DGAP-News: alstria office REIT-AG / Key word(s): Quarter Results
alstria office REIT-AG: First quarter results in line with FY guidance
04.05.2015 / 17:35
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Press release
First quarter 2015
First quarter results in line with FY guidance
- Revenues at EUR 24.1 m and funds from operations (FFO) at EUR 11.2 m
- Full-year guidance confirmed (revenues EUR 98 m and FFO EUR 49 m)
- EPRA NAV per share up by 2.0% to EUR 11.45
Hamburg, May 4, 2015 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces its results for
the first three months of 2015.
Revenues of EUR 24.1 m and FFO of EUR 11.2 m
In the first three months of 2015, alstria's revenues amounted to EUR 24.1
m (Q1 2014: EUR 25.9 m). The decrease compared to the first quarter of 2014
was due to the disposal of properties and planned expiries of rental
contracts. The funds from operations (FFO) reached EUR 11.2 m in the first
three months of 2015, representing a FFO margin of approximately 47%. The
FFO per share stood at EUR 0.13 and is fully in-line with the management
guidance. alstria's net profit for the first three months of 2015 amounted
to EUR -10.5 m and was impacted by negative non-cash valuation effects on
financial derivatives.
Strong balance sheet
Within the first three months of 2015 alstria's equity increased by 10.9%
to EUR 938.7 m, mainly reflecting the successful capital increase as per
end of March 2015. In the first three months of 2015 the Company's EPRA NAV
per share improved by 2.0% to EUR 11.45. alstria's G-REIT equity ratio
amounted to 55.5% and the Company's net LTV stood at 43.9% as per March 31,
2015, also reflecting the effects from the capital increase in March 2015.
The proceeds will be used to fund the acquisition of real estate assets.
Operational performance
alstria recorded a strong leasing performance in the first quarter of the
year with new leases of 12,400 sqm, as well as lease extensions of around
11,300 sqm. The EPRA vacancy rate was stable at 11.1% compared to Dec. 31,
2014.
Full-year guidance confirmed
Based on the results of the first quarter alstria confirms its guidance for
the FY 2015: revenues of EUR 98 m and FFO of EUR 49 m.
'In the first quarter 2015 alstria developed in line with our plans. We had
a strong leasing performance and are looking at a number of attractive
acquisition opportunities in order to deploy the funds we raised in the
first quarter', said Olivier Elamine, CEO of alstria. 'We still expect to
benefit from substantially lower financing costs starting mid-year, which
will further boost alstria's cash flow going forward.'
Key financials at a glance
Q1 2015 Q1 2014 Change
Revenues (EUR m) 24.1 25.9 - 7.2%
Net result for the period (EUR m) -10.5 4.0 n/a
Funds from operations (FFO) (EUR m) 11.2 12.7 -12.0%
FFO per share (EUR) 0.13 0.16 - 18.8%
Mar. 31, 2015 Dec. 31, 2014 Change
Investment properties (EUR m) 1,651 1,646 0.3%
Cash at hand (EUR m) 163.5 63.1 158.9%
EPRA NAV per share (EUR) 11.45 11.22 2.0%
G-REIT equity ratio (%) 55.5 50.2 5.3 pp
Net LTV ratio (%) 43.9 50.4 -6.5 pp
Invitation to the conference call on May 5, 2015
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 22222 90 43
UK: +44 20 30092452
PIN: 24265914#
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 slides will be available for download.
Contact:
Ralf Dibbern, IR/PR
Phone: +49 (0) 40 / 226 341-329
Email: rdibbern@alstria.de
More information:
www.alstria.com
www.alstria.blogspot.com
www.twitter.com/alstria_REIT
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, 2015 its
portfolio comprised 74 properties with an aggregate lettable space of
873,300 sqm and is valued at approximately EUR 1.7 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.
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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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Hamburg, Munich, Stuttgart
End of News DGAP News-Service
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352547 04.05.2015
DGAP-News: alstria office REIT-AG: First quarter results in line with FY guidance
| Source: EQS Group AG