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alstria office REIT-AG

Investor Presentation • May 20, 2008

31_ip_2008-05-20_fe1121f3-03fc-4340-9e7e-77883c8d913e.pdf

Investor Presentation

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FIRST QUARTER 2008

FINANCIAL RESULTSHAMBURG, MAY 20th, 2008

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.

Highlights of the first quarter

  • Key financials
  • Portfolio and market update

Q1 Highlights

  • Q4 acquisitions closed in Q1
  • Rental revenues increased by 36 %
  • FFO tripled to EUR 9.0 m
  • 6,000 sqm of lease-up
  • First joint venture launched
  • Annualized EUR 1.4 m of CPI adjustment

First three months in 2008

Key financials

Portfolio and market update

Continued growth of investment properties

Growth drives profitability

C
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Focus on operating efficiency

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Growth and internalization of services improves efficiency

Funds from operations tripled

Key components of the balance sheet

Non-operational impacts on equity position

C
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Triple NAV ensures consistent comparability

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NNNAV according to EPRA definition

Reflects the value increase of investment properties and disregards other effects from fair value adjustments

Strong financial start into 2008

K
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0

First three months in 2008

Key financials

Portfolio and market update

Operational achievements

  • More than 6,000 sqm of vacancy have been rented
  • 10% of existing vacancy as of Dec. 31, 2007
  • Portfolio vacancy rate remains stable at 6.5%
  • And a little help of CPI (rent increase of around EUR 1.4 m per year)

Back to 2006

1 Source: Jones Lang LaSalle, Key Market Indicators

2007 FINANCIAL RESULTSFINANCIAL RESULTS Q1 2008 2 April 2008 May 20th, 2008 16

EUR 7.9 bn of transactions in Q1...

"The first quarter of this year lay only 19% under the comparable value last year, with a volume of transactions of 7.9 billion Euros for the whole country. Compared with the average for the last three years these figures even represent a plus of 11%." (Jones Lang LaSalle, Investment market overview Q1 08)

i
E
U
R
n
m		 2
0
0
7		 Q
0
1
7		 Q
0
8
1
S
i
l
i
t
t
n
g
e
n
o
n
r
a
s
a
c		 2
0
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6
0
4
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3
5
1
,
f
l
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P
t
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r		 3
3
8
9
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2
4
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5
5
4
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T
l
t
o
a		 5
4
6
7
8
,		 9
8
0
2
,		 7
8
9
9
,

Source Jones Lang LaSalle, Investment market overview Q1 08

... does that sounds like paralyzed

German reversionpotential index

  • German rental growth does not necessarily translate into reversion
  • Frankfurt and Dusseldorf embedded the highest negative reversion
  • High class building rented at top rent present the highest risk regardless of the location
  • alstria's passing rent substantially below average, illustrating potential upside

PASSING RENT AS OF 05/2008

D
M
X		 ls
ia
tr
a
k
fu
Fr
t
a
n
r		 1
7.
9
4		 1
2.
1
4
l
in
Be
r		 2.
1
1
4		 6
3
1
1.
l
d
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or		 1
3.
3
2		 1
0.
3
2
H
bu
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rg		 1
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2
6		 9.
7
6
lo
C
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ne		 1
1.
6
6		 1
0.
6
0
M
ic
h
u
n		 1
5.
4
5		 1
1.
6
3
i
ie
B-
C
t
s		 9.
4
3		 9.
4
3
D
M
X		 1
2.
3
5		 9.
8
8

1Source IPD, DMX Index May 2008

JV's as additional means forgrowth

  • First joint venture signed for "Alte Post" in Hamburg with Quantum Immobilien AG and Stenham Property Ltd.
  • No P&L impact in 2008
  • Completion by 2010/11

Additional opportunity in Hamburg

  • alstria acquired a vacant office building in Hamburg
  • Key Figures
  • AIC: EUR 4.6 m (EUR 1,485 per sqm)
  • Lettable area: 3,100 sqm
  • Vacancy rate: 100%

Guidancerefined

Guidance for 2008:

  • Revenue guidance increased from EUR 95 m to EUR 101 m for 2008
  • Funds From Operations (FFO) remains at EUR 40 m for 2008
  • 90% of FFO as basis for dividend pay-out ratio

Questions & Answers

Clear and focused strategy

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