- Revenues of EUR 183.7 million and FFO of EUR 116.5 million
- EPRA NTA per share up 3.4% to EUR 18.97
- 155,000 sqm letting volume, contractual rent of EUR 204.6 million
- Refurbishment pipeline upped to 20 projects
Hamburg, March 1, 2022 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) announces its result for the financial year 2021.
Revenues at EUR 183.7 million and FFO at EUR 116.5 million
In 2021, alstria generated revenues of EUR 183.7 million (guidance: EUR 181 million, prior year: EUR 177.1 million). The increase in revenues compared to 2020 was mainly due to additional rental income from the acquisition of properties and a stronger leasing performance than anticipated.
The FFO (after minorities) amounted to EUR 116.5 million (guidance: EUR 115 million, prior year: EUR 108.7 million).
Valuation uplift of EUR 94.8 million
The 2021 valuation process for the overall portfolio resulted in a total uplift of EUR 94.8 million (net of CAPEX and acquisitions). 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 3.5%. It amounted to EUR 4,881 million as of December 31, 2021.
Real estate transactions
In addition to the previously announced disposal of a nursing home in Trier, the company sold two additional assets in the fourth quarter of 2021. With these sales for a total consideration of EUR 72.1 million, the overall disposal volume amounts to EUR 96.9 million.
In parallel, alstria continued to invest in value-add opportunities and acquired two buildings located in Frankfurt and Berlin for a combined all-in cost of EUR 86.1 million.
EPRA NTA increase to EUR 18.97 per share
The consolidated net profit drove alstria’s IFRS equity to EUR 3,367 million, representing an increase of EUR 115 million (+3.5%) after paying EUR 94.2 million of dividend (EUR 0.53 per share). The EPRA NTA amounted to EUR 18.97 per share, up by 3.5% year-on-year (December 31, 2020: EUR 18.34 per share). alstria’s net LTV grew slightly to 28.8% (2020: 27.0%), and the net debt to EBITDA was 9.9x. alstria’s G-REIT equity ratio was 69.1%
Refurbishment pipeline almost doubled
alstria’s current refurbishment pipeline comprises 20 projects, an increase of 11 projects since last year, with a total lettable area of 343,000 sqm. With 24% of the total portfolio, the refurbishment portfolio almost doubled compared to the previous year.
Carbon accounting report 2021 published
alstria believes that climate change is the single most significant risk it will face 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 annually. This framework not only introduces internal carbon pricing for the company but allows it to build a full carbon profit and loss statement and a carbon balance sheet. Sharing this information aims at improving the dialogue between alstria and its stakeholders.
The full Carbon Accounting Report (unaudited) is available on alstria’s website (www.alstria.com/investor)
Dividend policy reviewed
alstria will propose a dividend payment of EUR 0.04 per share to its general meeting, which corresponds to the minimum dividend payment required by law (2021: EUR 0.53 per share).
“More than two years into the pandemic, alstria still delivers a strong set of results demonstrating its resilience,” says Olivier Elamine, CEO of alstria. “alstria remains committed to our purpose and strengths. This year, we have almost doubled our development pipeline and will refurbish more offices than ever into ESG compliant buildings. These offices will become, even more so than in the past, tailor-made and provide tenants with the added value they seek to achieve their goals.”
Invitation to the telephone conference on March 2, 2022
The alstria Management Board, CEO Olivier Elamine and CFO Alexander Dexne, will present the 2021 financial results and the outlook for 2022 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.
Please use one of the following dial-in numbers:
GER: +49 69 201 744 220
UK: +44 203 009 2470
PIN: 131 283 51# |
