DGAP-News: alstria office REIT-AG: First quarter 2014

DGAP-News: alstria office REIT-AG / Key word(s): Quarter Results alstria office REIT-AG: First quarter 2014 05.05.2014 / 17:35 --------------------------------------------------------------------- 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 --------------------------------------------------------------------- 05.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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 --------------------------------------------------------------------- 266463 05.05.2014