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alstria office REIT-AG

Investor Presentation • Dec 11, 2007

31_ip_2007-12-11_d2d4776f-efc4-418a-b2b4-460d73e944b4.pdf

Investor Presentation

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Q3 2007

Interim Financial Results

  1. November 2007

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.

Quarter Highlights

  • alstria starts a new real estate era in Germany
  • Revenues more than tripled to EUR 60,767 k1
  • Earnings per share up by 25% to EUR 0.99 compare to last quarter
  • Net Asset Value up EUR 0.20 to EUR 15.81 per share compare to last quarter
  • Acquisitions and financial guidance confirmed first exit tax driven acquisition executed

1compare to Q3 2006

alstria – the First German REIT

  • Transparent for income and trade tax purposes from January 2007
  • Conversion related expenses fully absorbed in Q3 financials
  • Unique competitive advantage highlighted by the new acquisition in Essen

Market update

  • Normalisation of market yields correction of beginning of 2007 overheated situation
  • Still significant liquidity in the market driven by real estate focused buyers
  • alstria´s portfolio valued at a comfortable yield of 5.4%
  • G-REIT status adds additional upside for accretive acquisition opportunities
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* S
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First off-market acquisition thanks to REIT benefit

  • alstria acquired office and service park in Essen for All-in-Cost of EUR 62 m
  • Sale and lease-back transaction with mfi AG thanks to REIT benefit
  • Multi tenant property with five main tenants
  • Key Figures
  • Lettable area: 36,518 sqm
  • Rent/AIC: 6.1% (cost of finance: 5.18%*)
  • AIC/sqm: EUR 1,731
  • Average rent : EUR 9.85 /sqm/month
  • Vacancy rate: approx. 12%
  • Weighted average lease lenghts: 6.7 yrs

3-month Euribor as of 19/11/07 4,58% + 60bps

Q3 2007 FINANCIAL RESULTS

Development asset acquired from the City of Hamburg

  • Acquisition of a vacant office building from the City of Hamburg for an AIC of around EUR 3 m
  • Building located in the city center, adjacent to an existing alstria building
  • Key Figures
  • Lettable area: 2,400 sqm
  • Expected lettable area1 : 3,000 sqm
  • AIC/sqm: EUR 1,250
  • Planned investment per sqm1: EUR 1,000
  • Planned completion1: end 2009

Indicative numbers subject to review

Operational review

  • More than 70 new leases agreed in the reporting period
  • Total lease-up area of 7,000 sqm
  • Major new lease contract with Siemens in Dresden
  • Extension of existing lease agreement of 5,500 sqm by another 8 years
  • New lease agreement of additional space of approx. 1,000 sqm

Key Figures Q3 2007

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REIT conversion expenses absorbed in Q3 financials

  • Operating expenses and net income influenced by REIT conversion effects
  • Operating expenses are affected by approx. EUR 5,500 k one time, non-recurring expenses out of which EUR 4,910 k are for real estate transfer tax1
  • Termination of deferred tax assets and liabilities causes tax income of EUR 20,905 k
  • Total income effect of EUR 10,406 k
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1Due to the acquisition of 100% of Juna Beteiligungs GmbH

Consolidated Balance Sheet as at 30 Sep 2007

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Funds From Operations (FFO)

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Share buy-back program

  • alstria intends to acquire up to 2.5% of its share capital
  • Economic attractiveness due to a significant disconnect between the Net Asset Value (NAV) and the share price
  • Open alternatives for the usage, e.g. as payment for future acquisitions
  • The program does not change alstria's guidance in terms of Funds From Operation for the year

Guidance for 2007

Guidance confirmed:

  • Revenues projected to be around EUR 80 million for 2007
  • Fund From Operations (FFO) projected to be around EUR 30 million for 2007

Investment case

  • Unique: No other German real estate company compares to alstria, as it is a pure play and the only existing German REIT
  • Hedged for downside: Secured cash flow and fully hedge interest rate exposure
  • Room for upside: Exit tax driven accretive acquisitions and 1.6 b€ portfolio with short to medium term value opportunities
  • "It's not a financial play, it's a real estate play"

The full interim report Q3 2007 of alstria office REIT-AG is available at www.alstria.de

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Mar 5
Report Publication Announcement 2025
Feb 25
Report Publication Announcement 2025
Feb 24
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