Corporate | 2 May 2018 17:40
alstria office REIT-AG: First quarter 2018
|
DGAP-News: alstria office REIT-AG / Key word(s): Quarter Results
Press release
First quarter 2018
Revenues of EUR 48.3 m and FFO of EUR 29.8 m alstria’s rental revenues amounted to EUR 48.3 m in the first quarter of 2018 and are in line with the Company’s full year guidance of EUR 187 m. The increase by 6.3% compared to the prior years’ level of EUR 45.4 m reflects the impact of new leasing contracts and the acquisition of new properties in the course of 2017. Funds from operations (after minorities) amounted to EUR 29.8 m (EUR 0.17 per share) and were 6.6% higher compared to the first three months of 2017. The FFO margin stood at 61.7% (prior year: 61.5%) and is testimony to the high profitability of the real estate operations. alstria’s consolidated net result amounted to EUR 32.4 m and was up by 4.7% compared to EUR 30.9 m in the prior year period.
Within the first three months of 2018 alstria’s equity increased by 16.5% to EUR 2,278 m, reflecting the capital increase in January 2018, the positive profit contribution in the first quarter of 2018 and the conversion of a substantial part of the convertible bond. The strengthening of the equity base of the Company was executed while improving the EPRA NAV per share by 1.1% to EUR 12.85. The G-REIT equity ratio amounted to 65.4% and the Company’s Net LTV improved to 32.5% as per March 31, 2018. As of the date of this release and considering the dividend pay-out of EUR 0.52 per share for FY 2017, the net LTV stands at around 35%.
In the operating business alstria took profit from the continuing strong leasing market in Germany. The Company signed new leases [1] of 14,100 sqm, as well as lease extensions of around 18,500 sqm. The EPRA vacancy rate [2] stood at 11.2%. In the course of the first quarter alstria sold two buildings for a total consideration of EUR 13.6 m and realized a gain to the most recent appraised value of 5.8%.
Based on the results of the first quarter alstria confirms its guidance for the FY 2018: revenues of EUR 187 m and FFO of EUR 110 m (after minorities). “alstria had a good start into the year 2018 and is operating on solid ground”, said Olivier Elamine, CEO of alstria. “We have continued to work on the de-risking of our balance sheet and the optimisation of portfolio. Our leasing pipeline continues to be promising and the demand for up-to-date space remains strong as demonstrated by our recent leasing successes on the Momentum asset in Düsseldorf”.
[1] Only includes new leases signed and disregards any lease renewals. [2] The EPRA vacancy rate disregards the vacancy in development projects. [3] FFO per share based on 177.1 m shares for Q1 2018 and 153.2 m shares for Q1 2017.
Invitation to the conference call on May 3, 2018
Please use one of the following dial-in numbers:
Contact IR/PR:
More information on:
Disclaimer:
02.05.2018 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
|
| Language: | English |
| Company: | alstria office REIT-AG |
| Steinstraße 7 | |
| 20095 Hamburg | |
| Germany | |
| 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: | MDAX, EPRA, German REIT Index |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxemburg, SIX, Wien |
| End of News | DGAP News Service |