alstria office REIT-AG / Final Results
02.04.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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alstria office REIT-AG: Financial Results 2007 and Outlook 2008
- Revenues increased by more than 170% to EUR 82.6 m
- Net asset value per share of EUR 15.55
- Funds from operations (FFO) increased to EUR 31.5 m (2006 EUR
-3.5 m)
- Tax free dividend of approx. 52 cents per share will be proposed
- Around EUR 95.0 m of revenues and EUR 40.0 m of FFO expected for 2008
Hamburg, April 2, 2008 alstria office REIT-AG (symbol: AOX, ISIN:
DE000AOLD2U1) an internally managed Real Estate Investment Trust (REIT)
which is solely focused on acquiring, owning and managing office real
estate in Germany, today reports its financial results for 2007.
As a result of the substantial growth in investment properties from EUR
1.29 bn to EUR 1.69 bn, revenues increased from EUR 30.1 m in 2006 to EUR
82.6 m in 2007. This growth resulted in an increase of operating income
(FFO) from EUR -3.5 m to EUR 31.5 m in 2007. On the basis of this FFO, the
Management will suggest a pay-out of EUR 28.4 m to its shareholders on the
annual general meeting on 5 June 2008. The pay-out per share will be
approx. 52 cents.
Alexander Dexne, alstria´s CFO, states: 'Our proposed dividend pay-out of
52 cents per share will be free from withholding tax. As we will continue
using existing tax losses carried forward we do expect that also in the
coming years a significant portion of our pay-outs will be tax free for our
shareholders. In conjunction with our commitment to a high pay-out-ratio of
90% of our FFO, we do believe this constitutes an additional attractive
value proposition to our shareholders.'
Key financials
in EUR m 2007 2006 Var
Revenues 82.6 30.1 175%
Net Profit 52.5 14.5 262%
FFO 31.5 -3.5 n/a
FFO/Share (in EUR) 0.56 n/a n/a
Dividend per Share* 0.518 n/a n/a
Investment Property 1,693.7 1,289.5 31%
NAV 870.9 397.6 119%
NAV/Share (in EUR) 15.55 n/a n/a
* Based on distributed shares less treasury stock from buy-back program
alstria reports a net asset value (NAV) of EUR 871 m, which is up around
EUR 473 m (or 119%) as compared to the prior year. As of 31 December 2007
the NAV per share was EUR 15.55.
In the course of the 1st Quarter of 2008 all the transactions signed in the
end of 2007 were closed. Accordingly, alstria´s 2008 portfolio has the
following metrics:
alstria`s portfolio in 2008
Metric value
Number of properties 91
Market value ( bn) 1.9
Passing rent ( m p.a.) 105
Valuation yield 5.5
Approximate lettable area (sqm) 950,000
Vacancy (% of lettable area) 6.5
WAULT (years) 10.2
Outlook 2008
The profitable growth is going to continue in 2008. The Management expects
revenues to grow by around 15% to EUR 95 m in 2008. At the same time FFO
are expected to increase by more than 25% to approx. EUR 40 m. In line with
the companys high pay-out policy, the FFO will be the basis for future
dividend pay-outs. It remains to be the companys objective to pay out 90%
of the FFO generated in the respective year, which reflects a dividend pay
out significantly higher than its legal obligation under the G-REIT Act.
Olivier Elamine, CEO of alstria, comments: 'In a short period of two years
alstria has been able to become one of the leading players in the German
real estate capital market segment. We are now one of the top three listed
commercial property companies in Germany, and the first and largest German
REIT.
Our full year numbers reflect this unique success story, and we will in our
second year of operation pay a substantial dividend out of our recurring
cash flow to our shareholders. This reflects the strength of our cash flow,
and our confidence in our balance sheet.
The buy and manage strategy proves to be the right approach in the current
market conditions. We feel reinforced in our view that shareholder value in
the German property market will be driven by long term commitment and hard
work on the assets.
Although our overall strategy has not changed we have adjusted our tactics
to a changing market environment. As such, we have announced earlier this
year that we would freeze our acquisition program for the time being, as we
are not willing to issue new capital at the current share price. Operations
are going to be the main focus of the company in 2008. We will start
refurbishment projects and increase our leasing activities on the newly
acquired assets. We also plan to sell between EUR 50 and 100 m of mature
assets in order to free up capital to be reinvested into our own
portfolio'.
About alstria
alstria office REIT-AG 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 office REIT-AG owns a diversified portfolio of properties across
attractive German office real estate markets. Its current portfolio
comprises 91 properties with an aggregate lettable space of approximately
950,000 sqm and is valued at approximately 1.9 billion Euro.
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. The securities have already been sold.
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.
Media:
Simon Steiner
Tel: +49 - 40 - 226 341 340
E-Mail: pr@alstria.de
Investor Relations:
Brigitte Büchner
Tel: +49 - 40 - 226 341 319
E-Mail: ir@alstria.de
DGAP 02.04.2008
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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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DGAP-News: alstria office REIT-AG: Financial Results 2007 and Outlook 2008
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