DGAP-News: alstria office REIT-AG / Key word(s): Quarter Results
alstria office REIT-AG: First quarter 2014
05.05.2014 / 17:35
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Press release
First quarter 2014
First quarter results in line with FY guidance
- Revenues at EUR 25.9 m and funds from operations (FFO) at EUR 12.7 m
- Full-year guidance confirmed (revenues EUR 102 m and FFO EUR 47 m)
- Further refinancing of EUR 121 m extends average debt maturity to almost
six years
- EPRA NAV per share increased to EUR 10.79
Hamburg, May 5, 2014 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces its results for
the first three months of 2014.
Revenues of EUR 25.9 m and FFO of EUR 12.7 m
In the first three months of 2014, alstria's revenues amounted to EUR 25.9
m. The slight decrease by 1.4% compared to the first quarter of 2013 was
due to the disposal of properties and planned expiries of rental contracts.
The funds from operations (FFO) reached EUR 12.7 m in the first three
months of 2014, representing a FFO margin of approx. 49%. The FFO per share
stood at EUR 0.16 (EUR 0.18 in Q1 2013). alstria's net profit for the first
three months of 2014 amounted to EUR 4.0 m and was impacted by negative
non-cash valuation effects on financial derivatives.
Further refinancing of EUR 121 m improves balance sheet quality
After refinancing approximately two thirds of its financial debt in 2013,
alstria took advantage of the favourable financing environment and extended
another EUR 121 m of debt maturing in 2014 and 2015. On average, the new
loan agreements have a maturity of 8.5 years. Including the recent
refinancing alstria's average debt maturity further improved to 5.9 years.
Within the first three months of 2014, alstria's equity increased by 0.7%
to EUR 849.8 m, mainly reflecting the positive net profit contribution.
alstria's G-REIT equity ratio amounted to 51.2% as per end of March
2014 and the Company's net LTV at the reporting date stood at 50.4%.
Disposal of two assets at a premium to book value
As of March 31, 2014, alstria's investment property totalled EUR 1.6 bn
and was stable compared to December 31, 2013. In the first quarter of 2014,
alstria continued to recycle capital and sold two buildings in Hamburg and
Stuttgart. The properties have been fully leased up and repositioned since
their acquisition in 2007 and 2008. The assets were sold for a total
consideration of EUR 9.5 m, representing a premium of 3.3% to the valuation
as of December 31, 2013.
Operational performance
In the first quarter of the year alstria has signed new leases of 13,400
sqm, as well as lease extensions of around 6,800 sqm. The EPRA vacancy rate
was slightly up by 0.2 percentage points to 7.0%, mainly reflecting the
disposal of a fully let asset in the first quarter of 2014.
Full-year guidance confirmed
Based on the results of the first quarter 2014 alstria confirms its
guidance for the FY 2014: revenues of EUR 102 m and FFO of EUR 47 m.
Dividend proposal of EUR 0.50 per share
"In the first quarter 2014 alstria developed absolutely in line with our
plans" said Olivier Elamine, CEO of alstria. "The performance of our assets
and the profitability of our business model allows us to again propose a
dividend of EUR 0.50 per share to our shareholders on our next AGM."
Key financials at a glance
Q1 2014 Q1 2013 Change
Revenues (EUR m) 25.9 26.3 - 1.4%
Net result for the period (EUR m) 4.0 15.0 - 73.2%
Funds from operations (FFO) (EUR m) 12.7 13.9 -8.5%
FFO per share3 (EUR) 0.16 0.18 - 8.5%
Mar. 31, 2014 Dec. 31, 2013 Change
Investment properties (EUR m) 1,631 1,632 -0.1%
Cash at hand (EUR m) 81.8 82.8 -1.2%
EPRA NAV per share (EUR) 10.79 10.63 1.5%
G-REIT equity ratio (%) 51.2 50.9 0.3 pp
Net LTV ratio (%) 50.4 50.7 - 0.3 pp
Invitation to the conference call on May 6, 2014
The alstria management board, CEO Olivier Elamine and CFO Alexander Dexne,
will present the Q1 results during a conference call at 10.00 am (CET).
Please use one of the following dial-in numbers:
Germany: +49 (0) 69 2017 44 210
UK: +44-20 7153 9154
PIN: 263068#
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 Q1 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 March 31, 2014 its
portfolio comprised 75 properties with an aggregate lettable space of
891,000 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 n or 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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266463 05.05.2014
DGAP-News: alstria office REIT-AG: First quarter 2014
| Source: EQS Group AG