- Stable revenues at EUR 49.0 million
- FFO after minorities at EUR 18.0 million
- Strong letting performance
- Successful liability management
- EUR 500 million bond placement and repurchase of existing bonds
Hamburg, May 7, 2025 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) (“alstria”) announces its results for the first quarter 2025, reporting stable results, improved leasing activities and successful liability management.
Key Highlights:
- Stable revenues: Revenues were stable at EUR 49.0 million in the reporting period (Q1 2024: EUR 48.9 million).
- Net result: Consolidated profit for Q1 2025 stood at EUR 31.7 million, compared to EUR 28.3 million in the same period last year. The profit in the reporting period was positively impacted by a one-off gain of EUR 14.3 million, which relates to the repurchase of alstria’s capital market bonds and represents the difference between the nominal value and the price paid for the acquired bonds.
- Funds From Operations (FFO): FFO after minorities reached EUR 18.0 million and was largely stable compared to the prior year period (EUR 17.7 million)*.
- Total equity: alstria’s total equity increased by 2.3% to EUR 1,541.1 million (Dec. 31, 2024: EUR 1,506.9 million) due to the positive net result in Q1 2025. EPRA Net Tangible Assets (NTA) per share remained largely stable at EUR 9.14 (Dec. 31, 2024: EUR 9.15).
- Liability management: During the first quarter of 2025, alstria issued a new capital market bond with a volume of EUR 500 million, a maturity of 6 years and a coupon of 5.5%. In addition, the two loans signed in December 2024 were drawn down in the total amount of EUR 164.5 million. In parallel of the issuance of the new bond alstria conducted a liability management which led to the repurchase of a total of EUR 542.8 million across its outstanding bond maturities. The outstanding volume of the bond maturing in September 2025 was reduced to EUR 84.4 million (EUR 335.2 million as per December 31, 2024). These actions are part of alstria’s ongoing strategy to optimize its capital structure and enhance balance sheet resilience.
- Net LTV: The Company’s Net LTV was 57.6% as of March 31, 2025 (56.5% as of December 31, 2024). As per the reporting date, alstria’s cash and cash equivalents amounted to EUR 146.3 million. As of the reporting date, alstria has complied with all its financial covenants.
- Debt/(Debt+Equity): The Debt/(Debt+Equity) ratio on the company level was stable at 60.9% compared to December 31, 2024. A slightly higher volume of debt was compensated by an improved equity position, driven by the positive net result in the first quarter of 2025.
Portfolio Performance:
- Portfolio Value: The fair value of investment property as of March 31, 2025, was EUR 4,127.5 million and was stable compared to December 31, 2024. . The portfolio value as per March 31, 2025 represents an average value per sqm of EUR 2,980 and a portfolio yield of 4.8% (contractual rent/OMV of the portfolio). The EPRA vacancy rose slightly to 8.6% (December 31, 2024: 7.9%).
- Letting performance: During the first three months of 2025 alstria significantly increased its letting performance to 66,300 sqm compared to 24,500 sqm in the prior year period. This includes new leases signed of 35,300 sqm (Q1 2024: 17,100 sqm) and 31,000 sqm of lease extensions (Q1 2024: 7,400 sqm).
- Selling the periphery: During the quarter, alstria completed the disposal of two assets for a total consideration of EUR 16.5 million, including its last remaining property in Dortmund. This transaction marks alstria’s full exit from the Dortmund market. The disposals form part of the ongoing portfolio optimisation strategy initiated in early 2020, aimed at divesting peripheral assets and consolidating the portfolio around mature office markets.
Guidance for FY 2025
With expected revenues of around EUR 192 million and FFO of EUR 52 million alstria’s financial guidance for FY 2025 remains unchanged.
Invitation to the conference call on May 8, 2025
CEO Olivier Elamine will detail the results and discuss future expectations during a conference call at 12:00 p.m. (CET) on May 8, 2025. 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
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* The prior year number deviates from the reported number in Q1 2024 (EUR 20.2 million), following a change in accounting policy. For more information please refer to alstria’s Q1 interim report. |
