30.03.2016
alstria office REIT-AG DE000A0LD2U1
DGAP-News: alstria office REIT-AG: Annual result 2015
DGAP-News: alstria office REIT-AG / Key word(s): Final Results
alstria office REIT-AG: Annual result 2015
30.03.2016 / 07:36
The issuer is solely responsible for the content of this announcement.
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Press release
Annual result 2015
- Increase of funds from operations (FFO) to EUR 60.0 m (+26.0%) in line
with guidance
- EPRA NAV per share at EUR 10.91
- Excellent leasing result in the combined group, bringing the EPRA
vacancy rate down to 11.2%
- Management proposes to pay a dividend of EUR 0.50 per share for FY 2015
- Guidance for 2016: FFO expected to grow to EUR 115 m
Hamburg, March 30, 2016 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces its result for the
financial year 2015.
Revenues of EUR 115.3 m and FFO of EUR 60.0 m in line with full-year
guidance
In 2015 alstria's revenues amounted to EUR 115.3 m (+13.3%) and were fully
in line with alstria's guidance of EUR 116 m. The increase was mainly a
result of the first-time consolidation of Deutsche Office for the last two
months of 2015. alstria's funds from operations (FFO) improved by 26.0% to
EUR 60.0 m and were slightly better than the Companies' guidance of EUR 59
m for 2015. The consolidated net profit amounted to EUR -111.4 m (2014: EUR
37.0 m). The loss was caused by the full impairment of the goodwill (EUR
144.8 m) that technically occurred in the course of the acquisition of
Deutsche Office and was also impacted by transaction costs (EUR 9.8 m) and
restructuring costs (EUR 9.2 m) related to the transaction. The loss was in
line with alstria's expectations as already announced in October 2015.
Strong balance sheet: Net LTV of 49.3%, REIT equity ratio of 49.4%
As per year-end 2015 alstria's total shareholder's equity position was EUR
1,619.4 m (December 31, 2014: EUR 846.6 m) and reflected the capital
measures related to the takeover of Deutsche Office. The EPRA NAV per share
amounted to EUR 10.91 (December 31, 2014, EUR 11.22). alstria's G-REIT
equity ratio, which is defined as total equity divided by immovable assets,
was 49.4% (December 31, 2014: 50.2%). alstria's net LTV amounted to 49.3%
as per December 31, 2015 (50.4% as per December 31, 2014) and underlines
the Company's conservative financing structure.
Portfolio volume doubled in 2015
The value of alstrias investment properties increased to EUR 3,260 m as of
December 31, 2015 (December 31, 2014: 1,646 m). The increase in investment
property mainly reflects the acquisition of the portfolio of Deutsche
Office (EUR 1,645 m at the time of the first time consolidation) and capex
measures taken in 2015 (EUR 28 m). In the course of the year alstria
continued to recycle capital and sold seven assets from the "historical"
alstria portfolio for a total consideration of EUR 126 m. The assets were
sold at an average premium of 12.7% compared to the appraised value as per
December 31, 2014 and resulted from a partial change of use from office
into residential buildings particularly in Munich. The proceeds were partly
reinvested in office buildings located in Hamburg and Düsseldorf.
EPRA vacancy rate substantially down to 11.2%
The very liquid German letting market allowed alstria to substantially
reduce the vacancy in the combined portfolio by 310 bps since the
announcement of the acquisition of Deutsche Office. The pro forma EPRA
vacancy rate of the combined portfolio stood at 14.3% as of March 31, 2015
and declined to 11.2% by December 31, 2015. In the course of 2015 the
combined Real Estate Operations-Team signed new leases for 76,300 sqm and
lease extensions for 101,000 sqm. The reduction of the EPRA vacancy was
also positively impacted by the disposal of vacant assets in Munich.
Stable dividend of EUR 0.50 per share
The Company will propose to the Annual General Meeting a dividend payment
of EUR 0.50 per share, representing a 4.2% dividend yield based on a 2015
VWAP (Volume-weighted average price) of EUR 11.95 .
Outlook 2016: Revenues of EUR 200 m, FFO of EUR 115 m
Based on the combined portfolio and the contractually agreed rent, alstria
currently expects revenues of EUR 200 m and funds from operations (FFO) of
EUR 115 m. The FFO per share is expected to increase by 10% from EUR 0.68
(pro forma 2015) to EUR 0.75 in 2016. The expected increase is due to
operational efficiency gains, vacancy reduction and savings of financing
costs.
'2015 was an exciting year for alstria and its shareholders,' said Olivier
Elamine, CEO of alstria. 'We took a significant step in the development of
our Company, not only through the acquisition on Deutsche Office, but also
through the achievement of an investment grade rating by S&P. We are
looking with confidence into the year 2016 and will continue to work on the
further optimization of our portfolio'.
Invitation to the telephone conference on March 30, 2016
The alstria management board, CEO Olivier Elamine and CFO Alexander Dexne,
will present the 2015 financial results in a telephone conference at 10:00
am (CET) which will also be webcasted on our website. The full Annual
report (Company report and Audited Financial Statements) are available for
download on our website.
Contact:
Ralf Dibbern, IR/PR
Phone: +49 (0) 40 226 341 329
Email: [email protected]
More information on:
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 combination of alstria and Deutsche Office creates the leading
listed German office real estate company with a combined portfolio of 120
office buildings comprising 1.7 million sqm of lettable space and
representing a total portfolio value of approximately EUR 3.3 billion. 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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30.03.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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: [email protected]
Internet: http://www.alstria.de
ISIN: DE000A0LD2U1
WKN: A0LD2U
Indices: MDAX, EPRA, German REIT Index
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Hamburg, Munich, Stuttgart;
Terminbörse EUREX
End of News DGAP News Service
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449531 30.03.2016
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