alstria office REIT-AG

Quarterly Report • May 11, 2010

REAL ESTATE...

INTERIM REPORT 1. QUARTER 2010

KEY FIGURES

SHARE DATA

ISIN	DE000A0LD2U1
Symbol	AOX
Prime Sector	Financial Services
Industry Group	Real Estate
Market Segment	Prime Standard, Frankfurt
Indices	S-DAX, EPRA, German REIT Index, S&P/Citigroup Global REIT Index
Share Capital (notional)	EUR 56,000,000
Market Capitalisation (March 31)	EUR 470,400,000
Issued Shares	56,000,000
Treasury Shares (March 31)	2,374
Shares outstanding (March 31)	55,997,626
Free Float	39%

GROUP FINANCIALS (EUR K)	Jan 1 - Mar 31, 2010	Jan 1 - Mar 31, 2009	Change
Revenues and Earnings
Revenues	23,128	25,656	-9.9%
Net rental income	21,295	23,589	-9.7%
Consolidated loss/profit for the period	8,374	-5,477	252.9%
FFO	7,266	8,045	-9.7%
Profit/loss per share (in EUR)	0.15	-0.10	252.9%
	Mar 31, 2010	Dec 31, 2009	Change
Balance Sheet
Investment property	1,429,341	1,425,440	0.3%
Total assets	1,587,766	1,766,134	-10.1%
Equity	642,656	634,185	1.3%
Liabilities	945,110	1,131,949	-16.5%
NAV/share (in EUR)	11.48	11.32	1.3%
NNNAV/share (in EUR)	11.46	11.32	1.2%
G-REIT Key Figures
G-REIT ratio	44.1%	40.3%	3.8 pp
Revenues plus other income from investment properties	100%	100%	0.0 pp

NOTICE

Audited/unaudited All numbers presented in this report are unaudited with the exception of those dated

Dec. 31, 2010 Slight differences may occur in the financial report due to rounding differences of figures to

EUR thousand, as the individual calculations are based on figures in euros.

...THROUGH OUR EYES!

CONTENTS

Key figures	a
Letter from the board	2
Share price development	4
Management report	5
Portfolio overview	5
Earnings position	6
Financial and asset position	8
Risks and opportunity report	9
Recent developments and outlook	9
Disclaimer	9
Consolidated financial statements	10
Consolidated statement of financial position	10
Consolidated statement of comprehensive income	11
Consolidated income statement	12
Consolidated statement of changes in equity	14
Consolidated cash flow statement	15
Notes	16
Financial calendar	20
Contact PR and IR	21

LETTER FROM THE BOARD

Dear Shareholders and Business Partners, Ladies and Gentlemen

alstria has demonstrated very strong operational results in the first quarter 2010. With around 5,800 sqm of new leases signed, representing a significant number of sqm of the total vacancy in the portfolio, the sale of a Hamburg portfolio at a significant premium to year end valuation, and major progress in all our refurbishment projects, we had a very good start into the year.

The strong operational start was complemented by the continuity of our step by step measures to further strengthen alstria's balance sheet. This approach has allowed us to reduce alstria's refinancing needs in the next 18 months from EUR 1,103 m down to EUR 646 m in one of the most difficult times on record. This approach has also allowed us to free up around EUR 74 m of cash, which is more than 15% of the current market capitalisation of the company.

We are consistently preparing alstria for the expected cyclical rebound in the real estate market. Our G-REIT equity ratio is back at 44.1% a breath away from the required 45%. Our balance sheet is one of the strongest in Germany, and we are among the few that demonstrated their ability to refinance a substantial part of our debt in a difficult time. We rebuilt a cash position, which enables us to seize market opportunities in terms of new acquisitions or repositioning of assets within our own existing portfolio.

Despite all of the above, we feel that it is too early to call it a day. Although there are a number of positive signals in the market, we are still concerned by the significant debt overhang that needs to be refinanced in the not so distant future. We remain focused on managing our assets and liabilities with our next priorities being the remaining EUR 646 m still outstanding on the existing syndicated loan. Also we remain committed to securing the G-REIT position of alstria, and to achieving significant progress on our asset repositioning projects, namely the refurbishment of 'Alte Post' and the construction of the new Ohnsorg-theatre in 'Bieberhaus'.

With kind regards,

Olivier Elamine Chief Executive Officer (CEO)

Alexander Dexne Chief Financial Officer (CFO)

ALSTRIA STOCK

SHARE PRICE DEVELOPMENT

Reflecting the confidence that recovery of economic climate continues, the financial markets sustained their upward trend in the first quarter of 2010. Many stock indices marked new 52-week highs and there was a further decrease in volatility.

The alstria share price performed well with the market as a whole over the course of the first quarter of 2010. The share price increased from EUR 7.50 on December 31, 2009 to EUR 8.40 on March 31, 2010, representing an increase of 12%. The share price ranged between EUR 7.50 and EUR 8.50 during the first quarter reflecting the more moderate market volatility.

KEY SHARE DATA		Mar. 31, 2010	Mar. 31, 2009
Number of shares	in thousand	56,000	56,000
thereof outstanding	in thousand	55,998	54,660
thereof own shares	in thousand	2	1,340
Closing Price*	EUR	8.40	3.75
Market capitalisation	EUR k	470,400	210,000
Free float	percent	39%	39%
		Q1 2010	Q1 2009
Average daily trading volume	EUR k	303	378
Share price: high1	EUR	8.50	6.17
Share price: low1	EUR	7.50	2.88

1 XETRA-closing share price

The management board and the supervisory board will be submitting a proposal at the annual general meeting to grant a dividend of EUR 0.50 per share outstanding for the 2009 financial year. This will represent a total dividend payout of EUR 27,999 k which is fully covered by the recurring cashflow of the company.

SHARE PRICE DEVELOPMENT

December 31, 2009 - EUR 7,50 - indexed to 100

INTERIM MANAGEMENT REPORT

PORTFOLIO OVERVIEW

On March 31, 2010, our portfolio consisted of 74 office buildings with approximately 820,900 sqm of lettable area and a contractual vacancy rate of 6.5%. The portfolio is valued at a yield of 6.3% and the remaining average lease length is approximately 9.2 years. Additionally, we are 49% shareholder in two joint ventures, each consisting of one Hamburg asset.

For a detailed description of the alstria portfolio, please refer to the annual report 2009.

THE KEY METRICS FOR THE PORTFOLIO1 AS OF MARCH 31, 2010

$AA = +$

Metric	Value
Number of properties	74
Number of joint ventures	2
Market value (EUR m) 2	1,434
Contractual rent (EUR m/annum)	90.3
Valuation yield (contractual rent/OMV)	6.3%
Lettable area (in k sqm)	821
Vacancy (% of lettable area)	6.5%
WAULT (years)	9.2
Average rent/sqm (in EUR/month)	9.80

¹ Includes assets classified under property, plant and equipment.

2 Excluding value of joint venture assets and including fair value of assets classified under property, plant and equipment.

Transactions

In January 2010, we agreed the terms of a joint venture with the Hamburg-based developer and fund manager Quantum Immobilien AG regarding the reinstatement of the Kaisergalerie at Grosse Bleichen 23-27 in Hamburg. It is the second joint venture between Quantum and alstria as part of the overall strategy to fund organic growth opportunities. This joint venture, which values the building in line with its latest valuation (fair value of EUR 60 m, passing rent EUR 2.8 m), allows us to free up around EUR 14.3 m of liquidity.

Asset management

In the first quarter 2010, our asset management was successful in re-letting vacant areas. In total, alstria signed lease agreements of around 5,000 sqm in the first quarter which represent a significant number of sqm of the total vacancy of the portfolio at year end.

One highlight is the lease-up of the total office space in the 'Alte Post' property. This building is currently under reconstruction and will be finished in the fourth quarter 2011. The office area of around 3,500 sqm will be leased up to a German law firm for a lease length of 10 years.

The other refurbishment projects are still on track and we expect the lease regarding 13,000 sqm with Hamburger Hochbahn AG to start at the end of the second quarter.

The sale of fully let properties and the deconsolidation of the fully let Grosse Bleichen property slightly increased the vacancy rate by 80 bps to 6.5% or 53,500 sqm, which includes strategic vacancy of around 18,300 sqm (intended vacancy implemented by alstria as part of its repositioning process for certain assets), while the remainder is operational vacancy.

Tenants and utilisation

Our key focus on a set number of major tenants is still one of the main characteristics of our portfolio. More than 80% of total revenues are generated by our top nine tenants. The 2010 portfolio also reflects the clear focus on the office asset class. Out of our total lettable area of 820,900 sqm, around 93% is dedicated to offices.

AREAS BY UTILISATION (based on sqm)

ALSTRIA'S CORE TENANTS 2010 (based on annual rent)

EARNINGS POSITION

Revenues decreased due to asset disposals

In the first quarter of 2010 revenues decreased by 9.9% due to prior year's asset disposals. Revenues amounted to EUR 23,128 k (EUR 25,656 k previous year) with real estate operating expenses of around 7.9% of revenues at EUR 1,820 k (Q1 2009 EUR 2,067 k or 8.1% of revenues). As a consequence of the asset disposals, net rental income decreased by EUR 2,294 k down to EUR 21,295 k compared to the first quarter 2009.

Administrative expenses and personnel expenses remained relatively stable and amounted to EUR 3,084 k for the three months compared to EUR 3,152 k in Q1 2009. Accordingly, total recurring operating expenses amounted to 13.3% of total revenues for the first quarter 2010 (Q1 2009 12.3 percent).

We were able to generate a net profit from asset sales of EUR 6,703 k, which is related to the latest Hamburg portfolio transaction which closed on the March 31, 2010.

alstria closed the first quarter 2010 with a net operating result of EUR 24,962 k. This compares to a net operating result of EUR 8,416 k in the first quarter of the previous year. The significant increase in the net operating result is linked to the one-off valuation change that the company had to book in Q1 2009 (EUR 8,215 k) following the change in the transfer tax rate in Hamburg.

FUNDS FROM OPERATIONS AT EUR 0.13 PER SHARE

EUR k		1. Jan - 31. Mar 2010	1. Jan - 31. Mar 2009
	Pre-tax income (EBT)	8,374	-5,477
+/–	Net loss/gain from fair value ad justments on financial derivatives	5,373	1,335
+/–	Net loss/gain from fair value adjustments on investment property	0	11,983
+/–	Profit/loss on disposal of investment property	-6,703	0
+/–	Non-cash expenses/income	222	204
	Funds from operations (FFO)1	7,266	8,045

¹ FFO is not a measure of operating performance or liquidity under generally accepted accounting principles, in particular IFRS, and should not be considered as an alternative to the company's income or cash-flow measures as determined in accordance with IFRS. Furthermore, no standard definition exists for FFO. Thus, the FFO or measures with similar names as presented by other companies may not necessarily be comparable to alstria's FFO.

Funds from operations (FFO) were EUR 7,266 k for the reporting period compared to EUR 8,045 k in the first quarter 2009. As a result, FFO per share amounted to EUR 0.13 in the first quarter 2010 which is in line with full year guidance (Q1 2009: EUR 0.14). The reason for the decline is as expected a decrease in revenues (EUR - 2,528 k) due to asset disposals in 2009. These negative effects have been mitigated by a decrease in real estate operating expenses, lower financing cost and in a better other operating result.

The first quarter FFO still includes revenues from the Hamburg assets, which have been disposed in the first quarter 2010, and therefore does not reflect the running rate of the FFO going forward. FFO guidance for the full year remains unchanged at EUR 27 m.

Hedging Instruments

In order to limit the P&L impact from the volatility of interest rate markets, hedge accounting is applied to all hedges that qualify. This allows the loss or gain on the qualifying derivatives to be recognised through the cash flow hedge reserve. (For more details, please refer to the notes to the consolidated financial statements as at December 31, 2009).

in EUR k			Mar. 31, 2010 Dec. 31, 2009
Product	Strike	Maturity	Notional	Fair Value	Notional	Fair Value	Change
Cap	3,3000	20.10.2014	25.139	190	25.139	383	-193
Cap	3,3000	20.10.2014	8.649	66	8.649	132	-66
Cap	4,9000	20.12.2012	75.000	23	75.000	100	-77
Swap1	4,6000	20.10.2015	95.000	-2.674	95.000	-1.854	-820
Swap	4,1160	10.07.2013	100.000	-8.673	100.000	-7.331	-1.342
Swap	3,6165	29.11.2011	625.000	-29.918	625.000	-27.895	-2.023
Swap	3,1925	29.11.2011	0	0	21.880	-781	781
Swap	4,9000	20.12.2012	0	0	34.100	-3.170	3.170
Swap	3,9090	20.01.2012	0	0	148.785	-7.828	7.828
Total			833.7882	-40.986	1.038.5532	-48.244	7.258

THE FOLLOWING TABLE GIVES AN OVERVIEW OF THE COMPOSITION OF THE FAIR VALUES:

1 Not effective before July 10, 2013

2 Notional excluding the EUR 95,000 k not effective before July 10, 2013

THE FOLLOWING TABLE GIVES A BREAKDOWN OF CHANGES IN ALSTRIA'S FINANCIAL DERIVATIVES:

		Financial derivatives
in EUR k	Cash flow hedge reserve	Financial assets	Financial liabilities	Total
Hedging instruments as at December 31, 2009	-43.200	615	-48.859	-48.244
Effective change in fair values cash flow hedges	-1.853	-70	-1.783	-1.853
Ineffective change in fair values cash flow hedges	0	-188	-1.173	-1.362
Net loss from fair value changes in financial derivatives not qualifying for cash flow hedging	0	-77	-2.078	-2.155
Reclassification of cumulated loss from equity to income statement	1.856	0	0	0
Changes in accrued interests concerning financial derivatives	0	0	1.383	1.383
Acquisitions	0	0	0	0
Disposals	0	0	11.245	11.245
Hedging instruments as at March 31, 2010	-43.197	279	-41.265	-40.986

A decrease of EUR 1,853 k in the first quarter of 2010 represents the effective change in the value of financial derivatives. This change is recorded in the equity in the cash flow hedge reserve (Q1 2009: decrease of EUR 22,877 k). The ineffective impact of changes in the fair value of EUR – 3,517 k is reflected in the income statement. The changes in interest accruals on swaps and caps (EUR 1,383 k) are implemented in the financial result. A loss of EUR 1,856 k relates to the cumulated losses that were reported in equity and for which the forecast transaction is no longer expected to occur.

Together, this results in a loss of EUR 5,373 k (Q1 2010: EUR – 1,335 k) which is shown under net loss from fair value adjustments on financial derivatives. Swaps with a nominal amount of EUR 204,765 k were terminated in the first quarter. This resulted in the fair value reduction of financial liabilities out of these swaps by EUR 11,245 k, which equals the cash outflow for the termination of the swaps.

Financial result

THE FOLLOWING TABLE SHOWS THE FINANCIAL RESULT FOR THE PERIOD JANUARY 1 TO MARCH 31, 2010:

Net financing costs	-11,168	-12,558	1,390
Other financial expenses	-268	-72	-197
Financial income	168	333	-165
Financial expenses	-11,067	-12,819	1,752
Interest result derivatives	-5,873	-2,150	-3,723
Interest loan refinanced	-1,879	-1,004	-876
Interest on syndicated loan	-3,315	-9,665	6,350
EUR k	1. Jan - 31. Mar 2010	1. Jan - 31. Mar 2009	Change

alstria complied with all financial covenants as at March 31, 2010.

Net financing costs decreased by EUR 1,390 k to EUR 11,168 k in comparison with Q1 2009. The decrease is partly attributable to a lower average loan level compared to the previous reporting period, which results from the numerous refinancing activities carried out in 2009 and 2010. On the other hand, terminations of derivatives with comparably high swap rates led to a decrease of average interest costs.

Consolidated net result driven by asset sales

The resulting net profit amounts to EUR 8,374 k for the first quarter 2010 (Q1 2009 EUR 5,477 k loss). The main reason for the increase in the consolidated net result compared to the same period in 2009 is based on the profit on asset disposals of EUR 6,703 k and lower fair value adjustments on investment properties and financial derivatives (Q1 2010 EUR 5,373 k vs. EUR 13,318 k Q1 2009).

The consolidated profit is EUR 0.15 per share for the first

EXISTING LOAN AGREEMENTS AS PER MARCH 31, 2010

three months of 2010, compared to a consolidated loss of EUR 0.10 per share in the same period of 2009.

FINANCIAL AND ASSET POSITION

Financial management

Our financial management is performed at a corporate level, with individual loans being taken out at property and portfolio level. The main goal of our financial policy is the establishment of secured, long-term structures to support the development of its business and to provide the required degree of flexibility. The corporate management of our debt financing forms the basis for harmonised capital procurement, optimised management of interest and liquidity risks and efficiency improvements for the whole Group.

In January 2010, we entered into a new credit facility on a non recourse basis as an additional step towards decreasing the balloon payment of the syndicated loan facility. The credit facility is a EUR 76 m, 7-year non-recourse loan to refinance four properties in Hamburg, Essen and Leipzig with an average lease term of 8 years. The interest rate on this loan is fixed until maturity at 4.62%.

Furthermore, we made a voluntary down payment on our main credit facility of EUR 20 m in order to meet the declared target of the group to keep the LTV ratio of its main syndicated facility close but below 60% on the relevant test date in January 2010. This down payment secures the margin of 85 bps for the next two interest periods.

After the closing of the above mentioned asset sales signed in Q4 2009, and respective debt pay down, the remaining main syndicated loan facility exposure is down to EUR 646 m, which is in line with the group's target.

Loan	Maturity	Principal amount outstanding (EUR k)	LTV-Covenant	LTV	Next test date
Syndicated loan	29.11.2011	660,410	65.0%	59.8%1	30.06.2010
non-recourse loan #1	19.10.2015	47,902	80.0%	74.6%	30.09.2010
non-recourse loan #2	30.06.2014	37,283	80.0%	64.3%	31.12.2010
non-recourse loan #3	31.12.2012	32,480	65.0%	62.9%	31.12.2010
non-recourse loan #4	20.10.2014	33,535	61.0%	60.8%	31.12.2010
non-recourse loan #5	31.01.2017	75,794	75.0%	62.1%	31.12.2010
Total as of 31.3.2010		887,403		61.4%

1 LTV as per covenant test date

Cash position is EUR 114,669 k

Cash flow from operating activities for the three month period amounted to EUR 9,206 k. The increase compared to the first quarter 2009 (EUR 4,932 k) is based on a decrease in working capital and lower interest payments.

The cash flow from investing activities mainly comprises cash inflow resulting from the sale of properties (EUR 82,528 k). A cash outflow of EUR 3,901 k refers to payments for refurbishment measures, tenant incentives and subsequent acquisition costs.

The cash flow from financing activities reflects loan repayments of EUR 230,010 k and payments for the termination of financial derivatives (EUR 11,245 k). Cash inflow of EUR 108,629 k had been received in the course of refinancing. Further EUR 13,546 k cash inflow refers to the repayment of loans granted.

As a result, alstria ended the first quarter 2010 with a cash position of EUR 114,669 k (March 31, 2009: EUR 27,753 k).

Investment properties stable at end of the quarter

Total investment property value amounts to EUR 1,429,341 k in comparison with EUR 1,425,440 k at the beginning of the year. The slight increase is based on capitalized refurbishment measures which relate to the development project in Hamburg, Steinstr. 5-7. Interests in real estate partnerships refer to the at equity consolidation of the Hamburg asset, Grosse Bleichen and the Hamburg asset, 'Alte Post'.

DEVELOPMENT OF INVESTMENT PROPERTIES	EUR k
Investment properties at Dec. 31, 2009	1,425,440
Additions	3,901
Investment properties at Mar. 31, 2009	1,429,341
Fair value of development properties	5,000
Interests in real estate partnerships	22,719
Fair value of immovable assets	1,457,060

Equity ratio of 40.5% – G-REIT equity ratio at 44.1%

The balance sheet reflects a total equity position of EUR 642,656 k with an equity ratio of 40.5% (December 31, 2009: EUR 634,185 k or 35.9%). The G-REIT equity ratio1 increased by 3.8 pp to 44.1% (December 31, 2009: 40.3%). This development supports our opinion that we will comply with the required G-REIT equity ratio of 45% by year-end.

NNNAV at EUR 11.46 per share

NNNAV (Triple Net Asset Value according to EPRA2 ) increased from EUR 11.32 per share to EUR 11.46 per share. The consolidated profit for the period (EUR 8,374 k) is primarily responsible for the increase in our equity. In total, this leads to an increase in equity from EUR 634,185 k to EUR 642,656 k.

Further decrease of financial debt

Due to the latest transactions, we were able to further reduce the long-term loans by 8.8% to EUR 864,025 k. It is mainly related to selective disposals, the new joint venture and a voluntary prepayment.

Decrease in current liabilities

Current liabilities decreased by 71.9% to EUR 37,697 k, which is mainly linked to the repayment of EUR 91,941 k which have been categorised as short-term loans as Dec. 31, 2009. Other current liabilities amounting to EUR 9,980 k mainly comprise accruals for outstanding invoices (EUR 2,435 k), deferred income (EUR 5,440 k) and other accruals (EUR 1,267 k).

RISK AND OPPORTUNITY REPORT

The risks and opportunities alstria is exposed to are described in detail in the annual report 2009. No changes to the status described have occurred.

RECENT DEVELOPMENTS AND OUTLOOK

No significant business activities arose after the balance sheet date until the release of the quarterly report Q1 2010.

Financial guidance

We expect revenues of EUR 89 m and funds from operations (FFO) of EUR 27 m for the year 2010.

DISCLAIMER

The management report contains statements relating to anticipated future developments. These statements are based on current assessments and are by their very nature exposed to risks and uncertainty. Actual developments may differ from those predicted in these statements.

G-REIT equity ratio is defined as total equity divided by immovable assets

EPRA: European Public Real Estate Association, Best Practises Committee, Schiphol Airport, The Netherlands.

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT for the Period from January 1 to March 31, 2010

EUR k	Notes	Jan. 1 - March 31, 2010	Jan. 1 - March 31, 2009
Revenues		23,128	25,656
Income less expenses from passed on operating expenses		-13	0
Real estate operating costs		-1,820	-2,067
Net Rental Income		21,295	23,589
Administrative expenses		-1,748	-1,962
Personnel expenses	6.1	-1,336	-1,191
Other operating income		235	353
Other operating expenses		-187	-390
Net loss from fair value adjustments on investment property		0	-11,983
Gain on disposal of investment property	7.1	6,703	0
Net Operating Result		24,962	8,416
Net financial result	6.2	-11,168	-12,558
Share of the result of joint venture		-47	0
Net loss from fair value adjustments on financial derivatives		-5,373	-1,335
Pre-Tax Income (EBT)		8,374	-5,477
Income tax expense	6.3	0	0
Consolidated Profit/Loss for the Year		8,374	-5,477
Attributable to:
Shareholder		8,374	-5,477
Earnings per share in EUR
Basic earnings per share		0.15	-0.10
Diluted earnings per share		0.15	-0.10

Consolidated income statement Consolidated statement of comprehensive income

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the Period from January 1 to March 31, 2010

EUR k	Notes	Jan. 1 - March 31, 2010	Jan. 1 - March 31, 2009
Consolidated profit/loss for the period		8,374	-5,477
Fair value gain on available-for-sale financial assets		0	202
Cash flow hedges		3	-22,877
Other comprehensive result for the period		3	-22,675
Total comprehensive result for the period		8,377	-28,152
Total comprehensive profit/loss attributable to:
Shareholder		8,377	-28,152

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at March 31, 2010

ASSETS

EUR k	Notes	March 31, 2010	December 31, 2009
Non-Current Assets
Investment property	7.1	1,429,341	1,425,440
Equity-accounted investments	4	22,719	9,046
Property, plant and equipment		6,095	5,897
Intangible assets		339	311
Financial assets		351	351
Total Non-Current Assets		1,458,845	1,441,045
Current Assets
Assets held for sale		0	136,621
thereof Investment property held for sale		0	135,825
thereof other assets held for sale		0	796
Trade receivables		5,478	5,694
Accounts receivable from joint ventures		1,881	1,855
Derivatives		279	615
Tax receivables		3	3
Other receivables		6,611	33,483
Cash and cash equivalents	7.2	114,669	146,818
thereof restricted		11,289	61,848
Total Current Assets		128,921	325,089

Total Assets	1,587,766	1,766,134

Consolidated statement of financial position

EQUITY AND LIABILITIES

EUR k	Notes	March 31, 2010	December 31, 2009
Equity	8.1
Share capital		56,000	56,000
Capital surplus		685,991	685,897
Hedging reserve		-43,197	-43,200
Treasury shares		-26	-26
Retained earnings		-56,112	-64,486
Total Equity		642,656	634,185
Non-Current Liabilities
Long-term loans, net of current portion	8.2	864,025	947,257
Derivatives		41,265	48,859
Other provisions		1,569	1,550
Other liabilities		554	344
Total Non-Current Liabilities		907,413	998,010
Current Liabilities
Liabilities associated with the sale of non-current assets held for sale		0	28,176
Short-term loans	8.2	20,406	91,941
Trade payables		7,022	3,692
Profit participation rights		231	231
Liabilities of current tax		58	0
Other current liabilities		9,980	9,899
Total Current Liabilities		37,697	133,939
Total Liabilities		945,110	1,131,949
Total Equity and Liabilities		1,587,766	1,766,134

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period ended March 31, 2010

EUR k	Notes	Share capital	Capital surplus	Hedging reserve	Treasury shares	Retained earnings	Total equity
As of January 1, 2010		56,000	685,897	-43,200	-26	-64,486	634,185
Changes in Q1 2010
Total comprehensive income		0	0	3	0	8,374	8,377
Share-based payments		0	93	0	0	0	93
As of March 31, 2010	8.1	56,000	685,991	-43,197	-26	-56,112	642,656

for the period ended March 31, 2009

EUR k	Notes	Share capital	Capital surplus	Hedging reserve	Treasury shares	Retained earnings	Total equity
As of January 1, 2009		56,000	726,885	-49,579	-14,983	11,344	729,667
Changes in Q1 2009
Total comprehensive income		0	202	-22,877	0	-5,477	-28,152
Share-based payments		0	114	0	0	0	114
Acquisition of treasury shares		0	-247	0	386	0	139
As of March 31, 2009	8.1	56,000	726,954	-72,456	-14,597	5,867	701,768

CONSOLIDATED STATEMENT OF CASH FLOW for the period from January 1 to March 31, 2010

EUR k	Notes	Jan. 1 - March 31, 2010	Jan. 1 - March 31, 2009
1. Operating activities
Consolidated profit/loss for the period		8,374	-5,477
Unrealized valuation movements		5,420	13,318
Interest income	6.2	-168	-333
Interest expense	6.2	11,335	12,891
Other non-cash expenses (+)		94	119
Gain (-) on disposal of fixed assets	7.1	-6,703	0
Depreciation and impairment of fixed assets (+)		122	84
Decrease (+)/Increase (-) in trade receivables and other assets that are not attributed to inves ting or financing activities		521	-2,693
Decrease (-)/increase (+) in trade payables and other liabilities that are not attributed to investing or financing activities		3,311	-627
		22,306	17,282
Interest received		168	3,849
Interest paid		-13,268	-16,199
Cash flows from operating activities		9,206	4,932
2. Investing activities
Acquisition of investment properties	7.1	-3,901	-3,768
Proceeds from sale of investment properties		82,528	0
Acquisition of other property, plant and equipment		-348	-114
Cash flows used in investing activities		78,279	-3,882
3. Financing activities
Proceeds from the disposal of own shares		0	137
Proceeds from the issue of bonds and borrowings		108,629	0
Proceeds from the repayment of loans granted		13,546	0
Payments for the termination of financial derivatives		-11,245	0
Payments of the redemption of bonds and borrowings		-230,010	-1,341
Payments of transaction costs		0	-3,519
Cash flows used in financing activities		-119,080	-4,723
4. Cash and cash equivalents at the end of the period
Change in cash and cash equivalents (subtotal of 1 to 3)		-31,595	-3,673
Effect of changes in consolidated group on cash and cash equivalents		-554	0
Cash and cash equivalents at the beginning of the period		146,818	31,426
Cash and cash equivalents at the end of the period
(thereof restricted: EUR 11,289 k)	7.2	114,669	27,753

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF MARCH 31, 2010

1. Corporate information

alstria office REIT-AG, Hamburg, (hereinafter referred to as the 'Company' or 'alstria office REIT-AG' and together with its subsidiaries the 'Group'), is a German stock corporation based in Hamburg. The Group's principal activities are described in detail in section 1 of the notes to the consolidated financial statements for the fiscal year ended December 31, 2009.

The consolidated interim financial statements for the period from January 1, 2010 to March 31, 2010 (hereinafter referred to as the "consolidated interim financial statements") were authorised for issue by resolution of the Company's management board on May 7, 2010.

2. Basis of preparation

These consolidated interim financial statements were prepared in accordance with IAS 34 'Interim Financial Reporting'. They do not contain all the disclosures and explanations required in annual financial statements and should therefore be read in conjunction with the consolidated financial statements as at December 31, 2009.

These consolidated interim financial statements have not been audited.

3. Significant accounting policies

The accounting policies applied are consistent with those of the Group's annual financial statements for the year ended December 31, 2009, as described in those annual financial statements.

The Group has adopted the following new and amended IFRS as of January 1, 2010:

• IFRS 1 'First-time Adoption of International Financial Reporting Standards (rev. 2008)'

• Amendment to IFRS 2 'Share-based Payment'
• IFRS 3 'Business Combinations (rev. 2008)' und IAS 27 'Consolidated and Separate Financial Statements (rev. 2008)'

• Amendment to IAS 39 'Financial Instruments: Recognition and Measurement'

• Improvements to IFRSs (Improvement project 2009)

• IFRIC 12 'Service Concession Arrangements'
• IFRIC 15 'Agreements for the Construction of Real Estate'
• IFRIC 16 'Hedges of a Net Investment in a Foreign Operation'
• IFRIC 17 'Distributions of Non-cash Assets to Owners'
• IFRIC 18 'Transfers of Assets from Customers'

• Amendment to IFRIC 14 'IAS 19 – The Limit of a Defined Benefit Asset, Minimum Funding Requirements and their Interaction'

The initial application of the adopted IFRS had no material effect on the presentation of the financial statements.

4. Consolidated Group

Due to a joint venture agreement a former subsidiary is treated as a joint venture as at reporting date. alstria office REIT-AG holds a share of 49% in the joint venture company accounted for using the equity method. Accordingly, the subsidiary was deconsolidated and is no longer included in the consolidated group. The result from deconsolidation amounted to EUR -181 k.

There have been no additional changes to the consolidated group since the consolidated financial statements as at December 31, 2009.

5. Key Judgements and Estimates

Preparing the consolidated financial statements in accordance with IFRS requires assumptions and estimates to be made for various items which have an effect on the amount and disclosure of the assets and liabilities as well as income and expenses. Actual amounts may differ from these estimates.

6. Notes to the Consolidated Income Statement 6.1. Personnel expenses

The personnel expenses shown in the profit and loss account totalling EUR 1,336 k (January 1 to March 31, 2009: EUR 1,191 k) include accrued bonuses in the amount of EUR 410 k (January 1 to March 31, 2009: EUR 356 k). Furthermore, personnel expenses of EUR 19 k (January 1 to March 31, 2009: EUR 69 k) relating

to share-based compensation granted to the management are included (see note 11) as well as expenses for share-based compensation resulting from the convertible profit participation rights granted to the employees with an amount of EUR 93 k (January 1 to March 31, 2009: EUR 50 k).

6.2. Financial result

THE FOLLOWING TABLE SHOWS THE BREAKDOWN OF THE FINANCIAL RESULT.

EUR k	Jan 01, - March 31, 2010 (unaudited)	Jan 01 - March 31, 2009 (unaudited)
Interest on syndicated loan	-3,315	-9,665
Interest loans refinanced	-1,879	-1,004
Interest result derivatives	-5,873	-2,150
Financial expenses	-11,067	-12,819
Financial income	168	333
Other financial expenses	-268	-72
Net financing costs	-11,168	-12,558

6.3. Income Taxes

As a consequence of the conversion into a G-REIT, alstria office REIT-AG is exempt from income taxes.

For a detailed description of the transformation and tax related implications, please see section 9.10 of the consolidated financial statements as of December 31, 2009.

7. Notes to the Consolidated Balance Sheet - Assets

7.1. Investment Property

alstria office REIT-AG uses the fair value model pursuant to IAS 40.33 et seq. for subsequent measurement. External appraisals were obtained for measurement in 2009. The management review of the fair values as at the date of the consolidated interim financial statements for March 31, 2010 resulted in a fair value increase of investment properties totalling EUR 3,901 k. Capital expenditures in this amount has been invested in the first quarter 2010 for refurbishment and project development.

For a detailed description of the valuation of assets, please see section 7 of the consolidated financial statements as of December 31, 2009.

alstria office REIT-AG concluded the disposal of two properties in 2009. The transfer of benefits and burden took place in the first quarter of 2010.

7.2. Cash and Cash Equivalents

As at balance sheet date, EUR 11,289 k of the Cash and Cash equivalents (EUR 114,669 k) is restraint on disposal. EUR 9,300 k thereof is dedicated to the repayment of a loan in relation to the disposal of one property. Another EUR 1,989 k is dedicated to the payment of interests. The amount corresponds to the accrued interests on the syndicated loan.

8. Notes to the Consolidated Balance Sheet - Equity and Liabilities 8.1. Equity

Please refer to the consolidated statement of changes in equity.

Share Capital

In the balance sheet of the consolidated interim financial statements as at March 31, 2010, the share capital of alstria office REIT-AG amounted to EUR 56,000 k. Captiva 2 Alstria Holding S.à r.l., Luxembourg, directly and indirectly held a majority of the shares in the Company. The remaining shares were free float.

Treasury shares

On March 31, 2010 the Company held 2,374 non-par value bearer shares of EUR 1 each.

Hedging reserve

EUR k	Mar. 31, 2010 (unaudited)	Dec. 31, 2009 (audited)
As of January 1	-43,200	-49,579
Net movement on cash flow hedges	3	6,379
As of March 31 / December 31	-43,197	-43,200

This reserve records the portion of the gain or loss on hedging instruments in cash flow hedge that are determined to be an effective hedge.

8.2. Financial Liabilities

As at March 31, 2010, the loans used by alstria office REIT-AG are repayable in the amount of EUR 887,170 k (December 31, 2009: EUR 1,041,387 k). The carrying amount of EUR 884,431 k (EUR 864,025 k non-current and EUR 20,406 k current) takes into account interest liabilities and transaction costs to be allocated under the effective interest method upon raising the liabilities. Financial liabilities with a maturity up to one year are disclosed as short term loans.

For a detailed description of the loans, loan terms and grant securisation, please see section 11.2 of the consolidated financial statements as at December 31, 2009.

9. Dividends proposed

EUR k	March 31, 2010 (unaudited)	March 31, 2009 (unaudited)
Dividends on ordinary shares1 proposed for approval (not recognised as a liabili ty as of March 31): Dividend per share for 2009: EUR 0.50 (2008: EUR 0.52)	27,999	28,423

1 Refer to all shares except treasury shares at the end of the reporting period

10. Employees

In the period from January 1, 2010 to March 31, 2010, on average 34 people (January 1, 2009 to March 31, 2009: 31 people on average) were employed by the Company. The average was calculated by the third part of the total of employed people at the end of each month. On March 31, 2010, 35 people (December 31, 2009: 32 people) were employed at alstria office REIT-AG, excluding the management board.

11. Share-based payment

On March 2, 2010, the supervisory board of the Company resolved on the establishment of a Long Term Incentive Plan (LTIP) for the members of the management board and granted a first tranche of virtual shares to the management board.

Under the LTIP alstria office REIT-AG grants virtual shares entitling them to receive cash payments after four years.

The amount of the lump sum results from the number of the achieved virtual shares, multiplied with the average stock market price of the Company's shares at the Frankfurt Stock Exchange of the last 60 trading days prior to the relevant maturity date, plus an amount equal to the sum of the dividend per share paid by the company to its shareholders between the grant date and the maturity date, but in no event higher than 250% of the average stock market price of the Company's shares at the Frankfurt Stock Exchange of the last 60 trading days prior to the relevant grant date multiplied with the discretionary factor.

The discretionary factor shall be a multiplier which may vary within a range from 0.8 to 1.2 and is subject to the individual performance of each participant during the respective holding period.

The number of virtual shares that vest will depend with 50% each on the achievement of the alstria share price (absolute total shareholder return) and the relative performance of the alstria share in relation to the EPRA REIT Index Continental Europe (relative total shareholder return).

Since payment per vested virtual share depends on the quoted price of one alstria ordinary share, the quoted price at the end of the reporting period mainly represents the fair value of each virtual share.

At the end of the reporting period 99,009 virtual shares existed that were granted on March 2, 2010 and led to remuneration expenses for the first quarter 2010 in an amount of EUR 19 k, which equals the provision for virtual shares. The Group recognizes the obligation out of the virtual shares under other provisions.

12. Related party relationships

In the reporting period no transaction with related parties took place except for the granting of virtual shares to the members of the management board as described in note 11.

13. Significant events after the end of the reporting period

With regard to the disposal of one property in the first quarter 2010 alstria office REIT-AG agreed to partially terminate the existing swap of EUR 100,000 k by EUR 52,100 k. The transaction became effective as at April 20, 2010.

On April 15, 2010 alstria entered into a new swap with a notional amount of EUR 37,300 k, expiring on December 31, 2014. This transaction became effective as at April 20, 2010.

As at April 20, 2010 the Company repaid the portion of the syndicated loan allocated to a sold property (EUR 9,300 k).

As at April 20, 2010 alstria office REIT-AG made a voluntary down payment on the main credit facility of EUR 5,000 k.

14. Management board

As at March 31, 2010, the members of the Company's management board are:

Mr. Olivier Elamine (CEO) Mr. Alexander Dexne (CFO)

15. Supervisory board

Pursuant to the Company's articles of association (Section 9), the supervisory board consists of six members, all of whom are elected by the general meeting of shareholders. The expiration of the term of office is identical for all members, i.e., the close of the annual general meeting of shareholders in the year 2011.

As at March 31, 2010, the members of the supervisory board are:

Mr. Alexander Stuhlmann (Chairman) Mr. John van Oost (Vice-Chairman) Dr. Johannes Conradi Mr. Roger Lee Mr. Richard Mully Mr. Daniel Quai

Hamburg, Germany, May 7, 2010

Olivier Elamine CEO

Alexander Dexne CFO

MANAGEMENT COMPLIANCE STATEMENT

"We confirm that, to the best of our knowledge, the consolidated financial statements give a true and fair view of the net assets, financial position and results of operations of the Group and the group management report gives a true and fair view of business performance including the results of operations and the situation of the Group, and describes the main opportunities and risks and anticipated development of the Group in accordance with the applicable financial reporting framework."

Hamburg, Germany, May 7, 2010

Olivier Elamine CEO

Alexander Dexne CFO

FINANCIAL CALENDAR

Date	Event
May 20, 2010	Analysts' Conference
	German & Austrian Corporate Conference 2010 (Deutsche Bank) (Frankfurt)
May 21, 2010	Roadshow
	JPMorgan (Paris)
May 26–27, 2010	Roadshow European Property Seminar (Kempen) (Amsterdam)
May 26, 2010	Analysts' Conference
	German Mid Cap Conference (Commerzbank) (New York)
Jun. 9, 2010	Analysts' Conference Pan European Real Estate Conference (Credit Suisse) (London)
Jun 10, 2010	Analysts' Conference
	European Property Conference (Morgan Stanley) (London)
Jun. 16, 2010	Annual General Meeting Shareholders' Meeting (Hamburg)
Jun 21-25, 2010	Roadshow
	Berenberg Bank (USA)
Jun 22, 2010	Roadshow
	Société Générale (Paris)
Aug. 11, 2010	Publication of Q2 Report Half-Year Interim Report (Hamburg)
Sep 14-16, 2010	Roadshow Credit Suisse (Switzerland)
Sep 21, 2010	Roadshow Société Générale (London)
Sep 28-29, 2010	Analysts' Conference Global Real Estate Conference (Merrill Lynch) (New York)
Oct. 4–6, 2010	Trade fair EXPO REAL (Munich)
Oct 07, 2010	Analysts' Conference Pan-European Real Estate Conference (Société Générale) (London)
Oct 19, 2010	Roadshow Initiative Immobilien Aktie (Frankfurt)
Nov 06, 2010	Trade Fair Hamburger Börsentag (Hamburg)
Nov. 10, 2010	Publication of Q3 Report Interim Report (Hamburg)
Dec 01-03, 2010	Analysts' Conference European Conference (Berenberg Bank) (Bagshot, Surrey)

CONTACT

alstria office REIT-AG

Bäckerbreitergang 75 20355 Hamburg, Germany Phone: +49 (0) 40 226341-300 Fax: +49 (0) 40 226341-310 www.alstria.com

Investor Relations

Ralf Dibbern Phone: +49 (0) 40 226341-329 Fax: +49 (0) 40 226341-310 E-mail: ir@alstria.de http://investor-relations.alstria.com alstria office REIT-AG is a member of DIRK (Deutscher Investor Relations Verband, the German Investor Relations Association).

Other reports issued by alstria office REIT-AG are posted on the Company's homepage.

Forward-looking statements

This Interim Report contains forward-looking statements. These statements represent assessments which we have made on the basis of the information available to us at the time. Should the assumptions on which the statements are based not occur, or if risks should arise – as mentioned in the risk report – the actual results could differ materially from the results currently expected.

Note

This report is published in German (original version) and English (non-binding translation).