alstria office REIT-AG

Capital/Financing Update • Feb 11, 2009

News Details

Ad-hoc | 11 February 2009 20:57

alstria office REIT-AG: Debt covenants successfully renegotiated and LTV at year end below 60%

alstria office REIT-AG / Miscellaneous

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

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Debt covenants successfully renegotiated and LTV at year end below 60%

• Loan To Value (LTV) covenant increased from 60% to 65%
• ICR lowered from 160% to 130%
• New margin grid agreed
• Portfolio valuation at December 31, 2008 of EUR 1.810 bn reflecting a
  year end LTV below 60%

HAMBURG, February 11, 2009 – alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), an internally managed Real Estate Investment Trust (REIT)
which is solely focused on acquiring, owning and managing office real
estate in Germany, has successfully adapted its main corporate loan
facility agreement increasing its LTV covenant from 60% to 65% and
decreasing its Interest Cover Ratio covenant from 160% to 130%.

New margin grid

Under the amended terms, a new margin grid was agreed with the banking
syndicate.

LTV – Covenant Spread post amendment Spread prior to amendment
LTV ≤ 60% 85 bps 65 bps
60% < LTV ≤ 62,5% 135 bps Not permitted
62,5% < LTV ≤ 65% 210 bps Not permitted

The maturity of the syndicated credit agreement remains unaffected by this
amendment and ends on November 29, 2011.

Year end LTV confirmed below 60%

With the adaptation of its covenants, alstria reconfirms its previous
guidance and underlines its intention not to exceed the current LTV ratio
of 60% in the future. Year end valuation numbers 2008 show a total value
for the portfolio of EUR 1.810 bn. On a like for like basis, this value is
down EUR 58 m over the last quarter of 2008.

In 2008, the total gross write down by alstria on its portfolio in 2008
accounted for more than EUR 145 m, or around 8% of the total value of the
portfolio, which was partially offset by EUR 57 m of value increase through
asset management activities. The write down on the real estate portfolio
for the full year 2008 amounts to EUR 88 m.

Reconciliation of Investment Property movement in the Financial Year 2008
(in EUR m)

Investment properties as at 31 Dec. 2007 1,694
Acquisitions 219
Disposals (17)
Reclassification (3)
Revaluations (88)
thereof down: (145)
thereof up: 57
Investment properties as at 31 Dec. 2008 1,805
Fair Value of Development Properties 5
Total 1,810

The 2008 year end valuation reflects a yield of around 5.9% compared to a
yield of 5.4% over the same period of the previous year. Based on the
valuation at year end, the LTV of alstria under the main syndicated loan
facility agreement comes up at 59.1% from 58%.

About alstria:

alstria office REIT-AG (alstria) is an internally managed Real Estate
Investment Trust (REIT) solely focused 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
based in Hamburg.

alstria owns a diversified portfolio of properties across attractive German
office real estate markets. Its current portfolio comprises 89 properties
with an aggregate lettable space of approximately 944,000 sqm and is valued
at approximately EUR 1.8 bn.

alstria intends to expand its portfolio significantly in the upcoming years
as part of a sustainable growth strategy. This strategy is based on
selective investments and active asset and portfolio management as well as
on establishing and maintaining good relationships with its key customers
and decision makers.

For further information, please see: www.alstria.com

Disclaimer:

This release constitutes neither an offer to sell nor a solicitation of an
offer to buy any securities.
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.

Contact alstria office REIT-AG:

André Bense
IR | PR Manager
Tel: +49 - 40 - 226 341 329
Email: pr@alstria.de

11.02.2009 Financial News transmitted by DGAP

Language: English
Issuer: alstria office REIT-AG
Fuhlentwiete 12
20355 Hamburg
Deutschland
Phone: +49 (0)40 226 341 300
Fax: +49 (0)40 226 341 310
E-mail: info@alstria.de
Internet: 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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