)	Sustainable rent1 (EUR/sqm)	Rent reversion May '10 (%)	Rent reversion May '09 (%)
DMX	12.45	12.44	-0.08%	1.52%
Berlin	13.38	13.31	-0.50%	12.83%
Dusseldorf	12.90	12.20	-5.40%	-3.59%
Frankfurt am Main	17.88	18.46	3.27%	-9.20%
Hamburg	12.92	13.34	3.24%	2.69%
Cologne	11.91	11.83	-0.67%	1.26%
Munich	15.38	15.93	3.56%	0.98%
Stuttgart	12.08	11.87	-1.75%	-2.65%
B-Cities	9.43	9.12	-3.28%	3.14%

Source: IPD, DMX Index May 2010

¹Avg. values (all lease contracts), each weighted by office floor space stock per city in sqm

Q1 2010 RESULTS May 11, 2010

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Ideally positioned for the leasing market

	alstria contract rent (EUR/sqm)	Contract rent1 (EUR/sqm)	alstria contract rent vs. Contract rent (%)
DMX	9.75	12.45	-27.7%
Berlin	11.89	13.38	-12.5%
Dusseldorf	10.64	12.90	-21.2%
Frankfurt am Main	12.15	17.88	-47.1%
Hamburg	9.51	12.92	-35.9%
Cologne	9.17	11.91	-29.9%
Munich	10.29	15.38	-49.5%
Stuttgart	11.30	12.08	-6.9%
B-Cities	8.83	9.43	-6.8%

Source: IPD, DMX Index May 2010

¹Avg. values (all lease contracts), each weighted by office floor space stock per city in sqm

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Q1 2010 RESULTS May 11, 2010

GRI Construction & Real Estate Sector Supplement

• Draft Sector Supplement for the Construction & Real Estate sector for public comment through an online survey
• Survey available in English at http://www.surveymonkey.com/s/F3PDR Q9
• Closing Date of the Public Survey:
• June 30, 2010
• More information available on www.globalreporting.org

Source: GRI Construction & Real Estate Sector

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2010 agenda

• Focus on the refinancing of the EUR 646 million
• Monitor investment markets for opportunities to deploy capital
• Secure the G-REIT equity ratio
• Continue the ongoing asset management process on the assets
• Continue to build up relationship with our core tenants
• Implement CSR reporting