Earnings Release • Nov 3, 2014
Earnings Release
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Corporate | 3 November 2014 17:35
alstria office REIT-AG: Q1-Q3 2014 Strong leasing result and higher FFO
alstria office REIT-AG / Key word(s): 9-month figures
03.11.2014 / 17:35
Press release
Q1-Q3 2014
Strong leasing result and higher FFO
– Revenues at EUR 76.8 m and funds from operations (FFO) at EUR 37.9 m
– Full-year guidance confirmed (revenues EUR 102 m and FFO EUR 47 m)
– High leasing performance with 46,700 sqm of new leases signed
Hamburg, November 3, 2014 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), the leading German office REIT, announces its results for the first nine months of 2014.
10% FFO growth to EUR 0.48 per share
In the first nine months of 2014, alstria’s revenues amounted to EUR 76.8 m. The slight decrease by 1.8% compared to the first nine months of 2013 was due to the disposal of properties and planned expiries of rental contracts. The funds from operations (FFO) benefited from lower financing costs and reached EUR 37.9 m (+10.1%) in the first nine months of 2014. The FFO per share stood at EUR 0.48 (EUR 0.44 as of Sept. 30, 2013). alstria’s net profit for the first nine months of 2014 amounted to EUR 19.1 m and was impacted by negative non-cash valuation effects on financial derivatives on the one hand and realised gains following the disposal of five assets in the course of 2014 on the other hand.
Solid balance sheet
On September 30, 2014, alstria’s investment property totalled EUR 1,593 m and was down by 2.4% compared to December 31, 2013. The slight decrease reflected the disposal of five properties in the course of the year for a total consideration of EUR 67.1 m. Also as of September 30, 2014, alstria’s equity amounted to EUR 827.7 m. The improvement of 1.6% compared to June 30, 2014 mainly reflected the positive net profit contribution in the course of the third quarter. alstria’s EPRA-NAV per share grew in the same order of magnitude to EUR 10.94. On the same date September 30, 2014 the G-REIT equity ratio stood at 49.3% (48.8% as of June 30, 2014) and the Company’s net LTV amounted to 51.4% (52.0% as of June 30, 2014).
Operational performance
In the first nine months of the year alstria signed new leases of 46,700 sqm, as well as lease extensions of around 27,600 sqm, gaining a strong dynamic in the course of the year. The EPRA vacancy rate stood at 7.9%, (total vacancy rate including developments: 9.9%) and was down by 120 bps compared to June 30, 2014.
Full-year guidance 2014 confirmed
‘In the third quarter of 2014 alstria recorded a number of successes and took profit from the very dynamic leasing market in Germany, as well as the strong investment market’ said Olivier Elamine, CEO of alstria. ‘The Company is fully on track to achieve our full-year guidance, revenues of EUR 102 m and FFO of EUR 47 m.’
Key financials at a glance
| Income statement | Q1-Q3 2014 | Q1-Q3 2013 | Change (%) |
| Revenues (EUR m) | 76.8 | 78.1 | – 1.8 |
| Net result for the period (EUR m) | 19.1 | 24.1 | – 20.9 |
| Funds from operations (FFO) (EUR m) | 37.9 | 34.4 | 10.1 |
| FFO per share 3 (EUR) | 0.48 | 0.44 | 10.0 |
| Balance sheet | Sept. 30, 2014 | Dec. 31, 2013 | Change (%) |
| Investment properties (EUR m) | 1,593 | 1,632 | – 2.4 |
| Cash at hand (EUR m) | 54.9 | 82.8 | – 33.7 |
| EPRA NAV per share 4 (EUR) | 10.94 | 10.63 | 2.9 |
| G-REIT equity ratio (%) | 49.3 | 50.9 | – 1.6 pp |
| Net LTV ratio (%) | 51.4 | 50.7 | 0.7 pp |
New sustainability report published
Today alstria has published its new Sustainability Report for the year 2014. The report, which has a GRI self-declared B application level, demonstrates the commitment to a high level in terms of sustainability reporting by the Company.
| CSR reporting | 2013 | 2012 | Change (%) |
| GHG emissions (kg CO 2 e/sqm/year) | 5.12 | 6.53 | – 21.0 |
| Energy intensity (kWh/sqm/year) | 205 | 203 | 1.0 |
| Water intensity (cbm/sqm/year) | 0.39 | 0.32 | 21.9 |
| Waste intensity (kg/sqm/year) | 2.06 | 2.43 | – 15.2 |
Invitation to the conference call on November 4, 2014
The alstria management board, CEO Olivier Elamine and CFO Alexander Dexne, will present the results of the first nine months 2014 during a conference call at 10.00 am (CET).
Please use one of the following dial-in numbers:
Germany: +49 69 2017 44 210
UK: +44 20 7153 9154
PIN: 263068 #
Please note that you can watch the management’s presentation live as a webcast on our website www.alstria.com. As soon as the conference call begins, the presentation will be available for download.
About alstria:
alstria office REIT-AG is an internally managed Real Estate Investment Trust (REIT) focused solely on acquiring, owning and managing office real estate in Germany. alstria was founded in January 2006 and was converted into the first German REIT in October 2007. Its headquarters are in Hamburg. The Company owns a diversified portfolio of properties across attractive German office real estate markets. As of September 30, 2014 its portfolio comprised 74 properties with an aggregate lettable space of 884,500 sqm and is valued at approximately EUR 1.6 bn. The alstria office REIT-AG strategy is based on active asset and portfolio management as well as on establishing and maintaining good relationships with key customers and decision makers. alstria focuses on long-term real estate value creation.
Contact:
Ralf Dibbern, IR/PR
Phone: +49 40 226 341329
Email: [email protected]
Further information on:
Disclaimer:
This release constitutes neither an offer to sell n or a solicitation of an offer to buy any shares. As far as this press release contains forward-looking statements with respect to the business, financial condition and results of operations of alstria office REIT-AG (alstria), these statements are based on current expectations or beliefs of alstria’s management. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those reflected in such forward-looking statements. Apart from other factors not mentioned here, differences could occur as a result of changes in the overall economic situation and the competitive environment – especially in the core business segments and markets of alstria. Also, the development of the financial markets and changes in national as well as international provisions particularly in the field of tax legislation and financial reporting standards could have an effect. Terrorist attacks and their consequences could increase the likelihood and the extent of differences. alstria undertakes no obligation to publicly release any revisions or updates to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
03.11.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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| Language: | English |
| Company: | alstria office REIT-AG |
| Bäckerbreitergang 75 | |
| 20355 Hamburg | |
| Germany | |
| Phone: | 040-226 341 300 |
| Fax: | 040-226 341 310 |
| E-mail: | [email protected] |
| Internet: | http://www.alstria.de |
| ISIN: | DE000A0LD2U1 |
| WKN: | A0LD2U |
| Indices: | SDAX, EPRA, German REIT Index |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, München, Stuttgart |
| End of News | DGAP News-Service |
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| 294721 03.11.2014 |
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