alstria office REIT-AG

Earnings Release • Aug 5, 2013

News Details

Ad-hoc | 5 August 2013 18:02

alstria office REIT-AG: alstria’s business develops according to plan in the first six months 2013

alstria office REIT-AG / Key word(s): Half Year Results

05.08.2013 18:02

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Ad-hoc announcement §15 WpHG

First half of 2013

alstria's business develops according to plan in the first six months 2013

• Revenues after first six months at EUR 52.2 m (+5.9%) and FFO at EUR 25.2
  m (+21.5%)

• EPRA NAV per share at EUR 10.97

• EPRA vacancy rate drops to 7.4%

• Full year guidance confirmed

Hamburg, August 5, 2013 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces its result for the
first six months of 2013.

Revenues of EUR 52.2 m and FFO of EUR 25.2 m
In the first six months of 2013, alstria's revenues increased by 5.9%
year-on-year to EUR 52.2 m, mainly as a result of the acquisition of real
estate assets in 2012. The funds from operations improved by 21.5% to EUR
25.2 m in the first six months of 2013, driving the FFO margin by 6.2
percentage points to 48.3%. This development reflects the increased revenue
base as well as efficiency gains and lower real estate operating expenses
in the first quarter of 2013. alstria's FFO per share increased accordingly
by 21.5% to EUR 0.32 (H1 2012: EUR 0.26). The net profit for the first six
months of 2013 amounted to EUR 29.0 m and reflected the operating
improvements as well as a positive valuation impact from financial
derivatives.

G-REIT equity ratio at 50.9%, net LTV at 49.0%
As of June 30, 2013, alstria's investment property totalled EUR 1,598 m,
reflecting a decrease of 1.6% compared to December 31, 2012. This
development is due to the disposal of assets in smaller cities mainly in
Eastern Germany. As of June 30, 2013 alstria's equity amounted to EUR 829 m
and was unchanged compared to year-end 2012. The pay-out of the dividend to
alstria's shareholders for the FY 2012 (EUR 39.5 m) was entirely
compensated by alstria's operating profit for the period and valuation
gains on financial derivatives. As per end of June 2013 the Company's
G-REIT equity ratio amounted to 50.9%, the Company's net LTV at the
reporting date was 49.0%. The EPRA NAV per share amounted to EUR 10.97 and
therefore remained unchanged compared to December 31, 2012.
EPRA vacancy rate down from 8.1% to 7.4%
Since the beginning of the year and including the recently announced
leasing success in Hans-Böckler-Strasse 36, Düsseldorf, alstria has signed
new leases for a total lettable area of 17,100 sqm and extended 9,700 sqm
of expiring leases.

Compared to the end of the first quarter of 2013, alstria's total vacancy
rate in the portfolio decreased by 60 basis points to 11.0%. The EPRA
vacancy rate dropped from 8.1% (March 31, 2013) to 7.4%.

Successful portfolio streamlining
In the first six months of 2013 alstria made significant progress in
streamlining its portfolio. Year-to-date the Company sold six assets mainly
located in smaller cities in Eastern Germany for EUR 32.5 m (yield: 7.4%)
at a slight premium to book value. On the acquisition side alstria invested
EUR 36.5 m at a yield of 7.8% in its strategic core-regions Düsseldorf and
Stuttgart.

Financial guidance confirmed
alstria confirms its forecast for the 2013 financial year: annual revenues
of EUR 103 m and EUR 45 m in FFO. The guidance includes expected costs
related to the early refinancing of alstria's long-term debt.

Key financials at a glance

                             H1     H1     Change Q2     Q2 2012 Change
                             2013   2012          2013

Revenues (EUR m) 52.2 49.2 5.9 % 25.9 25.6 0.9%
Net result for the period (EUR 29.0 21.7 33.7 % 14.0 11.5 22.1%
m)
FFO (EUR m) 25.2 20.8 21.5 % 11.3 11.0 3.0%
FFO per share³ (EUR) 0.32 0.26 21.5 % 0.14 0.14 0.0%

                            Jun. 30, 2013   Dec. 31, 2012   Change

Investment properties (EUR m) 1,598 1,623 -1.6 %
Cash at hand (EUR m) 156.8 118.5 32.3 %
EPRA NAV per share (EUR) 10.97 10.98 -0.1 %
G-REIT equity ratio (%) 50.6 50.0 0.9 pp
Net LTV (%) 49.0 47.8 1.2 pp

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 June 30, 2013 the
portfolio comprises 78 properties with an aggregate lettable space of
903,000 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.

For further information, please contact:
Ralf Dibbern, IR/PR
Phone: +49 (0) 40 226 341 329
Email: rdibbern@alstria.de

More information on:
www.alstria.com
www.alstria.blogspot.com
www.twitter.com/alstria_REIT

Disclaimer:
This release constitutes neither an offer to sell nor 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.

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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: info@alstria.de
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 Announcement DGAP News-Service

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