- Revenues at EUR 48.9 million and funds from operations (FFO) at EUR 20.2 million
- EPRA NTA per share at EUR 9.30
- Guidance 2024 confirmed
Hamburg, May 15, 2024 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) (“alstria”) announces its result for the first three months of 2024.
Key Financial Highlights:
- Revenue growth: Revenues rose to EUR 48.9 million in the first quarter, a 7.5% increase compared to EUR 45.5 million in Q1 2023. The rise is attributed to rent indexation and the commencement of new leases, which more than offset the losses from terminated rental agreements.
- Improved Net Income: Consolidated net income for the quarter stood at EUR 28.3 million, a substantial recovery from a loss of EUR 7.3 million in the same period last year. This turnaround primarily resulted from an improved valuation result of EUR -2.6 million compared to EUR -28.9 million in Q1 2023.
- Funds From Operations (FFO): FFO after minorities reached EUR 20.2 million. The decline from EUR 25.4 million in the previous year is due to expected higher financing costs from additional financial liabilities.
- EPRA NTA: EPRA Net Tangible Assets (NTA) per share increased to EUR 9.30, supported by a consolidated net income increase and fair value adjustments on financial derivatives. The G-REIT equity ratio improved slightly to 43.7% (Dec. 31, 2023: 43.0%), but remains below the 45% REIT law requirement. The G-REIT equity ratio is tested every year on December 31. For more information, please refer to the alstria FY2023 annual report.
- New financing: alstria entered into a new financing agreement for a total nominal amount of EUR 120 million, maturing on December 28, 2029. 100% of the proceeds of that loan are being used to refinance existing indebtedness.
- Bond buyback: In the course of Q1 2024 alstria acquired a nominal amount of EUR 92.1 million of its outstanding bonds at an average price of 88.03%.
- Net LTV: The Company’s Net LTV stood at 57.6% as per March 31, 2024. As per the reporting date, alstria’s cash and cash equivalents amounted to EUR 152.4 million. As of the reporting date, alstria has complied with all its financial covenants.
Portfolio performance:
- Stable Portfolio Value: The fair value of investment property as of March 31, 2024, was EUR 4,000 million, slightly up from EUR 3,971 million as of December 31, 2023. This growth reflects capital expenditures invested in the real estate portfolio over the first three months of 2024.
- Letting success: alstria signed leases for a lettable area of 24,500 sqm, comprising new leases for 17,100 sqm (vs. 2,900 in Q1 2023) and lease extensions for 7,400 sqm (vs. 32,700 in Q1 2023). The EPRA vacancy rate improved to 7.7%, down from 8.0% at December 31, 2023.
Full-year guidance confirmed
Based on the first quarter’s results, alstria reaffirms its full-year 2024 guidance with anticipated revenues of approximately EUR 195 million and an operating profit after minorities (FFO) of EUR 71 million.
Invitation to the conference call on May 16, 2024
CEO Olivier Elamine will detail these results and discuss future expectations during a conference call at 2:00 p.m. (CEST) on May 16, 2024. Interested parties are invited to join the call, which will include a Q&A session. Registration details and access to the live webcast are available on our website at www.alstria.com. Presentation slides will be available for download shortly before the call begins.
Registration Link
Dial in only Link
Please note that you can watch the management’s presentation live via webcast on our website www.alstria.com. As soon as the conference call begins, the presentation slides will be available for download.
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