07. August 2012 
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alstria increases revenues and funds from operations
alstria office REIT-AG announces its result for the first six months of 2012. In the first six months of 2012, alstria’s revenues increased by 12.7% year-on-year to 49.2 million EUR, mainly as a result of the acquisition of real estate assets in 2011 and 2012. The funds from operations improved by 25.3% to 20.8 million EUR 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 0.26 EUR (H1 2011: 0.23 EUR), demonstrating the Company’s ability to deliver on FFO accretion. The net profit for the first six months of 2012 amounted to 21.7 million EUR and was up by 15.4% compared to the first half of 2011.
As of June 30, 2012, alstria’s investment property totalled 1.6 billion EUR, 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 810.5 million EUR as of June 30, 2012. The increase of 42.3 million EUR 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 10.76 EUR as of June 30, 2012.
Since the beginning of the year and including the recently announced leasing success, alstria has signed new leases1 for a total lettable area of 12,600 sq m and extended 32,600 sq m 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 100 million EUR (2011: 90.7 million EUR) and 40 million EUR in FFO (2011: 34.7 million EUR).
As of June 30, 2012, alstria’s investment property totalled 1.6 billion EUR, 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 810.5 million EUR as of June 30, 2012. The increase of 42.3 million EUR 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 10.76 EUR as of June 30, 2012.
| 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% | ||||
Since the beginning of the year and including the recently announced leasing success, alstria has signed new leases1 for a total lettable area of 12,600 sq m and extended 32,600 sq m 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%).
| 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 | |||
| Net LTV ratio (%) | 48.8 | 50.2 | -1.4 pp |
“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 100 million EUR (2011: 90.7 million EUR) and 40 million EUR in FFO (2011: 34.7 million EUR).
