DGAP-News: alstria office REIT-AG / Key word(s): Half Year Results
alstria office REIT-AG: FFO per share up by 13%
07.08.2012 / 07:33
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Press release
First half of 2012
FFO per share up by 13%
- Acquisitions of the past 12 months allow strong growth of revenues and
funds from operations (FFO)
- Revenues at EUR 49.2 m (+12.7%) and FFO at EUR 20.8 m (+25.3%)
- EPRA NAV per share at EUR 10.76
- Full year guidance confirmed
Hamburg, August 7, 2012 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces its result for the
first six months of 2012.
Revenues of EUR 49.2 m and FFO of EUR 20.8 m
In the first six months of 2012, alstria's revenues increased by 12.7%
year-on-year to EUR 49.2 m, mainly as a result of the acquisition of real
estate assets in 2011 and 2012. The funds from operations improved by 25.3%
to EUR 20.8 m in the first six months of 2012, driving the FFO margin by
4.3 percentage points to 42.2%. This development reflects the increased
revenue base as well as efficiency gains. alstria's FFO per share increased
by 13.0% to EUR 0.26 (H1 2011: EUR 0.23), demonstrating the
Company's ability to deliver on FFO accretion. The net profit for the first
six months of 2012 amounted to EUR 21.7 m and was up by 15.4% compared to
the first half of 2011.
Strong balance sheet
As of June 30, 2012, alstria's investment property totalled EUR 1.6 bn,
reflecting an increase of 6.5% compared to December 31, 2011. This is
mainly due to the acquisition of the DIVE portfolio, which was consolidated
as of May 1, 2012. alstria's equity amounted to EUR 810.5 m as of June 30,
2012. The increase of EUR 42.3 m reflects the capital increase and the
operating profit in the first half of 2012 on the one hand and the dividend
payment to the company's shareholders on the other hand. alstria's G-REIT
equity ratio amounted to 48.8% as per end of June 2012, the Company's net
LTV at the reporting date was 48.8%. The EPRA NAV per share amounted to EUR
10.76 as of June 30, 2012.
Strong operational performance
Since the beginning of the year and including the recently announced
leasing success, alstria has signed new leases for a total lettable area
of 12,600 sqm and extended 32,600 sqm of expiring leases.
Following the consolidation of the DIVE portfolio, alstria's total vacancy
rate in the portfolio increased in the second quarter of 2012 from 10.7%
(as of March 31, 2012) to 11.5%. As of the date of this press release
the total vacancy rate in the portfolio is down by 40 bps to around 11.1%.
The EPRA vacancy rate stood at 8.6% (March 31, 2012:7.5%).
'In the past 18 months we acquired solid cash flows, driving our revenues,
our FFO and more importantly our FFO per share, demonstrating the Company's
ability to source accretive acquisitions' said Olivier Elamine, CEO of
alstria. 'Operationally, we remain focused on continuing the successful
lease up of the new vacant space that we have acquired, providing even
further upside to the FFO.'
Outlook
alstria confirms its forecast for the 2012 financial year: annual revenues
of EUR 100 m (2011: EUR 90.7 m) and EUR 40 m in FFO (2011: EUR 34.7 m).
Key financials at a glance
H1 2012 H1 2011 Change
Revenues (EUR m) 49.2 43.7 12.7 %
Net result for the period (EUR m) 21.7 18.8 15.4 %
Funds from operations (FFO) (EUR m) 20.8 16.6 25.3 %
FFO per share³ (EUR) 0.26 0.23 13.0 %
Jun.30, 2012 Dec.31, 2011 Change
Investment properties (EUR m) 1,629 1,529 6.5 %
Cash at hand (EUR m) 61.5 96.0 -36.0 %
EPRA NAV per share (EUR) 10.76 11.32 -4.9 %
G-REIT equity ratio (%) 48.8 48.7 0.1 pp
Netto LTV ratio (%) 48.8 50.2 -1.4 pp
Invitation to the conference call on August 07, 2012
The alstria Management Board will present the H1 results during a
conference call at 10.00 am (CET).
Please use the following dial-in numbers:
Germany: + 49 (0) 6103 485 3001
UK: + 44-207-153-2027
Please note that you can watch the management's presentation live as a
webcast on our website www.alstria.com. As soon as the conference call
begins, the presentation and the interim report will be 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. The Company owns a diversified portfolio of properties across
attractive German office real estate markets. As of June 30, 2012 the
portfolio comprises 85 properties with an aggregate lettable space of
930,000 sqm and is valued at approximately EUR 1.6 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
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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180590 07.08.2012
DGAP-News: alstria office REIT-AG: FFO per share up by 13%
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