alstria office REIT-AG / Quarter Results
13.11.2009
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* Revenues of EUR 77.3 million and Funds From Operations (FFO) of EUR 24.2
million completely in line with full-year guidance
* Two new loan agreements further reduce syndicated loan balloon
* Asset sales confirm latest IFRS values
Hamburg, November 13, 2009 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), an internally managed Real Estate Investment Trust (REIT)
focused solely on acquiring, owning and managing office real estate in
Germany, today announced its financial results for the first nine months of
2009. alstria confirmed its forecasts on all key financials.
Revenues and FFO comply with alstria's guidance
Revenues were at EUR 77.3 million and Funds From Operations (FFO) remained
stable in the third quarter of 2009 with Funds From Operations (FFO) of
around EUR 8 million for this period. This results in EUR 24.2 million
funds from operations (FFO) for the first three quarters of 2009 (vs. EUR
29.9 million in Q1 - Q3/2008), which is fully in line with the company's
guidance of EUR 32 million for the full year.
Key financials at a glance
Q1-Q3/09 Q1-Q3/08 Variation
Revenues (EUR m) 77.3 75.8 2.0%
Net result for the period (EUR m) 2.3 -5.7 140.9%
Funds From Operations (FFO) (EUR m) 24.2 29.9 -19.0%
FFO per share (EUR) 0.43 0.53 -19.0%
30/09/09 31/12/08 Variation
Investment properties (EUR m) 1,721.3 1,805.3 -4.6%
Properties held for sale (EUR m) 49.6 0.0 n/a
Cash at hand (in EUR m) 58.9 31.4 87.5%
NNNAV per share (EUR) 12.39 13.03 -4.9%
G-REIT equity ratio (in %) 39.1 40.3 -1.2 pp
Syndicated loan LTV ratio (in %) 59.0 59.1 0.1 pp
alstria closed the first three quarters of 2009 with a net profit of EUR
2.3 million compared to a loss of EUR 5.7 million for the same period in
2008. The loss announced in the first quarter of 2009 (EUR -5.5 million)
has been compensated by EUR 3.2 million net profit generated in the second
quarter and EUR 4.6 million net profit generated by the company operations
in the third quarter of the year. The results were still influenced by non
cash devaluation of the portfolio as well as losses on derivatives (Q1 -
Q3/2009: EUR 21.3 million).
The total equity position is EUR 692.5 million which reflects a decline of
EUR 37.2 million compared to the beginning of the year. The main drivers
for this decline were the dividend payout of EUR 28.4 million and the
valuation changes of the company's interest hedging instruments.
Further reduction of balloon payment and disposal of mature assets
Executing its financing strategy despite challenging market situation,
alstria refinanced nine properties and sold five assets. At reporting date,
the LTV on the syndicated loan facility stands at 59.0%, just below the
company's year end target of 60%.
In addition to the sale of five properties in the first nine months of
2009, alstria agreed on the disposal of a real estate portfolio containing
seven assets in October 2009, for a total consideration of around EUR 93.4
million. This transaction represents the largest commercial property
portfolio sale in 2009. The portfolio was sold at year-end valuation and
latest reported IFRS values. Considering this last sale which is expected
to close in the course of the first quarter 2010, the total asset sales for
the year amount to a volume of around EUR 141 million.
Post closing of the portfolio sale transaction announced by the company on
October 30, 2009, and the refinancing announced on October 22, 2009,
alstria will have reduced the syndicated loan down by around 30% in total
to EUR 784 million.
Focus on asset management
As part of the ongoing asset management operations, the leases expiring
within the next two years were reduced by 2.5 percentage points from 12.8%
at the end of 2008 to 10.3% as of September 30, 2009.
Furthermore, alstria has been able to fully lease the vacant 2,100 sqm
Hamburg building acquired in the second quarter of this year.
Outlook
alstria confirms its forecast for the 2009 financial year for annual
revenues of EUR 103 million and EUR 32 million in funds from operations
(FFO).
'With EUR 159 million of disposals and around EUR 221 million of
refinancings in the last twelve months we are close to reaching our goals
to strengthen the balance sheet,' said Olivier Elamine, CEO of alstria. 'A
glance at the investment market shows that the price discovery process is
almost over; while core properties have been resilient, as demonstrated by
our successful sales, the pricing of non-core assets is moving in the right
direction. We are experiencing an increase in reverse enquiries by
potential sellers of real estate. The financial flexibility that we have
built up allows us to screen these opportunities and rethink the growth
perspectives of the company, as well as the funding alternatives'.
Invitation to the conference call on November 13, 2009
The alstria management board will present the Q3 results during a
conference call:
* 10.00 am (CET) - conference call for analysts and journalists
Please use the following dial-in numbers:
* Germany: +49 - (0) 6103 - 485 3001
* UK: +44 - (0) 207 - 153 2027
Please note that you can watch the company presentation live as a webcast
on our website (under 'Investor Relations' - 'Presentations and Speeches')
at: www.alstria.com. As soon as the conference call begins, the
presentation (and the Q3 report under 'Financial Publications') will be
also available as a download.
About alstria:
alstria office REIT-AG (alstria) is an internally managed Real Estate
Investment Trust (REIT) solely focused 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
based in Hamburg.
alstria owns a diversified portfolio of properties across attractive German
office real estate markets. Its current portfolio comprises 85 properties
with an aggregate lettable space of around 922,000 sqm and is valued at
approximately EUR 1.8 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.
For further information, please see: www.alstria.com
http://alstria.blogspot.com
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.
Media:
Christian Falkowski
Phone: +49 - (0)40 - 226 341 340
Email: pr@alstria.de
Investor Relations:
Brigitte Büchner
Phone: +49 - (0)40 - 226 341 319
Email: ir@alstria.de
13.11.2009 Financial News distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: alstria office REIT-AG
Bäckerbreitergang 75
20355 Hamburg
Deutschland
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, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-News: alstria office REIT-AG: Q3/2009 results meet company's guidance
| Source: EQS Group AG