Earnings Release • Aug 5, 2013
Earnings Release
Open in ViewerOpens in native device viewer
News Details
Corporate | 5 August 2013 18:04
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 / 18:04
Press release
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.
‘In the first six months of 2013 alstria developed according to our plans’, said Olivier Elamine, CEO of alstria. ‘We are consistently increasing the Company’s efficiency to the benefit of our shareholders. Following the issuance of the convertible bond we will continue to work on the early refinancing of our loans, in order to seize the supporting environment.’
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 2013 | H1 2012 | Change | Q2 2013 | Q2 2012 | Change | |
| Revenues (EUR m) | 52.2 | 49.2 | 5.9 % | 25.9 | 25.6 | 0.9% |
| Net result for the period (EUR m) | 29.0 | 21.7 | 33.7 % | 14.0 | 11.5 | 22.1% |
| 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 |
Invitation to the conference call on August 06, 2013
The alstria Management Board will present the H1 results during a conference call at 10.00 am (CET).
Please use the following dial-in numbers:
Germany: +49 (0) 6103 485 3001
UK: + 44-207-153-2027
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 and the interim report 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 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: [email protected]
More information on:
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.
End of Corporate News
05.08.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
| 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 |
| - - - |
| 224313 05.08.2013 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.