06.08.2018
alstria office REIT-AG DE000A0LD2U1
DGAP-News: alstria office REIT-AG: First half 2018 - Strong leasing momentum, increased guidance
DGAP-News: alstria office REIT-AG / Key word(s): Half Year Results
alstria office REIT-AG: First half 2018 - Strong leasing momentum, increased
guidance
06.08.2018 / 17:40
The issuer is solely responsible for the content of this announcement.
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Press release
First half 2018 - Strong leasing momentum, increased guidance
- Revenues at EUR 96.2 m and funds from operations (FFO) at EUR 58.1 m
- Net LTV at 34.7% and REIT equity ratio at 63.2%
- Letting volume: 64,800 sqm
- Acquisition of two assets for a total consideration of EUR 35.8 m in the
second quarter of 2018
- Increase of guidance 2018: revenues of EUR 190 m (prev.: EUR 187 m) and
FFO of EUR 113 m (prev.: EUR 110 m)
Hamburg, August 6, 2018 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1) reports on a successful first half of 2018.
Revenues of EUR 96.2 m and FFO of EUR 58.1 m
Despite the planned termination of leasing contracts, higher rental income
following the acquisition of new properties led to an increase in alstria's
rental income by 3.1% to EUR 96.2 m in the first half of 2018 compared to
the prior year period.
Funds from operations (FFO) in the same period amounted to EUR 58.1 m
(+2.6%) and were in line with the plan of the Company. The FFO margin of
60.3% (H1 2017: 60.6%) remained on a high level and is testimony to the
profitability of the Company. The consolidated net result was EUR 62.5 m as
of June 30, 2018 and compares to EUR 78.6 m in the prior year period. The
change was mainly due to a EUR 23.3 m one-off capital gain following the
disposal of the "Kaisergalerie" asset (Hamburg) in H1 2017.
Net LTV at 34.7%, EPRA NAV per share at EUR 12.53
In the first six months of 2018, alstria's equity grew by 13.5% to EUR 2,218
m compared to December 31, 2017. The dividend payment of EUR 92.2 m (EUR
0.52 per share) to the shareholders of the Company in the second quarter of
2018 was overcompensated by the net profit contribution in the first six
months of the year (EUR 62.5 m), the capital increase in the first quarter
2018 (EUR 190.5 m) and the impact of the conversion of the convertible bond
(EUR 98.6 m). alstria's EPRA NAV per share stood at EUR 12.53 per share as
per June 30, 2018. The strength of alstria's balance sheet is demonstrated
by a G-REIT equity ratio of 63.2% and the Company's net LTV of 34.7% as per
June 30, 2018.
64,800 sqm of letting volume
The German leasing market remains liquid and alstria recorded a strong
result in its letting performance in the first half of the year with new
leases [1] of 36,500 sqm, as well as lease extensions of around 28,300 sqm.
The EPRA vacancy rate [2] was slightly improving to 11.0% in the course of
the second quarter 2018 (11.2% as per March 30, 2018).
[1] Only includes new leases signed and disregards any lease renewals.
[2] EPRA vacancy rate disregards vacancy from development projects.
Acquisition volume of EUR 123.2 m ytd and disposals of EUR 13.6 m
In the second quarter, alstria acquired two office buildings in Frankfurt
and Wiesbaden with a combined lettable area of 14,700 sqm at a total AIC of
EUR 35.8 m (EUR 2,400/sqm). The two assets are complementary to alstria's
current portfolio and offer substantial reversion in the mid-term. They
generate a combined rental income of EUR 1.2 m (EUR 13.7 per sqm) and have a
total vacancy rate of 49%. These acquisitions bring the year-to-date
acquisition volume to EUR 123.2 m. At the same time alstria has continued to
streamline its portfolio and sold two assets located in Bremen and Harburg
for a total consideration of EUR 13.6 m. These assets were sold at an
average premium of 5.5% to the latest external valuation.
Increase of guidance for FY 2018
Based on the results of the first half, alstria increases its guidance for
the FY 2018. Revenues are expected to amount to EUR 190 m (prev.: EUR 187 m)
and the FFO is expected to reach EUR 113 m (prev.: EUR 110 m). The
adjustment is due to the impact of new acquisitions and higher rental
revenues linked to stronger indexation and a different timing in the closing
of asset sales.
"In the first six months of 2018 our business developed according to plan",
said Olivier Elamine, CEO of alstria. "Our portfolio continued to deliver
strong returns, underpinned by strong tenant demand in the markets in which
we operate. We recorded the strongest tenant demand particularly for our
development assets which offer high quality space in line with the changes
we foresee in the corporate demand. The investment market remains
challenging and we have continued to focus our attention on selective
locations that we believe will benefit from mid-term re-rating, while
continuing the streamlining of alstria's portfolio. Our capital recycling
approach leads to an increase of our overall portfolio quality."
Invitation to the conference call on August 7, 2018
The alstria management board, CEO Olivier Elamine and CFO Alexander Dexne,
will present the H1 results during a conference call at 10:00 am (CET).
Please use one of the following dial-in numbers:
Germany: + 49 69 22 222 90 43
UK: + 44 20 300 92 452
PIN: 242 65 914 #
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 on our
website.
Contact IR/PR:
Ralf Dibbern
Steinstr. 7
20095 Hamburg, Germany
Tel: +49 (0) 40 226 341 329
Email: [email protected]
More information on:
www.alstria.com
www.beehive.work
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 116 office buildings
comprising 1.6 million sqm of lettable space and representing a total
portfolio value of approximately EUR 3.5 billion (as of June 30, 2018). 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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06.08.2018 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
Steinstraße 7
20095 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: SDAX, EPRA, German REIT Index
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange; London, Luxembourg
Stock Exchange, SIX, Vienna Stock Exchange
End of News DGAP News Service
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711095 06.08.2018
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