alstria office REIT-AG

Investor Presentation • May 20, 2009

First German Real EstateInvestment

FIRST QUARTER 2009 RESULTSHamburg, May 15, 2009

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.

Agenda

Key financials

Operations and valuations

Outlook and market update

Q1 Highlights

• Revenues at EUR 25,656 k (up 9%)
• Funds from operations at EUR 8,045 k
• Vacancy stable at 6.0%
• Hamburg asset sold for around EUR 20 m

Q1 Highlights

Key financials

Operations and valuations

Outlook and market update

Change in Hamburg transfer tax

• City of Hamburg changed the regulation of the transfer tax
• As of Jan 1, 2009 the transfer tax increased from 3.5% to 4.5%
• Mechanical value decline of EUR 8,215 k due to transfer tax increase

Financial result in line with guidance

( in k ) E U R	1. Ja 3 1. M 2 0 0 9 n ar -	1. Ja 3 1. M 2 0 0 8 n ar -	C ha ng e
Re d in ve nu es a n ea rn g s
G l in ta ro ss r en co m e	2 5, 6 5 6	2 3, 8 5 4	9 %
Ne t r ta l in en co m e	2 3, 5 8 9	2 2, 3 5 5	6 %
Ne in t c te t or p or a o p er a g ex p en se s	-3 1 2 5 ,	-3 4 6 5 ,	-9 %
F in ia l r l t an c es u	-1 2, 5 5 8	-1 1, 6 0 0	8 %
M isc l la e ne ou s	-3 8	1, 2 0 0	-1 0 3 %
O in l t Re t p er a g su	7, 8 4 1	8, 4 9 9	% -8
Fa ir lu d j in ie tm ts tm t p t va e a us en o n ve s en ro p er s	-1 1, 9 8 3	-5 6 7	/a n
ir lu d j f in ia l de iv iv Fa tm ts t va e a us en o n an c r a es	-1 3 3 5 ,	-1 6 8 2 ,	% -2 1
N l i da d l t c te t e on so re su	-5 4 7 7 ,	6, 2 5 0	-1 8 8 %

FINCANCIAL RESULTS Q1 2009

Key balance sheet items

FINCANCIAL RESULTS Q1 2009

Funds from operations

F U N D S F R O M O P E R A T I O	N S
in E U R k	1. Ja 3 1. Ma n r - 20 0 9	1. Ja 3 1. Ma n r - 20 0 8
( ) Pr in E B T ta e- x co m e	-5 47 7 ,	3 24 6,
les f ina ia l r lt s nc es u	-1 2, 5 5 8	-1 1, 6 0 0
lu h p s n on -c as ex p en se s	20 4	4 20
E B I T D A	7, 2 8 4	1 8, 3 44
les los /g in fro fa ir et s n s a m lue d j tm ts va a us en on inv tm t p ty es en ro p er	-1 1, 9 8 3	-5 6 7
/g les et los in fro fa ir s n s a m lue d j tm ts f ina ia l va a us en on nc de iva ive t r s	-1 3 3 5 ,	-1 6 8 2 ,
les f it d isp l o f s p ro on os a inv tm t p ty es en ro p er	0	0
lu f ina ia l r lt p s nc es u	-1 2, 5 5 8	-1 1, 6 0 0
Fu ds fro Op at io n m er ns ( O ) F F	8, 0 45	8, 9 9 3

• Fully in line with guidance of EUR 32 m for the year
• Decline linked to
• increase of financial costs
• increase in maintenance capex

Main LTV close but below 60%

L O A N A G R E E M E N T S A T A	G L A N C E A S A T 3 1- M A R- 2	0 0 9
L ia b i l i t ie s	Lo t an a m ou n in k E U R	V in O M k E U R	Y d in ie l %	V in L T %	l i i h l l I t ƒ n n e w a
d ic d lo t sy n a e an	9 9 4, 0 3 3	1, 6 7 5, 8 4 5	6. 0 %	5 9. 3 %	f i i l t n a n c a c o e n a n s v
lo no n- re co ur se an	9 5, 0 0 0	1 2 4, 8 1 0	% 5. 0	% 7 6. 1
b d un en cu m er e	-	1, 3 5 0	8. 9 %	0. 0 %
T t l o a	1 0 8 9, 0 3 3 ,	1, 8 0 2, 0 0 5	5. 9 %	6 0 4 %

FINCANCIAL RESULTS Q1 2009

Q1 Highlights

Key financials

Operations and valuations

Outlook and market update

alstria portfolio

ALSTRIA PORTFOLIO

ic M tr e	3 1- M -0 9 ar	3 1- De 0 8 c-
be f p ie Nu t m r o ro p er s	8 9	8 9
1 ( ) O M V E U R m	1, 8 0 2	1, 8 1 0
2 ( /y ) Co tra tu l r t E U R n c a en m ea r	1 0 6. 6	1 0 6. 5
3 Va lu t io ie l d a n y	5. 9 %	5. 9 %
( ) Ap im te le t ta b le p ro x a ar ea sq m	9 4 4, 0 0 0	9 4 4, 0 0 0
( ) Va % f le t ta b le ca nc y o ar ea	6. 0 %	5. 9 %
( ) W A U L T y ea rs	9. 8	1 0. 0

1 Incl. one property classified as development property

2 Monthly gross rental income of all signed contracts at a given date multiplied by 12

3 Calculated as Contractual Rent divided by OMV

FINCANCIAL RESULTS Q1 2009

Hamburg asset sold for around EUR 20 m

L b l t t e a e a r e a:	8, 0 0 7 s q m
V a c a n c y :	% 0
i P t: a s s n g r e n	k E U R 1, 0 2 6
T t: e n a n	C i t f H b o a m r g y u
L l h t e a s e e n g s:	1 8 y e a r s
E i Bu Y i l d C t t: s m y e r e o n o s	4. 9 4 %
E i N O I Y i l d C t t: s m e o n o s	% 4. 5 5
k i l i f i i i f v lu A t t t t t s s e r a n s n a s r a r s e r s n e r m s o a e

• Disposal proceeds used to reduce LTV
• Main LTV will be reduced by 50 bps to 58.8%1
• Asset sale shows resilience of certain asset class in the market

1) Assuming 100% of sale proceeds used to pay down the debt

No valuation backlog

Q1 Highlights

Key financials

Operations and valuations

Outlook and market update

Liquidity is the key

• No significant change in the investment market
• Focus is on small lot size transaction with long-term secured income (at least 10 years)
• Liquidity remains the main problem in the market
• Debt financing still severely lacking
• ECB covered bond measure could be positive but it is too soon to tell

Efficiency is the key

• Clear shift of tenant demands toward cost reduction and efficient vs. representative
• alstria working assumption is that prime offices and top tiers segment to suffer the most, with prime effective rents expected to fall 10 to 15%
• Strong tenant demand for cost efficient space

No reversion in Germany

1 D M X R E S U L T S P E R S E G M E N T
	2 2 Co Su in b le tr t r t ta t n ac en s a r en ( ) ( ) E U R /s E U R /s q m q m		Re io M '0 9 t n re ve rs n ay ( ) %	Re io M '0 8 t r n ev er s n ay ( ) %
D M X	1 2 2 8	1 2. 4 7	1 5 2 %	1 1 9 %
l in Be r	1 2. 3 6	1 3. 9 5	% 1 2. 8 3	% 1 9. 5 9
Du l do f ss e r	1 3. 0 7	1 2. 6	-3 5 9 %	-7 5 7 %
Fr k fu M in t a an r m a	8. 1 1 5	8 1 6. 4	-9 2 0 %	% -6 6 6
Ha bu m rg	1 3. 1 9	1 3. 5 5	2. 6 9 %	-0 5 6 %
Co lo g ne	1 1. 2 1	1 1. 3 5	1. 2 6 %	-3 6 6 %
ic h Mu n	1 5. 3 0	1 5. 4 5	% 0. 9 8	% -1 2 8
S tu t tg t ar	1 2. 1 4	1 1. 8 2	-2 6 5 %	-
B- C i ie t s	9. 3 2	9. 6 1	3. % 1 4	% 1. 1 4

1 Source: IPD, DMX Index May 2009

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

FINCANCIAL RESULTS Q1 2009

Ideally positioned for the leasing market

S O O A L T R I A P R T F L I	O C O O M P A R E D T D	1 M X -I N D E X
	ls ia tr tr t a c on ac t re n ( /s ) E U R q m	2 Co tr t t n ac re n ( /s ) E U R q m	2 Su in b le ta t s a r en ( /s ) E U R q m	ls ia tr tr t t a c on ac re n Co tr t r t vs n ac en ( ) %	ls ia tr tr t t v a c on ac re n s. Su in b le ta t s a r en ( ) %
D M X	1 0 0 7	1 2 2 8	1 2 4 7	% 2 1 9 -	% 2 3 8 -
Be l in r	1 1. 9 5	1 2. 3 6	1 3. 9 5	-3 4 %	-1 6. 7 %
Du l do f ss e r	1 1. 3 0	1 3. 0 7	1 2. 6	% -1 5. 7	% -1 1. 5
Fr k fu t a M in an r m a	1 2. 1 5	1 8. 1 5	1 6. 4 8	-4 9. 4 %	-3 5. 6 %
Ha bu m rg	1 0. 0 0	1 3. 1 9	1 3. 5 5	-3 1. 9 %	-3 % 5. 5
Co lo g ne	1 0. 4 3	1 1. 2 1	1 1. 3 5	-7 5 %	-8 8 %
Mu ic h n	1 0. 2 9	1 5. 3 0	1 5. 4 5	-4 8. 7 %	-5 0. 1 %
S tu t tg t ar	1 0. 7 7	1 2. 1 4	8 1 1. 2	% -1 2. 7	% -9 7
B- C i ie t s	9. 1 0	9. 3 2	9. 6 1	-2 4 %	-5 6 %

1 Source: IPD, DMX Index May 2009

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

Financial guidance

• Guidance for 2009:
• Revenue guidance remains at EUR 103 m for 2009
• Funds from operations (FFO) remains at EUR 32 m for 2009

Questions & Answers

Clear and focused strategy

FINCANCIAL RESULTS Q1 2009