Press Release


Result 2020: Despite COVID-19 pandemic, operating performance was fully in line with expectations

  • Revenues of EUR 177.1 million and FFO of EUR 108.7 million 
  • Average rent per sqm up to EUR 12.93 
  • Net LTV stable at 27.0%
  • EPRA NTA per share up 2.4% to EUR 18.34 
  • 117,000 sqm letting volume, contractual rent of EUR 199.1 million
  • Guidance 2021: Revenues of EUR 177 million and FFO of EUR 108 million
  • Management proposes a dividend of EUR 0.53 per share
  • New projects proposed in the context of EUR 1 cent of Green Dividend
  • Publication of alstria’s first carbon accounting report

Hamburg, February 24, 2021 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) announces its result for the financial year 2020.

Business in line with plan: Revenues at EUR 177.1 million and FFO at EUR 108.7 million  
Despite the COVID-19 pandemic, which hit the global economy in 2020, alstria’s operating performance developed in line with expectations. A total of 76 smaller tenants received assistance by alstria for a total value of EUR 1.37 million (waivers and rent deferrals), which corresponds to 0.77% of total revenues. alstria’s revenues therefore amounted to EUR 177.1 million in 2020 (guidance: EUR 179 million, prior year: EUR 187.5 million). The decline of revenues compared to 2019 was mainly due to the loss of rental income following the disposal of non-strategic properties. The FFO (after minorities) amounted to EUR 108.7 million and therefore was slightly higher than the guidance given in February 2020 (EUR 108 million). As a result of strict cost control, as well as lower operating expenses resulting from the lockdown throughout the year, alstria’s FFO margin increased by another 140 bps to 61.4% in 2020. 

Successful refurbishments: Total valuation uplift of EUR 61.5 million
The 2020 valuation process for the overall portfolio resulted in a total uplift of EUR 61.5 million (net of capex and acquisitions). In particular, the properties Solmsstr. 27–37 (Frankfurt) and Gustav-Nachtigal-Str. 3 & 5 (Wiesbaden) achieved significant valuation gains, reflecting the successful refurbishment progress and de-risking of the projects. Based on the ongoing capex program and the corresponding valuation uplift, the value of alstria’s real estate portfolio grew on a like-for-like basis by 4.8% and amounted to EUR 4,576 million as of December 31, 2020. 
alstria continued to take advantage of the strong demand for German office real estate to dispose the weaker assets in its portfolio. In the course of the year, eight properties in non-core markets were sold for a total consideration of EUR 126.5 million at an average premium of 7.2% to the latest valuation (of which three properties for a value of EUR 44.3 million were sold after the start of the pandemic at an average premium of 10.2% to the latest valuation). Over their holding period, these buildings generated an unlevered profit of EUR 46.2 million and an unlevered internal return of 7.0%. In the reporting period alstria acquired a building in Düsseldorf city center and an asset in Frankfurt (after the balance sheet date) for combined all-in cost of EUR 40.4 million. 

Strong balance sheet: EPRA NTA up to EUR 18.34 per share, LTV stable at 27.0%
The consolidated net profit drove alstria’s IFRS equity to EUR 3,252 million, representing an increase of EUR 76 million (+2.4%), after payment of EUR 94.1 million of dividend (EUR 0.53 per share). The EPRA NTA per share amounted to EUR 18.34 and was also up by 2.4% year-on-year (December 31, 2019: EUR 17.91). alstria’s net LTV improved slightly to 27.0% (2019: 27.1%) and the net debt in relation to EBITDA remained in a comfortable range at 8.7x. alstria’s G-REIT equity ratio reached a new record level of 71.1% and highlights the strength of the company’s balance sheet.

Leasing: contractual rent per square meter increased to EUR 12.93 
Due to the COVID-19 pandemic and associated uncertainty about further economic development, the letting market was in a weak state in 2020. Despite the economic lockdown alstria was able to sign new leases for 59,500 sqm and lease renewals of 57,500 sqm. These new leases represent EUR 18.6 million of annual rental income with an average lease length of 4.9 years, therefore securing EUR 91.3 million of future income to the company.
The EPRA vacancy rate fell by 50 bps to 7.6% as of December 31, 2020 (FY 2019 EPRA vacancy rate: 8.1%).

Outlook 2021: Revenues of EUR 177 million, FFO of EUR 108 million 
alstria expects its business to remain stable for the year 2021, despite the overall economic uncertainty. The overall letting market is expected to remain weak as long as the health emergency is not under control, while the investment market will remain supportive in a low interest rate environment. For the current year 2021, alstria expects revenues of EUR 177 million and funds from operations (FFO) of around EUR 108 million.

Dividend proposal: EUR 0.53 per share
The Management Board will propose to the Annual General Meeting a dividend payment of EUR 0.53 per share, which will include EUR 1 cent of Green Dividend. 

New projects proposed to be funded with EUR 1 cent of Green Dividend
Following strong support on the Green Dividend initiative and substantial feedback by shareholders, the company has reviewed the Green Dividend process and adapted it to be easier and more pragmatic to implement.
alstria’s shareholders will be asked to approve the company’s investment of an amount equal to EUR 1 cent per share into two projects that would not meet the company’s financial return criteria but would improve its overall footprint. The company will only undertake the investments if the proposal is approved by the AGM. Next year’s dividend (if any) would be reduced by the same amount. For more about the Green Dividend and the projects that will be proposed, visit 

First carbon accounting report published
alstria believes that Climate Change is the single largest risk that it will be facing in the coming years. As part of its effort to better understand and communicate the challenge and opportunities associated with Climate Change, it has developed a carbon accounting framework (RECAP) under which it is reporting for the first time. This framework not only introduces an internal carbon pricing for the company but allows it to build a complete carbon profit and loss statement and a carbon balance sheet. Sharing these information aims at improving the dialogue between alstria and its stakeholders. 

The full Carbon Accounting Report (unaudited) is available on alstria’s website (

“Our 2020 result and our stable guidance for 2021 are a testimony to the company’s strength in these uncertain times” says Olivier Elamine, CEO of alstria. “It is becoming evident that the future of real estate lies in the hands of companies with strong operating capabilities and substantial financial flexibility. We have built at alstria over the years the only German listed platform that fully integrates the management of office properties over their lifecycle with a top tier team and one of the strongest balance sheets in the sector. This gives us strong confidence in the ability of the company to embrace the challenges ahead and strive for continuous success”. 

Invitation to the conference call on February 25, 2021
The alstria Management Board, CEO Olivier Elamine and CFO Alexander Dexne, will present the 2020 financial results and the outlook 2021 in a telephone conference at 10:00 am (CET) which will also be webcasted on our website ( The full annual report (company report and audited financial statements) will also be available for download on our website.

Please use one of the following dial-in numbers:
Germany:          + 49 69 201 744 220

UK:                   + 44 203 009 2470
PIN:                  877 740 26#

Please note that you can follow the management’s presentation live as a webcast on our website The presentation slides will be available for download on our website, shortly before the conference call begins.

Investor Relations                                    
Julius Stinauer                          
Steinstrasse 7                                      
20095 Hamburg, Germany                  
+49 40 22 63 41-344                   
[email protected]

Press Contact                                    
Philip Angrabeit                          
Steinstrasse 7                                      
20095 Hamburg, Germany                  
+49 40 22 63 41-389                   
[email protected]

Further information





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. As of December 31, 2020, the portfolio comprises 109 buildings with a lettable area of 1.4 million square meters and a total portfolio value of EUR 4.6 billion.  

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. 

The current COVID-19 outbreak is creating substantial uncertainty in the marketplace. Although alstria has diligently reviewed the information contained in this release it is based on its own analysis and estimate, as well as available public sources and not on active discussion with tenants. As such the current liquidity risk of the tenants can materially differ from alstria’s own estimate, and the actual impact of the COVID 19 outbreak may differ substantially from the current previsions.

alstria undertakes no obligation to publicly release any revisions or updates to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Copyright © 2021 alstria office REIT-AG, All rights reserved.

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

Privacy statement