alstria office REIT-AG

Earnings Release • Aug 22, 2007

News Details

Corporate | 22 August 2007 08:26

Alstria Office AG: alstria presents Q2 results and shows strong profitability

Alstria Office AG / Interim Report

Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.

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alstria presents Q2 results and shows strong profitability

• Revenues of Euro 39.1 million and FFO of Euro 12.8 million
• Conversion into a G-REIT before year end 2007
• Forecast for 2007: revenues of around Euro 80 million and FFO of around
Euro 30 million

Hamburg, 22 August 2007 – Alstria Office AG (alstria), a real estate
company solely focused on acquiring, owning and managing office real estate
in Germany, has today presented its results for the second quarter 2007.

Olivier Elamine, CEO: 'After the initial public offering in April 2007, we
have been very successful in the first six months from an operational point
of view. We continued to execute our ambitious growth plans and increased
our property base. Convinced by the long-term attractiveness of the G-REIT
regime also for our equity investors, the conversion into a G-REIT remains
to be one of our priorities. We expect the conversion to take place in 2007
as planned, making alstria a candidate for the first G-REIT.'

alstria’s financial figures characterised by strong profitability

In the first six months of 2007, alstria expanded its asset base up to Euro
1.6 billion, which increased the Company’s financial strength. Compared
with the first quarter, revenues for the second quarter of approximately
Euro 22 million were up 25%. For the first 6 months total revenues from
rental income were at Euro 39 million. Funds from operations (FFO) improved
from Euro 2.9 million in the first quarter to Euro 9.9 million in the
second quarter and a total of Euro 12.8 million for the first half of
2007(1).

Recent developments and outlook

Given the general volatility of the real estate market characterised by a
swift yield compression in a rising interest rate environment, alstria has
taken a cautious approach on acquisitions over the last months. As markets
stabilize and given its current pipeline, the Company is confident about
having more acquisition opportunities accretive to its existing portfolio
and confirms its objective of being fully invested by the end of the year.

Following the shareholder decision taken at the extraordinary general
meeting on 28 March 2007 to convert the Company into a G-REIT, the sale and
economic transfer of two residential properties by the beginning of July
was the second step towards the conversion. As part of this process the
merger of nearly all subsidiaries has been one of the last steps toward
becoming a G-REIT. The conversion is planned to take place in 2007.

For 2007 the Company anticipates revenues of around Euro 80 million which
are expected to translate into FFO of around Euro 30 million.

Webcast of the Conference Call

Olivier Elmaine, CEO, and Alexander Dexne, CFO, will present the Company’s
Q2 results in the context of a conference call on 22 August 2007:
• 10 am - Conference Call for analysts and journalists
• Dial-in number: +49 (0) 6103 485 3000
The webcast can be accessed at the Company´s website at:
http://investor-relations.alstria.com

Key figures of Alstria Office AG (in EUR m)

 01 Jan. – 30 Jun. 2007(1) 
 (unaudited)

Revenues 39.1
EBITDA(2) 74.5
EBT 56.5
Consolidated net profit for the period 44.1
FFO(3) 12.8

30 Jun. 2007 31 Dec. 2006
(unaudited)

Equity 873.7 397.6
Liabilities 1,122.9 947.1
Total assets 1,996.6 1,344.7
Equity ratio 43.8% 29.6%

About alstria

Alstria Office AG (alstria) is a real estate company which is solely
focused on acquiring, owning and managing office real estate in Germany.
alstria was founded in January 2006 and its headquarters are based in
Hamburg.

alstria owns a diversified portfolio of properties across attractive German
office real estate markets. Its current portfolio comprises 70 properties
with an aggregate lettable space of approximately 770,000 sqm and is valued
at approximately Euro 1.6 billion. This includes an office building in the
city centre of Munich for which a binding sale and purchase agreement has
been signed on 4 May 2007.

alstria intends to expand its portfolio significantly in the upcoming years
as part of a sustainable growth strategy 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

Contact:

Press Relations:
Utta Tuttlies
Phone: +49 - 40 - 22 63 41-340
E-Mail: ututtlies@alstria.de

Investor Relations:
Christian Falkowski
Phone: +49 - 40 - 22 63 41 345
E-Mail: cfalkowski@alstria.de

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.

(1) As a result of the exponential growth of the Company over the last 12
months, the figures related to the reporting period cannot be analysed in
light of the comparable data for Q2 2006, since the Company only then
started its activities.
(2) Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
is computed as EBT excluding Financial Result and Depreciation and
Amortization.
(3) Funds From Operations (FFO) is computed as EBITDA less Net Gain or Loss
from Fair Value Adjustments plus Financial Result less cash Taxes paid.

Utta Tuttlies
Phone: +49 - 40 - 22 63 41-340
E-Mail: ututtlies@alstria.de

22.08.2007 Financial News transmitted by DGAP

Language: English
Issuer: Alstria Office 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
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hamburg, München, Stuttgart

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