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alstria office REIT-AG

Quarterly Report Nov 16, 2016

31_10-q_2016-11-16_f783cfb4-70f7-4c44-92ad-5af62b66f38f.pdf

Quarterly Report

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as of September 30, 2016 CONSOLIDATED INTERIM STATEMENT

GROUP FINANCIALS

EUR k Jan. 1 –
Sept. 30, 2016
Jan. 1 –
Sept. 30, 2015
Change
(%)
Revenues and Earnings
Revenues 155,360 72,758 113.5
Net rental income 137,178 65,029 110.9
Consolidated profit for the period1) 78,137 24,074 224.6
FFO 91,210 36,894 147.2
Earnings per share (EUR)1) 0.51 0.28 82.1
FFO per share (EUR)1) 0.57 0.42 35.7
EUR k Sept. 30, 2016 Dec. 31, 2015 Change
(%)
Balance Sheet
Investment property 2,917,693 3,260,467 –10.5
Total assets 3,586,254 3,850,580 –6.9
Equity1) 1,633,924 1,619,377 0.9
Liabilities 1,886,472 2,192,916 –14.0
Net asset value (NAV) per share (EUR) 10.66 10.64 0.2
Diluted NAV per share (EUR)2) 10.71 10.68 0.3
Net LTV (%)3) 43.9 49.3 –5.4 pp

1) Without minorities.

2) Dilution based on potential conversion of convertible bond.

3) Takes into account receivables from the disposal of the asset 'An den Treptowers'.

Sept. 30, 2016 Dec. 31, 2015 Change
(%)
55.4 49.4 6.0 pp
100 100 0.0 pp
Jan. 1 –
Sept. 30, 2016
Jan. 1 –
Sept. 30, 2015
Change
(%)
0.44 0.31 41.9
21.2 25.5 –4.3 pp
17.1 21.3 –4.2 pp
Sept. 30, 2016 Dec. 31, 2015 Change
(%)
EPRA NAV per share (EUR) 10.95 10.91 0.4
EPRA NNNAV per share (EUR) 10.67 10.66 0.1
EPRA net initial yield (%) 5.1 5.0 0.1 pp
EPRA 'topped-up' net initial yield (%) 5.5 5.3 0.2 pp
EPRA vacancy rate (%) 9.9 11.2 –1.3 pp

1) For further information, please refer to EPRA Best Practices Recommendations, www.epra.com.

2) Including vacancy costs.

3) Excluding vacancy costs.

CONSOLIDATED INTERIM STATEMENT Q3 2016

1 KEY METRICS OF THE PORTFOLIO AND SIGNIFICANT EVENTS

Key Metrics Sept. 30,
2016
Dec. 31,
2015
Number of properties 114 120
Number of joint venture properties 1 1
Market value (EUR bn)1) 3.0 3.3
Annual contractual rent (EUR m) 197.2 208.3
Valuation yield (contractual rent/market
value)
6.5 6.3
Lettable area (sqm) 1,604,600 1,724,100
Vacancy (% of lettable area)2) 10.8 11.8
WAULT (years) 4.9 5.2
Average rent/sqm (EUR/month) 11.5 11.5

1) Incl. fair value of owner-occupied properties.

2) Contractual vacancy rate includes vacancies in assets of the Company's development pipeline and excludes assets held for sale.

REAL ESTATE OPERATIONS

Letting metrics Jan. 1 –
Sept. 30,
2016
Jan. 1 –
Sept. 30,
2015
Change
(in sqm)
New leases (in sqm)1) 66,100 28,800 37,300
Renewals of leases (in sqm) 78,500 25,000 53,500
Total 144,600 53,800 90,800

1) New leases refer to letting vacant space. They do not account for any lease renewals, prolongations or a tenant's exercise of its renewal option.

A substantial impact on the positive development of the new leases in the first three quarters of 2016 had a new lease with the City of Berlin for around 17,600 sqm of office and ancillary space in Darwinstraße 14-18 in Berlin .The lease is expected to start on February 1, 2017, has a lease term of ten years and will generate an annual rent of EUR 2,761 k. With the signature of the new lease, the building is fully let.

Furthermore, alstria signed two new leases in Frankfurt, Platz der Einheit 1 (KASTOR TOWER). The first lease for approximately 5,600 sqm of office and ancillary space started on June 15, 2016. The other lease that was contracted for this asset, totalling approximately 3,500 sqm of office and ancillary space, will start by the end of the first quarter of 2017. The contracted leases reduced the vacancy in the 30,600 sqm building from 71% to 40%.

TRANSACTIONS

alstria performed the following transactions in 2016:

Asset City Sales
price
(EUR k)1)
Annual
rent
(EUR k)2)
Ø Lease
length
(years)2)
Signing
SPA
Transfer of
benefits and
burdens
Disposals
Landshuter Allee 174 Munich 14,000 55 0.2 11.06.15 30.06.16
Dieselstraße 18 Ditzingen 13,395 888 19.8 31.08.15 25.06.16
Hofmannstraße 51 Munich 44,387 1,222 2.0 05.11.15 30.06.16
Wandsbeker Chaussee 220 Hamburg 5,920 78 2.7 19.05.16 30.06.16
Taunusstraße 34–363) Munich 26,830 1,774 5.4 27.06.16 31.08.16
An den Treptowers 33),4) Berlin 228,431 13,996 2.7 08.07.16 30.09.16
Ludwig-Erhard-Straße 49 Leipzig 9,450 832 1.5 03.08.16 30.09.16
Gutenbergstraße 13),5) Ismaning 14,100 1,053 6.7 13.09.16 31.12.166)
Oskar-Messter-Straße 22-243),5) Ismaning 18,400 1,304 3.7 13.09.16 31.12.166)
Bahnhofstraße 1–53),5) Heilbronn 33,650 2,161 5.1 28.09.16 30.11.166)
Feldstraße 163),5) Weiterstadt 7,350 442 2.1 30.09.16 31.12.166)
Nägelsbachstraße 26/
Nürnberger Straße 413),5)
Erlangen 11,200 1,377 2.3 11.10.16 31.12.166)
Lina-Ammon-Straße 193),5) Nürnberg 15,100 1,075 4.0 11.10.16 31.12.166)
Richard-Wagner-Platz 13),5) Nürnberg 17,000 998 3.6 11.10.16 31.12.166)
Max-Eyth-Straße 25) Dortmund 4,200 4 1.0 14.10.16 31.12.166)
Total disposals 463,413 27,259
Acquisitions
Gasstraße 18 Hamburg 38,000 2,336 3.2 26.11.15 01.01.16
Tempelhofer Damm 146 Berlin 8,350 526 7.8 25.08.16 01.11.166)
Total acquisitions 46,350 2,862

1) Excluding transaction costs.

2) At the time of transfer of benefits and burdens.

3) From the Deutsche Office portfolio.

4) Share deal.

5) Balance sheet as reported under assets held for sale.

6) Expected.

2 KEY FIGURES FOR THE DEVELOPMENT OF EARNING POSITION

Rental revenues amounted to EUR 155.4 m in the first three quarters of 2016 and thus increased by EUR 82.6 m compared to the revenues in the first three quarters of the previous year (EUR 72.8 m). EUR 80.5 m of this are alloted to Deutsche Office which was consolidated for the first time on October 27, 2015. The revenues of the alstria subgroup increased by around EUR 2.1 m or 2.9% mainly due to the acquisition of two assets in the second half of 2015 and the lease of vacant space.

As a result, net rental income of the whole alstria group increased by EUR 72.1 m to EUR 137.2 m.

The consolidated net result amounted to EUR 82.8 m (of which EUR 4.7 m is attributable to minorities) in the reporting period and was higher than the consolidated net result of the first three quarters of 2015 (EUR 24.1 m). The result of Deutsche Office as well as the positive net result from the disposal of properties contributed substantially to the increase of the consolidated net result of the Group.

Funds from operations amounted to EUR 91.2 m (of which EUR 4.2 m is attributable to minorities) and were thus EUR 54.3 m higher than funds from operations in the previous year's reporting period (EUR 36.9 m). The main reason for the increase in FFO is, in addition to the inclusion of the FFO from Deutsche Office, the reduced financing costs as well as synergy effects in administration and personnel expenses.

EUR k Jan. 1 –
Sept. 30,
2016
Jan. 1 –
Sept. 30,
2015
Pre-tax income (EBT) 86,762 24,086
Net profit/loss from fair value adjustments on
financial derivatives
13,333 7,719
Profit/loss from the disposal of investment
property
–25,481 –5,593
Fair value and other adjustments in joint
venture
0 600
Net profit/loss from fair value adjustments on
investment property
0 –120
Other adjustments1) 16,596 10,202
Funds from operations (FFO)2) 91,210 36,894
Attributable to minority shareholders –4,198
Attributable to alstria office REIT-AG
shareholders
87,012 36,894
Maintenance and reletting –16,891 –10,081
Adjusted funds from operations (AFFO)3) 70,121 26,813
Number of shares (k) 153,231 87,097
FFO per share (EUR k)4) 0.57 0.42

1) Non-cash income or expenses and non-recurring effects.

2) (A)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, there is no standard definition for (A)FFO. Thus, the (A)FFO or measures with similar names as presented by other companies may not necessarily be comparable to alstria's (A)FFO.

3) The AFFO is equal to the FFO with adjustments made for capital expenditures used to maintain the quality of the underlying investment portfolio and expenses for lease-ups.

4) Without minorities.

3 KEY FIGURES FOR THE DEVELOPMENT OF THE FINANCIAL AND ASSETS POSITION

INVESTMENT PROPERTIES

The total value of investment properties amounted to EUR 2.9 bn as of September 30, 2016, in comparison to EUR 3.3 bn as of December 31, 2015.

EUR k

Investment properties as of December 31, 2015 3,260,467
Investments 23,200
Acquisitions 0
Disposals –247,900
Reclassifications –118,074
Net loss/gain from fair value adjustments
on investment property
0
Investment properties as of September 30, 2016 2,917,693
Carrying amount of owner occupied properties 5,995
Fair value of properties held for sale 120,975
Interests in joint ventures 25,246
Carrying amount of immovable assets 3,069,910
Adjustments to fair value of owner occupied properties 1,202
Fair value of immovable assets 3,071,112

For a detailed description of the investment properties, please refer to the Company Report 2015.

FURTHER KEY FIGURES OF THE ASSETS POSITION

As of September 30, 2016 alstria had cash and cash equivalents in the amount of EUR 231.6 m (December 31, 2015: EUR 460.3 m).

Total equity increased to EUR 1,699.8 m as of September 30, 2016 (December 31, 2015: EUR 1,657.7 m), containing a share of EUR 65.9 m that is attributable to minority shareholders of Deutsche Office (December 31, 2015: EUR 38.3 m).

LOANS

As of September 30, 2016, the loan facilities in place are as follows:

Liabilities Maturity Principal amount
drawn as of
Sept. 30, 2016
EUR k
LTV as of
Sept. 30,
2016
%
LTV
covenant
%
Principal
amount
drawn as of
Dec. 31, 2015
EUR k
Syndicated loan #1 Sept. 30, 2020 311,612 43.8 70.0 470,556
Syndicated loan #21) Feb. 22, 2016 0 331,910
Syndicated loan #32) Sept. 30, 2018 0 336,320
Loan #13) June 28, 2024 67,000 45.2 65.0 67,000
Loan #2 April 30, 2021 59,126 49.8 65.0 60,048
Loan #3 Mar. 28, 2024 56,500 50.2 75.0 56,500
Loan #43) June 30, 2026 56,000 45.9 65.0 56,000
Loan #5 July 31, 2021 15,306 51.8 60.0 15,423
Loan #64) June 30, 2017 0 58,868
Loan #74) Dec. 31, 2018 0 53,432
Loan #85) Dec. 30, 2017 0 18,507
Total loans 565,544 45.5 1,524,564
Bond #1 Mar. 24, 2021 500,000 500,000
Bond #2 Apr. 12, 2023 500,000
Convertible bond June 14, 2018 79,200 79,200
Schuldschein 10y/fix May 06, 2026 40,000
Schuldschein 7y/fix May 08, 2023 37,000
Schuldschein 4y/fix May 06, 2020 38,000
Schuldschein 7y/variable May 08, 2023 17,500
Schuldschein 4y/variable May 06, 2020 17,500
Total 1,794,744 59.5 2,103,764
Net LTV6) 43.9

1) Loan agreement terminated as of February 22, 2016.

2) Loan agreement terminated; withdrawal occurred on May 31, 2016.

3) Refinanced in Q2 2016.

4) Loan agreement terminated; withdrawal occurred on June 30, 2016.

5) Loan agreement terminated, taking effect on June 30, 2016; withdrawal of EUR 94 k did not occur before July 04, 2016.

6) Takes into account receivables from the disposal of the asset 'An den Treptowers'.

4 COVENANT REPORT

COMPLIANCE WITH AND CALCULATION OF THE COVENANTS REFERRING TO §11 OF THE TERMS AND CONDITIONS*

In case of the incurrence of new Financial Indebtedness that is not drawn for the purpose of refinancing existing liabilities, alstria needs to comply with the following covenants:

  • › The ratio of the Consolidated Net Financial Indebtedness over Total Assets will not exceed 60%
  • › The ratio of the Secured Consolidated Net Financial Indebtedness over Total Assets will not exceed 45%
  • › The ratio of Unencumbered Assets over Unsecured Consolidated Net Financial Indebtedness will be more than 150%

Following the issuance of the first bond on November 24, 2015, up to the reporting date, alstria incurred two further Financial Indebtedness to refinance existing Secured Financial Indebtedness. Additionally, alstria had prolonged two existing loans prior to maturity in the second quarter of 2016 (for further information, please see section 3, "Loans").

Furthermore, starting from the fifth reporting date following the issuance of the bonds, alstria needs to maintain a ratio of the Consolidated Adjusted EBITDA over Net Cash Interest of not less than 1.80 to 1.00. The initial calculation and publication of the ratio will be done together with the 2016 annual report.

As of June 30, 2016, no covenants under the loan agreements and/ or the terms and conditions of the bonds / the Schuldschein have been breached.

* The following section refers to the Terms and Conditions of the bonds issued on November 24, 2015, and April 12, 2016, and the Terms and Conditions of the Schuldschein issued on May 06, 2016 (for further information, please refer to www.alstria.com). Capitalized terms have the meaning as defined in the Terms and Conditions.

5 RECENT DEVELOPMENTS AND OUTLOOK

RECENT DEVELOPMENTS

At the Annual General Meeting of alstria's subsidiary DO Deutsche Office AG held on July 12, 2016, the shareholders of the Company decided to change its legal form from a public limited company (AG) to a limited partnership (KG) as well as to change the company name. According to the shareholders' resolution, DO Deutsche Office AG is to be converted into alstria office Prime Portfolio GmbH & Co. KG. Furthermore, the resolution comprised the relocation of the company's registered office to Hamburg.

Please refer to the table on page 4 for more details regarding the transactions that took place in the first three quarters of financial year 2016 and the dates for the transfers of benefits and burdens that are expected until the end of 2016.

OUTLOOK

The first three quarters of financial year 2016 proceeded as expected. The statements and forecasts presented in the Group management report of 2015 concerning the expected development of the Group for financial year 2016 are still valid. Based on the recent transactions and the contractual rents, alstria still expects revenues in the amount of EUR 200 m and an FFO of EUR 115 m for fiscal year 2016.

RISK MANAGEMENT

The Group is exposed through its business to various risks. For further details, please refer to the Annual Report 2015.

The overall risk situation of alstria has not changed.

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.

CONSOLIDATED INCOME STATEMENT

EUR k July 1 –
Sept. 30,
2016
July 1 –
Sept. 30,
2015
Jan. 1 –
Sept. 30,
2016
Jan. 1 –
Sept. 30,
2015
Revenues 53,245 24,434 155,360 72,758
Income less expenses from passed on
operating expenses 273 226 –73 208
Real estate operating costs –6,211 –2,949 –18,109 –7,937
Net Rental Income 47,307 21,711 137,178 65,029
Administrative expenses –2,118 –1,311 –7,689 –4,279
Personnel expenses –2,756 –1,706 –9,381 –7,631
Other operating income 611 981 2,931 2,647
Other operating expenses –4,690 –4,076 –11,820 –7,931
Net gain/loss from fair value adjustments on
investment property
0 0 0 120
Gain/loss from disposal of investment
property
2,508 3,919 25,481 5,593
Net Operating Result 40,862 19,518 136,700 53,548
Net financial result –10,402 –5,990 –37,951 –22,088
Share of the result of joint venture 367 390 1,346 345
Net loss from fair value adjustments on
financial derivatives
–540 –4,900 –13,333 –7,719
Pre-Tax Income (EBT) 30,287 9,018 86,762 24,086
Income tax expense –3,912 –5 –3,932 –12
Consolidated Profit for the period 26,375 9,013 82,830 24,074
Attributable to:
Owners of the company 25,313 9,013 78,137 24,074
Noncontrolling interest 1,062 0 4,693 0
Earnings per share in EUR
based on the profit attributable to alstria's
shareholders
Basic earnings per share 0.17 0.10 0.51 0.28
Diluted earnings per share 0.17 0.10 0.49 0.28

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR k July 1 –
Sept. 30,
2016
July 1 –
Sept. 30,
2015
Jan. 1 –
Sept. 30,
2016
Jan. 1 –
Sept. 30,
2015
Consolidated loss/profit for the period 26,375 9,013 82,830 24,074
Items which might be reclassified to the
income statement in a future period:
Reclassification from Cashflow Hedging
Reserve
249 817 270 2,565
Other comprehensive result for the period: 249 817 270 2,565
Total comprehensive result for the period: 26,624 9,830 83,100 26,639
Total comprehensive profit/loss
attributable to:
Owners of the company 25,562 9,830 78,407 26,639
Noncontrolling interest 1,062 0 4,693 0

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at September 30, 2016

ASSETS

EUR k Sept. 30,
2016
Dec. 31,
2015
Non-Current Assets
Investment property 2,917,693 3,260,467
Equity-accounted investments 25,246 23,900
Property, plant and equipment 6,816 5,161
Intangible assets 413 607
Financial assets 34,803 0
Derivatives 1,301 8,462
Total Non-Current Assets 2,986,272 3,298,597
Current Assets
Trade receivables 9,137 12,578
Tax receivables 31 226
Other receivables 238,181 9,783
Cash and cash equivalents 231,633 460,253
thereof restricted 0 32,036
Assets held for sale 121,000 69,143
thereof investment properties 120,975 69,143
thereof other assets 25 0
Total Current Assets 599,982 551,983
Total Assets 3,586,254 3,850,580

EQUITY AND LIABILITIES

EUR k Sept. 30,
2016
Dec. 31,
2015
Equity
Share capital 153,231 152,164
Capital surplus 1,434,550 1,499,477
Hedging reserve 0 -270
Retained earnings 46,143 -31,994
Equity attributable to the owners of the
company
1,633,924 1,619,377
Noncontrolling interests 65,858 38,287
Total Equity 1,699,782 1,657,664
Non-Current Liabilities
Long-term loans, net of current portion 1,774,635 1,715,590
Derivatives 24,443 23,208
Other provisions 2,530 3,221
Other liabilities 1,544 1,854
Deferred taxes 4,063 132
Total Non-Current Liabilities 1,807,215 1,744,005
Current Liabilities
Short-term loans 13,289 376,402
Trade payables 8,459 20,477
Profit participation rights 421 362
Liabilities of current tax 8,677 8,687
Other provisions 2,093 1,794
Other current liabilities 46,318 41,189
Total Current Liabilities 79,257 448,911
Total Liabilities 1,886,472 2,192,916
Total Equity and Liabilities 3,586,254 3,850,580

CONSOLIDATED STATEMENT OF CASH FLOW

EUR k Jan. 1 –
Sept. 30,
2016
Jan. 1 –
Sept. 30,
2015
1. Operating activities
Consolidated profit/loss for the period
Unrealized valuation movements
82,830
11,987
24,074
7,597
Interest income –351 –54
Interest expense 38,301 22,142
Result from income taxes 3,932 12
Other non-cash expenses (+) 2,031 382
Gain (–)/loss (+) on disposal of investment
properties
–25,481 –5,593
Depreciation and impairment of fixed assets (+) 503 295
Decrease (+)/increase (–) in trade receivables and
other assets that are not attributed to investing or
financing activities
–88 –1,764
Decrease (–)/increase (+) in trade payables and
other liabilities that are not attributed to investing
or financing activities
–442 –131
Cash generated from operations 113,222 46,960
Interest received 52 54
Interest paid –30,324 –21,285
Income tax paid –11 –12
Net cash generated from operating activities 82,939 25,717
2. Investing activities
Acquisition of investment properties –25,305 –30,217
Proceeds from sale of investment properties 117,025 2,044
Payment of transaction cost in relation to the
sale of investment properties
–2,765 0
Acquisition of other property, plant and
equipment
–307 –100
Proceeds from the equity release of interests in
joint ventures
0 3
Payments for investment in financial assets –34,803 0
Net cash used in investing activities 53,845 –28,270
Jan. 1 –
Sept. 30,
Jan. 1 –
Sept. 30,
EUR k 2016 2015
3. Financing activities
Cash received from equity contributions 34,803 102,881
Payment made for purchase of interests in fully
consolidated subsidiaries
–113 0
Payment of transaction costs of issue of shares 0 –1,339
Proceeds from the issue of bonds and
borrowings
150,000 0
Proceeds from the issue of a company bond 500,000 0
Payments of transaction costs –6,818 0
Payments of dividends –76,564 –43,470
Payments of the redemption of bonds and
borrowings
–962,045 –26,382
Payments for the acquisition/redemption/
adjustment of financial derivatives
–4,667 0
Net cash used in/generated from financing
activities
–365,404 31,690
4. Cash and cash equivalents at
the end of the period
Change in cash and cash equivalents
(subtotal of 1 to 3)
–228,620 29,137
Cash and cash equivalents at the beginning
of the period
460,253 63,145
Cash and cash equivalents at the end of the period
(thereof restricted: EUR 0; previous year: EUR 0)
231,633 92,282

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EUR k Share
capital
Capital
surplus
Hedging
reserve
Retained
earnings
Equity
of alstria
sharehol
ders
Non
controlling
interests
Total
Equity
As of
January 1, 2016
152,164 1,499,477 –270 –31,994 1,619,377 38,287 1,657,664
Changes Q1–Q3
2016
Consolidated profit 0 0 0 78,137 78,137 4,692 82,829
Other comprehen
sive income
0 0 270 0 270 0 270
Total comprehensive
income
0 0 270 78,137 78,407 4,692 83,099
Payments of
dividends
0 –76,564 0 0 –76,564 0 –76,564
Proceeds from shares
issued against contri
bution in kind
964 10,847 0 0 11,811 –11,811 0
Change of mino
rity interest share
within equity due to
the sale of minority
shares
0 0 0 0 0 34,803 34,803
Change of minority
interest share within
equity due to the
purchase of minority
shares
0 0 0 0 0 –113 –113
Share-based
remuneration 0 687 0 0 687 0 687
Conversion of con
vertible participation
rights
103 103 0 0 206 0 206
As of
September 30, 2016
153,231 1,434,550 0 46,143 1,633,924 65,858 1,699,782
EUR k Share
capital
Capital
surplus
Hedging
reserve
Retained
earnings
Equity
of alstria
sharehol
ders
Non
controlling
interests
Total
Equity
As of
January 1, 2015
79,018 691,693 –3,095 78,977 846,593 0 846,593
Changes in Q1–Q3
2015
Consolidated profit 0 0 0 24,075 24,075 0 24,075
Other comprehen
sive income
0 0 2,565 0 2,565 0 2,565
Total comprehensive
income
0 0 2,565 24,075 26,640 0 26,640
Payments of
dividends
0 –43,470 0 0 –43,470 0 –43,470
Proceeds from shares
issued
7,903 94,822 0 0 102,725 0 102,725
Transaction costs of
issue of shares
0 –1,339 0 0 –1,339 0 –1,339
Share-based
remuneration
0 550 0 0 550 0 550
Conversion of con
vertible participation
rights
156 156 0 0 312 0 312
Conversion of con
vertible bond
20 243 0 0 263 0 263
As of
September 30, 2015
87,097 742,655 –530 103,052 932,274 0 932,274

BUILDING YOUR FUTURE

alstria office REIT-AG www.alstria.com [email protected]

Bäckerbreitergang 75 20355 Hamburg T +49 (0)40/226341-300 F +49 (0)40/226341-310

Elisabethstrasse 11 40217 Düsseldorf T +49 (0)211/301216-600 F +49 (0)211/301216-615 Platz der Einheit 1 60327 Frankfurt am Main T +49 (0)69/153 256-740 F +49 (0)69/153 256-745

Danneckerstrasse 37 70182 Stuttgart T +49 (0)711/335001-50 F +49 (0)711/335001-55

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