DGAP-News: alstria office REIT-AG / Key word(s): Final Results
alstria office REIT-AG: Annual result 2012
01.03.2013 / 07:30
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Press release
Annual result 2012
- alstria achieves excellent financial result 2012: Revenues of EUR 101.3 m
(+11.6%) and funds from operations (FFO) of EUR 43.6 m (+25.6%)
- FFO per share up 15% to EUR 0.55
- Strongest balance sheet ratios in the Company's history: G-REIT equity
ratio at 50.0% and net LTV at 47.8%
- Management proposes to pay a dividend of EUR 0.50 (+14%) per share for FY
2012
- Guidance for 2013: Further growth in revenues and FFO
Hamburg, March 1, 2013 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces its result for the
financial year 2012.
Revenues of EUR 101.3 m and FFO of EUR 43.6 m slightly above full-year
guidance
Based on very solid fundamentals, alstria generated revenues of EUR 101.3 m
in FY 2012. The increase of 11.6% year-on-year was mainly driven by the
acquisition of six properties in early 2012, but also by organic rental
growth of 3.2% resulting from indexation and new lettings. Funds from
operations for the same period amounted to EUR 43.6 m (+25.6% compared to
FY 2011) and were slightly higher than the 2012 guidance of EUR 43 m,
demonstrating the Company's ability to substantially grow its cash flow in
a flat market environment. Efficiency gains and economies of scale further
improved alstria's FFO margin from 38.2% (FY 2011) to 43.0% (FY 2012).
alstria's operating success is also reflected in the FFO per share, which
increased by 15% to EUR 0.55 compared with EUR 0.48 in 2011. Considering
the increase in the number of shares following the capital increase
executed in February 2012, the increase in FFO per share is again testimony
to alstria's ability to raise capital and invest it in an accretive manner
for all its shareholders. alstria's net profit for the year 2012 was EUR
39.9 m compared with EUR 27.4 m in 2011.
The annual valuation led to a stable market value of alstria's real estate
portfolio. The marginal loss of EUR -1.9 m (2011: EUR -16.7 m) was mainly
caused by the increase of transfer tax in the State of Hesse, which
increased from 3.5% to 5.0% and was fully reflected in alstria's portfolio
valuation. The depreciation of EUR 5.0 m acquisition-related costs
(DIVE-Portfolio) was entirely compensated by valuation gains following
successful asset-management activities. The gross yield of alstria's
portfolio remained stable at 6.5%.
Strongest balance sheet in alstria's history
In the course of 2012, alstria continued its process of further
strengthening its balance sheet. The average debt maturity as per December
31, 2012 was 3.0 years, while cost of debt fell to 3.9%. The Company's net
LTV at the reporting date was 47.8% (2011: 50.1%).
Following the capital increase in early 2012 alstria's equity increased by
8.0% to EUR 829.3 m as per year-end 2012. The number of shares outstanding
grew by 10% to 78.9 m shares as per December 31, 2012. The EPRA NAV per
share amounted to EUR 10.98 (Dec. 31, 2012) vs. EUR 11.32 (Dec. 31, 2011).
alstria's G-REIT equity ratio was 50.0% as per year-end 2012 and provides
substantial headroom to the legally required 45%.
Increase in rent and valuation gain in the DIVE portfolio
As of December 31, 2012, alstria's investment property totalled EUR 1.6 bn.
The increase by approximately 6.2% compared to December 31, 2011 was driven
by the acquisition of six properties in the beginning of the year.
The DIVE portfolio alstria acquired in February 2012 (six assets located in
the regions of Düsseldorf, Hamburg and Frankfurt) delivered an excellent
performance from the first day of consolidation (transfer as of May 1,
2012). Based on its real estate operation expertise alstria was able to
reduce the vacancy in this specific portfolio by 25% from 24.8% to 18.6%.
This led to an increase in rents of 5.7% and a valuation gain of 4.1% or
EUR 3.7 m. alstria is looking forward to achieve further progress in terms
of value creation in 2013.
Successful leasing activities
In 2012, alstria achieved the best letting result in its history. A total
of 44,800 sqm of new leases and an extension of existing leases of 41,000
sqm were signed throughout the year. The EPRA vacancy rate in the portfolio
as per year-end 2012 was 8.0% compared to 6.5% as of December 31, 2011. The
increase is attributable to the acquisition of assets characterised by a
higher vacancy.
'The real estate market has remained as we would have expected it:
challenging' said Olivier Elamine, CEO of alstria. 'alstria has been
prepared to trade in such an environment and has demonstrated in 2012 that
it can substantially grow its cash flow per share. We expect this growth to
continue in 2013, as this is reflected in our guidance.'
Dividend
The Company will propose to the next Annual General Meeting to increase the
dividend payment by 14% to EUR 0.50 per share.
Outlook
Based on its current portfolio and the contractually agreed rent, alstria
currently expects revenues of EUR 103 m and funds from operations (FFO) to
grow by 3.3% to EUR 45 m in the financial year 2013.
Invitation to the analyst and press conference call on March 1, 2013
The alstria management board, CEO Olivier Elamine and CFO Alexander Dexne,
will present the 2012 financial results in a press conference for analysts
and journalists at 10:00 am (CET) in Frankfurt. 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
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 84 properties with an aggregate lettable space of approx. 929,000
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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202658 01.03.2013
DGAP-News: alstria office REIT-AG: Annual result 2012
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