Result for the first nine months of 2024

• Revenues at EUR 148.6 million funds from operations (FFO) at EUR 62.0 million   
• EPRA NTA at EUR 8.89 per share 
• Guidance 2024 confirmed
• Squeeze-out announced 

Hamburg, November 6, 2024 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) (“alstria”) announces its result for the first nine months of 2024.

Key Financial Highlights:

• Revenue Growth: Revenues rose to EUR 148.6 million in the first nine months of 2024, a 4.6% increase compared to EUR 142.1 million in 9M 2023. The rise is attributed to rent indexation and the commencement of new leases, which more than offset the losses from terminated rental agreements.
• Net Income: Consolidated loss for the first nine months 2024 stood at EUR -154.6 million, compared to EUR -24.6 million in the same period last year. The decline in earnings was due to a significant increase in tax expenses (9M 2024: EUR -217.6 million, 9M 2023: EUR -5 k), as deferred tax liabilities in the amount of EUR 225.3 million were booked for the first time in connection with the expected exit from the REIT status as per December 31, 2024.
• Funds From Operations (FFO): FFO after minorities reached EUR 62.0 million. The expected decline of 8.2% from EUR 67.5 million in the previous year is mainly due to higher financing costs from additional financial liabilities and higher refinancing costs.
• Total equity: alstria’s total equity declined by 10.2% to EUR 1,453 million (Dec. 31, 2023: EUR 1,618 million) due to the negative net profit in the first nine months of 2024. EPRA Net Tangible Assets (NTA) per share fell to EUR 8.89 (Dec. 31, 2023: EUR 9.10).
• Net LTV: The Company’s Net LTV improved to 57.1% as of September 30, 2024 (58.3% as of December 31, 2023). As per the reporting date, alstria’s cash and cash equivalents amounted to EUR 107.5 million. As of the reporting date, alstria has complied with all its financial covenants.
• Squeeze-out: On September 18, 2024, alstrias majority shareholder has demanded a squeeze out of the shares held by minority shareholders pursuant to Sections 327a et seq. of the German Stock Corporation Act (Aktiengesetz, AktG). Accordingly, the general meeting of alstria shall resolve to transfer the shares of all other shareholders to BPG Holdings Bermuda Limited or one of its subsidiaries in return for an appropriate cash compensation (Squeeze-Out under Stock Corporation Law). The amount of the cash compensation will be communicated as soon as it has been determined and published separately. The general meeting, which is to resolve on the transfer resolution, can subsequently be convened and is expected to take place in the first quarter of 2025.
• Exit from the REIT regime: In light of the Squeeze-Out alstria is expected to exit the status as a REIT stock corporation on December 31, 2024. Pursuant to Article 20 of the Company’s Articles of Association, shareholders who hold less than 3 % of the Company’s voting rights at the time of termination of the tax exemption, will be entitled to a compensation which shall be the disadvantage – if any – in terms of distributions that results from the termination of the tax exemption pursuant to Section 18 para. 3 REITG considering the tax benefits of the shareholders on a lumpsum basis and shall be determined with binding effect for the shareholders by an auditor determined by the Institute of Auditors in Germany e.V. (IDW). Upon application by the management board, the IDW has appointed the auditor, and the evaluation of the potential compensation is being processed.

Preparation for CSRD reporting:
alstria is currently in the process of preparing CSRD reporting from 2025 onwards. On that background, the Company will not publish a sustainability report this year. However, alstria has published this day the Sustainability performance data on the Company’s website under the following link Sustainability | alstria office REIT-AG.

Full-year guidance confirmed
Based on the results of the first nine months of 2024, 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 November 7, 2024
CEO Olivier Elamine will detail these results and discuss future expectations during a conference call at 4:00 p.m. (CET) on November 7, 2024. Interested parties are invited to join the call, including a Q&A session. Registration details and access to the live webcast are available on our website at https://alstria.com. Presentation slides will be available for download shortly before the call begins.

Registration Link 
Dial in only  Link 

About alstria
alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets. Our strategy is based on the ownership and an active management of our properties throughout their entire life cycle, strong added-value services to our customers and deep knowledge of the markets in which we operate. alstria strives for sustainable long-term value creation while taking advantage of short-term arbitrage of inefficiencies in the real estate markets. 

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.