- Pressemitteilung BoxID 529182
First half of 2012: FFO per share up by 13%
- Acquisitions of the past 12 months allow strong growth of revenues and funds from operations (FFO)
- Revenues at EUR 49.2 m (+12.7%) and FFO at EUR 20.8 m (+25.3%)
- EPRA NAV per share at EUR 10.76
- Full year guidance confirmed
alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), the leading German office REIT, announces its result for the first six months of 2012.
Revenues of EUR 49.2 m and FFO of EUR 20.8 m
In the first six months of 2012, alstria's revenues increased by 12.7% year-on-year to EUR 49.2 m, mainly as a result of the acquisition of real estate assets in 2011 and 2012. The funds from operations improved by 25.3% to EUR 20.8 m in the first six months of 2012, driving the FFO margin by 4.3 percentage points to 42.2%. This development reflects the increased revenue base as well as efficiency gains. alstria's FFO per share increased by 13.0% to EUR 0.26 (H1 2011: EUR 0.23), demonstrating the Company's ability to deliver on FFO accretion. The net profit for the first six months of 2012 amounted to EUR 21.7 m and was up by 15.4% compared to the first half of 2011.
Strong balance sheet
As of June 30, 2012, alstria's investment property totalled EUR 1.6 bn, reflecting an increase of 6.5% compared to December 31, 2011. This is mainly due to the acquisition of the DIVE portfolio, which was consolidated as of May 1, 2012. alstria's equity amounted to EUR 810.5 m as of June 30, 2012. The increase of EUR 42.3 m reflects the capital increase and the operating profit in the first half of 2012 on the one hand and the dividend payment to the company's shareholders on the other hand. alstria's G-REIT equity ratio amounted to 48.8% as per end of June 2012, the Company's net LTV at the reporting date was 48.8%. The EPRA NAV per share amounted to EUR 10.76 as of June 30, 2012.
Strong operational performance
Since the beginning of the year and including the recently announced leasing success, alstria has signed new leases for a total lettable area of 12,600 sqm and extended 32,600 sqm of expiring leases.
Following the consolidation of the DIVE portfolio, alstria's total vacancy rate in the portfolio increased in the second quarter of 2012 from 10.7% (as of March 31, 2012) to 11.5%. As of the date of this press release the total vacancy rate in the portfolio is down by 40 bps to around 11.1%. The EPRA vacancy rate stood at 8.6% (March 31, 2012:7.5%).
"In the past 18 months we acquired solid cash flows, driving our revenues, our FFO and more importantly our FFO per share, demonstrating the Company's ability to source accretive acquisitions" said Olivier Elamine, CEO of alstria. "Operationally, we remain focused on continuing the successful lease up of the new vacant space that we have acquired, providing even further upside to the FFO."
alstria confirms its forecast for the 2012 financial year: annual revenues of EUR 100 m (2011: EUR 90.7 m) and EUR 40 m in FFO (2011: EUR 34.7 m).
 Only includes new leases signed and disregards any lease renewals
 EPRA vacancy rate disregards vacancy from development projects
Invitation to the conference call on August 07, 2012
The alstria Management Board will present the H1 results during a conference call at 10.00 am (CET).
Please use 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 interim report will be available for download.
More information on:
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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