Corporate | 20 November 2007 08:37
alstria office REIT-AG / Quarter Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
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alstria office REIT-AG reports strong financial results for the first nine
months of 2007
# Revenues more than tripled to EUR 61 m
# Net income of EUR 55 m and FFO at EUR 22 m
# Earnings per share at EUR 0.99, up 25 % compared
to first half year
# Financial guidance and acquisition targets confirmed
Hamburg, November 20, 2007 – alstria office REIT-AG (symbol: AOX, ISIN:
DE000AOSDZU1), an internally managed Real Estate Investment Trust (REIT)
which is solely focused on acquiring, owning and managing office real
estate in Germany, today reports the financial results for the third
quarter and the first nine months of 2007.
Driven by the substantial growth of the investment property portfolio,
revenues more than tripled to EUR 61 m for the nine months period in
comparison with the same period of 2006; revenues were at EUR 22 m for the
quarter. With administrative expenses at EUR 7.6 m and personnel expenses
at EUR 2.3 m this resulted in a net operating result excluding fair value
adjustments of EUR 43 m for the year to date numbers. The corresponding net
operating result for the quarter is at EUR 12 m.
The G-REIT conversion leads to the elimination of the deferred taxes and
the provision for an exit-tax (conversion charge) accrual. The total costs
of the G-REIT conversion are absorbed in Q3 and translate into an
additional positive income of EUR 10 m.
Overall this leads to a consolidated profit for the first nine months of
EUR 56 m corresponding to EPS of EUR 0.99. Consolidated profit for Q3 is
EUR 11 m with EPS at EUR 0.20.
The balance sheet as at September 30, 2007, reflects a cash balance of EUR
157 m which represents an acquisition potential between EUR 200 m and EUR
300 m. Investment property is valued at EUR 1,639 m which reflects a
valuation yield of 5.4%. The investment property number includes an
acquisition of an office building (2,400 sqm) that was purchased from the
City of Hamburg in the last quarter. The vacant building was acquired for
an all-in cost of EUR 3 m and will be refurbished over the next 18 months.
Total equity is at EUR 886 m which translates into a net asset value per
share of EUR 15.81. The G-REIT equity ratio is at 54%, well in line with
the G-REIT requirements
'The Company is delivering its business plan', says Olivier Elamine, CEO of
alstria. 'Our strong and secured cash flow base and our prudent leverage
and hedging policy allows us to sustain our Fund From Operations (FFO) over
time and hence our dividend. We have built ourselves a significant
competitive advantage through the G-REIT conversion, while refraining from
acquisitions in the heat of the market. We will now be able to deploy our
capital using the G-REIT benefit to the maximum extent. And finally, our
operations are on track, with repositioning of assets going forward, and
first lease-up successes on the Aurora portfolio'.
'We are on track to achieve our financial targets of EUR 80 m of revenues
and EUR 30 m of Funds From Operation (FFO)', adds Alexander Dexne, CFO of
alstria.
Webcast of the conference call
Olivier Elamine, CEO of alstria office REIT-AG, and Alexander Dexne, CFO,
will discuss the Company’s financial results during a conference call on
November 20, 2007:
# 10 am CET – conference call for analysts and journalists
# Dial-in number:
# Germany: +49 (0) 6958 999 0804
# UK: +44-207-153-2027
The conference call will be webcast at
http://investor-relations.alstria.com (presentations and speeches)
Quarterly report
The complete quarterly report is available at
http://investor-relations.alstria.com (financial publications).
About the company
alstria office REIT-AG (alstria office) is a real estate company which is
solely focused on acquiring, owning and managing office real estate in
Germany. alstria office was founded in January 2006 and its headquarters
are based in Hamburg.
alstria office REIT-AG owns a diversified portfolio of properties across
attractive German office real estate markets. Its current portfolio
comprises 71 properties with an aggregate lettable space of approximately
770,000 sqm and is valued at approximately Euro 1.6 billion. This includes
an office building in the city centre of Munich for which a binding sale
and purchase agreement was signed on 4 May 2007.
alstria office intends to expand its portfolio significantly in the
upcoming years as part of a sustainable growth strategy based on selective
investments and active asset and portfolio management as well as on
establishing and maintaining good relationships with its key customers and
decision makers.
For further information, please see: www.alstria.com
Disclaimer
This release constitutes neither an offer to sell nor a solicitation of an
offer to buy any securities. The securities have already been sold.
This release and the information contained herein are not for distribution
in or into the United States of America and must not be distributed to U.S.
persons (as defined in Regulation S of the U.S. Securities Act of 1933, as
amended ('Securities Act')) or to publications with a general circulation
in the United States. This release does not constitute an offer or
invitation to purchase any securities in the United States. The securities
of Alstria Office AG have not been registered under the Securities Act and
may not be offered, sold or delivered within the United States or to U.S.
persons absent registration or an exemption from the registration
requirements of the Securities Act. There will be no public offering of
securities in the United States of America.
This document is directed only at persons (i) who are outside the United
Kingdom or (ii) who have professional experience in matters relation to
investments falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the
'Order') or (iii) who fall within Article 49(2) (a) to (d) ('High net worth
companies, unincorporated associations etc.') of the order (all such
persons together being referred to as 'relevant persons'). Any person who
is not a relevant person must not act or reply on this communication or any
of its contents. Any investment or investment activity to which this
communication relates is available only to relevant persons and will be
engaged in only with relevant persons. This document is not directed at
private customers, as defined by the Financial Services Authority in the
UK, who should not rely on this communication.
Dr. Charlotte Brigitte Loos
Manager Public Relations & Investor Relations
Tel.: +49 – 40 – 226 341 329
Fax: +49 – 40 – 226 341 310
Email: bloos@alstria.de
20.11.2007 Financial News transmitted by DGAP
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Language: English
Issuer: alstria office REIT-AG
Fuhlentwiete 12
20355 Hamburg
Deutschland
Phone: +49 (0)40 226 341 300
Fax: +49 (0)40 226 341 310
E-mail: info@alstria.de
Internet: www.alstria.de
ISIN: DE000A0LD2U1
WKN: A0LD2U
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hamburg, München, Stuttgart
End of News DGAP News-Service
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