DGAP-News: alstria office REIT-AG / Key word(s): Final Results
alstria office REIT-AG: Annual Result 2011
21.02.2012 / 17:48
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Press release
Annual Result 2011
- Financial result 2011 in line with guidance: Revenues of EUR 90.8 m
(+1.9%) and funds from operations (FFO) at EUR 34.7 m (+25.9%)
- Strong balance sheet ratios: G-REIT equity ratio at 48.7% and net LTV
at 50.2%
- Management proposes to pay a dividend of EUR 0.44 per share for FY 2011
- Guidance for 2012: Solid growth due to accretive acquisitions
Hamburg, February 21, 2012 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces its result for the
financial year 2011.
Revenues of EUR 90.8 m and FFO of EUR 34.7 m in line with full-year
guidance
In the financial year 2011, alstria generated revenues of EUR 90.8 m. The
increase of 1.9% year on year was mainly attributable to the acquisition of
real estate assets in the course of the year. Funds from operations for the
same period amounted to EUR 34.7 m and were slightly higher than the 2011
guidance of EUR 34 m. The substantial increase of alstria's FFO margin from
30.9% (FY 2010) to 38.2% (FY 2011) was driven by accretive acquisitions and
the deleveraging process of the Company. alstria's operating success is
also shown by the FFO per share, which increased by 7% to EUR 0.48 compared
with EUR 0.45 in the same period last year. Considering the increase in the
number of shares following the capital increase executed in March 2011, the
increase in FFO per share is testimony to alstria's ability to raise
capital and invest it in an accretive manner for all its shareholders.
The net loss from fair value adjustments on financial derivatives was EUR
-3.2 m and improved substantially compared with the prior year period (EUR
-35.7 m). alstria's net profit for the year 2011 therefore was EUR 27.4 m
compared with EUR 0.2 m in 2010.
As a result of the annual valuation process, the portfolio value decreased
by EUR 16.7 m (2010: EUR -12.8 m) to EUR 1.53 bn. The negative valuation
impact is mainly due to the increase in transfer tax in some German states
(EUR -7.5 m) as well as to the devaluation of a specific number of
short-dated assets. The negative valuation result was almost compensated by
a positive result from joint ventures amounting to EUR 13.1 m (2010: EUR
12.1 m), mainly related to the successful disposal of the prime development
project 'Alte Post'.
Strongest balance sheet in alstria's history
In the course of 2011, alstria was able to further strengthen its balance
sheet. The average debt maturity as per December 31, 2011 was 3.8 years,
while cost of debt remained stable at around 4.3%. The Company's net LTV at
the reporting date was 50.2%. alstria has no refinancing needs until
mid-2014.
alstria's equity increased by 10.9% to EUR 768.2 m as per year-end 2011,
mainly as a result of the successful capital increase in March 2011. The
number of shares outstanding grew by 16% to 71.7 m shares as per December
31, 2011. The EPRA NAV per share amounted to EUR 11.32 vs. EUR 11.68 (FY
2010). alstria's G-REIT equity ratio was 48.7% as per year-end.
Acquisitions of EUR 169 m of assets offer opportunities
In 2011, alstria took advantage of market opportunities and acquired assets
worth EUR 169 m. Some of the assets have a value-add profile and offer
substantial value creation potential through refurbishment and letting
measures.
As of December 31, 2011, alstria's investment property totalled EUR 1.53
bn. The increase by approximately 13% compared to December 31, 2010 was
driven by the acquisition of ten properties in the course of the year. The
valuation reflects an overall valuation yield of 6.5% .
Successful leasing activities
In 2011, alstria achieved the best letting result in its history. A total
of 30,000 sqm of new leases and an extension of existing leases of 20,000
sqm were signed throughout the year. The contractual vacancy rate in the
portfolio as per year-end 2011 was 8.6% and therefore increased by 1.0pp
compared to December 31, 2010. The increase is mainly attributable to the
acquisition of assets characterised by a higher vacancy.
Dividend
The Company will propose to the next AGM a dividend payment of EUR 0.44 per
share.
Outlook
Based on its current portfolio and the contractually agreed rent, alstria
currently expects revenues of EUR 95 m and funds from operations (FFO) of
EUR 37 m for the financial year 2012.
Invitation to the conference call on February 21, 2012
The alstria management board, CEO Olivier Elamine and CFO Alexander Dexne,
will host a conference call on February 21, 2012 at 6:30 pm (CET).
Presentation slides and webcast will be available on alstria's website
www.alstria.com.
Please use the following dial-in numbers:
Germany: + 49 (0) 6103 485 3001
UK: + 44 - 207 153 2027
alstria's financial report 2011, including full IFRS notes and disclosures
will be published on March 30, 2012.
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. Its current portfolio
comprises 80 properties with an aggregate lettable space of approx. 862,000
sqm and is valued at approximately EUR 1.5 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: rdibbern@alstria.de
More information on:
www.alstria.com
www.alstria.blogspot.com
www.twitter.com/alstria_REIT
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
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Language: English
Company: alstria office REIT-AG
Bäckerbreitergang 75
20355 Hamburg
Germany
Phone: 040-226 341 300
Fax: 040-226 341 310
E-mail: info@alstria.de
Internet: http://www.alstria.de
ISIN: DE000A0LD2U1
WKN: A0LD2U
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Hamburg, München, Stuttgart
End of News DGAP News-Service
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157573 21.02.2012
DGAP-News: alstria office REIT-AG: Annual Result 2011
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