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alstria: Outstanding first quarter results
- Revenues at EUR 26.3 m (+11.4%) and funds from operations (FFO) at EUR 13.9 m (+42.2%)
- Full-year guidance confirmed (revenues EUR 103 m and FFO EUR 45 m)
- Strong balance sheet: G-REIT equity ratio at 51.5% and Net LTV at 46.8%
- EPRA NAV per share at EUR 11.17 (+1.7%)
alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), the leading German office REIT, announces its results for the first three months of 2013.
Revenues of EUR 26.3 m and FFO of EUR 13.9 m
In the first three months of 2013, alstria's revenues increased by 11.4% year-on-year to EUR 26.3 m, due to organic growth on the one hand and acquisition-related effects on the other hand. The funds from operations (FFO) improved massively by 42.2% to EUR 13.9 m in the first three months of 2013, reflecting the increased revenue base, but were also driven by lower operating and administrative expenses, as well as by decreased financing costs. As the number of shares remained unchanged compared to last year, the FFO per share also improved by 42.2% to EUR 0.18 (EUR 0.12 in Q1 2012). alstria's net profit for the first three months of 2013 amounted to EUR 15.0 m and was up by 46.6% compared to the first quarter of 2012.
Full-year guidance confirmed
As the increase of alstria's FFO reflects operational improvements as well as seasonal effects, the full-year guidance remains unchanged with expected revenues of EUR 103 m and FFO of EUR 45 m. Real estate operating expenses are expected to normalise in the course of the year and disposed assets, which were still on the balance sheet in the first quarter, will slightly reduce the revenue base going forward.
Continued de-leveraging process
As of March 31, 2013, alstria's investment property totalled EUR 1.6 bn and was down by 1.4%. In the first quarter of 2013, alstria made significant progress in streamlining the portfolio by selling smaller assets mainly located in Eastern Germany. As of today alstria has signed binding notarised agreements for the sale of five buildings for total proceeds of EUR 26.5 m.
Within the first three months of 2013, alstria's equity increased by 2.5% to EUR 849.7 m, mainly reflecting the positive net profit contribution. alstria's G-REIT equity ratio amounted to 51.5% as per end of March 2013 and the Company's net LTV at the reporting date improved to 46.8%.
In the first quarter of the year alstria has signed new leases of 7,100 sqm, as well as lease extensions of around 4,800 sqm. The EPRA vacancy rate was stable in the first quarter 2013 and amounted to 8.1%.
Dividend proposal of EUR 0.50 per share
"The continuous growth of revenues, FFO and FFO per share is testimony to alstria's ability to grow in a low-growth environment. Our shareholders are benefiting immediately from this, as we are proposing a dividend of EUR 0.50 per share to our next AGM, up from EUR 0.44 last year" said Olivier Elamine, CEO of alstria. "We will continue to concentrate on our strengths and are confident in our capability to unlock further growth potential in the coming months."
Invitation to the conference call on May 07, 2013
The alstria management board will present the Q1 results during a conference call at 10.00 am (CET) – conference call for analysts and journalists.
Please use one of 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 Q1 report will be available for download.
 Only includes new leases signed and disregards any lease renewals
 EPRA vacancy rate disregards vacancy from development projects
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.
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