-
Revenues of EUR 182.8 million and FFO of EUR 106.6 million
-
EPRA NTA per share at EUR 14.47
-
107,300 sqm letting volume, contractual rent of EUR 199.7 million
-
Continuous investments into the portfolio, with EUR 113.1 m invested in the course of 2022
-
FY22 Carbon Accounts published (unaudited)
Hamburg, February 27, 2023 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) announces its result for the financial year 2022.
Revenues at EUR 182.8 million and FFO at EUR 106.6 million
In the reporting period, revenues totalled EUR 182.8 million (compared to EUR 183.7 million in 2021). The decline of 0.5% is primarily the result of the scheduled expiry of rental agreements and transaction-related changes in revenue, which were largely offset by an increase in revenue from new leases, indexation, and proceeds from leases of the properties acquired in fiscal 2021.
The FFO (after minorities) amounted to EUR 106.6 million (guidance: EUR 106 million, prior year: EUR 116.5 million). The decline in FFO was in particular due to higher financing costs (EUR 7.5 million), which reflect the company’s higher indebtedness. In addition, alstria recorded an increase in personnel expenses by EUR 4.3 million, mainly related to impacts of the transaction with Brookfield in 2022. The FFO margin reduced to 58.3 % in 2022 (2021: 63,4%).
Portfolio value of EUR 4.7 bn
The valuation process for the overall portfolio resulted in a depreciation of EUR 173.8 million as per December 31, 2022 (previous year: appreciation of EUR 94.8 million). The new market value of EUR 4.7 billion as of December 31, 2022, reflects an average value per sqm of EUR 3,329. It represents a yield of 4.3% based on the ratio of contractual rent to the market value.
Letting result of 107,300 sqm
alstria signed leases for a lettable area of 107,300 sqm in 2022. This represents signed new leases for 43,700 sqm and lease extensions of around 63,600 sqm. As per December 31, 2022 the EPRA vacancy rate stood at 7.2% (December 31, 2021: 6.9%).
Real estate transactions
In 2022 alstria sold three assets located in Düsseldorf, Stuttgart and Hamburg for a total consideration of EUR 116.0 million at a premium of 2.4% to the most recent book value. The assets were sourced from alstria’s refurbishment pipeline, which allowed the company to realise profits and recycle capital following the complete refurbishment and lease-up of the assets.
EPRA NTA at EUR 14.47 per share
Compared to December 31, 2021, alstria’s equity decreased by EUR 795.7 million as of December 31, 2022. The change in equity reflects mainly the repayment of capital to shareholders performed in 2022 (special dividend paid out in September 2022: EUR 749.5 million). This development was also reflected in the EPRA NTA, which amounted to EUR 14.47 per share as per December 31, 2022 (EUR 18.97 per share as per December 31, 2021).
The increase in leverage in 2022 led to an increase of alstria’s net LTV to 43.7% as per the reporting date (December 21, 2021: 28.8%). alstria’s G-REIT equity ratio was 55.3% (69.1% as per December 31, 2021).
Refurbishment pipeline
alstria’s current refurbishment pipeline comprises 21 projects with a total lettable area of 377,100 sqm (27% of the total portfolio). alstria continued to invest in its assets in the course of 2022 to transition the assets into the new office paradigm. Capex spent on the refurbishment portfolio in 2022 amounted to EUR 86.9 million with an additional EUR 26.2 million invested in the investment portfolio, leading to total capex investment of EUR 113.1 million in 2022.
Carbon accounting report 2022 published (Unaudited)
The total Carbon balance sheet has increased to EUR 91.7 million (FY21: EUR 86,6 million). Since the inception of the carbon accounting in 2020, alstria carbon balance sheet has increased 231% mainly reflecting the increase in the price of carbon in the market.
Carbon Equity equals to EUR -18.8 milion, which represents the amount of capital the company would need to balance its Carbon Assets and Carbon Liabilities (For more on the accounting principle supporting this analysis see www.recap.wiki). To read alstrias carbon accounts please use this link.
In 2022 alstrias operations generated a total carbon expense of EUR 3.25 million. This represents the cost of carbon that was used by the company but for which no expense was accounted for under IFRS.
Dividend policy
In line with its communicated dividend policy alstria will propose a dividend payment of EUR 0.06 per share to its general meeting, which corresponds to the minimum dividend payment the company is required to pay by law.
Invitation to the webcast on February 28, 2023
alstria’s CEO Olivier Elamine will present the 2022 financial results and the outlook for 2023 in a telephone conference at 2:00 p.m. (CET), which will also be webcasted on alstria’s website (www.alstria.com). The full annual report (company report and audited financial statements) will also be available for download on the website.
To participate in the webcast please use this link.
|
