alstria office REIT-AG / Key word(s): Quarter Results
10.11.2010 07:34
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Third Quarter 2010
Strong operating business
- Revenues at EUR 67.4 million and Funds From Operations at EUR 21.6
million in line with guidance
- Improved balance sheet ratios: G-REIT equity ratio at 47.4%, net LTV at
52.4%
- Publication of first CSR report and relaunch of alstria's website
Hamburg, November 10, 2010 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), an internally managed Real Estate Investment Trust (REIT)
focused solely on acquiring, owning and managing office real estate in
Germany, today announces its financial result for the first nine months of
2010.
Revenues of EUR 67.4 million and FFO of EUR 21.6 million in line with full
year guidance
In the first nine months of 2010 revenues decreased by 12.8% year-on-year
to EUR 67.4 million, mainly as a result of the disposal of real estate
assets. The Funds From Operations for the first nine months of 2010 fell by
10.8% to EUR 21.6 million. Despite a good operating development alstria's
net profit as of end of September dropped to EUR -11.5 million. The loss
was caused by a negative non-cash impact from interest derivatives
amounting to EUR 33.0 million (EUR 28.6 million in Q3) which is a result of
the EUR 646 million refinancing of alstria's syndicated loan. Neither FFO
nor shareholders' equity is affected by the above mentioned one-off burden.
Excluding this one-off effect, alstria would have shown a net income of EUR
20.7 million.
Further improvement of balance sheet ratios
As of September 30, 2010, alstria's investment property totalled EUR 1.36
billion and therefore remained largely unchanged in the third quarter of
2010. alstria's equity amounted to EUR 670.4 million as of September 30,
2010. The increase compared to Q2 2010 was mainly driven by the successful
capital increase executed end of September 2010. alstria's G-REIT equity
ratio amounted to 47.4% as per end of September, the company's net LTV at
the reporting date was 52.4%.
Strong operating performance
In the first 9 months of the year the company has signed new leases of
15,200 sqm of space, or around 18% of the vacancy of the portfolio at the
beginning of the year. Despite the sale of fully let assets, the total
vacancy rate in the portfolio has decreased in the third quarter from 7.7%
(as of end of June 2010) to 7.3%, mainly reflecting the strong leasing
result of the company. The strategic vacancy is now at 27,100 sqm, while
operational vacancy is stable at 31,000 sqm.
Publication of the first CSR report
Today alstria is publishing its first CSR report which compiles CSR data
for the years 2008 and 2009. The report has been drafted in accordance with
the Global Reporting Initiative G3 guideline and is self-certified C.
alstria is the first German real estate company to publish such a report,
and plans to publish such a report on an annual basis. More information on
the CSR report is available on www.alstria.com/sustainability.
'In the third quarter of 2010 alstria was able to further strengthen its
portfolio quality, its profitability and the balance sheet,' said Olivier
Elamine, CEO of alstria. 'The successful capital increase in September
increased our flexibility with respect to internal and external portfolio
growth. While we never lost the focus of extracting value from the existing
portfolio, as demonstrated by the lease-up of the Mundsburg tower, we have
been able to ideally position alstria to take advantage of the acquisition
opportunities that undoubtedly will arise in the market.'
Outlook
alstria confirms its forecast for the 2010 financial year: annual revenues
of EUR 89 million and EUR 27 million in FFO.
Key financials at a glance
9M/10 9M/09 Variation in %
Revenues (EUR m) 67.4 77.3 -12.8%
Net result (EUR m) -11.5 -2.4 na
FFO (EUR m) 21.6 24.2 -10.8%
FFO per share (EUR) 0.38 0.43 -11.4%
2010-09-30 2009-12-31 Variation in %
Inv. properties (EUR m) 1,359 1,425 -4.6%
Cash at hand (EUR m) 84.1 146.8 -42.7%
NNNAV per share (EUR) 10.88 11.32 -3.9%
G-REIT equity ratio (in %) 47.4 40.3 7.1 Pp
Net LTV ratio (in %) 52.4 na na
Invitation to the conference call on November 10, 2010
The alstria management board will present the Q3 results during a
conference call at 9.30 am (CET) - conference call for analysts and
journalists.
Please use the following dial-in numbers:
Germany: +49 (0) 6958 999 0806
UK: + 44 - 207 - 153 2027
Please note that you can watch Olivier Elamine and Alexander Dexne's
presentation live as a webcast on our website (under 'Investor Relations'
-'Presentations and Speeches') at www.alstria.com. As soon as the
conference call begins, the presentation (and the Q3 report under
'Financial Publications') will be also 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.
alstria office REIT-AG owns a diversified portfolio of properties across
attractive German office real estate markets. Its current portfolio
comprises 72 properties with an aggregate lettable space of approx. 794,000
sqm and is valued at approximately EUR 1.4 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.
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.
Ralf Dibbern, IR/PR
Phone: +49 (0) 40 / 226 341-329
Email: rdibbern@alstria.de
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Language: English
Company: alstria office REIT-AG
Bäckerbreitergang 75
20355 Hamburg
Deutschland
Phone: 040-226 341 300
Fax: 040-226 341 310
E-mail: info@alstria.de
Internet: http://www.alstria.de
ISIN: DE000A0LD2U1
WKN: A0LD2U
Indices: SDAX, EPRA, German REIT Index
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Hamburg, München, Berlin, Stuttgart
End of Announcement DGAP News-Service
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DGAP-News: alstria office REIT-AG: Strong operating business
| Source: EQS Group AG